GOLD $4,399.90 3:30 PM)
SILVER: 67.333 3;30 PM)
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,393.900000000 USD
INTENT DATE: 09/08/2026 DELIVERY DATE: 09/10/2026
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 48
118 C MACQUARIE FUTURES US 13
363 H WELLS FARGO SECURITI 14
661 C JP MORGAN SECURITIES 162 50
709 C BARCLAYS 31
732 C RBC CAP MARKETS 2
905 C ADM 4
TOTAL: 162 162
SEPT 8
GOLD: NUMBER OF NOTICES FILED FOR SEPT./2026: 162 CONTRACTs NOTICES FOR 16,200 OZ or 0.5038 TONNES
total notices so far: 2717 contracts FOR 271,700 OZ OR 8.4510 TONNES
SILVER NOTICES: 31 NOTICE(S) FILED FOR 155,000 OZ /
total number of notices filed so far this month : 5070 CONTRACTS (NOTICES) for 25.350 million oz
GLD
SEPT: INITIAL STANDING: 24.172 MILLION OZ//FOLLOWED BY TODAY’S STRONG 4 CONTRACT OR 21,000 OZ QUEUE JUMP//STANDING ADVANCES TO 27.170 MILLION OZ//
SEPT: INITIAL STANDING 8.756 MILLION OZ//FOLLOWED BY TODAY’S 21,000 OZ QUEUE JUMP//STANDING ADVANCES TO 27.380 MILLION OZ
GOLD COMEX OUTLINE;
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER OF 0.0186 TONNES/NEW STANDING REDUCES TO 127.03 TONNES
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.000 TONNES/ TO WHICH WE ADD OUR 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 39 CONTRACTS FOR 3,900 OZ OR 0.1213 TONNES//STANDING THUS ADVANCES TO 67.2441 TONNES
SEPT: INITIAL STANDING: 8.756 TONNES OF GOLD FOLLOWED BY TODAY’S 164 CONTRACTS OR 16,400 OZ QUEUE JUMP (.5101 TONNES) TO WHICH WE ADD OUR TWO, 2000 CONTRACT EXCHANGE FOR RISK FOR 200,000 OZ OR 6.2208 TONNES//// // NEW STANDING ADVANCES TO 15.9829 TONNES..
IN ESSENCE WE HAVE A SMALL LOSS IN TOTAL CONTRACTS IN GOLD ON THE TWO EXCHANGES OF 717 CONTRACTS WITH 1757 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1040 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 717 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1424 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON .
GOLD PRICE FELL BY $34.20
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 0.1213 TONNES//STANDING ADVANCES TO 67.2441 TONNES
SEPT: INITIAL STANDING FOR GOLD: 8.756 TONNES FOLLOWED BY TODAY’S 16,400 OZ QUEUE JUMP (.5101 TONNES) TO WHICH WE ADD OUR SECOND 1000 CONTRACT EXCHANGE FOR RISK TO OUR FIRST: THUS// NEW EXCHANGE FOR RISK: 6.2208 TONNES// NEW STANDING ADVANCES TO 15.9829 TONNES.
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
YEAR 2026:
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
JUNE: 142.053 TONNES
JULY: 163.82 TONNES
AUGUST: 151.107 TONNES
SEPT: 33.098 TONNES
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SHANGHAI CLOSED UP 10.96 PTS OR 0.28%
HANG SENG CLOSED DOWN 98.96 PTS OR 0.39%
Nikkei CLOSED DOWN 123.33 PTS OR 0.19%
//Australia’s all ordinaries CLOSED DOWN 0.29%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7074
/ OFFSHORE CLOSED UP AT 6.7051 Oil UP TO 94.13 dollars per barrel for WTI and BRENT UP TO 99.84 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7074 OFFSHORE YUAN TRADING UP TO 6.7051 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
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 874 CONTRACTS TO AN OI OF 103,250
EFP ISSUANCE 576 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 576 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 874 CONTRACTS AND ADD TO THE 576 E.FP. ISSUED
WE OBTAIN A SMALL LOSS OF 298 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $0.31
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 1.490 MILLION PAPER OZ
STANDING SEPT AT 27.380 MILLION OZ
SILVER PRICE GAIN OF $0.31
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LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR 1757 CONTRACTS TO 411,227 STILL WELL ABOVE ITS NEW LOW OF 326,052 OI SET JUNE 3, CLOSE TO THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28) AND CLOSE TO THE PREVIOUS ALL TIME LOW IN OI OF 353,490 SET MAY 27.. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 326,052 //JUNE 3 2026 WITH GOLD AT AN EXTREMELY HIGH $4,450.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD CONSIDERABLE T.A.S. LIQUIDATION DURING TUESDAY’S COMEX TRADING//RAID. 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 SMALL SIZED LOSS ON OUR TWO EXCHANGES (717 CONTRACTS) OCCURRED WITH OUR LOSS IN PRICE IN GOLD (DOWN $34.20)
WE THUS HAD A SMALL LOSS IN OI ON BOTH OF OUR EXCHANGES (717 CONTRACTS), WITH OUR LOSS IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE EQUATING TO 1040 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A 0 CONTRACT FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. TOTAL THUS SO FAR THIS MONTH: 2000 CONTRACTS//200,000 OZ OR 6.2208 TONNES (2 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)
SEPT: SO FAR: 2000 CONTRACTS FOR 200,000 OZ OR 6.2208 TONNESS (TWO OCCASIONS)
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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
SEPT: SO FAR: 2000 CONTRACTS FOR 200,000 OZ OR 6.2208 TONNES/TWO OCCASIONS
DETAILS ON OUR NEW AUG COMEX CONTRACT MONTH//
IN TOTAL WE HAD A SMALL LOSS ON OUR TWO EXCHANGES OF 717 CONTRACTS WITH OUR LOSS IN PRICE (DOWN $34.20). 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 FAIR SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 1424 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
SEPT: 2000 CONTRACTS SO FAR FOR 200,000 OZ OR 6.2208 TONNES (TWO OCCASIONS)
WE MUST ALSO REMEMBER THAT THE FRBNY IS SHORT 141+ 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 39 CONTRACTS OR 3900 OZ (0.1213 TONNES)//STANDING, IN TOTAL, THUS ADVANCES HUGELY TO 67.2441 TONNES.
SEPT/2026. INITIAL STANDING : 8.756 TONNES//FOLLOWED BY TODAY’S QUEUE JUMP OF 16,400 OZ OR .5101 TONNES TO WHICH WE ADD THIS TO OUR TWO EXCHANGE FOR RISK OF 2,000 CONTRACTS/200,000 OZ OR 6.2208 TONNES: /NEW STANDING ADVANCES TO 15.9829 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE 4 YEARS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING SEPT CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE ( IT FELL BY $34.20)
WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// WITH OUR LOSS IN PRICE
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING /WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE AT COMEX OF $34.20
WE HAD 2717 CONTRACTS REMOVED // PRELIMINARY NUMBERS TO FINAL COMEX NUMBERS.
NET LOSS ON THE TWO EXCHANGES: 717 CONTRACTS OR 71,700 OZ 2.23 TONNES)
SEPT DELIVERY MONTH
SEPT 9
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRIES |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER//gold 1 ENTRIES i) Into Manfra 64.302 oz (2 kilobars) xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 162 CONTRACTS 16,200 OZ 0.5038 TONNES OF GOLD |
| No of oz to be served (notices) | 421 Contracts 42,100 OZ 1.309 TONNES |
| Total monthly oz gold served (contracts) so far this month | 2717 notices 271,700 OZ 8.4510 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
xxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
ENTRIES: 1
i) Into Manfra 64.302 oz
(2 kilobars)
xxxxxxxxxxxxxxxxxx
comex withdrawal
0 ENTRIES
adjustments: 1// Customer to dealer Asahi: 10,036.213 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF SEPT OI STANDS AT 583 CONTRACTS HAVING A GAIN OF 164 CONTRACTS.
TUESSDAY WE HAD NORMAL STANDING AT 297,400 OZ //TODAY: 313,800 OZ STAND. THUS A GAIN OF 16400 OZ(0.5101 TONNES) OR 164 CONTRACTS UNDERWENT A QUEUE JUMP.
OCT GAINED 1376 CONTRACTS TO AN OI OF 46,976
NOVEMBER LOST 77 CONTRACTS FALLING TO 666
.
We had 162 contracts filed for today representing 16,200 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 162 notices issued from their client or customer account. The total of all issuance by all participants equate to 162 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 50 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for SEPT /2026. contract month, we take the total number of notices filed so far for the month (2717) to which we add the difference between the open interest for the front month of SEPT (583 CONTRACTS) minus the number of notices served upon today 162 x 100 oz per contract) equals 313,800 OZ OR (9.7601Tonnes of gold) to which we add our two exchange for risk, 2000 contracts or 200,000 oz (6.2208 tonnes)///// thus new standing thus advances to 15.9829 tonnes
THUS: INITIAL total number of gold ounces standing for SEPT. /2026. contract month, we take the total number of notices filed so far for the month (2717) to which we add the difference between the open interest for the front month of SEPT(583) contracts minus the number of notices served upon today 162 x 100 oz per contract) equals 313,800 OZ OR (9.7601 Tonnes of gold) to which we add our two exchange for risk of 6.2208 tonnes/new standing advances to 15.9829 tonnes
new total of gold standing in SEPT becomes 15.9821TONNES//
TOTAL COMEX GOLD STANDING FOR SEPT 15.9829 TONNES TONNES WHICH IS NOW VERY STRONG FOR THIS NON ACTIVE DELIVERY MONTH OF SEPT
confirmed volume TUESDAY confirmed 252,533/ fair//
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: 1,757,141.487 oz 54.654 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,757,141.487 tonnes oz 54.654 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,377,456.256 oz
TOTAL REGISTERED GOLD 15,120,219.227 tonnes (470.302 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,257,237.026 oz. Lots of eligible gold leaving the comex
REGISTERED GOLD THAT CAN BE SERVED UPON 13,363,078 oz ((REG GOLD- PLEDGED GOLD)=
415.647 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
SEPT DELIVERY MONTH
SEPT 9
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 entries i) Out of Delaware 2005.655 oz ii) Out of Stonex: 589,550.110 oz total withdrawal: 589,550.110 oz |
| Deposits to the Dealer Inventory | 1 ENTRY i) into Int. Delaware: 597,128.200 oz total deposit 597,128.200 oz |
| Deposits to the Customer Inventory | ENTRIES: 2 i) Into Asahi 1785,588.110 oz ii) Into Brinks 77,977.397 oz total deposit: 1,863,515.704 oz |
| No of oz served today (contracts) | 31 CONTRACT(S) ( 155,000 OZ) |
| No of oz to be served (notices) | 439 Contracts (2.195 MILLION oz) |
| Total monthly oz silver served (contracts) | 5070 contracts 25.350 MILLION oz |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
ENTRY:1
1 ENTRY
i) into Int. Delaware: 597,128.200 oz
total deposit 597,128.200 oz
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 ENTRIES:
i) Into Asahi 1785,588.110 oz
ii) Into Brinks 77,977.397 oz
total deposit: 1,863,515.704 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals:
2 entries
i) Out of Delaware 2005.655 oz
ii) Out of Stonex: 589,550.110 oz
total withdrawal: 589,550.110 oz
adjustments : 3 all dealer to customer acc’t
a) Asahi: 1908,671.080 oz
b) Delaware: 124,491.191 oz
c) Out of jPMorgan: 418,382.730 oz
total silver moved out of dealer 2,487,545.001 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 97.532 MILLION OZ//.TOTAL REG + ELIGIBLE. 339.937 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR SEPT
FRONT MONTH: SILVER OPEN INTEREST CONTRACTS: 437 FOR A GAIN OF 35 CONTRACTS.
TUESDAY WE HAD 27.170 MILLION OZ STAND: TODAY 27.380 MILLION OZ FOR A GAIN OF 0.021 MILLION OZ (21,000 OZ OR A 42 CONTRACT QUEUE JUMP WHERE THEY WILL TAKE EXTRA DELIVERY ON THIS SIDE OF THE POND.
OCT GAINED 42 CONTRACTS TO AN OI OF 2846
NOVEMBER GAINED 4 CONTRACTS UP TO AN OI OF 332
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 31 or 0.155 MILLION oz
CONFIRMED volume TUESDAY; 59,038// fair/
AND NOW AUGUST. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in SEPT. we take the total number of notices filed for the month so far at 5070 X5,000 oz = 25.350 MILLION oz.
Then we take the difference between the front month of September and the number of notices filed for today x 5000 to give us our standing
Thus the standings for silver for the Sept 2026 contract month: (5070 )Notices served so far) x 5000 oz + OI for the front month of SEPT (437) minus number of notices served upon today ( 31 x 5000 oz) equals silver standing for the SEPT .contract month equating to 27.380 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 97.532 million oz of registered silver
JPMorgan as a percentage of total silver: 137.898/339.937million: 40.60%
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/
SEPT 9//2026/WITH GOLD UP $20.40 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.43 TONNES OF GOLD OUT OF THE GLD/ ////:/INVENTORY RESTS AT 1050.63 TONNES
SEPT 8//2026/WITH GOLD DOWN $34.20 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.42 TONNES OF GOLD OUT OF THE GLD/ ////:/INVENTORY RESTS AT 1052.06 TONNES
SEPT 4//2026/WITH GOLD DOWN $63.50 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.14 TONNES OF GOLD OUT OF THE GLD/ ////:/INVENTORY RESTS AT 1053.48 TONNES
SEPT 3//2026/WITH GOLD UP $141.55 /HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 9.98 TONNES OF GOLD INTO THE GLD/ ////:/INVENTORY RESTS AT 1056.62 TONNES
SEPT 2//2026/WITH GOLD UP $19.25 /HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 4.28 TONNES OF GOLD INTO THE GLD/ ////:/INVENTORY RESTS AT 1046.64 TONNES
SEPT 1//2026/WITH GOLD DOWN $80.25 /NO CHANGES IN GOLD AT THE GLD:// ////:/INVENTORY RESTS AT 1042.36 TONNES
AUGUST 31//2026/WITH GOLD DOWN $48.20 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.25 TONNES OF GOLD FROM THE GLD// ////:/INVENTORY RESTS AT 1042.36 TONNES
AUGUST 28//2026/WITH GOLD DOWN $119.00 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.71 TONNES OF GOLD FROM THE GLD// ////:/INVENTORY RESTS AT 1046.64 TONNES
AUGUST 27//2026/WITH GOLD UP $11.35 /NO CHANGES IN GOLD AT THE GLD: ////:/INVENTORY RESTS AT 1048.950 TONNES
AUGUST 26//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: 1053.48 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
SEPT 9 WITH SILVER UP $0.56 : :NO CHANGES IN INVENTORY AT THE SLV:// / :INVENTORY RESTS AT 493.171 MILLION OZ
SEPT 8 WITH SILVER UP $0.31 : :HUGE CHANGES IN INVENTORY AT THE SLV:/ A DEPOSIT OF 0.632 MILLION OZ INTO THE SLV// / :INVENTORY RESTS AT 493.171 MILLION OZ
SEPT 4 WITH SILVER UP $2.20 : :NO CHANGES IN INVENTORY AT THE SLV:/// / :INVENTORY RESTS AT 492.539 MILLION OZ
SEPT 3 WITH SILVER UP $2.20 : :HUGE CHANGES IN INVENTORY AT THE SLV:A WITHDRAWAL OF 1.293 MILLION OZ FROM THE SLV//// / :INVENTORY RESTS AT 492.539 MILLION OZ
SEPT2 WITH SILVER UP $0.15 : :NO CHANGES IN INVENTORY AT THE SLV:// / :INVENTORY RESTS AT 493.832 MILLION OZ
SEPT1 WITH SILVER DOWN $1.43 : :NO CHANGES IN INVENTORY AT THE SLV:// / :INVENTORY RESTS AT 493.832 MILLION OZ
AUGUST 31 WITH SILVER DOWN $0.97 : :SMALL CHANGES IN INVENTORY AT THE SLV:A DEPOSIT OF 0.452 MILLION OZ INTO THE SLV// / :INVENTORY RESTS AT 493.832 MILLION OZ
AUGUST 28 WITH SILVER DOWN $2.44 : :SMALL CHANGES IN INVENTORY AT THE SLV:A WITHDRAWAL OF 0.543,000 MILLION OZ FROM THE SLV// / :INVENTORY RESTS AT 493.380 MILLION OZ
AUGUST 27 WITH SILVER UP $1.33 : :NO CHANGES IN INVENTORY AT THE SLV: / :INVENTORY RESTS AT 493.923 MILLION OZ
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 493.171 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF//JOHN RUBINO
JOHN RUBINO..
2. MATHEW PIEPENBERG/EGON VON GREYERZ//ALASDAIR MACLEOD
ALASDAIR MACLEOD…
Is your gold secure?
We look at the likely reason that the Netherlands transferred gold out of New York and questions the security of gold held in ETFs, banks, and US-owned vaults.
Earlier this year, the Netherland’s central bank (DNB) moved 78 tonnes of its gold held by the New York Fed and a further 8 tonnes from Ottawa to London. Interestingly, DNB sold 59 tonnes of gold stored in New York and bought the equivalent amount which it stored at the Bank of England. The remainder amounting to 27 tonnes were shipped from New York and Ottawa to DNB’s vault, and an equivalent but different 27 tonnes were then shipped to London. Ottawa was probably a tidying-up exercise.
Presumably, the 27 tonnes were to be examined and a metal audit made. If so, then at the least the DNB suspects or knows that the bar identities shipped from North America did not tally with their own records.
The reasons given for the transfers to London were increasing geopolitical unrest and better tradability. But this is not DNB’s first transfer from New York. Following Germany’s difficulties in retrieving a minor amount of its gold from New York, in 2014 the DNB recovered 122.5 tonnes, succeeding where the Bundesbank had failed, presumably benefiting from the bad publicity over the latter’s experience suffered by the New York Fed.
It is increasingly clear that there is a problem with custody at the Federal Bank of New York. Earlier this year the Banque de France announced that it had sold 129 tonnes held at the New York Fed and simultaneously bought 129 tonnes in London. The reason given was the Banque de France wanted new bars for the older non-standard bars held in New York. This is poppycock. If the older bars had been shipped, they would simply be recast. Why go to the trouble, expense, and price risk of selling them in one centre only to buy them in another?
We can take all this as evidence that at least three major European central banks have good reason to believe that their gold held under earmark in New York has been sequestered by the American authorities or otherwise gone missing. It puts the lie to the DNB’s explanation about market liquidity. Any gold sold can easily be flown from its vault in Zeist to London anyway.
We have no idea how much gold the US actually has. That they have almost certainly taken foreign banks’ gold reserves in their custody for their own use suggests that the 8,130 tonnes they claim to have in their own reserves is not the truth. It is likely that the US sold more gold than it publicly admitted before abandoning the Bretton Woods Agreement and leased gold in the post-1980s carry trade that has not been returned. In 2002, it was estimated that at least 10,000 tonnes of central bank gold had gone missing through carry trade leases, and that must have gone missing from somewhere.
It is evidence that away from the public eye there is a global battle between governments and central banks to secure safely as much gold as possible. That being the case, we should consider the safety of the gold owned by ordinary folk from their governments — particularly the American government.
The risk to personal gold holdings
For some time, the US has demonstrated a disregard for foreigners’ property rights. Nowhere does this matter more than in the ownership of gold bullion. Recently, the US administration has extended this disregard for property rights from gold to other assets, notably Venezuela’s oil taken under duress. There has been a similar disregard for human life with America’s forever wars — Iran being the latest example.
It has now become so blatant that even America’s friends are backing off. Only a week ago, Norway’s national wealth fund declared that it was now selling its US Treasuries. Denmark has been similarly upset over Greenland. The Europeans are now openly criticising Israel, America’s closest buddy, showing a growing schism in relations despite the likely wrath of President Trump.
America’s cavalier behaviour is beginning to backfire. Could it be that the US Treasury will refuse to permit foreign selling of US debt? That may seem unlikely but given US government attitudes, it is not impossible. Perhaps this was in the back of the Norwegians’ minds
However, with China effectively cornering the gold market and visibly planning to protect her renminbi by putting it on a gold standard, we can be sure that the US government will want to grab any gold it can access. Its disregard for foreigners’ property rights suggests that it is a mistake to store gold in a vault owned and operated by US corporations internationally, because they could be forced by executive order to seize it on behalf of the US Treasury.
If your gold is stored in any vault operated in America, or in an international vault operated or owned by US corporations such as Brinks or Malca-Amit they have little or no option but to comply with an executive order. The same goes for banks; not just US banks, but any bank trading dollars or with dollar interests is at risk. That extends to the entire banking membership of the London Bullion Market Association. Whether an executive order would be issued or succeed is not the point. As the US’s finances deteriorate, the risk to gold held in US-owned vaults and the entire banking system becomes increasingly significant.
Then there’s the danger to ETFs. It is important to understand that if you own shares in an ETF, you have no right to its underlying assets. The directors of an ETF merely have an obligation to deliver value to shareholders in accordance with the prospectus. But even that obligation is taken away from the supposed shareholders, because the true shareholders are central securities depositories (CSDs) embodied in the Depository Trust and Clearing Corporation and Euroclear. Directors of corporations owe their legal obligations to their CSD registers, unless the means exists for a shareholder to hold a share certificate directly.
People who think they are shareholders are not: they have “security entitlements” against the CSD. In other words, they are unsecured creditors of a pooled asset. It is legally possible for a CSD to continue its obligations to those with security entitlements while pledging an ETF’s pooled shares to other parties. This happens all the time covering short interests, and using pooled interests as collateral,
There is a precedent for what may happen to ETF gold in the Gold Reserve Act of 1934, when the dollar was devalued to $35 by President Roosevelt and the Fed’s gold backing for its dollars was transferred to the Treasury in return for a gold note, the equivalent of a security entitlement valuing the gold transferred at $35 per ounce. That note still exists today but revised to $42.22 and doesn’t have the benefit to the Fed of current dollar gold prices.
We are not saying it will happen, but the DTCC could face a similar situation, with gold held in ETFs forced to be transferred to the Treasury at the price on the day. ETF holders would end up looking to the DTCC for a right to dollars, while the Treasury gets the gold.
It might seem fanciful today, but when a US government falls into a financial crisis, it will do anything to save itself, “in the national interest,” and it might work with other G7 central banks to extend gold confiscation into their jurisdictions. Worryingly, that crisis appears to be taking shape. To avoid getting caught out, gold should be stored in a secure vault not owned by a US corporation, outside the banking system, and in a jurisdiction with the strongest property rights possible.
Of course, the worst of gold confiscations might not happen. It may even be unlikely. An alternative strategy would be to own some silver, which almost certainly won’t be targeted if the US goes totally rogue over property rights to gold.
END
3.CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE//KINESIS LIVE FROM THE VAULT/287
END
5. COMMODITY REPORT: GOLD/VBL
Gold Is Only Insurance If You Can Reach It
by VBL
Tuesday, Sep 08, 2026 – 5:43
Gold Is Only Insurance If You Can Reach It
By Vince Lanci for Scottsdale Mint
The Netherlands reconsidered where its gold should be held, what form it should take and how quickly it could be converted into usable liquidity during a crisis. The amount of bullion remained unchanged for now, but the operational value of those reserves improved.
The Netherlands still owns 612.4 tonnes of gold. Following the relocation, London’s share of Dutch reserves increased from 18.1% to 32.1%. The portions held in New York and Ottawa fell to 18.5% each, while just under 31% remains inside the Netherlands. The move had little immediate effect on global supply or demand, yet it delivered an important signal about how central banks now think about gold.
The mechanics are especially instructive. DNB sold approximately 59 tonnes of gold in New York and purchased an equivalent amount in London. It also physically transported more than 27 tonnes from North America to the Netherlands, while moving an equivalent quantity of internationally tradable gold from the Netherlands to London.
The operation gave DNB experience using two different recovery routes. It demonstrated that reserves could be physically transported or replaced through market transactions if one route became unavailable. In effect, the central bank conducted a live test of its crisis-preparedness procedures.
London was selected because it remains the world’s largest over-the-counter market for physical gold. The Bank of England holds about 400,000 bars, representing roughly 5,000 tonnes of bullion. Gold stored there can change ownership without leaving the vault, provided both parties maintain accounts at the Bank. That reduces transportation costs and allows reserves to be sold or exchanged for foreign currency quickly.
The metal is also held on an allocated basis, meaning customers retain ownership of specific bars. The Bank accepts bullion meeting London Good Delivery standards, ensuring the metal can be readily traded in the international market. These details explain why the condition, location and legal structure of gold ownership matter alongside the number of tonnes recorded on a balance sheet.
The decision comes during an extended period of historically strong official-sector demand. Central banks purchased more than 1,000 tonnes annually from 2022 through 2024. Buying slowed to approximately 863 tonnes in 2025, but remained elevated. The World Gold Council’s latest survey found that 89% of reserve managers expected global central-bank gold holdings to rise, while a record 45% expected their own institutions to buy more.
As holdings grow, the discussion is naturally expanding from acquisition to custody. Reserve managers increasingly need to know whether their gold is allocated, unencumbered, internationally acceptable and immediately accessible. Sanctions, geopolitical fragmentation and declining confidence in traditional custodial relationships have turned those questions into active policy concerns.
Foreign custody still carries jurisdictional risk. Venezuela has been unable to access roughly $4 billion of bullion held at the Bank of England since 2018 because of a dispute over which authority can represent its central bank. The case is exceptional, but the principle is clear: gold stored abroad remains subject to the laws, courts and political decisions of the host country.
France has responded by bringing US-held gold back to Paris, while Serbia plans to keep its bullion domestically. China, meanwhile, is developing greater gold-market liquidity and storage capacity in Hong Kong. Different countries are choosing different arrangements, yet all are treating physical control, geographic diversification and market access as strategic considerations.
Private investors should take note. An ETF, futures contract or unallocated account may provide exposure to the gold price, but exposure does not provide the same protection as possession. When gold is owned as crisis insurance, custody and accessibility become part of the investment itself.
Physical gold held directly, securely and outside the chain of another party’s promise provides protection that a financial claim cannot fully reproduce. Central banks are quietly demonstrating the lesson: gold is most valuable when ownership, location and access are beyond doubt.
Continues here
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 10.96 PTS OR 0.28%
HANG SENG CLOSED DOWN 98.96 PTS OR 0.39%
Nikkei CLOSED DOWN 123.33 PTS OR 0.19%
//Australia’s all ordinaries CLOSED DOWN 0.29%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7074
/ OFFSHORE CLOSED UP AT 6.7051 Oil UP TO 94.13 dollars per barrel for WTI and BRENT UP TO 99.84 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7074 OFFSHORE YUAN TRADING UP TO 6.7051 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 6.7074
OFFSHORE YUAN: UP TO 6.7051
1.HANG SANG CLOSED DOWN 98.65 PTS OR 0.39%
2. Nikkei closed DOWN 123.33 PTS OR 0.19%
WEST TEXAS INTERMEDIATE OIL UP TO 94.13
BRENT; 99.84
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN 12 BASIS PTS TO 98.66// EURO RISES TO 1.1646 UP 18 BASIS PTS
3b Japan 10 YR bond yield:FALLS TO. +2.884 DOWN 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 153.18… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.958 DOWN 3 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP (6.7074) AND OFFSHORE: UP AT 6.7051
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA. CENTRAL BANK OF JAPAN WILL NO LONGER DO QE.
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt. GOVERMENT ASKED JAPAN PENSION FUNDS AND INSURANCE FUNDS TO BUY MORE JAPANESE BONDS AND REPATRIATE ALL FOREIGN BONDS.
3g Oil UP for WTI and UP for Brent this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EU German 10yr bund YIELD UP TO +3.3820/ Italian 10 Yr bond yield UP AT 4.208/ SPAIN 10 YR BOND YIELD UP TO 3.828%
3i Greek 10 year bond yield UP TO 4.0710%
3j Gold at $4411.50/Silver at: 66.92 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP AND 34/ 100 roubles/85.62
3m oil (WTI) into the 94 dollar handle for WTI and 99 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 153.18 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.884% DOWN 1 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 3.958 DOWN 2 PTS..: USA/SF this 0.8083 as the Swiss Franc . Euro vs SF: 0.9413
USA 10 YR BOND YIELD: 4.803 UP 0 BASIS PTS…DANGEROUSLY CLOSE TO 5.00%
USA 30 YR BOND YIELD: 5.252 DOWN 1 BASIS PTS/REFUSES TO GO DOWN WITH BESSENT’S QE TWIST
USA 2 YR BOND YIELD: 4.406 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 48.48 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 5.1920 UP 1 PTS
30 YR UK BOND YIELD: 5.8204 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.811 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 3.448 UP 0 BASIS PTS.
1a New York Opening report
Futures Slide As Brent Tops $100, 10Y Yields Rise Above 4.81% Ahead Of Expanded Treasury Buyback
Wednesday, Sep 09, 2026 – 08:37 AM
US equity futures are lower as oil continues its ascent, pushing Brent above $100 for the first time since July 24 and pushing 10Y yields to 4.81%. As of 8:15am, S&P futures are trading at session lows, down 0.5% and after erasing early gains, echoing a rally in Asian technology shares that lost momentum as the session progressed. Nasdaq futures are down 0.6% as Mag 7s trade mixed premarket: META +5% after saying early Muse AI usage has “blown way past our projections” with users engaging 10x more than its test cohorts, while AMZN -0.4%. The Treasury Department is expected to announce on Wednesday the size of the next day’s operation to repurchase outstanding 10-year to 20-year securities. Treasury 10-year yields trade above 4.81%, rising by 3bps. USD extended losses, trading near a 7 month low.The yen extends gains to trade near 153.30 per dollar, outperforming its G-10 peers. Treasury Secretary Scott Bessent challenged traders to test his resolve on boosting the Japanese currency. Hedge funds are betting the yen will strengthen beyond 150 by year-end. Commodities were mostly higher with WTI surging above $95 and Brent topping $100 (with Shanghai oil trading almost $10 higher) for the first time since July 24 after the US struck Iranian tankers near the Kharg Island export hub and in the Gulf of Oman. Tehran responded by firing missiles at Jordan and warning ships in the Persian Gulf. Precious metals and ags are all higher. US economic data slate includes weekly ADP employment change at 8:15am. Fed speaker slate is blank during Sept. 5-17 external communications blackout period around the Sept. 15-16 FOMC meeting
In premarket trading, Mag 7 stocks: Meta rises 5% with analysts positive on the Facebook parent after it debuted Muse, an AI assistant;
Microsoft +0.04%, Apple -0.2%, Amazon -1.6%, Nvidia -0.4%, Alphabet -1.8%, Tesla -0.9%
- Braze (BRZE) slides 11% after the software company’s adjusted EPS forecast for the third quarter fell short of the average analyst estimate.
- Casey’s (CASY) drops 11% after the convenience-store operator reported a miss on first-quarter gross margin, as well as fuel gross profit. The stock had surged 33% this year as of Tuesday’s close.
- Chime (CHYM) jumps 9% after striking a deal to buy Stride Bank for $590 million in cash, snapping up its longtime partner as the fintech streamlines its operations.
- Evommune (EVMN) falls 8% after the drug developer said a mid-stage trial of its experimental therapy to treat atopic dermatitis failed to meet primary and secondary endpoints in any of the doses studied.
- Mission Produce (AVO) gains 4% after the avocado producer reported adjusted earnings per share for the third quarter that beat the average analyst estimate.
- ServiceTitan (TTAN) is down 17% after the software company’s third-quarter revenue forecast fell short of expectations. Bloomberg Intelligence highlights that the company slowed scaling of its agentic AI product Max.
- Tyra Biosciences (TYRA) tumbles 21% after announcing initial results from a Phase 2 study.
In other corporate news, Uber is said to be looking to raise around €4 billion ($4.7 billion) from its debut five-part euro bond. Amazon is selling its debut sterling bonds in a four-part deal. BP’s North Sea operations have drawn interest from suitors including Adura and NEO Next+, as the oil major works to exit the basin. Top lithium supplier Albemarle reached a preliminary wage agreement with union leaders in Chile on the final day of mediated talks before a strike was due to begin.
Oil prices extended gains for a fourth day, pushing Brent above $100 for the first time since July 24 with WTI around $95 – maintaining energy’s position as the key macro driver – after US forces destroyed five Iranian tankers carrying crude in response to two attempts to hit a US Navy warship with ballistic missiles. Tehran responded by firing missiles at Jordan and warning ships in the Persian Gulf. Treasuries fell across the curve, with the shorter end bearing the brunt. The two-year yield climbed three basis point to hit 4.42%, the highest since 2024. Europe saw a steeper selloff.
Brent reaching a threshold last crossed in July comes days ahead of the latest US inflation print. The data is widely seen as decisive in tipping the scales for or against a Federal Reserve interest-rate hike next week, with money markets pricing around a 60% chance of a move.
“The risks to equity markets continue to pile up as the discount rate which they face gets higher and higher and higher,” said Ashley Lester, chief research officer at MSCI. “The question is to what extent can continued AI earnings growth continue to push equity markets onward.”
Traders are now waiting for an announcement on the size of Thursday’s buyback operation for outstanding 10-year and 20-year Treasuries, part of Treasury Secretary Scott Bessent’s efforts to restrain yields.
Bessent stole headlines overnight, offering views on markets, bonds, GDP and the Midterms. He challenged traders to test his resolve on boosting Japan’s currency, saying “I am the house now,” and warned that the US faces dire consequences if it loses out in the AI race with China.
Bessent is also set to reveal today how far he’s initially willing to go to restrain US bond yields via an expanded buyback program, with wide-ranging estimates of as much as $10 billion per operation. Bloomberg strategists said this test to support the market is likely to fail, as years of budget deficits have helped drive the long-term natural rate of interest in the US to the highest in two decades.
Barclays strategists raised their S&P 500 target for year-end 2026 to 7,950 from 7,800, citing continued earnings strength. RBC strategists said the risk of a near-term 5% to 10% pullback in the S&P 500 are rising, citing weak seasonality, US midterms volatility and the Iran war.
Conferences season is full steam ahead: conferences include Goldman Sachs Communacopia & Technology Conference (San Francisco), Jefferies Industrials Conference (New York), Citi Global TMT Conference (New York), Citi GEMS Conference (New York), Barclays Global Consumer Staples Conference (Boston), Goldman Sachs European MedTech & Healthcare Services Conference (London), Bernstein’s Annual Pan-European Strategic Decisions Conference (London), Morgan Stanley Industrial CEOs Unplugged (London), UBS Global Materials Conference 2026 (New York), Wells Fargo 21st Annual Healthcare Conference (Boston), Kepler Cheuvreux Autumn Conference (Paris).
In tech, Apple is holding its most anticipated event in years: New CEO John Ternus is set to debut a roughly $2,000 foldable iPhone, with larger-storage configurations going up to roughly $3,000. The shares have surged over the summer, while history shows that they’ve fallen on five of the past eight days when new versions of the iPhone were unveiled.
In AI, Google is planning its biggest investment in Europe, an AI infrastructure build out worth at least €13 billion in Finland. And US security agencies accused China’s top AI companies including DeepSeek and Alibaba of using distillation techniques to access and draw information from American AI models “at an industrial scale.”
In politics, Chris Pappas won the Democratic primary for a New Hampshire Senate seat, setting up a November showdown with former Republican Senator John Sununu.
Elsewhere, the US escalated its trade war with Canada, moving to block imports of some products, while slapping new tariffs on others and is seeking to bar Canadian companies from selling to government contractors. The import bans for some Canadian dairy products and alcohol will take effect in three weeks, a senior administration official told reporters.
In Europe, sectors sensitive to the economy dragged the Stoxx 600 down 1.5% in a move led by industrials which are sensitive to energy costs. Here are the biggest movers Wednesday:
- Fortum shares gained as much as 11%, the most since Feb. 2022, after the Finnish energy company said it has signed a 22-year power-purchase agreement with Google covering up to 50% of the capacity at its Loviisa nuclear plant from 2028
- Victrex shares jumped as much as 17% to the highest since March 2025 after the thermoplastic specialist said annual underlying pretax profit will top guidance following a strong performance in the final quarter of the financial year
- Interparfums shares rise as much as 4% after the perfume and cosmetic product manufacturer reported earnings comfortably ahead of expectations in the first half, bolstered by better margins
- Kinnevik shares rose as much as 8.2%, briefly hitting their highest level since February, after being upgraded at SEB Equities
- Gym Group shares rose as much as 6.7%, the most in a year, after its first half earnings beat expectations, according to Panmure Liberum
- Energean gained as much as 6.6%, the most in five months, after the oil and gas producer reported first half production and revenue that beat expectations
- Inditex shares fell as much as 4.9%, the most in six months, after the Zara owner’s first-half earnings missed sell-side expectations due to rising operational costs
- AUTO1 Group shares fell as much as 5% after the online used-car dealer announced CFO Christian Wallentin is stepping down for family reasons
- Webuild dropped as much as 9.2% as the company announced that Italy’s market regulator Consob has ordered the restart of the review period for the firm’s voluntary tender offer on all Trevi-Finanziaria Industriale’s ordinary shares
Asian stocks rose as sustained enthusiasm for artificial intelligence lifted chipmakers, with investors looking past escalating hostilities in the Middle East. The MSCI Asia Pacific Index advanced as much as 0.7% before trimming gains. South Korea’s Kospi rose 1.4%, as SK Hynix and Samsung Electronics tracked their US peers higher. Benchmarks in Japan and Taiwan weakened throughout the session as higher oil prices fueled concerns over inflation. Interest in technology shares persisted even as geopolitical tensions intensified and oil prices extended their climb. Brent crude hit $100 a barrel as attacks between the US and Iran and a recovery in Chinese oil buying propel the global crude benchmark higher. Meanwhile, Citi sees Indonesia equities rising about 9% from current levels by year-end but maintains a cautious stance on the world’s worst performer this year. The Jakarta Composite Index has gained about 25% from a June low, entering a technical bull market.
“There’s no evidence the capex cycle’s slowing,” Christopher Wood, global head of equity strategy at Jefferies, said on Bloomberg TV. “I would still rather own the picks-and-shovels trade than the people spending the money.”
In FX, the Bloomberg Dollar Spot Index is down 0.1%, nearing its lowest level in nearly seven months as the yen rallied, with traders looking ahead to the US Treasury’s buyback announcement and inflation data later this week. The yen advanced against all its Group-of-10 peers after US Treasury Secretary Scott Bessent challenged traders selling the Japanese currency. USD/JPY fell 0.3% to 153.47 after touching 152.89 on Tuesday, the lowest since February. When the US intervenes with the yen, “I have pretty good insight” into what the Bank of Japan and Japanese policymakers are going to do, Bessent said. “And you can bet against me if you want”
In rates, treasuries hold modest losses led by front-end tenors as oil prices extend their climb, spurring traders to price in increased chance of a Fed rate hike at next week’s policy meeting. US yields are up 1-2bps across the curve ahead of the US buyback announcement and 10-year supply. Supply also weighed as a 10-year note reopening is set to draw the highest yield since 2007 and new corporate bond sales are seen topping Tuesday’s almost $40 billion haul. Long-end tenors have support from uncertainty about the size of Thursday’s expanded buyback operation, to be announced at 11 a.m. 2- to 7-year yields are 2bp-3bp higher on the day with long-end tenors outperforming, flattening 2s10s curve by about 1bp, 5s30s by about 2bp; 10-year is around 4.805% with bunds and gilts in the sector lagging by an additional 2.5bp. Treasury auction cycle continues with $39 billion 10-year reopening at 1 p.m. New York time; Tuesday’s $58 billion 3-year new-issue drew good demand at highest yield since 202. WI 10-year yield around 4.81% is ~13bp cheaper than last month’s auction result. IG dollar issuance slate includes a couple of names so far. Eighteen offerings were priced on Tuesday, with issuers paying about 2bp in new issue concessions on deals that were 3.9 times covered. Stand-downs and flurry of mandates announced Tuesday point to a potentially busier Wednesday session
In commodities, Brent crude topped $100 a barrel for the first time since July 24 as the US war on Iran flared and Chinese buying recovered; WTI crude is up 2.3% after topped $95 for the first time since June. European natural gas prices hit a three-year high. The weaker dollar helped push gold higher by 1%. Bitcoin adds 1.3%.
US economic data slate includes weekly ADP employment change at 8:15am. Fed speaker slate is blank during Sept. 5-17 external communications blackout period around the Sept. 15-16 FOMC meeting
Market Snapshot
Top Overnight News
- The US military struck five Iranian tankers on Tuesday, sinking one, after Iran fired ballistic missiles at a US Navy warship, in a fresh escalation of fighting in the Middle East. The attacks prompted a significant retaliation from Iran, which launched a missile barrage toward regional US ally Jordan, saying it was targeting US military assets (18 of 20 missiles were intercepted, and two fell into unpopulated areas, with no casualties reported). CNN
- Commercial vessel traffic through the Strait of Hormuz is poised to remain at about 5% of prewar levels after the resurgence of US-Iran hostilities. Crossings will stay severely suppressed through late 2026 even if a lasting ceasefire takes hold. BBG
- Brent oil topped $100 a barrel for the first time since July, as attacks between the US and Iran and a recovery in Chinese oil buying propel the global crude benchmark higher: RTRS
- Treasury Secretary Scott Bessent challenged traders to test his resolve on boosting Japan’s currency, “I am the house now, so when we intervene with the Japanese yen, I have pretty good insight into what the Japanese, what the Bank of Japan is going to do, what Japanese policymakers are going to do,” Bessent said at a Southern Methodist University event in Texas on Tuesday. “And you can bet against me if you want”. BBG
- Hedge funds are betting the yen will strengthen beyond 150 per dollar by year-end, with some longer-dated options trades targeting a move to 140: BBG
- Treasury Secretary Scott Bessent is set to reveal how far he’s initially willing to go restrain US bond yields via an expanded buyback program that has Wall Street dealers on edge. The Treasury Department is expected to announce on Wednesday the size of the next day’s operation to repurchase outstanding 10-year to 20-year securities; past precedent indicates it would be at 11 a.m. in Washington. It will be the first such release since the Treasury shocked market participants Aug. 19 by saying it would “at least double” the $2 billion sizes it had penciled in just two weeks before. BBG
- Apple is holding its most anticipated event in years today: New CEO John Ternus is set to debut a roughly $2,000 foldable iPhone, with larger-storage configurations going up to roughly $3,000. The shares have surged over the summer, while history shows that they’ve fallen on five of the past eight days when new versions of the iPhone were unveiled. BBG
- Meta on Tuesday formally launched Muse, a personal AI agent “that understands your goals and works 24/7 to get things done for you”. WSJ
- China’s consumer and factory-gate prices edged higher in August, fueled by energy-market jitters tied to renewed tensions in the Middle East. The producer-price index climbed 3.8% in August from a year earlier, accelerating from July’s 3.5% increase. The figure topped the median 3.7% increase projected by economists. Core CPI (+1% vs. the Street +0.9% and vs. +0.9% in Jul) while headline CPI was inline (+0.8%, up from +0.5% in Jul). WSJ
- US agencies accused DeepSeek, Alibaba and other Chinese AI firms of systematically extracting proprietary knowledge from American firms. BBG
- The US escalated its trade war with Canada following Ottawa’s tariff retaliation, moving to block imports of some products while slapping new tariffs on others, as well as seeking to bar Canadian companies from selling to government contractors. Donald Trump said he would also seek to bar Canadian companies from selling to government contractors. CNN
- India is ramping up scrutiny of Wall Street traders with the nation’s securities regulator turning more aggressive in targeting even prominent foreign players like JPMorgan Chase & Co. in its $5 trillion stock market: BBG
- LIV Golf filed for bankruptcy protection Tuesday, a dramatic fall for the Saudi-backed league that had big ambitions to challenge the supremacy of the PGA Tour: BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed as the region attempted to shrug off the weak lead from Wall Street, where all major indices declined on return from the long weekend amid rising oil prices and geopolitical escalation. ASX 200 was subdued as gains in energy, resources, mining and materials were offset by weakness in healthcare, financials and the consumer-related sectors. Nikkei 225 swung between gains and losses with few fresh catalysts and as further reports continued to point to a BoJ rate hike next week, while Nintendo was among the laggards after its Legend of Zelda 40th Anniversary Direct announcements underwhelmed. KOSPI resumed its regional outperformance and climbed above the 7,000 level with Samsung underpinned following several recent announcements and with SK Hynix unfazed by reports that Kioxia’s CEO dismissed prospects of closer ties with the South Korean chipmaker. Hang Seng and Shanghai Comp were mixed, with price action contained after the PBoC continued to refrain from open market operations and as participants digested the Chinese inflation data in which CPI matched estimates, but PPI was firmer-than-expected and showed an acceleration in factory gate prices.
Top Asian News
- US Treasury Secretary Bessent said he has good insight when they intervene on the yen and dared people to bet against him, while Bessent commented that he has information and good insight into what the BoJ and policymakers will do.
- Japan cabinet reshuffle is set for September 17th, according to Asahi.
European bourses (STOXX 600 -0.9%) are entirely in the red, given the renewed US-Iran tensions overnight. US CENTCOM announced that it destroyed 5 Iranian oil tankers in response to the IRGC targeting a US Navy warship. In retaliation, the IRGC struck back, firing ballistic missiles at a base in Jordan and attacking 10 ships. Energy prices have climbed in turn, with Brent Nov’26 briefly extending above the USD 100/bbl mark. Sectors highlight the negative bias. Utilities, Telecoms and Energy are the only sectors in the green. The clear underperformer is Retail, given losses in Inditex amid mixed H1 earnings, while Consumer Products & Services and Banks round out the sector laggards.
Top European News
- French PM Lecornu is considering plans to reduce the exceptional contribution imposed on very large companies, TF1 reported
FX
- G10s are mostly firmer against the USD. The JPY mildly outperforms vs peers, continuing to build on its recent strength. The Kiwi is the slight laggard this morning. Westpac remains short NZD/USD, targeting 0.5700 or lower vs a current price of 0.5843.
- DXY is incrementally lower this morning despite higher oil prices, and currently holding within a 98.61 to 98.82 range. Focus has been on geopolitical updates, after another bout of US-Iran fighting has led to a leg higher in energy prices, which in turn has lifted domestic yields. The US 2yr (4.4%) now holds near recent highs. On the trade front, the Loonie is relatively unmoved to the US announcing an import ban on alcohol and other goods from Canada in response to the latter’s tariff retaliation.
- The JPY modestly outperforms this morning, with USD/JPY holding within a 152.93 to 154.01 range. A continued bout of pressure will see the pair trade well within levels seen in mid-February, however, it will likely find some support at the 152.00 level, which was the low on 27 Jan 2026. A breach beyond that level would likely require a dovish US CPI report on Friday, a hold at the Fed next week and a hawkish BoJ policy announcement thereafter.
- The outperformance this morning can be attributed to daring commentary from US Treasury Sec Bessent. He stated that “I am the house now”, and has good insight into what Japanese policymakers and the BoJ will do. He provided a final warning that he has asymmetric information. The strong commentary from Bessent, along with hawkish BoJ speak over the past couple of weeks will keep JPY vigilantes on the sidelines, at least for now. However, once we get past the string of policy decisions next week – markets may begin to shift their attention back to energy dynamics, which JPY is particularly sensitive to.
Fixed Income
- Unsurprisingly, given the late-Tuesday action, Gilts gapped lower at the open. Down by 19 ticks and then another 19 to a 85.62 low, but clear of Tuesday’s 85.56 base. Since, in a morning of somewhat less macro newsflow than the last few days, the benchmark has held in proximity to that low, unable to find and respite as peers did overnight; though, they too have faded in recent trade.
- Bunds spent the APAC session modestly in the red, but in a very thin range, as the complex awaited a major update on the geopolitical front. Since, in the European morning as energy climbs and after Brent surpassed the USD 100/bbl handle, further pressure has emerged taking Bunds to a 121.64 low. Concerning for Europe, and lifting short-end yields in particular, is the ongoing climb of TTF, to over EUR 79/MWh today, a high for the October contract. An ascent that underscores the expected ECB hike on Thursday.
- USTs were flat/firmer in APAC trade, holding around 107-10 for the most part. Since, given the above, some modest pressure has emerged to take the benchmark just into the red by a couple of ticks and prints a low at 107-07+. Today is focused firmly on the Treasury buyback announcement, the first after the move to at least double the long-end operations from the current USD 2bln maximum. Given the “at least” language, and the commentary from Secretary Bessent that operations could be above the implied USD 4bln level if required, we are attentive to the announced size, any scheduling update and/or accompanying commentary the Treasury may choose to provide.
- Germany sells EUR 4.201bln vs exp. 5.5bln 3.00% 2036 Bund: b/c 1.47x (prev. 1.15x), average yield 3.39% (prev. 3.26%), retention 23.62% (prev. 37.2%).
- Amazon (AMZN) begins the sale of its four-part Sterling bond. Guidance: 3-year +70bps to Gilts, 6-year +90bps to Gilts, 12-year +105bps to Gilts, 19-year +110bps to Gilts.
Commodities
- In geopolitics, US forces destroyed five Iranian crude oil tankers tied to the IRGC in response to repeated attempted missile attacks on US Navy warships, with US Secretary of State Rubio warning that Iran will lose tankers each time it targets American vessels. Iran retaliated with further missile strikes, including at least 20 missiles targeting bases in Jordan, although Jordan said 18 were intercepted and no casualties were reported, while the IRGC claimed attacks on US warships and commercial vessels and threatened further retaliation against US interests. Meanwhile, Iran said it remains committed to its MoU with Washington despite reportedly demanding new conditions for negotiations, while explosions were also reported in Saudi Arabia’s Jazan region and oil fields.
- Crude futures are on a firmer footing, with Brent Nov extending above USD 100/bbl this morning for the first time since late July. Attention has been on some UKMTO updates, which have appeared to outline some of the activity seen on Wednesday. Both benchmarks are towards the upper end of intraday bands, WTI Oct in a USD 93.76-95.19/bbl (vs yesterday’s 90.87-94.73/bbl range) and Brent Nov within USD 98.80-100.68/bbl (vs yesterday’s 96.78-99.46/bbl range). Dutch TTF firms by almost 4% intraday and resides close to EUR 79/MWh after briefly topping the level this morning from a base under EUR 77/MWh, with winter heating demand also taking focus.
- Metals are mixed. Precious metals cheer a weaker Dollar irrespective of the firmer oil prices, with a weaker Buck allowing geopolitical risk premium to be baked in. Spot gold found support at its 100 DMA (USD 4,343/oz), with the bullion trading in a current USD 4,341-4,413/oz range, with yesterday’s peak at USD 4,443/oz. Spot silver found support near yesterday’s low around USD 65.50/oz, and resides not far from its 100 DMA (USD 67.15/oz) in a current USD 65.52-67.01/oz range.
- Base metals are mixed, with copper prices subdued following recent record highs on the LME, and with the mood cautious against the backdrop of higher energy prices and its impact on inflation and growth. 3M LME copper trades in a USD 14,596.50-14,725.03/t range.
- Iraq is reportedly seeking a significant output quota increase during OPEC+ audits, wanting to target 6mln bbls/day, Bloomberg reported.
- Turkish Energy Minister said that they are starting an oil exploration in the Western Black Sea in the coming days.
Trade/Tariffs
- US President Trump said he is directing the General Services Administration, working with the USTR, to take all necessary steps to remove Canadian-origin products from GSA’s Multiple Award Schedules unless Canada restores full and fair reciprocity for American farmers and companies.
- White House posts proclamations regarding modifying scope of Canadian products subject to additional duties and excluding certain products from importation to the US, with respect to motor vehicles, dairy and alcoholic beverages.
- US senior administration official said President Trump approved a series of proclamations on Canadian trade measures, with the ban on dairy, most alcohol and motorcycle imports from Canada under Section 338, while the official stated the restrictions are to take effect in about 3 weeks and that Trump’s stance on the January 1st, 2027 auto tariff hike remains in effect.
- Canada’s Minister Responsible for US Trade LeBlanc said they are assessing the latest tariffs from the US, while he is in contact with USTR Greer and will work in good faith when the US is ready to engage.
- US Commerce Secretary Lutnick will meet with Mexican President Sheinbaum and Economic Minister Ebrard and will discuss US tariffs on Mexican autos and metals, according to POLITICO.
Geopolitics: Iran
- US Central Command confirmed that forces destroyed five Iranian crude oil carriers on Tuesday after the IRGC targeted a US Navy warship with ballistic missiles twice over the past two days.
- US Secretary of State Rubio said every time Iran tries to hit US Navy ships, they will lose tankers.
- Iran launched missiles at targets in response to US strikes on tankers, while it launched at least 20 missiles at bases in Jordan, with the Al-Salti and Prince Hassan bases targeted, according to SNN. However, Jordan said air defences intercepted and destroyed 18 of 20 Iranian missiles, and two fell away from population centres, while it stated that no casualties were reported after the Iranian missile strike. Furthermore, it was later reported that Jordan intercepted additional missiles in the east.
- IRGC claimed missile strikes on US combat destroyers, while it announced that it attacked two US vessels, eight oil vessels and ten violating ships that intended to cross the prohibited and unsafe area of the Strait of Hormuz.
- Iran’s MP said there is a “possibility of re-examining the plan to withdraw from the NPT in the parliament”, ILNA reported.
Geopolitics: Ukraine
- Russia is anticipated to prolong the Ukraine war into 2027 as peace talks stall, with President Putin believed to be waiting for a stronger military and political position before serious negotiations. Furthermore, Western officials warned that Moscow will intensify winter attacks on Ukraine’s energy infrastructure whilst escalating cyber attacks, sabotage and influence operations across Europe.
- Ukraine Drone Forces Commander said that Ukraine hit military vessels at Russia’s Novorossiysk naval base.
- Russian strikes hit port infrastructure in Mykolaiv, according to Ukrainian officials.
- CPC oil terminal on the Black Sea was reportedly attacked by drones overnight.
Geopolitics: Other
- Top US diplomat in Taiwan said, aside from the human toll, any conflict across the Taiwan Strait would have a bigger impact on the global economy than the Second World War.
US Event Calendar
- 7:00 am: Sep 4 MBA Mortgage Applications, prior 0.8%
DB’s Jim Reid concludes the overnight wrap
Today is the day when I work out whether the thing that’s truly been missing from my life over the last few years, or even decades, is a foldable phone. I usually go into an Apple launch event day saying that this time my vast collection of Apple products is finally now stable and mature. That said, I usually come out the other side with 10 timers set so as not to miss the eventual first order point for the new products.
As we await “iFold”, markets seem to be treading water this week as increases in energy prices dampen risk appetite, as Brent crude is nearing the $100 level last seen six weeks ago. While Brent did give some of its initial gains yesterday to settle +0.95% at $97.92/bbl, news late in the US session of new strikes in the Gulf have left it another +1.45% higher at $99.34/bbl this morning after touching $99.67/bbl earlier in the session. And with inflationary pressures still mounting, that kept the pressure on other asset classes too. Indeed, the S&P 500 (-0.58%) posted a fresh decline as US markets returned after Labor Day, whilst the 5yr Treasury yield (+1.8bps) closed at a 19-month high of 4.56%.
The initial catalyst for the fresh increase in oil came just as we were going to press yesterday, as Saudi Arabia halted operations at multiple energy sites after they were attacked. The Houthis claimed responsibility shortly after. And while oil prices fell back late in the European session, they then spiked again amid news of explosions near Kharg Island, which houses Iran’s main oil export facilities. US Central Command announced later that US forces destroyed five Iranian tankers in response to attempts to hit a US Navy warship with ballistic missiles. In response to the strikes, Iranian state TV cited an IRGC warning to tankers in the vicinity of Bahraini and Kuwaiti piers to evacuate their vessels “as they will be targeted”. Iran also launched missiles towards an air base in Jordan overnight.
So all that has left investors growing more concerned about further disruption and pricing a longer period of high energy prices. In fact, the 6-month Brent future (+1.52%) closed at its highest level since mid-June, at $84.78/bbl. It is another +1.45% higher this morning. So there is growing scepticism that oil prices will meaningfully revert over the coming months.
In the meantime, the relentless rise in European natural gas prices also continued yesterday. For instance, the front-end future rose +3.46% to €75.80/MWh, its highest since January 2023, so the inflationary pressures were clear in multiple directions. The latest move comes as Europe is seeking to fill up its storage, but it’s still only 67% full, which is lower than it’s normally been at this time of year. Indeed, storage was 79% full in 2025, and was 93% full in 2024, so that’s added to concerns ahead of the winter heating season. The refilling shortfall has been concentrated in some of the northern continental countries, including Germany (55% full) and Netherlands (50% full). Given all that, investors were pricing in higher inflation too, with the 1yr Euro inflation swap (+2.9bps) moving back up to 3.40%, its highest since May. The ECB’s comments on the latest developments at their policy meeting tomorrow will be fascinating.
That backdrop meant it was a more challenging day for equities, with fresh losses on both sides of the Atlantic. In the US, the S&P 500 (-0.58%) fell back as part of a broad-based decline, with more than 70% of the index lower on the day. The Nasdaq (-0.32%) and the Mag-7 (-0.35%) saw slightly smaller declines thanks to a recovery in chipmakers, which also sent the Philly semiconductor index (+1.30%) higher for a 4th consecutive session. Meanwhile in Europe, the STOXX 600 (-0.05%) slipped back again slightly, with the continent’s indices generally seeing little movement. So the FTSE 100 (-0.10%) and FTSEMIB (-0.10%) posted modest declines, whilst the CAC 40 (+0.14%) eked out a gain. Stoxx futures are around half a percent lower this morning.
The latest inflation pressures also kept up the pressure on US Treasuries, with yields rising across the curve, particularly at the front-end. So the 2yr yield was up +2.8bps to a one-week high of 4.39%, whilst the 5yr yield (+1.8bps) just about hit its highest since January 2025, at 4.56%. By contrast, the 10yr yield (+0.7bps) only saw a very modest increase to 4.79%, leaving it just shy of its 4.80% peak a week earlier, which had been the highest since October 2023. Overnight yields are fairly steady across the curve.
Those moves come ahead of the US Treasury’s upsized long-end buyback operation tomorrow, the size of which is expected to be announced today. Yesterday Bessent described the increased operations which were announced last month as aiming to quell a “fever” that was building in the bond market.
Over in Europe, the inflation pressures were also clear. But even as inflation breakevens moved higher, a reduction in real rates ultimately left sovereign bond yields lower on the day. So that meant that yields on 10yr bunds (-2.0bps), OATs (-1.8bps) and BTPs (-2.2bps) all rallied. In Europe, UK gilts were the relative underperformer, with the 10yr yield only down -0.2bps. In part, that’s because gilts have generally been more sensitive to higher oil prices. But Bank of England Governor Bailey also warned that inflation risks remain “on the upside”.
In Asia, tech continues to support the KOSPI (+1.63%) which is again outperforming regional peers. Elsewhere, Japan’s Nikkei (+0.07%), Hong Kong’s Hang Seng (+0.02%), China’s CSI 300 (+0.10%) and ASX (-0.17%) are all struggling to gain meaningful traction. S&P 500 futures are up +0.09% with Nasdaq 100 futures advancing +0.22%.
Early morning data showed that China’s inflation pressures picked up in August, with both factory-gate and consumer price growth accelerating. The move was driven largely by higher energy costs linked to supply risks stemming from the Middle East conflict, even as underlying domestic demand remained subdued. Producer prices rose +3.8% year-on-year, above economists’ expectations of +3.6% and up from +3.5% in July. Meanwhile, consumer prices increased +0.8% from a year earlier, in line with forecasts and accelerating from July’s +0.5% gain.
Finally, there wasn’t much data of note yesterday. But we did get the NFIB’s small business optimism index from the US. That fell more than expected to 98.7 in August (vs. 99.3 expected), falling back again after rising over June and July. Otherwise, we also had the NY Fed’s latest Survey of Consumer Expectations. That showed growing pessimism about unemployment, as the mean probability of the US unemployment rate being higher in a year rose to 44.4%, the highest in the survey since April 2020 during the initial phase of the pandemic.
Looking at the day ahead now, data releases include French industrial production for July. Central bank speakers include Bundesbank President Nagel. And today is also when the US Treasury department will increase their buybacks for longer-dated Treasuries
1b) European opening report
US-Iran hostilities intensify, with Brent surging back above USD 100/bbl and weighing on US equity futures – Newsquawk US Market Open
Wednesday, Sep 09, 2026 – 06:00 AM
- US forces struck multiple Iranian tankers tied to the IRGC in response to more attempted missile attacks on a US Navy warship; Iran launched missiles at targets in response to US strikes on tankers, while it launched at least 20 missiles at bases in Jordan.
- IRGC had warned that oil tanker crews in Kuwaiti and Bahraini ports would be targeted in light of the US Army targeting several Iranian oil tankers.
- US equity futures are slightly softer; Google announces a EUR 13bln AI infrastructure in Finland.
- DXY rebounds off lows but remains under pressure; JPY continues to gain after daring comments from US Treasury Secretary Bessent.
- Fixed income benchmarks falter as Brent regains the USD 100/bbl mark, with focus on the Treasury buyback announcement.
- Looking ahead, highlights include US ADP Employment Change Weekly, US Treasury Long-End Bond Buybacks Announcement, NBP Announcement, EIA STEO. Comments from ECB’s Lagarde. Supply from the US.
SNAPSHOT
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EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.9%) are entirely in the red, given the renewed US-Iran tensions overnight. US CENTCOM announced that it destroyed 5 Iranian oil tankers in response to the IRGC targeting a US Navy warship. In retaliation, the IRGC struck back, firing ballistic missiles at a base in Jordan and attacking 10 ships. Energy prices have climbed in turn, with Brent Nov’26 briefly extending above the USD 100/bbl mark.
- Sectors highlight the negative bias. Utilities, Telecoms and Energy are the only sectors in the green. The clear underperformer is Retail, given losses in Inditex amid mixed H1 earnings, while Consumer Products & Services and Banks round out the sector laggards.
- US equity futures are lower across the board. Google announced that it is to invest at least EUR 13bln in Finland’s AI infrastructure in 2027-28, with a 22-year PPA with Fortum. In other news, Uber and Amazon kicked off their corporate debt offering, with Uber selling a 5-part EUR offering while Amazon is offering a 4-part GBP bond.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- G10s are mostly firmer against the USD. The JPY mildly outperforms vs peers, continuing to build on its recent strength. The Kiwi is the slight laggard this morning. Westpac remains short NZD/USD, targeting 0.5700 or lower vs a current price of 0.5843.
- DXY is incrementally lower this morning despite higher oil prices, and currently holding within a 98.61 to 98.82 range. Focus has been on geopolitical updates, after another bout of US-Iran fighting has led to a leg higher in energy prices, which in turn has lifted domestic yields. The US 2yr (4.4%) now holds near recent highs. On the trade front, the Loonie is relatively unmoved to the US announcing an import ban on alcohol and other goods from Canada in response to the latter’s tariff retaliation.
- The JPY modestly outperforms this morning, with USD/JPY holding within a 152.93 to 154.01 range. A continued bout of pressure will see the pair trade well within levels seen in mid-February, however, it will likely find some support at the 152.00 level, which was the low on 27 Jan 2026. A breach beyond that level would likely require a dovish US CPI report on Friday, a hold at the Fed next week and a hawkish BoJ policy announcement thereafter.
- The outperformance this morning can be attributed to daring commentary from US Treasury Sec Bessent. He stated that “I am the house now”, and has good insight into what Japanese policymakers and the BoJ will do. He provided a final warning that he has asymmetric information. The strong commentary from Bessent, along with hawkish BoJ speak over the past couple of weeks will keep JPY vigilantes on the sidelines, at least for now. However, once we get past the string of policy decisions next week – markets may begin to shift their attention back to energy dynamics, which JPY is particularly sensitive to.
FIXED INCOME
- Unsurprisingly, given the late-Tuesday action, Gilts gapped lower at the open. Down by 19 ticks and then another 19 to a 85.62 low, but clear of Tuesday’s 85.56 base. Since, in a morning of somewhat less macro newsflow than the last few days, the benchmark has held in proximity to that low, unable to find and respite as peers did overnight; though, they too have faded in recent trade.
- Bunds spent the APAC session modestly in the red, but in a very thin range, as the complex awaited a major update on the geopolitical front. Since, in the European morning as energy climbs and after Brent surpassed the USD 100/bbl handle, further pressure has emerged taking Bunds to a 121.64 low. Concerning for Europe, and lifting short-end yields in particular, is the ongoing climb of TTF, to over EUR 79/MWh today, a high for the October contract. An ascent that underscores the expected ECB hike on Thursday.
- USTs were flat/firmer in APAC trade, holding around 107-10 for the most part. Since, given the above, some modest pressure has emerged to take the benchmark just into the red by a couple of ticks and prints a low at 107-07+. Today is focused firmly on the Treasury buyback announcement, the first after the move to at least double the long-end operations from the current USD 2bln maximum. Given the “at least” language, and the commentary from Secretary Bessent that operations could be above the implied USD 4bln level if required, we are attentive to the announced size, any scheduling update and/or accompanying commentary the Treasury may choose to provide.
- Germany sells EUR 4.201bln vs exp. 5.5bln 3.00% 2036 Bund: b/c 1.47x (prev. 1.15x), average yield 3.39% (prev. 3.26%), retention 23.62% (prev. 37.2%).
- Amazon (AMZN) begins the sale of its four-part Sterling bond. Guidance: 3-year +70bps to Gilts, 6-year +90bps to Gilts, 12-year +105bps to Gilts, 19-year +110bps to Gilts.
COMMODITIES
- In geopolitics, US forces destroyed five Iranian crude oil tankers tied to the IRGC in response to repeated attempted missile attacks on US Navy warships, with US Secretary of State Rubio warning that Iran will lose tankers each time it targets American vessels. Iran retaliated with further missile strikes, including at least 20 missiles targeting bases in Jordan, although Jordan said 18 were intercepted and no casualties were reported, while the IRGC claimed attacks on US warships and commercial vessels and threatened further retaliation against US interests. Meanwhile, Iran said it remains committed to its MoU with Washington despite reportedly demanding new conditions for negotiations, while explosions were also reported in Saudi Arabia’s Jazan region and oil fields.
- Crude futures are on a firmer footing, with Brent Nov extending above USD 100/bbl this morning for the first time since late July. Attention has been on some UKMTO updates, which have appeared to outline some of the activity seen on Wednesday. Both benchmarks are towards the upper end of intraday bands, WTI Oct in a USD 93.76-95.19/bbl (vs yesterday’s 90.87-94.73/bbl range) and Brent Nov within USD 98.80-100.68/bbl (vs yesterday’s 96.78-99.46/bbl range). Dutch TTF firms by almost 4% intraday and resides close to EUR 79/MWh after briefly topping the level this morning from a base under EUR 77/MWh, with winter heating demand also taking focus.
- Metals are mixed. Precious metals cheer a weaker Dollar irrespective of the firmer oil prices, with a weaker Buck allowing geopolitical risk premium to be baked in. Spot gold found support at its 100 DMA (USD 4,343/oz), with the bullion trading in a current USD 4,341-4,413/oz range, with yesterday’s peak at USD 4,443/oz. Spot silver found support near yesterday’s low around USD 65.50/oz, and resides not far from its 100 DMA (USD 67.15/oz) in a current USD 65.52-67.01/oz range.
- Base metals are mixed, with copper prices subdued following recent record highs on the LME, and with the mood cautious against the backdrop of higher energy prices and its impact on inflation and growth. 3M LME copper trades in a USD 14,596.50-14,725.03/t range.
- Iraq is reportedly seeking a significant output quota increase during OPEC+ audits, wanting to target 6mln bbls/day, Bloomberg reported.
- Turkish Energy Minister said that they are starting an oil exploration in the Western Black Sea in the coming days.
TRADE/TARIFFS
- US President Trump said he is directing the General Services Administration, working with the USTR, to take all necessary steps to remove Canadian-origin products from GSA’s Multiple Award Schedules unless Canada restores full and fair reciprocity for American farmers and companies.
- White House posts proclamations regarding modifying scope of Canadian products subject to additional duties and excluding certain products from importation to the US, with respect to motor vehicles, dairy and alcoholic beverages.
- US senior administration official said President Trump approved a series of proclamations on Canadian trade measures, with the ban on dairy, most alcohol and motorcycle imports from Canada under Section 338, while the official stated the restrictions are to take effect in about 3 weeks and that Trump’s stance on the January 1st, 2027 auto tariff hike remains in effect.
- Canada’s Minister Responsible for US Trade LeBlanc said they are assessing the latest tariffs from the US, while he is in contact with USTR Greer and will work in good faith when the US is ready to engage.
- US Commerce Secretary Lutnick will meet with Mexican President Sheinbaum and Economic Minister Ebrard and will discuss US tariffs on Mexican autos and metals, according to POLITICO.
NOTABLE EUROPEAN HEADLINES
- French PM Lecornu is considering plans to reduce the exceptional contribution imposed on very large companies, TF1 reported.
NOTABLE US HEADLINES
- US Treasury Secretary Bessent said markets are not efficient and are run by humans, who make mistakes, while he added the Treasury’s narrative in August was that the sky is falling and that the narrative was absurd.
GEOPOLITICS
MIDDLE EAST
- US Central Command confirmed that forces destroyed five Iranian crude oil carriers on Tuesday after the IRGC targeted a US Navy warship with ballistic missiles twice over the past two days.
- US Secretary of State Rubio said every time Iran tries to hit US Navy ships, they will lose tankers.
- Iran launched missiles at targets in response to US strikes on tankers, while it launched at least 20 missiles at bases in Jordan, with the Al-Salti and Prince Hassan bases targeted, according to SNN. However, Jordan said air defences intercepted and destroyed 18 of 20 Iranian missiles, and two fell away from population centres, while it stated that no casualties were reported after the Iranian missile strike. Furthermore, it was later reported that Jordan intercepted additional missiles in the east.
- IRGC claimed missile strikes on US combat destroyers, while it announced that it attacked two US vessels, eight oil vessels and ten violating ships that intended to cross the prohibited and unsafe area of the Strait of Hormuz.
- Iran’s MP said there is a “possibility of re-examining the plan to withdraw from the NPT in the parliament”, ILNA reported.
RUSSIA-UKRAINE
- Russia is anticipated to prolong the Ukraine war into 2027 as peace talks stall, with President Putin believed to be waiting for a stronger military and political position before serious negotiations. Furthermore, Western officials warned that Moscow will intensify winter attacks on Ukraine’s energy infrastructure whilst escalating cyber attacks, sabotage and influence operations across Europe.
- Ukraine Drone Forces Commander said that Ukraine hit military vessels at Russia’s Novorossiysk naval base.
- Russian strikes hit port infrastructure in Mykolaiv, according to Ukrainian officials.
- CPC oil terminal on the Black Sea was reportedly attacked by drones overnight.
OTHER
- Top US diplomat in Taiwan said, aside from the human toll, any conflict across the Taiwan Strait would have a bigger impact on the global economy than the Second World War.
CRYPTO
- Bitcoin has steadily climbed, amid a softer dollar, and resides at the upper end of its USD 78.5k-79.7k range.
APAC TRADE
- APAC stocks traded mixed as the region attempted to shrug off the weak lead from Wall Street, where all major indices declined on return from the long weekend amid rising oil prices and geopolitical escalation.
- ASX 200 was subdued as gains in energy, resources, mining and materials were offset by weakness in healthcare, financials and the consumer-related sectors.
- Nikkei 225 swung between gains and losses with few fresh catalysts and as further reports continued to point to a BoJ rate hike next week, while Nintendo was among the laggards after its Legend of Zelda 40th Anniversary Direct announcements underwhelmed.
- KOSPI resumed its regional outperformance and climbed above the 7,000 level with Samsung underpinned following several recent announcements and with SK Hynix unfazed by reports that Kioxia’s CEO dismissed prospects of closer ties with the South Korean chipmaker.
- Hang Seng and Shanghai Comp were mixed, with price action contained after the PBoC continued to refrain from open market operations and as participants digested the Chinese inflation data in which CPI matched estimates, but PPI was firmer-than-expected and showed an acceleration in factory gate prices.
NOTABLE ASIA-PAC HEADLINES
- US Treasury Secretary Bessent said he has good insight when they intervene on the yen and dared people to bet against him, while Bessent commented that he has information and good insight into what the BoJ and policymakers will do.
- Japan cabinet reshuffle is set for September 17th, according to Asahi.
NOTABLE APAC DATA RECAP
- Chinese CPI (Aug YY) 0.8% vs. Exp. 0.8% (Prev. 0.5%).
- Chinese CPI (Aug MM) 0.4% vs. Exp. 0.3% (Prev. -0.1%).
- Chinese PPI (Aug YY) 3.8% vs. Exp. 3.7% (Prev. 3.5%).
1c Asian opening report
Another round of hostilities between the US and Iran moves crude benchmarks higher; JPY continues to strengthen – Newsquawk EU Market Open
Wednesday, Sep 09, 2026 – 01:46 AM
- US forces struck multiple Iranian tankers tied to the IRGC in response to more attempted missile attacks on a US Navy warship; Iran launched missiles at targets in response to US strikes on tankers, while it launched at least 20 missiles at bases in Jordan.
- IRGC had warned that oil tanker crews in Kuwaiti and Bahraini ports would be targeted in light of the US Army targeting several Iranian oil tankers.
- Crude futures extended recent gains, with upside facilitated after the US and Iran exchanged another round of retaliatory strikes.
- DXY was little changed after the choppy mood on Tuesday; USD/JPY trickled lower beneath the 154.00 level amid the ongoing BoJ rate hike expectations.
- APAC stocks traded mixed as the region attempted to shrug off the weak lead from Wall Street; European equity futures indicate a lower cash market open.
- Looking ahead, highlights include US ADP Employment Change Weekly, US Treasury Long-End Bond Buybacks Announcement, NBP Announcement, EIA STEO. Comments from ECB’s Lagarde. Supply from Germany & the US.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
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 ADP Employment Change Weekly, US Treasury Long-End Bond Buybacks Announcement, NBP Announcement, EIA STEO. Comments from ECB’s Lagarde. Supply from Germany & the US.
- Click for the Newsquawk Week Ahead.
IRAN CONFLICT
- US forces struck multiple Iranian tankers tied to the IRGC in response to more attempted missile attacks on a US Navy warship, while it was separately reported that Iran launched an attack against US Navy ships on Monday, although no American ships were struck in the attacks, but Iran’s recent attempts to hit American naval assets are raising alarms that the regime is using more sophisticated weapons and could be getting assistance from China or Russia.
- US Central Command confirmed that forces destroyed five Iranian crude oil carriers on Tuesday after the IRGC targeted a US Navy warship with ballistic missiles twice over the past two days.
- US Secretary of State Rubio said every time Iran tries to hit US Navy ships, they will lose tankers.
- US official said they are focusing their efforts on freedom of navigation in the Red Sea, while an official said a US military underwater drone had malfunctioned more than a day ago in the Middle East.
- Iran launched missiles at targets in response to US strikes on tankers, while it launched at least 20 missiles at bases in Jordan, with the Al-Salti and Prince Hassan bases targeted, according to SNN. However, Jordan said air defences intercepted and destroyed 18 of 20 Iranian missiles, and two fell away from population centres, while it stated that no casualties were reported after the Iranian missile strike. Furthermore, it was later reported that Jordan intercepted additional missiles in the east.
- IRGC claimed missile strikes on US combat destroyers, while it announced that it attacked two US vessels, eight oil vessels and ten violating ships that intended to cross the prohibited and unsafe area of the Strait of Hormuz.
- IRGC had warned that oil tanker crews in Kuwaiti and Bahraini ports would be targeted in light of the US Army targeting several Iranian oil tankers, while Iran’s joint military command earlier threatened to “heavily target” US interests in the Middle East if Iranian vessels are attacked.
- Iranian Presidency said there is no need to withdraw from the MoU with America and that they are committed to the MoU, but act according to circumstances. It was separately reported that Tehran demands new conditions from Washington to resume negotiations.
- Sources reported explosions in the Jazan region of Saudi Arabia and in Saudi oil fields.
- South Korea’s Presidential Office said that South Korea and France discussed roles regarding Strait of Hormuz security, not troop deployment.
US TRADE
EQUITIES
- US stocks closed lower on Tuesday, with the Dow Jones lagging while the equal-weight S&P fell by around 1%, with the majority of sectors also in the red. Energy, Utilities and Real Estate closed higher, while Health Care, Financials and Materials lagged. The data highlight on Tuesday was the NY Fed SCE report, which saw inflation expectations little changed, while perceptions of the labour market deteriorated, albeit consumers saw a lower risk of losing their own jobs.
- SPX -0.58% at 7,674, NDX -0.12% at 29,508, DJI -1.18% at 52,791, RUT -0.52% at 2,960.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump said he is directing the General Services Administration, working with the USTR, to take all necessary steps to remove Canadian-origin products from GSA’s Multiple Award Schedules unless Canada restores full and fair reciprocity for American farmers and companies.
- White House posts proclamations regarding modifying scope of Canadian products subject to additional duties and excluding certain products from importation to the US, with respect to motor vehicles, dairy and alcoholic beverages.
- US senior administration official said President Trump approved a series of proclamations on Canadian trade measures, with the ban on dairy, most alcohol and motorcycle imports from Canada under Section 338, while the official stated the restrictions are to take effect in about 3 weeks and that Trump’s stance on the January 1st, 2027 auto tariff hike remains in effect.
- Canada’s Minister Responsible for US Trade LeBlanc said they are assessing the latest tariffs from the US, while he is in contact with US Trade Representative Greer and will work in good faith when the US is ready to engage.
- US Commerce Secretary Lutnick will meet with Mexican President Sheinbaum and Economic Minister Ebrard today and will discuss US tariffs on Mexican autos and metals, according to POLITICO.
- US Secretary of State Rubio said President Trump has a desire to reach an agreement with Colombia on tariffs.
NOTABLE HEADLINES
- US Treasury Secretary Bessent said markets are not efficient and are run by humans, who make mistakes, while he added the Treasury’s narrative in August was that the sky is falling and that the narrative was absurd.
APAC TRADE
EQUITIES
- APAC stocks traded mixed as the region attempted to shrug off the weak lead from Wall Street, where all major indices declined on return from the long weekend amid rising oil prices and geopolitical escalation.
- ASX 200 was subdued as gains in energy, resources, mining and materials were offset by weakness in healthcare, financials and the consumer-related sectors.
- Nikkei 225 swung between gains and losses with few fresh catalysts and as further reports continued to point to a BoJ rate hike next week, while Nintendo was among the laggards after its Legend of Zelda 40th Anniversary Direct announcements underwhelmed.
- KOSPI resumed its regional outperformance and climbed above the 7,000 level with Samsung underpinned following several recent announcements and with SK Hynix unfazed by reports that Kioxia’s CEO dismissed prospects of closer ties with the South Korean chipmaker.
- Hang Seng and Shanghai Comp were mixed, with price action contained after the PBoC continued to refrain from open market operations and as participants digested the Chinese inflation data in which CPI matched estimates, but PPI was firmer-than-expected and showed an acceleration in factory gate prices.
- US equity futures were rangebound following the prior day’s uninspired Wall Street performance.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.5% after the cash market closed with gains of 0.1% on Tuesday.
FX
- DXY was little changed after the choppy mood on Tuesday as geopolitical developments dictated oil price swings ahead of US CPI and PPI this week, while the greenback failed to track the move higher in 2yr yields and oil prices. Furthermore, there was little reaction in the FX space to the US announcing an import ban on alcohol and other goods from Canada in response to the latter’s tariff retaliation.
- EUR/USD lacked direction with price action confined within tight parameters at the 1.1600 handle amid the absence of pertinent drivers and tier-1 data from the bloc, while participants await the ECB on Thursday.
- GBP/USD eked slight gains in range-bound trade and after BoE rhetoric did little to shift the dial.
- USD/JPY trickled lower beneath the 154.00 level amid the ongoing BoJ rate hike expectations, while there were also comments from US Treasury Secretary Bessent, who dared traders to bet against him regarding the yen and said that he has good insight into what the BoJ and policymakers will do.
- Antipodeans remained afloat in uneventful trade amid a quiet calendar on both sides of the Tasman and following the inline-to-slightly firmer-than-expected Chinese inflation data.
- PBoC set USD/CNY mid-point at 6.7769 vs Exp. 6.7042 (prev. 6.7804).
FIXED INCOME
- 10yr UST futures lacked direction following yesterday’s indecision as oil prices chopped and despite a solid 3yr US auction, while demand was contained ahead of today’s 10yr supply and as participants await inflation data later in the week, which could be the tipping factor on whether the Fed hikes rates next week.
- Bund futures demand was subdued after oil prices were ultimately lifted by the ongoing geopolitical escalation, and with prices also not helped by today’s EUR 5.5bln Bund issuance.
- 10yr JGB futures eked mild gains but with upside capped after the weakness in global peers and amid ongoing BoJ rate hike expectations.
COMMODITIES
- Crude futures extended recent gains, with upside facilitated after the US and Iran exchanged another round of retaliatory strikes, in which US forces destroyed five Iranian crude oil carriers, and Iran launched at least 20 missiles targeting bases in Jordan.
- Stocks of crude oil in the US SPR fell by about 1.2mln barrels to 285.4mln barrels last week, which is the lowest since 1982.
- Spot gold rebounded from an early trough although remained beneath the USD 4,400/oz territory amid inflationary headwinds from higher oil prices and as participants await US inflation data later in the week.
- Copper futures retreated overnight as LME futures continued to pull back from record levels and amid the overall cautious mood.
CRYPTO
- Bitcoin mildly gained, albeit with upside capped beneath the USD 79,000 level in choppy trade.
NOTABLE ASIA-PAC HEADLINES
- US Treasury Secretary Bessent said he has good insight when they intervene on the yen and dared people to bet against him, while Bessent commented that he has information and good insight into what the BoJ and policymakers will do.
- Japan cabinet reshuffle is set for September 17th, according to Asahi.
- US cyber and law enforcement officials accused Chinese AI companies of aggressive, industrial-scale distillation activities.
DATA RECAP
GEOPOLITICS
RUSSIA-UKRAINE
- Russian Foreign Minister Lavrov said Russian President Putin may meet with US President Trump and Chinese President Xi at APEC in November, while he also stated that Russia is not planning to attack Europe and that saying such delusional things is not serious.
- Russia is anticipated to prolong the Ukraine war into 2027 as peace talks stall, with President Putin believed to be waiting for a stronger military and political position before serious negotiations. Furthermore, Western officials warned that Moscow will intensify winter attacks on Ukraine’s energy infrastructure whilst escalating cyber attacks, sabotage and influence operations across Europe.
- end
end
2.NORTH AND SOUTH KOREA/
SOUTH KOREA//NORTH KOREA
SOUTH KOREA
.JAPAN
JAPAN/USA
usa supporting the yen: killing the shorts. Bessent demands Japan must raise rates!
(zerohedge)
“I Am The House Now”: Bessent Goes Full Judge Dredd On Yen Bears
Wednesday, Sep 09, 2026 – 08:40 AM
US Treasury Secretary went full judge, jury, and executioner on speculative yen shorts overnight with probably the most direct explicit jawboning we have seen in years…
“I am the house now, so when we intervene with the Japanese yen, I have pretty good insight into what the Japanese, what the Bank of Japan is going to do, what Japanese policymakers are going to do,” Bessent said at a Southern Methodist University event in Texas on Tuesday.
“And you can bet against me if you want.”
As Bloomberg reports, the comments were among Bessent’s most strident yet in an extraordinary campaign to bend markets to his will, even in the face of investor skepticism.
The former hedge fund executive, who made his name with outsized currency wagers, recently oversaw the first purchases of yen by US authorities in three decades and surprised market participants last month with plans to ramp up buybacks of US Treasuries to restrain a surge in yields.
He argued that Treasury has an informational advantage because of its visibility into Japanese policymakers and the BOJ.
“Whenever people say, ‘Oh, well, Treasury Secretary is taking a risk,’ – well, it’s my dream, I have asymmetric information,” Bessent said.
Bessent’s remarks also underscore his unusual level of engagement on economic policymaking in Japan, which is among the world’s largest holders of US debt.
Bessent has coordinated with Japan Finance Minister Satsuki Katayama on currency interventions and put increasingly public pressure on the central bank to raise interest rates, a move that would support the yen and reduce Japan’s need to sell Treasuries for market intervention.
“Bessent’s remarks carry immense weight. The message is clear: do not defy the Treasury Secretary,” said Tadashi Matsukawa, head of bond investments at PineBridge Investments Japan Co. in Tokyo.
“The old way of thinking — that interest rates would be raised once every few months — no longer applies.”
Interestngly, Takumi Naya, head of the FX trading group at Sumitomo Mitsui Banking Corp.’s global markets operations department, suggested that,“Bessent’s remarks suggest that he expects a correction in the yen’s strength even at current levels.”
Bessent’s remarks have certainly flipped the positioning with hedge funds now betting the yen will strengthen beyond 150 per dollar by year-end, with some longer-dated options trades targeting a move to 140.
“Leveraged investors have been active and reacting to a potential regime change in the currency,” said Jerry Minier, global head of linear G-10 FX trading at Citigroup in London.
“Option structures targeting dollar-yen below 150 by year-end have been popular.”
Nomura has seen a similar shift toward bearish dollar-yen sentiment among macro hedge funds that seek to profit from market swings triggered by economic or political events.
There has been “much stronger demand for downside in the option space from the macro community who have shifted to increasing shorts, particularly since we broke 155.00 as most viewed that as a support line in the sand,” said Graham Smallshaw, Singapore-based senior foreign-exchange spot trader at Nomura.
While there was some profit-taking on Sept. 8 when the pair dipped below 153, “the view for now is very much concentrated on the 150/152 target,” he added.
The stance contrasts with that of Japanese retail investors, who boosted their net short-yen positions to an estimated ¥3.61 trillion ($23.5 billion) last week, according to a Bloomberg compilation of data from the Financial Futures Association of Japan and Tokyo Financial Exchange.
“Bessent’s ‘I am the house’ remark reflects the mindset of a former trader who truly understands market dynamics, which is likely why the market shows him a certain level of respect,” said Kazushige Kaida, head of FX sales at State Street Bank & Trust Co.’s Tokyo branch.
“Whether it’s US Treasuries or the yen, his series of verbal warnings are probably aimed at correcting what he sees as moves that have gone too far.”
However, as Goldman’s Delta-One desk-head, Rich Privorotsky noted, “whatever you think of the rhetoric… the yen objectively continues to appreciate as the market leans into BOJ tightening/repatriation.”
But, he adds, the secondary implication matters more for equities… “what happens as yen funded carry trades unwind back into Japanese bonds/equities?”
“The S&P and mega cap complex have felt strangely heavy without a great fundamental reason.
Worth keeping in the back of the mind that some leverage/carry may simply be diffusing out of the system.”
Be careful what you wish for Judge Bessent…
3. CHINA/
CHINA/USA
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
EUROPE
Europe Heads Toward Winter With Too Little NatGas And Skyrocketing Prices
Wednesday, Sep 09, 2026 – 02:45 AM
European natural gas prices are trading near their highest level in more than three years as the race to replenish storage puts a bid under prices, while ongoing disruptions through the Strait of Hormuz intensify competition for scarce LNG cargoes ahead of winter.
On Tuesday morning, European natural gas benchmark futures edged up nearly 3% to trade around 75 euros per megawatt-hour, the highest level since early January 2023.
Bloomberg reporter Priscila Azevedo Rocha noted, “Europe needs higher gas prices in order to attract more seaborne cargoes to its shores, but with less than a month left until the heating season, the region’s inventories are still lagging behind.”
Rocha’s view was very similar to the assessment in Goldman Sachs commodities expert Samantha Dart’s note last week, in which she said December 2026 TTF prices may need to exceed 100 euros per megawatt-hour to discourage Asian LNG demand.
“We have argued that, in the absence of an improvement in LNG exports through the Strait of Hormuz (SoH) (Exhibit 1), European gas prices (TTF) would need to rise to discourage Asia LNG demand, thereby freeing incremental cargoes to be sent to Europe to help manage European gas storage levels,” Dart explained.
EU natural gas storage facilities were around 67% full at the start of the week, compared with a 15-year average of around 72.5% for this time of year. Readers can see the latest chart pack from MarketEar on EU natural gas here.
Separately, Timera Energy analysts wrote in a note earlier, “As the European gas market heads into winter with unusually low inventories, its flexibility to absorb further supply or demand shocks is limited,” adding, “Europe is pricing up to outcompete Asia for marginal LNG.”
Beyond tight gas markets, the struggling continent also has to contend with a diesel crisis. As we warned in early August, “winter is coming“…
END
EUROPE//EU BALANCE SHEET
Will Von Der Leyen’s Mega-Budget Crash Against The Rise Of The National Conservatives?
AI
Yes, it faces a high risk of major dilution, delay, or effective failure in its ambitious form, driven by fiscal resistance from net payers and the political constraints created by rising national-conservative and right-wing forces—though a compromised version remains more probable than total collapse.
reuters.com
In July 2025, European Commission President Ursula von der Leyen proposed a Multiannual Financial Framework (MFF) for 2028–2034 of nearly €2 trillion (around 1.26% of EU GNI, or closer to 1.15% excluding NextGenerationEU debt repayments). This is a substantial nominal increase over the prior framework. Key elements include a large European Competitiveness Fund (roughly €410–451 billion) prioritizing innovation, clean tech, and defence/space (with defence/space funding rising fivefold to ~€131 billion), a merged “National and Regional Partnership Plans” pillar (~€865 billion) combining agriculture, cohesion, social, migration, and related spending with more national flexibility, Global Europe external action (~€200 billion, plus separate Ukraine support), new own resources (taxes/levies expected to yield tens of billions annually), and greater flexibility for crises.
euractiv.com
The proposal aims to shift priorities toward strategic autonomy, competitiveness (echoing Draghi/Letta reports), and defence amid geopolitical pressures, while simplifying programmes. It requires unanimous Council approval (member states) plus European Parliament consent, with negotiations targeted for agreement by end-2026 for implementation in 2028.
consilium.europa.eu
Sources of Friction
- Net contributors (“frugals”/“friends of modernization”): Germany, Netherlands, Austria, Nordic countries and others push for hundreds of billions in cuts, arguing the increase is unaffordable amid national fiscal consolidation. They resist higher contributions without clear national benefits and prefer efficiency over expansion. politico.eu
- Recipients and traditional interests: Southern and Central/Eastern states, farmers, regions, and the Parliament defend or seek more for agriculture (Common Agricultural Policy) and cohesion. The proposed merging into national plans and relative shift away from these areas has triggered backlash; concessions (e.g., minimum floors for farmers/regions, extra farmer funding offers) are already diluting the original vision. Parliament has demanded roughly €200 billion more while protecting traditional spending. politico.eu
- Math and structure debates: Critics note the “€2 trillion” figure includes inflation and debt elements that make the real new spending less dramatic; new own resources face political hurdles.
By mid-to-late 2026, the plan was described as unravelling or facing ugly, delayed talks, with leaders making only limited progress and camps polarized.
euronews.com
Role of National Conservatives and the Broader RightNational-conservative, sovereignist, and far-right parties have gained substantial ground. Examples include Italy’s Giorgia Meloni (in power and durable), France’s National Rally (consistently strong polling ahead of 2027), Germany’s AfD (major 2026 state-level gains, including a landslide in Saxony-Anhalt that shook the mainstream), Austria’s FPÖ, Netherlands’ PVV, and others in government or strong opposition across the continent. In the European Parliament, right-of-centre groups (ECR, Patriots for Europe, Europe of Sovereign Nations) hold significant seats and influence, sometimes cooperating issue-by-issue with the centre-right EPP while remaining sceptical of deeper integration or higher EU spending.
cnn.com
These forces typically prioritise national control, tighter migration policies, scepticism of supranational transfers or “green” mandates, and resistance to higher national contributions to Brussels. Even where they do not govern, their electoral strength makes mainstream parties (including net-payer governments) more cautious about endorsing larger EU budgets—higher contributions become politically toxic when domestic electorates prioritise national spending, borders, or cost-of-living issues. Recent analyses link the constrained negotiating room directly to this populist/nationalist pressure.
politico.eu
Likely OutcomeA full “crash” (no agreement or collapse of the framework) is possible if deadlock persists into 2027, but historical EU budget processes usually produce late compromises. More probable is a scaled-back or rebalanced deal: smaller overall size than proposed, preserved or boosted traditional agriculture/cohesion floors, moderated competitiveness/defence ambitions relative to the original pitch, and limited new own resources. Von der Leyen has already made concessions; further watering-down is underway. The rise of national conservatives amplifies the pressure for restraint and national prioritisation, reducing the Commission’s leverage for a truly “mega,” transformative budget. Geopolitical needs (Ukraine, defence, competitiveness vs. China/US) provide counter-pressure for some ambition, but domestic politics currently dominate.
END
FRANCE
BUYER’S REVOLT? LOWER YIELDS!! CRISIS TIME!!
France’s Champagne Output Set To Crash 48% As Harvest Crisis, Sliding Chinese Demand Batter Vineyards
Wednesday, Sep 09, 2026 – 05:45 AM
A perfect storm of sliding demand, shrinking vineyard acreage, and weather-damaged yields has sent France’s Champagne output forecast for this year plunging.
Bloomberg cites new data from the Agriculture Ministry showing that Champagne output is projected to plunge 48% from 2025 to 1.34 million hectoliters. The estimate is based on the latest figures through Sept. 1.
The ministry also said that nationwide wine production is expected to fall 6% to 34 million hectoliters, putting the harvest 17% below its five-year average and among the smallest in three decades.
For French winemakers, the squeeze is coming from many directions: declining wine demand and adverse weather conditions have sent wine and spirits exports into a downward trend.
For instance, top French wine and spirits exporters Ricard, LVMH’s wine and spirits division, and Rémy Cointreau show that weaker US and China demand has pressured sales since 2022-23.
via Bloomberg…
In Burgundy, best known for its prestigious wines, particularly reds made from Pinot Noir and whites made from Chardonnay and situated in the eastern part of the country, losses exceed 50%. However, in the Bordeaux region, production is expected to rise 10% compared with the very low level recorded in 2025, thanks to improved yields. But the region is still expected to be 11% below the 2021-25 average.
Last week, French authorities allocated more than 1 billion euros to farmers and vineyards affected by this summer’s scorching heat waves and wildfires.
Separately, the Hong Kong-based South China Morning Post reported last month that much of the slowdown is coming from Asia buyers in revolt.
“We’ve seen a much sharper drop in customers from China,” Chinese-French wine merchant Arsen Zhao said. “Consumers are trading down, while large volumes of European wine imported previously have yet to be sold, leaving inventories high and weighing on new orders.”
Zhao noted, “Some high-end French wines are now selling for less in China than in France.” This has created turmoil for major wine brands as unsold inventory piles up and prices come under pressure.
Turning to prices, Liv-ex, short for London International Vintners Exchange, a global marketplace where professional wine merchants buy and sell fine wine, reports that the latest data for several price indexes, including the Liv-ex Fine Wine 100 and Champagne 50, have fallen from peaks over the last several years.
The Liv-ex Fine Wine 100 index peaked in late 2022, plunged nearly 30%, and has formed what appears to be a bottom.
The Champagne 50 index peaked in late 2022 and subsequently bottomed in 2025.
For wine collectors, the key question is whether the decline in Liv-ex wine indexes has put in a proper bottom, creating an attractive entry point to add to their collections.
END
GERMANY
KOLBE..
German Industrial Orders Up: Massive Boost From Arms Spending
Wednesday, Sep 09, 2026 – 06:30 AM
Submitted by Thomas Kolbe
Was this the turning point of the summer, a kind of summer-sun Merz-turnaround?
Latest figures from the Federal Statistical Office show a significant jump in industrial orders in Germany: The order volume of companies across all sectors rose by 2.5 percent in July compared with the previous month – the third consecutive increase.
These are good numbers for the Chancellor, who is desperately looking for supporting arguments for his political course ahead of the state elections in eastern Germany. The economic reporting of the past week was striking: Economic institutes are revising their growth forecasts for the current year upward. LBBW, for example, now expects growth of 0.7 percent for the current year, up from 0.5% previously.
Growth of 0.7% – given an officially reported government spending ratio of 52.5% and new borrowing of around 4% this year, this is a pitiful figure. It marks no turning point. The figure merely shows that the private sector remains on a path of contraction and will lose at least two to three percent in substance.
We are witnessing a statistical effect. Merz is inflating a debt-financed economic phantom, raising the question: How can real economic prosperity grow out of artificially created credit? If the world were really that simple, all of humanity could catapult itself into the economic stratosphere from one day to the next with a debt-financed Keynesian demand program.
But reality, unfortunately, does not correspond to the voodoo economics of long-faded theories.
Let us therefore return from the Keynesian dream world to the world of true economics.
Comparing incoming orders with the situation a year ago could give the impression that we have reached the peak of an economic boom: In July, incoming orders were 13 percent above the previous year’s level – a fabulous figure, one the German economy may have last seen during the years of the post-war economic miracle. The July figure stands out so markedly that investment demand is pushing up the entire gross domestic product and more than compensating for the dramatically poor figures in the other sectors of the economy.
A brief classification: Retail sales were down 2.5% in real terms in July compared with the previous year. Hospitality revenue fell by more than 5% in real terms year-on-year. All in all, consumption stagnated in the first half of the year; only credit-financed government demand prevented a dramatically negative figure. On top of this, inflation, now at three percent, is slowly but surely eating holes into the purchasing power of private households.
But the beautiful appearance of the numbers is deceptive. Everything stands and falls with the large orders recorded statistically. Looking into the mechanics of the statisticians, one sector in particular catches the eye: other transport equipment. It contains, above all, orders for military goods. The statistics currently reflect the development of the military sector almost exclusively, because the private sector is not investing in major projects.
If this sector, which had exploded by a staggering 126.4% compared with the previous month, is excluded, industrial orders as a whole actually fell by 1.4% in July. That would hardly be a reason for celebration, including for the Chancellor, who seems to have gotten lost somewhere in the east on his campaign tour while searching for media-friendly crumbs.
Looking at individual items, the situation in German industry remains dramatic. In the automotive industry, it looks downright apocalyptic. German automakers had to absorb a 12.5% decline in orders compared with the previous month.
Free fall in Germany, the land of the automobile.
Foreign orders overall fell by 2.1% – customers outside the eurozone ordered even 10.1% fewer industrial goods. Domestic orders, by contrast, rose by 9.1% compared with June – another indication supporting the thesis that these may be the first larger waves generated by the German government’s debt-financed special fund.
Friedrich Merz and his debt minister Lars Klingbeil are presenting us with an economic experiment that has been performed many times in the past and has always failed.
Once caught in the ideological degrowth trap, the pressure to act in the political boiler continues to rise. As a result of climate policy, dark clouds are gathering over the economic horizon, and political rescue efforts begin reflexively. Friedrich Merz is prescribing the debt-financed military Keynesianism described above as the extinguishing agent for the economic wildfire. Tanks, drones and howitzers are supposed, if the Chancellor has his way, to replace specialized machinery, motor vehicles, machine tools and industrial plants.
Welcome to the economic military yoke of the statist Merz.
But, like every form of interventionism, this policy will leave nothing behind but new mountains of debt, if not an entire Himalayas of debt.
And, as if to confirm this, statisticians reported at the beginning of the week that Germany’s new borrowing had risen from €35 billion to €71 billion in the first half of the year.
Correctly calculated and expanded to include municipal debt as well as the special fund that will only become effective in terms of payments in the second half of the year, Germany’s debt will increase by at least €180 billion this year. That corresponds to new borrowing of more than 4 percent of GDP. We are facing the disastrous legacy of the debt king Merz, who has sacrificed his country’s creditworthiness in pursuit of his personal political goals.
Only economic illiterates regard debt-financed government consumption as economic prosperity.
The construction of the state economy has consequences.
Germany has been seized by a process of economic erosion. Total industrial production in Germany has lost around 15 percent of its volume since the best year, 2018 – a political scandal that to this day is successfully ignored by the relevant circles in the specialist press, the daily media and politics alike, if it is not simply dismissed as a figment of the imagination of malicious opponents.
The booming arms manufacturers, too, should not celebrate too early. The path of the booming sector is predetermined, and it points toward the same abysses toward which civilian industry is heading. The fog will lift the moment the flow of subsidies dries up as a result of the economic crisis in the country.
Then the abyss will become visible. Because at the toxic German location, with its high energy costs, excessive regulation and unfavorable political climate, industrial investment simply no longer pays off.
The flash in the pan of Merz-style military Keynesianism will not change this finding either.
END
GERMANY/STEEL
KOLBE…
over regulation killing this industry in Europe!!
Green Steel: ArcelorMittal Finally Pulls The Plug
Wednesday, Sep 09, 2026 – 05:00 AM
Submitted by Thomas Kolbe
In the end, economic reality prevails. Green steel has no future in Germany, regardless of how much funding may continue to flow through the channels of the green subsidy machine: At Germany’s overregulated, energy-policy-driven and increasingly sidelined industrial location, industrial production is becoming less and less profitable.
That ArcelorMittal, one of the green economy’s poster boys, threw in the towel at the end of the week and announced that it would end steel production at its Duisburg site is the latest painful blow to the proponents of the green transformation ideology.
From October next year, ArcelorMittal will completely close the Duisburg steelworks and will also cease operating the billet rolling mill, where around 800 employees are currently employed. Around 550 employees could be affected by the closure. Only the wire rod mill is to remain. The semi-finished products required to operate it will in future be sourced from other ArcelorMittal sites and external producers.
The news carries a double weight: That green steel — meaning steel produced through a production route in which hydrogen is used instead of carbon as the reducing agent — would not be able to compete in the face of significantly lower production costs at other locations is hardly surprising. But the fact that, ultimately, even conventional steel production is gradually having to retreat from Germany is tragic — a resounding no from business to the ideologically contaminated energy and location policies of the slowly crumbling industrial heart of Europe.
The basic materials industry is a fundamental component of industrial value chains. Particularly in view of geopolitical tensions, national control over raw materials and primary products is becoming increasingly important. Since the best year, 2018, crude steel production in Germany has fallen from 42.4 million tons to 34.09 million tons in 2025, a decline of around 20 percent — a dramatic indication of the complete failure of Germany’s energy and industrial location policies.
The green transformation is crumbling before our eyes while Germany’s industrial base is being deindustrialized. Capital seeks better returns, regardless of how rosy the world of the green transformers surrounding former Economy Minister Robert Habeck, the spiritus rector of the ecological central planners, may have been.
For Habeck, green steel “Made in Germany and Europe” was indispensable. The Green politician was convinced that steel produced with coal would have no future on the world market. How wrong one can be!
Representatives of this transformation ideology are presumably looking on at developments in the industry in bewilderment. Where is the traitor? they will ask themselves. After all, limitless subsidies, credit assistance and artificially imposed cost disadvantages through the CO₂ mechanism were all made available to traditional competitors in order to push this artificial product forward.
ArcelorMittal is by no means the only corporation pulling back. Previously, thyssenkrupp and Salzgitter also abandoned the misguided notion that they would one day be able to produce green steel in Germany.
Ultimately, everyone has to ask themselves: What does it actually cost to produce one ton of green steel? And who will compensate for the loss-making operation in the face of substantially cheaper, considerably more cost-effective competition, for example from India or China? Will these companies have to remain dependent on the taxpayer forever?
The cost gap is enormous: Depending on the calculation and production conditions, green steel increases production costs by around $100 to $500 per ton. For the European steel industry, the conversion to low-carbon production methods is estimated to entail additional costs of 35 to 100 percent per ton. This simply cannot work.
Green steel was one of the political pet projects of the Green Deal. Companies that decided — or were politically encouraged — to convert their production were supposed to be supported through two subsidy channels.
On the one hand, there was the classic subsidy payment. In the case of ArcelorMittal, around €1.3 billion in funding was earmarked for converting the plants in Bremen and Eisenhüttenstadt; the overall project was estimated at around €2.5 billion. Direct reduction plants and electric arc furnaces were planned, with everything ultimately intended to run on hydrogen. Then came the surprise withdrawal: On June 19, 2025, ArcelorMittal announced the end of the projects. According to the Ministry of Economic Affairs, the €1.3 billion was never drawn down. What a blow to green ideology: Even massive public funding could not make the project profitable.
A second subsidy channel for green cronyism runs through the CO₂ emissions trading system. Energy-intensive producers such as the steel industry receive free certificates to protect them against international competitors with lower climate-related costs. If a company emits less CO₂ than permitted by its freely allocated certificates, it avoids purchasing additional allowances and can sell surplus pollution rights to other companies. Conventional steel production is made relatively more expensive by this allocation mechanism — everything possible is being done to keep the industrial homunculus of green steel somehow breathing.
Since January 1, 2026, the CBAM mechanism is supposed to provide additional protection for industry. It is not a formal tariff barrier, but it serves a similar function: CO₂-intensive imports such as steel are now subject to comparable regulatory costs imposed by the EU climate machine. Yet even this market barrier cannot change the fact that industrial production in Germany has simply become unprofitable.
Along the entire value chain — from conversion subsidies and free certificates to protection against foreign competition — the state is playing every card in its hand to impose its centrally planned environmentalism on the private sector.
Brussels and Berlin are thus providing an impressive demonstration of the internal contradictions and high costs of a centrally planned state economy. Everyone can now see what happens when the state interferes with price formation and dictates technology and the actions of individual companies: It becomes expensive for the taxpayer. Costs do not simply disappear; they are merely redistributed and concealed through subsidies. When the state repeatedly intervenes in the economy, scarce resources no longer flow to where competition would generate the greatest benefit. Instead, they flow into the pockets of those whose ingenuity lies in hunting for grants and subsidies. This is how the final chapter of the market economy begins.
END
5.RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/USA/VS IRAN/TUESDAY NIGHT
Massive Escalation: Iran Sends Large Ballistic Missile Salvo On Jordan Bases, After US Strikes Iranian Oil Tankers
Tuesday, Sep 08, 2026 – 06:00 PM
Summary
- US Strikes Iran: US forces reportedly hit Iranian oil tankers near Kharg Island and Jask.
- Iran Targets US Ships & Jordan: Iran reportedly launched another attack on US naval assets, though no American ships were hit, say US officials. Ballistic missiles raining down on Jordan overnight.
- Oil Near $100: Brent crude surged as tensions threaten Iranian exports and the Strait of Hormuz.
- Houthis Hit Saudi Arabia: Ballistic missiles and drones struck Saudi energy and military targets, causing fires and operational disruptions.
- Yemen War Escalates: Saudi airstrikes resumed as Saudi-backed forces vowed to retake Sanaa, raising fears of wider regional spillover.
Iranian Missiles Raining Down on US Bases in Jordan: Reports
State Tasnim reports: Iran has launched missiles at targets in response to US strikes, while unofficial sources cited by Tasnim noted that explosions were heard in Jordan following Iranian missile attacks.
The below brief recap shows this new flare-up and tit-for-tat came in rapid succession… Senior US officials to FOX:
US military has struck targets near Kharg Island and Jask. The targets include Iranian oil tankers. This is part of a larger effort to squeeze Iran economically. The strategy includes sinking and disabling Iranian crude oil tankers. –FOX
How many Patriot interceptor missiles are being plowed through this time?
More unverified but widely circulating images out of the region overnight:
Iranian leaders have lately vowed to hit US bases and assets harder in all forthcoming rounds of fighting…
US Attacks Iran Tankers, After American Navy Ships Targeted
Oil climbed on reports of explosions on Iran’s Kharg Island:
IRIB reports that US forces attacked a commercial vessel in the coastal waters of Jask City
MULTIPLE EXPLOSIONS HEARD NEAR KHARG ISLAND ANCHORAGE, A KEY IRANIAN OIL EXPORT HUB; CAUSE, ORIGIN & ANY POTENTIAL DAMAGE REMAIN UNCONFIRMED. – MEHR NEWS AGENCY
US is currently attacking Iranian oil tankers, i24 news reports, citing a US source
A small Iranian tanker was targeted by a missile attack from the US army 4 miles from Kharg Island, Tasnim reports
Via TasnimIRAN LAUNCHED UNDISCLOSED SECOND ATTACK ON US SHIPS ON MONDAY: WSJ
NO AMERICAN SHIPS WERE STRUCK IN THE ATTACKS: WSJ
Oil Climbs, Brent Near $100
Nothing official has yet to emerge, also amid unconfirmed reporting that Iran’s IRGC Navy has launched anti-ship cruise missiles from Jask toward the Strait of Hormuz. According to breaking Al Jazeera News:
Several explosions have been heard on Iran’s Kharg Island, according to Iran’s semi-official Mehr news agency. No official information has been released on the cause or origin of the explosions.
More from WSJ on the prior Monday attack incident: “No American ships were struck in the attacks, but Iran’s recent attempts to hit American naval assets are raising alarms that the regime is using more sophisticated weapons and could be getting assistance from China or Russia.”
But Trump claims the US is in ‘control’ of Hormuz and that the war is over.
Heavy Yemen-Saudi Fighting Breaks Out
The heaviest fighting since the Iran war began is taking place in Yemen currently, also involving significant overnight attacks on Saudi energy and military sites by the Houthis.
The Houthis have since unveiled new operations, in a Tuesday statement saying the Iran-aligned group is targeting critical Saudi oil and military infrastructure. Widely circulating local videos suggest the attacks on multiple sites were in some case simultaneous and overwhelming.
“In response to this brutal aggression and in confronting comprehensive escalation with comprehensive escalation, the YAF carried out a large-scale … operation, targeting Aramco facilities in Abha and Najran, the Economic City, Aramco in Jizan, and Khamis Mushait Air Base, using dozens of ballistic missiles and drones,” said the Houthi statement.
“The strikes, by God’s grace, were accurate and direct and caused significant damage to those facilities,” it added.
The kingdom’s Energy Ministry has indeed acknowledged fires and operations stoppages at several sites as a result, as well as damage and injured personnel.
Houthis Attacked Four Saudi Cities, Energy Installations
“Several energy sector facilities and installations in the southern region of the kingdom were targeted this morning,” the energy ministry stated.
“The attacks caused fires at several locations, leading to a temporary halt in some operations. Specialized field teams have begun containing the fires, securing the sites, and assessing the damage,” the statement said. Aramco sites have been targeted on multiple occasions this summer, resulting in operations halts, particularly at key sites near the Yemeni border. Damage is still being assessed at the Aramco Jisan oil facilities, which were targeted yet again.
Also military and supply missions were hit, with the Houthi statement also indicating the destruction of Saudi military equipment and convoys of Saudi-backed forces of the internationally-recognized government.
For anyone putting a lot of faith in those pipelines that bypass Hormuz…
“Arms trucks coming from Saudi Arabia were targeted and caught fire at the Al-Wadiah military camp,” the Houthis stated.
In response later on Tuesday, Saudi airstrikes have reportedly resumed on Yemen in the governorates of Al-Jawf, Al-Bayda, Ma’rib, Taiz, and Al-Hudaydah. Already the death toll is mounting from these renewed strikes:
Houthi rebels in Yemen accused Saudi Arabia of striking a prison on Monday in the country’s north, killing seven, including a child, as tensions escalate between the Iran-backed group and Saudi-backed Yemeni forces.
The strike on the Central Corrective Facility in the strategic city of Hazm in Jawf province also wounded at least seven people, including a woman, said Anees al-Asbahi, a spokesman for the Houthi-run health ministry.
The prison’s warden told the Houthi al-Masirah news channel 35 prisoners and a woman who was visiting her husband were trapped under the rubble.
The Saudi side has meanwhile said that dozens were injured in the Houthi attacks. Major General Turki Al-Maliki, spokesman for the Saudi-led Coalition Forces, blasted the new Houthi aggression as “dangerous” and “senseless” – and announced that at lest 73 people have been wounded, including women and children.
Yemen Escalation
Both sides are now vowing escalation:
Houthi military spokesperson Brig. Gen. Yahya Saree accused Saudi Arabia of launching airstrikes and “committing massacres” in Jawf, as well as deploying a reconnaissance drone and supplying mercenaries with various weaponry.
“The ongoing Saudi aggression against Yemen will not go unanswered or unpunished,” he said.
The aerial war is additionally heating up: “Saree said later Monday that Houthi forces downed a total of four reconnaissance drones belonging to Saudi Arabia over the past 24 hours, including one that was spotted Monday morning in Bayda province,” as cited in The Associated Press.
Oil prices on world markets continue to steadily inch higher, rising more than 1% as a result of Tuesday’s Saudi-Yemen escalation.
The Saudi coalition says it aims to liberate the country’s capital of Sanaa from the Iran-backed rebels. “The decision has been made to retake Sana’a. There are surprises we will not reveal now,” the Deputy Defense Minister Major General Samir Al-Sabri told state-run Yemen TV.
The Yemeni army further released a statement saying that “From today, we declare that our goal is clear and unequivocal: to liberate Yemen from the grip of the terrorist Houthi militias and restore Sana’a as a capital for all Yemenis.“
This appears a return to the kind of bull-blown war in Yemen which marked the latter half of the last decade. But this time it’s more complicated and dangerous in terms of regional spillover, given it comes in the context of the Iran conflict, the Strait of Hormuz crisis, and Houthi efforts to close Red Sea shipping to the Saudis, Israelis, and their allies.
Below are more developments via Al Jazeera:
- Saudi Arabia has carried out new attacks in Yemen against al-Jubah district in Marib, in the Houthi-controlled part of the country, according to a news report in Houthi-run media.
- Forces loyal to Yemen’s internationally recognised government have launched a counteroffensive against the Houthi rebels, with officials saying they aim to recapture the capital Sanaa from the Iran-backed group.
- The Houthis say they repelled an offensive in al-Jawf, and at least seven people were killed in an air strike on a prison in the town of al-Hazm, pledging that the “aggression will not go unpunished”.
- Saudi Foreign Minister Prince Faisal bin Farhan Al Saud has described Yemen’s Houthi rebels as “selfish” for putting their own interests above the welfare of the country’s people. “The Houthis choose to prioritise their narrow interests over the interests of Yemen and resort to violence,” he said at a news conference in the Russian capital.
- Russia’s Foreign Minister Sergey Lavrov has told his Saudi counterpart, Prince Faisal bin Farhan Al Saud, in Moscow that Russia is ready to help resolve the spiralling situation in the Middle East.
Saudi-led forces in Yemen bombed Al-Jawf Central Prison:
END
Iran Says Basij Force Commander Killed In Mystery Insurgent ‘Terror Attack’
Tuesday, Sep 08, 2026 – 08:30 PM
American and Israeli officials have continued to speculate about fomenting some kind of internal rebellion or large-scale street uprising inside Iran, in hopes of toppling the leadership of the Islamic Republic. Bombs have largely fallen silent, for now.
But the longer the Iran war drags on, amid sporadic tit-for-tat action between US and Iranian forces as they clash over who controls the Strait of Hormuz, the more unlikely the kind of groundswell of protests like what was seen last January will be.
The Trump administration is betting that long-term severe economic ‘D-Day’ sanctions will eventually break Iranian society, but there’s also the reality that a wartime and de facto martial law situation now makes large public anti-government demonstrations all the more difficult. It is also the case then when a country is under attack, there is a ‘rally around the flag effect’ – making it further easier for authorities to stamp out dissent before it spreads. And without doubt, Iran leaders have genuine support across various sectors of the Iranian populace, as they face down the United States.
Additionally, it has been a longtime claim of Iranian officials that Israeli Mossad has infiltrated and in some cases armed protest groups.
“They have trained some people inside and outside the country; they have brought in some terrorists from outside,” President Masoud Pezeshkian had said of Israeli and foreign intelligence back in January, amid the violent economic unrest that served as a precursor to Trump launching Operation Epic Fury.
Fast forward to now more that six months into the US-led war, and there are still instances of ground level deadly confrontations between Iranian security services and mysterious armed ‘opposition’ entities.
The AFP and Israeli media report of a fresh incident, “A local commander in Iran’s paramilitary Basij force was killed in a ‘terrorist attack’ in the country’s restive southeast, local media reports.” According to more:
Abdolraouf Eshaghi, a commander in the Parud district of Sistan-Baluchistan province, had been “martyred,” the semi-official Tasnim news agency says, without providing details. It is not immediately clear who was behind the attack.
Yesterday, Iranian authorities said three people were killed and nine arrested during a raid in the province on hideouts of Islamist groups it claimed were affiliated with Israel and the United States.
However, armed clashes with ethnic groups which have separatist movements and leanings are nothing new for Iran, particularly in restive Sistan-Baluchistan province. That province has witnessed a long pattern of attacks on IRGC and Basij units by Baloch insurgent groups, going back decades.
While Iranian society is overwhelmingly Shia, most of the border province’s large Baloch population is Sunni. But Tehran has long been worried that foreign intelligence could ‘weaponized’ the impoverished Sunni population, and a similar thing has been at issue with the Iranian Kurdish minority, which tends to be in the mountainous north of the country near Iraq. So this is a plausible scenario and very real possibility.
Trump back in April openly boasts “we sent some guns” to the “people of Iran”…
It should also be noted that similar dynamics were at play during the lengthy Syrian proxy war. Washington and Gulf allies funded, trained, and armed Sunni radical insurgent groups as well as Kurds, which pressured Damascus from the north and east of the country.
end
ISRAEL/USA IRAN/WEDNESDAY
IRGC confirms Iran attacked Jordanian US military base following Kharg Island strikes
US Secretary of State Marco Rubio warned Iran on Tuesday that the US would continue to strike Iranian oil tankers in retaliation for attempted attacks on US warships.
A satellite image shows an oil terminal at Kharg Island, Iran, February 25, 2026.(photo credit: 2026 PLANET LABS PBC/Handout via REUTERS)ByAMICHAI STEIN, REUTERS, ARIELLA ROITMANSEPTEMBER 8, 2026 22:32Updated: SEPTEMBER 9, 2026 02:55
Iran’s Islamic Revolutionary Guard Corps (IRGC) confirmed in a statement on Iranian media on Wednesday that it had attacked a US base in the eastern Jordanian city of Al Azraq with ballistic missiles in retaliation for earlier US attacks on Iranian oil tankers.
This came following reports of missiles being launched from 12 different cities across Iran in the heaviest barrage since the end of Operation Roaring Lion, Army Radio reported late Tuesday night, citing Iranian media.
At least 35 missiles were launched towards Jordan, according to Israeli news outlets, activating sirens in the country’s US military base.
Jordan’s state news agency, citing armed forces, reported that 20 ballistic missiles had been launched from Iranian territory, 18 of which were destroyed by Jordanian air defense systems.
Two missiles fell in unpopulated areas, and there were no casualties, the news agency cited Jordan’s military as saying.
Monitoring and assessment operations were continuing, the agency reported.
Jordan has not yet confirmed reports of the strikes.
A US official told Jerusalem Post earlier on Tuesday that CENTCOM had struck the tankers as Iranian media outlets reported explosions near Kharg Island.
According to Iran‘s Mehr News Agency, there were explosions heard in the vicinity of the Iranian oil hub, which serves as the country’s main point for refining and exporting oil.
An additional report by semi-official Tasnim News Agency reported that the attacks on the Iranian vessels left no casualties, with the tripulation aboard being evacuated.
The report, citing local sources, also said the targeted vessel was about four miles from Kharg Island.
Additionally, the Wall Street Journal reported on Tuesday, citing US officials, that Iran had launched an attack against US Navy ships on Monday.
US forces struck multiple Iranian tankers tied to the IRGC in response to the attempted attack, according to a US official. CENTCOM confirmed later that it had destroyed five Iranian crude oil tankers on Tuesday.
WSJ’s report confirmed, citing US officials, that no American ships were struck in Iran’s Monday attacks.
US, Iran, advance threats
Iran’s Khatam al-Anbiya Central Headquarters (the central command of the Iranian Army) warned the US that if its vessels were struck, then it would reply with strikes against American interests in the Middle East, Reuters reported, citing Iran’s state media.
Iran’s Revolutionary Guards said early on Wednesday that ships in Kuwaiti and Bahraini ports that host Americans will be targeted in response to US attacks on Iranian oil tankers.
The Guards Navy warned all crews to evacuate, according to a statement carried by state media.
Additionally, US Secretary of State Marco Rubio warned Iran on Tuesday that the US would continue to strike Iranian oil tankers in retaliation for attempted attacks on US warships.
“Iran continues to try to hit Us naval ships, and for every time they do that or try to do that, they’re going to lose tankers,” Rubio told reporters during a visit to Colombia.
Iran ready to announce restricted zone in Strait of Hormuz
The American attack happened days after Mohsen Rezaei, the Secretary of Iran’s Supreme National Security Council, said that a restricted zone was planned to be announced outside the Strait of Hormuz soon.
The Sunday announcement, reported by state media, detailed that the zone would include areas in the Gulf.
Rezaei added that maps of ships’ passage in the Strait of Hormuz, agreed upon with Oman, would also be signed in the coming days
END
ISRAEL/IRAN/USA/WEDNESDAY AFTERNOON
Trump Says ‘War’ To End Immediately ‘After’ Midterm Elections, IRGC Issues New Demands
by Tyler Durden
Wednesday, Sep 09, 2026 – 03:20 PM
Summary
- Trump: “This war will end immediately after our election.“
- Iran escalates with “20 for 2″ response doctrine: 20 targets for every 2-3 targets struck.
- Iran sets heightened conditions for war’s end: Tehran calls for an end to attacks, Israeli withdrawal from Lebanon, an end to the Yemen blockade, and release of $24B in frozen assets.
- Shipping attacked: A tanker carrying 2M barrels of Iraqi oil was hit by a drone in Iraqi waters.
- Damage assessment in wake of overnight assaults: CENTCOM denies US warships were hit while saying 10 Iranian tankers have been destroyed. Regional reports say Jordan bases hit hard.
- Oil tops $100: Brent crude surpassed $100/barrel as markets see prolonged Gulf disruptions and little hope for a diplomatic off-ramp.
* * *
Trump on ‘War’ Ending ‘Immediately’
New Trump remarks on Iran… Note that he called it a “war” (no less than twice in the below clip) – contradicting the White House’s own stance (Sept. 4: Trump said don’t call it a war, instead: “I call it a military conflict because it’s small potatoes for us.”:
Q: Do you expect negotiations with Iran to restart at some point?
Trump: Uhhhhhh… we’re not looking for it to be honest with you. This war will end immediately after our election.
And meanwhile, back to the below laughably implausible headlines…
Pakistani Ambassador says they believe that a better understanding will soon be achieved between the US and Iran, reports ISNA
But don’t Republicans actually need the war to end before Congressional elections?
More on high prices at the pump and the question of nuclear weapons… however, the war itself has only made this a greater uncertainty, as Washington has not achieved any prime objectives – and the status of the Iranian nuclear program remains unknown…
END
IRGC: ’20 for 2′, Vows Disproportionate Responses
Amid the dramatic escalation which kicked off since Tuesday night, Iran is seeking to impose new conditions on the United States. While continuing to vow a ‘disproportionate response’ to any attack moving forward, Tehran is now identifying specifics.
IRGC spokesman Hossein Mohebbi states Wednesday, “The imposed war, which involved the world’s most powerful nations, has ended in certain periods, but the nature of the conflict continues. For the first time, this conflict has directly inflicted strategic damage on the United States, impacting the country’s security and economic equations.”
He issued the following list for the US to reach an end to the conflict. “If the enemy desires an end to this situation, they must”…
- completely cease the war
- refrain from further threats
- withdraw the Israeli army from Lebanon
- end the siege of Yemen
- release the $24 billion of Iranian assets that have been frozen
- cease any interference in the country’s nuclear and missile programs
This definitely marks a raised bar, to be sure, after this summer the MoU complete ceased, and negotiations vanished. There’s no way Washington complies with even half of the conditions, at this rate.
Importantly, Mohebbi also said: “We have reached a point where if the enemy strikes at 2 or 3 of our targets, we will respond forcefully by striking at 20.”
Tanker Attacked in Iraq Territory Waters, After CENTCOM Insists US Warships Not Hit
After a huge Iranian ballistic missile launch on US bases in Jordan overnight, CENTCOM has yet to respond in any major way. The Pentagon has also said all US troops “are accounted for” – but this doesn’t necessarily mean there were no casualties. However, CENTCOM is at the moment denying that the Iranians hit US warships, as the IRGC has been claiming since Tuesday, in an oddly specific statement: The IRGC claims to have targeted and inflicted “significant damage” on a pair of US warships in the Gulf of Oman: DDG-119 USS Delbert D. Black and DDG-53 USS John Paul Jones, both Arleigh Burke-class destroyers.
CENTCOM responded: “No U.S. Navy warship has been struck; all IRGC attempted attacks failed.” It added on X, “Meanwhile, U.S. forces have successfully destroyed 10 Iranian tankers in just the last week. These vessels were part of a multibillion-dollar shadow network that funds the IRGC, and Iran cannot defend them.”
Meanwhile, Iran’s military is continuing to go on the offensive, seeking to maintain its leverage over the contested Strait of Hormuz.
“A Panama-flagged tanker carrying 2 million barrels of Iraqi fuel oil was struck today by a drone in Iraqi territorial waters, two port officials say,” Reuters reports. “Iraqi rescue boats extinguished a fire aboard the tanker, New Andros, and there are no reports of casualties, port officials tell Reuters.”
Brent Crude Futures Top $100
Brent crude futures topped $100 a barrel for the first time since July as US strikes on Iranian oil tankers and renewed attacks on Saudi energy infrastructure and a US base in Jordan suggested to UBS energy specialist Dominic Ellis that a “US-Iran off-ramp remains elusive.”
Ellis adds more color on the overnight Gulf developments and response in the crude oil market:
Brent topped $100/bbl as the US and Iran continue to trade strikes around the Strait of Hormuz.
The US says it has destroyed multiple Iranian vessels (including 5 on Sept. 8) in response to Iranian attacks, and says it will respond to each subsequent Iranian hit (actual or attempted) by destroying another Iranian tanker.
ISRAEL TBN.
END
END
YEMEN//HOUTHIS//SAUDI ARABIA
Yemeni forces conducts strikes against Houthis in Marib Governate – report
Yemen’s anti-Houthi military conducted strikes against the terror group in Marib Governorate, Saudi state-owned TV Al Hadath reported on Wednesday.
A boy holds up a toy weapon as he joins Houthi supporters during an anti-Saudi rally amid an escalation with the kingdom, in Sanaa, Yemen, July 31, 2026.(photo credit: REUTERS/KHALED ABDULLAH)ByJERUSALEM POST STAFF, REUTERSSEPTEMBER 9, 2026 10:49Updated: SEPTEMBER 9, 2026 11:04
Yemen’s anti-Houthi military conducted strikes against the terror group in Marib Governorate, Saudi state-owned TV Al Hadath reported on Wednesday.
The joint artillery and airstrikes targeted several Houthi-owned sites, a Yemeni military source told the outlet.
Saudi Arabia’s Civil Defense lifted an alert it had announced in the southern city of Khamis Mushait on Wednesday, a day after Houthi attacks there and in three other nearby cities wounded 73 people and set oil installations ablaze.
The Iranian-backed Houthi terror group struck an airbase in Khamis Mushait and oil infrastructure in the nearby cities on Tuesday in one of the biggest attacks in Saudi Arabia since the start of the US-Israeli war on Iran in February.
Saudi authorities did not provide details on the reasons behind Wednesday’s alert in Khamis Mushait.
Saudi-Houthi fighting escalates
Fighting between Saudi Arabia and the Houthis has escalated in recent months, raising fears of a return to broader conflict after a UN-brokered truce in 2022 largely halted years of war.
Saudi Arabia leads an Arab coalition that backs a government based in Yemen’s south, which was driven from the capital Sanaa by the Houthis 12 years ago. The conflict has become a theater in the wider regional war, with the Houthis close allies of Iran and Saudi Arabia an ally of the United States.
The Houthis declared a naval blockade against Saudi Arabia in the Red Sea in July, prompting the Saudi-led coalition to strike what it said were Houthi military facilities in Yemen.
In recent days, Saudi-backed Yemeni government forces have launched a multi-pronged offensive on Houthi-held areas after the group attempted to advance on government positions. The government says it aims to recapture all Houthi-held territory.
Houthi-run Al Masirah TV, citing the group’s health ministry, said at least 21 people had been killed in Saudi strikes on Yemen’s Al Jawf over the past two days. Saudi Arabia has not announced or confirmed carrying out strikes there.
Saudi Arabia has described the Houthi attacks as a dangerous escalation, while the Saudi-led coalition has said it would take measures to deter further attacks. The Houthis say their strikes are in response to Saudi escalation in Yemen.
END
IRAN/USA
IRGC Says ‘Smart Submarine’ Operated By US Seized In Hormuz, Releases Images
Wednesday, Sep 09, 2026 – 06:55 AM
Iran’s Islamic Revolutionary Guard Corps (IRGC) navy announced Tuesday it had captured an unmanned US submersible at the entrance of the Strait of Hormuz, a claim which corresponding photographs appear to back.
The US side has yet to confirm the capture of the advanced naval drone, but some reports suggest it was “lost” after failing to operate properly. The IRGC statement called it a “complex intelligence and operational action.”
Tasnim identified the captured system is a Dive-LD in a report, describing the autonomous unmanned underwater vehicle built by US defense firm Anduril Industries.
The Dive-LD is a very new, cutting edge weapon system, having only been delivered to the US military in 2025. It is able to operate up to ten days at a time without coming back to port or ship, and is reported to have a maximum operating depth of about 19,700 feet (6,000 meters).
Later on the same day, an unnamed US official issued the following (via Newsquawk wire):
US official says a US military underwater drone malfunctioned more than a day ago in the Middle East
The sea drone may have been operating as part of a US mission to de-mine the Strait of Hormuz. It is capable of mapping the ocean floor, as well as rapidly locating floating mines and other water hazards.
There have been recent widespread reports that elite Navy Seals have been engaged in a four-month mission to remove mines set in place by Iranian forces as part of its effort to close the Strait of Hormuz and hold global energy markets hostages to use as leverage against Washington.
The above was not the only big Tuesday announcement by the Iranians:
Iran’s Islamic Revolutionary Guard Corps claims its air defenses have “intercepted and destroyed” an MQ-1 drone over the Strait of Hormuz, according to an IRGC statement carried by Iranian broadcaster IRIB.
The MQ-1 is a US-made remotely piloted drone often used for surveillance and reconnaissance.
The Pentagon has not yet definitively weigh in on this claim either. A huge number of advanced US drones have either crashed or been intercepted throughout the war, so this would hardly be the first such loss by American forces.
More images of sub capture: The submersible shown closely matches Anduril’s Dive-LD, an advanced large-displacement autonomous underwater vehicle deployed by the US Navy.
end
IRAN/USA
US Sanctions Dozens Of Iranian Airlines As Tehran-Favored Mahan Air Defiant, Expands Flights
Wednesday, Sep 09, 2026 – 09:20 AM
As part of the latest in the Trump-Bessent “asphyxiation of this regime” approach to Iran after six months of military action failed to accomplish most White House aims, the Trump administration on Tuesday announced it is sanctioning all Iranian airlines in a massive aviation crackdown.
The Treasury statement listed 27 Iranian air carriers and nine entities as part of an effort to deny the Iranian government the ability to move “weapons, personnel, and illicit cargo”.
“Let this be a warning to anyone doing business with Iran’s remaining airlines, all of which we sanctioned today: You are at risk of being cut off from the global financial system,” Bessent said.
On the list is Ava Airlines, Fly Persia, and Mehr Airways – and others, after the US first sanctioned Mahan Air in 2011, which was the first such instance of Washington sanctioning an Iranian commercial airline.
Related secondary sanctions were implemented on top of the direct airline measures.
“The Treasury Department also sanctioned Turkey-based firms that have coordinated shipments, including drone components and industrial equipment destined for Iran, on behalf of Mahan Air, and it sanctioned a Turkey-based entity that has served as a general sales agent for Mahan Air and coordinated shipments on behalf of the blacklisted airline,” The Hill details.
“Other sanctioned entities with ties to Mahan are based in Malaysia and Kazakhstan,” the report further indicates.
Iranian Foreign Minister Abbas Araghchi mocked the ‘Economic D-Day’ and ‘Operation Epic Outcast’ sanctions, saying that the fallout of the war “has been disastrous for America, including its standing worldwide.”
“After failing to achieve its aims through sanctions or war, Washington’s ‘novel’ solution is…more sanctions. Seriously?” Araghchi wrote Tuesday afternoon.
The Wall Street Journal has meanwhile noted that Mahan and others continue defying sanctions and the US pressure campaign, while still clearly struggling:
Out-of-date aircraft: Mahan’s three dozen planes tend to be aging, secondhand Boeing and Airbus aircraft, some in service for as long as 35 years. Passengers who post about their trips on social media say there is no onboard entertainment or alcohol, and tickets have to be purchased in cash instead of international credit or debit cards.
New horizons: Despite the lack of amenities, and the sanctions scrutiny, Mahan has been adding new destinations for passenger and cargo services during the war between the U.S. and Iran.
In recent years the Islamic Republic has suffered some significant aerial disasters, which included the May 19, 2024 death of President Ebrahim Raisi. His military helicopter went down in a rugged, mountainous area of northwestern Iran. Some speculate that lack of airline parts and aging aircraft, due to the long-standing US targeting of the industry, has increased the chances of aviation disasters.
END
ISRAEL/GREAT BRITAIN/FRANCE
Jewish Miliband invokes his 60 releatives murdered in the holocaust and then announces sanctions on Israel
(JerusalemPost)
Miliband invoked his 60 relatives murdered in the Holocaust, then announced sanctions on Israel
Miliband invoked his 60 relatives murdered in the Holocaust, then announced sanctions on Israel
Britain’s Foreign Secretary Ed Miliband speaks at the House of Commons in London(photo credit: House of Commons/Handout via REUTERS)ByJERUSALEM POST STAFFSEPTEMBER 8, 2026 21:08
British Foreign Secretary Ed Miliband invoked his family’s Holocaust history and his childhood memories of Israel on Tuesday as he delivered one of the UK government’s harshest speeches on Israeli policy and announced a ban on imports from West Bank settlements.
Opening his statement to the House of Commons, Miliband described himself as a “proud British Jew” and said he felt deep gratitude toward Israel for providing a home to his grandmother after the Nazis murdered her husband, Miliband’s grandfather, and 60 other members of their family.
Miliband recalled visiting his grandmother in Tel Aviv during the 1970s and spending time on the kibbutz where his cousins lived. He said his family’s experience was one reason he rejected attempts to challenge Israel’s existence as the homeland of the Jewish people, describing such efforts as an “erasure of Israel.”
The foreign secretary then addressed the October 7 Hamas massacre, saying the attack demonstrated the grave threats facing Israel and affirming its right to defend itself. He also identified Iran as a threat to Israel and Jews around the world and said Britain would continue security cooperation with Israel on shared national-security interests.
Miliband announced sanctions against Hezbollah’s financial arm, Al-Qard Al-Hassan, and said Britain was reimposing major economic sanctions on Iran and would join allies in referring Tehran’s nuclear violations to the UN Security Council.
Miliband: British antisemitism a ‘scourge and evil’
Miliband also devoted a significant part of the speech to antisemitism in Britain.
He contrasted his own experience attending school without fear in the 1980s with that of Jewish children today who require security guards outside their schools. He cited recent antisemitic attacks and announced that Britain was investing an additional £250 million in security for Jewish communities.
He called antisemitism a “scourge and an evil” and said Britain would host representatives of the J7, a grouping of countries with large Jewish populations, in October to discuss combating antisemitism, including online hate.
Miliband also drew a sharp distinction between criticism of Israel and attacks on British Jews, saying that holding British Jews responsible for decisions made by the Israeli government constituted antisemitism.
He said he remained unwavering in his support for Israel while also supporting Palestinian statehood, presenting the two-state solution as the central principle of Britain’s policy.
Miliband cites personal family history as he bans trade with West Bank
The tone of the speech shifted sharply as Miliband turned to Gaza and the West Bank.
He said he felt “a deep sense of shame” over Palestinian suffering during the past three years and described events in Gaza as a stain on the conscience of the international community.
In the West Bank, Miliband accused violent settlers of carrying out ethnic cleansing in some Palestinian communities and said the British government believed Israeli authorities had too often failed to prevent forced displacement. He formally declared that Britain considered Israel’s occupation of the West Bank unlawful.
Miliband announced that Britain would ban imports from Israeli settlements, prohibit advertising for settlement property in the UK and impose sanctions on companies and individuals involved in financing, construction, infrastructure and other activity supporting settlement expansion. The legislation is expected to take effect within six to nine months.
He stressed that the measures targeted settlements rather than Israel within the Green Line and said Britain would continue what he described as important trade with Israel. He also said he opposed the broader Boycott, Divestment and Sanctions movement.
Turning to Gaza, Miliband said there was growing evidence that war crimes may have been committed and backed international legal proceedings examining Israeli conduct. He stopped short of determining that genocide had occurred, saying Britain would await the conclusions of competent courts.
END
ISRAEL/WEST BANK/ENGLAND
US Officials Threaten Retaliation Against UK Over Israeli Settlements Sanctions
Wednesday, Sep 09, 2026 – 10:45 AM
US officials have attacked the UK over its new trade sanctions on illegal Israeli settlements, amid speculation that Washington could publicly rebuke the British government.
On Tuesday morning, US Ambassador to Israel Mike Huckabee suggested the Trump administration could retaliate against Britain over its new trade sanctions on illegal Israeli settlements.
Meanwhile, Florida Republican Congressman Randy Fine warned that British companies could be stopped from doing business in Florida, accusing the UK of a “vanity project in support of Muslim terror”.
Huckabee told the BBC that the UK’s planned ban on Israeli settlement goods would be a “discrimination against the Jewish people”. He suggested US states, specifically Florida, could take trade action against Britain.
Over the weekend the ambassador had accused the British government of “Jew hate” in response to criticisms of Israel’s actions in Gaza by British Foreign Secretary Ed Miliband, who is himself Jewish.
Congressman Randy Fine warned on Monday night: “As the British government considers forcing British companies to boycott portions of Israel, it should be aware that a Florida law that I passed as a member of the Legislature would ban any British company forced to comply from doing business with any state or local government in Florida.”
Fine added: “It would also end any British business participating in that boycott from doing any business in Florida if it needed any official interaction with state or local government to operate” (permits, tax collection).
“Florida is one of Britain’s largest trading partners. They should understand that their vanity project in support of Muslim terror could cost them billions of dollars.”
Fine further said: “Any company – or nation – that boycotts Israel is boycotted by Florida.”
Foreign Secretary Ed Miliband is expected to outline a raft of new measures on Israel in parliament in the early afternoon.
The United States privately urged the British government not to go ahead with the ban on Israeli settlement goods, MEE understands.
UK Prime Minister Andy Burnham reportedly briefed US President Donald Trump on his plans to introduce sanctions on Israel on Monday afternoon.
On Monday night, Israeli ministers Itamar Ben Gvir and Bezalel Smotrich called for Israel to sanction Britain and expel the UK ambassador over the issue of the Falkland Islands. Argentina and the UK both assert sovereignty over the South Atlantic archipelago, but the vast majority of the territory’s 3,600 residents back British rule.
Last week, Trump suggested he would not back the UK if Argentina invaded the territory. The US president has not yet commented publicly on the UK’s planned sanctions.
END
RUSSIA VS UKRAINE
Pentagon Informs Allies Prepare For “Protracted” War In Ukraine
Wednesday, Sep 09, 2026 – 03:35 PM
The full-scale war in Ukraine lately blew past four years and six months since February 24, 2022, and has also long been a proxy conflict, pitting the US and NATO against Russia. Beyond this, there’s been what can be described as a raging ‘dirty war’ stretching back over 12 years since at least February 2014.
Lest anyone think this is an exaggeration, or that it’s not actually a deep proxy and covert shadow war as well, it is worth revisiting our prior widely viewed report from 2024: CIA Built “12 Secret Spy Bases” In Ukraine & Waged Shadow War For Last Decade, Bombshell NYT Report Confirms.
Embroiled in a seemingly unwinnable Iran war and increasing quagmire, President Trump badly needs a ‘win’ in terms of winding down major foreign conflicts, and so this month there’s been a return to intensified diplomacy on the Ukraine war, for which envoys Steve Witkoff and Jared Kushner were dispatched to both Moscow and then Kiev.
It seems that prior to this week, as White House and global attention was purely consumed with the Iran war, and Hormuz-related global energy crisis, the US administration left deep state bureaucrats in charge of running the day-to-day on American involvement in Ukraine. It’s no wonder why long-range drone operations deep into Russian territory have grown more and more brazen, clearly having Western intelligence targeting assistance.
Now, enter US Under Secretary of War for Policy Elbridge Colby, who has informed Washington’s European allies to prepare for a “protracted” war in Ukraine and to keep the pipeline of US-made weapons to Ukrainian forces going. This all certainly is a contradiction on its surface, but is part of the ongoing US policy folly of ‘escalate to de-escalate’.
“As President Trump has stated, our goal is a lasting peace. We are supporting every effort in that direction. From the standpoint of the Department of War, however, we cannot predict when this tragic war will end,” Colby said Tuesday in virtual address to the Ukraine Defense Contact Group.
The Defense Contact Group was formed under a Biden – and not a Trump – initiative, ironically enough. It has coordinated and overseen the flow of weapons among allies to Ukraine since its formation in 2022.
“As you all well know, Russia is reconstituting its forces and defense-industrial capacity. We must be prepared for a protracted conflict and for Ukraine’s requirements to persist in the months and years ahead. And we must also be prepared for other plausible contingencies as well,” he added.
…So now Washington is settling in for yet more grinding and bloody “years ahead” in supporting Ukrainians on the battlefield.
Colby further said the situation “makes it all the more important for Europe to sustain support for Ukraine while also accelerating its own rearmament and reindustrialization.”
“First, Europe must continue — and where necessary increase — support for Ukraine’s immediate battlefield requirements through PURL. The continued flow of munitions and critical capabilities is effective; it remains essential to enabling Ukrainian forces to hold the front line and deny further Russian advances,” Colby laid out.
“Second, Europe must plan now for sustained procurement that supports both Ukraine’s long-term force reconstitution and Europe’s own defense requirements,” he added.
Colby had before joining the Trump administration been an open skeptic of the US pouring so many billions into Ukraine, arguing that the Taiwan-China issue should be a much bigger and long-term priority.
For example, back in 2023 he was giving foreign policy talks called “The Case for Prioritizing Taiwan Over Ukraine” in which he argued that “if America continues to divide and distribute valuable resources to Ukraine and the Middle East, all it will do is detract from adequately addressing the largest threat to America and the world.” The ‘threat’ in his estimation is China potential future conquest and hold over Taiwan.
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
FENBENAZOLE
Fenbendazole Can Bankrupt BigPharma & Transform Oncology For The Better ️The 50% OFF FenbenX Flash Sale Starts Now!
Sep 9
READ IN APP
As this Substack has been writing for many years, Fenbendazole is not just a medical innovation, it is a societal revolution in the making.Governments, researchers, and healthcare providers must act decisively.
Fenbendazole is a miracle, and we owe it to humanity to make it a reality on a grand scale.According to a recent paper entitled, Oral Fenbendazole for Cancer Therapy in Humans and Animals:…This review focuses on the pharmacokinetics of orally administered fenbendazole and its promising anticancer biological activities, such as inhibiting glycolysis, down-regulating glucose uptake, inducing oxidative stress, and enhancing apoptosis in published experimental studies…It is important to appreciate that unlike BigPharma’s Mebendazole, Fenbendazole is the most bioavailable broad-spectrum benzimidazole anthelmintic:Fenbendazole Is The Superior Anticancer Agent Versus Mebendazole2nd Smartest Guy in the World·Apr 12For many years now this Substack has specified in passing that Fenbendazole was superior to Mebendazole in terms of bioavailability and efficacy for most applications, but in yesterday’s article…Read full storyCancer treatment has long been a battle of precision versus collateral damage. While traditional chemotherapy kills cancer cells, it also harms all other healthy cells, causing significant side effects. Fenbendazole, a drug originally designed to treat parasites, has shown promise as a cancer therapy that targets cancer cells while sparing healthy ones. This is thanks to its unique mechanisms of action.In this article, we’ll explore how Fenbendazole works using simple analogies to explain three key attributes: its effects on microtubules, its disruption of glycolysis, and its ability to upregulate the tumor suppressor protein p53. We’ll also examine the profound societal implications of adopting this low-cost, game-changing treatment.How Fenbendazole Selectively Targets Cancer Cells1. Microtubule Binding: Knocking Out the Framework of Cancer CellsImagine a building under construction. The scaffolding represents the microtubules—structures that provide a cell with shape and allow it to divide.
Fenbendazole binds to beta-tubulin, a protein essential for assembling the scaffolding. In cancer cells, this causes the scaffolding to collapse, halting construction (cell division) and forcing the site (cancer cell) to shut down.
Why Healthy Cells Are Safe:
In normal, healthy cells, the scaffolding doesn’t need constant rebuilding. These cells divide less frequently, so the temporary disruption caused by Fenbendazole doesn’t affect them much. Cancer cells, on the other hand, are like a construction site working overtime—they depend heavily on their scaffolding, making them particularly vulnerable.2. Disrupting Glycolysis: Starving Cancer Cells of Their Favorite FuelCancer cells are like reckless drivers in gas-guzzling cars—they consume enormous amounts of glucose (sugar) for energy through a process called aerobic glycolysis (the Warburg Effect). This inefficient method of energy production allows cancer cells to grow quickly, but makes them highly dependent on sugar.Fenbendazole disrupts this process by:Blocking the fuel pump: It inhibits the GLUT1 transporter, which cancer cells use to absorb glucose.Cutting off the engine: It interferes with enzymes like hexokinase II, which are crucial for turning sugar into energy.Reducing toxic exhaust: By preventing lactate production, it stops the acidic environment that helps cancer cells thrive.
Why Healthy Cells Are Safe:
Healthy cells are like fuel-efficient hybrid cars. They primarily rely on a much more efficient energy system called oxidative phosphorylation, which takes place in the mitochondria. This makes them less dependent on glycolysis and immune to Fenbendazole’s effects on sugar metabolism.3. Upregulating p53: Activating the Body’s Natural Cancer Defensep53 is often called the “guardian of the genome” because it works like a security system. When a cell becomes damaged or abnormal, p53 steps in, assesses the situation, and decides whether to repair the cell or shut it down permanently.Fenbendazole boosts p53 activity by:
Raising the alarm:
It stresses cancer cells, signaling p53 to activate.Blocking interference: It stabilizes p53, allowing it to work effectively.Triggering self-destruction: By reactivating p53, Fenbendazole helps cancer cells recognize their abnormalities and self-destruct through apoptosis (programmed cell death).Why Healthy Cells Are Safe:
Healthy cells don’t have the same level of stress or damage as cancer cells. When Fenbendazole activates p53 in healthy cells, the system recognizes there’s no real danger and stays on standby. In cancer cells, however, the heightened stress levels trip the alarm, leading to their destruction. (This is particularly important in “vaccine” induced turbo cancer cases, where the spike proteins suppress p53 while the SV40 promotor causes all kinds of ultra-aggressive cancers in a double-whammy of slow kill bioweapon deadliness.)Putting It All Together: Fenbendazole vs. ChemotherapyLet’s imagine a village with both healthy houses and a few dangerous ones that are structurally unsound. Traditional chemotherapy is like a wrecking ball—it demolishes all houses, dangerous or not. Fenbendazole, on the other hand, acts like a targeted demolition crew:It identifies and dismantles the dangerous scaffolding (microtubules) of unstable houses.It cuts off the electricity (glycolysis) that keeps the unsafe houses running.It sends in inspectors (p53) who condemn the unsafe houses and initiate controlled demolitions.The result? Fenbendazole leaves the structurally sound houses intact while taking down the dangerous ones, minimizing collateral damage.The Societal Implications: Why Leaders Must ActCancer care costs in the U.S. alone approach $400 billion annually, including treatment expenses, productivity losses, and patient-incurred costs. Fenbendazole’s potential to reduce these costs to a mere $10 billion annually could free up $8 trillion over two decades in the USA alone, transforming both healthcare and society.Affordable and Equitable CareFenbendazole’s affordability and ease of production mean even the most underserved regions could access life-saving treatments. This transformation of healthcare could save millions of lives globally.Financial Relief for FamiliesCancer treatment often plunges families into financial ruin. Fenbendazole could eliminate the need for expensive chemotherapy and related hospital stays, offering relief to millions.A Sustainable Healthcare ModelGovernments face spiraling healthcare costs, threatening public programs like Medicare and Medicaid. Fenbendazole offers a sustainable alternative, allowing governments to redirect funds to other critical areas like infrastructure, secure borders, etc. and ultimately radically shrinking the size of government as societies become healthier.A $4 Trillion OpportunityFenbendazole isn’t just a drug—it’s a potential healthcare revolution. By targeting cancer cells with precision through its effects on microtubules, glycolysis, and p53, it offers a safer, more effective alternative to chemotherapy. Its affordability and accessibility could transform cancer care, saving trillions and improving millions of lives.True MAHA: We now have the opportunity to transform cancer care and redefine healthcare efficiency for the world.And in terms of cancer, using Fenbendazole in a synergistic combination therapy like the following would completely eradicate cancer and the unprecedented surfeit of the various VAIDS-induced adverse events we are now witnessing:The Ultimate Disease Cure & Prophylaxis ProtocolTocotrienol and Tocopherol forms (all 8) of Vitamin E (400-800mg per day, 7 days a week). A product called Gamma E by Life Extension or Perfect E are both great.Bio-Available Curcumin (600mg per day, 2 pills per day 7 days a week). A product called Theracurmin HP by Integrative Therapeutics is bioavailable.Vitamin D (62.5 mcg [2500 IU] seven days a week).CBD oil (1-2 droppers full [equal to 167 to 334 mg per day] under the tongue, 7 days a week) CBD-X: The most potent full spectrum organic CBD oil, with 5,000 milligrams of activated cannabinoids and hemp compounds CBD, CBN & CBG per serving.Fenbendazole (450mg, 7 days a week) or in the case of severe turbo cancers up to 1 gram — for MEGADOSE 1,350mg-2,000mg/day — for prophylaxis one 150mg tablet once or twice per weekIvermectin (24mg, 7 days a week) or in the case of severe turbo cancers up to 1mg/kg/day — for MEGADOSE 120mg-200mg/day — for prophylaxis one 12mg tablet once or twice per weekHydroxychloroquine (10mg/kg/day 7 days a week) – for prophylaxis one 200mg tablet once or twice per weekDoxycycline (100mg, 7 days a week for 30-60 days)ImmunX immune support which also greatly increases the bioavailability of both Fenbendazole and Hydroxychloroquine (2 capsules per day) — for prophylaxis 2 capsules per dayRemoving sugars and carbohydrates (cancer food) from your diet and replacing table sugar with a zero glycemic index, zero calorie, keto friendly rare sugar like AlluX
GLOBAL ISSUES
COVID VACCINE INJURIES; MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, September 1-7, 202628 US troops killed by jabs; actress Carla Jeffery (33); reality star Amber Eggers (41); singer Cassandra Wilson; footballers Matt Suhey, Arthur Marshall; wrestler Andy ‘The Butcher’ Williams; & moreMark Crispin MillerSep 9    READ IN APP A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.Note: These reports are not arbitrarily included. For a list of the criteria we use, see this footnote.¹To help support our work, consider subscribing or making a donation.US Army doctor claims 28 troops died from Covid vaccines – PoliticoSeptember 4, 2026 A US Army doctor has testified that she knows of 28 US military deaths caused by Covid-19 vaccines [sic], Politico has reported citing a court deposition. The US government is investigating 2,544 deaths reported following the jabs, the official has said.Theresa Long, who also serves as an adviser to US Health Secretary Robert F. Kennedy Jr., reportedly gave the testimony during an August 14 deposition in a federal court case in Virginia. Neither her testimony nor her role at the Department of Health and Human Services (HHS) had previously been reported.Long allegedly said that the 2,544 unverified deaths were reported to the department’s Vaccine Adverse Event Reporting System (VAERS).Former US President Joe Biden ordered all US military staff to be vaccinated [sic] or be discharged from service, resulting in over 9,000 dismissals. After returning to office, President Donald Trump ordered the Pentagon to offer reinstatement to those who had been discharged for refusing a vaccine [sic].Mass-produced Covid-19 vaccines [sic] using mRNA technology were fast-tracked for deployment. Pharma giants that made billions in profit – Pfizer and Moderna – later acknowledged that their vaccines could, in rare cases, increase the risk of inflammation of the heart muscle.UNITED STATES (126)‘Zombies’ Star Carla Jeffery Dead at 33September 2, 2026 Disney star Carla Jeffery — known for her role as Bree in “Z-O-M-B-I-E-S” — has passed away. Her talent agency, Alexanders Talent Management, announced the sad news on Instagram, writing, “It is with profound sadness that we share the passing of our beloved Carla Jeffery.” According to the agency, the actress died Tuesday. No cause of death has been disclosed at this time. She was 33.Researcher’s note – Carla Jeffery was working in Hollywood between 2021-2023: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023: https://variety.com/2023/biz/news/covid-protocols-end-vaccine-mandate-hollywood-return-to-work-1235569515/‘Love After Lockup’ star Amber Eggers dies at 41 following hospitalizationSeptember 4, 2026 “Love After Lockup” star Amber Eggers has died at the age of 41. Eggers, who appeared on Season 2 of the WEtv series, died Thursday, Sept. 3, of acute liver failure, her mom Monica Eggers told TMZ. The outlet reported the reality personality was admitted to an Atlanta hospital days prior. For over a year, the reality personality had been dealing with health issues. Four weeks before her death, Eggers revealed on Facebook that she suffered a small stroke. Her sister Erin Hyndman also detailed Eggers’ struggles in a GoFundMe page for medical bills created in May 2025. “Many of you know Amber is one of the kindest and most big-hearted people you could ever meet. Right now, she needs all of that strength for the fight of her life,” Hyndman wrote at the time. “She was recently hospitalized with severe pneumonia and a bacterial infection in her blood, and her condition became critical. She was first put on a ventilator, and then had to be moved to [a life-support] machine.” In an update later that month, Hyndman said Eggers was making progress after being moved out of the ICU. “She is on oxygen as her lungs are still sick but getting better everyday. She has started physical therapy to help regain strength in her legs to be able to walk again.”Cassandra Wilson, Grammy-Winning Jazz Musician, Dies at 70September 2, 2026 Cassandra Wilson, the Grammy-winning jazz singer, songwriter and producer, has died. She was 70. Wilson’s longtime manager Robert Torre shared with WBGO that Wilson died early Wednesday morning in Jackson, Mississippi. A cause of death was not given. “It is with profound sadness that we announce the passing of Cassandra Wilson, the Grammy Award-winning and legendary jazz artist,” reads Torre’s statement. “Cassandra Wilson transitioned peacefully at home, surrounded by family, close friends, and her manager. Her family and close friends respectfully ask for privacy during this difficult time as they grieve her loss.”Bears Super Bowl champ Matt Suhey dead at 68September 7, 2026 Bears legend Matt Suhey died in his sleep Saturday night over Labor Day weekend, according to multiple reports. He was 68. The cause of death for the longtime Chicago fullback and running back, who spent his full 10-year NFL career in the city, is not known. Several former teammates of Suhey’s were left stunned.Former NFL Player Arthur Marshall Dies at 57 Following Stomach Cancer DiagnosisSeptember 6, 2026 Former NFL receiver Arthur Marshall, who played for the Denver Broncos and New York Giants, has died. He was 57. The star player’s death comes after he was diagnosed with stomach cancer, local Georgia outlet FOX 54 reported. In his obituary, Marshall, who later moved to Sarasota, Fla., was remembered as someone who “carried strength and determination throughout his life” as an athlete – but “those who knew him best will remember him most for the size of his heart.”Andy ‘The Butcher’ Williams dies at 48September 6, 2026 Andy Williams, a former AEW wrestler known as “The Butcher,” died Saturday after experiencing a medical emergency during a tag team match in Pennsylvania, according to authorities. The Allegheny County Medical Examiner’s Office tells TMZ Williams passed away Saturday night following his health crisis at Mr. Small’s Theater in Millvale, PA. The Butcher and his partner, The Blade, were battling TME during the Enjoy Wrestling event, leading to its prompt cancellation.No age or cause of death reported.Skater, Surfer, Musician Micah Mattson Dead at 47September 1, 2026 Micah Mattson has passed away. The San Diego native was a skating icon, but his influence spread to surfing, music and beyond. He was 47 years old. Mattson’s death was announced on Monday, August 31, but details as to the cause have yet to be confirmed. He was reported missing days earlier, after last being seen in the Mojave Narrows Regional Park on Friday, August 21. Jackass star Chris Pontius was among those to sound the alarm on social media. “My good friend, Micah Mattson has been reported missing,” he wrote. “If anyone out there has information on his whereabouts, please call the number on this post. Anything to help bring him home to his family and kids.”Billy Joel’s Long-Time Collaborator and Music Video Director DiesSeptember 6, 2026 Jon Small, who collaborated with Billy Joel in his early rock bands and later became an acclaimed music video director, has died. Aside from his work with Joel, Small also worked with superstars, including Garth Brooks, Reba McEntire, Run-DMC and Aerosmith on music videos, TV specials and concert films. Small’s death was confirmed in a post on Facebook from a longtime friend who shared an announcement that Small died on Sept. A cause of death was not available. Small was in his late 70s.Stevie Nicks’ Younger Brother, Christopher Aaron Nicks, Dies at 72 Following Cancer DiagnosisSeptember 5, 2026 Christopher Aaron Nicks, the only sibling of Stevie Nicks, has died following a private cancer journey. He was 72. Christopher, the 78-year-old Fleetwood Mac frontwoman’s younger brother, died on Friday, Sept. 4, his daughter Nixi Parkinson Nicks announced on Instagram. He died over two years after he was diagnosed with cancer, Nixi said without disclosing the type of cancer.Heir to famed ‘Maltese Falcon’ restaurant dynasty in San Francisco dies suddenly at just 41September 4, 2026 A scion of a storied San Francisco restaurant dynasty known for its literary and political ties died suddenly in Greece at only 41 years old. The devastated family of Sydna Konstin, co-owner of the famed downtown haunt John’s Grill, confirmed her death in an obituary published Thursday. Konstin, daughter of John’s Grill co-owner John Konstin, had been living in Athens after growing up in the San Francisco Bay Area. The cause was heart failure, her family said.Vin Cherwoo, longtime AP sports desk editor and union leader, dies at 56September 5, 2030 |
…
How they disappear the books we need the most—a MUST-READ on the covert art of “privishing”
Charlotte Dennett tells the chilling tale of how the DuPonts killed her husband Gerard Colby’s monumental history of their staggering crimes
I’m honored to post Charlotte Dennett’s jaw-dropping account of what befell her husband Gerard Colby’s indispensable DuPont: Behind the Nylon Curtain (a killing not unlike the later “privishing” of Colby and Dennett’s Thy Will Be Done, which tells the shocking story of how Nelson Rockefeller used the Wycliffe Bible Translators to help annihilate the Indians all along the Amazon).
As Charlotte notes below, both books are included in my series the Forbidden Bookshelf, whose aim is to bring such books back to life (as e-books) with new introductions. (Check out https://openroadmedia.com/forbidden-bookshelf for the entire library.) As she also notes, she and Gerard will both appear as interviewees in Amy Smiley’s forthcoming documentary, Reading the World: The Life anad Times of Mark Crispin. (Peter Dale Scott is another taboo author who’ll appear, to talk about his Dallas ‘63.)
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.
While we all tend to know about the flagrant censorship of movies, TV shows, newspapers and online, too few of us are conscious of how “privishing” has blighted the book publish industry, and thereby helped keep We the People in the dark; so please read this terrific piece, and share it far and wide.
Whistleblower Alert: Beware the Covert Art of Privishing
Author Gerard Colby, at National Press Club, reveals publishers’ dirty secret of how non-fiction books are commonly censored in America
Aug 30, 2026
Imagine what authors go through, taking risks while exposing the rich and powerful, only to see their books die shortly after they are published. Their publisher may have told them “Too bad. Your book has had its run.” Or “Sorry, it just didn’t catch on.” This is not the kind of verdict authors want to hear, especially after spending years pouring heart and soul into researching and writing a book to inform an uninformed public.
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The pain and suffering experienced by these truth-tellers is seldom acknowledged. They may have sacrificed career opportunities, building a family, buying a home, all for writing out of a sense of duty to the public’s right to know, often suffering financially and at great personal cost to their loved ones. What makes their ordeal all the more excruciating is that they often come to believe that their books’ “failure” is their own failure, not knowing that their publisher secretly deep-sixed the book before it had a chance to compete in the “free marketplace of ideas.”
There is a word for this book suppression practice. It is called privishing, which means “to privately publish a book so it “sinks without a trace.” It happens when the publisher deliberately shortens the book’s life span by cutting its advertising budget, the author’s book tour, and the book’s print run.
My husband, Gerard Colby, and I discovered privishing while investigating what happened to his 586- page exposé, DuPont: Behind the Nylon Curtain. The New York Times Book review hailed it on page one as “something of a miracle … sculpture hewn out of the side of a mountain.” This and other great reviews did not sit well with the family that had come to be known as the Merchants of Death: the du Ponts of Delaware.
The DuPont book, originally published by Prentice-Hall in 1974, is a unique, unauthorized history of the DuPont Company, the duPont family, and America itself. It quickly took off in Delaware, (famously described by Ralph Nader as the “Company State,”) with long lines of purchasers waiting outside bookstores to get a copy. The Wilmington Delaware Inquirer reported that “bookstores couldn’t keep the book in stock after the Wilmington Morning News carried a front page story about a telephone call criticizing the “most unflattering book about the chemical giant.” And then, suddenly, the book died.
Now, some 5 decades later, Colby recently was honored at the14th Annual Whistleblower Summit and Film Festival at the National Press Club in Washington, DC. for his decades-long efforts at exposing privishing and trying to protect authors from this perfidious practice that can be ruinous to their careers.. Seeing Jerry tell his story to an audience of whistleblowers and writers at the National Press Club was a wonderful moment in our 50 years together as investigative journalists. Never have I seen him happier for getting some well-deserved recognition for his book and the years of litigation that followed against his publisher and the subject matter of his book, Du Pont Company.
Andrew Kreig presents the Pillar Award to Jerry Colby. Photo by Jerry Ashton, who won the Pillar Award in 2025 for exposing the predatory practices of the debt collection industry.
Better still, the person to present the award was perfectly suited for the job. Andrew Kreig, who is a long-time member of the Whistleblower Summit host committee and an author, journalist, lawyer and director of the Justice Integrity Project, revealed, while presenting Jerry with a Pillar [of civil society ] Award, that his own mother, Margaret Kreig, had long wondered what had happened to her book, Black Market Medicine, published by Prentice-Hall in 1967. Ditto for Fletcher Prouty after Prentice-Hall likely privished his 1973 book, The Secret Team: The CIA and Its Allies in Control of the United States and the World. The only difference, Kreig acknowledged to this writer, was that they didn’t know about privishing, which happens in secrecy at the highest levels.
END
DR PAUL ALEXANDER..
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS/ENERGY COMMENTARIES
Brent Tops $100 As Gulf Conflict Escalates; UBS Warns US-Iran “Off-Ramp Remains Elusive”
Wednesday, Sep 09, 2026 – 07:20 AM
Brent crude futures topped $100 a barrel for the first time since July as US strikes on Iranian oil tankers and renewed attacks on Saudi energy infrastructure and a US base in Jordan suggested to UBS energy specialist Dominic Ellis that a “US-Iran off-ramp remains elusive.”
Ellis adds more color on the overnight Gulf developments and response in the crude oil market:
Brent topped $100/bbl as the US and Iran continue to trade strikes around the Strait of Hormuz.
The US says it has destroyed multiple Iranian vessels (including 5 on Sept. 8) in response to Iranian attacks, and says it will respond to each subsequent Iranian hit (actual or attempted) by destroying another Iranian tanker.
Iran hit a US base in Jordan, and has stepped up attacks on the US’ regional allies, with Saudi Arabia’s energy infrastructure under particular pressure.
Some investors have shown signs of wanting to fade the rally in oil and related equities, but the change in tone from all concerned makes it seem less likely (if not impossible) that we will see a return to the de-escalation narrative that has historically triggered a drop in oil and profit-taking in equities.
With the tailwind into Q3 numbers for the integrated energy sector, I think most will be inclined to leave long positions open until there is evidence of real progress back toward a diplomatic off ramp.
Iran has reportedly rejected the latest US offer of talks, and the conflict seems likely to support oil at current levels and potentially push prices higher in the near term.
The global crude benchmark broke above $100 a barrel in European trading but initially failed to hold the level. Just over an hour later, at around 4:36 a.m. ET, Brent reclaimed triple digits and extended gains to $100.83 by around 6:00 a.m. ET.
Goldman’s head commodity strategist, Daan Struyven, wrote in a note on Monday that, given the renewed turmoil in the Gulf region, he raised his Brent/WTI price forecasts by $5 to $85/$80 for December 2026 and to $80/$75 for 2027, on the assumption that Mideast shipping disruptions continue into 2027.
Struyven outlined significant net upside price risks with two Gulf output and Brent scenarios:
- Price upside scenario: Brent might exceed $120/bbl if 2027 average Gulf output remains 4mb/d below pre-war levels, versus 0.5mb/d below in the base case. The bank views more intense shipping attacks in Hormuz and the Red Sea as the most likely driver of this lower-output, higher-price scenario.
- Price downside scenario: Brent might decline into the $60s in 2027 if 2027 average Gulf output rises 1mb/d above pre-war levels. Goldman still recommends hedging geopolitical risk through deferred Mar27-Dec27 European diesel timespreads, which would rise over 100% if persistent Russia or Mideast refinery outages keep the nearby 9-month spread near current levels.
Separately, Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets, warned that the “path of least resistance is a strong and steady grind higher as the war enters seven months,” adding, “The fundamental picture for products remains bullish with global inventories and reserves deteriorating. In the typical pattern, the US and Iran continue their counterattacks and warnings.”
END
China’s Oil Scramble Sends African, Canadian, Latin American Crude Prices Soaring
Wednesday, Sep 09, 2026 – 04:15 AM
China, the world’s largest oil importer, is bidding up crude prices across Africa, Canada, and Latin American markets as disruptions in the Hormuz chokepoint and limited Iranian supplies intensify competition for alternatives. The scramble is squeezing smaller Chinese refineries that once relied on heavily discounted Iranian barrels, according to a new Bloomberg report.
The renewed Chinese buying marks a major shift from a period when subdued Chinese buying helped restrain crude oil prices. With Iranian exports almost entirely shut off by the US blockade and fighting flaring again, as seen Monday when Saudi Aramco’s Jizan oil facilities were reportedly hit, the race to find replacement supplies around the world is becoming an increasingly expensive task for the Chinese.
Traders spoke with Bloomberg. Here’s what they had to say:
The turnaround is producing spikes in the price of various grades. Congo’s Djeno crude was offered to Chinese buyers at premiums of as high as $20 a barrel over ICE Brent this week, up from around $15 a couple of weeks ago, according to traders who asked not to be named as they’re not authorized to speak to the media.
Chinese buyers are also buying tanker loads of crude from Canada, Brazil, and Argentina, while stronger demand has lifted prices for Russia’s ESPO crude. Asian buyers are also pushing Dubai crude futures toward $100 per barrel.
Chinese seaborne crude imports aren’t back to prewar levels and are currently trending toward 10 million barrels per day – still below pre-conflict levels. That means the race for alternative supplies may still intensify.
Bloomberg pointed out that the rebound in crude imports comes as refinery math improves and inventories are being rebuilt in China. Improved processing margins, the resumption of fuel exports, and commercial restocking are encouraging refiners to ramp up purchases, according to GL Consulting founder Liao Na.
Smaller independent refiners, known as teapots, face the greatest pressure because their traditional sourcing channels for Iranian and Venezuelan crude have eroded this year as access to those supplies has collapsed amid the Trump administration’s push to rewire global energy markets.
Liao said, “China’s robust buying lately is largely driven by refiners taking advantage of decent margins,” adding, “Active restocking by commercial players has also helped, but it’s not necessarily a sign of stronger underlying demand that’s supporting the recovery.”
Separately, Goldman Sachs energy expert Daan Struyven expects China’s ability to adjust purchases to prices to help moderate any spikes in crude prices.
Brent Crude
Notably, China has a massive SPR against Brent crude prices in triple-digit territory. Its crude inventories are estimated at at least 1 billion barrels, giving buyers room to reduce purchases when prices become unattractive.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/.USA
Carney Warns Canadians to Brace for Tough Times Ahead as Retaliatory Tariffs Begin
Prime Minister Mark Carney makes an announcement at the Davie shipyard in Levis, Que., on Aug. 24, 2026. The Canadian Press/Jacques Boissinot
Prime Minister Mark Carney says decreasing Canada’s dependence on the United States as its primary economic ally could mean some tough times are ahead as the country launches its retaliatory tariffs against its southern neighbour.
The Carney government has implemented dollar-for-dollar retaliatory tariffs targeting around $20 billion worth of American goods in response to U.S. President Donald Trump’s levies on Canada.
It’s a move that Carney described as necessary in his most recent Forward Guidance video, which was published on Sept. 8—the same day Canada’s counter-tariffs went into effect.
“This won’t be easy, and I won’t pretend otherwise,” Carney said in the latest instalment of his video series. “But Canadians have faced difficult stretches before, and what’s carried us through has never been any one measure.”
Carney characterized the counter-tariffs as “necessary to protect our workers, companies, and communities,” arguing that Canada cannot allow American goods to enter the country tariff-free while the White House imposes tariffs on Canadian companies exporting to the United States.
He described the collapse of trade talks with the United States as “a shame,” but said his government “simply could not accept” what the U.S. administration was proposing.
Poilievre Calls on Liberal Government to Reveal Cost of Counter-Tariffs
Carney Cites Lumber Tariff Dispute as Another Factor That Derailed US Trade Talks
He again accused American negotiators of introducing last-minute measures that would limit Canada’s capacity to protect and promote the French language and hinder future trade agreements with certain nations. He said they also proposed conditions that would gradually weaken several key Canadian industries, such as automobiles, steel, and forest products.
“In short, they were asking far too much and offering far too little,” he said. “We worked in good faith, to reach a fair deal. But since a fair deal wasn’t on the table, we made the right choice—to walk away from a bad one.”
Carney’s video comes two weeks after Canada officially walked away from trade negotiations and recalled its negotiators on Aug. 21. He told reporters on Aug. 22 one of the main sticking points was American efforts to “restrict our protections of our language, our culture, and in effect, our sovereignty.”
The U.S. government disputes Carney’s account of the negotiations. Both Trump and U.S. Trade Representative Jamieson Greer have rejected his characterization of the French-language issue, saying it was not a U.S. demand in the talks. Greer has instead pointed to Canadian policies, including rules requiring U.S. technology and streaming companies such as Netflix to contribute to Canadian broadcasting funds, as an area of concern.
The differing stories on both sides of the border led the Conservatives to call on Carney to publicly release the wording of the deal. The government has not responded to the request.
‘Plan A’
Carney said the last four decades have led Canada to become more economically integrated with the United States—an issue he said his government plans to change.
“It was easy business, but it meant we relied too much on one economic partner,” he said. “That time is over.”
Tariffs are just one part of Canada’s response, however, Carney said, adding that Canadians can support the response by continuing to buy Canadian products and travel domestically.
Another part of the plan is to seek other trading relationships, he said.
“I want to be very clear, building at home and diversifying trade abroad was never our plan B,” Carney added. “It’s been our Plan A from the start.”
He said part of that plan is building major projects in Canada in the form of new ports, mines, and energy corridors, estimating the projects so far represent $500 billion in new private investment.
All of the first five projects selected for fast-tracking by Canada’s Major Projects Office had already been started before receiving the federal designation, such as the construction of the small modular reactor site at the Darlington New Nuclear Project in southern Ontario.
Subsequent batches of projects referred to the Major Projects Office include concepts at much earlier, unapproved stages—such as the high-speed Alto rail network between Toronto and Quebec City and an Atlantic Energy Strategy using wind power—which still require extensive regulatory review and final investment decisions.
Another part of the plan, Carney said, is making trade deals with more countries overseas.
There has been a substantial rise in non-U.S. exports and Canada is projected to double these figures over the coming decade, according to Carney. He said foreign direct investment in Canada has reached its highest point in 20 years, operating at double the rate of the country’s closest G7 competitor.
He said his government has been moving quickly to diversify and pointed to what he described as “20 trade and defence agreements across four different continents.” He cited trade diversification with China as one such example, saying one aspect of the deal has allowed one of Western Canada’s top malt canola producers to sell their product at higher prices.
Opposition critics have described the government’s characterization of its international trade agreements as misleading, because only a few of these deals have been formalized. Most consist of non-binding Memorandums of Understanding (MOUs), letters of intent, or foundational terms of reference meant to start formal negotiations rather than finalized, fully ratified treaties.
The Conservatives have also criticized Carney for pursuing deeper ties with China after a public inquiry identified widespread interference by Beijing in Canada’s affairs.
Conservative Leader Pierre Poilievre responded to Carney’s speech on Sept. 8 by once again calling on the prime minister to re-open Parliament to address the impact tariffs will have on Canadians.
“How much tougher can things get for the 2.2 million food bank users, the people defaulting on mortgages, the small businesses closing, and the people who can’t afford homes?” he said in a social media post.
“Open Parliament. Release the deal. Reveal costs to families & small business & save jobs and money for our struggling people.”
Attachments area
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: 1.1646 UP 0.0018
USA/ YEN 153.18 DOWN 0.284 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//
YEN CARRY TRADERS MURDERED
GBP/USA 1.3562 UP 0.0018 OR 18 BASIS PTS
USA/CAN DOLLAR: 1.3772 DOWN 0.0005 //CDN DOLLAR UP 5 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 10.96 PTS OR 0.28%
Hang Seng CLOSED DOWN 98.65 PTS OR 0.39%
AUSTRALIA CLOSED DOWN 0.29%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 95.94 PTS OR 0.38%
/SHANGHAI CLOSED UP 7.85 PTS OR 0.20%
AUSTRALIA BOURSE CLOSED DOWN .29%
(Nikkei (Japan) CLOSED DOWN 129.33 PTS OR 0.19%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: $4411.50
silver:$66.92
USA DOLLAR VS TRY (TURKISH LIRA): 48.48 UP 2 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING SOME OF THEIR GOLD AND ALL OF THEIR USA DOLLAR RESERVES. THE COUNTRY IS IN BIG FINANCIAL TROUBLE
USA DOLLAR VS RUSSIAN ROUBLE: 85.66 ROUBLE// UP 0 ROUBLE AND 22 BASIS PTS.
UK 10 YR BOND YIELD: 5.1920 UP 1 BASIS PTS
UK 30 YR BOND YIELD: 5.8204 UP 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.8110 UP 0 BASIS PTS
CDN 5 YR BOND YIELD; 3.4484 UP 0 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 98.99 DOWN 16 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.759% UP 5 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2,888% DOWN 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.974 UP 0 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.854 UP 6 in basis points yield
ITALY 10 YR BOND: 4.250 UP 7 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.410 UP 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 1.1645 UP 0.0017 OR 17 basis points
USA/Japan: 153.35 DOWN 0.104 OR YEN IS UP 10 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 5.2209 UP 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.827 UP 2 BASIS POINTS.
CANADIAN DOLLAR DOWN 4 BASIS PTS TO 1.3779
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY 6.7078 ON SHORE ..UP
THE USA/YUAN OFFSHORE// CNH UP TO 6.7037
TURKISH LIRA: 48.48 UP 2 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield UP 1 in basis points from TUESDAY at 4.808% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 5.255 DOWN 1 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.417 UP 2 BASIS PTS.
GOLD AT 10;00 AM $4400.00
SILVER AT 10;00: $66.37
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest ratesWEDNESDAY
DAY CLOSING TIME 10:00 AM///
London: CLOSED DOWN 141.60 PTS OR 1.31%
GERMAN DAX: CLOSED DOWN 43.18 PTS OR 1.66%
FRANCE: DOWN 161.31 OR 1.94 PTS
Spain IBEX CLOSED DOWN 301.90 PTS OR 1.51%
Italian MIB: CLOSED DOWN 302.23 PTS OR 0.58%
WTI Oil price 95.75 10.00 EST/
Brent Oil: 100.68 10:00 EST
USA /RUSSIAN ROUBLE: 85.25 /// ROUBLE UP 0 AND 59/ 100
CDN 10 YEAR RATE: 3.819 UP 1 BASIS PTS.
CDN 5 YEAR RATE: 3.466 UP 3 BASIS PTS
CLOSING NUMBERS: 4 PM//
Euro vs USA 1.1628 UP 0.0001 OR 1 BASIS POINTS//
British Pound: 1.3542 UP 0.0001 OR 1 basis pts/
BRITISH 10 YR GILT BOND YIELD: 5.2619 UP 11 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.8726 UP 6 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.885 DOWN 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.954 DOWN 3 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 153.62 UP 1.65 OR YEN DOWN 165 BASIS PTS//GETTING FURTHER AWAY FROM 160.00/ EXTREMELY DANGEROUS
USA dollar vs Canadian dollar: 1.3809 UP 0.0034 PTS// CDN DOLLAR DOWN 34 BASIS PTS
West Texas intermediate oil: 96.39
Brent OIL: 101.18
USA 10 yr bond yield UP 3 BASIS pts to 4.835
USA 30 yr bond yield: UP 3 PTS to 5.281%
USA 2 YR BOND 4.425 UP 3 PTS
CDN 10 YR RATE 3.844 UP 3 BASIS PTS
CDN 5 YEAR RATE: 3.478 UP 4 BASIS PTS
USA dollar index: 98.82 UP 4 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 48.48 UP 3 BASIS PTS GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 85.88 UP 0 AND 36/100 roubles //
GOLD $4,399.90 3:30 PM)
SILVER: 67.333 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 376.09 POINTS OR 0.71%
NASDAQ 100 DOWN 86.15 PTS OR 0.29%
VOLATILITY INDEX 16.38 UP 0.66 PTS OR 0.20%
GLD: $ 403.35 UP 3.63 PTS OR 0.91%
SLV/ 60.72PTS UP 1.35 OR 2.27%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 201.42 PTS OR 0.50%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
IMPT
“I Am The House Now”: Europe Cracks, AI Holds, And Something Has To Give
Never Bet Against Bessent?
Scott Bessent’s recent “I am the house now” remark (and the related “never bet against America” framing) is generating sharp market attention, especially given his history as a macro trader.
marketwatch.com
Treasury Secretary Scott Bessent, speaking at Southern Methodist University’s Cox School of Business, said that as Treasury secretary he holds asymmetric information and effectively “is the house.” He referenced interventions supporting the Japanese yen (and earlier efforts around the Argentine peso), noting insight into what the Bank of Japan and Japanese policymakers would do, and added that traders could “bet against me if you want.”
marketwatch.com
This comes against the backdrop of joint U.S.-Japan efforts that helped move USDJPY from near 164 toward the low-to-mid 150s, plus broader Treasury actions such as expanded longer-dated bond buybacks aimed at containing yields. Wall Street pushback has labeled aspects of this an “activist Treasury,” with some questioning whether interventions (currency or bonds) can override fundamentals like growth, inflation, fiscal supply, and AI-related corporate borrowing.
benzinga.com
Bessent’s background adds irony and edge. In 1992, while working with George Soros, he helped short the British pound in the trade that forced the UK out of the Exchange Rate Mechanism (“Black Wednesday”), generating roughly a billion dollars for the fund. He later had success shorting the yen—the same currency the Treasury has more recently supported. Critics (including figures like Stanley Druckenmiller in some coverage) highlight the shift from market participant betting against official defenses to official defender daring markets to bet against him.
newyorker.com
“Never bet against Bessent?” / “Never bet against America”Bessent has repeatedly invoked the Buffett-style line “never bet against America,” arguing U.S. capital markets and the economy have repeatedly recovered stronger from shocks (Depression, wars, 9/11, COVID, inflation). In the current context it is being applied both to broader U.S. resilience under the administration’s policies and, more pointedly, to his own interventions.
nypost.com
Whether one should treat the official “house” as unbeatable is the open question markets are pricing. Currency interventions can succeed in the short run when coordinated and when the other side (Japan) has aligned incentives, but sustained defense against structural forces has mixed historical records—precisely the lesson many draw from 1992. Bond-market efforts face heavy supply, sticky inflation pressures, and growth/AI capital demands. Secondary effects (e.g., yen strength potentially unwinding yen-funded carry trades into Japanese assets or risk assets more broadly) are already being discussed by desks.
marketwatch.com
The broader framing (“Europe Cracks, AI Holds, And Something Has To Give”)Parallel coverage through mid-2026 has focused on Europe’s structural lag in frontier AI compute and models (U.S. dominance in the high 70s percent range for compute in some estimates, Europe ~5%), export-control style restrictions on advanced Anthropic models, and resulting sovereignty/kill-switch fears. Scenario pieces and official reactions have described Europe as scrambling on capital, data centers, open-source/multi-model strategies, and industrial AI while the U.S. and China pull ahead. That gap, plus fiscal and geopolitical strains, is the “Europe cracks / AI holds” tension; the “something has to give” is the unresolved pressure across currency, rates, tech dependency, and political capacity.
foreignpolicy.com
In short: Bessent is openly playing the informed house on specific interventions and leaning on America’s historical rebound narrative. Markets have so far given the yen move some respect while remaining skeptical that bond or broader interventions can fully dictate terms. The historical symmetry—from helping break a central-bank peg to daring markets not to bet against official policy—is what makes the soundbite land.
END
WRAP UP
Stocks hit as oil and yields climb – Newsquawk US Market Wrap
Wednesday, Sep 09, 2026 – 04:13 PM
- SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar flat, Gold up.
- REAR VIEW: Punchy Bessent rhetoric on the Yen & said he has good insight when they intervene; US Treasury buyback disappoints some expectations; US/Iran trade further strikes; AAPL unveils Foldable iPhone; Very strong US 10yr auction; Supply chain reports indicate NVDA is significantly increasing prices; META launched Muse personal AI agent.
- COMING UP: Data: German Final CPI (Aug), Norwegian CPI (Aug), Swedish GDP (Jul), US PPI (Aug), Jobless Claims (Sep/05), Existing Home Sales (Aug), Atlanta Fed GDP (Q3). Events: ECB Announcement, CBRT Announcement, OPEC MOMR. Speakers: US President Trump; BoJ’s Masu; ECB’s Lagarde. Supply: UK, Italy, US. Earnings: Oracle, Adobe.
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MARKET WRAP
Stocks were lower again on Wednesday as higher oil prices and Treasury yields weighed on sentiment. The Russell was the laggard, while the equal-weight S&P declined by c. 1%. The majority of sectors were also lower, with Industrials, Consumer Discretionary and Real Estate underperforming, while Energy was the only sector to close higher amid a roughly USD 3/bbl rise in WTI. Technology and Communication Services also outperformed but still closed marginally lower.
Regarding stock specifics, the Apple (AAPL) event was in focus, where the Co. unveiled the foldable iPhone, iPhone 18 Pro and Pro Max, A20 Pro chip, AirPods 5, Apple Watch Series 12 and Ultra 4. Shares were sold throughout the event before paring losses once it concluded, with the stock closing lower by 0.3%, well off its earlier lows.
Energy prices were buoyed by geopolitical escalations, with the US and Iran striking tankers overnight, while Iran also targeted US bases in the region, helping Brent reclaim USD 100/bbl.
Treasury yields were firmer across the curve as oil prices rose, although the majority of the move occurred after the US Treasury’s buyback announcement for Thursday’s 10-20yr operation. Treasury announced it will purchase a maximum of USD 6bln of 10-20yr coupons, disappointing the market. Many had been expecting between USD 4-6bln, although some expectations were as high as USD 10bln. The announcement saw yields rise, supported the Dollar, and weighed on stocks and gold. The subsequent cheapening in Treasuries provided additional concession ahead of the 10-year auction, which ultimately saw a very strong reception. The auction stopped through the WI by 1.5bps, the largest stop-through since April 2025, while dealer participation was exceptionally low as both direct and indirect demand improved.
In FX, the Yen was supported by punchy commentary around intervention from US Treasury Secretary Bessent overnight, while the Kiwi lagged once again. CAD was hit despite rising oil prices as trade tensions with the US continue to mount after the US announced on Tuesday it will ban imports of some Canadian alcohol, dairy products and motorcycles. The Dollar was little changed overall, although it moved off lows after the Treasury’s buyback announcement lifted yields.
Gold prices were bid and headed into APAC trade around USD 4,400/oz, off earlier highs of USD 4,435/oz. The precious metal was initially pressured by the rise in yields and the Dollar following the buyback announcement before chopping into the close.
Attention now turns to the US PPI report on Thursday, alongside the ECB rate decision and Treasury’s 10-20yr buyback operation. The highlight of the week will likely be the US CPI report on Friday, which will help further shape Fed rate expectations ahead of next week’s meeting. Markets currently assign a 60% probability of a 25bps rate hike.
FIXED INCOME
T-NOTE FUTURES (Z6) SETTLE 7+ TICKS LOWER AT 107-02+
T-notes sold across the curve after buyback announcement disappoints. At settlement, 2-year +2.5bps at 4.425%, 3-year +4.7bps at 4.519%, 5-year +4.5bps at 4.611%, 7-year +4.2bps at 4.715%, 10-year +4.1bps at 4.833%, 20-year +3.1bps at 5.286%, 30-year +3.6bps at 5.285%.
THE DAY: Treasury yields rose across the curve on Wednesday. Yields had already been moving higher alongside oil prices following overnight attacks on Iranian and US tankers, which helped push Brent crude above USD 100/bbl.
However, the highlight of the session was the Treasury’s long-end buyback announcement. Treasury announced it will buy back a maximum of USD 6bln of 10-20yr nominal coupons on Thursday, above its previous guidance for operations to be “at least” USD 4bln. Despite the increase, the announcement disappointed the market and added further pressure to T-notes, with many participants expecting a USD 4-6bln operation but some expectations were as high as USD 10bln.
The subsequent move higher in yields provided additional concession ahead of the 10-year auction, which was ultimately very strong. The 10-year yield was already trading above the previous auction’s high yield, while the buyback announcement added roughly another 5bps of yield ahead of the offering. The auction subsequently stopped through the WI by 1.5bps, the largest stop-through since April 2025, while the bid-to-cover rose notably and dealers were left with an exceptionally small takedown.
The strong auction helped T-notes recover from session lows. Futures traded within a 106-31+ to 107-13+ range, with the high seen during the morning before the buyback announcement sent T-notes to their session low. Futures subsequently reclaimed the 107-handle heading into settlement following the stellar auction results.
There was no major US data to digest on Wednesday, with attention now turning to Thursday’s PPI report ahead of CPI on Friday. Focus will also be on Thursday’s 10-20yr buyback operation, particularly the amount of securities offered to Treasury and how much of the USD 6bln maximum Treasury ultimately accepts.
SUPPLY
- US sold USD 39bln of 10-year notes; Stop through 1.5bps
- US sold 17-week bills at a high rate of 3.895%, B/C 2.73x
STIRS / OPERATIONS
- Fed Hike Pricing via CME FedWatch: Sept 15.1bps (prev. 14.9bps), Dec 36.4bps (prev. 35.1bps).
- EFFR at 3.63% (prev. 3.63%), volumes at USD 107bln (prev. USD 103bln) on September 8th
- SOFR at 3.64% (prev. 3.65%), volumes at USD 2.904tln (prev. USD 2.888tln) on September 8th
- NY Fed RRP op demand at 0.43bln (prev. 0.63bln) across 6 counterparties (prev. 3) on September 9th
- Treasury Buyback [Cash mgmt, 1mth-2year, max USD 12.5bln]: Accepts USD 12.5bln of 28.027bln offers; accepts 27 of 45 eligible securities. Offer to cover 2.24x
CRUDE
WTI (V6) SETTLED USD 3.02 HIGHER AT 96.05/BBL; BRENT (X6) SETTLED USD 3.29 HIGHER AT 101.21/BBL
The crude complex gained as US/Iran tensions continue to ramp-up. As such, WTI and Brent rose throughout the European session and US morning to hit peaks of USD 96.82/bbl and USD 101.58/bbl, respectively, before paring some strength in the US afternoon. Behind the move higher was numerous Middle East updates overnight; US forces struck multiple Iranian tankers tied to the IRGC in response to more attempted missile attacks on a US Navy warship, and in retaliation, Iran launched missiles at targets and launched at least 20 missiles at bases in Jordan. Heading into the cash close on Tuesday, the IRGC warned that oil tanker crews in Kuwaiti and Bahraini ports would be targeted in light of the US Army targeting several Iranian oil tankers. More recently, Al Hadath citing sources,ever-heightening reported that an oil tanker was being targeted in the Strait of Hormuz, but a US official swiftly told NewsNation that there are no attacks being carried out by US forces right now. Elsewhere, albeit still on the geopolitical footing, Pakistan is reportedly considering strikes against Houthi targets in Yemen under the “Makkah Pact” defense framework with Saudi Arabia and Turkey, and strikes may begin in the coming days. Ahead, any Middle East updates will of course be watched alongside the US inflation reports (PPI and CPI) on Thursday and Friday, respectively.
US President Trump spoke after the crude settlement, where he said that the war will end after the election – noting they could do a deal, but he is not looking for a deal with Iran. He said oil prices will tumble lower after the election, but gasoline prices will take a bit longer, but he aims to get gasoline prices below USD 2. His remarks had little impact on price action.
EIA STEO: World oil demand 102.6mln BPD (prev. 102.7mln BPD), 2027 demand 105mln BPD (prev. 105mln BPD).
EQUITIES
CLOSES: SPX -0.45% at 7,639, NDX -0.29% at 29,422, DJI -0.77% at 52,381, RUT -1.28% at 2,922
SECTORS: Energy +1.09%, Technology -0.16%, Communication Services -0.24%, Health -0.36%, Financials -0.42%, Materials -0.85%, Consumer Staples -0.94%, Real Estate -1.12%, Utilities -1.17%, Consumer Discretionary -1.39%, Industrials -1.51%.
EUROPEAN CLOSES: Euro Stoxx 50 -1.58% at 6,312, DAX 40 -1.74% at 25,554, FTSE 100 -1.31% at 10,670, CAC 40 -1.94% at 8,157, FTSE MIB -0.58% at 51,875, IBEX 35 -1.58% at 19,681, PSI -0.38% at 9,445, SMI -1.64% at 13,827, AEX -1.27% at 1,102.
STOCK SPECIFICS:
- Apple (AAPL) foldable iPhone event is later today
- ServiceTitan (TTAN) next quarter revenue guide short of expectations
- Alphabet (GOOGL) to invest a minimum of EUR 13bln in Finland’s AI infrastructure in 2027-28.
- Signet Jewelers (SIG) EPS & revenue beat alongside raising FY top line guidance
- Chime Financial (CHYM) entered a definitive agreement to acquire Stride Bank for USD 590mln in cash & raised Q3 outlook.
- Dow (DOW) reportedly weighs exit from USD 20bln Saudi chemicals venture
- Evommune (EVMN) phase 2b EV0756 trial did not meet primary & secondary endpoints.
- Independence Realty Trust (IRT) and Centerspace (CSR) have agreed to merge in an all-stock transaction.
- Meta (META) launched Muse personal AI agent. Muse can connect with Meta apps and third-party services including Google Workspace, Ticketmaster, OpenTable, Spotify and Apple Health.
- US Senator Slotkin said “We hear rumors that Trump is planning to allow Chinese cars to be sold in the U.S., as part of a larger deal”. Following the post on X, upside was seen in Chinese autos (XPEV, NIO, BYDDY), with downside in US autos (F, GM, STLA).
- Apple (AAPL) announced foldable iPhone, named Duo, as well as iPhone 18 Pro and iPhone 18 Pro Max; will be AI focused with new Siri AI working across apps.
- Salesforce (CRM) reportedly held talks to buy Listen Labs, an AI customer research platform, for USD 2bln, according to Business Insider.
- Supply chain reports indicate that NVIDIA (NVDA) is significantly increasing prices to secure probe card and test socket production capacity from major test interface vendors, reports DigiTimes.
FX
The Dollar Index was more-or-less flat, and saw choppy trade on Wednesday. Through the US morning, the Greenback saw losses, albeit on no clear headline catalyst, but soon reversed, and more, as the US Treasury Buyback announcement disappointed; the Treasury is to buy back a maximum of USD 6bln in 10-20year Treasuries on Thursday, which was against guidance for at least USD 4bln, but some had expected the figure to be as high USD 10bln. Elsewhere, Dollar-specific newsflow was sparse, as there was no US data and of course no Fed speak amid blackout. Ahead, traders await PPI and CPI on Thursday and Friday, respectively.
G10 FX performance was mixed against the Greenback; the Yen was the clear gainer and the talk of the town, GBP, EUR, and AUD were all flat, while CHF, CAD, and NZD eked out varying degrees of losses. For the Yen, USD/JPY hit a low of 152.39, and came after very punchy US Treasury Secretary Bessent comments overnight; said he has good insight when they intervene on the Yen, and bet against him if you want and that he has information. Bessent added he has good insight into what the BoJ and policymakers will do. As such, focus will attentively be on the BoJ next week.
Loonie saw mild pressure following the US banning imports of some Canadian alcohol, dairy and motorcycles. Currency-specific newsflow for other G10s was light, with ECB the main risk event on Thursday away from the US; as a reminder, the ECB is set to raise the Deposit Rate by 25bps to 2.50%, whereby focus will be on the updated staff projections, where 2027 HICP is expected to be lifted slightly. In addition, focus will be on any guidance beyond September, though Lagarde will likely reiterate a data-dependant approach, albeit hawkish risks dominate.
USA DATA RELEASES
USA ECONOMIC REPORTS
Consumer Credit Smashes Estimates As Credit Card Debt Hits New All-Time High
Tuesday, Sep 08, 2026 – 04:40 PM
The relevering of the US consumer continues: one month after the June consumer credit number came higher than estimates (and followed the unexpected May contreaction in US credit), in July consumer credit came in even higher than expected, with the Fed reporting in its latest G.19 report that in July, US consumer credit rose by a whopping $18.1BN – more than the $14.6 billion in June – and far above the $11.7 billion estimate.
The rebound was driven by a modestly increase in revolving credit (i.e., credit card debt), as consumers added $2.8 billion to their credit card total…
… pushing it to new record high of $1.357 trillion.
The bulk of July’s spike in consumer credit was in “non-revolving”: student and auto loans rose by a whopping $15.3 billion, the biggest one month increase in over three years, and pushing total nonrevolving credit to $5.186 trillion, also a new all time high.
What is interesting, is that while auto loans have barely budged since late 2023, staying around 1.6 trillion for nearly three years, and hitting a record $1.571 trillion at the end of June, student loans have resumed their ascent, and after a modest decline in late 2023, student loans are once again at all time highs although in June we saw a tiny decline of $4.5 billion.
Finally for those keeping tabs, after a modest decline in the previous two quarter, the average interest rate on credit card accounts assessed interest rose again to 22.15%…
… a level last seen three years ago, when the Fed rates was almost 2% higher, which confirms our long-running observation that credit card rates go up but they never go down.
END
There’s More Juice Left In The Trade For Higher Real Yields
Wednesday, Sep 09, 2026 – 08:05 AM
Authored by Simon White, Bloomberg macro strategist,
TIPS continue to mean revert and risk overshooting to the downside, leading to a continuation in rising real yields.
Real yields in the US have had a remarkably good run, with 10-year reals bottoming at about 1.72% at the end of March and rising to near 20-year highs at 2.43% currently. That’s even more remarkable when you consider that oil has on net risen almost 70% over the same period.
TIPS were overbought coming into the Iran war, but are now back to their mean. As the chart below shows, TIPS’ annual return is a mean-reverting series, with a decaying mean. Like a pendulum, when the series gets back to its mean it typically overshoots.
If that was to recur, then we should expect real yields to keep rising.
That is consistent with the message from my leading indicator for real yields. Its inputs include G10 excess liquidity and the Federal Reserve’s policy rate, and it anticipates the 10-year real yield rising more over the next three months or so.
Short positioning in TIPS looks elevated, based on the short interest of the iShares TIP ETF. We’re not likely to see significant short covering while momentum is in the bears’ favour.
In shares terms, the short interest is not as high as it was during the inflation flare of 2021/22 and subsequent rapid Fed tightening, but the short interest ratio, ie normalised by the shares outstanding, is at a similar level to what it was back then.
There are different drivers this time. Fed pricing is not as big a part of it, with only two and a bit rate hikes expected over the next year. Instead it’s a combination of rising real growth expectations and greater competition for capital, driven by the seemingly insatiable demand for investment in AI infrastructure.
A good slug of the rise in real yields this year, however, also comes from increasing risk premium for TIPS. No wonder short positioning is high.
END
USA TREASURY
Treasury Yields Surge After Bessent Disappoints Market With Small Buyback Size
Wednesday, Sep 09, 2026 – 11:32 AM
Ahead of today’s highly anticipated Treasury buyback announcement – which put a number to the shocking Aug 19 news from the Treasury that the maximum size of $2 billion per longer-dated buyback operation would be “at least $4 billion” – we warned that no matter what was unveiled at 11am ET, the market would be disappointed…
… for the simple reason that when it comes to $2+ trillion in gross issuance every year and hundreds of billions in annual duration (DV01) supply, $4 billion – or even $10 billion as some expected – would be a drop in the bucket as this chart from Goldman shows (where if you use a microscope, you can even see the size of the TSY buyback in context).
So at precisely 11am, the Treasury did release the long-awaited number…. and it was a huge disappointment.
The treasury announced that going forward, the maximum par amount of 20-30 Year TSYs to be repurchased would be $6 billion… which while more than the $4 billion guaranteed minimum per the original press release, was less than the $10 billion whisper.
Many dealers had ramped up their predictions for Thursday’s buyback operation after Bessent publicly touted the potential for purchases of over $4 billion; many expected $6 billion, a few even said that a number north of $10 billion isn’t out of the question. The Treasury chief on Tuesday reiterated that while he cannot alter the “equilibrium” price of Treasuries, his objective was to slow moves down and prevent any damaging narrative taking hold in the world’s biggest bond market
BNP Paribas head of US rates strategy, Guneet Dhingra, said before the announcement it would take a maximum size of $7 billion to surprise the market, with anything less triggering selling pressure. He was right: the $6 billion number proved to be a dud as confirmed by the bond market reaction which has sent 10Y yields spiking 4 bps higher on the disappointing news, rising as high as 4.85%.
How successful the enlarged program will prove remains to be seen. Yields dropped after the initial announcement of the plan last month, but retraced the move. Benchmark 10-year yields last week hit their highest since 2023.
Markets in August, when 30-year yields hit their highest since 2007, were driven by concerns “the US is not going to be able to pay its debt. It was absurd, but it just became kind of the dominant narrative,” Bessent claimed in a Texas event. He has separately characterized buybacks as aimed at boosting liquidity. They will enable banks and other institutions to offload harder-to-trade securities so that they can then boost their participation in auctions of new debt, he said last week.
“Scott has absolutely adopted a very activist model as Treasury secretary,” Krishna Guha, head of economics at Evercore ISI, said before Wednesday’s announcement. “He’s tactically very skilled in terms of when and how to surprise and move markets and has had some near-term success.”
Guha, who previously worked at the Federal Reserve Bank of New York, said “the challenge is always whether the impact of these kind of interventions can be sustained without bigger changes in fundamentals.”
Of course, since the buyback size is a “maximum”, that means the Treasury will not necessarily purchase that amount of securities. However, when it comes to buybacks targeting longer-dated nominal debt, the department does tend to buy the full size, having only twice not done so in the 52 such operations since the program was reintroduced in 2024.
Bessent’s expansion of the long-dated buybacks program last month took investors by surprise because it was announced outside the Treasury’s quarterly announcement schedule. That’s fanned talk of a new, more activist style of US debt management, in contrast to the department’s long-held mantra of being “regular and predictable.”
SOUTHERN CALIFORNIA
Intense SoCal Heatwave Sparks Cooling Demand Surge, Testing Grid Reliability
by Tyler Durden
Tuesday, Sep 08, 2026 – 11:00 PM
The National Weather Service has issued heat advisories across California’s Central Valley and coastal areas, including the Bay Area and Los Angeles, with more severe extreme heat warnings in parts of Southern California. Cooling demand is expected to soar over the next several days, putting pressure on the power grid, particularly in the evening as solar generation declines.
Bloomberg reports that Los Angeles-area temperatures are forecast to reach 85F to 105F, roughly 10 to 15 degrees above normal. San Francisco could hit 86 degrees Wednesday, while Sacramento is expected to reach 100 degrees Thursday.
The California Independent System Operator forecasts that peak power demand will hit 47,379 megawatts Wednesday, below the September 2022 record of 52,061 megawatts.
CAISO, which operates the power grid serving roughly 80% of California and a small part of Nevada, forecasts Thursday’s peak at around 45,183 megawatts.
Wholesale power prices are already reflecting the incoming surge in cooling demand. Southern California’s SP15 hub saw its day-ahead price for Tuesday’s 6 p.m. hour reach $87.69 per megawatt-hour, the highest hourly reading in a little over a week. Grid monitoring company Arcus Power compiled the data on its NRGStream platform.
Forecasts from Bloomberg show that maximum temperatures in California will peak Thursday at around 95F before sliding to about 75F by mid-month.
END
KING NEWS
| The King Report September 9, 2026 Issue 7822 | Independent View of the News |
| WSJ on Tuesday: Oil Nears $100, Dow Drops – Brent crude rose following Houthi attacks in Saudi Arabia, and bond yields edged higher. The Dow fell 500 points. With energy commodities jumping higher, bonds and notes fell. By 10:35 ET, the US 2-year note yield hit 4.39%, despite the yen/$ rising to 152.892 on a report that the BoJ will hike rates at its meeting next week. Gold declined moderately on higher interest rates and the increasing odds, now over 60%, that the Fed will hike its Funds Rate next week. Copper hit a new all-time high. Oct Diesel and Oct Gasoline rallied smartly. Diesel hit its high near 2 ET and then sank on perceived or actual intervention. This dynamic has been occurring for months! Oil, Gasoline, or Diesel soar during Asian trading. Then during European trading or early US trading, someone manipulates the commodity lower. Oct Diesel hit its low near 12:00 ET. Oct Gasoline hit its high (3.3269) at 10:29 ET. It then sank to 3.255 at 12:09 ET. Oct WTI Oil hit its high (94.73) at 4:30 ET. It then fell to 92.39 at 9:08 ET. It rebounded to 9.52 at 10:21 ET. Selling reappeared; Oct WTI Oil fell to 92.04 at 12:13 ET. @financialjuice: Stocks of Crude oil in the US Strategic Petroleum Reserve fell by about 1.2 mln barrels to 285.4 mln barrels last week, lowest since 1982. USZs (December 30-year US bond future) hit a daily low of 108 06/32, -16/32, at 4:30 ET. It hit a high of 109 4/32, +16/32, at 9:00 ET. USZs traded contra to oil. @wallstengine: BESSENT ON TREASURY BUYBACKS & THE BOND MARKET: “Reject the idea that investors are scared about US credit.” “Off-the-run securities are less liquid.” “We make a market buying older bonds.” A “fever” was building in the bond market before the buyback news. “I can’t change the equilibrium price” of bonds. @NoLimitGains: China’s official share of U.S. Treasuries is back to 2001 levels. (~2% of outstanding) https://x.com/NoLimitGains/status/2096935530072080584 With the markets under a moderate storm early on Monday, the usual suspects poured into AI Bubble stocks (ex-NVDA) and related trading sardines because they are conditioned to do so. At 12:36 ET: MU +0.49%, NVDA -2.0%, SNDK +3%, TSLA +4.09$, INTC +9.5%, AMD +6.4%, SPCX +5.83%, AVGO +2.5%, APPL -1.27% Apparently, there was a rotation out of NVDA and into its peers. At 12:37 ET, SP Sectors: Utes+1.19%, Energy +0.88%, Real Estate +0.59%, Industrials -0.05%, Info Tech -0.16%, Comm Services –.24%, Consumer Discretionary -0.25%, Consumer Staples -0.37%, Materials -0.52%, Financials -0.94%, Health Care -2.18% The S&P 500 Index opened at 7709.54, quickly hit a daily high of 7710.92 and just as quickly commenced an intractable decline that took the index to 7675.69 at 1012 ET. It then marched to 7699.32 at 11:18 ET. The S&P rolled over into a down channel that took it 7681.28 at 12:59 ET. The index rebounded to 7696.18 at 13:07 ET and then rolled over into a 6-handle trading range. The S&P 500 Index broke lower at 14:35 ET and fell to a new daily low of 7673.05 at 14:49 ET on a Mehr News Agency (Iran) report of explosions on Kharg Island. The index rebounded to 7686.03 at 14:57 ET on buying for the expected last-hour rally/manipulation. Alas, the S&P 500 Index rolled modestly into another tight trading range but soon sank to 7666.69 at 1559 ET and closed at 7673.52. US military has struck targets near Kharg Island – Fox News Iran Launched Undisclosed Second Wave of Attacks on U.S. Navy Ships, Sources Say – WSJ No American Ships Were Struck in the Attacks – WSJ U.S. Destroys 5 IRGC Tankers After Iran Targets Another American Warship https://www.centcom.mil/MEDIA/PUBLIC-RELEASES/Article/4593050/us-destroys-5-irgc-tankers-after-iran-targets-another-american-warship/ Positive aspects of previous session SP Energy +1.02%, Utes +0.85%, Real Estate +0.02%; SOX Index +1.3% Negative aspects of previous session For the 2nd consecutive session, the S&P 500 Index opened at its daily high. S&P -0.52%, DJIA -1.18%, DJTA -1.0%, Nasdaq -0.32%. Nas 100 -12% SP Info Tech -0.19%, Comm Services -.29%, Consumer Discretionary -0.49%, Consumer Staples -0.48%, Industrials -0.51%, Materials -0.91%, Financials -1.4%, Health Care -2.55% Energy commodities rallied smartly. USZs -1/32 at 16:15 ET Ambiguous aspects of previous session Who keeps knocking down energy commodities after they rally during Asian trading? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7686.01 Previous session (S&P 500 Index) High/Low: 7717.81 (9:30 ET); 7666.69 (14:59 ET) @CNBC: These stocks were the S&P 500, Nasdaq and Dow’s top market movers for the day — September 8, 2026. https://x.com/CNBC/status/2097416786836693294 @WashTimes: Chinese government and United Front-linked organizations named Elaine Chao, the wife of Sen. Mitch McConnell, to several advisory and honorary positions that overlapped with her U.S. Cabinet service. https://www.washingtontimes.com/news/2026/sep/8/chinese-groups-named-elaine-chao-advisory-posts-overlapping-cabinet/ IndexBox: Treasury Secretary Scott Bessent is preparing to announce the scale of an expanded bond buyback program… The Treasury Department is expected to disclose on Wednesday the size of the next day’s operation to repurchase outstanding 10-year to 20-year securities, following a precedent of such announcements at 11 a.m. in Washington… Morgan Stanley calculates $10 billion as a practical cap… Crandall sees a plausible starting point in the $5 to $6 billion range… The immediate impact of Wednesday’s news is amplified because it comes just hours before the department’s next sale of 10-year notes and a day before a 30-year bond auction… (Bessent is trying to rig the coming auctions!) https://www.indexbox.io/blog/treasurys-expanded-bond-buyback-what-to-expect/ Today – Traders want to play for a rebound rally. Afternoon action could diminish as traders prepare for the important August PPI Report due tomorrow. Bonds could falter if Bessent’s bond buyback is disappointing or his attempt to rig today’s 10-year auction falters. Anyone know where we can find some “freely traded markets” and capitalism? It appears that Iran is escalating attacks and pressure on the US because it assumes that Trump will make measured responses with the US Midterms less than two months away. If Iran is wrong in its presumption, it could get ugly in the energy and bond markets. Secretary of State Marco Rubio: “Every time Iran tries to harm US naval vessels, it will lose oil tankers.” ESUs +0.75, NQUs +2.50, USUs +8/32, Oct WTI +$1.54, Oct Gas +3.2c, Yen/$ 153.29 at 20:04 ET. S&P 500 50-eay MA: 7598; 100-day MA: 7481; 200-day MA: 7200 (S&P 500 Close 7673.52) DJIA 50-day MA: 52,963; 100-day MA: 51,629; 200-day MA: 49,891 (DJIA Close 52,786.07) (Green is positive slope; Red is negative slope) @DeepLeaksHQ: In a bombshell revelation, CBS investigative journalist Catherine Herridge has gone public with explosive allegations: “CBS executives deliberately buried the ‘Hunter Biden laptop story’ and ordered her to wait until AFTER the 2022 midterms to help the Democratic Party.” https://x.com/DeepLeaksHQ/status/2097094201330819276 GOP Sen. @Eric_Schmitt: 25% of all Mexicans live in the US. 70% rely on welfare. 10% of Guatemalans live here. 77% are on welfare. 12% of Nicaraguans live here. 75% rely on welfare. 12% of Haitians live here. 53% rely on welfare. https://x.com/Eric_Schmitt/status/2097363894696124687 WSJ: Chasing Side Deals, Flexing Influence: Lewandowski’s Power Moves at DHS Kristi Noem’s close adviser effectively controlled billions in spending at Homeland Security. Lewandowski denies seeking business or playing any role in the agency’s contracts. If Dems capture the House and/or Senate, there will be beaucoup investigations into Team Trump and its family members and friends for corruption and influence peddling (everyone knows this is target-rich). Plus, polls show Americans of all stripes are increasingly concerned about corruption in government. @EricLDaugh: The Trump administration is reportedly drafting a plan pushed by JD Vance to give federal child care funds to married couples with a STAY-AT-HOME SPOUSE while the other parent works — NYT The program could be $9K per year for these families The goal: make it easier for married Americans to let one parent take care of the children, rather than both work and pay others to take care of the children. This could create an incentive for parents to “stay at home with their children” ‘We are all socialists now!” If Team Trump is trying to out-Democrat the Dems to procure votes, the US debt can only increase! It was back in the 1880’s that the Liberal politician and sometime Chancellor of the Exchequer, Sir William Harcourt, coined the phrase “We are all Socialists now.”… https://www.marxists.org/archive/hardcastle/1962/all_socialists.htm @lamps_apple: Never forget they tried to convince voters that Kamala Harris was +16 in swing states the day before elections. She lost every single swing state. https://x.com/lamps_apple/status/2097124926687687063/photo/1 Top Billionaires Funding Democratics, Bloomberg $150m+. Mrs. Jobs $120m+, Gates, Moskovitz, & Soros $100m+ https://x.com/brivael/status/2096941238930878676 (Fox News Media Chief Executive) Suzanne Scott muzzled Maria Bartiromo On July 16, President Trump gave a rare prime-time address to the nation on communist China’s vast capabilities to interfere in America’s elections. That’s a big story by any measure, the kind every major news outlet carries and then chews on across its programming. Ms. Bartiromo booked me to discuss the speech the next morning. Hours later, she told me Fox had clamped down on any coverage and forwarded the text that had gone to her producers from Scott enforcer Ralph Giordano, Fox Business’ programming chief: “Hi – We don’t want to promote it or push to the speech at all. We don’t want to do 2020 election segments at all Thurs or Friday.”… To maximize profits, Ms. Scott juggles viewers against a cadre of Fox’s biggest advertisers who despise key MAGA issues. So Ms. Scott feeds the audience conservative red meat — Democrat socialists, biological men in women’s sports, illegal alien rapists and murderers — but keeps it inside guardrails that wall off MAGA themes such as election integrity, Big Pharma and benefits of the Trump tariffs… Tucker Carlson had the highest-rated Fox News show. Lou Dobbs had the highest-rated show on Fox Business. Both spoke freely to the MAGA base. Both drew advertiser fire. Both were fired… https://www.washingtontimes.com/news/2026/sep/8/suzanne-scott-muzzled-maria-bartiromo/ @FoxNews: Investigators are probing a disturbing case and its possible connection to the Lindsay Clancy murder trial after an Illinois mother allegedly killed her 2-year-old son. Prosecutors allege Corie Walsh told police she killed the toddler because she believed he was “the devil and the Antichrist.” The timing is now drawing scrutiny as officials say Walsh was very invested in the Clancy trial, but legal experts caution it is far too early to label Walsh’s case a copycat crime. https://x.com/FoxNews/status/2097333562622017611 @seanmdav: The judge in the Clancy case needs to hold contempt of court hearings for the nurse jurors who reportedly ignored expert witness testimony and brought in external information (who could possibly understand the information without an external background lecture from nurses on the jury), rather than relying on expert witness testimony, and then used that to attempt to bully a juror into agreeing with them. Jurors are required to consider only evidence and expert testimony provided and cross-examined in court. They are not allowed to substitute their own expertise and then use that to pressure other jurors… @realDailyWire: “He had the hardest time getting off the fact that Lindsay viciously killed her children.” Lindsay Clancy jurors speak out, express their frustration with the lone holdout. https://x.com/realDailyWire/status/2097447145431245240 @RubinReport: How strange that the man couldn’t get over the fact that she killed her three kids. In a time of mental crisis, we may have to rethink the jury system altogether. Radical California professors urge students to ‘get ready for war,’ attack ICE agent – before exposing his personal details – Cal State LA Pan-African studies professor Melina Abdullah and UC Santa Barbara associate professor of history Butch Ware were both slammed for their aggressive comments in the last few days… the Los Angeles assistant attorney’s office is looking to see if any laws have been breached… https://trib.al/5h4eU38 King Report on Tuesday: The NFL kicks off its season on Wednesday night, from Australia, with the teams from the Super Bowl: Pats and Seahawks. On Thursday night, the SF 49ers play the LA Rams in a game streamed on Netflix. Wrong! The Pat & Seahawks play at Seattle; Rams/49s are in Australia. | |
SWAMP STORIES FOR YOU TONIGHT
GREG HUNTER…INTERVIEWING BO POLNY
Historic Act of God Coming in September – Bo Polny
By Greg Hunter On September 9, 2026 In Market Analysis, Political AnalysisNo Comments
By Greg Hunter’s USAWatchdog.com
Biblical cycle timing expert, geopolitical and financial analyst Bo Polny says there is going to be an act of God to force change in the bloated debt saturated financial system. It’s going to happen in much of the same way God forced the fall of Babylon, the Red Sea destruction of Pharoah and the Great Flood of Noah’s time. After these events, documented in the Bible, everything changed and never returned to the way it was. Polny says, “When God moves, and he’s about to move here, an historic moment is coming. A truth exposure is coming that is going to be so epic and so Biblical that we will not be able to recognize the changes in our world. . .. Look at the Red Sea Miracle in ancient Egypt during the time of Exodus in the Bible. Moses was 80. How old is Trump? 80. Is this just a coincidence? In the Bible, 80 is a ‘strength’ time point. So, Trump is 80 and Moses was 80. What happened to Moses at 80? He frees Israel from the clutches of Egypt after 400 years. You start to realize history repeats. Where is that in the Bible? Ecclesiastes, and it says, ‘That that has been will be again. There is nothing new under the sun.’ Why do I bring up the Red Sea Miracle? That was an Act of God Pharoah never saw coming. . .. That is what is coming I believe in the month of September. . .. They walked into the greatest trap in history by nailing Jesus to a cross. This is no different than Pharoah going into the Red Sea. The Resurrection of Jesus was the greatest victory in human history. We have not seen this kind of Old Testament stuff since the Resurrection of Jesus. In Haggai 2, it says, “I (God) will shake the Heavens and the Earth, the sea and the dry land. I will shake all nations. . .”
Polny thinks this ‘shaking’ will be in the financial system and could happen between September 11 to September 24. Many of Polny’s calculations point repeatedly to September 24, 2026. Polny says, “You have to understand, Trump is a type of Cyrus (in the Bible). He is coming against the global machine that runs the world. What do the globalists want to do? Take Trump out, but they have a big problem–God appointed him. God says, ‘Touch not my anointed. . .’ They have failed, failed and failed. What’s going to happen is Trump is going to take down Goliath, the worldwide financial control system. Trump is going to be there starting in January to reinstate the gold standard . . . and we will step into the Golden Age with money backed by gold once again.”
Polny says, “Money creation out of thin air creates an enslavement society. . .. Remember, in the Bible, God says, ‘The silver is mine and the gold is mine.”
Polny goes on to predict, “The charts say the stock market and the dollar look like they are in a collapse pattern. . .. It is the opposite pattern for gold, silver, Bitcoin and XRP that are breaking vertical. . .. Silver will be exploding past the old high of $121 per ounce.”
There is a lot more in the 88-minute interview.
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Join Greg Hunter of USAWatchdog as he goes one-on-one with Biblical cycle expert and financial analyst Bo Polny. He talks about the Hand of God moving to completely change the global financial system for 9.8.26.
(Video will play when finished processing on Rumble)
usawatchdog.com/historic-act-of-god-coming-in-september-bo-polny/
You can find free information on Gold2020Forecast.com. To see Polny’s free presentation called “God’s Greatest Move in History” starting on 9/11/26, click here.
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