OCT 27CENTRAL BANKS 2//OFFICIAL SECTOR-FRBNY 0:GOLD CLOSED UP $38.30 TO $4052/SILVER WAS UP TO $0.25 TO $54.45//PLATINUM CLOSED DOWN $4.00 TO $1535.50//PALLADIUM CLOSED DOWN $22.50 TO $1031.50/GOLD COMMENTARY COURTESY FROM ALASDAIR MACLEOD// ASIA REPORTS FROM CHINA; EUROPEAN REPORTS FROM FRANCE AND GERMANY//COVID VACCINE INJURY REPORT DR MARK CRISPIN MILLER//OIL REPORTS//ALSO REPORTS FROM VENEZUELA//USA DATA RELEASES//USA ECONOMIC REPORTS//SWAMP STORIES FOR YOU TONIGHT//
072 H GOLDMAN 2 686 C STONEX FINANCIAL INC 1 1 737 C ADVANTAGE FUTURES 5 905 C ADM 3
TOTAL: 6 6 M
JPMORGAN STOPPED 0/6
OCT 27
GOLD: NUMBER OF NOTICES FILED FOR OCT./2026: 6 CONTRACTs NOTICES FOR 600 OZ or 0.0190 TONNES
total notices so far: 13,485 contracts FOR 1,348,500 OZ OR 41.943TONNES
SILVER NOTICES: 101 NOTICE(S) FILED FOR 505,000 OZ /
total number of notices filed so far this month : 3682 CONTRACTS (NOTICES) for 18.410 million oz
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GLD AND SLV
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
GLD
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $38.30 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD// HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.65 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1041.45TONNES
INVENTORY RESTS AT 1040.80 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.25 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV//
CLOSING INVENTORY: 498.327MILLION
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A STRONG 492CONTRACTS TO AN OI OF 115,674TILL HIGHER FROM ITS NEW RECORD LOW OF 95,999 SET MAY 1/2026. THE RECORD HIGH OI FOR SILVER IS 244,710, SET FEB 25/2020, AND THIS STRONG GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.25 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING. ON THE FIRST OF MAY, WE REACHED OUR RECORD LOW OI OF 95,999 SURPASSING EVERY DAY NEW OI LOWS SET DURING THE LAST WEEK OF APRIL 2026.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING SHORT. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONG BANKERS AND THEN TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!! THE FACT THAT WE ARE WITNESSING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON HIGHLIGHTS THE FACT THAT THE COMEX IS OUT OF SILVER AS WELL.
WE ARE NOW MOVING TO A MUCH LOWER BASE IN SILVER PRICING BREAKING MAJOR SUPPORT LEVEL OF $70.00. SHORTLY WE WILL REVERT BACK TO NUMBERS GREATER THAN 70 DOLLARS PER OZ.
WE HAVE A STRONG GAIN OF 562 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 70 SIZED EXCHANGE FOR PHYSICAL ISSUANCE OF 70 CONTRACTS EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY TRADING// WE HAD A HUGE SIZED 562 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRYING TO CONTAIN SILVER’S PRICE GAIN FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS).THEY FAILED ON MONDAY WITH SILVER’S GAIN IN PRICE.
THE PRICE STILL FINISHED BELOW THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE AND STILL WELL BELOW THE $100.00 MARK CLOSING AT $54.17 UP $0.25. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WE HAD A HUGE SIZED 314 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!! AND NOW THE HUGE SUPPORT LEVEL OF 70 DOLLARS HAS BEEN BROKEN// //.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A 70 SIZED 70 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 314 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED FOR RAID PURPOSES //AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE
IN ESSENCE WE HAD A STRONG SIZED GAIN OF 562 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.25. WE HAD SOME GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC. OUR SILVER SHORT SPECS GOT SLAUGHTERED TO BITS THIS PAST WEEK.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1)MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, THROUGHOUT MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT//TUESDAY MORNING: A HUGE SIZED 314 CONTRACTS. DESPITE MANY COMPLAINTS THAT THESE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLDOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF XX CONTRACTS OR XXX OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY ANOTHER 3 CONTRACT EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 0.015 MILLION OZ// AND THEN TO BOOT WE HAD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 51 CONTRACTS OR 255,000 OZ MAY 21./STANDING BEFORE EXCHANGE FOR RISK: 32.070 MILLION OZ/NEW STANDING THUS REDUCES TO 32.325 MILLION OZ/.//(32.070 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.325 MILLION OZ)
JUNE INITIAL STANDING FOR SILVER:10.935 MILLION OZ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.970 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ. (IN EXCHANGE FOR RISK THE BUYER ASSUMES THE RISK AND ONLY A CENTRAL BANK WOULD TAKE THAT RISK. THE BUYER IS PROBABLY THE CENTRAL BANK OF INDIA.)
JULY INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY A 3 CONTRACT QUEUE JUMP OR 0.015MILLION STANDING ADVANCES TO 45.875 MILLION OZ///
AUGUST INITIAL STANDING 6.240 MILLION OZ FOLLOWED BY TODAY’S 9 CONTRACT QUEUE JUMP FOR 45,000 OZ//NEW STANDING ADVANCES TO 8.760 MILLION OZ/
SEPT: INITIAL STANDING: 24.172 MILLION OZ//FOLLOWED BY TODAY’S STRONG 70 CONTRACT OR 350,000 OZ QUEUE JUMP//STANDING ADVANCES TO 33.865 MILLION OZ//
OCT: INITIAL STANDING: 16.355 MILLION OZ FOLLOWED BY TODAY’S 100 CONTRACT OR 500,000 OZ QUEUE JUMP: TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK, 250 CONTRACTS FOR 1.25 MILLION OZ/ EXCHANGE FOR RISK TOTALS FOR THE MONTH: 2.25 MILLION OZ///NEW STANDING ADVANCES TO 20.725 MILLION OZ//
SUMMARY OF OUR JULY 2026 COMEX CONTRACT MONTH
WE HAD:
/ A STRONG COMEX GAIN+// A 70 SIZED EFP ISSUANCE CONTRACTS AT 00 CONTRACTS // A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE CONTRACTS (314 CONTRACTFS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED 235 CONTRACTS OF OI SILVER //
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS OCT.. ACCUMULATION
TOTAL CONTRACTS for 19 DAY(S), total 8930 contracts: OR 44.650 MILLION OZ (470 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR:44.650 MILLION OZ
LAST 48 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
2026:
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 59.79 MILLION OZ
JUNE. 64.065 MILLION OZ//FINAL AND FAIR SIZED THIS MONTH.
JULY: 38.335 MILLION OZ
OCT : 44.650 MILLION OZ.
RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 562 CONTRACTS DESPITE OUR GAIN IN PRICEOF $0.25 IN SILVER PRICING AT THE COMEX// MONDAY THE CME NOTIFIED US THAT WE HAD A ZERO SIZED CONTRACT EFP ISSUANCE OF 0 CONTRACTS ISSUED FOR DEC, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS).
INITIAL STANDING: 16.355 MILLLION OZ FOLLOWED BY TODAY’S 500,000 OZ QUEUE JUMP: TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE:/: NEW EXCHANGE FOR RISK 2.25 MILLION OZ/// STANDING ADVANCES TO 20.725 MILLION OZ
LAST 17 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.070 MILLION OZ//(FOLLOWING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON DURING THIS MAY DELIVERY MONTH). THERE SEEMS TO BE A SCARCITY OF SILVER OVER AT THE COMEX). THEN WE ADD OUR FIRST EXCHANGE FOR RISK OF 51 CONTRACTS FOR 255,000 OZ//STANDING ADVANCES TO 32.325 MILLION OZ//
JUNE: INITIAL AMOUNT OF SILVER WILLING TO STAND: 10.935 MILLION OZ PLUS OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.960 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ
JULY : INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S 15,000 OZ QUEUE JUMP //STANDING THUS ADVANCES TO 45.875 MILLION OZ//
AUGUST 6.240 MILLION OZ FOLLOWED BY TODAY’S 45,000 OZ QUEUE JUMP//STANDING ADVANCES TO 8.805 MILLION OZ/
SEPT: INITIAL STANDING 8.756 MILLION OZ//FOLLOWED BY TODAY’S 350,000 OZ QUEUE JUMP//STANDING ADVANCES TO 33.865 MILLION OZ
OCT: INITIAL STANDING: 16.355 MILLION OZ//FOLLOWED BY TODAY’S 500,000 OZ QUEUE JUMP//: TO WHICH WE ADD OUR NEXT EXCHANGE FOR RISK ISSUANCE OF 1.25 MILLION OZ TO OUR FIRST EXCHANGE FOR RISK AT 1.0 MILLION OZ//STANDING ADVANCES TO 20.725 MILLION OZ/
THE NEW TAS ISSUANCE FOR TODAY (314)WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING//.
WE HAD 101 NOTICE(S) FILED TODAY FOR 505,000 OZ
GOLD COMEX OUTLINE;
IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 152 OI CONTRACTS UP TO 400,925 CONTRACT OI AND THIS OI STILL SURPASSES BY A CONSIDERABLE MARGIN THE ALL TIME LOW AT 326,052 SET JUNE3/2026 AND THIS OI IS MUCH FURTHER FROM THE RECORD HIGH (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE HAVE NOW ADVANCED PAST THE PREVIOUS ALL TIME LOWS OF 357,136 SET APRIL 2/.2026AND 354,581 SET AT THE END OF APRIL 2026. WE ARE STILL QUITE A WAY FROM OUR TWO DECADES OLD: 390,000 CONTRACTS LOW SET IN THE YEAR OF 2001 WITH TRADING FOR GOLD AT $260.00. THUS DURING EARLY APRIL WE HAD A PRESENT TIME LOW OI IN COMEX (354,531) BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. IN MAY: RECORD LOW OI OF 326,052 WITH A GOLD PRICE OF $4,460 THE SHORT RATS ARE ABANDONING THE COMEX SHIP, NOBODY WANT TO PLAY IN THIS CROOKED CASINO!!
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: ADDED 138 OI CONTRACTS //.
WE HAD A STRONG GAIN OF CONTRACTS ON OUR TWO EXCHANGES OF 4916CONTRACTS WITH THE GAIN IN PRICE OF $28.40
LAST 17 MONTHS OF GOLD DELIVERIES: (MAY 2025 THROUGH TO /AUGUST 2026)
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S SMALL 0.03 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER OF 0.0186 TONNES/NEW STANDING REDUCES TO 127.03 TONNES
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.000 TONNES/ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK 0F 0.0062 TONNES/NEW STANDING ADVANCES TO 40.824TONNES
AUGUST INITIAL STANDING 48.687 TONNES TO WHICH WE ADD OUR 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 XX CONTRACTS OR XXX OZ QUEUE JUMP (0.01866 TONNES) TO WHICH WE ADD OUR TWO, 2000 CONTRACT EXCHANGE FOR RISK FOR 200,000 OZ OR 6.2208 TONNES//// // NEW STANDING REMAINS AT 19.2308 TONNES..
OCT: INITIAL STANDING: 38.345 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 800 OZ (02488TONNES) TO WHICH WE ADD TO OUR 2ND EXCHANGE FOR RISK AT 1 CONTRACT TO OUR FIRST 836 CONTRACTS// NEW TOTALS(83,700 OZ//2.60346 TONNES)//STANDING THUS ADVANCES TO 44.6035TONNES./
E.F.P. ISSUANCE/FOR OPENING OCT GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUGE SIZED 5068 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 400,925 SURPASSING THE PREVIOUS ALL TIME LOW OF 326,052 SET JUNE 3 AND RISING FROM OUR PREVIOUS RECORD LOW//MAY 28.2026 WE HAVE THUS RECORD LOW COMEX OI WITH A HIGH PRICE OF GOLD
SILVER ALSO HAS AN ULTRA SMALL SIZED AND EXTREMELY LOW COMEX OI OF 115,674 CONTRACTS// STILL ABOVE FROM PREVIOUS ALL TIME LOWS SET DURING THE MONTH OF APRIL AND MAY FIRST.
IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS IN GOLD ON THE TWO EXCHANGES OF 4916 CONTRACTS WITH 188CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 5,068 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4916 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1265 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON .
GOLD PRICE GAINOF $28.40
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUGE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALSCONTRACT (5068) ACCOMPANYING THE SMALL LOSS IN COMEX OI OF 152 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES 4916CONTRACTS WITH THE GAIN IN PRICE.
WE HAVE 1) NOW REVERTED TO OUR FORMAT OF BANKER (FRBNY) GOING ON THE LONG SIDE AND HUGE NUMBERS OF NEWBIE SPECULATORS GOING TO THE SHORT SIDE LED BY THE NOSE BY OUR HIGH FREQUENCY TRADERS.. IT WAS OUR SHORT SPECULATORS THAT WILL BE BRUTALIZED WHEN OUR CENTRAL BANKS TENDER FOR PHYSICAL GOLD WITH THEIR NEWLY BOUGHT GOLD FROM THE SPECS THIS MORNING. THE SPECS WILL BE SCRAMBLING LOOKING FOR PHYSICAL GOLD TO DELIVER TO OUR LONG CENTRAL BANKS.
STANDING FOR THE LAST 10 MONTHS JANUARY TO OCT:
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.08 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 0 OZ QUEUE JUMP (0.0000TONNES) TO WHICH WE ADD OUR SECOND 1000 CONTRACT EXCHANGE FOR RISK TO OUR FIRST: THUS// NEW EXCHANGE FOR RISK: 6.2208 TONNES// NEW STANDING REMAINS AT 19.2308 TONNES.
OCT: INITIAL STANDING FOR GOLD: 38.345 TONNES FOLLOWED BY TODAY’S 800 OZ QUEUE JUMP (0.02488 TONNES)//19 CONTRACTS// TO WHICH WE ADD OUR SECOND EXCHANGE FOR RISK OF ONE CONTRACT TO OUR FIRST EXCHANGE FOR RISK AT 836 CONTRACTS/ NEW TOTAL/83,700 OZ OR 2.60345 TONNES// //STANDING THUS ADVANCES TO 44.6035 TONNES//
3)SOME T.A.S. LIQUIDATION IN THE COMEX SESSION/ MONAY// A HUGE GOVT LIQUIDATION // WITH A SMALL GAIN OF EQUITY SHARES/OCT 26 HAVING 1)A COMEX GOLD PRICE GAIN OF $20.40AND WE HAD 2) SPEC PILING HUGELY ON THE SHORT SIDE // /// +3. EASTERN CENTRAL BANKERS ALSO PILING INTO THE LONG SIDE. WE HAD A STRONG GAIN OF 4916 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STILL STAND FOR DELIVERY IN OCT (44.6035 TONNES). THE SHORT SPECS CONTINUED TO PILE INTO THE SHORT SIDE AND WERE SLAUGHTERED.//, CENTRAL BANKERS THE LONG SIDE AND THEY THEN TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A SMALL SIZED COMEX OI LOSS 5) V) A HUGE SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD(5068) AND 6. A FAIR T.A.S. ISSUANCE (1265) FOR RAID PURPOSES.!!!
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT :
TOTAL EFP CONTRACTS ISSUED:52,086CONTRACTS OR 5,208,600 OZOR 162.00TONNES IN 20 TRADING DAY(S) AND THUS AVERAGING:2474 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 20TRADING DAY(S) IN TONNES: 162.00 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 162.00TONNES DIVIDED BY 3550 x 100% TONNES= 4.56% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
YEAR 2026:
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
JUNE: 142.053 TONNES
JULY: 163.82 TONNES
AUGUST: 151.107 TONNES
SEPT: 99.458 TONNES
OCT: 162.00 TONNES
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ASIA TRADING CLOSING OCT 27
HANGHAI CLOSED DOWN 49.22 PTS OR 1.33%
HANG SENG CLOSED DOWN 222.81PTS OR 0.96%
Nikkei CLOSED UP 1104.75 PTS OR 1.79%
//Australia’s all ordinaries CLOSED UP 0.19%
//Chinese yuan (ONSHORE) CLOSED UDOWNAT 6.6684
/ OFFSHORE CLOSED DOWN AT 6.6682Oil UP TO 102.09 dollars per barrel for WTI and BRENT UP TO 116.38Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING 6.6684OFFSHORE YUAN TRADING DOWN TO 6.6682 ONSHORE YUAN TRADING BELOW LEVEL // OFF SHORE AND DOWN ON THE DOLLAR)// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMITS
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A STRONG 492 CONTRACTS TO AN OI OF 115,674
EFP ISSUANCE 70 CONTRACTS (HUGE)
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 70 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 492 CONTRACTSAND ADD TO THE 70 E.FP. ISSUED
WE OBTAIN A STRONG GAIN OF 562 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $0.25
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 2.810MILLION PAPER OZ
STANDING OCT AT 20.725 MILLION OZ
SILVER PRICE GAIN OF $0.25
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL 152 CONTRACTS TO 400,925 STILL WELL ABOVE ITS NEW LOW OF 326,052 OI SET JUNE 3/2026, CLOSE TO THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28/2026) 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 SOME T.A.S. LIQUIDATION DURING MONDAY’S COMEX TRADING HOURS// . 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 OCTOBER CONTRACT MONTH!!
WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES (4,916 CONTRACTS) OCCURRED WITH OUR GAIN IN PRICE IN GOLD (UP $28.40) WITH MONDAY’S TRADING!
WE THUS HAD A STRONG GAIN IN OI ON BOTH OF OUR EXCHANGES (4,916 CONTRACTS), WITH OUR GAIN IN PRICE, AS WE WERE INFORMED OF A HUGE SIZED CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE AGAIN TODAY, EQUATING TO 5068CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A ZERO CONTRACT FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0.00 TONNES OF GOLD. TOTAL THUS SO FAR THIS MONTH: 837 CONTRACTS//83,700 OZ OR 2.60342 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)
OCT: 2 SO FAR//837 CONTRACTS FOR 83700 OZ OR 2.60342 TONNES/TWO OCCASIONS
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO OCT:
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 141+ 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
OCT: 2 SO FAR// 837 CONTRACTS FOR 83,700 OZ OR 2.60342 TONNES
DETAILS ON OUR NEW OCT COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 4,916 CONTRACTS WITH OUR GAIN IN PRICE(UP $28.40 ). 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 THROUGH OCT. 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 1265 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)
OCT: 2 SO FAR//837 CONTRACTS FOR 83700 OZ OR 2.60342 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: LAST 12 MONTHS
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 TODAYS QUEUE JUMP OF 0 OZ OR 0.0000 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 19.2316 TONNES
OCT: INITIAL AMOUNT OF GOLD STANDING: 38.345 TONNES! FOLLOWED BY OCT 5;S FIRST EXCHANGE FOR RISK CONTRACT AT 836 CONTRACTS AND THEN OCT 20’S ISSUANCE OF ONE CONTRACT FOR 100 OZ: NEW TOTAL: (83,700 OZ OR 2.60342 TONNES)// TO WHICH WE ADD OUR NEXT SMALL 8 CONTRACT QUEUE JUMP FOR 800 OZ OR 0.0590 TONNES//THUS WITH THESE ADDITIONS, STANDING ADVANCES TO 44.6035 TONNES!!
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE 4 YEARS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE ( IT ROSE BY $28.40
WE HAD SOME T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// WITH OUR GAIN IN PRICE.
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING //TUESDAY 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 OURGAIN IN PRICE AT COMEX OF $28.40
WE HA D 33 CONTRACTS REMOVED // PRELIMINARY NUMBERS TO FINAL COMEX NUMBERS.
NET GAIN ON THE TWO EXCHANGES: 4916 CONTRACTS OR 491,600OZ (15.290TONNES)
Total monthly oz gold served (contracts) so far this month
13,485 notices 1,348,500 OZ
41.943 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
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DEPOSITS:CUSTOMER ACCT
ENTRIES: 1
1 ENTRIES
48,536.459 OZ
TOTAL DEPOSIT: 48,536.459 OZ
1.509 TONNES
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comex withdrawals
1 ENTRIES
i) Out of JPMORGAN 64,302.000 OZ 2000 KILOBARS
total withdrawal: 64,302.000oz
2.00 tonnes
adjustments: 1
CUSTOMER TO DEALER: JPMORGAN
10,023.380 OZ
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF OCT OI STANDS AT 24 CONTRACTS HAVING A LOSSOF 17 CONTRACTS.
MONDAY WE HAD A NORMAL DELIVERY OF 1,349,500 OZ ( 41.9751TONNES) OF GOLD STANDING FOR DELIVERY: TODAY: 1,3503,00OZ OR 41.9751 TONNES FOR A GAIN OF 800 OZ (0.02488TONNES) OR 8 CONTRACTS UNDERWENT A QUEUE JUMP WHERE THEY WILL TRY AND TAKE DELIVERY OVER ON THIS SIDE OF THE POND.
.
NOVEMBER GAINED 25 CONTRACTS FALLING TO 3521
DECEMBER, THE LARGEST DELIVERY MONTH IN THE CALENDAR, ITS OI FALLS BY 4945CONTRACTS DOWN TO 289,678
.
We had 6contracts filed for today representing 600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 6 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 6 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for OCT /2026. contract month, we take the total number of notices filed so far for the month (13,485) to which we add the difference between the open interest for the front month of OCT (24 CONTRACTS) minus the number of notices served upon today 6 x 100 oz per contract) equals 1,350,300 OZ OR(42.00 Tonnes of gold) to which we add our two exchange for risk in Oct totalling 837 contracts for 83,700 oz or 2.60346 tonnes. Thus Oct standing for gold reduces to 44.6035tonnes
THUS: INITIAL total number of gold ounces standing for OCT. /2026. contract month,we take the total number of notices filed so far for the month (13,485) to which we add the difference between the open interest for the front month of OCT(X24 contracts minus the number of notices served upon today 6x 100 oz per contract) equals 1,350,300 OZ OR(41.9751 Tonnes of gold) plus our first exchange for risk totalling 837 contracts//83700 oz//2.60346 tonnes//standing ADVANCES to 44.6035 tonnes
new total of gold standing in OCT becomes 44.6035TONNES//
TOTAL COMEX GOLD STANDING FOR OCT.: 44.5786 TONNES WHICH IS NOW VERY STRONG FOR THIS NON ACTIVE DELIVERY MONTH OF OCT./
MONDAY VOLUME: 158,464 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: 1,756,294.313 oz 54.62 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,756,294.313 tonnes oz 54.62 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 23,194,636.466oz//
TOTAL REGISTERED GOLD 14,823,840.444 tonnes (461.083tonnes)
TOTAL OF ALL ELIGIBLE GOLD 8,372,790.020oz.
REGISTERED GOLD THAT CAN BE SERVED UPON 13,067,546 oz ((REG GOLD- PLEDGED GOLD)=
40.464Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
OCT DELIVERY MONTH
OCT 27
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
1entries
JPMORGAN: 302,304.300
TOTAL WITHDDRAWAL: 302,304,300 OZ
Deposits to the Dealer Inventory
1ENTRY
I) into Stonex; 5059.880 oz
total deposit 5,059.880 oz
Deposits to the Customer Inventory
ENTRIES: 1
i) Into CNT 3,980.500 0z
total deposit 3,980.500 oz
No of oz served today (contracts)
101 CONTRACT(S) ( 505,000 OZ)
No of oz to be served (notices)
13 Contracts (0.065 MILLION oz)
Total monthly oz silver served (contracts)
3682 contracts 18.410 MILLIONoz
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
I) into Stonex; 5059.880 oz
total deposit 5,059.880 oz
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES:
i) Into CNT 3,980.500 0z
total deposit 3,980.500 oz
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withdrawals:
ONE ENTRY
JPMORGAN: 302,304.300
TOTAL WITHDDRAWAL: 302,304,300 OZ
adjustments : 0
TOTAL REGISTERED SILVER: 99.793 MILLION OZ//.TOTAL REG + ELIGIBLE. 337.203 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT
FRONT MONTH: SILVER OPEN INTEREST CONTRACTS: 114 FOR A GAIN OF 85 CONTRACTS . MONDAY WE HAD 17.975 MILLION OZ STAND: TODAY: 18.475MILLION OZ FOR A GAIN OF 500,000 OZ (100 CONTRACTS). THUS A 100 CONTRACT QUEUE JUMP//WHERE THEY WILL TRY AND TAKE DELIVERY ON THIS SIDE OF THE POND.
.
NOVEMBER LOST 20 CONTRACTS DOWN TO AN OI OF 1863
DECEMBER LOST 497 CONTRACTS UP TO AN OI OF 85,517
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 15 or 75,000 oz
CONFIRMED volume MONDAY; 42,747// strong/raid/
AND NOW OCT. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in OCT. we take the total number of notices filed for the month so far at 3682 X5,000 oz = 18.410 MILLION oz.
Then we take the difference between the front month of OCT. and the number of notices filed for today x 5000 to give us our standing
Thus the standings for silver for the OCT 2026 contract month: (3682)Notices served so far) x 5000 oz + OI for the front month of OCT (114) minus number of notices served upon today ( 101x 5000 oz) equals silver standing for the OCT .contract month equating to 18.475 MILLION OZ to which we add silver’s TWO exchange for risk for 450 contracts (2.25 million oz).. total standing RISES AT 20.725 million oz//. ( a very strong delivery month)
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 99.793 million oz of registered silver
JPMorgan as a percentage of total silver: 125.208/337.4.203million: 37.12%
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
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OCT 27/2026/WITH GOLD UP $38.30/HUGE CHANGES IN GOLD AT THE GLD. A WITHDRAWAL OF 0.65TONNES OF GOLD OUT OF THE GLD//// //:/INVENTORY RESTS AT 1040.80 TONNES
OCT 26//2026/WITH GOLD UP $28.40/HUGE CHANGES IN GOLD AT THE GLD. A MASSIVE WITHDRAWAL OF 16.17TONNES OF GOLD OUT OF THE GLD//// //:/INVENTORY RESTS AT 1041.45TONNES
OCT 23//2026/WITH GOLD DOWN $49.65 /HUGE CHANGES IN GOLD AT THE GLD. A WITHDRAWAL OF 2.56 TONNES OF GOLD OUT OF THE GLD//// //:/INVENTORY RESTS AT 1057.62 TONNES
OCT 22//2026/WITH GOLD DOWN $87.75 /HUGE CHANGES IN GOLD AT THE GLD. A DEPOSIT OF 1.14 TONNES OF GOLDINTO THE GLD//// //:/INVENTORY RESTS AT 1060.18 TONNES
OCT 21//2026/WITH GOLD UP $8.55 /NO CHANGES IN GOLD AT THE GLD.// //:/INVENTORY RESTS AT 1059.04 TONNES
OCT 20//2026/WITH GOLD DOWN $41.05 /NO CHANGES IN GOLD AT THE GLD. //:/INVENTORY RESTS AT 1059.04 TONNES
OCT 19//2026/WITH GOLD DOWN $19.65 /HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 5.13 TONNES OF 0.29 TONNES OF GOLD INTO THE GLD/. //:/INVENTORY RESTS AT 1059.04 TONNES
OCT 16//2026/WITH GOLD UP $60.50 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.29 TONNES OF GOLD FROM THE GLD/. //:/INVENTORY RESTS AT 1053.91 TONNES
OCT 15//2026/WITH GOLD UP $60.50 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.21 TONNES OF GOLD FROM THE GLD/. //:/INVENTORY RESTS AT 1054.20 TONNES
OCT 14//2026/WITH GOLD DOWN $66.25 /NO CHANGES IN GOLD AT THE GLD: //:/INVENTORY RESTS AT 1055.41 TONNES
OCT 13//2026/WITH GOLD DOWN $13.25 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF OF 2.281TONNES OF GOLD INTO THE THE GLD//: //:/INVENTORY RESTS AT 1055.411 TONNES
OCT 12//2026/WITH GOLD DOWN $24.20 /HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2TONNES OF GOLD OUT OF THE GLD//: //:/INVENTORY RESTS AT 1053.13 TONNES
OCT 9//2026/WITH GOLD UP $60.00 /HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.562 TONNES OF GOLD OUT OF THE GLD//: //:/INVENTORY RESTS AT 1055.411 TONNES
OCT 8//2026/WITH GOLD UP $16.85 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.703 TONNES OF GOLD INTO THE GLD//: //:/INVENTORY RESTS AT 1059.873 TONNES
OCT 7//2026/WITH GOLD DOWN $46.70 /NO CHANGES IN GOLD AT THE GLD:: //:/INVENTORY RESTS AT 1056.27 TONNES
OCT 6//2026/WITH GOLD UP $30.60 /HUGE CHANGES IN GOLD AT THE GLD:: A DEPOSIT OF 0.754 TONNES OF GOLD INTO THE GLD// //:/INVENTORY RESTS AT 1056.27 TONNES
OCT 5//2026/WITH GOLD DOWN $2.20 /HUGE CHANGES IN GOLD AT THE GLD:: A WITHDRAWAL OF 0.854 TONNES OF GOLD INTO THE GLD// //:/INVENTORY RESTS AT 1055.696 TONNES
OCT 2//2026/WITH GOLD DOWN $43.00 /HUGE CHANGES IN GOLD AT THE GLD:: A DEPOSIT OF 0.854 TONNES OF GOLD INTO THE GLD// //:/INVENTORY RESTS AT 1056.55 TONNES
OCT 1//2026/WITH GOLD UP $19.55 /HUGE CHANGES IN GOLD AT THE GLD:: A WITHDRAWAL OF 1.711 TONNES OF GOLD OUT OF THE GLD// //:/INVENTORY RESTS AT 1055.696 TONNES
SEPT 30//2026/WITH GOLD UP $7.80 /HUGE CHANGES IN GOLD AT THE GLD:: A DEPOSIT OF 2.847 TONNES OF GOLD INTO THE GLD// //:/INVENTORY RESTS AT 1057.407 TONNES
SEPT 29//2026/WITH GOLD UP $11.75 /NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1054.56 TONNES
SEPT 28//2026/WITH GOLD DOWN $150.20 /NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1054.56 TONNES
SEPT 25//2026/WITH GOLD DOWN $150.20 /NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1054.56 TONNES
SEPT 24//2026/WITH GOLD DOWN $18.70 /HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.43 TONNES OF GOLD INTO THE GLD://:/INVENTORY RESTS AT 1056.84 TONNES
SEPT 23//2026/WITH GOLD DOWN $58.00 /HUGE CHANGES IN GOLD AT THE GLD://:/INVENTORY RESTS AT 1055.41 TONNES
SEPT 22//2026/WITH GOLD DOWN $6.30 /HUGE CHANGES IN GOLD AT THE GLD://A DEPOSIT OF 0.31 TONNES OF GOLD INTO THE GLD/:/INVENTORY RESTS AT 1055.41 TONNES
SEPT 21//2026/WITH GOLD DOWN $41.20 /HUGE CHANGES IN GOLD AT THE GLD://A DEPOSIT OF 2.26 TONNES OF GOLD INTO THE GLD/:/INVENTORY RESTS AT 1055.10 TONNES
SEPT 18//2026/WITH GOLD UP $26.45 /HUGE CHANGES IN GOLD AT THE GLD://A DEPOSIT OF 0.85 TONNES OF GOLD INTO THE GLD/:/INVENTORY RESTS AT 1052.84 TONNES
SEPT 17//2026/WITH GOLD UP $14.05 /HUGE CHANGES IN GOLD AT THE GLD://A DEPOSIT OF 1.71 TONNES OF GOLD INOT THE GLD/:/INVENTORY RESTS AT 1051.99 TONNES
SEPT 16//2026/WITH GOLD UP $53.40 /HUGE CHANGES IN GOLD AT THE GLD://A DEPOSIT OF 2.86 TONNES OF GOLD INOT THE GLD/:/INVENTORY RESTS AT 1050.28 TONNES
SEPT 15//2026/WITH GOLD DOWN $19.45 /NO CHANGES IN GOLD AT THE GLD://A WITHDRAWAL OF 0.353 TONNES OF GOLD FROM THE GLD/:/INVENTORY RESTS AT 1047.420 TONNES
SEPT 14//2026/WITH GOLD DOWN $54.50 /SMALL CHANGES IN GOLD AT THE GLD://A WITHDRAWAL OF 0.353 TONNES OF GOLD FROM THE GLD/:/INVENTORY RESTS AT 1047.420 TONNES
SEPT 11//2026/WITH GOLD UP $1.05 /SMALL CHANGES IN GOLD AT THE GLD://A WITHDRAWAL OF 0.353 TONNES OF GOLD FROM THE GLD/:/INVENTORY RESTS AT 1050.277 TONNES
/
GLD INVENTORY: 1041.45TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
OCT 27 WITH SILVER UP $0.25: :NO CHANGES AT THE SLV:// // :INVENTORY RESTS AT 498.327 MILLION OZ
OCT 26 WITH SILVER UP $0.25: :SMALL CHANGES AT THE SLV:// A DEPOSIT OF 451,000 OZ OF SILLVER INTO THE SLV // :INVENTORY RESTS AT 498.327 MILLION OZ
OCT 23 WITH SILVER DOWN $0.94 : :NO CHANGES AT THE SLV:// // :INVENTORY RESTS AT 497.876 MILLION OZ
OCT 22 WITH SILVER DOWN $2.72 : : SMALL CHANGES AT THE SLV: A WITHDRAWAL OF 632,000 OZ INTO SLV// // :INVENTORY RESTS AT 497.876 MILLION OZ
OCT 21 WITH SILVER DOWN $0.28 : : STRONG CHANGES AT THE SLV: A DEPOSIT OF 858,000 OZ INTO SLV// // :INVENTORY RESTS AT 498.508 MILLION OZ
OCT 20 WITH SILVER UP $0.68 : :NO CHANGES A WITHDRAWAL OF 943,000 OZ INTO OUT OF SLV// // :INVENTORY RESTS AT 497.650 MILLION OZ
OCT 16 WITH SILVER UP $1.19 : :MEGA HUGE CHANGES A DEPOSIT OF 4.374 MILLION OZ INTO THE SLV// // :INVENTORY RESTS AT 498.593 MILLION OZ
OCT 15 WITH SILVER UP $1.19 : :SMALL CHANGES A DEPOSIT OF 406,000 OZ INTO THE SLV// // :INVENTORY RESTS AT 494.219 MILLION OZ
OCT 14 WITH SILVER DOWN $3.25 : :SMALL CHANGES A WITHDRAWAL OF 135,000 OZ OUT OF THE SLV// // :INVENTORY RESTS AT 493.948 MILLION OZ
OCT 13 WITH SILVER DOWN $0.97 : :HUGE CHANGES A DEPOSIT OF 722,000 OZ INTO THE SLV// // :INVENTORY RESTS AT 493.813 MILLION OZ
OCT 12 WITH SILVER DOWN $0.51 : :HUGE CHANGES A DEPOSIT OF 722,000 OZ INTO THE SLV// // :INVENTORY RESTS AT 493.948 MILLION OZ
OCT 9 WITH SILVER UP $0.62 : :SMALL CHANGES A DEPOSIT OF 948,000 OZ INTO THE SLV// // :INVENTORY RESTS AT 493.226 MILLION OZ
OCT 8 WITH SILVER DOWN $0.74 : :SMALL CHANGES IN INVENTORY AT THE SLV:A WITHDRAWAL OF 532,000 OZ FROM THE SLV// // :INVENTORY RESTS AT 492.278 MILLION OZ
OCT 7 WITH SILVER DOWN $1.36 : :SMALL CHANGES IN INVENTORY AT THE SLV:A WITHDRAWAL OF 451,000 OZ FROM THE SLV// // :INVENTORY RESTS AT 492.910 MILLION OZ
OCT 6 WITH SILVER UP $0.31 : :NO CHANGES IN INVENTORY AT THE SLV: // :INVENTORY RESTS AT 493.361 MILLION OZ
OCT 5 WITH SILVER UP $0.87 : :NO CHANGES IN INVENTORY AT THE SLV: // :INVENTORY RESTS AT 493.361 MILLION OZ
OCT 2 WITH SILVER DOWN $0.74 : :NO CHANGES IN INVENTORY AT THE SLV: // :INVENTORY RESTS AT 493.578 MILLION OZ
OCT 1 WITH SILVER UP $0.57 : :HUGE CHANGES IN INVENTORY AT THE SLV: A WITHDRAWAL OF 1.400 MILLION OZ OUT OF THE SLV// :INVENTORY RESTS AT 493.578 MILLION OZ
SEPT 30 WITH SILVER DOWN $0.55 : :HUGE CHANGES IN INVENTORY AT THE SLV: A DEPOSIT OF 994,000 OZ INTO THE SLV// :INVENTORY RESTS AT 494.978 MILLION OZ
SEPT 29 WITH SILVER DOWN $0.58 : :SMALL CHANGES IN INVENTORY AT THE SLV: A WITHDRAWAL OF 566,000 OZ FROM THE SLV// :INVENTORY RESTS AT 493.984 MILLION OZ
SEPT 28 WITH SILVER DOWN $2.91 : :SMALL CHANGES IN INVENTORY AT THE SLV: A DEPOSIT OF 0.542 MILLION OZ FROM THE SLV// :INVENTORY RESTS AT 494.436 MILLION OZ
SEPT 25 WITH SILVER DOWN $2.91 : :SMALL CHANGES IN INVENTORY AT THE SLV: A DEPOSIT OF 0.542 MILLION OZ FROM THE SLV// :INVENTORY RESTS AT 494.436 MILLION OZ
SEPT 24 WITH SILVER DOWN $0.96 : :HUGE CHANGES IN INVENTORY AT THE SLV: A WITHDRAWAL OF 0.813 MILLION OZ FROM THE SLV// :INVENTORY RESTS AT 493.533 MILLION OZ
SEPT 23 WITH SILVER UP $1.58 : :HUGE CHANGES IN INVENTORY AT THE SLV: A WITHDRAWAL OF 1.716 MILLION OZ FROM THE SLV// :INVENTORY RESTS AT 494.346 MILLION OZ
SEPT 22 WITH SILVER UP $0.10 : :NO CHANGES IN INVENTORY AT THE SLV: :INVENTORY RESTS AT 496.062 MILLION OZ
SEPT 21 WITH SILVER UP $1.04 : :HUGE CHANGES IN INVENTORY AT THE SLV: :INVENTORY RESTS AT 489.558 MILLION OZ
SEPT 18 WITH SILVER UP $1.04 : :NO CHANGES IN INVENTORY AT THE SLV: :INVENTORY RESTS AT 489.558 MILLION OZ
SEPT 17 WITH SILVER UP $1.10 : :HUGE CHANGES IN INVENTORY AT THE SLV: A WITHDRAWAL OF 1.265 MILLION OZ FROM THE SLV/ :INVENTORY RESTS AT 489.558 MILLION OZ
SEPT 16 WITH SILVER UP $0.95 : :HUGE CHANGES IN INVENTORY AT THE SLV: A WITHDRAWAL OF 813,000 OZ FROM THE SLV/ :INVENTORY RESTS AT 490.823 MILLION OZ
SEPT 15 WITH SILVER DOWN $0.16 : :HUGE CHANGES IN INVENTORY AT THE SLV: A WITHDRAWAL OF 813,000 OZ FROM THE SLV/ :INVENTORY RESTS AT 491.636 MILLION OZ
SEPT 14 WITH SILVER DOWN $0.91 : :NO CHANGES IN INVENTORY AT THE SLV:/ :INVENTORY RESTS AT 492.449 MILLION OZ
SEPT 11 WITH SILVER DOWN $3.50 : :NO CHANGES IN INVENTORY AT THE SLV:/ :INVENTORY RESTS AT 492.449 MILLION OZ
CLOSING INVENTORY 498.327MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF//JOHN RUBINO//RAVEN
JOHN RUBINO
ALASDAIR MACLEOD…
. CHRIS POWELL AND HIS GATA DISPATCHES
END
4. ANDREW MAGUIRE//KINESIS LIVE FROM THE VAULT/295
END
5. COMMODITY REPORT //HELIUM
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 49.22 PTS OR 1.33%
HANG SENG CLOSED DOWN 222.81PTS OR 0.96%
Nikkei CLOSED UP 1104.75 PTS OR 1.79%
//Australia’s all ordinaries CLOSED UP 0.19%
//Chinese yuan (ONSHORE) CLOSED UDOWNAT 6.6684
/ OFFSHORE CLOSED DOWN AT 6.6682Oil UP TO 102.09 dollars per barrel for WTI and BRENT UP TO 116.38Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING 6.6684OFFSHORE YUAN TRADING DOWN TO 6.6682 ONSHORE YUAN TRADING BELOW LEVEL // OFF SHORE AND DOWN ON THE DOLLAR)// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ONSHORE YUAN: CLOSED DOWN TO 6.6684
OFFSHORE YUAN: DOWN TO 6.6682
1A.HANG SANG CLOSED DOWN 222.81PTS OR 0.96%
1 B. SHANGHAI CLOSED DOWN 49.22 PTS OR 1.33%
2. Nikkei closed UP 1104.35PTS OR 1.79%
WEST TEXAS INTERMEDIATE OIL UP TO 102.09
BRENT; 116.38
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP 19 BASIS PTS TO 101.98// EURO FALLS TO 1.1164 DOWN 9 BASIS PTS
3b Japan 10 YR bond yield:FALLS TO. +2.797 UP 0 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 157.49… 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: 3.822 UP 1 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN //CHINESE ONSHORE YUAN: DOWN (6.6684) AND OFFSHORE: DOWN AT 6.6682
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 UPfor WTI and UP for Brent this morning
3h European bond buying continues to push yieldsLOWER on all fronts in the EU German 10yr bund YIELD DOWN TO +3.3235Italian 10 Yr bond yield DOWN AT 4.505/ SPAIN 10 YR BOND YIELD DOWN TO 4.0020%
3i Greek 10 year bond yield DOWN TO 4.3300%
3j Gold at $4028.00.00 /Silver at: 53.77 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 1 AND 8/ 100 roubles/80.81
3m oil (WTI) into the 102 dollar handle for WTI and 116handle 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 157.83// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.790% DOWN 0 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 3.832 UP 1 PTS..: USA/SF this 0.8277 as the Swiss Franc . Euro vs SF: 0.9239
USA 10 YR BOND YIELD: 4.9860 UP 0 BASIS PTS…NOW BELOW 5.00%
USA 30 YR BOND YIELD: 5.2980 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 4.712UP 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 49.769UP 3 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 5.3466 DOWN 1 PTS
30 YR UK BOND YIELD: 5.7457 DOWN 1 BASIS PTS
10 YEAR FRENCH BOND YIELD; 4.9260 //UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.8320 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 3.5750 DOWN 0BASIS PTS.
1a New York Opening report
Futures Rise, Oil Slides As Iran’s Supreme Leader Talks Peace And Shrugs Off Ras Tanura Attack
Tuesday, Oct 27, 2026 – 08:25 AM
US futures are higher as hopes for a diplomatic end to the Iran war got a fresh boost after Monday’s Mecca Pact talks in Tehran, with Supreme Leader Mojtaba Khamenei calling for pursuing the conditions set out by Iranian officials to end the war and an Iranian ambassador floating a seven-day plan to reopen Hormuz, which more than offset a Houthi missile attack on Saudi Arabia’s Ras Tanura refinery; as a result oil slid and Treasuries rallied, with the 10Y yield slipping to 4.97% ahead of today’s $70BN 5Y auction. As of 8:15am ET, S&P futures are 0.4% higher while Nasdaq futures gain 0.7% and Dow futures rise 0.3%, having spent most of the overnight session flat as the Anthropic IPO euphoria which sparked Monday’s tech-led rally (S&P +0.70%, Nasdaq +0.82%) faded just as the bills for AI resume getting bigger: Meta upsized its equity raise to $25BN in common stock (part of a package of up to $97.5BN) while Broadcom arranged a $63BN deal to finance chips for Anthropic. In premarket trading, Tesla leads the Mag 7 while Microsoft lags; memory names are the standout (JPM’s DRAM basket +2.1%), Broadcom gains 2.4% on a D.A. Davidson upgrade tied to Anthropic, UPS rises 2% after raising guidance and Whirlpool slides 7.9% after its third guidance cut of the year. The day’s driver is Iran (again): oil, which jumped in early European trading on the Ras Tanura reports, reversed lower once the Khamenei headlines hit, with WTI down about 1% near session lows after trading in a $100.60-102.82 range. Treasuries are 2-3bps richer in the front end and belly, steepening the curve, while bunds and gilts outperform; French OATs underperform, with the OAT-Bund spread back above 160bps after French consumer confidence crashed to the lowest since 2013. The Bloomberg Dollar Spot index halved its earlier 0.2% gain as oil dropped, though EUR/USD still hit a two-week low around 1.1143. Gold is back below $4,000 (-0.5%), silver drops 1.5% and copper is up 0.9%; bitcoin slipped under $80,000. US economic data slate includes ADP weekly employment (8:15am), durable goods (8:30am), FHFA and Case-Shiller house prices (9am), Conference Board consumer confidence, Richmond Fed manufacturing and new home sales (10am) and Dallas Fed services (10:30am). The Fed is in its pre-FOMC blackout, so there are no Fed speakers; there are $54BN 52-week and $95BN 6-week bill sales at 11:30am and the $70BN 5Y note auction at 1pm.
In premarket trading, Tesla is leading gains among Magnificent Seven stocks as the electric-car maker is on track to outperform the cohort for a second consecutive session: Tesla (TSLA) +1.1%, Nvidia (NVDA) +0.6%, Alphabet (GOOGL) +0.4%, Amazon (AMZN) +0.3%, Apple (AAPL) -0.3%, Meta Platforms (META) -0.4%, Microsoft (MSFT) -0.6%
Amkor Technology (AMKR) gains 3.7% after the semiconductor manufacturing company’s results were seen as positive on several metrics, including gross margins.
Broadcom Inc. (AVGO) rises 2.4% after D.A. Davidson upgraded the chipmaker to buy from neutral, seeing potential upside related to Anthropic.
Cadence Design Systems (CDNS) is up 2.1% after the maker of electronic design automation software raised its full-year forecast and reported third-quarter results that beat expectations.
Hilton Worldwide (HLT) falls 4.8% after the hotel operator gave a forecast for adjusted earnings per share for the fourth quarter that fell short of the average analyst estimate.
JetBlue (JBLU) rallies 7.2% after the carrier reiterated its expectation to deliver at least $1 in earnings per share and positive free cash flow in 2028. The shares closed Monday at a record low as the airline grapples with cash burn and elevated oil prices.
MidCap Financial Investment (MFIC) jumps 20% after Ares Capital agreed to acquire it in a stock-and-cash deal with total enterprise value of ~$2.6b, paying $10.88 per fully diluted MFIC share. Ares Capital (ARCC) falls 1.9%.
Moderna (MRNA) falls 3.2% after William Blair downgraded the drugmaker to market perform from outperform, citing valuation concerns, following a run-up in the stock.
UPS (UPS) gains 2% after the courier raised its financial guidance for the year, suggesting it expects to benefit from high prices and resilient demand through the holiday season.
Whirlpool Corp. (WHR) slides 7.9% after the appliance maker cut its revenue forecast for the full year to below Wall Street’s consensus.
In other corporate news, the AI funding frenzy rolls on: Meta upsized its common stock offering to $25 billion from $22.5 billion, with Nvidia planning a $3 billion investment in the raise (because nothing says organic demand like your chip supplier buying your stock,as we discussed yesterday), while Broadcom arranged a $63 billion deal to finance the purchase of chips for Anthropic and Goldman and Morgan Stanley scored the top roles on Anthropic’s upcoming IPO. PIMCO bought a $4 billion slice of a huge SpaceX financing deal, Microsoft is offering buyouts to about 60,000 workers (as reported yesterday) and BNY Mellon said it is stepping up efforts to monitor AI token costs. Elsewhere, Universal Music discussed going private with buyout firms, Ares Capital is buying MidCap Financial, La Caisse is buying a stake in BCE’s tower unit for C$2.45 billion and Investcorp is buying into a Saudi fire-safety firm. On the earnings front, Coca-Cola posted comparable EPS of 91c vs. 88c expected, PayPal raised its FY adjusted EPS forecast to about $5.60 from about $5.38, Boeing’s adjusted free cash flow of $464 million topped the $325.1 million estimate, and UPS beat with adjusted EPS of $1.69.
Monday’s jolt higher in tech stocks after Anthropic’s IPO filing is having limited follow-through, with investors once again questioning the sustainability of AI demand just as companies issue ever-bigger bills to fund it. The SOX has suffered a peak-to-trough drawdown of more than 25% relative to the S&P 500 this year, rivaling some of the worst selloffs in recent history, and the next inflection point will likely come from megacap earnings, with Alphabet and Microsoft on deck Wednesday (just hours after the Fed), followed by Amazon on Thursday. In the meantime, Anthropic’s S-1 remains the gift that keeps on giving for the circular-deal crowd.
Drawdown in chip stocks rivals the 2008-era selloff: SOX performance relative to the S&P 500 is among the worst in recent history.
Meanwhile, the gyrations in tech are overshadowing gains in everything else: S&P 500 companies are on track for a 26% jump in quarterly profits, beating the 25% expected, and a basket of S&P 500 stocks excluding AI is up 6% in October, heading for its best month in nearly three years. So far about 26% of the S&P’s market cap has reported, with about 80% beating earnings estimates.
“There’s nothing approaching a full-scale return to risk-on, and nobody has strong incentives to be a hero ahead of a big week and at this time of the year,” said Andrew Tyler, the head of global market intelligence at JPMorgan.
“Most emerging market countries have maintained greater fiscal discipline, so I would not expect Brazil’s turmoil to trigger a broader EM sell-off,” said Rajeev de Mello, global macro portfolio manager at Gama Asset Management. “Fiscal credibility will become an increasingly important differentiator across emerging markets.”
Tyler’s team remains “Tactically Bullish”, arguing that Monday was important in re-establishing the AI theme and that if Oracle’s investor day and the megacap prints (Amazon, Google, Intel, Microsoft) are viewed as bullish, it would create additional momentum into the widely expected post-midterm positive seasonal period and year-end rally. JPM’s Bram notes that ETF investors aggressively bought the semis dip again, with semiconductor ETFs logging a record ~$12.7BN of inflows (SOXX +$6.5BN, SOXL +$2.8BN, SMH +$2.6BN), while CTAs likely sold US and Japan equities as short-term signals turned negative. On the Fed, JPM’s Mike Feroli expects a hold with two hawkish dissents from Hammack and Logan, and quips that Chair Warsh will have to explain why the committee hiked after a two-tenths core PCE print in September but is now holding after an expected three-tenths outturn.
Over at Goldman, Rich Privorotsky observes that “the market struggles to go down, even if people remain reluctant to add risk” but warns that “credit is the one to worry about. Still flashing yellow to red relative to equities.” Goldman’s Ariana Contessa sees “still little signs of offense being played across AI / Tech”, with recent bounces mostly driven by a cessation of high-velocity supply, while Robert Quinn flags that non-dealer net length in Nasdaq futures is at a record after $21.8BN of buying since Sept 29, cautioning that “if announcements from Amazon, Microsoft and Alphabet fail to impress, meaningful futures selling could ensue.” And for those still obsessing over oil, Goldman’s Emma Wade has news: “Tech, not oil, is now driving cross-asset risk.” Citi’s positioning team, meanwhile, says de-risking dominates global futures, with S&P 500 futures adding $11.3 billion of new shorts last week.
Elsewhere, the US may extend a pause on charges for Chinese-linked ships calling at American ports by two months as the two sides iron out broader trade issues, and Trump is set to unveil a plan to dial back federal methane emission requirements for oil and gas operations, part of his push to lower energy costs ahead of the midterms. In Canada, Reuters reports a deal may be forthcoming that eases US tariffs on Canadian autos and steel.
In France, the bond selloff resumed: consumer confidence plunged to 80, the lowest since June 2013 and well below the 85 expected, as households grapple with the bond rout and violent protests, and the OAT-Bund spread widened back above 160bps, erasing roughly half of Monday’s Moody’s-driven tightening.
In Europe, the Stoxx 600 is down 0.1% at 639.87 with 306 members down and 279 up, falling for a third day in four as disappointing earnings from benchmark heavyweight HSBC dragged down banks and pushed the FTSE 100 down about 0.8%. Personal care and autos lag (Mercedes cut its guidance after a slump in China sales, joining VW and BMW), while tech and basic resources outperform. JPM notes semis, power and Ukraine-ceasefire baskets are among the top performers, with China-exposed, diesel and tariff baskets the worst. Here are the biggest European movers:
BE Semi shares advance as much as 10%, the most since March, after Applied Materials boosted its stake in the Dutch chip-equipment maker to about 20%.
Ferrovial shares jump as much as 11%, the most in almost six years, after the company said the US I-24 project concession awarded to the consortium it leads is valued at $21 billion.
SIG Group shares rise as much as 14%, marking a record gain, after the packaging company beat expectations in the third quarter while also raising its margin goal for the year and over the medium-term.
UMG shares gain as much as 6.2% after Bloomberg reported that the world’s largest record company has discussed going private with a few prominent Wall Street firms.
Porsche AG shares rise as much as 4.2%, after profitability held up despite another sharp decline in vehicle sales. JPMorgan says the earnings underscore improving momentum for the carmaker in a difficult market environment.
Novartis shares advance as much as 2.5% after the drugmaker’s third-quarter earnings beat estimates. Analysts note raised outlook for profits and a beat for Cosentyx, the firm’s treatment for chronic inflammatory and autoimmune conditions.
HSBC shares decline as much as 7.1% in London, making the stock the worst performer Tuesday on the Stoxx 600 Banks Index, after the lender’s 3Q revenue fell short of expectations.
Wartsila shares drop as much as 8.8%, the most in a year, as Citi says the Finnish engineering company’s medium-term margin targets appear “somewhat light” compared to analyst expectations.
Reckitt Benckiser shares fall as much as 7.9% after cutting its Core Reckitt like-for-like sales forecast for the full year. The home products retailer also missed on sales, which analysts said was driven by an issue with Lysol manufacturing.
Beiersdorf shares decline as much as 4.5%, the most since early August, after weakness at adhesives unit Tesa overshadowed a better-than-expected performance in the consumer business that includes Nivea.
Mercedes-Benz shares drop as much as 5.5%, the most in over a year, after the luxury carmaker cut its profit guidance after sales in China declined. The group joins peers Volkswagen and BMW in downgrading outlook.
EMS-Chemie shares fall as much as 4.5% after the stock was downgraded to underperform from neutral at Oddo, with analysts saying it’s trading at a level unsupported by earnings revision potential.
Asian stocks advanced, led by South Korean chipmakers, as Anthropic’s IPO filing revived enthusiasm for the AI trade. The MSCI Asia Pacific Index rose as much as 1.1%, with Samsung Electronics and SK Hynix among the biggest gainers. The Kospi jumped 3.1% (up as much as 4.9%, triggering a sidecar) after Q3 GDP beat at +1.0% q/q vs 0.7% expected, the Nikkei gained 1.7% to 63,268 with SoftBank among the leaders thanks to its Anthropic stake, and the ASX rose 0.5%. Hong Kong and mainland China lagged, with the Hang Seng down 0.7% (HSBC slid in Hong Kong after its profit miss) and the CSI 300 down 1.3%, despite China’s industrial profits accelerating to +14.4% in September and a PBOC liquidity injection of more than CNY 1.4 trillion. Goldman’s Privorotsky notes Hynix +5% and Samsung +4%, while in Japan the BoJ’s gauge of underlying inflation jumped to 3.2%, the highest in three years, ahead of Friday’s BoJ decision.
In FX, the Bloomberg Dollar Spot Index is up for a third day but halved its 0.2% advance as oil dropped; the DXY sits at the upper end of a 101.99-102.29 range. EUR/USD fell to a two-week low around 1.1143, about 30 pips from its year-to-date low, as French jitters returned. USD/JPY is little changed near 157.75 after Japan’s FinMin Katayama said the government will respond to FX moves “with a sense of urgency”, while GBP/USD is a touch softer near 1.3325 ahead of Wednesday’s UK Budget. The kiwi leads G10 after the NZIER shadow board recommended an RBNZ rate hike this week.
In rates, Treasuries log small gains, trailing steeper ones for core European bonds, as oil prices dip following the report that Iran’s Supreme Leader discussed aims of ending the war. Front-end and belly yields are 2-3bps richer with the long end lagging slightly, steepening 2s10s and 5s30s by more than 1bp; the 10Y is around 4.97%, near the session low, with bunds and gilts in the sector outperforming by 1.5bps (gilts got an extra lift from reports that Chancellor Healey will raise the minimum wage by nearly 4%, mechanically boosting his Budget headroom). French OATs gave back about half of Monday’s post-Moody’s rally. The auction cycle continues with $70BN of 5Y notes at 1pm ET following Monday’s 2Y sale; the WI 5Y yield around 4.805% is about 23bps richer than last month’s auction, which tailed by 3.1bps (and after yesterday’s tailing 2Y, the bar is not exactly high). The IG dollar slate includes three names so far after Procter & Gamble headlined $17.05BN of issuance Monday. Traders price just a 12% chance of a Fed hike Wednesday and a 90% chance of a 25bp hike in December.
In commodities, crude dipped in Asia, spiked as Europe walked in on reports that missiles targeted Saudi Arabia’s 550k bpd Ras Tanura refinery (Saudi Arabia later said it contained the fire), then reversed lower on the Khamenei headlines; WTI Dec traded in a $100.60-102.82 range and Brent Jan in a $109.53-111.91 range. Sources say OPEC+ is expected to keep December production targets unchanged at Sunday’s meeting, while Energy Transfer declared force majeure at its Nederland LPG terminal. Dutch TTF is down about 1.6%. Spot gold slipped back below $4,000/oz and silver is down about 1.4%, while copper is up about 0.9%.
US economic data slate includes ADP weekly employment (8:15am), September durable goods (8:30am), August FHFA house prices and Case-Shiller (9am), October Conference Board consumer confidence, Richmond Fed manufacturing and September new home sales (10am) and Dallas Fed services activity (10:30am). The Fed is in blackout ahead of Wednesday’s FOMC decision. On the corporate calendar, Visa, Robinhood, Seagate, Teradyne and Waste Management report after the close, and Oracle’s AI World tour runs through Wednesday.
Market Snapshot
Top Overnight News
Mojtaba Khamenei called for pursuing the conditions set out by Iranian officials with the aim of ending the war during a meeting with Iran’s Supreme National Security Council Secretary Mohsen Rezaee; the meeting also covered Iran’s management of the Strait of Hormuz. BBG
Iran’s ambassador to South Korea said Iran has proposed a seven-day plan to the US, under which the Strait of Hormuz would reopen on the sixth day if Washington accepts the conditions, with negotiations beginning on the seventh. Newsquawk
China will send special envoys to the Middle East, adding to efforts to defuse tensions and prevent the resumption of US-Israeli strikes against Iran. BBG
Saudi Arabia contained a fire near its Ras Tanura oil hub after an attack; the Houthis claimed they targeted the refinery. BBG
Iran said it will take legal action against Sinokor vessels in the Strait of Hormuz. BBG
Israelis are voting in their first election since the 2023 Hamas attack, with Benjamin Netanyahu seeking another term in a razor-thin race against an opposition led by former military chief Gadi Eisenkot. BBG
China’s industrial profits grew at their strongest pace last month since June, as a boom in manufacturing tied to artificial intelligence offset drag from persistently weak domestic demand. CNBC
South Korea’s economy grew faster than expected in the third quarter as an artificial intelligence-fueled chip boom powered exports and investment, but a contraction in consumption underscored an increasingly uneven expansion that may complicate the trajectory for further interest-rate hikes. BBG
The BoJ’s gauge of underlying inflation surged to the highest in three years, well above the bank’s 2% target. Consumer prices excluding fresh food and special factors rose 3.2% in September from a year earlier, with the pace quickening from 2.6% in the previous month. BBG
French consumer confidence plunged to a 13-year low in October as households grappled with a bond selloff and violent protests. Respondents became more worried about finances, living standards and unemployment. BBG
Flávio Bolsonaro dropped his challenge to Brazil’s election result as his party conceded defeat. Attention now turns to how Lula da Silva will govern as fiscal strains mount and investors question whether he’ll rein in spending. BBG
Private-equity firms are scrambling to avoid big losses from a potential wave of defaults by the companies they own. Fund managers are racing to negotiate loan extensions on much of a $300 billion wall of debt that is coming due starting in 2028. It is a pressing need that is intensifying because rising interest rates have made refinancing more expensive this year. WSJ
The United States and Canada are working on a deal to ease US tariffs on Canadian steel and autos, two US and four Canadian sources said, as the two governments try to repair relations that soured after trade talks broke down in August. RTRS
Meta’s common stock offering was upsized to $25 billion from $22.5 billion, while Broadcom arranged a $63 billion deal to finance the purchase of chips for Anthropic. BBG
The US plans a two-month extension to its shipping-fee truce with China, pausing charges on Chinese-linked ships calling at American ports. BBG
Trump is set to unveil a plan to dial back federal requirements designed to slash methane emissions from oil and gas operations. BBG
The ECB’s bank lending survey showed banks tightened credit conditions and saw loan demand fall, while ECB MRO funding rose to €27 billion, the highest since 2017. BBG
US President Trump posted “The Trump Administration is proud to announce a 250 MILLION DOLLAR PLUS initiative to RECRUIT and RETAIN Nurses for Nursing Homes!”
US appeals court denied the Trump administration’s request to stop California from counting mail ballots from alleged non-citizens.
Goldman’s Jan Hatzius says the firm’s strongest global view is that central banks will deliver fewer hikes than currently priced, with energy the most immediate downside growth risk. GIR
JPM’s Feroli expects the Fed to hold this week with hawkish dissents from Hammack and Logan, and sees a risk that Kashkari also dissents. JPM
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were ultimately mixed, but with strength seen in tech stocks following the outperformance in the sector stateside as it recovered from the recent AI-led sell-off and with Anthropic filing for an IPO. ASX 200 clawed back initial losses with the index led higher by the commodity-related sectors, but with gains capped as defensives and consumer stocks lagged. Nikkei 225 was underpinned by the tech-related momentum, with SoftBank among the biggest gainers owing to its stake in Anthropic and as it explores AI and digital infrastructure opportunities in Malaysia. KOSPI outperformed and triggered a sidecar amid the tech strength and stronger-than-expected GDP. Hang Seng and Shanghai Comp lagged despite the PBoC’s liquidity boost, with today’s open market operations totalling more than CNY 1.4tln, while continued double-digit percentage growth in YTD Industrial Profits also failed to inspire, as participants await earnings releases and with HSBC shares pressured after its results missed expectations. In addition, trade frictions lingered as the EU plans to impose import restrictions on Chinese chemicals and furniture.
Top Asian News
Japanese government expert panel discussed revision to three security-related documents, Kyodo reported citing sources, adding that “tax increases should not be ruled out as an option if necessary.”
European bourses are broadly lower, with the FTSE 100 (-0.9%) the laggard following disappointing HSBC earnings (see more below). In terms of a broader driver, newsflow has been light. Overnight, tech stocks continued to rebound from the recent AI-led sell-off, with Anthropic filing for an IPO. Sectors lack a clear bias. Basic Resources top the sector pile, with Tech and Construction closely behind. Optimised Personal Care is the sector underperformer, followed by Autos as Mercedes cut its FY26 guidance, which is weighing on its peers. Key movers include: HSBC -6.9%, PBT and revenue miss estimates; Novartis +1.1%, adj. operating income and EPS beat while lifting its FY26 operating income guidance; BE Semi +8.8%, as Applied Materials plans to raise its stake to 20% (currently 9%); Ferrovial +8.7%, reportedly looking to find a JV partner to finance its data centre campus. US equity futures are mixed, with the NQ underperforming despite a tech rebound overnight. Nvidia and Meta are flat pre-market, as the former plans a USD 3bln investment in Meta’s equity offering. Elsewhere, Cadence Design Systems (+3.1%) is higher pre-market after a Q3 beat and guidance upgrade.
Top European News
UK Chancellor Healey unveiled five everyday fixes to ease household costs, support working families and end the Carer’s Allowance cliff edge ahead of Wednesday’s Budget, according to the government.
The European Commission is reportedly exploring using revenues from a global corporate tax agreement targeting large multinationals to fund the EU’s next seven-year budget, Politico reported citing sources.
French Finance Minister Lescure said France must appease protesters without extra spending and that the government can come up with creative solutions without widening the budget deficit, according to the FT.
FX
DXY extended Monday’s gains and sits at the upper end of a 101.99 to 102.29 range, comfortably above its 100-DMA (100.60) and 200-DMA (99.59). Currency-specific newsflow has been light, as participants await this week’s slew of risk events, including the FOMC, BoJ and ECB meetings, the UK Budget, US PCE and three Mag-7 earnings reports; ING wrote that higher energy prices and a hawkish Fed can keep the Dollar supported this week, barring clearly underwhelming results from the likes of Alphabet and Microsoft. Today’s US docket includes Durable Goods, Richmond Fed and Dallas Fed Services, while the Israeli election is also in focus, with exit polls due at 20:00GMT/16:00EDT.
EUR/USD has extended beneath Monday’s 1.1173 trough, and currently holds at the bottom end of a 1.1135 to 1.1177 range, largely moving in tandem with the USD; the pair sits well below its 100-DMA (1.1559) and 200-DMA (1.1632). Options today reside at 1.1175 (EUR 834mln) and 1.1200 (EUR 721mln).
USD/JPY is incrementally firmer, and holds at the upper end of a 157.42 to 157.89 range, just beneath the 200-DMA at 158.52. Some focus could fall on today’s NY cut (in the absence of macro impulses), which sees a cluster of expiries, most notably at 157.85 (USD 2.1bln), alongside 157.75 (USD 1bln) and 158.00 (USD 1.5bln). On the verbal intervention front, Japan’s FinMin Katayama said the government will respond to FX trade damage with a sense of urgency, while former BoJ Governor Kuroda said the BoJ will likely consider raising rates at each upcoming meeting; overnight, BoJ Core CPI rose to 3.2% (prev. 2.6%), ahead of Friday’s BoJ decision.
GBP/USD is a touch softer and trades in a 1.3307 to 1.3349 range, holding just beneath its 100-DMA (1.3386) and 200-DMA (1.3429) ahead of tomorrow’s Autumn Budget. The BRC Shop Price Inflation report ticked higher (2.1% vs exp. 1.6%), while The Times reported that Chancellor Healey will announce plans to raise the minimum wage by nearly 4%, but slow the rise for young people. Options see GBP 800mln rolling off 1.3300.
The Antipodeans outperform, with the NZD higher as the NZIER Shadow Board also recommends a hike, with the RBNZ also expected to hike rates overnight. Australian CPI is also due on Wednesday.
Central Banks
New Zealand NZIER Shadow Board recommended the RBNZ raise the cash rate this week.
Fixed Income
An initial modestly firmer bias gave way to relatively flat performance, but with a negative skew from the renewed, but brief, upside in Brent and WTI. More recently, that upside has waned, with fixed benchmarks now picking up a touch, taking USTs into the green by a few ticks.
The US day is mainly counting down to the FOMC on Wednesday. That aside, the Israeli election is of potential note (exit poll due at 20:00GMT), in case it results in an approach-change to the Middle East conflict.
Bunds in-fitting with USTs, but with some very modest outperformance, as while the upside in the global energy benchmarks has weighed, Dutch TTF has pulled back slightly from the marked upside on Monday, providing some relative relief. At the time of writing, Bunds hold above the 122.00 handle in 121.96 to 122.23 parameters.
OATs take a bit of a breather from the rally on Monday, currently lower by about 30 ticks vs upside of around 80 ticks overall that session. As such, the OAT-Bund 10yr yield spread is around 7bps wider, erasing roughly half of the tightening on Monday post-Moody’s.
Finally, Gilts opened with gains of 13 ticks, before climbing another 31 to an 85.43 peak. Upside driven by the minimum wage reporting being digested, a lift that mechanically provides Chancellor Healey with a significant headroom win. Since, as energy picked up across the morning, this strength has waned somewhat.
UK sells GBP 4.5bln 4.625% 2032 Gilt: b/c 3.51x (prev. 3.07x), average yield 5.026% (prev. 4.84%), tail 0.3bps (prev. 0.4bps).
Australia sells AUD 1.0bln in 4.75% October 2037 Bonds: b/c 3.12x, avg. yield 5.2051%.
Commodities
Crude benchmarks dipped in the APAC session amid a lack of major geopolitical escalation, but climbed as Europe stepped in, before paring some of that upside to currently sit in the upper half of today’s ranges but modestly lower on a percentage change. WTI Dec’26 trades within a USD 100.60-102.82/bbl range, and Brent Jan’27 within a USD 109.53-111.91/bbl range; both remain within Monday’s parameters (WTI: USD 100.33-103.13/bbl; Brent: USD 109.22-112.20/bbl).
The move higher came after Iranian state media IRIB, citing Arab media, reported that Saudi Arabia’s Ras Tanura refinery (550k BPD) was targeted by missiles; reports later suggested the fire was contained. More recently, Saudi Civil Defence issued an emergency alert in Najran, while the Houthis claimed an attack on Abha and Khamis Mushait, with explosions reportedly heard in both cities and at Khamis Mushait Air Base; Saudi Civil Defence has since said the danger has passed. Elsewhere, sources said OPEC+ is expected to maintain December oil production targets at Sunday’s meeting.
Dutch TTF is lower by c. 1.6%, within a EUR 94.85-96.70/MWh range. Iranian President Pezeshkian met Qatar’s Emir at the GECF summit in Moscow, where they discussed expanding energy cooperation, while Press TV reported that Iran, Russia and Azerbaijan are discussing a gas swap agreement.
Spot gold slipped back beneath the USD 4k/oz mark in the European morning, and sits towards the bottom end of a USD 3,989-4,026/oz range alongside the firmer Dollar, well beneath its 100-DMA (USD 4,218/oz) and 200-DMA (USD 4,504/oz). Spot silver is lower by c. 1.4% within a USD 52.67-54.23/oz range.
Copper is firmer, with CME copper futures up c. 0.9% and at the top of a USD 6.54-6.60/lb range, having edged higher overnight alongside the tech-related momentum in stocks. 3M LME copper trades in a USD 14,322.18-14,446.72/t range.
US President Trump is to ease oil well methane curbs in a bid to lower costs.
OPEC+ is reportedly expected to maintain December oil production targets at Sunday’s meeting, according to sources.
Singapore and France are to deepen cooperation on electricity and gas, while Singapore and New Zealand will also strengthen energy cooperation.
Trade/Tariffs
USTR Greer issued a statement regarding the status of the US-EU deal to pause duties on certain EU imports, while he stated that European Investment Bank loans to Airbus (AIR FP) may be a violation of the US-EU trade truce and it is important that the situation is resolved as soon as possible.
German Chancellor Merz said the EU seeks closer partnership with ASEAN and is complementary to talks between the EU and Canada. Regarding CPTPP collaboration, Merz said that the EU, with 450mln consumers, has strategic interest in having open access to markets.
Geopolitics: Middle East
The Iranian Ambassador to South Korea said Iran has proposed a seven-day plan to the US and is preparing a response to US feedback, adding that Iran does not want war and seeks to reduce tensions through diplomacy. Additionally, the ambassador said that the Strait of Hormuz would reopen on the sixth day if Washington accepts the conditions, with negotiations beginning on the seventh day.
Iran’s Supreme National Security Council Secretary General Rezaei said security in West Asia must be devoid of foreign interference, following the conclusion of quadrilateral talks involving Iran, Pakistan, Turkey and Saudi Arabia in Tehran, according to Press TV.
IRGC Supreme Leader’s representative warned that Iran knows the enemy’s vulnerabilities and would deliver a more devastating response than before if attacked again.
A Houthi official said Egypt’s parliament authorising military support for Saudi Arabia amounts to a declaration of war against Yemen, AFP reported.
Saudi-led coalition intercepted three Houthi ballistic missiles aimed at the eastern region, while it also intercepted four drones launched by Yemen’s Houthis towards the southern region.
Saudi Arabia’s Ras Tanura refinery (550k BPD) was reportedly targeted by missiles, triggering powerful explosions and large plumes of smoke, IRIB reported. Following this, Saudi Arabia said it contained the fire near the Ras Tanura oil hub following an attack.
Explosions were reportedly heard at Prince Sultan Air Base in Saudi Arabia, while Saudi Civil Defence said sirens sounded in Al-Kharj and the Eastern Province, ISNA reported.
Saudi airstrikes reported on port of Mokha and surrounding areas in Yemen, according to SNN.
Geopolitics: Ukraine
Russian Defence Ministry said Russia suspended strikes on Ukraine’s Kherson as a ceasefire began in Oleshky.
Russian Defence Ministry said Russian forces struck a cargo ship in the Black Sea and an industrial facility producing drones in Kyiv, according to IFX.
Russian attacks targeted Kyiv’s transport infrastructure and logistics hub in the Kharkiv region.
Explosions were heard in Ukraine’s capital, Kyiv, according to reports citing a witness.
Geopolitics: Other
Taiwan considers drone swarms as a defence measure against Beijing’s grey-zone operations, according to the South China Morning Post.
Crypto
Bitcoin remains contained within Monday’s parameters, as the cryptocoin falls below USD 80k.
US Event Calendar
8:15am: ADP Weekly Employment Change
8:30am: Sep P Durable Goods Orders, est. 1.9%, prior -0.1%
8:30am: Sep P Durables Ex Transportation, est. 0.6%, prior 0.2%
8:30am: Sep P Cap Goods Orders Nondef Ex Air, est. 0.7%, prior 1.6%
9:00am: Aug FHFA House Price Index MoM, est. 0.2%, prior 0.3%
9:00am: Aug S&P CoreLogic Case-Shiller home prices
10:00am: Oct Conf. Board Consumer Confidence, est. 81.0, prior 81.9
10:00am: Oct Richmond Fed Manufact. Index, est. 0, prior -2
10:00am: Sep New Home Sales, est. 651k, prior 684k
10:30am: Oct Dallas Fed Services Activity
11:30am: $54bn 52-week bill and $95bn 6-week bill auctions
1:00pm: $70bn 5-year note auction
Central Bank Speakers
None: the Fed is in its external communications blackout ahead of Wednesday’s FOMC decision
DB’s Jim Reid concludes the overnight wrap
After a night of freedom while my family headed off to Centre Parcs yesterday, my brief spell of peace and reflection is nearly over. After work today, I’m driving to join them for a couple of days. So while you’re all focused on major tech earnings and the FOMC, against my will I’ll be zip-wiring, aerial roping, kayaking, swimming, trying not to sink in the rapids, and, of course, paying the bills. Spare a thought for me.
Markets have started the week in a broadly optimistic mood, with the S&P 500 (+0.70%), Nasdaq Composite (+0.82%) and STOXX 600 (+0.77%) all advancing yesterday, whilst longer-dated bonds mostly rallied. The OAT-Bund spread tightened -13.8bps to 153bps, which is the biggest daily narrowing since March 2020. But politics remained firmly on the radar, with Brazilian assets selling off sharply after President Lula’s surprise election victory over Flávio Bolsonaro, leaving the Bovespa down -13.88% and the real -8.06%, the worst USD adjusted day for domestic equities in nearly 35 years but not as bad as this time yesterday. And today brings another potentially much more consequential election for global markets in Israel, not least because of what the result could mean for the next phase of the confrontation with Iran. Oil markets remain volatile, with both Brent (-0.78% to $115.81/bbl) and WTI (-1.46% to $101.76/bbl) eventually settling slightly lower amid news of talks between Iran and the Mecca Pact countries.
Starting with equities, the positive tone saw the Philadelphia Semiconductor Index rise +2.82% after falling -3.21% last week, whilst the Mag 7 gained +0.76%. Some of the recent AI-related underperformers also rebounded, including CoreWeave (+1.76%), despite initially falling in pre-market trading after Elon Musk wrote on X on Sunday that “neoclouds” would see “guppy-level death and consolidation”, arguing that debt markets would be reluctant to finance companies overwhelmingly reliant on AI data centres for their revenues. Meta (-1.88%) dipped after announcing plans to raise as much as $95bn through a stock sale. Meanwhile, Microsoft (+1.54%) gained after announcing that it will offer buyouts to about 60,000 employees as part of an effort to trim costs. Europe joined the rally too, with the DAX (+0.91%), CAC 40 (+0.83%) and FTSE 100 (+0.72%) all advancing.
There was also some more encouraging news from the Middle East yesterday, although the overall daily move was muted as investors remain wary of extrapolating too much from the latest diplomatic efforts. Senior officials from Saudi Arabia, Turkey and Pakistan – which form the Mecca Defence Alliance – met Iranian representatives in Tehran in the hope of promoting greater regional stability, with state-run IRIB reporting that Iran would support “any understanding” that strengthened regional unity. That comes after reports last week that the US and Israeli militaries had begun drawing up plans for renewed strikes on Iran.
The positive read across from those diplomatic developments was partially offset by Reuters reporting that Hezbollah was preparing for a possible resumption of hostilities with Israel, with Brent reaching $117.44/bbl intra-day after the report. But the more upbeat news dominated in the end, with Brent settling -0.78% lower at $115.81 and trading another -1.04% lower this morning. By contrast, European natural gas futures climbed +3.01% to a new post-2022 high of €96.68/MWh amid a supply outage in Norway, even as US natural gas prices (-1.44%) fell to a 6-month low amid the warm weather.
In Europe, France was the biggest story. 10yr OAT yields fell -11.6bps after Moody’s surprised the market on Friday by leaving France’s credit rating unchanged. The weekend protests were also controlled in a way the previous weekend’s weren’t. That all helped the OAT-Bund spread tighten -13.8bps to 153bps, its largest one-day decline since March 2020, with the move amplified by 10yr Bund yields rising +2.2bps. Elsewhere, 10yr BTP yields fell -8.2bps and gilt yields were down -1.2bps. At the front end, 2yr Bunds rose +4.9bps with French (-4.5bps) and Italian (-2.5bps) lower. There was likely some unwinding of flight to quality here too, while bund yields were also boosted by the energy component as well as a stronger-than-expected IFO survey reading that saw the expectations component rise to its highest since 2022 at 91.6 (vs. 90.0 expected).
In the US, 2yr Treasury yields (+3.5bps) reversed some of last week’s decline amid the risk-on tone, although longer maturities rallied amid the pullback in US energy prices, leaving 10yr Treasury yields -0.7bps at 4.99%.
Asian equity markets are mostly trading higher this morning but US and European futures are slightly lower. Within the region, the KOSPI (+3.27%) is outperforming, led by strong advances in heavyweight chipmakers Samsung Electronics (+4.23%) and SK Hynix (+6.12%). Sentiment has also been boosted by stronger-than-expected third-quarter GDP data from South Korea (details below). Elsewhere, the Nikkei (+1.55%) is posting solid gains, while Australia’s S&P/ASX 200 (+0.49%) is also higher. In contrast, Chinese equities are underperforming the broader regional rally, with the CSI 300 (-0.39%), Hang Seng (-0.64%), and Shanghai Composite (-0.45%) all trading lower. S&P 500 (-0.09%), Nasdaq (-0.38%) and Stoxx (-0.41%) are all lower with 10-year US Treasury yields -2.1bps lower at 4.968% as we go to print.
Earlier, Chinese industrial profits accelerated in September, driven primarily by strength in AI-related industries, while consumer-facing sectors continued to face headwinds from weak domestic demand. Industrial profits rose 14.4% y/y in September, marking the fastest pace of growth since June. For the first nine months of 2026, profits at large industrial firms increased 15.5%, marginally below the 15.7% growth recorded over January-August.
Turning to South Korea, the economy expanded faster than expected in the third quarter of 2026 as robust global demand for advanced AI chips continued to support growth. GDP rose +3.4% y/y in the three months to September, exceeding expectations of +3.0%, although moderating from 3.7% growth in the previous quarter. On a quarterly basis, GDP increased +1.0%, ahead of consensus forecasts for a +0.8% rise.
Another election worth watching today is in Israel, and potentially a much more important one for global markets. Neither Benjamin Netanyahu’s bloc nor the opposition led by former military chief Gadi Eisenkot currently appears to have a clear route to the 61 Knesset seats needed for a majority, with the smaller parties, the 3.25% electoral threshold, and potentially the Arab parties likely to prove crucial to the eventual coalition arithmetic. Our economists think that leaves everything from another Netanyahu-led government to an opposition or unity government, political deadlock and potentially another election on the table.
But the bigger global question is what the result means for Iran. There is broad agreement across the Israeli political mainstream on preventing Iran from acquiring a nuclear weapon, so an opposition victory shouldn’t necessarily be interpreted as a dovish outcome. However, there is an important difference over the endgame. Eisenkot has said Israel should be prepared to intervene militarily if necessary to prevent an Iranian nuclear weapon, whilst stopping short of pursuing regime change. Netanyahu, by contrast, has maintained that regime change is ultimately necessary to remove the Iranian threat. That distinction could matter considerably if tensions re-escalate after the US midterms. So today’s vote won’t remove the prospect of another confrontation with Iran, but it could have an important bearing on what Israel ultimately wants any confrontation to achieve. So the aftermath and coalition arithmetic will be very relevant well beyond Israel.
To the day ahead now, US data includes the October Conference Board consumer confidence index, Richmond Fed manufacturing and business conditions indices, September durable goods orders and new home sales. In Europe, we’ll get France’s October consumer confidence and Eurozone September M3. It will also be a busy day for earnings, including Visa, HSBC, NXP Semiconductors, Teradyne and Boeing. Finally, the US Treasury will auction $70bn of 5yr notes.
1b) European opening report
NQ futures underperform despite Asia’s tech rebound; NZD leads ahead of the RBNZ announcement – Newsquawk US Market Open
Tuesday, Oct 27, 2026 – 06:53 AM
An Iranian Ambassador said Iran proposed a seven-day plan to the US and added that Iran seeks to reduce tensions through diplomacy.
Saudi’s Ras Tanura refinery was hit by missiles, causing a fire.
US equity futures mixed; Disappointing HSBC earnings weigh on the FTSE 100.
DXY extends further above the 102.00 handle; NZD leads ahead of the RBNZ policy announcement.
Fixed income benchmarks hold onto their firmer footing, amid choppy price action across the energy complex (Brent -0.7%).
Looking ahead, highlights include US ADP Employment Change Weekly, Durable Goods (Sep), Richmond Fed Index (Oct), Dallas Fed Index (Oct), Atlanta Fed GDPNow, Israeli legislative election for the Knesset. Supply from the US. Earnings from SoFi, Coca-Cola, Corning, PayPal, Boeing, S&P Global, Robinhood, Seagate, Visa, SK Hynix.
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EUROPEAN TRADE
EQUITIES
European bourses are broadly lower, with the FTSE 100 (-0.9%) the laggard following disappointing HSBC earnings (see more below). In terms of a broader driver, newsflow has been light. Overnight, tech stocks continued to rebound from the recent AI-led sell-off, with Anthropic filing for an IPO.
Sectors lack a clear bias. Basic Resources top the sector pile, with Tech and Construction closely behind. Optimised Personal Care is the sector underperformer, followed by Autos as Mercedes cut its FY26 guidance, which is weighing on its peers.
Key movers include: HSBC -6.9%, PBT and revenue miss estimates; Novartis +1.1%, adj. operating income and EPS beat while lifting its FY26 operating income guidance; BE Semi +8.8%, as Applied Materials plans to raise its stake to 20% (currently 9%); Ferrovial +8.7%, reportedly looking to find a JV partner to finance its data centre campus.
US equity futures are mixed, with the NQ underperforming despite a tech rebound overnight. Nvidia and Meta are flat pre-market, as the former plans a USD 3bln investment in Meta’s equity offering. Elsewhere, Cadence Design Systems (+3.1%) is higher pre-market after a Q3 beat and guidance upgrade.
DXY extended Monday’s gains and sits at the upper end of a 101.99 to 102.29 range, comfortably above its 100-DMA (100.60) and 200-DMA (99.59). Currency-specific newsflow has been light, as participants await this week’s slew of risk events, including the FOMC, BoJ and ECB meetings, the UK Budget, US PCE and three Mag-7 earnings reports; ING wrote that higher energy prices and a hawkish Fed can keep the Dollar supported this week, barring clearly underwhelming results from the likes of Alphabet and Microsoft. Today’s US docket includes Durable Goods, Richmond Fed and Dallas Fed Services, while the Israeli election is also in focus, with exit polls due at 20:00GMT/16:00EDT.
EUR/USD has extended beneath Monday’s 1.1173 trough, and currently holds at the bottom end of a 1.1135 to 1.1177 range, largely moving in tandem with the USD; the pair sits well below its 100-DMA (1.1559) and 200-DMA (1.1632). Options today reside at 1.1175 (EUR 834mln) and 1.1200 (EUR 721mln).
USD/JPY is incrementally firmer, and holds at the upper end of a 157.42 to 157.89 range, just beneath the 200-DMA at 158.52. Some focus could fall on today’s NY cut (in the absence of macro impulses), which sees a cluster of expiries, most notably at 157.85 (USD 2.1bln), alongside 157.75 (USD 1bln) and 158.00 (USD 1.5bln). On the verbal intervention front, Japan’s FinMin Katayama said the government will respond to FX trade damage with a sense of urgency, while former BoJ Governor Kuroda said the BoJ will likely consider raising rates at each upcoming meeting; overnight, BoJ Core CPI rose to 3.2% (prev. 2.6%), ahead of Friday’s BoJ decision.
GBP/USD is a touch softer and trades in a 1.3307 to 1.3349 range, holding just beneath its 100-DMA (1.3386) and 200-DMA (1.3429) ahead of tomorrow’s Autumn Budget. The BRC Shop Price Inflation report ticked higher (2.1% vs exp. 1.6%), while The Times reported that Chancellor Healey will announce plans to raise the minimum wage by nearly 4%, but slow the rise for young people. Options see GBP 800mln rolling off 1.3300.
The Antipodeans outperform, with the NZD higher as the NZIER Shadow Board also recommends a hike, with the RBNZ also expected to hike rates overnight. Australian CPI is also due on Wednesday.
FIXED INCOME
An initial modestly firmer bias gave way to relatively flat performance, but with a negative skew from the renewed, but brief, upside in Brent and WTI. More recently, that upside has waned, with fixed benchmarks now picking up a touch, taking USTs into the green by a few ticks.
The US day is mainly counting down to the FOMC on Wednesday. That aside, the Israeli election is of potential note (exit poll due at 20:00GMT), in case it results in an approach-change to the Middle East conflict.
Bunds in-fitting with USTs, but with some very modest outperformance, as while the upside in the global energy benchmarks has weighed, Dutch TTF has pulled back slightly from the marked upside on Monday, providing some relative relief. At the time of writing, Bunds hold above the 122.00 handle in 121.96 to 122.23 parameters.
OATs take a bit of a breather from the rally on Monday, currently lower by about 30 ticks vs upside of around 80 ticks overall that session. As such, the OAT-Bund 10yr yield spread is around 7bps wider, erasing roughly half of the tightening on Monday post-Moody’s.
Finally, Gilts opened with gains of 13 ticks, before climbing another 31 to an 85.43 peak. Upside driven by the minimum wage reporting being digested, a lift that mechanically provides Chancellor Healey with a significant headroom win. Since, as energy picked up across the morning, this strength has waned somewhat.
UK sells GBP 4.5bln 4.625% 2032 Gilt: b/c 3.51x (prev. 3.07x), average yield 5.026% (prev. 4.84%), tail 0.3bps (prev. 0.4bps).
Australia sells AUD 1.0bln in 4.75% October 2037 Bonds: b/c 3.12x, avg. yield 5.2051%.
COMMODITIES
Crude benchmarks dipped in the APAC session amid a lack of major geopolitical escalation, but climbed as Europe stepped in, before paring some of that upside to currently sit in the upper half of today’s ranges but modestly lower on a percentage change. WTI Dec’26 trades within a USD 100.60-102.82/bbl range, and Brent Jan’27 within a USD 109.53-111.91/bbl range; both remain within Monday’s parameters (WTI: USD 100.33-103.13/bbl; Brent: USD 109.22-112.20/bbl).
The move higher came after Iranian state media IRIB, citing Arab media, reported that Saudi Arabia’s Ras Tanura refinery (550k BPD) was targeted by missiles; reports later suggested the fire was contained. More recently, Saudi Civil Defence issued an emergency alert in Najran, while the Houthis claimed an attack on Abha and Khamis Mushait, with explosions reportedly heard in both cities and at Khamis Mushait Air Base; Saudi Civil Defence has since said the danger has passed. Elsewhere, sources said OPEC+ is expected to maintain December oil production targets at Sunday’s meeting.
Dutch TTF is lower by c. 1.6%, within a EUR 94.85-96.70/MWh range. Iranian President Pezeshkian met Qatar’s Emir at the GECF summit in Moscow, where they discussed expanding energy cooperation, while Press TV reported that Iran, Russia and Azerbaijan are discussing a gas swap agreement.
Spot gold slipped back beneath the USD 4k/oz mark in the European morning, and sits towards the bottom end of a USD 3,989-4,026/oz range alongside the firmer Dollar, well beneath its 100-DMA (USD 4,218/oz) and 200-DMA (USD 4,504/oz). Spot silver is lower by c. 1.4% within a USD 52.67-54.23/oz range.
Copper is firmer, with CME copper futures up c. 0.9% and at the top of a USD 6.54-6.60/lb range, having edged higher overnight alongside the tech-related momentum in stocks. 3M LME copper trades in a USD 14,322.18-14,446.72/t range.
US President Trump is to ease oil well methane curbs in a bid to lower costs.
OPEC+ is reportedly expected to maintain December oil production targets at Sunday’s meeting, according to sources.
Singapore and France are to deepen cooperation on electricity and gas, while Singapore and New Zealand will also strengthen energy cooperation.
TRADE/TARIFFS
USTR Greer issued a statement regarding the status of the US-EU deal to pause duties on certain EU imports, while he stated that European Investment Bank loans to Airbus (AIR FP) may be a violation of the US-EU trade truce and it is important that the situation is resolved as soon as possible.
German Chancellor Merz said the EU seeks closer partnership with ASEAN and is complementary to talks between the EU and Canada. Regarding CPTPP collaboration, Merz said that the EU, with 450mln consumers, has strategic interest in having open access to markets.
NOTABLE EUROPEAN HEADLINES
UK Chancellor Healey unveiled five everyday fixes to ease household costs, support working families and end the Carer’s Allowance cliff edge ahead of Wednesday’s Budget, according to the government.
The European Commission is reportedly exploring using revenues from a global corporate tax agreement targeting large multinationals to fund the EU’s next seven-year budget, Politico reported citing sources.
French Finance Minister Lescure said France must appease protesters without extra spending and that the government can come up with creative solutions without widening the budget deficit, according to the FT.
NOTABLE EUROPEAN DATA RECAP
European M3 Money Supply (Sep YY) 3.5% vs. Exp. 3.4% (Prev. 3.5%).
European Loans to Households (Sep YY) 3.1% vs. Exp. 3.1% (Prev. 3.1%).
European Loans to Companies (Sep YY) 4.2% (Prev. 4.2%).
UK BRC Shop Price Inflation (Oct) 2.1% vs. Exp. 1.6% (Prev. 1.4%).
French Consumer Confidence (Oct) 80 vs. Exp. 85 (Prev. 85).
CENTRAL BANKS
New Zealand NZIER Shadow Board recommended the RBNZ raise the cash rate this week.
NOTABLE US HEADLINES
US President Trump posted “The Trump Administration is proud to announce a 250 MILLION DOLLAR PLUS initiative to RECRUIT and RETAIN Nurses for Nursing Homes!”
US appeals court denied the Trump administration’s request to stop California from counting mail ballots from alleged non-citizens.
GEOPOLITICS
MIDDLE EAST
The Iranian Ambassador to South Korea said Iran has proposed a seven-day plan to the US and is preparing a response to US feedback, adding that Iran does not want war and seeks to reduce tensions through diplomacy. Additionally, the ambassador said that the Strait of Hormuz would reopen on the sixth day if Washington accepts the conditions, with negotiations beginning on the seventh day.
Iran’s Supreme National Security Council Secretary General Rezaei said security in West Asia must be devoid of foreign interference, following the conclusion of quadrilateral talks involving Iran, Pakistan, Turkey and Saudi Arabia in Tehran, according to Press TV.
IRGC Supreme Leader’s representative warned that Iran knows the enemy’s vulnerabilities and would deliver a more devastating response than before if attacked again.
A Houthi official said Egypt’s parliament authorising military support for Saudi Arabia amounts to a declaration of war against Yemen, AFP reported.
Saudi-led coalition intercepted three Houthi ballistic missiles aimed at the eastern region, while it also intercepted four drones launched by Yemen’s Houthis towards the southern region.
Saudi Arabia’s Ras Tanura refinery (550k BPD) was reportedly targeted by missiles, triggering powerful explosions and large plumes of smoke, IRIB reported. Following this, Saudi Arabia said it contained the fire near the Ras Tanura oil hub following an attack.
Explosions were reportedly heard at Prince Sultan Air Base in Saudi Arabia, while Saudi Civil Defence said sirens sounded in Al-Kharj and the Eastern Province, ISNA reported.
Saudi airstrikes reported on port of Mokha and surrounding areas in Yemen, according to SNN.
RUSSIA-UKRAINE
Russian Defence Ministry said Russia suspended strikes on Ukraine’s Kherson as a ceasefire began in Oleshky.
Russian Defence Ministry said Russian forces struck a cargo ship in the Black Sea and an industrial facility producing drones in Kyiv, according to IFX.
Russian attacks targeted Kyiv’s transport infrastructure and logistics hub in the Kharkiv region.
Explosions were heard in Ukraine’s capital, Kyiv, according to reports citing a witness.
OTHER
Taiwan considers drone swarms as a defence measure against Beijing’s grey-zone operations, according to the South China Morning Post.
CRYPTO
Bitcoin remains contained within Monday’s parameters, as the cryptocoin falls below USD 80k.
APAC TRADE
APAC stocks were ultimately mixed, but with strength seen in tech stocks following the outperformance in the sector stateside as it recovered from the recent AI-led sell-off and with Anthropic filing for an IPO.
ASX 200 clawed back initial losses with the index led higher by the commodity-related sectors, but with gains capped as defensives and consumer stocks lagged.
Nikkei 225 was underpinned by the tech-related momentum, with SoftBank among the biggest gainers owing to its stake in Anthropic and as it explores AI and digital infrastructure opportunities in Malaysia.
KOSPI outperformed and triggered a sidecar amid the tech strength and stronger-than-expected GDP.
Hang Seng and Shanghai Comp lagged despite the PBoC’s liquidity boost, with today’s open market operations totalling more than CNY 1.4tln, while continued double-digit percentage growth in YTD Industrial Profits also failed to inspire, as participants await earnings releases and with HSBC shares pressured after its results missed expectations. In addition, trade frictions lingered as the EU plans to impose import restrictions on Chinese chemicals and furniture.
NOTABLE ASIA-PAC HEADLINES
Japanese government expert panel discussed revision to three security-related documents, Kyodo reported citing sources, adding that “tax increases should not be ruled out as an option if necessary.”
NOTABLE APAC DATA RECAP
Chinese Industrial Profits (YTD) (Sep YY) 15.5% (Prev. 15.7%).
South Korean GDP Growth Rate Adv (Q3 QQ) 1% vs. Exp. 0.7% (Prev. 0.6%).
South Korean GDP Growth Rate Adv (Q3 YY) 3.4% vs. Exp. 3% (Prev. 3.7%).
1 c) Asian opening report
Asia-Pac stocks were mixed, with tech stocks supported by a rebound stateside; Europe set for a subdued open – Newsquawk EU Market Open
Tuesday, Oct 27, 2026 – 03:05 AM
Iranian Deputy Security Chief Bagheri Kani said Iran is open to a shorter US proposal timeline if conditions are met, according to state TV.
APAC stocks were mixed, with tech stocks supported by the rebound stateside; European equity futures indicate a marginally lower cash open.
DXY took a breather, GBP/USD lacked direction ahead of Wednesday’s UK Budget, USD/JPY stayed afloat.
UST futures edged higher ahead of the FOMC, tech earnings and PCE data this week, while Bund futures rebounded ahead of German supply.
Crude futures pulled back amid limited fresh catalysts and no major geopolitical escalation, while spot gold traded sideways above USD 4,000/oz.
Looking ahead, highlights include US ADP Employment Change Weekly, Durable Goods (Sep), Richmond Fed Index (Oct), Dallas Fed Index (Oct), Atlanta Fed GDPNow, Israeli legislative election for the Knesset. Supply from UK, Italy, Germany & US. Earnings from SoFi, Coca-Cola, UPS, Corning, PayPal, Boeing, S&P Global, Robinhood, Seagate, Visa, SK Hynix.
Iran’s Supreme National Security Council Secretary General Rezaei said security in West Asia must be devoid of foreign interference, following the conclusion of quadrilateral talks involving Iran, Pakistan, Turkey and Saudi Arabia in Tehran, according to Press TV.
Iranian Deputy Security Chief Bagheri Kani said Iran is open to a shorter US proposal timeline if conditions are met, according to state TV.
Iranian security official said regarding Israel that Iran is completely ready and waiting for the first spark, and in the event of the slightest aggression, it will implement a response at the same level as these threats with unprecedented speed and intensity.
UKMTO received multiple third-party reports of a vessel on fire 63NM southeast of Al-Faw, Iraq.
An explosion was heard in the Strait of Hormuz, according to Naya.
Saudi-led coalition intercepted three Houthi ballistic missiles aimed at the eastern region, while it also intercepted four drones launched by Yemen’s Houthis towards the southern region.
Saudi sources reported explosions in Dammam, eastern Saudi Arabia, while air operations were suspended at King Fahd International Airport in Dammam.
Houthi militia leader Akram Ali Harishi and several of his companions were killed in an airstrike in Al-Zahari, Al-Mukha District, west of Taiz in Yemen
Houthi missiles were launched from Al-Hasha in Al-Dhale’ towards Aden and Bab al-Mandab.
Arab sources reported bombing of the Wazan area in Yemen’s Taiz province by Saudi fighter jets.
Syria closed the Nassib border crossing with Jordan after Jordanian airstrikes in Daraa.
US TRADE
EQUITIES
US stocks started the week on the front foot, with semiconductors leading a tentative recovery from the recent AI-driven sell-off. Neoclouds managed to recover and gain despite initial pressure after Elon Musk said debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centres. Despite the AI rally, AI funding remained in focus. Meta (META -1.9%) launched a USD 35bln equity offering with a further USD 60bln ATM sale planned to fund its infrastructure build-out, and Anthropic’s S-1 revealed over USD 280bln in compute commitments with SpaceX and Broadcom. The S-1 was viewed positively, on a cash and balance sheet basis as of June 30th 2026; total assets were USD 147.358bln vs total liabilities of USD 117.467bln.
SPX +0.71% at 7,678, NDX +1.09% at 20,273, DJI +0.29% at 52,364, RUT +0.40% at 2,787.
US and Canada are working on a deal to ease US tariffs on Canadian steel and auto imports, according to reports. However, it was separately reported that a US-Canada trade deal is likely not as imminent as US officials indicated over the weekend, according to Semafor citing sources.
USTR Greer issued a statement regarding the status of the US-EU deal to pause duties on certain EU imports, while he stated that European Investment Bank loans to Airbus may be a violation of the US-EU trade truce and it is important that the situation is resolved as soon as possible.
NOTABLE HEADLINES
US President Trump posted “The Trump Administration is proud to announce a 250 MILLION DOLLAR PLUS initiative to RECRUIT and RETAIN Nurses for Nursing Homes!”
US appeals court denied the Trump administration’s request to stop California from counting mail ballots from alleged non-citizens.
APAC TRADE
EQUITIES
APAC stocks were ultimately mixed, but with strength seen in tech stocks following the outperformance in the sector stateside as it recovered from the recent AI-led sell-off and with Anthropic filing for an IPO.
ASX 200 clawed back initial losses with the index led higher by the commodity-related sectors, but with gains capped as defensives and consumer stocks lagged.
Nikkei 225 was underpinned by the tech-related momentum, with SoftBank among the biggest gainers owing to its stake in Anthropic and as it explores AI and digital infrastructure opportunities in Malaysia.
KOSPI outperformed and triggered a sidecar amid the tech strength and stronger-than-expected GDP.
Hang Seng and Shanghai Comp lagged despite the PBoC’s liquidity boost, with today’s open market operations totalling more than CNY 1.4tln, while continued double-digit percentage growth in YTD Industrial Profits also failed to inspire, as participants await earnings releases and with HSBC shares pressured after its results missed expectations. In addition, trade frictions lingered as the EU plans to impose import restrictions on Chinese chemicals and furniture.
US equity futures held on to recent spoils following the tech-led advances on Wall St.
European equity futures indicate a marginally lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market closed with gains of 0.8% on Monday.
FX
DXY took a breather after gradually strengthening on Monday as currency-specific newsflow remained light, and with participants awaiting this week’s scheduled risk events, including the FOMC, BoJ and ECB meetings, the UK Budget, US PCE and three Mag-7 earnings reports. As such, the focus so far has been on geopolitics and AI sentiment, while ING wrote that the balance of risks suggests the dollar can probably hold onto its gains, and that, barring some clearly underwhelming Q3 results from the likes of Alphabet and Microsoft, higher energy prices and a hawkish Fed can keep the dollar supported this week.
EUR/USD lingered around the prior day’s trough after recently dipping beneath the 1.1200 level amid relatively quiet newsflow from the bloc and with the ECB expected to stand pat on rates later in the week.
GBP/USD lacked direction after trickling lower yesterday, although downside was limited ahead of the looming Budget announcement, with Chancellor Healey to announce plans to increase the minimum wage by nearly 4%, while slowing the rise for younger workers, amid fears young people were being priced out of jobs.
USD/JPY kept afloat after recently climbing back above the 157.00 level owing to the firmer buck and amid the rally in Japanese stocks, while participants continue to await the Fed and BoJ policy meetings.
Antipodeans outperformed amid a surge in tech stocks and ahead of tomorrow’s RBNZ rate decision, with money markets pricing an over 93% likelihood that the central bank delivers its third consecutive rate hike.
PBoC set USD/CNY midpoint at 6.7171 vs exp. 6.6731 (prev. 6.7162)
FIXED INCOME
10yr UST futures gradually edged higher, but with the upside capped after recent curve flattening and as markets await the FOMC, tech earnings, and PCE data, while the latest US 5yr note auction is scheduled later.
Bund futures rebounded following recent whipsawing through the 122.00 level, while supply looms with a EUR 5bln Schatz issuance due today followed by EUR 5.5bln of Bunds tomorrow.
10yr JGB futures were contained as stocks rallied in Tokyo and after Services PPI data matched estimates, while slightly improved demand at the enhanced liquidity auction for longer-dated JGBs failed to spur a recovery.
COMMODITIES
Crude futures pulled back following the prior day’s choppy performance amid few fresh catalysts and as several macro risk events loom, while attention remains on geopolitics with no major escalation, although Saudi and Houthi strikes continue, and there were further reports of explosions heard in the Strait of Hormuz.
US President Trump is to ease oil well methane curbs in a bid to lower costs.
Spot gold traded sideways with the precious metal confined to within tight parameters above the USD 4,000/oz level as participants await the approaching central bank meetings.
Copper futures gradually edged higher alongside the tech-related momentum in stocks.
CRYPTO
Bitcoin marginally retreated with prices dipping back beneath the USD 80,000 level.
NOTABLE ASIA-PAC HEADLINES
PBoC injected CNY 412bln via 7-day reverse repos with the rate at 1.4% and injected CNY 1tln via overnight reverse repos with the rate at 1.25%.
DATA RECAP
Chinese Industrial Profits (Sep YY) 14.4% (Prev. 4.2%)
Chinese Industrial Profits (YTD) (Sep YY) 15.5% (Prev. 15.7%)
Japanese Services Producer Price Index (Sep YY) 3.7% vs. Exp. 3.7% (Prev. 3.7%)
South Korean GDP Growth Rate Adv (Q3 QQ) 1.0% vs. Exp. 0.7% (Prev. 0.6%)
South Korean GDP Growth Rate Adv (Q3 YY) 3.4% vs. Exp. 3.0% (Prev. 3.7%)
GEOPOLITICS
RUSSIA-UKRAINE
Ukrainian President Zelensky said there are casualties and wounded in an attack on an educational institution in Kyiv and that artificial delays in supplying Ukraine with air defences are helping terrorism.
Kyiv’s mayor said the southern bridge and subway were damaged in an attack.
Explosions were reported at a Russian ammunition depot in occupied Luhansk after a Ukrainian strike.
Russian Defence Ministry said Russia suspended strikes on Ukraine’s Kherson as a ceasefire began in Oleshky.
EU foreign policy chief Kallas said further sanctions on Russia were in the works.
OTHER
Taiwan considers drone swarms as a defence measure against Beijing’s grey-zone operations, according to South China Morning Post.
Switzerland is to restore its relations with North Korea, while Switzerland’s Foreign Minister is to travel to North Korea this week for political talks and an official reopening of Switzerland’s diplomatic office in Pyongyang.
EU/UK
NOTABLE HEADLINES
UK Chancellor Healey unveiled five everyday fixes to ease household costs, support working families and end the Carer’s Allowance cliff edge ahead of Wednesday’s Budget, according to the government.
UK Chancellor Healey will announce plans to increase the minimum wage by nearly 4% while slowing the rise for younger workers, following warnings that young people were being priced out of jobs, according to The Times.
DATA RECAP
UK BRC Shop Price Inflation (Oct) 2.1% vs. Exp. 1.6% (Prev. 1.4%)
2.NORTH AND SOUTH KOREA/
NORTH KOREA
SOUTH KOREA/
JAPAN//
JAPAN CHINA/USA
3 CHINA
Plunge Protection, Chinese Style: Beijing’s “National Team” Rescues Stocks From A Bear Market
This headline refers to a classic ZeroHedge analysis examining state intervention in the Chinese equity markets [cite: 1.1.1].
Here is a summary of the key concepts covered in articles under this title:
The “National Team”: Refers to a collection of state-backed Chinese financial institutions, sovereign wealth funds (such as Central Huijin Investment), and state-owned brokerages tasked by Beijing to buy domestic equities during severe sell-offs [cite: 1.1.1].
Plunge Protection: Mirrors the concept of the U.S. Plunge Protection Team (Working Group on Financial Markets), but operates much more directly by purchasing exchange-traded funds (ETFs) and blue-chip stocks straight off the open market to establish a price floor [cite: 1.1.1].
Market Dynamics: While these interventions often trigger short-term rallies or pull Chinese stock indices (like the CSI 300 or Shanghai Composite) back from official bear market territory (a 20%+ drop from recent highs), market analysts frequently debate whether state buying creates sustainable bull markets or merely delays necessary corrections driven by underlying economic fundamentals [cite: 1.1.1].
END
GROK
Beijing’s state-backed “national team” (primarily entities like Central Huijin Investment) has stepped in with heavy buying of index ETFs to stabilize Chinese equities after the CSI 300 entered a technical bear market.
bloomberg.com
The CSI 300 (a major blue-chip index of Shanghai and Shenzhen stocks) closed roughly 20% below its June 2026 peak around October 22–23, after about 10 consecutive weekly losses. This crossed the conventional 20% threshold for a bear market. Broader Chinese equities had already lost trillions in market value from earlier 2026 peaks amid weak consumption, thin corporate profits, intense industrial competition, property-sector hangover effects, and skepticism about lofty valuations in AI/tech names (including underperformance in the STAR 50 index and stocks like CATL).
bloomberg.comH
ow the intervention worksChina’s “national team”—a nickname for coordinated state-linked buyers that gained prominence during the 2015 market crash—typically channels support through highly liquid broad-index ETFs rather than (or in addition to) direct stock purchases. This creates mechanical buying of underlying shares and a visible signal of a policy floor under prices.
zerohedge.com
Key recent data:
Inflows into a basket of nine ETFs commonly associated with national-team activity reached about 128.7 billion yuan (~$19 billion) in the week of heavy intervention—the largest such weekly total since the April 2025 trade-war-related rout. bloomberg.com
Buying helped reverse intraday declines on certain sessions (e.g., a rebound on/around Friday October 23 after earlier slides), with elevated turnover in major CSI 300 and related ETFs. scmp.com
Central Huijin and related vehicles retain substantial “dry powder” from earlier ETF sales (estimates around $180+ billion available in some analyses), though deployment has been described as measured rather than all-out. bloomberg.com
This is classic Chinese-style plunge protection: more overt and concentrated than the U.S. Working Group on Financial Markets (“Plunge Protection Team”), relying on direct state capital rather than primarily liquidity/moral-suasion tools. Similar interventions occurred in 2015 (hundreds of billions of yuan deployed), later episodes in 2018/2022/2024, and more recent 2025–2026 support operations.Context and limitationsFundamentals remain challenging—weak domestic demand, excess capacity in some sectors, and questions about AI profitability and returns on “new productive forces.” State buying can put a temporary floor under indexes and calm sentiment (especially ahead of or during key political meetings), but analysts note it does not fix earnings or structural issues and effects often fade without broader stimulus or private capital returning. Some sessions after the big inflows still saw late selling when buying pressure appeared to ease.
en.moneyandbanking.co
.thIn short, the ZeroHedge headline captures a real and ongoing dynamic: when Chinese stocks approach or enter disorderly declines, Beijing routinely deploys its national team via ETF channels to limit the damage—exactly as observed in the latest bear-market episode.
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
FRANCE
French Consumer Confidence Tanks As Bond Crisis, Far-Left Riots Deepen Gloom
Tuesday, Oct 27, 2026 – 07:20 AM
French consumer confidence cratered to its lowest level in 13 years as a bond market selloff that sent yields soaring, weeks of social unrest sparked by far-left groups, and political instability all collided at once, casting a dark economic cloud over the European country.
Statistics agency Insee reported that its monthly consumer confidence gauge plunged five points this month, falling well below forecasts compiled by Bloomberg. This was the lowest reading since June 2013, in the aftermath of the eurozone debt crisis.
Households’ assessments of past living standards fell to their lowest since records began in 1972, while unemployment expectations hit their highest since the Covid-19 pandemic. Respondents also said their financial outlook was the bleakest in four years, and inflation expectations rose.
“The miss was broad-based: the personal financial situation outlook fell sharply to -24 from -15, unemployment concerns jumped to 61 from 56, and savings capacity deteriorated,” UBS markets analyst Nana Antiedu wrote in a note to clients earlier today.
Bloomberg Economics commented on the dire outlook, saying, “Weak sentiment is likely to weigh on spending as political uncertainty increases. This brings further downside risks to our fourth-quarter growth forecast.”
France’s mounting public debt is another concern and has become a major issue ahead of next April’s presidential election after nearly a decade under President Emmanuel Macron, who is ending his term in crisis.
Gilbert Cette, an economics professor at Neoma Business School in Paris, described the public debt as “enormous,” adding, “France’s entire economic policy is constrained by such a sizable debt level.”
Cette said France has combined higher spending with tax cuts in recent years. That combination will likely have to be scaled back as Macron’s successor confronts rising borrowing costs that compound the country’s budget challenges and could usher in a period of austerity.
Right-wing presidential candidate Marine Le Pen has released her party’s shadow budget plan, which promises €140 billion in cost savings over five years and aims to bring the deficit back below 3% by the end of the decade.
“If the French do not choose a political break, France is heading towards default,” Le Pen recently said. She has also slammed Macron’s successive governments for having failed “to anticipate the slightest economic, financial or budgetary policy capable of preventing the noose of interest payments from strangling France.”
Last Friday, France was spared a downgrade by credit rating agency Moody’s, which maintained its sovereign rating at Aa3 with a negative outlook. This has offered short-term relief, with French 10-year government bond yields trending below 5%. But the France-Germany 10-year yield spread (OAT-Bund) remains at 1.62 percentage points, or 162 basis points, a level last seen during the eurozone debt crisis.
France 10Y
France is not out of the woods just yet.
END
FRANCE// GERMANY
Will Germany See Mass Riots On Halloween Night? ‘France-Style’ Protests Promoted Across Social Media
With Halloween approaching on Oct. 31, German security authorities are intensifying preparations for planned youth protests in more than 20 cities, warning that the events could be overtaken by violent actors in patterns seen during recent mass unrest in France.
Many of the videos feature different social media influencers calling for French-style protests.
“On Oct. 31, we will all be on the streets. The French showed us how, now we’re following suit,” said one influencer who earned over 1 million views on TikTok.
Police union and political figures have issued a number of warnings. Stephan Weh, head of the Berlin branch of the police union (GdP), stated: “We must be extremely careful that radical forces do not co-opt democratic protest as in France, use it to live out fantasies of violence, abuse the freedom of assembly, and feed the narrative of a police force hostile to citizens.”
He added that the Halloween night timing compounds risks, given the common use of pyrotechnics during the night.
The protests stem from an initiative known as “Gen Z steht auf,” or “Gen Z stands up” in English, which has called for simultaneous demonstrations in Berlin, Hamburg, Munich, Cologne, Frankfurt, Leipzig, and others. Organizers, who report thousands of pre-registrations on their site, demand greater investment in education and health care, measures against rising living costs, climate action, and opposition to conscription.
Andreas Roßkopf of the GdP’s federal police section promised that state and federal forces “will proceed massively and consistently” against any riots, warning of radicals mixing into the demonstrations to attack officers “with violence and brutality” or simply to destroy property.
Many videos have called for peaceful protests, but others have alluded to the potential for rioting or looting.
These plans have drawn sharp attention after the Oct. 17 protests across France, which saw demonstrations devolve into violent riots involving masked groups setting buildings ablaze, looting shops, clashing with police, and causing widespread damage.
Authorities reported well over 1,000 arrests and hundreds of injured officers. Further online calls for Halloween gatherings targeting public buildings have also circulated in France as well on platforms like TikTok and Instagram.
In Germany, the Federal Interior Ministry has confirmed ongoing risk assessments coordinated with partners including France and Italy, while the German domestic intelligence service (BfV) is increasing surveillance of relevant websites and social-media channels. A ministry spokesman noted the distinction between “peaceful student protests” and “a violence-prone extremist scene that potentially uses such protests to spread violence.”
Hesse Interior Minister Roman Poseck (CDU) said authorities have the date “firmly in view” and that the protests are already being instrumentalized from the left spectrum. He emphasized that police will be strongly positioned, will not tolerate violence against persons or property, and must prevent France’s situation from spilling over. Bavaria’s Joachim Herrmann (CSU) urged that comparable tendencies “must be nipped in the bud,” describing the French events not as student protests but as heavy riots involving left-extremists and predominantly migrant men in street battles, arson, and looting.
GdP national chairman Jochen Kopelke has highlighted unpredictability as the core problem of the Halloween protests, unlike more routine large events such as New Year’s Eve, May 1, or football matches. Referring to reports from French colleagues, he described “street battles” and noted German precedents including the G20 in Hamburg and scenes in Leipzig-Connewitz and Berlin’s Rigaer Straße. He warned of possible simultaneous, digitally mobilized demonstrations across multiple German and European cities, and of “young riot migrants who are included to use violence against the police.” Such actors, he said, “must be kept in check and can expect no mercy from us.” Manuel Ostermann of the federal police union has cautioned that multi-day unrest with ugly images and possibly brutal violence cannot be ruled out, while insisting German forces are better prepared than their French counterparts and will permit no lawless zones.
END
EUROPE
Europe Faces Early Winter Stress Test As Cold Snap Looms, NatGas Prices Near Triple Digits
Tuesday, Oct 27, 2026 – 08:00 AM
US natural gas futures have fallen to levels last seen in April as unusually warm weather across the Lower 48 suppresses heating demand, potentially reflecting El Niño’s weather-related influence. Europe faces a much different outlook: a cold snap forecast for next week has helped push benchmark TTF NatGas prices toward 100 euros per megawatt-hour, highlighting the widening split between the two energy markets.
Bloomberg reports that temperatures across parts of continental Europe are forecast to fall 2C to 3C below normal from the weekend, while northeastern China, Japan and South Korea face a new round of cold weather, with temperatures well below seasonal averages.
The forecasts follow TTF’s climb above 97 euros per megawatt-hour on Monday for the first time since the 2022 energy crisis.
The region’s storage facilities are just 75% full, compared with a 10-year average of around 90% for this time of year.
Last Thursday, Gas Infrastructure Europe data showed that EU natural gas inventories declined for the first time this year. This is troubling because the EU has entered the withdrawal period with seasonally low inventories, leaving limited buffers to shield the continent from back-to-back cold blasts.
The smaller buffer leaves Europe increasingly dependent on the international market, where it must compete with Asian buyers. This suggests TTF prices will have to rise sharply as the Hormuz maritime chokepoint remains chaotic.
What markets likely fear most heading into winter is “joint cold across multiple high-energy-demand regions,” said Andrew Pedrini, a meteorologist at Atmospheric G2.
Across the Atlantic, US natural gas futures have plunged in recent weeks to their lowest level since April amid warmer weather trends across the Lower 48.
Commodity Weather Group expects US October and November combined to be the third-warmest such period since records began in 1950, reinforcing expectations for a mild winter driven by El Niño.
UK
GERMANY/MERCEDES
Mercedes Slashes Outlook As China Demand Hits Wall; Europe’s Auto Profit Warnings Pile Up
Tuesday, Oct 27, 2026 – 10:20 AM
Mercedes-Benz Group AG became the latest European automaker to slash its profit outlook as deteriorating demand in China and rising input costs squeeze margins.
Shares tumbled in European trading this morning as the auto industry as a whole confronts intensifying Chinese competition, softening demand, and ongoing cost pressures.
“Mercedes-Benz Group AG today updated its full-year 2026 outlook for Mercedes-Benz Cars and the Mercedes-Benz Group. In addition to an increasingly challenging market environment in China, Mercedes-Benz Group expects higher costs in the fourth quarter, including higher material costs,” Mercedes wrote at the start of the update.
The struggling automaker now expects an adjusted operating margin of 2% to 3% in its core cars division this year, compared with as high as 5% stated in a previous forecast. Group earnings before interest and tax are forecast to be roughly flat.
Add Mercedes to thegrowing listof European automakers sounding the alarm about soft demand in China and a tough operating environment overall. Volkswagen and BMW have recently warned about worsening conditions in China.
UBS markets analyst Eva Kindt wrote earlier, “Auto stocks are down 1.5% with the sector under pressure after Mercedes-Benz (down 4.8%) cut its FY cars adjusted return on sales forecast, noting a tough China environment, while Porsche is up 3% as the company’s profitability held up despite a decline in vehicle sales.”
Mercedes shares in Europe declined as much as 5.5%, the steepest intraday decline in more than a month. The weakness spread across the sector, with European autos ranking as the second-worst-performing sector in the Stoxx 600, falling 1.3%.
Brussels’ recent cap of 350,000 Chinese hybrid imports per year marks a major escalation in Europe’s trade confrontation with Beijing. Protecting domestic automakers risks Chinese retaliation, potentially through tighter rare-earth restrictions that could further strain European production. Yet allowing lower-priced imports to erode the continent’s industrial base risks national suicide.
END
EUROPE
Europe Plans To Copy Trump’s Critical Material Playbook
Tuesday, Oct 27, 2026 – 04:15 AM
Brussels is looking to borrow President Trump’s playbook to make “rare earths great again” in the West, with proposals to take equity stakes in miners and support new critical material projects. The move aims to break an alarming dependency that has given Beijing massive leverage over Western industry and trade negotiations, particularly through China’s dominance of rare earth processing, refining, and permanent magnet production.
Financial Times reports that members of the European Parliament voted last week to propose a new agency called the “Critical Raw Materials Center” that would invest in critical material supply chains to bolster the continent’s ability to mine and refine ore domestically. The new measure still requires approval from member states.
The Critical Raw Materials Centre would receive 2 billion euros under the EU’s next long-term budget to make critical investments in the mining sector, similar to what the Trump administration has done over the last 1.5 years.
For instance, President Trump’s deal with rare earths producer MP Materials had the Pentagon commit $400 million for a 15% stake, alongside a $150 million loan and a 10-year agreement establishing a minimum price of $110 per kilogram for neodymium-praseodymium, used in permanent magnets.
The MP Materials agreement is one of many deals the Trump administration has completed to restore America’s domestic supply chains for critical materials and break its alarming addiction to China, which will likely maintain its dominance through 2030.
Looking at rare earth stocks, we penned a note last week outlining a “great rare earth disconnect,” as supply shortages persisted and spot prices remained elevated, but these stocks have been battered over the last several months.
Well, well, well. Is Brussels finally getting smarter?
5.RUSSIA AND ISRAEL AND MIDDLE EASTERN AFFIARS
ISRAEL/IRAN/USA //TUESDAY
ISRAEL TBN
I
RAN/USA
Iran Signals Rare Flexibility Toward US In Talks With Mecca Pact Representatives
Monday, Oct 26, 2026 – 04:40 PM
Update(1635): Somewhat surprisingly, Iran appears ready to be flexible concerning its conditions and matters of the timeline related to the Hormuz crisis and standoff with US forces:
Iran Says It Could Accept Shortening Proposed Seven-Day Deadline if Conditions Are Met
In Tehran on Monday, Iran informed delegates from Saudi Arabia, Turkey, and Pakistan that it is willing to reopen the Strait of Hormuz in four to seven days if the US lifts its blockade.
State media cited Supreme National Security Council official Ali Bagheri Kani as confirming the flexible timeline, adding that diplomats are now organizing the next round of negotiations.
Riyadh is meanwhile stressing de-escalation:
The Saudi Foreign Ministry has stressed “the importance of opening channels of negotiation to prevent a return to military escalation” following a meeting of senior officials from the Mecca Joint Defence Agreement states with Iranian officials in Tehran on Monday.
Tuesday will witness a big meeting in Moscow: President Vladimir Putin is due to meet Iranian President Masoud Pezeshkian and the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, in the Russian capital.
* * *
There are many indicators that the US and Israel could soon attack Iran again, with media consensus in the US pointing to the likelihood of a renewed bombing campaign after the midterm elections.
In the interim, regional countries are scrambling for a diplomatic breakthrough, seeking to stave off the next escalation round, given also that past Iranian retaliation has imposed a huge cost on America’s Gulf allies.
via Associated Press
Senior officials from Saudi Arabia, Pakistan and Turkey in Tehran for high level talks, the deputy secretary of Iran’s Supreme National Security Council, Ali Bagheri, has confirmed Monday.
This includes Saudi Defense Minister Khalid bin Salman, Pakistani Army Commander General Asim Munir, and Turkish Intelligence Chief Ibrahim Kalin – who will engage the Iranian side on “regional security”.
Notably, these three countries are signatories to the Mecca Defense Pact and are also allies of the United States, with Turkey being a NATO member.
Iran’s Bagheri stated, “The Islamic Republic of Iran’s model of defense based on internal and domestic capabilities has become a successful model for building national security.”
“On the other hand, Iran’s strategic policy is to ensure regional security through regional countries and confront any foreign interference and influence, led by the American and Zionist regimes,” he added.
Bagheri praised the “fruit of the heroic efforts and struggles of the armed forces and the Iranian nation” and expressed hope that Iranian resistance to US-Israeli aims would result in a “region with stability and peace and on the path of progress.”
Reuters has cited a senior Iranian official who says the meeting was initiated by Pakistan.
Jason Brodsky, a hawkish think tank pundit, has reacted to the diplomatic scramble in Tehran:
The stories write themselves at this point. I would not be surprised to see a last minute call from regional countries to President Trump pleading for a delay in any military operation against Iran, citing that progress is just around the corner on negotiations or deal that will later fall apart.
Over the weekend, just prior to the Mecca Pact countries’ delegations going to Tehran, Qatari mediators were also once again in the Iranian capital to “de-escalate regional tensions.“
Meanwhile, CNN is reporting that the White House has plans to relaunch major attacks on Iran, and that more American forces are being deployed to the Middle East, so that strikes against Iran could be carried out “within 96 hours of receiving” an order from the president.
Sufficient forces are now deployed in the region to carry out the potential attacks, the sources said. The scope of new US military operations would likely go beyond efforts to simply “mow the lawn” or maintain the status quo by striking radars, launchers and other Iranian assets that can be quickly reconstituted — as has been the case since Trump halted full combat operations earlier this year, the sources added.
“It will be a big effort,” one of the officials told CNN. That view has been echoed by other current and former US officials familiar with internal military planning discussions — some of whom say it is a question of when, not if, Trump will issue a go-order. They believe it could come any time before the end of the year, though most likely after the US midterm elections.
But it remains the that US administration has yet to define the end goal or ‘mission accomplished’ moment, now in month eight of what was supposed to be a “two to four-week” conflict. So far, escalation has tended to simply beget more escalation, and not an offramp.
A major new bombing campaign would put immensely more pressure on Iran, but would do the same for America’s Gulf allies, given they would probably face a huge wave of retaliation from the IRGC in the form of ballistic missiles and drones.
END
ISRAEL/IRAN//
Netanyahu Says Iran May Try To Disrupt Israeli Election With Attacks
Prime Minister Benjamin Netanyahu has said that Iran and its allies might try to disrupt Tuesday’s elections in Israel with attacks, warning Tehran that Jerusalem would respond with overwhelming counterstrikes.
“We have intelligence signs that our enemies, Iran and its proxies, could challenge us with attacks in order to disrupt the elections,” Netanyahu said in a video released by his office on Sunday.
“Don’t test us. You will suffer disproportionate blows,” he said, adding that the Israeli military was postured for defensive and offensive operations.
Iranian Foreign Ministry spokesperson Esmaeil Baqaei said on Monday it “makes no difference” who wins the Israeli election. At a press briefing in Tehran, he was asked about reports in Israeli media that Iran might launch a preemptive military strike to disrupt the vote.
“I do not think there are elections there in the true sense of the word,” Baghaei said, according to Iranian state-run media IRNA. “It is a race among individuals, each trying to prove that they can commit more crimes, aggression, and killings than the others.”
Baghaei’s remarks came as Tehran prepared to host senior officials from Saudi Arabia, Pakistan, and Turkey – the three signatories of the Mecca Joint Defense Agreement – to discuss regional security and de-escalation of the conflict between Iran on one side and the United States and Israel on the other. Netanyahu’s warning came as Israelis on Monday entered the final 24 hours of an intense election season, as reports circulated that Netanyahu may have tried to pressure Israeli military leaders into initiating a possible escalation with Iran on the eve of the vote.
Israeli Defense Minister Israel Katz denied the reports.
“The reports about gaps between the political echelon and the IDF [Israel Defense Forces] on the Iran issue are entirely baseless and false,” Katz said in a Monday post on X.
“I state unequivocally that there was no intention on Israel’s part to initiate an attack on Iran before the elections in Israel – when we made clear that if Iran attacks Israel, we will respond with great force.”
He also accused opposition figures of exploiting these reports for political gain.
Israel’s opposition candidates seized on the reports to criticize Netanyahu, accusing him of putting regional stability at risk in order to boost his chances at the ballot.
Netanyahu’s main rival, former military chief of staff Gadi Eisenkot, took to social media to criticize him for putting his “political interests above the state’s security.”
“We will not allow you to endanger Israel’s future in order to preserve your rule,” he wrote.
Avigdor Lieberman, head of the Yisrael Beiteinu party, said he sent a letter to Israel’s attorney general demanding a criminal investigation into Netanyahu on charges of treason.
“The attempt to drag the State of Israel into war on the eve of elections, together with the willingness to sacrifice IDF soldiers solely due to fear of losing the elections, constitutes treason against the state, its security, and the IDF soldiers,” Lieberman wrote in a post on X.
Trump Endorses Netanyahu
U.S. President Donald Trump wrote in a Truth Social post on Monday that a vote for Netanyahu would “finish the job” of stopping Iran from ever obtaining a nuclear weapon.
Describing Netanyahu as an “outstanding Warrior Prime Minister,” Trump wrote, “There can no longer be the chant heard around the World of ‘Death to America, Death to Israel,’ and there won’t be.”
As Israeli voters head to the polls on Tuesday, Netanyahu’s party is neck and neck with Eisenkot, his strongest rival, in a campaign that has largely revolved around security.
Calling Trump a “true friend” of Israel, Eisenkot said on social media that he appreciates the U.S. president’s actions and commitment to Israel’s security. At the same time, he downplayed Trump’s endorsement of Netanyahu, saying that he is convinced Trump would work “in full cooperation with any leader” chosen by Israelis.
Meanwhile, senior Israeli security officials told Epoch Magazine Israel that any potential future Israeli military action against Iran could include the assassination of senior regime figures, most notably current Iranian leader Mojtaba Khamenei and Islamic Revolutionary Guard Corps commander General Ahmad Vahidi.
The officials said credible intelligence indicates that Khamenei remains involved in the regime’s most critical decisions. They added, however, that targeting Iran’s top leadership would not in itself be enough to bring the regime down, and that further measures, particularly strikes against Iran’s energy facilities and nuclear sites, would be necessary.
END
IRAN/ET AL
Iran Says Tanker On Fire After Mine Strike, Following US Commander’s Rare Hormuz Flyover
Tuesday, Oct 27, 2026 – 09:50 AM
Iran has continued hunting tankers in the Strait of Hormuz over the weekend, and on Monday its state media has cited the IRGC to say an ‘offending’ oil tanker caught fire after hitting mines east of the Strait of Hormuz.
Ironically this happened just after an unusual public relations flyover conducted by the Pentagon. The head of US Central Command (CENTCOM) Adm. Brad Cooper personally visited the Strait of Hormuz in an unprecedented moment. On Sunday he flew over the contested waterway in a US Army CH-47 Chinook helicopter in order to demonstrate Washington ‘control’ over it.
“We continue to stand shoulder to shoulder with our Gulf partners and the shipping industry,” he said. “This visit underscores our strong commitment to continued freedom of navigation through the Strait of Hormuz.”
Cooper further claimed the Strait of Hormuz is “free and clear of Iranian sea mines” – and thanked US service members who took part in the de-mining mission, and operations to help escort tankers through.
“We remain intensely focused on keeping commercial traffic flowing as we work with our teammates in the US interagency, Gulf Cooperation Council, and shipping industry,” he added.
Iran of course rejects this US narrative of control over the energy transit waterway. According to a latest Tuesday statement via Bloomberg:
Iran’s Persian Gulf Strait Authority said it would take “legal action” against tankers belonging to Sinokor, the world’s biggest oil tanker owner that has carried millions of barrels out of the Strait of Hormuz in recent weeks.
“The vessels belonging to Sinokor Shipping Company have committed the highest number of crossing violations over the past 3 months, and so far, appropriate enforcement actions have been taken against at least 7 of them,” the PGSA said in a statement.
But this does constitute an important admission of sorts from Tehran – that a huge amount of tanker traffic is making it through, despite the record pace of Iranian attacks. This is mostly being done through ship-to-ship transfers with vessels’ transponders turned off, and under the watch of the US Navy.
President Trump has lately accused the Iranian side of making up tanker attacks, in order to drive up global oil prices.
As for the latest alleged Tuesday mine attack, “A few hours ago, an oil tanker in breach of regulations, having switched off its tracking systems and attempted to cross a prohibited and dangerous area east of the Strait of Hormuz, struck naval mines, causing damage and a fire,” Iran’s military said in a statement carried by the official IRNA news agency.
IRAN
Iran Braces For Nightmare Energy Crisis As Deepening Political Chaos Threatens To Boil Over
Monday, Oct 26, 2026 – 06:50 PM
Iran is facing a potentially crippling energy crisis as winter approaches, adding to mounting economic woes and political infighting that threaten to further destabilize the Islamic Republic.
Photo: Reuters
Iranian First Vice President Mohammadreza Aref warned on Monday that the government may be forced to restrict natural gas supplies to major consumers as temperatures plunge, according to the London-based and Saudi-funded Iran International.
“We must maintain the stability of the gas network during the cold months so that cold and remote regions can be supplied,” Aref reportedly said.
The warning comes on the heels of Iranian lawmaker Hosseinali Haji Deligani demanding over the weekend that parliament move forward with impeachment proceedings against the foreign and agriculture ministers, blaming the senior officials for soaring food prices. Iranian Foreign Minister Abbas Araghchi has also faced criticism from hardliners over his approach to negotiations with the United States, Iran International reports.
The calls to oust senior officials are the latest sign of deepening divisions within the upper echelons of Iran’s government over how to end the war with the U.S.
Amid the growing political turmoil, Iranian President Masoud Pezeshkian has appeared to add another condition to Tehran’s demands for returning to the negotiating table with Washington, insisting that some U.S. sanctions must be lifted before direct talks can resume.
Pezeshkian claimed that escalating American economic pressure was undermining prospects for diplomacy, demanding concrete sanctions relief before negotiations could move forward.
“Threats and sanctions must be removed in practice to pave the way for dialogue. We cannot increase the intensity of sanctions and pressure every day, close the avenues of interaction, and at the same time talk about negotiations,” he wrote on X.
As ZeroHedge previously mused, Pezeshkian may be hoping for a diplomatic breakthrough similar to recent developments between Washington and Moscow, where Trump has eased certain economic pressures while pursuing direct talks with Russian President Vladimir Putin.
However, Iran’s economy remains under severe strain, with a plunging rial and soaring inflation squeezing ordinary citizens. While Iranian leaders insist the country can withstand years of economic hardship, U.S. military officials paint a far bleaker picture.
Earlier this month, U.S. Central Command chief Adm. Brad Cooper claimed that Iran’s financial troubles have become so severe that Tehran-backed militias are withholding soldiers’ pay to funnel money to the Islamic Revolutionary Guard Corps, which he said is also struggling to pay its troops.
Reports of deepening divisions within Iran’s leadership come as CNN reported earlier Monday that the Trump administration is weighing plans for another round of military strikes against Tehran after the midterm elections.
Iranian President Masoud Pezeshkian speaks during the 81st United Nations General Assembly at the UN Headquarters in New York, on Wednesday, September 23. Timothy A. Clary/AFP/Getty Images
END
JORDAN///SYRIA//
Jordan Bombs ‘Militant Camp’ In Southern Syria After Church Attack, High Death Toll
Tuesday, Oct 27, 2026 – 09:00 AM
Jordan’s response to the last Friday terror attack on an Orthodox Church in Hammoud, Karak – south of the capital Amman – has been somewhat unexpected. On Monday the country’s air force carried out a major bombing raid on southern Syria.
There were three gunmen that had targeted St. George church during a funeral. The attackers killed at least eight people and wounded around 40 more. Jordan’s King Abdullah had ordered security forces on Saturday to respond with an “iron fist” amid the hunt for the killers.
Since then, the government announced it arrested the trio of suspects, including two brothers and their brother-in-law, after a shootout at what was described as their hideout.
But in addition to the arrests, “Jordan said on Tuesday it had killed more than 20 Daesh militants in airstrikes on southern Syria the previous evening, launched in response to a deadly church attack in Jordan that authorities linked to militants operating across the border,” according to Reuters.
But the Syrian side, which has strongly condemned the incursion and violation of sovereignty, indicated that “the strikes killed seven people, including three children and a woman. Jordan regretted the civilian casualties, Government Communication Minister Mohammed al-Momani said in a post on X.”
Amman further said that the target of the air raid was a ‘militant hideout’ and that the suspects in the church attack were linked to “terrorist groups” based there.
The Jordanian government has elsewhere described that targeted group as members of ISIS, and offered a far higher death toll than the Syrian side, saying that “more than 20 Islamic State militants” were taken out.
On the prior terror assault of the church last week, Priest Theodoros Soueiss described that “A sense of panic took hold among those present. The gunfire was indiscriminate, and you never knew where a bullet might land.”
Reported scenes of the night time bombing of southern Syria:
That among the first actions taken by the Jordanian government was to bomb southern Syria is deeply ironic and hypocritical considering the recent history of conflict and Amman’s role. For years during the prior Syrian proxy war,Jordan played hostto CIA and Pentagon training programs for anti-Assad militants, most which turned out to be jihadists. This in turn fueled the persecution of the region’s ancient Christian community.
END
RUSSIA .EU
What’s The Real Importance Of Putin’s Recent Prediction Of The EU’s Inevitable Collapse?
The salience isn’t whether he truly believes it, but whether his Foreign Ministry and intelligence services politicize their assessments of this scenario to conform to what they think he wants to hear, which would go against what he earlier said about the need to abandon wishful thinking.
Putin predicted at the Valdai Club’s annual summit in early October that “they will fall apart without any help from us” in response to a question about whether Russia “should just go ahead and break [the EU] up, so it is easier to deal with individual countries” due to the bloc’s bans on building ties with Russia. This was popularly interpreted among many “Non-Russian Pro-Russians” (NRPRs) as a serious prediction despite the lighthearted context in which it was clearly being asked due to these folks’ wishful thinking.
Putin’s words are treated as gospel whenever they align with whatever many NRPRs want to have happen and casually dismissed as part of a “5D chess master plan” to “psyche out” his opponents whenever they go against their expectations like his years of loftily praising Israel. As regards the particular example of the EU falling apart, there are objective reasons why serious folks have discussed this scenario, but Putin referencing it doesn’t ipso facto mean that he himself truly believes it.
Putin represents the country that poses the greatest challenge to the West due to their proxy war in Ukraine, which is qualitatively different than the economic challenge that China poses. While China’s economic growth poses a long-term systemic challenge, China’s complex economic, financial, and supply chain interdependence with the West constraints the degree to which such a challenge could manifest, unlike the strategic autonomy that empowers Russia to wage its years-long proxy war with the West.
Putin is aware of this as well as the way in which his words are interpreted by foreign governments and societies alike. It therefore can’t be taken for granted that he always believes his dramatic proclamations since they might be shared for ulterior reasons such as influencing those audiences. To be clear, this doesn’t mean that Putin is lying in the example of him predicting that the EU will inevitably collapse since he might lend some credence to that scenario, just that there might be more to it than just that.
What’s most important isn’t what Putin himself believes, however, but whether his Foreign Ministry and intelligence services shape their assessments of this scenario in a way that conforms to what they might think (whether correctly or incorrectly) is what he believes and thus maybe wants. It’s assumed that Russia’s global media ecosystem will present such a picture to their audiences, but if the aforesaid institutions present it to Putin out of a misguided desire to please him, then it could cause problems.
The self-interested politicization of Russia’s already troubled feedback loops, which are arguably responsible to a large degree for the country’s spree of foreign policy setbacks under Trump 2.0’s Neo-Reagan Doctrine, could lead to the formulation of ineffective policies. If the EU’s supposedly inevitable collapse serves as the premise for formulating policy towards Europe, then Russia might not only lose opportunities, but this misjudgment could lead to mistakes that ultimately worsen Russia’s interests.
The salience of Putin’s prediction therefore isn’t whether he truly believes it, but whether his Foreign Ministry and intelligence services politicize their assessments of this scenario to conform to what they think he wants to hear, which would go against what he earlier said at Valdai’s event. He explicitly warned against wishful thinking and called for “realistic assessments”. Unlike what he said about the EU, there’s no reason not to take those words at face value, and hopefully those who need to do so will.
Comic Grace Helbig cancels shows to deal with 2 brain tumors; Jake Luppen (Hippo Campus) pauses shows for major brain surgery; wrestling announcer Gia Miller misses match due to “health issues”; more
[NB Manilow announced his retirement the week before.]
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.
Barry Manilow cancelled his Saturday concert in Las Vegas after abruptly cutting short his show the previous night. Manilow, 83, made a return to the Vegas stage on Thursday evening (8 October), following a six week hiatus from his residency due to health problems. Then on Friday, the legendary crooner walked off stage after just two songs, reportedly telling the audience to “talk amongst yourselves” then failing to return. The Saturday gig was cancelled soon after, with Manilow’s representatives stating: “After a triumphant welcome back concert on Thursday, Barry got hit with bronchitis and had to cancel his Friday and Saturday shows.” Manilow’s Vegas residency was originally supposed to begin in February, but was initially postponed after the star revealed that he was being treated for lungcancer. Since then, the singer has had to postpone or cancel a string of gigs on medical grounds, and in August cut short a Vegas show citing “technical difficulties”. The singer announced that he had been diagnosed with lungcancer in December last year, revealing that his doctor had detected the disease early during an MRI scan. He underwent surgery to remove a tumour on his leftlung, and took medical advice to postpone the Vegas residency and several tour dates in order to recover.
Researcher’s note – Manilow was among the artists who performed at the August 2021 “We Love NYC Concert”: A celebration of New York City’s comeback, the concert will promote “health”, safety, and equity. All performers, staff, crew, and attendees were required to show proof of COVID “vaccination”: https://wror.com/2021/07/27/springsteen-we-love-nyc-concert/
Rush had postponed tonight’s (Sat, Oct 17th) San Jose concert due to drummer Anika Nilles contracting the flu. The band says they plan to return to play on December 6th, after performing on Thursday, October 15th. Rush guitarist Alex Lifeson shared a video message explaining the situation. “Hi, it’s Lerxst. So this really sucks. The other night, when we played the first show in San Jose, Anika was ill. She was in the early stages of a flu, but she managed to get through the gig, which was really quite incredible and is a testament to her willpower. But over the last couple of days, she’s gotten a lot worse, and, unfortunately, we’re gonna have to cancel the show tonight,” Lifeson says. The band was forced to postpone two Dallas-Fort Worth concerts earlier this year due to frontman Geddy Lee being ill.
Texas Tejano singer and two-time Latin Grammy Award winner Michael Salgado [55] is recovering from a strokehe suffered while performing at a concert in Arizona on October 9, which he says will force him to postpone several upcoming shows. The star, also a seven-time Latin Billboard Artist, penned a statement for his fans, which he shared on social media Thursday night, October 15. Salgado shared that he began experiencing a stroke shortly after performing his first song on stage in Safford, Arizona. He was taken by ambulance to a local hospital and later airlifted to a hospital in Tucson, Arizona, for additional medical attention. “Two days later, I flew back home to San Antonio, Texas, where my medical team continued monitoring my condition and conducting additional tests,” the musician shared. Yesterday, Salgado’s medical team, which includes his cardiologist, neurologist and stroke specialist, determined that it is best for his health to temporarily pause his performance and get some “much-needed rest” while doctors continue testing and monitoring his condition. The star’s upcoming performances will be postponed for the next couple of weeks until his doctors determine when it is safe for him to return to the stage. This is not the first time the star has suffered a stroke after a performance. In 2018, he was hospitalized following an Austin show. Salgado had upcoming performances scheduled in Edinburg, San Antonio and Las Vegas this month.
Hippo Campus frontman Jake Luppen made a shocking announcement that he will undergo a six-hour “open brain surgery” after being diagnosed with a braintumor. “While a medical procedure of this nature carries some scary risks, my family and I couldn’t ask for a better surgical team to perform this surgery, which is scheduled for November 6th,” Luppen, 31, wrote to fans via Instagram on Wednesday, October 14, alongside an image of a CT scan of his brain. The musician explained that he learned seven years ago that he had a “9 mm lesion” near his basal ganglia – which control motor functions and cognition in the brain – after undergoing an MRI for recurring migraine headaches. “This past summer a routine scan showed some possible growth in this lesion, which prompted an EEG test – to my surprise, the panic symptoms I had been experiencing were actually focal seizures,” he recalled. Luppen is being treated at the world-famous Mayo Clinic in Minnesota, where doctors diagnosed him with a “stage two glioma.” The hospital classifies glioma as a mass of cells that “press on brain or spinal cord tissue,” causing symptoms such as headaches, decline in brain function, memory loss and personality change, among other issues. “My neurologist and neurosurgeon at Mayo determined that the best route to recovery would require a craniotomy to remove the lesion, as its critical location renders the option for a biopsy to be too dangerous,” the Hippo Campus singer noted. “This kind of open brain surgery lasts for about six hours and requires that I’m awake so that they can safely access what they believe is a stage two glioma (slow growing, low grade brain tumor).” He added, “They’ll remove as much of the lesion as possible and then send it off for testing. Once we know what it is, we’ll know how to treat it.” Luppen acknowledged that it “might be a second” before he’s able to play music again after hisopen-brain surgery – thus Hippo Campus will play a show at the histroic Turf Club in their hometown of St. Paul, Minnesota, on Monday, October 19.
Singer Amanda Perez (46) is reminding fans to put their health first as she reveals she’s been recovering in the hospital after suffering multiple strokes. On Friday (October 16), the “Angel” singer took to her Instagram to update fans about her hospitalization and subsequent cancelled shows. Wile sitting in a hospital bed, she said: “Hello everyone, I’m making this video not only for my fans for this weekend. I had shows coming up Denver, Colorado, Orlando, Florida, but just to bring awareness for the past few weeks I’ve been sick and anybody that knows me knows that I’m such a strong person and that I kind of fight through everything no matter what. But this time I can’t.”
Grace Helbig is opening up about an upcoming operation. On Monday, Oct. 12, the 41-year-old internet comedian shared in a TikTok video that she is set to receive surgery on Wednesday to remove two “operable braintumors.” “I’m getting a brain surgery on Wednesday, which is obviously a normal thing to say,” Helbig told her followers with her characteristically dry humor. “I wanted to fill you all in on what’s going on.” In her video, Helbig said that she had gone to the emergency room after experiencing numbness in her leg, and doctors located the tumors in her brain. In addition to her surgery, she said doctors have told her she might need radiation. “We don’t quite know – that’s how this s— goes,” she said. “You can only kind of plan one day at a time.” Helbig said that, as a result of the diagnosis, she was canceling the 2026 dates of her The Might Get Weird tour and rescheduling them for the following year, and she was taking the week off from her podcast, also titled This Might Get Weird, which she hosts with collaborator Mamrie Hart. Helbig’s announcement comes three years after she was diagnosed withbreast cancer, which she announced through a candid YouTube video on her channel. She underwent months of treatment – including chemotherapy, a lumpectomy, radiation and hormone therapy – before entering remission and opening up about the experience through a one-woman live show titled Let Me Get This Off My Chest.
Researcher’s note – Helbig publicly shared that she was “vaccinated” in May 2021:
Elder bassist Jack Donovan is recovering at home after undergoing open-heart surgery following a hospitalization initially attributed to pneumonia. Donovan was hospitalized ahead of the band’s September 22nd show at the Wonder Ballroom in Portland, OR, during their U.S. headlining tour with Blackwater Holylight and Bask. After being admitted to the emergency room and subsequently transferred to intensive care, doctors discovered that Donovan had been dealing with serious congenitalheart issues, which were determined to be the underlying cause of his illness. According to the band, the surgery was successful, and Donovan recently returned home after approximately two weeks in the hospital. Elder are currently working to reschedule their postponed performances.
Gia Miller [28] won’t be part of TNA Bound For Glory. The TNA Wrestling ring announcer made it to Tampa, Florida for the show, but informed fans that she wouldn’t be present at the event. “Well, I made it to Tampa only for my health to nose dive overnight. I’m going to have to go home, regroup, and get well. I’m devastated to be missing BFG. To my TNA family, I love and miss you all, stay safe, and have a great show tonight,” she wrote on social media. In September, Miller missed TNA iMPACT! tapings due to health issues. She later revealed that she had two ER visitsand two minor surgeries.
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS/ENERGY COMMENTARIES
Houthis Claim ‘Direct Hit’ On Saudi Defense Ministry HQ & Ras Tanura Refinery
Tuesday, Oct 27, 2026 – 11:15 AM
The Houthis are claiming some further significant attacks on Saudi military and energy sites, announcing Tuesday a direct hit on the kingdom’s defense ministry HQ in Riyadh.
The Iran-aligned group said the “hit was direct” – also amid new launches against Saudi Arabia’s biggest oil refinery, Ras Tanura, located to the west of the Strait of Hormuz.
“Our armed forces targeted the Ministry of Defense in the enemy Saudi capital, Riyadh, with a ballistic missile and the hit was direct,” announced Houthi military spokesman Yahya Saree.
The Saudi military has said it has intercepted a pair of missiles over the kingdom, with regional media citing explosions hears in central Riyadh. There are reports of significant missile debris falling over Riyadh.
Residents in Riyadh as well as near Ras Tanura reported getting mobile alerts of an inbound attack. Bloomberg is so far suggesting damage to the refinery is could be significant:
Maritime security agency Vanguard reported a fire in the Ras Tanura area following an attack early on Tuesday. Bloomberg separately cited a person familiar with the matter as saying a fire near the terminal had been contained.
“The fire has reportedly been contained, while the extent of damage and any impact on oil-loading operations remain unclear at current,” Vanguard said.
Ras Tanura combines a refinery capable of processing 550,000 barrels a day with an oil export terminal. It and Yanbu, on the Red Sea, handle nearly all Saudi oil exports.
Latest claimed Houthi attack locations inside Saudi territory:
1) Ras Tanura Oil Refinery
2) Ministry of Defense, Riyadh
3) Saudi mobilizations in Aden
4) Abha Airport
5) Two military cargo aircraft at: Najran Airport, Khamis Mushait Air Base
Saudi authorities have yet to confirm these fresh attacks, and there’s been no damage assessment issued at this early phase. The Saudis are typically very slow to confirm attacks out of Yemen.
The Houthis have said they also on Tuesday targeted two military transport jets – at Najran Airport, and an airbase in Khamis Mushait.
END
Iran War Pushes Trump’s Average Gasoline Prices Above Biden’s
The average price Americans have paid for gasoline during President Donald Trump’s second term has now surpassed the average recorded during Joe Biden’s presidency, marking a politically significant milestone just days before the November 3 midterm elections.
According to AAA data cited by Reuters, regular gasoline has averaged $3.472 per gallon since Trump returned to office in January 2025, compared with $3.471 during Biden’s four-year presidency.
The difference is marginal, but it represents a striking reversal for a president who campaigned on promises to bring gasoline prices below $2 per gallon.
As of Monday, October 26, AAA reporteda national average of approximately $4.29 per gallon, compared with just $3.05 a year earlier.
The increase has been driven largely by the U.S.-Israeli war with Iran, which began in February and has severely disrupted global crude oil shipments, refining operations and fuel exports from the Middle East.
Gasoline prices have risen roughly 43% since the conflict began, despite the United States remaining the world’s largest oil producer.
Meanwhile, diesel prices have climbed even more sharply. AAA data show diesel averaging approximately $6.35 per gallon, after reaching an all-time high of $6.53 in September.
As previously reported by Oilprice.com, shortages of refined products and the disruption of Middle Eastern energy supplies have placed extraordinary pressure on global fuel markets.
And significant relief before the midterms appears unlikely.
In his October 26 market update, Patrick De Haan, head of petroleum analysis at GasBuddy, reported that gasoline prices averaged $4.24 per gallon, down 22 cents from a month earlier but $1.24 higher than a year ago.
De Haan expects gasoline to remain above $4 per gallon and diesel above $6 through Election Day, despite government efforts to reduce prices.
While motorists have seen modest relief from September’s highs, continued uncertainty surrounding the Strait of Hormuz and limited global refining capacity are keeping fuel markets under pressure.
The Trump administration has pursued several measures to ease the crisis, including efforts to increase domestic refining and secure additional diesel supplies.
However, industry executives have warned that restarting idle refineries or expanding processing capacity cannot provide immediate relief.
The latest gasoline milestone adds another challenge for the White House as Americans prepare to vote, with elevated fuel costs continuing to weigh on household budgets and broader inflation concerns.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
BRAZIL
“Democracy Has Failed”: Bolsonaro Says Lula’s Socialist Regime Seized His Passport
Monday, Oct 26, 2026 – 06:53 PM
Summary:
Bolsonaro Says Lula’s Socialist Regime Seized His Passport
Ibovespa Stock Index Plunges 20%, Triggers Circuit Breaker
Real Crashes 11% To 5.58/USD
Brazil Markets Crater After Socialist Lula’s Shock Victory; Bolsonaro Seeks To Annul Runoff
Bolsonaro Says Lula’s Socialist Regime Seized His Passport
Beyond the turmoil in Brazilian markets that crushed the Ibovespa stock index and the local currency, the real, new political developments emerged late Monday afternoon.
Flávio Bolsonaro said the unhinged socialist regime under President Luiz Inácio Lula da Silva had seized his passport and banned him from leaving the country on the orders of regime favorite Supreme Court Justice Alexandre de Moraes.
“I went to visit my father… As I was leaving, Lula’s Federal Police were at his front door, and right there in the middle of the street,” Bolsonaro said in a video posted on X.
He added, “This is a sign that our democracy has failed…”
Lula, who pulled off a miracle runoff election win overnight after a controversial last-minute, two-hour voting extension, was called out by President Trump late in the afternoon: “It looked terrible…it looked like another RIGGED ELECTION!”
Lula’s socialist regime appears to have the support of far-left Alex Soros, who has made a career of funding globalist NGOs that are destroying the West.
What a glimpse into Brazil’s future: four more years of a socialist hellhole, fully supported by DSA.
Market Shock
Brazilian assets crashed after President Luiz Inácio Lula da Silva’s surprise runoff victory over Flávio Bolsonaro unraveled bullish bets across local stocks and the real. A controversial last-minute, two-hour voting extension has prompted Bolsonaro to call for the runoff to be annulled.
“Needless to say, the outcome caught most of the market by surprise, with President Lula completing a major turnaround and winning the runoff,” UBS analyst Daniel Pompiani told clients earlier this morning.
The real plunged as much as 11% this morning, while longer-dated interest-rate swap contracts surged almost 300 basis points after hitting trading limits.
Exchange operator B3 widened trading limits for currency, interest-rate, and stock futures for Monday’s regular session to accommodate the volatility. Brazilian stocks last triggered a circuit breaker during the COVID crash in early 2020.
Ibovespa stock-index futures plunged 20%, prompting warnings from trading desks and triggering a circuit-breaker halt.
Traders had positioned for a Bolsonaro victory after his first-round lead sparked a rally and attracted billions in foreign inflows. After Lula’s victory, JPMorgan analysts downgraded their outlook on Brazil’s currency and rates from overweight to market-weight.
“The post-election message of the market is clear: There is no vacation time for the next four years, and the country will need to address the fiscal issue,” said Peter Varga, a senior portfolio manager at Erste Asset Management.
UBS’ Pompiani asked:
Will the BCB intervene? It is very likely, but probably not right at the open. The BCB usually monitors flows and overall market conditions before stepping in, as its focus tends to be on market dysfunction rather than defending a specific level. The first move should be violent, but price discovery will be difficult. With liquidity thin and positioning caught offside, headline levels may matter less than where the market can actually clear risk.
Société Générale analyst Brendan McKenna told clients, “Don’t call it a comeback, Lula’s been here for years.”
McKenna provided clients with five key points:
1. Lula’s victory in the runoff of Brazil’s presidential election marks an abrupt end to Latin America’s conservative wave and a shift away from the right side of the political spectrum. What began as anti-incumbent sentiment driven by rising crime, corruption, and inflation ultimately culminated in strong support for Lula and his policy platform. While most Latin American countries will continue to be governed by conservative administrations, the region’s two largest economies, Brazil and Mexico, will be led by left-leaning governments. The Latin America election calendar is lighter in 2027 highlighted by general elections in Argentina toward the end of next year. We cannot help but wonder if Brazil pushing back on the right is an indication for a return to Peronism in Argentina or the start of the broader Latam pendulum swinging back left
2. Regardless of whether Brazil’s election marks an inflection point in regional politics, financial market contagion from Lula’s re-election across Latin America should be limited. Brazil’s financial markets are likely to come under significant pressure at the open; however, with most Latin American elections already behind us and many countries having secured more market-friendly policy platforms, we believe any Lula-induced selloff is likely to remain largely idiosyncratic to Brazil rather than trigger region-wide contagion. Argentina may be more vulnerable to spillover effects as regional markets have already demonstrated unease regarding President Milei potentially not being re-elected in 2027. Brazil rejecting a platform similar in style to President Milei could prompt more concern across Argentine local markets, but the extent of any spillover from Brazil’s election should be contained to Buenos Aires.
3. Fiscal discipline is likely to prove more elusive under another Lula administration, and we see little reason to expect a meaningful fiscal adjustment during a fourth Lula term. That said, Lula will face a right-leaning Congress that could constrain his ability to further loosen fiscal policy. A bond market and currency that remain under pressure could also force the government to adopt a more pragmatic fiscal stance to reassure investors, similar to Lula’s efforts to pursue spending restraint after market pressures intensified in late 2024. Should Vice President Alckmin assume a more prominent role in Economy Ministry, and if Finance Minister Durigan continues to emphasize fiscal responsibility, financial markets may stabilize relatively quickly. However, achieving a peak in government debt ratios is likely to remain challenging.
4. Brazil’s Local market selling is likely to be severe, but we will primarily be looking for opportunities to buy BRL. A Lula victory is likely to embed a political risk premium in the currency; however, BRL’s underlying fundamentals remain strong. The real continues to benefit from elevated real interest rate differentials, a manageable current account position, and a central bank with adequate foreign exchange reserves and a demonstrated willingness to deploy them to support financial market and FX stability. In addition, BRL may benefit from the presence of a conservative-leaning Congress that could constrain any efforts by President Lula to further loosen fiscal policy. Should Vice President Alckmin be appointed economy minister and Finance Minister Durigan remain in his role, markets may also take comfort in the continuity and elevated prominence of a technocratic economic team. Our range to watch is BRL5.70-BRL5.75. We would view USDBRL in that range as more interesting to engage in tactical trades to express potentially oversold conditions.
5. Rates may be a little trickier, as the upcoming BRL selloff is likely to push near-term inflation expectations higher, on top of an IPCA trajectory that was already expected to firm through the end of this year and into early 2027. SG Economics now forecasts a slower and shallower Brazilian Central Bank (BCB) easing cycle, which could keep the Selic rate above current market expectations through the end of 2028. As a result, the popular pre-runoff receiver trade may face headwinds for a more extended period, particularly relative to FX markets. Rates pressure should be felt across the curve, but the longer end of the curve should feel pressured most acutely given renewed fiscal concerns associated with the Lula administration. For now, our focus remains on identifying attractive BRL entry points rather than expressing bullish views through rates markets.
Brazil Markets Crater After Socialist Lula’s Shock Victory; Bolsonaro Seeks To Annul Runoff
Brazilian Senator Flávio Bolsonaro said overnight that he would seek to annul the presidential runoff, challenging a last-minute, two-hour voting extension granted at the request of socialist President Luiz Inácio Lula da Silva’s campaign. The order came from Supreme Court Justice Cristiano Zanin, Lula’s former personal attorney, whom the president appointed to the high court. Lula later won the runoff after Bolsonaro finished first in the first round earlier this month, setting the stage for a legal challenge to the court’s questionable intervention.
According to the electoral court, Lula was re-elected for a record fourth term on Sunday, taking 51.76% of the vote to Bolsonaro’s 48.24% in a surprise outcome.
Via Bloomberg:
Bolsonaro said, “It is impossible to recognize the election outcome given the circumstances in which all of this took place,” adding, “We will pursue legal action and seek to have the election annulled.”
The questionable voting-extension ruling came minutes after polling stations nationwide were scheduled to close at 5 p.m. local time. Zanin later clarified that it applied only to polling stations that remained open.
UBS analyst Justin Wensek told clients, “Flavio’s annulment request is unlikely to hold water given his campaign also asked for additional time in specific states that were impacted by adverse weather.”
The focus now shifts to Brazilian markets, where the “Bolsonaro trade” has reversed and shares of companies across the banking, steel and metals, and oil and gas sectors have plunged:
BANKS, FINANCIAL FIRMS
US-listed shares in lenders fall: Banco Bradesco -27%, Itau Unibanco Holding -28%, NU Holdings -22%, Inter & Co. -32%, Banco Santander (Brasil) -11%
Among other financial firms: PagSeguro Digital -28%, StoneCo -31%, PicS -27%
STEEL, METAL & MINING
Among movers: Companhia Siderurgica Nacional -13%, Vale -7.7%, Gerdau S.A. -14% AERO,
OIL & GAS AND OTHER SECTORS
Among other movers: XP Inc. -39%, Ambev -19%, Embraer -2.6%, MercadoLibre -2.6%, Telefonica Brasil -16%, Companhia Energetica de Minas Gerais -15%, Companhia Paranaense de Energia -17%, Petroleo Brasileiro -19%, Ultrapar Participacoes -18%, Cia de Saneamento Basico do Estado de Sao Paulo (SABESP) -22%, TIM S.A. -17%
iShares MSCI Brazil ETF (EWZ) cratered 27% in premarket trading on the surprise Lula win.
UBS analyst Wensek added more color on the significant repricing of Brazilian assets as the market readjusts to four more years of socialist Lula:
Brazil’s fiscal outlook again takes center stage, as debt/GDP trajectory resumes its ominous path. The desk expects a significant re-pricing of Brazilian assets on Monday, as the market adjusts to another four years of Lula, with USDBRL potentially at 5.3 Monday.
Note that FX didn’t react that much in the first round; it was more about rates and equities. EM strategist Roque Montero thinks USDBRL could drift to 5.5-5.6 by end-2026 given December negative seasonality.
In rates, Roque expects a 100-150bp move higher. Equities could correct by 10-15% based on latest EWZ reaction. Among stocks, watch for selling pressure/rotation out of SOEs, high beta and rate sensitive names, into defensive, USD leveraged, cash flow generative names. If there is a silver lining, Lula will have to build a coalition to pass key policy initiatives through a more right-leaning Senate and Lower House.
Beyond Bolsonaro’s possible court battle to challenge the results, Brazil now faces a financial reckoning as public debt has climbed to 83% of GDP from 71.7% when Lula and the socialists took office in January 2023, leaving traders to digest the continued fiscal deterioration.
ING analysts see a 5%-7% slide in real terms and double-digit stock losses today. The repricing is already underway offshore: Brazil’s dollar bonds were among the worst performers in emerging markets, with yields on notes due in 2037 jumping 19 basis points to 6.44%.
What Goldman analysts expect from here:
Rates and equities will see the most damage. In rates, where we settle will depend on damage control on fiscal. There are people close to the president advocating for fiscal consolidation given its impact on financing cost. Market will closely monitor Finance Minister announcement, and the details of fiscal consolidation. Adjustments involving Constitutional spending cap/ fiscal target would be well received, and trim on specific social programs without longer term commitment likely won’t calm market. If we see credible fiscal reform, BCB can continue its easing path given the still-very-high real rate, so front-end-to-belly receiver could be attractive again after the correction. Equity market will likely price out optimism around structural reforms to improve SOE/ business environment.
USDBRL – expect to settle in new range of 5.4-5.8. This will limit BCB’s ability to accelerate its pace of easing.
Brown Brothers Harriman’s Elias Haddad sees a buying opportunity emerging from the selloff.
END
Bolsonaro Drops Annulment Bid As Party Concedes To Lula, Vows Congressional “Fortress” Against Socialist Rule
Tuesday, Oct 27, 2026 – 09:35 AM
After the Brazilian runoff election, right-wing Flávio Bolsonaro has abandoned plans to seek its annulment, as his Liberal Party has formally recognized the reelection of socialist President Luiz Inácio Lula da Silva.
Lula’s socialist regime wasted no time attacking Bolsonaro after the election. Federal Police snatched Bolsonaro’s passport late Monday, and regime favorite Supreme Court Justice Alexandre de Moraes has banned him from leaving the country.
Bolsonaro declared that he is under attack by the socialist regime and that this is merely “a sign that our democracy has failed.”
Glenn Greenwald pointed out, “If, by the way, the same situation that just happened in Brazil had happened but with the parties switched … if Bolsonaro had won last night’s election and then a pro-Bolsonaro judge sent the Federal Police to seize Lula’s passport and bar him from leaving the country … every major western media outlet and liberal NGOs would be screaming about the authoritarian attack on Brazil’s elections and the destruction of basic freedoms.”
Notably, Bolsonaro’s proposed annulment challenge centered on a last-minute Supreme Court decision extending voting by two hours.
Bolsonaro has now changed course, saying he would pursue a separate effort to disqualify Lula’s ticket over allegations of false information and misuse of public funds, another legal strategy described as having low odds of success.
“I wasn’t the one who lost. The system won,” Bolsonaro said late Monday.
Bolsonaro continued, “I will bring together the elected lawmakers and senators to organize our strategy and turn the lower house and the Senate into our fortress against the barbarity that is already taking shape with four more years of Lula.”
UBS analyst Wensek noted, “If there is a silver lining, Lula will have to build a coalition to pass key policy initiatives through a more right-leaning Senate and Lower House.”
Attention now shifts to how Lula and the socialists, praised by the far-left DSA, Democrats, and unhinged Alex Soros, will govern as fiscal strains mount and investors question whether he’ll rein in out-of-control spending.
“Lula’s surprise victory resets the Brazil trade: expect higher yields, a weaker BRL and pressure on domestic cyclicals and SMIDs. A right-leaning Congress should constrain fiscal expansion, but lower rates and equity flows are delayed,” Jefferies analyst Alejandro Anibal Demichelis wrote in a note.
END
BRAZIL
Bolsonaro Reportedly Heading To US As Lula’s Socialist Regime Stokes Fears Of Political Crackdown
Tuesday, Oct 27, 2026 – 02:03 PM
Summary:
Bolsonaro Reportedly Entered Argentina To Fly To US
Bolsonaro Says His Political Prosecution By Socialists Is “Sign Democracy Has Failed“
Bolsonaro Drops Annulment Bid As Party Concedes To Lula, Vows Congressional “Fortress” Against Socialist Rule
Brazil On Brink Of Political Turmoil?
The lack of scrutiny from Western news outlets and left-wing NGOs as Lula’s socialist regime imposes court-ordered travel restrictions on Bolsonaro raises concerns about political persecution and the use of overreaching judicial power to attack the opposition. Every mainstream lefty outlet has been quiet about this, and that’s very telling.
Democrats, the DSA, and Alex Soros championed a Lula win, yet the political persecution of Bolsonaro is quite alarming and only a symptom of what the socialists have in store for their opponents across the West.
As Bolsonaro put it shortly after the regime seized his passport on Monday afternoon, it’s “a sign that our democracy has failed.“
There are new developments in the Brazilian political arena, according to Glenn Greenwald:
Brazilian authorities and media are trying to find out where Flavio Bolsonaro is.
Brazil’s notorious authoritarian Judge Alexandre de Moraes — before the votes were counted — already had an order prepared to seize Bolsonaro’s passports and bar him from leaving the country even though **he’s been charged with no crime** (there are various pending financial investigations). Moraes signed the order barring Bolsonaro from leaving Brazil SEVEN MINUTES after Lula was declared the winner on Sunday night.
A media outlet in Argentina this morning reported that Bolsonaro entered Argentina to fly to the US. His friends and allies deny this, but Flavio could easily just appear in Brazil or even by video and has not done so. Argentina is being sketchy, evasive and somewhat uncooperative with Brazil’s federal police (Lula and Milei are obviously not allies).
Whatever else is true, it is not exactly a sign of a healthy, normal or functioning democracy when the candidate who narrowly loses a presidential race — and concedes defeat — is suddenly barred from leaving the country by a Supreme Court Judge now globally notorious for censoring, imprisoning and otherwise persecuting his critics and opponents of Lula’s government.
It is also worth noting that Bolsonaro’s party dominates the Senate, having run on a vow to impeach Moraes, and this is seen by many as a kind of leverage/hostage ploy by Moraes to cling to power.
Brazil’s post-election turmoil tests the credibility of Lula and his regime, who say they’re the “good guys” fighting against authoritarianism, yet they are using state institutions to attack a political opponent.
Lula nevertheless faces mounting political headwinds after the first-round election. Bolsonaro’s party gains in the Senate could complicate the government’s socialist agenda of deficit spending and bankrupting the country.
For the Trump administration, Brazil remains key to efforts to counter Chinese influence and rid the hemisphere of nation-killing socialists. Lula’s reelection complicates a strategy that has worked in many recent South American elections, from Ecuador to Colombia to Argentina.
Now we wait for a Trump administration to respond to Lula’s socialist regime.
Bolsonaro Drops Annulment Bid As Party Concedes To Lula, Vows Congressional “Fortress” Against Socialist Rule
After the Brazilian runoff election, right-wing Flávio Bolsonaro has abandoned plans to seek its annulment, as his Liberal Party has formally recognized the reelection of socialist President Luiz Inácio Lula da Silva.
Lula’s socialist regime wasted no time attacking Bolsonaro after the election. Federal Police snatched Bolsonaro’s passport late Monday, and regime favorite Supreme Court Justice Alexandre de Moraes has banned him from leaving the country.
Bolsonaro declared that he is under attack by the socialist regime and that this is merely “a sign that our democracy has failed.”
Glenn Greenwald pointed out, “If, by the way, the same situation that just happened in Brazil had happened but with the parties switched … if Bolsonaro had won last night’s election and then a pro-Bolsonaro judge sent the Federal Police to seize Lula’s passport and bar him from leaving the country … every major western media outlet and liberal NGOs would be screaming about the authoritarian attack on Brazil’s elections and the destruction of basic freedoms.”
Notably, Bolsonaro’s proposed annulment challenge centered on a last-minute Supreme Court decision extending voting by two hours.
Bolsonaro has now changed course, saying he would pursue a separate effort to disqualify Lula’s ticket over allegations of false information and misuse of public funds, another legal strategy described as having low odds of success.
“I wasn’t the one who lost. The system won,” Bolsonaro said late Monday.
Bolsonaro continued, “I will bring together the elected lawmakers and senators to organize our strategy and turn the lower house and the Senate into our fortress against the barbarity that is already taking shape with four more years of Lula.”
UBS analyst Wensek noted, “If there is a silver lining, Lula will have to build a coalition to pass key policy initiatives through a more right-leaning Senate and Lower House.”
Attention now shifts to how Lula and the socialists, praised by the far-left DSA, Democrats, and unhinged Alex Soros, will govern as fiscal strains mount and investors question whether he’ll rein in out-of-control spending.
“Lula’s surprise victory resets the Brazil trade: expect higher yields, a weaker BRL and pressure on domestic cyclicals and SMIDs. A right-leaning Congress should constrain fiscal expansion, but lower rates and equity flows are delayed,” Jefferies analyst Alejandro Anibal Demichelis wrote in a note.
END
Bannon Urges Trump To Cut Ties With Brazil As Trump Calls Lula’s Win “Another Rigged Election”
Tuesday, Oct 27, 2026 – 03:45 PM
Steve Bannon is calling on the Trump administration to cut diplomatic and trade ties with Brazil, Gazeta do Povo reports. In a Monday episode of his show War Room, Bannon described Luiz Inácio Lula da Silva’s re-election as a “theft” and called his government illegitimate. He said Secretary of State Marco Rubio should speak out first, then the president.
The president has since weighed in himself. Speaking to reporters at Joint Base Andrews before a flight to a Mississippi rally, Trump called the result “another rigged election, frankly,” and said “it looked very bad to me,” offering no evidence, the Boston Globe reports. “Elections have to be indisputable,” he added.
Lula won Sunday’s runoff with 64,256,232 votes, or 51.79%, to 59,826,041 (48.21%) for Flávio Bolsonaro, a margin of about 4.4 million, according to the electoral court’s count as reported by the Rio Times. In the first round on October 4, Bolsonaro had led 47.03% to 45.16%. As we reported, Brazilian stocks cratered on the result.
Bannon’s case rests on how the day ended. Flávio Bolsonaro said in an address Sunday night that it was “impossible to recognize the outcome of this election given what happened today” and that his lawyers would petition to annul it, the Latin Times reports. His objection is the extension: as polls were closing, Supreme Court Justice Cristiano Zanin, Lula’s former defense lawyer, ordered voting kept open two more hours nationwide. The petitions behind the order came from Lula’s coalition, which cited transport failures in some municipalities, while Bolsonaro’s camp pointed to storms and power cuts, the Rio Times says.
Bolsonaro also claimed his party’s monitors were barred from the electoral court’s secure counting room. The Latin Times says no documentary evidence for that had been presented, and that annulment requires proof that a specific irregularity materially changed the count, a high bar.
Brazil’s own institutions are not following him. Electoral court president Kassio Nunes Marques recognized Lula’s win on Sunday, and early signs from regional leaders, conservatives among them, suggest the result will be respected, according to the Globe. Analyst Brian Winter called it “a really uphill battle for Flavio Bolsonaro.”
Washington’s relationship with Lula was already strained. In July, Trump imposed a 25% tariff on most Brazilian imports under Section 301, with Rubio writing on X that it was Lula “putting his own ego ahead of making a deal.” The Trade Representative said a year of talks had not resolved the issues, though the U.S. remained open to more.
Apart from Trump’s remarks, the Rio Times found no White House or State Department statement recognizing or disputing the result. Folha de S.Paulo reported, per Gazeta do Povo, that the State Department had a congratulatory statement ready and held it once Bolsonaro refused to concede. The same report says Donald Trump Jr. and Trump Media lawyer Martin De Luca both criticized the voting extension.
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY 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: 1.1164 DOWN 0.0009
USA/ YEN 157.83 UP 0.298 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/USA1.3326 UP 0.0018 OR 18 BASIS PTS
USA/CAN DOLLAR: 1.4022 UP 0.0009//CDN DOLLAR DOWN 9BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 49.22 PTS OR 1.33%
Hang Seng CLOSED DOWN 222.81 PTS OR 0.96%
AUSTRALIA CLOSED UP 0.19%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 222.81 PTS OR 0.96%
/SHANGHAI CLOSED DOWN49.22PTS OR 1.33%
AUSTRALIA BOURSE CLOSED UP 0.19%
(Nikkei (Japan) CLOSED UP 1104.35 PTS OR 1.79%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: $4028.50
silver:$54.00
USA DOLLAR VS TRY (TURKISH LIRA): 49.79UP 3 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: 80.57 ROUBLE// UP 0 ROUBLE AND 23 BASIS PTS.
UK 10 YR BOND YIELD: 5.3466 DOWN 1 BASIS PTS
UK 30 YR BOND YIELD: 5.7457DOWN 1 BASIS PTS
FRENCH OAT 10 YR BOND YIELD: 4.9260 UP 2 BASIS PTS.
CDN 10 YR BOND YIELD: 3.8322 UP 1BASIS PTS
CDN 5 YR BOND YIELD; 3.575 UP 0 BASIS PTS
USA dollar index early TUESDAY MORNING: 101.98 UP 19 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.8730% DOWN 0 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.804% UP 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.842 UP 2 BASIS PTS//
SPANISH 10 YR BOND YIELD: 4.0006 DOWN 2 in basis points yield
ITALY 10 YR BOND: 4.535 DOWN 1 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.3541 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1191 DOWN 0.0009 OR 9 basis points
USA/Japan: 157.85 UP 0.319 OR YEN IS DOWN 32 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 5.3480 UP 0 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.7455 UP 1 BASIS POINTS.
Buy All The Things…’ Except Oil: Buying Spree Spreads Ahead Of The Fed
WRAP UP
USA DATA RELEASES
Americans’ Consumer Confidence Rebounded Dramatically Off COVID Lows In October
Tuesday, Oct 27, 2026 – 10:10 AM
After crashing below COVID lows in September, The Conference Board’s Consumer Confidence Index surged back to the highest level since June in October’s data released today.
The headline index rose by 7.5 points to 91.7 (1985=100) in October, up from 84.2 in September (a slight upward revision) and dramatically better than the 81.0 expected.
The Present Situation Index – based on consumers’ assessment of current business and labor market conditions – increased by 8.6 points to 120.4.
The Expectations Index – based on consumers’ short-term outlook for income, business, and labor market conditions – recovered by 6.9 points to 72.6, only partially reversing three consecutive monthly declines. The survey period for this month’s preliminary results was October 1-21.
“Consumer confidence advanced in October, driven primarily by improved perceptions of current and expected business conditions,” said Fergus McCormick, Senior Economist, Global Indicators, The Conference Board.
“The recovery was in line with retail gasoline prices easing from September to October. Yet, despite the increase in October, consumer confidence remained on the long-term downward trend that’s persisted over the past few years. Consumers planned less spending on services and durable goods over the next six months. This likely reflected higher price levels and persistent inflation, which eroded consumers’ purchasing power.”
That was the biggest beat since May 2025…
McCormickcontinued: “Among write-in responses in October, consumers continued to express frustration with rising costs. References to prices, the high cost of food and groceries, and oil and diesel prices rose. Comments about war and conflict eased for a second straight month but remained elevated. Mentions of jobs and employment as an area of concern also ticked up, though to a lesser extent.”
On a six-month moving average basis, only consumers under age 35 and those with a household income of $100k or more expressed an increase in confidence. By generation, confidence amongst Gen X, Baby Boomers, and the Silent Generation continued to trail significantly behind Gen Z and Millennials, widening a sharp generational divide that has emerged over the past two years.
In October, confidence improved across all political affiliations—but much more so for Republicans.
END
“Affordability Remains Challenging”: US Home Prices Rise Even As Mortgage Rates Rip
Tuesday, Oct 27, 2026 – 09:15 AM
Home prices in America’s top 20 cities rose for the 5th straight month in August (the latest data just released by S&P Cotality Case-Shiller), up 0.27% MoM (vs +0.30% exp) lifting pries 2.65% YoY (the strongest since May)..
However, prices declined in real terms for the 15th consecutive month in August 2026, though Rebecca Kaufman, Associate Director of Commodities at S&P Dow Jones Indices note that “the gap narrowed as nominal home price growth strengthened.”
Chicago led all metros for the sixth consecutive month, posting a 6.7% annual gain, followed by New York (6.2%) and Cleveland (4.3%). On the West coast, Seattle recorded the largest annual decline for the third consecutive month at 2.0%, followed by Las Vegas (-1.3%) and Denver (-0.8%).
Seasonality continued to weigh on headline monthly results. On a non-seasonally adjusted basis, the U.S. National and 10-City Composite Indices fell 0.2% and 0.4%, respectively, while their seasonally adjusted counterparts rose 0.3% and 0.4%. The divergence suggests that the typical post-summer slowdown is obscuring some underlying strength in home prices.
Affordability, however, remains challenging. With inflation at 3.4%, Brent crude near $100 per barrel and mortgage rates in the mid-to-high 6% range, households continue to face elevated costs alongside persistently high home prices.”
And we fear things are about to get a lot worse…
The bottom line is that nominal price growth has accelerated modestly from early-2026 lows but remains well below recent years and continues to lag inflation. Inventory tightness supports modest monthly gains in many areas, while high rates and affordability pressures keep the market subdued, especially in the West.
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Core Durable Goods Orders Rise For 18th Straight Month, AI Spend Proxy Dips
Tuesday, Oct 27, 2026 – 08:40 AM
After an unexpected dip in headline durable goods orders last month, preliminary September data was expected to show a significant rebound, and it did, rising 1.8% MoM. However, this was a small miss relative to the +1.9% MoM expected but the August decline was revised up to a +0.1% MoM change (from -0.1%)…
This left headline durable goods orders up a solid 10.0% YoY and ius up six of the last seven months.
Core durable goods orders rose 0.5% MoM (vs +0.6% exp) and August was also revised up. This was the 18th monthly rise in core orders in a row…
Core capital goods orders (nondefense capital goods excluding aircraft – the cleanest proxy for business equipment spending): +0.5% (missed ~0.7% consensus; prior +1.6%). Still positive but moderated.
Interestingly, a proxy for AI spend slowed last month…
This segment includes:
Telephone Apparatus: Wired and wireless telephones, private branch exchange (PBX) equipment, and VoIP equipment.
Broadcast and Wireless Equipment: Radio and television broadcast antennas, cellular tower electronics, and two-way radios.
Network Equipment: Routers, switches, local area network (LAN) and wide area network (WAN) equipment, and fiber-optic transmission gear
Core capital goods shipments: +1.2% (beat ~0.8% expected; prior ~+0.5%). This is the more important near-term input for GDP equipment investment and points to continued strength in deliveries.
The bottom line is that the headline looked solid, largely on the back of transportation (aircraft). Underlying orders (ex-transport and core capital goods) were more modest and a touch softer than expected after August’s strong core print, but they remain in positive territory. The stronger shipments number is the brighter spot for near-term business investment momentum. As usual, the series is noisy month-to-month; the multi-month trend and core figures matter more than the headline… and they remain positive indicators for growth.
USA ECONOMIC REPORTS
The Forgotten Trump Campaign Promise That Will Come Back To Haunt Republicans In The Midterms
Tuesday, Oct 27, 2026 – 04:55 AM
A mounting financial burden costing American families thousands of dollars a year is emerging as an overlooked issue in the 2026 midterm elections as new polling suggests that the expense of caring for aging relatives could influence voters in some of the nation’s most competitive congressional races.
While inflation, the Iran War and border security dominate the national debate, the growing cost of family caregiving has attracted comparatively little attention.
An estimated 59 million Americans provide unpaid care for an adult relative, friend or neighbor, according to AARP. A recent Edward Jones study found that financial caregivers who are not fully reimbursed spend an average of $8,737 annually out of pocket, forcing difficult decisions about household budgets and long-term savings.
The financial strain is also evident in retirement accounts. Research from the Employee Benefit Research Institute found that 34% of caregivers have less than $10,000 in savings and investments, compared with 25% of non-caregivers.
Moreover, the AARP survey conducted across 43 competitive congressional districts found that 77% of likely voters age 50 and older said they would be more likely to support a candidate advocating tax credits for unpaid caregivers. Additionally, 75% expressed greater support for candidates backing assistance that allows relatives to remain in their homes rather than enter institutional care.
Older Americans also appear especially motivated ahead of Election Day. The same survey found that 83% of voters age 50 and older described themselves as extremely motivated to vote, compared with 66% of younger voters.
Trump Tax Credit When?
President Donald Trump pledged to address the growing issue during his 2024 campaign, promising a tax credit for Americans caring for aging parents and other loved ones.
“It’s about time that they were recognized, right?” Trump asked during a Madison Square Garden rally at the time.
However, the proposed caregiver tax credit was ultimately left out of Trump’s sweeping tax-and-spending legislation signed in July 2025, while bipartisan legislation that would provide eligible working caregivers with a tax credit of up to $5,000, has gone no where in Congress.
KING NEWS
The King Report October 27, 2026 Issue 7856
Independent View of the News
Bloomberg @business: Flavio Bolsonaro has called for the annulment of Brazil’s presidential runoff after losing the election to President Luiz Inacio Lula da Silva in a chaotic vote marred by allegations of suppression and a last-minute extension of voting hours. @JewishWarrior13: BRAZIL: FLÁVIO BOLSONARO REFUSES TO CONCEDE, DEMANDS ELECTION ANNULMENT– Flávio Bolsonaro has rejected the results of Brazil’s presidential runoff after losing to incumbent President Luiz Inácio Lula da Silva. “It is impossible to acknowledge the election results. We will ask for the elections to be annulled,” Bolsonaro declared…He says his legal team will seek to have the election annulled. The Sao Paulo Ibovespa Stock Index crashed 20%, closed -14%; Brazil’s real plunged 11% to 5.6/$. The widely proclaimed omniscient Kalshi Prediction Market gave Lula only a 20% chance of winning! Brazil Election Results Spark Debate Over Prediction Markets After Lula Wins at 20% Oddshttps://finance.yahoo.com/markets/options/articles/brazil-election-results-spark-debate-101538051.html @Jhonffonseca: The president of Brazil’s Superior Electoral Court, Judge Kassio Nunes Marques, has just issued a devastating warning: There was absolutely no rule that allowed extending the voting by two hours. It was an unprecedented order from a Supreme Court magistrate allied with Lula, which ended up benefiting his regions.The preliminary decision, issued after the polls closed, generated serious difficulties in the electoral process. “There were no regulations that authorized any extension,” Nunes Marques stated.And he said it with historic clarity: “Never, in the entire history of the TSE, has there been an extension.” He also warned that it was materially impossible, in just a few hours, to guarantee that a judicial decision of that magnitude would not cause side effects—especially technological ones—capable of significantly altering the vote count.And he concluded with a forceful reminder to the Supreme Court: The Constitution assigns exclusive jurisdiction to the Electoral Court to direct the electoral process. Not to the STF. @CNNBrasil: 213 cities that chose Flávio in the 1st round gave victory to Lula in the 2nd @EndWokeness: Round 1: Bolsonaro: 56.1 million votes; Lula: 53.9 million votes; Round 2: Lula: 64.1 million votes (+10.2M); Bolsonaro: 59.8 million votes (+3.7M). To give you an idea of how unlikely this is: all the eliminated candidates from round 1 got 9.33M VOTES COMBINED @elonmusk: Math doesn’t add up @ggreenwald: One day after Lula was declared the winner of Brazil’s elections, his opponent — Sen. Flavio Bolsonaro — just had had his passport seized by the Federal Police. Those police were sent by notorious tyrant Judge Alexandre de Moraes. What a lovely democratic image.If, by the way, the same situation that just happened in Brazil had happened but with the parties switched — if Bolsonaro had won last night’s election and then a pro-Bolsonaro judge sent the Federal Police to seize Lula’s passport and bar him from leaving the country — every major western media outlet and liberal NGOs would be screaming about the authoritarian attack on Brazil’s elections and the destruction of basic freedoms. @elonmusk: As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers. SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue.That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many. 3:11 PM · Oct 25, 2026Meta seeks $95B in potential equity financing as AI spending ramps upMeta Platforms (META) launched concurrent underwritten offerings totaling approximately $35B, comprising $22.5B in Class A common stock and $12.5B in depositary shares representing mandatory convertible preferred stock… Meta also said it plans to launch an approximately $60B at-the-market (ATM) offering program once trading begins in its previously announced Class C common stock…https://seekingalpha.com/news/4657073-meta-files-mixed-securities-shelfMeta unveils staggering $95B AI buildout – fueled by offerings of new stockhttps://trib.al/H1KMMTT Meta sank early on its huge equity offering and fell to 629.02, -13.6 pts, at 9:34 ET. But the usual suspects are over-the-moon bullish on AI related issues. So, Meta rebound sharply, hitting 647.69, +5.07 pts at 10:48 ET. Meta had a methodical ABC decline into the close and made its daily low near the close. @AnthropicAI: Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.https://www.anthropic.com/news/s1-secAnthropic model accessed voter informationAnthropic’s Claude accessed publicly available Georgia voter data without human authorization, a disclosure sure to add to growing concerns about AI security ahead of the midterm elections.Why it matters: AI giants Anthropic and OpenAI have continued to make disclosures about agents taking unauthorized or unintended actions, raising alarms about advancing model capabilities and theextent of human control…https://www.axios.com/2026/10/25/anthropic-claude-georgia-voter-data @rdd147: Anthropic just pulled the exact accounting trick that companies did in 2000 bubble for IPO. They hid all their expenses via convertible notes redeemable at IPO. $108 billion worth…https://x.com/rdd147/status/2114791520171962744Anthropic president takes aim at OpenAI over Pentagon deal, questions rival’s motiveshttps://trib.al/eEUxtLB The usual suspects were going to pour into tech trading sardines for the Monday and Fed Week Rallies. The Anthropic IPO filing intensified the urge to buy tech trading sardines. @DanielTNiles: The @elonmusk reply that “200+ neoclouds are going to see guppy-level death and consolidation” (I agree) caused neo-clouds to get hit again this morning for 5-6%. Now CRWV, NBIS, IREN all up 4-7%. This clearing event might mark at least a short-term bottom in the AI selloff.Microsoft offers voluntary buyouts to 60,000 employees as AI leads to efficiency pushhttps://www.cnbc.com/2026/10/26/microsoft-msft-voluntary-buyouts.htmlThe SOX Index hit 11,179.88, +3.71%, at 13:20 ET. It then rolled over this:Scoop: FTC demands Anthropic execs testify in probe – Axios 13:00 ETThe FTC is investigating Anthropic and OpenAI and has sent civil subpoenas seeking documents from both AI giants about safety incidents. The agency plans to go after more AI players as well but has only confirmed demands for testimony were sent to Anthropic.State of play: Individuals at other AI companies have also received demands to testify, the spokesperson said, without providing more detail… Anthropic said the FTC’s investigation could result in significant costs and model design changes. https://www.axios.com/2026/10/26/ftc-ai-safety-probe-anthropic-openaiAfter falling to 11,125.53 at 13:44 ET, the SOX Index rallied and made its high (+3.74%) at 14:00 ET.The S&P 500 Index opened moderately higher on Monday and rallied to a daily high of 7002.13 at 11:02 ET. The index then sank to 7666.74 at 12:48 ET. The early afternoon rally took the S&P 500 to 7690.95 at 13:20 ET. The index then rolled over into a coil formation. The index tried to breakout out of the coil to the upside via the late manipulation after 15:30 ET but quickly failed. The S&P remained in the tight coil formation into the close.US 2-Year Note Auction ($69B) results: 4.708% vs 4.705% WI, Indirect Bidders 47.5% Direct Bidders 41.3%; Primary Dealers 13.0%. This is regarded as a ‘soft’ auction. USZs (30-yr futures) rallied modestly; 10, 5, and 2-year futures declined (yields up) modestly.@elliottwaveintl; A WARNING SIGN: Investors now pay $3.50 for every $1 of sales from companies in the S&P 500 — an increase of 67% from the dot-com peak.https://x.com/elliottwaveintl/status/2113685957694067170Former DOGE Staffers Hacked into Anthropic’s Internal Systems In 12 Hours – And What They Found Is Alarming –Its draft calls the result evidence of “a serious gap between the offensive capabilities now emerging and the defenses… data accesses were kept to the absolute minimum.”https://www.zerohedge.com/political/former-doge-staffers-hacked-anthropics-internal-systems-12-hours-and-what-they-found Reuters: Russian President Vladimir Putin will hold meetings with Iranian President Massoud Pezeshkian and the Emir of Qatar Sheikh Tamim bin Hamad Al Thani in Moscow on Tuesday, the Kremlin said.Positive aspects of previous session The Monday and Fed Week Rallies, plus Anthropic’ s IPO filing reignited AI euphoria.The S&P 500 Index daily low was its opening. Trader euphoria was high on Monday.S&P 500 +0.7%, DJIA +0.28%, DJTA +0.81%, Nasdaq +-0.82%, Nas 100 +1.09%, SOX Index +2.82%SP Info Tech +1.5%, Industrials + 1.4%, Consumer Discretionary +1.11%, Real Estate +0.52%, Energy +0.5%, Financials +0.21%, Materials +0.15%; USZs +7/32 at 16:12 ETDec WTI -$1.69, Dec Brent -$1.27, Dec Diesel -6.53¢ at 16:26 ET Negative aspects of previous session SP Comm Services -1.42%, Consumer Staples -0.13%, Utes -0.02%, Health Care -0.01%Dec 2, 5, and 10-year futures declined modestly (yields up modestly)Dec Gasoline +0.17¢ at 16:16 ET while other energy commodities decline in price.Meta made its daily low (627.80) second before its close.Ambiguous aspects of previous sessionWill the auctions of $500B+ of US debt this week affect bonds?First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: DownPivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7672.87Previous session (S&P 500 Index) High/Low: 7702.13 (11:02 ET ET); 7639.70 (9:30 ET) @GlobalMktObserv: Zero-day options are helping suppress volatility across the US stock market: A massive ~66% of S&P 500 options volume now expires within a single day, giving short-term trading flows an increasingly powerful influence over market movements.Since 2024, option traders have increasingly bought calls and sold puts during market declines, then reversed those positions during rallies, effectively buying dips and selling strength. This counter-trend activity helps suppress volatility, with its impact now outweighing the effects of options dealers adjusting their hedges.The result is a self-reinforcing dynamic in which options flows help limit S&P 500 moves in both directions, alongside the stabilizing effect of positive dealer gamma positioning.Furthermore, 0DTE options trading now represents a larger volume of market exposure than the average daily trading volume of E-mini S&P 500 futures, highlighting how short-term options activity increasingly influences broader stock market movements.However, the pattern could reverse sharply if downside market fears intensify and traders begin aggressively buying puts, which will materially amplify a selloff rather than contain it.0DTE options that dampen volatility today could amplify the next market downturn.https://x.com/GlobalMktObserv/status/2114742036037329175Today – Normally, we would expect a Turnaround Tuesday to the downside because stocks, notably tech trading sardines, fell on listless trading in the afternoon. But this is Fed Week and Fang reporting season peaks tomorrow and on Thursday. So, traders will buy dips, abetted by universal belief that the Fed will not hike rates on Wednesday with the Midterms only 6 days after the decision. ESZs 12.25; NQZs +123.50, USZs -6/32, Dec WTI -$0.41, Dec Gas -0.07¢, ¥/$ 157.50 at 20:07 ET US 5-year ($70B) on 10/27; US 7-year ($44B) 10/29 ($183B total) T-Bill Auctions this week: 6-week ($95B) 10/27; 13-week ($95B) 10/26; 26-week ($82B) 10/26; 52-week ($54B) 10/27. That’s $326B of T-Bills!!!! Add in $183B of notes = $509B of US debt!!!https://www.treasurydirect.gov/auctions/auction-announcements/ Expected earnings per Nasdaq: V 3.43, KO .87, BA -.21, HCA 6.74, UPS 1.63, HLT 2.35, PCAR 1.61,https://www.nasdaq.com/market-activity/earningsExpected Economic Data: Sept Housing Starts 1.31m, Building Permits 1.41m; Sept Durable Goods 0.6%, Ex-Trans 0.6%, Non-Def Ex-Air 0.4%; Aug S&P/Case Shiller Home Prices -0.1% m/m & 2.6% y/y; Oct Conference Board Consumer Confidence 80.5; Sept New Home Sales .66m S&P 500 50-day MA: 7698; 100-day MA: 7605; 200-day MA: 7293 (Close 7676.85, +0.7%)Nasdaq 100 50-day MA: 29,815; 100-day MA: 29,559; 200-day MA: 27,855 (Close 29,273.40, 1.09%) DJIA 50-day MA: 52,292, 100-day MA: 52,318; 200-day MA: 50,548 (Close 52,361.58, +0.28%) (Green is positive slope; Red is negative slope) @realDonaldTrump: Anybody reporting Voter Fraud in the past Elections, or the upcoming 2026 Midterm Election, will be paid $1,000,000 upon the arrest and conviction of those that created the Fraud!Thank you for your attention to this matter… Oct 26, 2026, 3:31 PM Google AI: During a midterm campaign rally in Cleveland, Ohio, Barack Obama mocked President Donald Trump’s gold-accented White House renovations, remarking that Trump had “got the White House looking like Saddam Hussein opened a Cheesecake Factory. (BHO, narcissistic snob as always) Trump DOJ charges James Comey with transmission of national defense information in third casehttps://justthenews.com/government/courts-law/trump-admin-charges-james-comey-transmission-national-defense-information @RapidResponse47:.@SecScottBessent, leaving the Cheesecake Factory after lunch, responds to Barack Hussein Obama’s insult:“This is the man who built the museum and it looks like Darth Vader’s tomb… I would tell the Martha’s Vineyard set to give it a try.”https://x.com/RapidResponse47/status/2114793531327860742 Trump went off on comedian/TV host Bill Maher in a very long tirade on Trump Truth Social: Let’s talk about this COMPLETE AND TOTAL LOSER, Bill Maher. He’s got a Low Rated Show on equally Low Rated HBO, which was once, long ago, a Network of Quality and Excitement — But that’s all gone. It’s not “HOT” anymore! Maher’s friend and business associate, Chuck LaBella, was also a friend of mine, worked on The Top Hit Show, The Apprentice, as a “gofer” and, because of the success of that show, Number One and Top Rated on many weeks, with the Finale’ being among the Top Shows of the Year, he was automatically and quickly brought up through the Ranks of NBC, along with everyone else associated with that Historic “Happening.”…Bill: Don’t call anymore. It’s useless, and tell Chuck LaBella not to call so much, and say how much you love “TRUMP,” and want to get together, because you’re a hopeless guy, who is just trying to cater to your small group of “fans.” You’re also a coward who is afraid to tell the truth about how well our Country is running because of your few “fans,” and how badly the Dumocrats have done, almost destroying the U.S.A… https://truthsocial.com/@realDonaldTrump/posts/117504266048722465 @MarkMaske: Tom Brady’s criticisms of the officiating during Fox’s Packers-Lions broadcast Sunday are drawing attention,as @sportsrapport reports. The NFL’s restrictions on Brady, stemming from his role as a Raiders part-owner, include a limitation on how far he can go in criticizing the officiating. It’s subjective. But the indication always has been that Brady can criticize a call that’s made during a game in his Fox role, but he can’t take it to egregious levels. We, like many others, thought NFL refereeing hit a new low a week ago. We were wrong. The refereeing over the past weekend was even more outrageous and egregious. Plus, a new problem for the NFL and refs has developed, ‘The Peanut Punch.’ Named after former Chicago Bears cornerback Charles (Peanut) Tilman, the maneuver has become an increasingly popular defensive action that creates fumbles. However, it is now being abused. Defensive players are now punching ball carriers’ anatomy instead of the football. Don’t hold your breath in anticipation of the feckless NFL official, especially the sappy Commish, resolving the problem.
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SWAMP STORIES FOR YOU TONIGHT
Comey Charged A Third Time, Over An Alleged 2016 Leak Of Defense Information To A Reporter
Tuesday, Oct 27, 2026 – 12:00 PM
Former FBI Director James Comey has been charged by federal prosecutors with unlawfully passing national defense information to a reporter in 2016, the Justice Department’s third attempt to bring a case against him in a little over a year.
The charging document, unsealed Monday in federal court in Washington, alleges that Comey, while FBI director, directed another person, through co-conspirators, to disclose national defense information to a reporter at a national news publication on Oct. 5, 2016. His defense describes it as classified information given to the New York Times. He faces two counts: unlawfully transmitting national defense information to an unauthorized person, and conspiracy to commit that offense.
According to the Daily Caller, a filing by Special Assistant U.S. Attorney Dustin Farahnak says the investigation “uncovered evidence that Mr. Comey directed staff to speak to” a Times reporter about accuracy concerns tied to a Reuters article.
Prosecutors first filed the case under seal on Oct. 5, 2026, exactly ten years after the alleged leak, and the offense carries a 10-year statute of limitations. Judge Trevor McFadden ordered it unsealed at Comey’s request, and prosecutors did not oppose. It is a criminal information, which prosecutors file themselves, and not a grand jury indictment, though some outlets call it one. Comey has not entered a plea.
Comey has moved to dismiss, arguing the charges are “time barred” because two other U.S. attorneys previously declined to prosecute and the statute required an indictment. Prosecutors answered that he is “mistaken” about their authority to bring charges by information.
His lawyer, Patrick Fitzgerald, said: “For the third time in a little more than one year, the Department of Justice has attempted to charge Mr. Comey with a federal crime.” He added that the filing “purports to charge Mr. Comey with crimes that he did not commit.”
The earlier cases have not gone the government’s way so far. The 2025 case, charging a false statement to Congress and obstruction, was dismissed after a judge found prosecutor Lindsey Halligan was unlawfully appointed, and the government’s appeal is pending. A second case, filed in April in North Carolina over a seashell photo reading “86 47,” has an arraignment delayed until at least early next year. ZH covered Blanche’s denial that Trump directed that prosecution and the DOJ’s argument over the post. These are allegations in a charging document, and Comey has not been tried.
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House Republicans Subpoena New Jersey Over 6,600 Noncitizen Voter Registrations
House Republicans have subpoenaed New Jersey’s top election official, demanding to know how roughly 6,600 noncitizens ended up registered to vote. According to a House Judiciary Committee press release published last Wednesday, four Republican committee leaders subpoenaed Acting Secretary of State Shirley Emehelu after her department failed to turn over adequate records.
Rep. Jim Jordan (R-Ohio), who chairs the House Judiciary Committee, led the effort alongside House Administration Committee Chairman Bryan Steil of Wisconsin. Rep. Jeff Van Drew (R-N.J.), who chairs the Judiciary Subcommittee on Oversight, and Rep. Laurel Lee (R-Fla.), who heads the Administration Subcommittee on Elections, also signed on.
The investigation centers on New Jersey’s registration of about 6,600 noncitizens to vote between June 2023 and June 2024. The Committees argue these improper registrations raise serious questions about whether New Jersey follows federal law requiring accurate voter rolls. They also contend that the state’s failure to find and remove noncitizens threatens the civil liberties of American voters and weakens their ability to choose their representatives.
The lawmakers first requested documents on August 3, 2026, seeking information about the Department of State’s compliance with federal voting laws. The Department has since produced only 12 documents. None of them explain how officials discovered the alleged software error that registered the noncitizens or why those registrants stayed on the rolls until 2026. The Committees had specifically asked about both issues, and those 2 questions sit at the heart of the inquiry.
The Committees say the records offered no real insight into how the problem came to light or why New Jersey waited until 2026 to begin fixing it. Lawmakers made clear they tried to cooperate with state officials before resorting to compulsory process. They note they spent 79 days trying to accommodate the Department, yet its response still falls short. That failure, they argue, has hampered their oversight work and stalled their consideration of legislative reforms.
The subpoena marks a sharp escalation in a dispute that began as a routine oversight request. Emehelu now faces a legal demand to hand over the records lawmakers have sought since August. Readers can review the full subpoena cover letter sent to the Acting Secretary of State.
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FBI Raids Beverly Hills Mansion Tied To Eric Swalwell Probe
Tuesday, Oct 27, 2026 – 01:45 PM
FBI agents searched a Beverly Hills mansion on Tuesday morning as part of the criminal investigation of former Rep. Eric Swalwell, Fox News reports. FBI spokesperson Lourdes Arocho told the Los Angeles Times: “We are executing a search warrant. Court documents are sealed. No arrests are planned.”
Fox identified the home as belonging to billionaire Stephen Cloobeck, a longtime Swalwell supporter. CNN’s sources said only that it is owned by a Swalwell donor, and the Times placed the search on North Roxbury Drive. None of the early reports says what agents were looking for or whether anything was taken, and none carries a response from Swalwell, his lawyer or Cloobeck.
Cloobeck has his own legal trouble. The Diamond Resorts founder hosted and bankrolled Swalwell at the same Beverly Hills house, then broke with him after the misconduct allegations surfaced. He surrendered in West Hollywood on May 12 on felony counts of trying to dissuade witnesses in the theft case against his fiancée, Adva Lavie, according to NBC Los Angeles, and was released on $300,000 bail. His attorney, Elias Dabaie, said: “These charges are false and we look forward to our day in court.”
The Times reports that federal prosecutors are using civil rights law to examine Swalwell’s conduct as a member of Congress. Court records cited by the paper show that in August investigators sought his white iPhone and MacBook Pro as part of an inquiry into whether he violated the federal statute that makes it a crime to willfully deprive a person of constitutional rights while acting under government authority. A source told the Times his home was also searched this summer under a warrant tied to that inquiry.
That August sequence began when agents seized his devices at San Francisco International Airport and searched his Washington home the next day. Mediaite, citing The Atlantic, adds that federal air marshals reportedly watched Swalwell on an Aug. 8 flight to Frankfurt at the FBI’s request because the bureau wanted his device passcodes. It is unclear whether that worked.
Swalwell resigned from Congress in April and quit the governor’s race after multiple women accused him of sexual misconduct. Fox counts at least five accusers, one of them a former staffer who says he raped her. Swalwell has denied the allegations, and he has not been charged. The Manhattan District Attorney’s Office and the Los Angeles Sheriff’s Department are running separate criminal investigations.
The probe has another thread. In August the White House’s Government Transparency Task Force released declassified FBI records on Christine “Fang Fang” Fang, a suspected Chinese intelligence operative. In them, Swalwell told agents he had “physical relations” with Fang on a handful of occasions, the last in March 2015. The FBI interviewed him about it in May 2015 and March 2016, and it removed him as a subject of that investigation in 2017.
The warrant is sealed and no charges have been announced, so what agents wanted from the Beverly Hills house is still unknown.
