China was again the largest identifiable buyer in May at 15 tonnes... with official buying reported at ZERO!

If there was any evidence of Donald Trump caught in some indecent act, why did it not get leaked during the campaign of 2016, or any time since then?

Trump tariffs EU and Mexico at 30%; Mexico's says it's done its part against fentanyl, the US must do its part; Indian team reportedly already in US to negotiate first phase of trade deal, Local Press suggests tariff deal is being finalised; Trump threatens Russia with 100% tariffs if no Russia-Ukraine deal is made within 50 days; Trump announces Ukraine military package via NATO, including defence and attack components; Fed's Hammack says rates pretty close to neutral, doesn't see imminent need to cut rates; ECB sources note any ECB rate cut discussion remains pushed back to September despite Trump's latest tariff threat; Iran says Tehran Tehran will respond to the return of UN sanctions; META CEO says to invest hundreds of billions of dollars into compute to build superintelligence.

...it's vewy vewy qwiet in stocks but the dollar is up 8 days in a row...

As AI grows more lifelike, we’re not just using machines... we’re bonding with them, choosing frictionless intimacy over the messy, meaningful demands of human connection...

JPM's market intel desk is still bullish... but sees five main risks building, with the most acute being inflation, its impact on bond yields/stocks, and economic growth. 

Memecoins are “an asset class about nothing”... Unlike Bitcoin, which is a powerful form of money insurance...

When did the smartest guys in the room becomes the dumbest money around? 

Getting away from gold, it is hard not see inflection points everywhere...

Oh now they care...

John Brennan spent years lying to Congress, the press, and the public... yet now claims he's "clueless" about a DOJ investigation. He’s only clueless about how not to lie...

...the prevalence of mechanical buying (CTA/Vol control) masks the growing nervousness in the system...

“What’s more important – matching an index during a bull cycle, or protecting capital during a bear cycle?”

“Get out of here you LOSER!”

However, as ZeroHedge readers fully understand, there are serious....

Director of the Office of Management and Budget berated Powell for what he considers to be “too lavish” of a renovation of the Federal Reserve building – or in Vought’s own words, “Versailles on the National Mall.”

Goldman suggests hedging European Momentum exposure tactically to protect against summer crash episodes...

"Despite those failures, no one has been fired. And we only know what little discipline was handed out because I issued a subpoena," the committee chair said.