Dossiers

Jun 25, 2026 · 9 min read

INTERCEPTED: Gold Routed Through London. Never Filed. Never Traced.

Beijing buys through London while Washington drains the reserve it can't refill.

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Jun 25, 2026 · 9 min read

317 Tonnes Q1. 244 Unreported. $4,012 Spot This Morning.

China buys the dip. The Fed just handed them one.

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Jun 22, 2026 · 9 min read

$4,150 Spot. 317T China Q1 Imports. Warsh Handed Beijing a 26% Discount.

The Fed killed the rate-cut trade. China is using the selloff to load the vault.

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Jun 19, 2026 · 8 min read

INTERCEPTED: $108B Gone in 90 Days. Belgium Up $99B. The "China" Line Didn't Move.

They're not selling. They're routing. The difference is everything.

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Jun 19, 2026 · 7 min read

$150B ADNOC Build. UAE Out of OPEC. Brent Down 38% in 30 Days.

Abu Dhabi left the cartel before the peace deal. ADIA holds the hedge.

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Jun 18, 2026 · 9 min read

30 Strikes in May. Refinery Output at 2009 Lows. Brent -37% from Peak.

Ukraine burns the refineries. Washington cuts the oil price. Moscow has to choose which front to fund.

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Jun 16, 2026 · 9 min read

INTERCEPTED: $930/kg Dysprosium. 1,200 Missiles Expended. Beijing Controls the Restock.

America burned through its missile inventory fighting Iran. China decides whether it gets rebuilt.

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Jun 12, 2026 · 9 min read

95% Yttrium Flow Collapse. 17 Tons vs. 333. $0 Domestic Scandium.

Beijing signs trade truces and withholds the licenses. The shortages are not in the language of the deal.

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Jun 12, 2026 · 9 min read

4.2% CPI. 70% Hike Odds By December. New Chair. Four Days.

The president says don't raise rates. The data says something else. Warsh decides on Tuesday.

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Jun 11, 2026 · 9 min read

INTERCEPTED: $344M Freeze. $800M/Month. Qeshm Island Still Open.

The US hit the wallets. The gold conversion window wasn't in the wallets.

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Jun 9, 2026 · 8 min read

INTERCEPTED: $135B in T-Bills. No Audit. El Salvador.

Washington needed a buyer for its debt. They found one they can't regulate.

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Jun 5, 2026 · 9 min read

$75.6B in Treasuries Liquidated. 10-Year at 4.46%. 30-Year Knocking on 5%.

Japan buys yen it can't hold. America pays the yield.

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