Reports Say the US and Israel May Restart Bombing Campaign in Iran

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Reports Say the US and Israel May Restart Bombing Campaign in Iran

(Dave DeCamp, Antiwar.com) The US and Israel may restart the bombing campaign against Iran just days into a two-week ceasefire, according to US and Israeli media reports.

The Wall Street Journal reported that President Donald Trump is considering launching “limited” strikes against Iran as part of a pressure campaign that includes a blockade on Iranian ports, though any “limited” attacks will likely lead to a full-blown resumption of the conflict since Iran would almost certainly retaliate.

According to The Times of Israel, all three major Hebrew-language TV networks in Israel reported that the IDF is gearing up for a renewed bombing campaign, meaning it was a coordinated leak from Israeli military officials.

Israel appears eager to restart the war with Iran, as it has impeded progress toward a diplomatic solution between the US and Iran by escalating its attack on Lebanon with a major bombing campaign. Tehran has insisted that the ceasefire must also include Lebanon, and the US initially agreed on that point, but later backtracked after Israel’s escalation.

The Israeli broadcaster Kan cited a senior Israeli military official who said that “Israel is interested in renewing the war against Iran,” after the war ended “too early, without sufficient pressure being applied on Iran regarding the nuclear issue and ballistic missiles.”

Talks between the US and Iran in Pakistan failed to make any progress as the US continued to demand that Iran commit to never again enriching uranium on its territory as part of its civilian nuclear program, a condition Iranian officials have made clear is a non-starter.

This article originally appeared at Antiwar.com.  

Millions in Medical Bills Lead to Demand for Price Transparency Policies

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Millions in Medical Bills Lead to Demand for Price Transparency Policies

(Emily Rodriguez, The Center Square)  A new report shows hospitals in Virginia filed 1.15 million lawsuits against patients over unpaid medical bills between 2010 and 2024, collecting $1.4 billion.

PatientRightsAdvocate.org collaborated with George Washington University Law School and Stanford University’s Clinical Excellence Research Center to research Virginia court records, revealing what PatientRightsAdvocate.org described as a “coordinated medical debt ecosystem in which hospitals, law firms, and courts collectively extract billions from patients.”

The records revealed the medical bill lawsuits inflicted patients with $45.9 million in court costs while generating $87.1 million in attorneys’ fees.

“In their most vulnerable hour, patients faced undue challenges, such as unclear pricing, difficulty understanding their medical bills, and unexpected legal action for debts they could not afford,” said Cynthia Fisher, founder and chairman of PatientRightsAdvocate.org. “Without consistent price transparency, patients often had limited ability to anticipate or verify costs, leaving many families under significant financial strain.”

Interviewing patients for the report revealed how patients were routinely subjected to hidden and varying prices for hospital services, and that patients experienced significant financial and mental distress from not having access to prices or understanding their bill prices.

Nonprofit hospitals were responsible for more than half, 52.7%, of medical debt lawsuits, despite receiving tax exemptions tied to providing community benefits that only cost 5.9% of hospital operating expenses.

“The report illustrates just how widespread medical debt collection is: how much it accounts for all debt collections; how many hospitals, doctors, and lawyers they involve; and how they follow patients for years after requiring medical care,” said Barak Richman, George Washington University Law School professor. “We aptly describe it as an economic vortex and as an ecosystem of coercive collection.”

Just 20 law firms filed more than half of all cases, often obtaining default judgments that triggered garnishments. Courts issued 812,948 judgments, and patients faced interest rates as high as 18% annually.

“American workers’ paychecks and bank accounts too often fall prey to unethical medical bill collection practices,” said Arnold Milstein, Stanford physician and professor. “We hope our findings trigger much stronger protection by lawmakers, state bar associations and or employers ASAP.”

PatientRightsAdvocate.org wants Congress to pass the bipartisan Patient Deserve Price Tags Act, which they believe would “bring much-needed transparency and accountability to healthcare pricing and help protect patients from these harmful practices.”

“The widespread practice of suing patients underscores the importance of strengthening price transparency policies to ensure that patients are informed and hospitals are held accountable for unfair pricing tactics,” Fisher said.

Somali National Faces Homicide Charges for Deadly Vehicle Collision

Jose Nino
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Somali National Faces Homicide Charges for Deadly Vehicle Collision

(José Niño, Headline USA)  Authorities recently arrested a local truck driver following a devastating nine vehicle collision that claimed three lives. This tragic event occurred on Interstate 71 near Delaware County on a Saturday evening.

According to a detailed report from ABC 6, 50-year-old Modou F. Ngom now faces vehicular homicide charges after his semi truck failed to halt in a construction zone. The massive Freightliner slammed into a line of stationary traffic which caused a catastrophic chain reaction.

The impact proved fatal for three residents of Ashley, Ohio who were traveling together in a Chevrolet Silverado. The deceased include a 37-year-old man and a 36-year-old woman as well as an innocent 1 year old child. Rescue teams also rushed three other victims to local hospitals to treat serious injuries. This horrific scene forced officials to close both sides of the interstate for many hours while reconstruction experts examined the wreckage.

Public figures are now calling for immediate changes to national transportation policies. National security analyst Mehek Cooke shared her outrage on Twitter/X regarding the background of the driver.

Cooke noted that the suspect is a Somali national who gained naturalization during the Obama administration. She argued that the incident represents a systemic failure rather than just an accident. Cooke stated that “Congress is still letting untrained, unqualified truck drivers kill Americans on our roads.” She urged the public to “Give DOT the power now” to prevent further senseless loss of life.

The Ohio State Highway Patrol continues to lead this investigation with support from the Delaware County Prosecutor. Citizens across the state are mourning the loss of a young family while questioning why such dangerous drivers remain behind the wheel. Modou F. Ngom is currently being held at the Delaware County Jail as the legal process moves forward.

José Niño is the deputy editor of Headline USA. Follow him at x.com/JoseAlNino

Judge Dismisses Trump’s $10B Lawsuit Against WSJ, Murdoch Over Reporting on Ties to Epstein

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Judge Dismisses Trump’s $10B Lawsuit Against WSJ, Murdoch Over Reporting on Ties to Epstein

(Headline USA) A federal judge dismissed President Donald Trump’s $10 billion defamation lawsuit against the Wall Street Journal and Rupert Murdoch on Monday over a story on his ties to Jeffrey Epstein.

U.S. District Judge Darrin P. Gayles in Florida wrote in the order that Trump had failed to make the argument that the article was published with the intent to be malicious, but gave the president a chance to file an amended complaint.

Trump filed the lawsuit in July, following up on a promise to sue the paper almost immediately after it put a new spotlight on his well-documented relationship with Epstein by publishing an article that described a sexually suggestive letter that the newspaper said bore Trump’s signature and was included in a 2003 album compiled for Epstein’s 50th birthday.

The letter was subsequently released publicly by Congress, which subpoenaed the records from Epstein’s estate.

The ruling marks yet another blow in the Trump administration’s efforts to manage fallout over its release of the Epstein files and the president’s attempts to use the legal system to chill reporting he find critical of him.

The White House didn’t immediately respond to a request for comment.

Adapted from reporting by the Associated Press. 

Swalwell Exits California Governor’s Race After Assault Allegations as Rivals Seek His Supporters

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Swalwell Exits California Governor’s Race After Assault Allegations as Rivals Seek His Supporters

(Headline USA) Democratic Rep. Eric Swalwell’s abrupt exit from the race for California governor left his rivals scrambling to lock down his former supporters in a crowded contest with no clear leader, injecting more turmoil into the campaign to lead the nation’s most populous state.

Swalwell’s decision to suspend his campaign Sunday followed allegations that he sexually assaulted a woman twice, including when she worked for him, that were published Friday in the San Francisco Chronicle and later by CNN. While pulling out of the race he remained defiant in a post on the social platform X, saying, “I will fight the serious, false allegations that have been made — but that’s my fight, not a campaign’s.”

For rival candidates in a wide-open race, the key issue is where Swalwell’s supporters will go. He was among the most prominent Democrats in the contest, with mail ballots scheduled to go to voters in early May in advance of the June 2 primary election.

Katie Porter, one of the leading Democrats, posted a line from a San Francisco Chronicle column on X, “Democrats can pull victory from the jaws of defeat by coalescing around Porter.” Billionaire hedge fund manager-turned-liberal activist Tom Steyer said he secured the support of Rep. Jared Huffman, a Democrat whose coastal district runs north of San Francisco, not far from Swalwell’s home turf. Antonio Villaraigosa, the former Los Angeles mayor, pitched a new ad promising to lower gas and grocery costs in a state known for its punishing cost of living.

“As governor, I’ll do everything I can to bring costs down,” he said.

With seven established Democrats and two leading Republicans on a primary ballot with more than 50 candidates, the race remains fluid. While Swalwell has suspended his campaign, his name cannot be removed from the ballot.

“Nobody has really caught fire,” said Democratic consultant Andrew Acosta, who is not involved in the campaign. Swalwell’s supporters “will scatter out to other candidates.”

Swalwell is perhaps best known nationally as a House manager in President Donald Trump’s second impeachment trial during his first term in early 2021. But in a media environment dominated by Trump, the race remains distant from many California voters.

After the publicity about sexual misconduct allegations, “I think there are probably more people who know who Eric Swalwell is than can articulate a Tom Steyer position paper,” Acosta added.

Swalwell was considered a leading contender along with fellow Democrats Steyer and Porter and two Republicans, Riverside County Sheriff Chad Bianco and conservative commentator Steve Hilton, who landed Trump’s endorsement.

The 48-hour period marked a rapid reversal for a candidate who appeared to be gaining momentum in the packed field to replace outgoing Democratic Gov. Gavin Newsom, who is barred by law from seeking a third term.

Though Swalwell has denied the allegations, he has appeared to reference infidelity in multiple statements.

“To my family, staff, friends, and supporters, I am deeply sorry for mistakes in judgment I’ve made in my past,” he wrote. That followed a video post on Friday where he apologized to his wife.

The accusations reordered a wide-open gubernatorial race that had Democrats fretting the party’s large number of candidates could lead to them getting shut out of the general election in November. That’s because California has a top-two primary system in which two candidates advance to the general election, regardless of party.

Swalwell had become a clear target for his Democratic rivals as he began to lock up institutional support. Some had seized on rumors of sexual misconduct that circulated on social media for weeks before the Chronicle’s report.

The San Francisco Chronicle spoke to a woman who alleged Swalwell sexually assaulted her in 2019, when she worked for him, and again in 2024. The woman said she did not go to police at the time of the assaults because she was afraid she would not be believed. In both cases the woman said she was too intoxicated to consent to sex. 

CNN reported on allegations that appeared to come from the same woman, and spoke to several other women who accused Swalwell of other sexual misconduct.

Neither outlet named the woman, and The Associated Press has not been able to independently verify her account and identity. Her lawyer declined to comment.

The alleged 2024 incident occurred in New York, and the Manhattan District Attorney’s Office said it’s investigating. That office urged anyone with knowledge to contact its special victims division.

As Swalwell’s campaign flailed over the weekend, fellow California Reps. Jared Huffman, Ro Khanna and Sam Liccardo said Swalwell should resign, as did Reps. Teresa Leger Fernández of New Mexico and Pramila Jayapal of Washington state.

“This is not a partisan issue,” Jayapal said Sunday. “This cuts across party lines. And it is depravity of the way that women have been treated.”

Some representatives said they would support the rare step of expelling him from the U.S. House should he refuse to step aside.

It all added to the mounting political pressure on Swalwell, which began with allies like Sen. Adam Schiff and Rep. Jimmy Gomez cutting their support. Gomez had helped run Swalwell’s campaign and said he was immediately ending his role.

With the House returning to session Tuesday, the question of whether to expel Swalwell could come to a head quickly. Rep. Anna Paulina Luna, R-Fla., said Saturday that she would be filing a motion to start the process.

Expulsion votes in the House are rare and require a two-thirds majority, but there is recent precedent for taking the step. Republican George Santos of New York in 2023 became just the sixth member in House history to be ousted by colleagues for his conduct.

Huffman, Jayapal and Leger Fernández said they would vote to expel Swalwell from the House, though they said they also support expelling Rep. Tony Gonzales, R-Texas, who admitted to an affair with a former staff member who later died by suicide.

Swalwell, who is originally from Iowa, was elected in 2012 and represents a House district east of San Francisco. He launched a presidential run in April 2019 but shuttered it a few months later after failing to catch on with voters.

Adapted from reporting by the Associated Press. 

Pope Leo Says He Does Not Fear Trump

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Pope Leo Says He Does Not Fear Trump

(Headline USA) U.S.-born Pope Leo XIV pushed back Monday on President Donald Trump’s broadside against him over the U.S.-Israel war in Iran, telling reporters that the Vatican’s appeals for peace and reconciliation are rooted in the Gospel, and that he doesn’t fear the Trump administration.

“To put my message on the same plane as what the president has attempted to do here, I think is not understanding what the message of the Gospel is,” Leo told The Associated Press aboard the papal plane en route to Algeria. 

“And I’m sorry to hear that but I will continue on what I believe is the mission of the church in the world today.”

History’s first U.S.-born pope stressed that he was not making a direct attack against Trump or anyone else with his general appeal for peace and criticisms of the “delusion of omnipotence” that is fueling the Iran war and other conflicts around the world.

“I will not enter into debate. The things that I say are certainly not meant as attacks on anyone. The message of the Gospel is very clear: ‘Blessed are the peacemakers,’” Leo said.

“I will not shy away from announcing the message of the Gospel and inviting all people to look for ways of building bridges of peace and reconciliation, and looking for ways to avoid war any time that’s possible.”

Speaking to other reporters, he added: “I’m not afraid of the Trump administration or of speaking out loudly about the message of the Gospel, which is what the Church works for.”

“We are not politicians. We do not look at foreign policy from the same perspective that he may have,” the pope said, adding, ”I will continue to speak out strongly against war, seeking to promote peace, promoting dialogue and multilateralism among states to find solutions to problems.

“Too many people are suffering today, too many innocent people have been killed, and I believe someone must stand up and say that there is a better way,” he said.

Trump delivered an extraordinary broadside against Leo on Sunday night, saying he didn’t think the U.S.-born global leader of the Catholic Church is “doing a very good job” and that “he’s a very liberal person,” while also suggesting the pontiff should “stop catering to the Radical Left.”

Flying back to Washington from Florida, Trump used a lengthy social media post to sharply criticize Leo, then kept it up after deplaning, in comments on the tarmac to reporters.

“I’m not a fan of Pope Leo,” he said.

Trump’s comments came after Leo suggested over the weekend that a “delusion of omnipotence” is fueling the U.S.-Israel war in Iran. While it’s not unusual for popes and presidents to be at cross purposes, it’s exceedingly rare for the pope to directly criticize a U.S. leader — and Trump’s stinging response is equally uncommon, if not more so.

“Pope Leo is WEAK on Crime, and terrible for Foreign Policy,” the president wrote in his post, adding, “I don’t want a Pope who thinks it’s OK for Iran to have a Nuclear Weapon.”

Italian politicians across the spectrum showed their solidarity with Leo. Premier Giorgia Meloni sent a message of support for his peace mission while the leader of the main opposition party, Elly Schlein, was more direct, calling Trump’s attacks “extremely serious.”

Trump repeated that sentiment in comments to reporters, saying, “We don’t like a pope who says it’s OK to have a nuclear weapon.”

Later, Trump posted a picture suggesting he had saint-like powers akin to those of Jesus Christ. Wearing a biblical-style robe, Trump is seen laying hands on a bedridden man as light emanates from his fingers, while a soldier, a nurse, a praying woman and a bearded man in a baseball cap all look on admiringly. The sky above is filled with eagles, an American flag and vaporous images.

All of that came after Leo presided over an evening prayer service in St. Peter’s Basilica on Saturday, the same day the United States and Iran began face-to-face negotiations in Pakistan during a fragile ceasefire, with Vice President JD Vance leading the U.S. delegation. Vance is Catholic and recently released a book about his faith.

During his evening prayer service, the pope didn’t mention the United States or Trump by name, but his tone and message appeared directed at Trump and U.S. officials, who have boasted of U.S. military superiority and justified the war in religious terms.

Leo, who is on an 11-day trip to Africa starting Monday — has previously said that God “does not listen to the prayers of those who wage war, but rejects them.” He’s also referenced an Old Testament passage from Isaiah, saying that “even though you make many prayers, I will not listen — your hands are full of blood.”

Before the ceasefire, when Trump warned of mass strikes against Iranian power plants and other infrastructure and that “an entire civilization will die tonight,” Leo described such sentiments as “truly unacceptable.”

In his social media post on Sunday night, however, Trump went far beyond the war in Iran in criticizing Leo.

The president wrote, “I don’t want a Pope who thinks it’s terrible that America attacked Venezuela, a Country that was sending massive amounts of Drugs into the United States.” That was a reference to the Trump administration having ousted Venezuelan President Nicolás Maduro in January.

“I don’t want a Pope who criticizes the President of the United States because I’m doing exactly what I was elected, IN A LANDSLIDE, to do,” Trump added, referencing his 2024 election victory.

He also suggested in the post that Leo only got his position “because he was an American, and they thought that would be the best way to deal with President Donald J. Trump.”

“If I wasn’t in the White House, Leo wouldn’t be in the Vatican,” Trump wrote, adding, “Leo should get his act together as Pope, use Common Sense, stop catering to the Radical Left, and focus on being a Great Pope, not a Politician. It’s hurting him very badly and, more importantly, it’s hurting the Catholic Church!”

In his subsequent comments to reporters, Trump remained highly critical, saying of Leo, “I don’t think he’s doing a very good job. He likes crime I guess” and adding, “He’s a very liberal person.”

Archbishop Paul S. Coakley, president of the U.S. Conference of Catholic Bishops, issued a statement saying he was “disheartened” by Trump’s comments.

“Pope Leo is not his rival; nor is the Pope a politician. He is the Vicar of Christ who speaks from the truth of the Gospel and for the care of souls,” Coakley said.

The Italian Bishops’ Conference expressed regret over Trump’s words, and underlined that the pope “is not a political counterpart, but the successor of Peter, called to serve the Gospel, truth and peace.”

In the 2024 election, Trump won 55% of Catholic voters, according to AP VoteCast, an extensive survey of the electorate. But Trump’s administration also has close ties to conservative evangelical Protestant leaders and has claimed heavenly endorsement for the war on Iran.

Defense Secretary Pete Hegseth urged Americans to pray for victory “in the name of Jesus Christ.” And, when Trump was asked whether he thought God approved of the war, he said, “I do, because God is good — because God is good and God wants to see people taken care of.”

Adapted from reporting by the Associated Press. 

Oil Prices Climb Back Above $100 and Stocks Slip as Hopes Recede a Bit About the US-Iran War

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Oil Prices Climb Back Above $100 and Stocks Slip as Hopes Recede a Bit About the US-Iran War

(Headline USA) Oil prices are back above $100 per barrel, and stock markets are falling worldwide Monday after 21 hours of ceasefire talks between the United States and Iran failed to end their war.

But the moves are more modest than many of the extreme swings that have rocked financial markets since the start of the war in late February. Analysts said that suggests Wall Street still hopes both sides will ultimately avoid a worst-case scenario for the global economy.

The S&P 500 slipped 0.3% and gave back only a bit of its gains from the prior week, which had built on hopes about the weekend’s U.S.-Iran talks. The Dow Jones Industrial Average was down 361 points, or 0.8%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.3% lower.

The moves were sharper in the oil market, where prices jumped roughly 7%. After the weekend’s talks failed, President Donald Trump threatened a blockade of the Strait of Hormuz, a move that raises the pressure on Iran by trying to prevent it from making money by selling oil.

A blockade would keep even more oil off the global market, after prices already jumped for everyone because of shortfalls due to Iran’s restrictions on traffic in the important strait. That narrow waterway is how much of the oil produced in the Persian Gulf area reaches customers worldwide.

Iran responded by threatening all ports in the Persian Gulf and the Gulf of Oman.

“Security in the Persian Gulf and the Sea of Oman is either for everyone or for NO ONE,” the Islamic Republic of Iran Broadcasting reported Monday. “NO PORT in the region will be safe,” according to a statement from the Iranian military and the Revolutionary Guards.

The price of Brent crude, the international standard, rose back toward $102 per barrel and is well above its roughly $70 price from before the war. But it remains below the $119 peak it’s touched at times when worries about the U.S.-Iran war have been at their heights.

“Markets are taking some encouragement from the fact that the two sides are talking and that the broader ceasefire seems to be holding, for now,” according to Sameer Samana, head of global equities and real assets at Wells Fargo Investment Institute.

And, as with so many pronouncements made so far in the U.S.-Iran war, much will depend on the details of the blockade and exactly what gets restricted.

“Not all blockades are created the same,” said Brian Jacobsen, chief economic strategist at Annex Wealth Management.

“The developments over the weekend might not be as negative for the markets as many fear.”

In the meantime, big U.S. companies are beginning to tell investors how much money they made during the first three months of the year.

Goldman Sachs, the investment bank, said it made $5.63 billion in profit during the quarter, more than investors expected. But financial analysts pointed to some potentially concerning signals underneath the surface, including lower revenue from the trading of fixed income, commodities and currencies. Its stock fell 3.8%.

JPMorgan Chase, Wells Fargo, Citigroup and Bank of America all report later this week, as do Johnson & Johnson, Netflix and PepsiCo.

In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury edged up to 4.32% from 4.31% late Friday.

In stock markets abroad, indexes fell across much of Europe and Asia. Germany’s DAX lost 1%, and Hong Kong’s Hang Seng fell 0.9% for two of the world’s larger losses.

“The outcome of the talks was not really what people were hoping for, that’s for certain,” Neil Newman, Managing Director, Head of Strategy at Astris Advisory Japan, said in Hong Kong about the U.S.-Iran negotiations.

“As we stand here at the moment, it doesn’t look very nice. Certainly, the oil prices are a big concern.”

Adapted from reporting by the Associated Press. 

Trump Admits Gas Prices Are Likely to Increase By November Midterms

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Trump Admits Gas Prices Are Likely to Increase By November Midterms

(Kyle Anzalone, Libertarian Institute) President Donald Trump warned Americans that gas prices may continue to increase through the midterm elections later this year. The war against Iran has caused substantial disruptions to the oil market. 

When asked about the possibility that gas prices will continue to increase, the President said, “It could be, or the same, or maybe a little bit higher, but it should be around the ‌same.”

After the US and Israel started the war against Iran with a surprise attack on February 28, Tehran seized control of the Strait of Hormuz. Most tankers have been blocked from leaving the Persian Gulf. Only a small number of vessels that paid a toll to Tehran were allowed to exit the Gulf.

The closure of the Strait has locked up about 15% of the global oil supply in the Persian Gulf. Additionally, energy infrastructure in the region has been damaged, and some critical facilities will take years to repair. 

The war shocked the oil market, sending oil prices over $100 per barrel. In an effort to keep prices from rising further, Trump suspended sanctions on oil exports from Venezuela, Russia, and Iran. 

However, the President now seems to have abandoned the effort to increase the global oil supply. On Sunday, he announced that the US was now imposing a full blockade on the Strait of Hormuz and ordered the Navy to seize any vessel that paid a toll to Tehran. 

The AAA national average for the price of a gallon of gas is now $4.12.

 

This article originally appeared at The Libertarian Institute.

Chinese Sulfuric Acid Export Ban Could Exacerbate Physical Silver Shortage

Money Metals News Service
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Chinese Sulfuric Acid Export Ban Could Exacerbate Physical Silver Shortage

(Mike Maharrey, Money Metals News Service) A move by China could exacerbate already tight silver supplies.

Chinese officials have indicated they will stop exports of sulfuric acid beginning next month. The ban could last through the rest of 2026.

According to Mining.com, “Some sulfuric acid producers in the country recently received notifications about the change, and one large buyer has been told about it by their Chinese supplier, according to people familiar with the matter, who asked not to be identified discussing confidential information.”

You’re probably wondering what this has to do with silver.

Well, sulfuric acid is a key input in copper mining. Miners pour the acid over crushed ore to dissolve out the copper. A significant shortage of sulfuric acid, or even spiking prices, could impact copper output.

You’re probably thinking, OK, Mike. But copper isn’t silver.

Here’s the catch. About 70 percent of the annual silver mining supply is a byproduct of copper production.

Blue Line Futures Chief Market Strategist Phillip Streible summed it up succinctly.

“Less copper mined means less silver produced.”

Iran War Logistics Problems

The Iran conflict has squeezed global sulfuric acid supplies, and prices have skyrocketed in recent weeks. The Middle East produces about one-third of the world’s sulfur, and the closure of the Strait of Hormuz has limited outbound shipments.

According to Mining.com, “That squeeze will hit the copper-mining industries in key producers such as Chile, the Democratic Republic of Congo and Zambia.”

China will reportedly stop exports of the acid to protect its domestic supply.

Chile ranks as the world’s top copper producer. Sulfuric acid prices in the South American Country have already spiked by 44 percent in the last month. Chile buys around 1 million tonnes of acid from China annually.

According to an acid analyst quoted by Mining.com, “the loss of Chinese volumes will be difficult to offset, given the parallel shortage of sulfur feedstocks.”

Even with some apparent progress in resolving the conflict, some analysts say the damage to the sulfuric acid supply is already done, and China will likely keep the export ban in place for an extended period.

Silver Market in a Multi-Year Supply Deficit

This comes at a time when the silver supply is already under significant pressure.

Silver demand is forecast to outstrip supply for the sixth straight year in 2026, driven by a 20 percent increase in physical investment offtake.

Based on preliminary data compiled by the Silver Institute, silver demand outstripped supply by about 95 million ounces last year, leading to the fifth straight market deficit. Including last year’s shortfall, the 5-year market deficit will climb above 800 million ounces, an entire year of mining output.

When silver demand exceeds the supply generated by mining and recycling, users are forced to tap into above-ground stocks. This generally requires higher prices to incentivize those holding silver to release it into the market.

Persistent supply shortfalls have taken their toll on above-ground stocks. According to the Economic Times of India, “Inventories across COMEX, London vaults, and Shanghai have steadily declined over recent years, reinforcing concerns about tightening physical availability.”

London Bullion Market Association vaults have lost around 40 percent of their holdings over the last five years, while COMEX registered inventories in the United States are down nearly 70 percent. Meanwhile, Shanghai inventories have fallen to their lowest level in a decade.

The shortage of metal was a factor in the two recent silver squeezes that drove the price to over $100 per ounce.

It’s unclear just how much China’s move will impact copper mining and silver production by extension, but it is definitely worth watching. It is yet another factor pressuring the persistent silver shortages.

Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.

CPI Spikes on Energy Prices But That’s Not the Real Inflation Story

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CPI Spikes on Energy Prices But That’s Not the Real Inflation Story

(Mike Maharrey, Money Metals News Service) The expected surge in prices due to the Iran War showed up in the March CPI data. However, it doesn’t tell the real inflation story.

Without a doubt, price inflation is up. The cost of the basket of goods the BLS uses to calculate the CPI rose 0.9 percent month-on-month, according to the data released Friday. That was the largest single-month jump since the height of the post-pandemic surge in 2022.

The big monthly rise in prices pushed the headline annual CPI to 3.3 percent. The last time it was that high was March 2024.

Both numbers were in line with forecasts.

The surge in CPI was almost entirely due to skyrocketing energy prices. The energy index rose 10.9 percent month-to-month. That was driven by a 21.2 percent monthly increase in gasoline prices.

However, stripping out the more volatile food and energy prices, core CPI was relatively cool, rising just 0.2 percent from month to month. Annual core inflation nudged up slightly, from 2.5 percent in February to 2.6 percent in March.

As CNBC noted, based on the CPI, underlying inflation is “relatively tame.” (It is not — a point I’ll get to in a moment.)

It’s important to point out that core CPI remains above the Fed’s stated 2 percent target and has been mired in this range for well over a year.

Digging deeper into the data, we find that many indices showed no price increases at all. For instance, food prices were unchanged from February to March. Service prices were also relatively tame, rising by 0.2 percent month-on-month.

As I mentioned, any time I report on government CPI data, it’s important to take this (and every) CPI report with a grain of salt. It is still factoring in November data that they basically just made up. And the constant revisions to the labor data should also make you skeptical of government numbers.

You also need to remember that the CPI data understates price inflation by design. The government revised the CPI formula in the 1990s so that it understated the actual rise in prices. Based on the formula used in the 1970s, CPI is closer to double the official numbers. So, if the BLS used the old formula, we’d be looking at CPI closer to 6 percent. And using an honest formula, it would probably be worse than that.

However, this government data drives decision-making, so we need to pay attention to what it tells us.

The Real Inflation Story

As I reported last month, the CPI doesn’t tell the full inflation story. It simply reflects the price movements of a basket of goods made up out of thin air by the number crunchers at the BLS. Yes, this does give some indication of the trajectory of price inflation. However, it tells us little to nothing about the inflation trajectory as historically defined by economists.

Inflation is not “rising prices.” Increasing consumer prices are one symptom of inflation, defined as an increase in the supply of money and credit. Rising consumer prices are a symptom of this monetary inflation.

And if we look at the money supply, we find that inflation is heating up, with or without an oil shock.

In fact, if we use the economic definition of inflation as an increase in the money supply, the inflation rate is much higher – double the CPI.

Based on the Fed’s M2 data, the money supply has increased from $21.61 trillion in February 2025 to $22.67 trillion in February 2026.

That represents a 4.9 percent increase.

In other words, we have an actual inflation rate of nearly 5 percent.

After peaking in April 2022, the money supply began to decline as the Fed hiked rates that year. The money supply bottomed in October 2023 and began increasing again. The money supply is now well above the pandemic peak.

And money creation has accelerated over the last several months.

We also know inflationary pressures are increasing because the Federal Reserve is once again expanding its balance sheet.

While you’ll never hear anybody at the Fed utter the term, the central bank relaunched quantitative easing in December. That means they are once again buying U.S. Treasuries using money created out of thin air.

Ultimately, this monetary inflation will work its way through the economy. It will either manifest in rising asset prices or rising consumer prices. Ultimately, it is devaluing your money (by design).

If the U.S. and Iran can negotiate a permanent end to hostilities, this oil shock will quickly pass. The pundits and prognosticators will claim the inflation problem is gone. It won’t be. As long as the government keeps creating money, the inflation problem will persist.

Plan accordingly.

Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.

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