OCT 30//GOLD UP $11.00 TO $1878.90//SILVER UP 28 CENTS TO $23.58//FIRST DAY NOTICE; 4.7 TONNES STANDING AT THE GOLD COMEX//2.2 MILLION OZ OF SILVER STANDING//CORONAVIRUS UPDATE//CHINA SET TO INITIATE ITS DIGITAL YUAN AND THIS WILL BE GOLD BACKED//FRANCE AND PHILADELPHIA IN A MESS//TURKEY HIT WITH A MASSIVE 7.0 EARTHQUAKE//GLEN GREENWALD A MUST READ//MORE SWAMP STORIES FOR YOU TONIGHT///

GOLD:$1878.90 UP  $11.00   The quote is London spot price

Silver:$23.58 UP 23 cents   London spot price ( cash market)

your data…

Closing access prices:  London spot

i)Gold : $1878.60  LONDON SPOT  4:30 pm

ii)SILVER:  $23.65//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

NOV GOLD:  1878.20  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $0.30

CONTANGO: $.30

DEC. GOLD  $1878.20   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $0.70/ BACKWARD   ( $2.30 BELOW NORMAL CONTANGO)//GOOD FOR EFP ISSUANCE //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $XXX…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( XXX//)

SILVER DECEMBER  CLOSE:     $23.62  1:30  PM SPREAD SPOT/FUTURE DEC.       :   4  CENTS PER OZ  CONTANGO (   1 CENT ABOVE NORMAL CONTANGO//GOOD FOR EFP ISSUANCE )

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COMEX DATA

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

receiving today: 632/1238

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,865.600000000 USD
INTENT DATE: 10/29/2020 DELIVERY DATE: 11/02/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
332 H STANDARD CHARTE 47
435 H SCOTIA CAPITAL 96
657 C MORGAN STANLEY 84
657 H MORGAN STANLEY 374
661 C JP MORGAN 663 190
661 H JP MORGAN 442
686 C STONEX FINANCIA 4
690 C ABN AMRO 154
737 C ADVANTAGE 86 24
800 C MAREX SPEC 4 49
880 C CITIGROUP 170
905 C ADM 43 86
____________________________________________________________________________________________

TOTAL: 1,258 1,258
MONTH TO DATE: 1,258

issued:663

GOLDMAN SACHS STOPPED 0 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  NOV. CONTRACT: 1258 NOTICE(S) FOR 125,800 OZ  (3.912 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1258 NOTICES FOR 125,800 OZ  (3.9212 tonnes) 

SILVER//NOV CONTRACT

255 NOTICE(S) FILED TODAY FOR 1.275,000  OZ/

total number of notices filed so far this month: 255 for 1,275,000  oz

BITCOIN MORNING QUOTE  $13,248   DOWN 204

BITCOIN AFTERNOON QUOTE.:  $13,517  UP 62 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD UP $11.00  AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINERS CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?

GLD: 1,258.25 TONNES OF GOLD//

WITH SILVER UP 23 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//

A WITHDRAWAL OF 931,000 FROM THE SLV

SLV: 559.798  MILLION OZ./

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Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A CONSIDERABLE SIZED 1,277 CONTRACTS FROM 157,041 DOWN TO 155,764, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR SMALL 4 CENT LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO  SHORT COVERING, CONTINUAL SPREADER LIQUIDATION//..  COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL. WE PROBABLY HAD SOME LONG LIQUIDATION, AND A VERY STRONG INITIAL STANDING AT THE COMEX FOR NOV.  WE HAD A FAIR NET LOSS IN OUR TWO EXCHANGES OF 732 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  545, AS WE HAD THE FOLLOWING ISSUANCE:  OCT 0;  DEC:  495, MARCH 050 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  545 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM!

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 26 MONTHS.

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT

11.400 MILLION OZ FINAL STANDING IN OCT.

2.220 MILLION OZ INITIAL STANDING IN NOV.

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $.04) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS AS WE HAD A GOOD NET LOSS IN OUR TWO EXCHANGES (732 CONTRACTS). NO DOUBT THE LOSS IN OI WAS DUE TO i)BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG INITIAL STANDING IN SILVER OZ  FOR NOV, iii) CONSIDERABLE COMEX LOSS ( AND CONTINUAL SPREADER LIQUIDATION) AND  iv) TINY IF ANY LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

We have now switched to silver for our spreaders!!

FOR DETAILS ON THE SPREADING EXERCISE HERE IS A BRIEF OUTLINE:

SPREADING OPERATIONS/NOW SWITCHING TO SILVER  (WE SWITCH OVER TO GOLD ON NOV  1)

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN SILVER  AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF NOV.

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

 HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON  ACTIVE DELIVERY MONTH OF OCT. HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF NOV FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF OCT. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER 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 LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY /FOR MONTH OF OCT:

13947 CONTRACTS (FOR 22 TRADING DAY(S) TOTAL 13,947 CONTRACTS) OR 69.73 MILLION OZ: (AVERAGE PER DAY: 633 CONTRACTS OR 3.160 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 69.73 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 9.96% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,529.05 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL :  ……     259.600 MILLION OZ

MARCH EFP’S …..                     452.280 MILLION OZ  //TOTALS//AND A NEW RECORD FOR THE MONTH)

APRIL EFP                               95.355 MILLION OZ.  (EX. FOR PHYSICALS BECOMING A LOT LESS)

MAY EFP FINAL:                     77.27 MILLION OZ

JUNE EFP                              71.15 MILLION OZ.

JULY EFP                               133.95 MILLION OZ/ (EXCHANGE FOR PHYSICALS STARTING TO RISE EXPONENTIALLY AGAIN)

AUGUST EFP                         127.46 MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

SEPT EFP                                78.360 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

OCT EFP                                 69.73   MILLION OZ (STILL FALLING IN NUMBERS)

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1277, WITH OUR SMALL $0.04 LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY.THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 545 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE LOST A FAIR SIZED 732 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  SMALL $0.04 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 545 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A GOOD SIZED DECREASE OF 1277 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.04 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $23.35 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.786 BILLION OZ TO BE EXACT or 112% of annual global silver production (ex Russia & ex China).

FOR THE NEW NOV  DELIVERY MONTH/ THEY FILED AT THE COMEX: 255 NOTICE(S) FOR 1,275,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 4244 CONTRACTS TO 545,623 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE CONSIDERABLE SIZED LOSS IN COMEX OI OCCURRED WITH OUR STRONG LOSS IN PRICE  OF $11.80 /// COMEX GOLD TRADING// THURSDAY. WE PROBABLY HAD SOME BANKER/ALGO SHORT COVERING  ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE  HAD SOME LONG LIQUIDATION AND A VERY STRONG INITIAL GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR STRONG FALL IN PRICE OF $11.80. 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  81//

WE HAD A SMALL SIZED LOSS OF 1193 CONTRACTS  (3.71 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 3051 CONTRACTS:

CONTRACT . OCT: 0 DEC: 3051; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 3051.  The NEW COMEX OI for the gold complex rests at 545,623. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1193 CONTRACTS: 4244 CONTRACTS DECREASED AT THE COMEX AND 3051 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 1193 CONTRACTS OR 3.71 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3051) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (4244 OI): TOTAL LOSS IN THE TWO EXCHANGES:  1193 CONTRACTS. WE NO DOUBT HAD 1 ) SOME BANKER SHORT COVERING AND CONSIDERABLE ALGO SHORT COVERING ,2.)A STRONG INITIAL  STANDING AT THE GOLD COMEX FOR THE FRONT NOV. MONTH TO 4.7900 TONNES)  3)  SOME MINOR (IF ANY) LONG LIQUIDATION ;4) SMALL COMEX OI LOSS AND 5) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS OCCURRED WITH OUR STRONG FALL IN GOLD PRICE TRADING//THURSDAY//$11.80.

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

OCT.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT : 51,048 CONTRACTS OR 5,104,800 oz OR 158.78 TONNES (22 TRADING DAY(S) AND THUS AVERAGING: 2320 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 22 TRADING DAY(S) IN  TONNES: 158.78TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2019, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 158.78/3550 x 100% TONNES =4.47% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,695.53 TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE                1,098.93  TONNES  (*AND A NEW ALL TIME RECORD ISSUANCE//22 DAYS)

APRIL TOTAL EFP. ISSUANCE:               243.45  TONNES  (EFP ISSUANCE BECOMING A LOT LESS)

MAY TOTAL EFP ISSUANCE:                     248.68 TONNES (EFP ISSUANCE STILL LOW// PREMIUM COST TO THE BANKERS IS HUGE..SO ISSUANCE IS LESS)

JUNE TOTAL EFP ISSUANCE:                     192.06 TONNES (EFP ISSUANCE EXTREMELY LOW)

JULY TOTAL EFP ISSUANCE;                       313.09 TONNES ..(EXCHANGE FOR PHYSICALS REVERSE COURSE AND ARE NOW INCREASING!)

AUGUST TOTAL EFP ISSUANCE;                 150.78 TONNES  FINAL (AGAIN: RETREATING IN NUMBERS)

SEPT TOTAL EFP ISSUANCE:                       178.49 TONNES (EFP’s AGAIN RISING DUE TO BACKWARDATION/LOWER FUTURE PREMIUMS//THUS LESS COST TO CARRY)

OCT TOTAL EFP ISSUANCE.                        158.78 TONNES (AGAIN DROPPING)

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

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, FELL BY A GOOD SIZED 1277 CONTRACTS FROM 157,041 DOWN TO 155,764 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE GOOD SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO;  1)   SOME BANKER SHORT COVERING//ALGO SHORT COVERING//CONSIDERABLE CONTINAUL SPREADER LIQUIDATION// , 2) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG INITIAL  STANDING  FOR SILVER AT THE COMEX FOR NOV., AND 4) MINOR IF ANY LONG LIQUIDATION 

EFP ISSUANCE 545 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 OCT: 0 AND DEC. 495 AND MARCH:  50  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 545 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1193 CONTRACTS TO THE 545 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED LOSS OF 732 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 3.660 MILLION  OZ, OCCURRED WITH OUR $0.04 FALL IN PRICE///

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 48.19 PTS OR 1.47%   //Hang Sang CLOSED DOWN 479.18 PTS OR 1.95%    /The Nikkei closed DOWN 354.81 PTS   OR 1.52%//Australia’s all ordinaires CLOSED DOWN 0.56%

/Chinese yuan (ONSHORE) closed /Oil DOWN TO 36.23 dollars per barrel for WTI and 38.13 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6844. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6861 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  FELL BY BY A SMALL 4244 CONTRACTS TO 545,623 MOVING FURTHER FROM   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX DECREASE OCCURRED WITH OUR STRONG FALL OF $11.80 IN GOLD PRICING /THURSDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (3051 CONTRACTS).   WE  ALSO PROBABLY HAD  1)  HUGE BANKER SHORT COVERING,  2)   TINY  LONG LIQUIDATION  AND 3)  A VERY STRONG INITIAL   GOLD STANDING AT THE  COMEX  (4.79 TONNES)//NOV. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 1193 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 81

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3051 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 3051; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3051  CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A GOOD PREMIUM IN THE FUTURES/SPOT, THEN THE NUMBER OF EXCHANGE FOR PHYSICALS DECLINE IN NUMBERS.  THE COST IS JUST TOO MUCH FOR THEM TO ISSUE. TODAY THAT PREMIUM WAS SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 1193 TOTAL CONTRACTS IN THAT 3051 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED 4244 COMEX CONTRACTS.. THE BIG NEWS IS THE STRONG LEVEL OF NOV 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ( 4.7900 TONNE) AS NOVEMBER IS A NON ACTIVE AND GENERALLY A VERY POOR DELIVERY MONTH

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $11.80).  AND, THEY WERE  QUITE SUCCESSFUL IN FLEECING SOME LONGS. AS MENTIONED ABOVE THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED   3.710 TONNES,

NET LOSS ON THE TWO EXCHANGES :: 1193, CONTRACTS OR 119,300 OZ OR 3,71 TONNES.

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCTION)

THUS IN GOLD WE HAVE THE FOLLOWING:  545,623 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.56 MILLION OZ/32,150 OZ PER TONNE =  1697 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1697/2200 OR 77.13% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 210,876 contracts// volume atrocious//

CONFIRMED COMEX VOL. FOR YESTERDAY:  239,090 contracts//  volume: poor //most of our traders have left for London

OCT 30 /2020

NOV. GOLD CONTRACT MONTH

INITIAL STANDING FOR NOV GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz NIL oz

BRINKS

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
1258 notice(s)
 125,800 OZ
(3.912 TONNES)
No of oz to be served (notices)
282 contracts
(28200 oz)
0.877 TONNES
Total monthly oz gold served (contracts) so far this month
1258 notices
125800 OZ
3.912 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 xxx oz

We had 0 deposit into the dealer

total deposit: nil oz

total dealer withdrawals: nil oz

we had 0 deposit into the customer account

total customer deposit:  nil

we had 0 gold withdrawals from the customer account:

We had 2  kilobar transactions  +

ADJUSTMENTS: 4 // 

dealer to customer: 3 OF THEM

I)Brinks:  161,105,054 oz

ii) Int. Delaware:  2797.065 oz (87 kilobars)_

iii) JPM:  100.099 oz

iv  Customer to dealer

Manfra: 9163.04 oz (285 kilobars)

The front month of NOV registered a total of 1540 contracts for a GAIN of 108 contracts. 

Thus by definition the initial amount of gold standing at the comex is as follows:

1540 notices x 100 oz per notice  =154,000 OR 4.7900 TONNES

I PROMISED YOU AROUND 4 TONNES OF GOLD WOULD STAND SO I AM A LITTLE OFF

The big December contract LOST 5609 contracts DOWN to 423,300 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR NOVEMBER (4.7900 tonnes). GENERALLY OCTOBER AND NOVEMBER ARE POOR DELIVERY MONTH AS MOST INVESTORS PREFER TO SKIP THESE MONTHS AND MOVE STRAIGHT TO DECEMBER.  IT LOOKS LIKE SOME MAJOR ENTITY(GOLDMAN SACHS) JUST CANNOT WAIT FOR DECEMBER AS THEY ARE MAKING THEIR MOVE  FOR PHYSICAL METAL. GOLDMAN SACHS ONE OF THE LEADERS OF THE NEW LONDON LME EXCHANGE NEEDS THE GOLD INVENTORY FOR LIQUIDITY AND INITIAL CONTRIBUTION WITH OTHER MAJOR PLAYERS.

We had  1258 notices filed today for  125,800 oz OR 3.912 TONNES.

FOR THE NOV 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  663 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1258  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 190 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the NOV /2020. contract month, we take the total number of notices filed so far for the month (1258) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (1540 CONTRACTS ) minus the number of notices served upon today (1258 x 100 oz per contract) equals 154,000 OZ OR 4.7900 TONNES) the number of ounces standing in this active month of NOV

thus the INITIAL standings for gold for the NOV/2020 contract month:

No of notices filed so far (1258, x 100 oz +1540 OI) for the front month minus the number of notices served upon today (1258) x 100 oz which equals 154,000 oz standing OR 108.53 TONNES in this  active delivery month. This is a HUGE amount for gold standing for a NOV delivery month (a very poor non active delivery month).

NEW PLEDGED GOLD:  BRINKS

596,952.410 oz NOW PLEDGED  SEPT 15.2020/HSBC  18.433 TONNES ( A HUGE INCREASE FROM 10.6)

60,784.803 PLEDGED  APRIL 3/2020: SCOTIA:            1.3234 tonnes

deleted Int. Delaware pledge July 7  (600 tonnes)

277,934.09 oz  (some deleted august 3)         JPM  8.644 TONNES

610,238.285 oz pledged June 12/2020 Brinks/   july 2/july 21               19.017 tonnes

67,289.041 oz Pledged August 21/regular account 1.588 tonnes jpm

total pledged gold:  1,613,198.634 oz                                     50.177 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 498.68 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 4.7900 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  17,361,441.583 oz or 540.01tonnes
total weight of pledged:  1,613,198.634 oz or 50.155 tonnes
thus:
registered gold that can be used to settle upon: 15,748,243..0  (489,83 tonnes)
true registered gold  (total registered – pledged tonnes  15,748,243.0 (489.83 tonnes)
total eligible gold:  20,001,846.752 oz (622.14 tonnes)

total registered, pledged  and eligible (customer) gold  37,518,127.513 oz 1,166.97 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1040.63 tonnes

end

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

THE DATA AND GRAPHS:

THE GOLD COMEX SEEMS TO BE  UNDER SEVERE ASSAULT FOR PHYSICAL

END

OCT 29/2020

And now for the wild silver comex results

And now for the wild silver comex results

INITIAL STANDINGS

NOV. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
131,497.150 oz
CNT
Delaware
HSBC
Deposits to the Dealer Inventory
546,552.500 oz
Manfra
Deposits to the Customer Inventory
1,012,674.220 oz
JPMorgan
Delaware
Scotia
No of oz served today (contracts)
255
CONTRACT(S)
(1,275,000 OZ)
No of oz to be served (notices)
189 contracts
 9455,000 oz)
Total monthly oz silver served (contracts)  255 contracts

1,275,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 0 deposits into the dealer:

total dealer deposits: nil      oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 2 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  nil oz

ii) Into CNT  611,008.802 oz

iii) Into Scotia;  598,184.500 oz

JPMorgan now has 190.787 million oz of  total silver inventory or 49.89% of all official comex silver. (190.787 million/381.811 million

total customer deposits today:  576,903.867   oz

we had 3 withdrawals:

i) Out of Brinks: 604,414.35 oz
ii) Out of CNT: 8090.95 oz
iii) Out of Manfra

total withdrawals; 1818,995.060    oz

We had 0 adjustments

Total dealer(registered) silver: 135.103 million oz

total registered and eligible silver:  381.811 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

November saw a LOSS of only 2 notices DOWN to 444 contracts.

Thus by definition,  the initial amount of silver oz standing for November is as follows:

444 notices x 5000 oz per notice (contract) = 2,220,000 oz

December saw a LOSS of 1844 contracts DOWN to 121,049 contracts.

The total number of notices filed today for the NOV 2020. contract month is represented by 255 contract(s) FOR 1,275,000 oz

To calculate the number of silver ounces that will stand for delivery in NOV we take the total number of notices filed for the month so far at 255 x 5,000 oz = 1,275,000 oz to which we add the difference between the open interest for the front month of OCT( 444) and the number of notices served upon today255x (5000 oz) equals the number of ounces standing.

Thus the NOV standings for silver for the OCT/2019 contract month: 255 (notices served so far) x 5000 oz + OI for front month of NOV  (444)- number of notices served upon today (255) x 5000 oz of silver standing for the NOV contract month .equals 2,220,000 oz. ..VERY STRONG FOR A NON ACTIVE  NOV MONTH.

TODAY’S ESTIMATED SILVER VOLUME : 81,750 CONTRACTS // volume  good////

FOR YESTERDAY  107,958  ,CONFIRMED VOLUME// extremely high/raid yesterday/

YESTERDAY’S CONFIRMED VOLUME OF 107.958 CONTRACTS EQUATES to 0.589 billion  OZ 77.11% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 2.85% ((OCT 30/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -0.44% to NAV:   (OCT 30/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.85%

(courtesy Sprott/GATA

3. SPROTT CEF .A   FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 19.09 TRADING 18.60///NEGATIVE 2.56

END

And now the Gold inventory at the GLD/

OCT 30/WITH GOLD UP $11 TODAY: NO CHANGE IN GOLD INVENTORYAT THE GLD//INVENTORY RESTS AT 1258.25 TONNES

OCT 29/WITH GOLD DOWN $11.80 DOLLARS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 8.47 TONNES FROM THE GLD////INVENTORY RESTS AT 1258.25 TONNES

OCT 28/STRANGE!WITH GOLD DOWN $30.50 TODAY, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1266.72 TONNES

OCT 27/WITH GOLD UP $6.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1263.80 TONNES

OCT 26/WITH GOLD UP $1.50 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.77 TONNES FROM THE GLD//INVENTORY RESTS AT 1263.80 TONNES

OCT 23/WITH GOLD  DOWN 80 CENTS TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWL OF 3.8 TONNES FROM THE GLD////INVENTORY RESTS AT 1265.55 TONNES

OCT 22/WITH GOLD DOWN $22.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1269.35 TONNES

OCT 21//WITH GOLD UP $17.50 DOLLARS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1269.93 TONNES

OCT 20/WITH GOLD UP $3.30 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: ANOTHER PAPER WITHDRAWAL OF 2.92 TONNES//INVENTORY RESTS AT 1269.93 TONNES

OCT 19WITH GOLD UP $5.15 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.5 TONNES FROM THE GLD///INVENTORY RESTS AT 1272.56 MILLION OZ//

OCT 16//WITH GOLD DOWN 10 CENTS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.59 TONNES FROM THE GLD//INVENTORY RESTS AT 1276.06 MILLION OZ

OCT 15//WITH GOLD UP $1.10 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1277.65 TONNES

OCT 14/WITH GOLD UP $12.00 : NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1277.65 TONNES

OCT 13/WITH GOLD DOWN $31.70 DOLLARS: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1277.65 TONNES.

OCT 12/WITH GOLD UP $2.00 TODAY: A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.13 TONNES INTO THE GLD////INVENTORY RESTS AT 1277.65 TONNES

OCT 12/WITH GOLD UP $2.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1271.52 TONNES

OCT 9/WITH GOLD UP $31.10 TODAY/NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1271.52 TONNES

OCT 8/WITH GOLD UP $2.00 TODAY, NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1271.52 TONNES

OCT 7/WITH GOLD DOWN $16.00 DOLLARS TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.88 TONNES FROM THE GLD////INVENTORY RESTS AT 1271.52 TONNES

OCT 6/WITH GOLD DOWN $10.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1275.60 TONNES

OCT 5/WITH GOLD UP $12.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.59 TONNES//INVENTORY RESTS AT 1275.60 TONNES

OCT 2/WITH GOLD DOWN $7.30 TODAY, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 9.3 TONNES INTO THE GLD//INVENTORY RESTS AT 1278.19 TONNES

OCT 1/WITH GOLD UP $19.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1268.89 TONNES

SEPT 30//WITH GOLD DOWN $6.80 TODAY, NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1268.89 TONNES

SEPT 29/WITH GOLD UP $19.10//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1268.89 TONNES

/SEPT 28//WITH GOLD UP $14.30 DOLLARS: A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.05 TONNES INTO THE GLD//INVENTORY RESTS AT 1268.89 TONNES

SEPT 25//WITH GOLD DOWN 410.80 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .3 TONNES FROM THE GLD////INVENTORY RESTS AT 1266.84 TONNES

SEPT 24/WITH GOLD UP $9.80 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1267.14TONNES.

SEPT 23//WITH GOLD DOWN $28.00 TODAY//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 11.68 TONNES FROM THE GLD////INVENTORY RESTS AT 1267.14 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

OCT 30/ GLD INVENTORY 1258.25 tonnes

LAST;  936 TRADING DAYS:   +317.70 NET TONNES HAVE BEEN ADDED THE GLD

LAST 836 TRADING DAYS//495.28  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

end

Now the SLV Inventory/

OCT 30/WITH SILVER UP 23 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 931,000 FROM THE SLV////INVENTORY RESTS AT 559.798 MILLION OZ..

OCT 29/WITH SILVER DOWN 4 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 2.326 MILLION OZ//INVENTORY RESTS A 560.729 MILLION OZ..

OCT 28/WITH SILVER DOWN $1.09 TODAY: A HUGE WITHDRAWAL OF 2.791 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 558.403 MILLION OZ..

OCT 27/WITH SILVER UP 18 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ//

OCT 26/WITH SILVER DOWN 18 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ

OCT 23/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ

OCT 22/WITH SILVER DOWN 46 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ

OCT 21/WITH SILVER UP 26 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.977 MILLION OZ FROM THE SLV..//INVENTORY RESTS AT 561.194 MILLION OZ.

OCT 20/WITH SILVER UP 31 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 652,000 OZ INTO THE SLV////INVENTORY RESTS AT 564.171 MILLION OZ//

OCT 19/WITH SILVER UP 27 CENTS TODAY: NO CHANGES IN SLV INVENTORY AT THE SLV//INVENTOR RESTS AT 563.519 MILLION OZ/

OCT 16/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SLV INVENTORY//INVENTORY RESTS AT 563.519 MILLION OZ.

OCT  15/WITH SILVER DOWN 16 CENTS TODAY:NO CHANGES IN SLV INVENTORY//INVENTORY RESTS AT 563.519 MILLION OZ//

OCT 14/WITH SILVER UP 24 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.652 MILLION OZ//INVENTORY RESTS AT 563.519 MILLION OZ/

OCT 13/WITH SILVER DOWN 105 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.867 MILLION OZ..

OCT 12/WITH SILVER UP 28 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL 0F 1.396 MILLION OZ//INVENTORY RESTS AT 558.867MILLION OZ/

OCT 9/WITH SILVER UP $1.00 TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 560.263

OCT 8/WITH SILVER UP 2 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 1.303 MILLION OF FROM THE SLV////INVENTORY RESTS AT 560.263 MILLION OZ//

OCT 7/WITH SILVER DOWN 9 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 466,000 OZ INTO THE SLV////INVENTORY RESTS AT 561.566 MILLION OZ/

OCT 6/WITH SILVER DOWN 51 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.100 MILLION OZ//

OCT 5/WITH SILVER UP 53 CENTS TODAY: A MONSTROUS CHANGE IN SILVER INVENTORY AT THE SLV:A  DEPOSIT OF 11.984 MILLION OZ INTO THE SLV //INVENTORY RESTS AT 561.100 MILLION OZ//

OCT 2/WITH SILVER DOWN 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.116 MILLION OZ//

OCT 1/WITH SILVER UP 66 CENTS TODAY, A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.489 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 549.116 MILLION OZ//

SEPT 30//WITH SILVER DOWN 96 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 186,000 OZ FROM THE SLV.//INVENTORY RESTS AT 550.605 MILLION OZ..

SEPT 29/WITH SILVER UP 86 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.791 MILLILON OZ//

SEPT 28//WITH SILVER UP 48 CENTS TODAY: A HUGE DEPOSIT OF 3.769 MILLION OZ CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.791 MILLION OZ//

SEPT 25/WITH SILVER DOWN 14 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: 2 TRANSACTIONS: A PAPER WITHDRAWAL OF 8.28 MILION OZ FROM THE SLV AND A DEPOSIT OF 1.861 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 547.022 MILLION OZ//

SEPT 24//WITH SILVER UP 15 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.443 MILLION OZ//

SEPT 23//WITH SILVER DOWN $1.41: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.048 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 553.443 MILLION OZ///

OCT 30.2020:

SLV INVENTORY RESTS TONIGHT AT

559.798 MILLION OZ

PHYSICAL GOLD/SILVER STORIES
i) GOLDCORE BLOG/Mark O’Byrne

ii) Important gold commentaries courtesy of GATA/Chris Powell

A very big story:  China’s digital yuan is aiming to halt dollarization. China is now ready to combat the USA and no doubt gold and the new gold-yuan will play a pivotal role

(South China Morning Post/zerohedge)

China’s digital yuan aims to halt ‘dollarization,’ boost retail payments, ex-central bank chief says

 Section: 

By Frank Tang
South China Morning Post
Thursday, October 29, 2020

China’s sovereign digital currency is designed primarily to grow retail payments at home and prevent the dominance of the U.S. dollar, rather than address threats raised by cryptocurrencies or stablecoins, a former central bank governor says.

Zhou Xiaochuan, who led the People’s Bank of China from 2002-18, said China was working hard to establish its digital currency and electronic payment system, but its focus differed from the Group of 7 principles.

“What they are concerned about is mainly to deal with the challenges raised by Libra, bitcoin, and similar digital encrypted currencies,” Zhou said during a video conference on Tuesday at the Eurasia Forum, an event hosted by the Hungarian central bank. …

… For the remainder of the report:

https://www.scmp.com/economy/china-economy/article/3107422/chinas-digita…

Alasdair Macleod: The fate of the pound sterling

 Section: 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, October 29, 2020

This is the third in a series of articles focused on the outlook for major currencies.

The first concluded that the U.S. dollar is already on the path of monetary hyperinflation. The second concluded that the euro system is close to collapse as a consequence of a combination of the failure of commercial banks and the TARGET2 settlement system, likely to collapse the currency itself.

With its systemic exposure to the eurozone, sterling is likely to be a casualty of the failure of the euro system and shares the monetary hyperinflation characteristics of the dollar.

The Bank of England is copying U.S. monetary policies and will find it increasingly difficult to prevent the pound from escaping the same fate as the dollar. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/the-fate-of-the-po…

iii) Other physical stories:

Von Greyerz: “Get Ready For The Biggest Collapse In Human History”

Authored by Egon von Greyerz via GoldSwitzerland.com,

Liftoff & Collapse

Get ready for the biggest collapse in the history of mankind. It will be devastating and reach all parts of society, economic, financial, political & social.

But wait, it won’t happen just yet. Because before that the world will experience a LIFTOFF in markets of gigantic proportions. This will be the grand finale of this financial era. It will involve inflationary liquidity injections of proportions never seen before in history and lead to a massive explosion in many asset markets.

Most investment assets will benefit as the disconnect between markets and reality grows to distortionary proportions.

TRUMP – YOU WIN! BIDEN – YOU WIN!

So there we have it. For investors the outcome of this election is totally irrelevant. In four years time, the difference for the economy and markets between a Trump or Biden victory will be insignificant.

Either one of them only has one choice. They are both facing a bankrupt country which has been running budget deficits since 1930 with four years of exception in the 1940s-50s. The Clinton surpluses were fake. Also, the US has had trade deficits for almost 50 years. The consequence has been an exponentially surging debt which was under $1 trillion when Reagan became President in 1981 and is now $27t. In the next four years, a $40t debt is guaranteed as I forecast four years ago but as the financial system implodes, the debt could easily run into $100s of trillions or $ quadrillions when the derivative bubble bursts.

The global financial system should have collapsed already in 2006-9 but the central banks managed to delay the inevitable demise for over a decade.

SUPER CYCLE BULL MARKETS END IN EUPHORIA

What we must understand is that the end of an economic supercycle doesn’t happen quietly. No, the conditions need to be uber-euphoric with maximum bullishness for the economy and stocks. This means that before this era is over, markets must surge in the final months, even double over a 9-18 months period.

Multiple factors are now in place for this to happen. Firstly both presidential candidates will need not just fistfuls of dollars but quantum computers that can print the required trillions and quadrillions of dollars.

The convenient excuse they have is of course Covid. Individuals not working need money, companies need money, municipalities, states and the Federal government need money.

But we mustn’t forget how the end of the final phase of this economic era started. This was back in Aug-Sep 2019 when the Fed and the ECB shouted out from the roof tops that were going to do what it takes to save the system. They didn’t tell us what the problems were, but it was clear to some of us who understood the fragility of the financial system that it was in dire straits. When the last crisis started in 2006, the Fed’s balance sheet was $830b. At the end of the Great Financial Crisis in 2009, the balance sheet had grown to $2t.

But no one must believe that the problem had been solved by 2009. All it was, was a temporary stay of execution. Why otherwise would the Fed’s balance sheet have grown by another $5t since 2009. Just looking at the predicted budget deficits in the next 4 years, plus accelerating problems in the financial system the Fed’s balance sheet is likely to explode in coming years.

LIQUIDITY INJECTIONS WILL GIVE SHORT TERM BENEFIT TO THE ECONOMY

So the conditions are in place for the biggest liquidity injection in financial history. For many years we have experienced a total disconnect between economic reality and markets. The coming acceleration in money printing and liquidity injections in to the financial system will be so overwhelming that it will not just fuel markets but also give a short term, albeit artificial, boost to the economy.

This is a typical course of events at the beginning of an inflationary phase which leads to hyperinflation as the currency collapses.

The paralysation of the world economy due to Covid will probably peak with the current second wave and therefore add to the optimism in markets. But no one must believe that the pandemic is the cause of the problems in the world economy. No, it has just been a very vicious catalyst which hit an already fragile financial system.

When Covid gradually slows down, the initial optimism combined with the flooding of the system with printed money might last for a year or so. But as the world realises that you cannot solve a debt problem with more debt, the real difficulties in the economy and the financial system will reemerge with a vengeance.

FROM BOOM TO BUST

So let us look at a possible scenario of events following the election:

New president will flood the economy with money & boost stocks

Initial market volatility will settle down quickly and investors will respond optimistically to the new president’s promises of support to every corner of the economy.

Stock markets will surge and could double over a 9-18 month period. No cash will be left on the sidelines. Both institutions and retail investors will throw all the cash they have at the stock market. There will be a frenzy which will surpass the tech stock boom in the 1990s. There will be fanfares and blazing guns as the market seems unstoppable.

But after the likely short-term boom, there will be tears as markets fall by over 90% in real terms. And sadly most investors will ride the stock market all the way down. The big difference this time is that central banks will not and cannot save them.

COMMODITIES WILL BOOM

The biggest beneficiary of this coming boom will be commodity markets which are at a 50 year low versus stocks. Looking at the chart below, the minimum target would be commodities outperforming stocks by 4 to 1. Eventually a new high in commodities against stocks is likely. This would mean commodities outperforming stocks by 20x. The first part of this outperformance will come as stock markets rise. But the final phase will be when general stock markets collapse and commodities continue to strengthen. Goldman Sachs expect commodities to rise 28% in 2021. They expect inflation plus a commodities deficit will drive prices higher. And this is of course what the chart below tells us.

PRECIOUS METALS WILL SHINE

Gold, silver and platinum will vastly outperform stocks. The Dow – Gold ratio will initially reach 1 to 1 where it was in 1980 when gold was $850 and the Dow index 850. Eventually the ratio will reach at least 0.5 to 1 which means that the Dow will lose 97% against gold in the next five years.

Goldman Sachs expects gold to reach $2,300 in 2021 but I believe that target is too conservative. Before gold breaks out above the August high at $2,074, a correction down to $1,800-20 is possible and would not change gold’s unstoppable rise. In this latest phase, gold is in a bull market or more correctly, the currencies are in a bear market since 1999. The continued debasement of the currencies is guaranteed by the central banks since they only have one option – TO PRINT AND PRINT AND PRINT until money dies.

We must remember that gold is the king of the metals and therefore the safest precious metal to hold. But initially at least, silver and platinum will strongly outperform gold but with massive volatility.

Vital to hold physical metals stored in safe vaults in the investor’s name, outside the banking system. It is important not to forget that the risks in the financial system will be at a maximum for the next few years and a failure can happen at any time.

PRECIOUS METALS MINING STOCKS

For the smart investor, this is where more money will be made than in any area of stocks or other investments. Especially the juniors will really shine. But this is a market for specialists. So either best to follow some of the smartest investors in this area or to buy an index of these stocks. There will be many 10-20 baggers and even some 100 baggers but obviously also some losers. So important to have a spread.

The biggest risk with mining stocks is that they are normally held within the financial system. So even though they are a terrific investment opportunity, they are not the best form of wealth preservation. Therefore it is safer to have a much bigger allocation to the physical metals which, even though they will underperform the mining stocks, will see massive capital appreciation.

The chart below shows XAU gold – silver index against the Dow since 1983 when the XAU was introduced. Since then the XAU has lost 95% against the Dow. This fall is likely to be reversed in the next few years with the XAU going up 20x against the Dow . For Dow investors this means losing 95% against mining stocks.

And sadly, this is what will happen to 99% of investors as they stick to their ordinary stocks and miss the most incredible opportunity.

DOLLAR

Printing unlimited amounts of money always has consequences. Since 1971 the dollar has lost 98% in real terms which means against gold since gold is the only money that has survived in history.

The dollar is now starting its final journey to ZERO and as the table shows, even a weak and artificial currency like the euro will outperform the doomed dollar.

A falling dollar will accelerate US inflation until it leads to hyperinflation.

INTEREST RATES

Interest market is probably the most contrarian of all trades today. The whole investment world, including the Fed and the ECB believe that rates will stay at zero or below for years to come. Normally when consensus is that strong, the opposite is more likely to happen.

Precious metals normally benefit from negative real rates which means that inflation is higher than interest rates. Gold can still rise strongly with high nominal rates as long as inflation is higher. We saw this happen in the 1970s to the early 1980s when rates reached 20% and gold went from $35 to $850. During that time, inflation remained higher than rates.

I remember this period well as I experienced it in the UK with my first mortgage reaching 21%.

FROM BOOM TO BUST

So there is now an opportunity for all investors to double their money in the stock market in the next 9-18 months as ever more liquidity will fuel stock markets.

But a Caveat Emptor (Buyer Beware) warning is in place here. Asset markets are already in a major bubble and the financial system is so fragile that it could break at any time.

So rather than chasing the last leg of this bull market which most investors will do, it will be much better to look at safer alternatives.

I have outlined them above. Physical precious metals and precious metals stocks will outperform all other markets. And these all present the best risk. Both the metals and the metal stocks will boom in the final phase of the stock market boom. And as stock markets top and then crash, the precious metals sector will continue to perform extremely well as currencies are debased.

As I stated above, the general stock market is likely to lose at least 95% against the precious metals sector in the next five years.

There has probably never before been such a clear choice in investment markets but sadly most investors will miss it. They will instead stick to their conventional portfolio which will include a lot of the already overvalued tech stocks.

Holding gold and silver stocks will be the investment opportunity of a life time. But since they are held within a vulnerable financial system, we believe that a these holdings should represent a much smaller percentage than physical metals.

To hold physical gold, silver and platinum outside the fragile banking system is the ultimate form of wealth preservation and insurance against a debt infested and unsafe financial system.

With a portfolio of some precious metals stocks and physical metals, investors will be able to ride out the coming storm and volatility in markets and also benefit financially. Of course there will be volatility also in the metals market but the trend in the next 5+ years is virtually guaranteed.

So better to avoid the coming boom and bust in the general stock markets and stick to metals.

END

J Johnson’s commodity report

https://www.jsmineset.com/2020/10/30/the-great-reset-is-underway/

“The Great Reset is Underway”

Posted October 30th, 2020 at 9:34 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Friday Morning Folks,

Rebound is the word of the day along with the titled phrase with Gold up $11 with the trade at $1,879, close to the high at $1,881.30 with the low at $1,863.30. Silver is trading at $23.525, up 16.5 cents after the dip down to $23.23 with the high to beat at $23.645. The US Dollar is flat to lower with its value pegged at 93.89, down 8.7 points inside a 21-point trading range with the high at 94.01 and the low at 93.80. Of course, all this couldn’t happen without London doing its thing, before 5 am pst, the Comex open, and after UPS finds the “lost” Biden evidence, and returning these said docs back to Tucker. How’s that for a fast-track?

Venezuela’s currency now has Gold’s value priced at 18,766.51 Bolivar showing a slight gain in price as the metal added 30.96 overnight with Silver gaining 2.996 Bolivar with the last quote at 234.956. Gold in Argentina is now priced at 146,986.88, another shallow gain of 224.83 A-Peso’s with Silver increasing its value by 21.91 A-Peso’s with its last trade at 1,840.22. Turkey’s Lira is showing a golden gain with the noble metal adding 88.19 T-Lira with the last quote at 15,696.30 with Silver gaining 3.012 with its last price at 196.141 T-Lira.

November Silver’s First Notice Day is here with the starting count at 444 fully paid for contracts waiting for receipts and with zero Volume up on the board. Yesterday’s activity before the FND had 27 contracts swapping hands between $23.28 and $22.96 with the last trade at 23.19 with the Comex Calculated Close at $23.339 a gain of 6/10ths of a cent that reduced the Demand count by 2 contracts. As of this morning, Silver’s Overall Open Interest is now at 155,974 Overnighters, showing another 1,287 contracts leaving the field of play.

November Gold’s Delivery Demands now stand at 1,540 fully paid for 100-ounce contracts waiting for receipts and with a Volume of 20 up on the board with a trading range between $1,870.10 and $1,862.80 with the last buy at the high, up $4.50 while the papers play the trade even higher. Yesterday’s full Comex/ICE activity happened in between $1,878.80 and $1,858.80 with the last swap at $1,865, with the CCC settled at $1,885.60, a loss of $11.50 that had 240 contracts swapping hands that provided a gain of 108 contracts standing in line for the real. The shorts against the physicals are continuing to exit Gold’s paper play as another 3,980 contracts left the arena, leaving 546,317 in Open Interest as we get closer and closer to another election.

Next Wednesday, we expect the usual political excuse to come from the loser about the “popular” vote that has never mattered EVER! What difference does a TV stations fake poll make if they only count one sides opinion? Is it the same pollsters this time as in 2016, that couldn’t equate the visual evidence of stadiums full of Trump supporters in their tallies?

Ironically or not, the returned copies to Tucker helped prove many things with yesterday’s Sean Hannity show asking Senate Homeland Security Committee Chairman Sen. Ron Johnson if the laptop and Tony Bobulinski story are real, to which the Senator responded, “All I can say is that all the verification, all the validation we’re doing, we haven’t turned up any discrepancies (yet). Everything appears to be authentic that we’ve looked at so far.” To think a TV show, would have the “real authentic files” instead of Homeland Security, is another one of those “look over here and not there” misdirection’s made by media, that failed. Btw, where’s Hunter?

I had expected Q would be silent going into the election, and I was wrong! Last night Q posted an open letter from Carlo Maria Vegani which in the fourth paragraph states “A global plan called the Great Reset is underway” (no dates), also bringing forth in his write-up more of the things we (Team Sinclair and Team GATA) have been discussing over the decade. It all seems to be coming to a head and is planned. Will the global arrangement against all mankind succeed or will it fail?

With precious metals in hand, and our understanding that Silver and Gold have survived all resets of the past, we gain more strength in our beliefs! So have a great weekend, keep your metals close, stock up on foods and what not’s before inflation hits hard, or the 2-week bankers shut down is applied. Keep the faith, have a prayer for all, and as always …

Stay Strong!

Jeremiah Johnson

Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them
(courtesy zerohedge/Chris Powell)

US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case

  • The U.S. wants a federal judge to halt a civil lawsuit accusing J. P. Morgan of manipulating precious metals markets. The Justice Department cited an ongoing criminal case as its reason for the request.
  • A former J. P. Morgan trader pleaded guilty in Connecticut last month to manipulation charges.
  • In the guilty plea, the trader said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors.

A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

Amr Alfiky | Reuters
A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets.

The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders. The government also says it could ask for a longer delay in the case, according to a court filing on Monday.

The move comes days after Shak’s lawyer, David Kovel, sought permission to reopen questioning of two former J. P. Morgan traders and the bank’s current global head of base and precious metals trading.

Kovel, in making the request with the Manhattan federal judge in the civil case, cited last month’s guilty plea by one of those former traders, John Edmonds, in federal court in Connecticut.

Edmonds admitted making bogus bids on precious metals contracts while working at the bank from 2009 to 2015.

Neither J. P. Morgan Chase nor Kovel’s clients have opposed the Justice Department’s request.

In arguing for a delay, the Justice Department said Shak’s lawsuit is “related” to Edmonds’ criminal case and that Edmonds has “pleaded guilty and acknowledged his own participation in such conduct, as well as that of other traders.”

“Edmonds awaits sentencing, but the broader investigation is ongoing,” the Justice Department said. The U.S. wants to delay the civil case “to protect the integrity of its ongoing criminal investigation,” it said.

J. P. Morgan did not respond to a request for comment by CNBC. Kovel declined to comment.

Tuesday night, after this story first was published, Judge Paul Engelmayer ordered the federal prosecutors to explain in detail by Monday why postponing proceedings in the civil lawsuit would not harm those involved, and why reopening questioning “would be detrimental to the Government’s ongoing criminal investigation.”

Englemayer also wrote that he regards Edmonds’ guilty plea “as potentially highly consequential” to the civil case.

In his guilty plea, the 36-year-old Edmonds said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors. He admitted to working with “unnamed co-conspirators” at J. P. Morgan, according to the Justice Department.

Kovel wants to question Edmonds again as well as Michael Nowak, the bank’s global head of base and precious metal trading, and former J. P. Morgan Chase Managing Director Robert Gottlieb. The three had previously answered questions under oath in the civil case.

Kovel said in court filings that Nowak was the immediate supervisor of Edmonds, while Gottlieb was Edmonds’ mentor.

In his prior deposition, Edmonds said that Gottlieb sat only a “couple feet” away from him for about five years, and that he was “somebody [he] looked up to in the business,” who helped guide and train him.

Nowak is described by Edmonds as his direct supervisor, with whom he would sometimes discuss trading strategies. Nowak was also the person responsible for overseeing the performance and risk of Edmonds’ portfolio, according to the deposition.

Edmonds also stated in his prior deposition that he would enter precious metals trades for both Nowak and Gottlieb, among others.

The civil lawsuit claims Shak and his fellow plaintiffs lost tens of millions of dollars as a result of actions by J. P. Morgan’s traders.

A federal judge tells traders that they can combine cases (with the other 6 banks) as they accused JPMorgan of rigging the precious metals market
(courtesy CNBC)

Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market

  • Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
  • Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

71671201

Spencer Platt | Getty Images

A group of traders from across the U.S. who allege that J. P. Morgan Chase manipulated precious metals markets for years are one step closer to bringing a class action suit against the nation’s largest bank.

Earlier this month, a federal judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded in the precious metals market from Jan. 2009 through Dec. 2015.

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.

J. P. Morgan declined to comment on this story.

Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

Vincent Briganti, a partner at the firm, filed the first suit seeking class action status in November on behalf of Dominick Cognata, a trader who alleges he suffered losses due to J.P. Morgan’s illegal trading conduct in the silver and gold futures and options markets.

That was after the federal court in Connecticut unsealed a criminal plea agreement by John Edmonds, a former J.P. Morgan metals trader. In his guilty plea, Edmonds, who is 36-years old, admitted that he and other “unnamed co-conspirators” fraudulently manipulated the precious metals markets while they were employed at J. P. Morgan from 2009 to 2015.

Edmonds said he had learned the illegal trading tactics from senior traders, and then used them hundreds of times with the knowledge of and consent of his immediate supervisors.

Briganti’s lawsuit also names John Edmonds and a group of yet-to-be-identified precious metals traders and the bank as defendants.

On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.

“We are hopeful that this extension will result in completing service on Mr. Edmonds without formal motion practice and a request for alternative means of service,” Briganti said in the letter.

The next step in the civil case is for the plaintiffs to file an amended class action complaint and set a schedule for defendants to respond.

In addition to the proposed class action, J. P. Morgan also faces a separate civil suit which also accuses the bank of rigging precious metals markets.

end

March 4.2019

Parker City News

JP Morgan faces potential class action lawsuit after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation‘s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut with a former J. P. Morgan Chase metals trader.

The cases could potentially include thousands of people who traded in the precious metals market. The White Plains, N.Y., law firm Lowey Dannenberg is asking the court to combine the cases and name it as the lead.

The law firm‘s commodities group is led by Vincent Briganti, the attorney who filed the first lawsuit on behalf of Dominick Cognata, a New York resident who alleges he suffered losses due to J. P. Morgan‘s trading conduct in the silver and gold futures and options markets.

A combined case, seeking class action status, would include anyone who purchased or sold futures contracts or an option on NYMEX platinum or palladium or COMEX silver or gold between at least Jan. 1, 2009, and Dec. 31, 2015. The lawyers believe that “at least hundreds, if not thousands” of traders would be eligible to join the case.

Named as defendants in all of the lawsuits are John Edmonds, a 36-year old former metals trader at J. P. Morgan, a group of yet-to-be-identified precious metals traders and the bank.

Edmonds, a New York resident, pleaded guilty in October to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud. In the criminal plea, Edmonds admitted that he and other “unnamed co- conspirators” at J. P. Morgan, fraudulently manipulated precious metals markets from 2009 to 2015, the same time frame covered in the class action suits.

Briganti filed the initial class action on Nov. 7, just one day after the Justice Department unsealed Edmonds‘ plea in the U.S. District Court of Connecticut.

Edmonds admitted in his guilty plea that he deployed the illegal trading scheme hundreds of times with the direct knowledge and consent of his immediate supervisors. Plaintiffs say they have suffered economic injury, including monetary losses, as a direct result of actions by Edmonds and the other unnamed J. P. Morgan metals traders in the futures and options contracts.

One of the suits alleges that “the number of unlawful trades that JP Morgan traders executed in precious metals futures markets is at least in the thousands.”

J. P. Morgan declined to comment. Lowey Dannenberg did not respond to a request for comment by CNBC.

The Justice Department‘s criminal investigation is still ongoing and recently caused a separate related civil case to be put on hold for at least six months while the government continues its investigation. That civil lawsuit, which also accuses J. P. Morgan of rigging the precious metals market, was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders.

After reviewing the details of the plea agreement, David Kovel, the attorney for Shak‘s suit, sought to re- interview Edmonds, along with two other current and former senior traders at the bank. However, the government argued that reopening questioning would be detrimental to the ongoing criminal investigation. The federal judge overseeing the proceedings ordered a six-month stay in the civil case.

Kovel declined to comment.

Edmonds was originally scheduled to be sentenced in Hartford, Conn., on Wednesday, Dec. 19, but a court filing on Nov. 27 shows the sentencing has been postponed until June. A spokesman for the U.S. Attorney for Connecticut could not elaborate on why the sentencing was postponed since the court filing is under seal.

-END-

Justice Department stalls another class action in gold market rigging, this one against JPM

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

Proceedings in the federal class-action anti-trust lawsuit against JPMorganChase charging the investment bank with manipulating the gold and silver futures markets —

http://www.gata.org/node/18844

— have been suspended for three months at the request of the U.S. Justice Department, just as the department has arranged suspension of proceedings in the class-action anti-trust lawsuit against Deutsche Bank charging similar market manipulation.

… 

In both cases the Justice Department has told U.S. District Court for the Southern District of New York that proceedings would jeopardize its criminal investigation into market rigging, which has been admitted by a former JPMorganChase trader, John Edmonds, who awaits sentencing.

According to court filings, the White Plains, New York, law firm representing the plaintiffs against JPMorganChase, Lowey Dannenberg, concurred in the government’s request to suspend proceedings. The stay is to continue for three months and may be extended.

The Justice Department’s motion, granted by the court on February 26 —

http://www.gata.org/files/JPMorganChaseClassActionStay.pdf

— said “the government is not seeking an open-ended stay that could indefinitely postpone this matter and thus jeopardize the parties’ interests in a timely resolution.” The motion added, “Any developments in the criminal case during the period the consolidated action is stayed may reduce or completely resolve the need to litigate certain issues in the consolidated action.”

Much of the Justice Department’s motion is redacted to conceal from the public evidence still under investigation. Edmonds has said he and other traders manipulated the gold and silver markets for years with the knowledge of their supervisors at JPMorganChase. In its motion to conceal that evidence, also granted by the court on February 26, the Justice Department said disclosure “could lead to destruction of evidence, flight from prosecution, and otherwise interfere with the government’s ability to conduct its investigation”:

http://www.gata.org/files/JPMorganChaseClassActionStaySeal.pdf

Monetary metals investors may be skeptical of the Justice Department’s stalling the Deutsche Bank and JPMorganChase cases, since the department and the U.S. Commodity Futures Trading Commission do not seem ever to have responded conscientiously to complaints of gold and silver market rigging until the class actions commenced.

How much time will the court give the Justice Department to delay getting to the bottom of the issue? The court might hasten matters if enough monetary metals mining companies protested the harm done to them and their shareholders by market rigging, but of course most monetary metals mining companies don’t mind at all.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Your early FRIDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.6844 /

//OFFSHORE YUAN:  6.6861   /shanghai bourse CLOSED DOWN 48.19 PTS OR 1.47 %

HANG SANG CLOSED DOWN 479.18 PTS OR 1.95%

2. Nikkei closed DOWN 354.81 POINTS OR 1.52%

3. Europe stocks OPENED ALL green/

USA dollar index DOWN TO 93.85/Euro FALLS TO 1.1672

3b Japan 10 year bond yield: RISES TO. +.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104435/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 36.23 and Brent: 38.13

3f Gold UP/JAPANESE Yen UP CHINESE YUAN:   ON -SHORE CLOSED UP/OFF- SHORE: UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.63%/Italian 10 yr bond yield UP to 0.71% /SPAIN 10 YR BOND YIELD DOWN TO 0.14%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.34: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.93

3k Gold at $1875.35.80 silver at: 23.50   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 27/100 in roubles/dollar) 79.18

3m oil into the 36 dollar handle for WTI and 38 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 104.43 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9163 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0695 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.63%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 0.830% early this morning. Thirty year rate at 1.611%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6.  TURKISH LIRA:  UP  TO 8.35..

Futures Rebound From Overnight Tech Wreck

On Monday we presented readers with the latest observations from BofA quants  who pointed out that Q3 earnings “smacked of the tech bubble” because despite impressive beats, in many cases stocks dropped (or outright tumbled) in kneejerk response as virtually everything has now been priced to (and beyond) perfection with little chance of upside surprise. Nowhere was this more evident than on Thursday afternoon when the world’s 4 biggest tech companies all reported blockbuster earnings and yet all sank subsequently with the exception of Alphabet which popped after hours (while Twitter cratered as countless conservatives bailed on the ultra-liberal and openly pro-Biden social network).

Nasdaq futures fell about 1%, erasing more than half of what was a 2.7% slide earlier after Apple’s iPhone sales and Twitter’s user growth both missed estimates. The two stocks sank in pre-market trading. Amazon.com fell 1.4% after it forecast a jump in costs related to COVID-19, while Facebook shed 2% as it warned of a tougher 2021. Google parent Alphabet was the only bright star among the FAAMGs with its shares jumping 7% after it beat estimates for quarterly sales as businesses resumed advertising.

Ahead of the overnight tech rout, global stock were already on course for the worst weekly decline since March as lockdown measures and the collapse of stimulus talks (which “nobody” could have predicted) crippled trader optimism. Treasuries, the dollar, oil and gold were little changed.

Third-quarter earnings season is past its halfway mark and about 84.8% of S&P 500 companies have beaten estimates for earnings, according to Refinitiv data. Overall, profit is expected to tumble 13.4% from a year ago.

The broad-based weakness in the market-leading giga-tech stocks added to trader concerns about a surge in coronavirus cases, and hammered stock futures on Friday, although futures are now off their worst levels of the day.

S&P e-minis fell 25.00 points or 0.9% and Nasdaq 100 E-minis were down 121 points, or 1.1%. A longer-term chart shows the precarious positioning for the S&P, with any further declines set to take out the Sept 24 lows and open up a trapdoor to much lower levels.

Shares of tech heavyweights had jumped ahead of tech results on Thursday, helping the S&P 500 close higher. Still, the benchmark index is set to wrap up its worst week since mid-June, while Wall Street’s fear gauge held at a 20-week high, also on fears of a contested election next week. Ahead of the final weekend before Election Day on Tuesday, President Donald Trump and Democratic challenger Joe Biden will barnstorm across battleground states in the Midwest where the coronavirus pandemic has exploded anew.

“Our short-term risk-appetite indicator is firmly in negative territory,” said Credit Agricole CIB head of global markets research Jean-Francois Paren. “The adjustment of risky asset prices to the weaker epidemic and economic outlook could continue, which is not encouraging for risk asset prices in the coming days, especially given the uncertainty regarding the U.S. elections.”

European shares fluctuated amid a string of mixed earnings reports. Europe’s Stoxx 600 Index erased declines of as much as 0.9%, climbing 0.3%, led by energy and banks, with E&P giants Total and Shell among biggest gainers; Total posted 3Q profit that exceeded the highest analyst estimate; Barclays raised Shell to equalweight, saying newly presented financial framework addresses main concerns. Tech stocks faltered as did Danish drug giant Novo Nordisk A/S, whose earnings underwhelmed analysts. Bank stocks advanced after Spain’s BBVA SA and the U.K.’s NatWest Group Plc reported improved pictures for soured loans.

Earlier in the session, Asian stocks fell, led by the health care and IT sectors. Trading volume for MSCI Asia Pacific Index members was 28% above the monthly average for this time of the day. The Topix lost 2%, with Takeda and Hoya contributing the most to the move. The Shanghai Composite Index retreated 1.5%, driven by China Life and Yili Industrial.

As Bloomberg notes, weakness in technology shares has added to volatility that’s likely to remain elevated heading into next week’s U.S. election. Global equities are on course for the worst weekly decline since March as lockdown measures in some countries and the lack of an agreement on U.S. stimulus dent sentiment. New U.S. coronavirus cases topped 89,000, setting a daily record.

In FX, the Bloomberg Dollar Spot Index steadied after swinging between gains and losses; the euro steadied but was set for its biggest weekly drop against the dollar since September. Sweden’s krona led gains among Group-of-10 peers, though the Japanese yen remained supported on haven demand. The Australian dollar advanced on month-end flows, with a stronger yuan also spurring appetite for the commodity-linked currency.

In rates, Treasuries were unchanged with long-end supported ahead of month-end. Yields are off richest levels of the day as e-minis recouped some early losses. Treasury yields are within a basis point of Thursday’s close, slightly lower across the curve; 10-year yields around 0.82%, remain toward cheaper end of 0.74% to 0.84% weekly range and outperforming bunds, gilts by almost a basis point each. Treasuries rallied in early Asia session as Apple stock fell over 4% in after-market trading on Thursday; into early U.S. session Nasdaq e-minis remain lower by 1.2%, S&P e-minis are off 0.9%.

In commodities, oil was flat after suffering a recent rout, while spot gold headed for its third consecutive monthly decline. Crude oil was little changed in New York.

On today’s calendar AbbVie, Exxon and Charter Communications are among Friday’s scheduled earnings. Personal spending, U. of Michigan sentiment are due.

Market Snapshot

  • S&P 500 futures down 1.4% to 3,257.75
  • STOXX Europe 600 up 0.1% to 342.16
  • MXAP down 1.3% to 172.21
  • MXAPJ down 1.2% to 572.11
  • Nikkei down 1.5% to 22,977.13
  • Topix down 2% to 1,579.33
  • Hang Seng Index down 2% to 24,107.42
  • Shanghai Composite down 1.5% to 3,224.53
  • Sensex down 0.6% to 39,523.90
  • Australia S&P/ASX 200 down 0.6% to 5,927.58
  • Kospi down 2.6% to 2,267.15
  • Brent Futures down 0.03% to $37.64/bbl
  • Gold spot up 0.2% to $1,871.30
  • U.S. Dollar Index down 0.04% to 93.92
  • German 10Y yield rose 1.4 bps to -0.622%
  • Euro down 0.05% to $1.1668
  • Brent Futures down 0.03% to $37.64/bbl
  • Italian 10Y yield fell 7.3 bps to 0.489%
  • Spanish 10Y yield rose 1.7 bps to 0.15%

Top Overnight News from Bloomberg

  • Germany and the rest of the euro area’s biggest economies surged in the third quarter, in a rebound that’s now being derailed by an intensifying pandemic and new government restrictions on businesses
  • European Central Bank policy maker Robert Holzmann said it is right to assume that President Christine Lagarde signaled more monetary stimulus is coming, though not until December
  • U.K. house prices posted their biggest annual gain since 2015 this month as a revival in the housing market defied a wider economic malaise
  • Jeremy Corbyn’s suspension from the U.K. Labour Party he led until April threatened to re-open divisions in the party after six months of relative calm under new leader Keir Starmer
  • Treasury Secretary Steven Mnuchin accused House Speaker Nancy Pelosi of pulling a “political stunt” and holding up a new stimulus bill by refusing to offer compromises, in an escalation of acrimonious finger-pointing over stalled virus-relief negotiations
  • U.S. new virus cases topped 89,000, setting a new daily record, as the outbreak intensifies ahead of next week’s presidential election. The U.S. is seeing a jump in cases in New York and New Jersey again, and a record outbreak across the Midwest states
  • France is aiming to limit the drop in economic activity to 15% during the country’s second coronavirus lockdown starting on Friday, Finance Minister Bruno Le Maire said in a government briefing on Thursday
  • German Chancellor Angela Merkel delivered a wake-up call to fellow leaders in the 27-nation European Union, saying they all failed to step in quickly enough to control the pandemic as the cost of a second lockdown begins to come into focus
  • Oil is poised for the biggest monthly decline since March as a resurgent coronavirus across the U.S. and Europe raised concerns the fragile demand recovery will be derailed.

Here’s a quick look at global markets courtesy of NewsSquawk

Asian equity markets weakened heading into month-end and after US stock index futures faded the recovery seen on Wall Street amid disappointment from the big tech earnings despite Apple, Alphabet, Amazon, Facebook and Twitter all beating on top and bottom lines. Apple shares declined over 4% in extended trade with investors discouraged by the miss on iPhone sales and lack of guidance, as well as a 29% Y/Y drop in its Chinese revenue which pressured its supply Chain in Asia and Twitter slumped nearly 18% after hours on slower user growth. ASX 200 (-0.6%) and Nikkei 225 (-1.5%) were weaker with industrials and tech frontrunning the declines in Australia although losses in the index were briefly pared by financials as AMP shares surged over 20% following a takeover approach by Ares Management, while the mood in Tokyo was clouded by currency effects and soft inflation data but with Panasonic shares a notable gainer on reports it is working with Tesla to build a new battery cell production line at the Gigafactory. Elsewhere, the Hang Seng (-2.0%) and Shanghai Comp. (-1.5%) remained cautious amid a plethora of large-cap earnings and with participants mulling over the initial details of the 5-year plan which seeks to build the nation into a technological powerhouse and emphasized quality growth over speed but refrained from specifying a targeted pace of growth. Finally, 10yr JGBs were lower and fell below support near 152.00 on spillover selling from T-notes as Wall Street initially nursed losses and following an uninspiring 7yr auction stateside, although the downside for JGBs was cushioned with the BoJ in the market for nearly JPY 1.3tln of JGBs with up to 10yr maturities.

Top Asian News

  • Hong Kong Economy Shows Early Signs of Revival as Exports Jump
  • Singapore Overtakes Thailand to Become Asia’s Worst Stock Market
  • BOJ Widens Buying Ranges While Cutting Frequency for Short Bonds

European equities (Eurostoxx 50 -0.1%) have trimmed opening losses throughout the session despite underpeformance of Stateside peers. After a mixed close yesterday, equities in the region initially succumbed to some of the heavy selling pressure seen after the Wall St. close in the wake of earnings from US tech mega-caps. Despite the likes of Apple, Alphabet, Amazon, Facebook and Twitter recording beats on top and bottom lines, earnings (ex-Alphabet; up 5.6% pre-market) were received poorly with Apple shares currently lower by 4.5% in pre-market trade following a miss on iPhone sales and lack of guidance, as well as a 29% Y/Y drop in its Chinese revenue. Social media names Facebook (-2.4%) and Twitter (-17.5%) are seen lower ahead of the cash open, whilst e-commerce giant Amazon (-2.1%) are also lagging with some citing soft operating income guidance for December. In Europe, given the gravitational pull of the aforementioned large-caps, stocks across the continent commenced the session on the backfoot before staging a mild recovery with little in the way of clear fundamentals behind the move; as context the Eurostoxx 50 is lower by 6.4% on the week. Sectoral performance is somewhat mixed with oil & gas names the clear outperformer in the wake of earnings from Total (+2.3%) who reported a heavy beat on Q3 net income and maintained its dividend despite the likes of BP, Shell and Eni trimming theirs in 2020. Elsewhere, banking names are also performing well this morning following Q3 results from Natwest Group (+5.6%) which saw the Co. beat expectations for quarterly pre-tax profits and suggest that FY impairments are seen at the lower end of the range. IAG (+2.6%) have lent some support to the travel & leisure sector despite reporting a wider than expected loss for Q3 operating income with the CEO noting that his top priority will be reducing the Co.’s cost base. To the downside, underperformance has been observed in personal & household goods and food & beverage names. Health care names are also softer on the session following earnings from Novo Nordisk (-1.5%) with the insulin producer missing on expectations for EBIT and net profits.

Top European News

  • Spanish Banks Join EU Peers in Painting Rosier Bad Loans Picture
  • Continental CEO Degenhart to Resign, Citing Health Reasons
  • Italy in Talks With Paschi on $1.75 Billion Capital Increase
  • U.K. House Prices Jump Most in Five Years as Boom Gathers Pace

In FX, the Dollar remains relatively firm and resilient given a loss of safe-haven status or less demand amidst a fragile recovery in risk sentiment, month end portfolio rebalancing and positioning ahead of next week’s US Presidential Election. However, the index is back below 94.000 and Thursday’s 94.105 high within a 93.983-762 range as several major counterparts claw back some lost ground before another raft of data, the Chicago PMI and final Michigan sentiment.

  • JPY/AUD – Leading the aforementioned G10 recovery in spite of somewhat mixed Japanese CPI, unemployment and ip updates, the Yen is back above 104.50 and a key Fib at the half round number alongside hefty option expiry interest (2.2 bn). On the flip-side, 1.4 bn expiries at the 104.00 strike will act as a barrier and support for Usd/Jpy after the pair got to within 2-3 pips of the level yesterday, and conversely the Aussie appears to be drawing comfort from the fact that it survived an equally close shave with 0.7000 to probe 0.7050 with assistance from ANZ’s CEO arguing against an RBA ease next week on the grounds it would flood the financial system with more liquidity, impair bank profitability and only boost the economy and jobs marginally.
  • GBP – Also firmer vs the Buck after losing 1.2900+ status on Wednesday and maintaining momentum against the Euro close to 0.9000 in wake of the ECB, though wary of ongoing Brexit uncertainty and end of month Eur/Gbp cross flows that can deviate from RHS to LHS quite sporadically.
  • NZD/EUR/CAD/CHF – All narrowly mixed vs the Greenback, as the Kiwi regains hold of the 0.6600 handle in wake of another upbeat sentiment survey (ANZ consumer confidence up to 108.7 in October from 100.0 previously), and the Euro pares some post-ECB losses after basing at 1.1650. Note, this coincided with the 100 DMA, which is now 5 pips firmer and the 2 chart points also align with 1.5 bn option expiries for today’s NY cut. Perhaps predictably, market contacts tout stops on a break of 1.1650 that would expose a virtual double bottom from late September (1.1615-12). Elsewhere, the Loonie is deriving a degree of comfort from stability in oil prices and the generally less risk averse tone to retest 1.3300 from 1.3390 or so, but the Franc is still lagging below 0.9150 and hovering near 1.0700 against the Euro.

In commodities, WTI and brent are modestly firmer this morning in a pull-back from some of the overnight losses after sentiment took a hit on the earnings-spurred downside in US equities last night. Following this, the crude complex has continued to lift off lows throughout the session alongside sentiment in general; WTI and Brent are currently firmer by around USD 0.30/bbl. Turning to OPEC where the Iraq oil minister pushed back on reports that the country and others are considering a rollover of existing OPEC+ output cuts into 2021 given developments on both the demand & supply side. While the remark is interesting there is still over a month until the next OPEC+ gathering and as such a pushback on such commentary at this stage is perhaps not too surprising. Elsewhere, the BSEE report of 43-companies had just shy of 85% of oil shut-in for the Gulf given Storm Zeta; its worth noting the storm is continuing to dissipate and as such production should be restored to the Gulf over the next few days – assuming no damage occurred. Moving to metals, spot gold is modestly firmer this morning as the USD has dipped as sentiment sees a moderate pick up from a European perspective. Separately, mining updates saw Glencore confirm their FY production guidance with the exception of coal given strike action at the Cerrjeon site; additionally, their YTD copper production is -8% vs. the prior period.

US Event Calendar

  • 8:30am: Personal Income, est. 0.4%, prior -2.7%
  • 8:30am: Personal Spending, est. 1.0%, prior 1.0%
  • 8:30am: Employment Cost Index, est. 0.5%, prior 0.5%
  • 8:30am: PCE Core Deflator YoY, est. 1.7%, prior 1.6%
  • 9:45am: MNI Chicago PMI, est. 58, prior 62.4
  • 10am: U. of Mich. Sentiment, est. 81.2, prior 81.2; Current Conditions, est. 84.9, prior 84.9; Expectations, est. 78.8, prior 78.8

DB’s Jim Reid concludes the overnight wrap

For the first 40-odd years of my life Halloween was a minor curiosity. My Dad’s dislike of trick or treaters didn’t help cement it in my social calendar as a kid. However since we’ve had kids my wife has slowly ensured it’s become a bigger and bigger event. Last night I learnt that she has gone into overdrive and bought what I thought were pretty expensive costumes ahead of us going to a pumpkin picking Halloween themed afternoon tomorrow at a local farm. Apparently I have an extravagant ghost costume and the twins have matching baby ghost costumes. My wife and Maisie have mother and daughter witch costumes and broomsticks. I’m not sure what the Halloween version of bah humbug is (maybe boooo humbug), but I’m slowly having it drummed out of me.

Over the last 24 hours we’ve gone from treat to trick as the prospect of big tech earnings first lured investors back in and then disappointed when they arrived after the bell. The S&P 500 was up over +2% late in the actual session last night prior to a sharp 70bp pullback in the last half hour of trading. It still closed +1.19%, with the NASDAQ rising a greater +1.64%.

After the close, Apple (+4.53% daily gain) fell over -4% even as its quarterly results beat estimates with record sales of Macs and services. However the largest US company also revealed that iPhone revenues fell -21% with revenue in Greater China, one of the company’s most important regions, falling by -29% to the lowest level since 2014. Amazon (+2.33% earlier) was down nearly -2% after giving up an immediate postmarket gain as revenue and earnings both solidly beat analyst estimates. The dip came after the CFO indicated that covid-related expenses will go up to $4 billion. Facebook’s (+5.75% earlier) shares were down over -2.5% in the after-market, even as revenues and user growth both beat estimates. On a more positive note, Google’s (+4.16% earlier) parent company, Alphabet, gained over +6% in after-market trading with news that the company’s digital advertising profits bounced back strongly from the previous quarter.

Overnight, we also got a look into some details of China’s new five-year economic plan, which had tech in focus. The new plan elevated China’s self-reliance in technology into a national strategic pillar. Senior party officials of the Communist Party said that the nation would accelerate development of the kind of technology needed to spur the next stage of economic development with focus on bold measures to cut reliance on foreign know-how.

Back to yesterday and European stocks tried to turn positive after three straight days of declines to start the week as ECB President Lagarde outlined steps the central bank could take in December to recalibrate monetary policy in light of the worsening pandemic (more below). Her comments saw the STOXX 600 rise +1.76% off the lows of the day, however part of those gains were given back in the last half hour of trading with the index ending down -0.12% on the day. While the DAX (+0.32%) gained, other bourses such as the CAC (-0.03%) and FTSE (-0.02%) were not able to stay above water. European futures are down around -1.2% this morning.

As our economists point out (see their note here) this was a unique ECB meeting as for the first time we saw a unanimous post-dated decision to act at the next meeting (December in this case). The composition of that action remains to be determined however, and will be a function of events, both pandemic and economic, over the next six weeks. Our economists suggest that the emphasis on “all instruments” being under consideration is a message to think beyond just PEPP. The sensitivity to weak private credit implies changes to the TLTRO framework. For the time being, they hold onto their view of a composite easing strategy in December: a package of measures, including tweaks to the TLTRO framework, to complement more PEPP in one form or another to address the pandemic risk and more APP to address the persistent low inflation problem.

As they also point out, six weeks can be a long time in a non-linear pandemic. However, post-dated action is not to be confused for ECB inactivity for the next six weeks. ECB President Lagarde emphasised the flexibility of existing programmes like PEPP to respond to any downside surprises. There is still more than half the PEPP available and it is flexible enough to be deployed on an “anytime, anyplace, anywhere” basis. The pace of purchases can re-accelerate if necessary.

The euro fell -0.61% by the end of the day to one month lows but that was as much due to dollar strength as half the move occurred before the ECB meeting. 10yr bund yields fell -1.1bps to -0.64%. With the signal of added ECB support peripheral bond yields fell, with Italian (-6.2bps), Spanish (-3.4bps), Greek (-10.7bps) and Portuguese (-3.5bps) 10yr bonds all tightening to 10yr bunds. US Treasuries fell with the risk on sentiment, as yields rose +5.2bps to 0.823%, the largest one day rise in over three weeks.

In terms of data, the US economy expanded at a record 33.1% (annualised) pace off the lows of the pandemic, with business reopening and consumer spending powered by stimulus injections. The rise in GDP, which on a quarterly basis is 7.4%, slightly beat market expectations of 32.0%, and comes after Q2’s also record decline of -31.4%. Overall, GDP is now -3.5% below pre-virus (Q4 2019) levels. In terms of components, consumer services spending was -7.7% below pre-virus levels, but consumer goods spending +6.7% above. There was also initial jobless claims out of the US, where claims in regular state programs totaled 751k in the week ended Oct. 24, down 40k from the prior week. Continuing claims decreased 709k to 7.76mn in the week ended Oct. 1, having now fallen for five straight weeks. Overall these were positive data points, but the virus’s progression may impact the winter readings going forward.

With less than five full days before polls close in the US elections, former Vice President Joe Biden is currently in a strong position with the fivethirtyeight.com model giving him an 89% chance of winning, the highest so far, and a national polling average lead of +8.8. Biden holds strong polling leads in the key Midwest swing states of Pennsylvania (+5.2pts), Wisconsin (+8.4pts), and Michigan (+8.1pts), and is also leading to a smaller degree in the Sunbelt swing states of Florida (+2.1pts), North Carolina (+2.2pts) and Arizona (+2.7pts). Biden can win by just carrying the Midwest but, as has been highlighted before, we are likely to know results from the latter group of states earlier because they process mail-in ballots ahead of the election and both Florida and North Carolina will also be allowed to count votes ahead of time. A quick win there for Biden and the “Blue Wave” could materialise rapidly, but a Trump win in that part of the map and we could be waiting until the end of the week at least. The Secretary of State in Pennsylvania has said that the “overwhelming majority” of votes should be counted by next Friday, but that is still at least 3 days of uncertainty and that is before we get to any implications of Supreme Court rulings.

Staying on politics EU Commission President Ursula von der Leyen stated that Brexit talks are ‘making good progress’ and are now ‘boiling down to the two topics that are the most important – Level Playing Field and fisheries’. These two issues as well as a mechanism in the final treaty for resolving future disputes are among the most important outstanding points. European Council President Michel, expressed the expectation that the state of the negotiations would probably be assessed next week with his hope being to start the ratification process in mid-November.

On the coronavirus, hospitalisation rates in some countries are approaching peak levels seen during the first wave. Belgium reported 5,924 patients currently hospitalised, surpassing its previous peak from back in April. While in Portugal, the number of ICU patients is now 269, just short of its previous peak of 271. Similarly in Italy, there are now 17,615 patients in hospitals, though capacity still remains there compared to the nearly 29,000 back in April. This is why countries throughout Europe have been enacting new restrictions to try to flatten the curve again. Yesterday Sweden, whose actions have been among the most scrutinised, announced that residents in Stockholm are to avoid shops, gyms and any other indoor venues that don’t provide essential services. This comes as the country has seen around 3,000 new cases, a record daily rise. In the US, weekly cases have hit record highs as the virus continues to spread through the Southern and Midwestern regions. However yesterday there was troubling news out of the northeast, which had been resistant to a second wave, as New Jersey’s and New York’s positivity rates of covid-19 tests hit their highest levels since May. Lastly Dr Fauci predicted yesterday that normality may not return until late 2021 even with an effective vaccine broadly distributed.

Looking ahead to today there will be readings of France, German, Italian and Euro Area Q3 GDP. As well as CPI data for France and Italy and unemployment data for Italy and the Euro Area. In the US, we will get personal spending and income data along with PCE core deflator. There is also the MNI Chicago PMI and final University of Michigan sentiment reading for October. In terms of Central Banks, the ECB’s Weidmann is expected to speak. About halfway through earnings, we will see results today from Novo Nordisk, AbbVie, ExxonMobil, Charter Communications, Chevron, Total and NatWest Group.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 48.19 PTS OR 1.47%   //Hang Sang CLOSED DOWN 479.18 PTS OR 1.95%    /The Nikkei closed DOWN 354.81 PTS   OR 1.52%//Australia’s all ordinaires CLOSED DOWN 0.56%

/Chinese yuan (ONSHORE) closed /Oil DOWN TO 36.23 dollars per barrel for WTI and 38.13 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6844. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6861 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/

New Research Points To The People’s Liberation Army Hospital In Wuhan As Origin For Global Coronavirus Pandemic

A paper published on Zenodo (DOI 10.5281/zenodo.4119263) by Dr. Steven Quay, M.D., PhD., head of two COVID-19 therapeutic programs at Atossa Therapeutics, illuminates new scientific observations and conclusions documenting that the SARS-CoV-2 pandemic began at the General Hospital of Central Theater Command of People’s Liberation Army (PLA Hospital) in Wuhan, China, located at 627 Wulon Road, Wuchang District, Wuhan.

According to the paper, international biospecimen data repositories indicate as early as December 10, 2019 COVID patient records were being created by PLA personnel, weeks before the Chinese government informed the WHO of the pandemic.

The paper documents four patients from the PLA Hospital that have the earliest genetic signature of direct human-to-human coronavirus transmission. It also includes the patient whose coronavirus is genetically closest to a bat virus from the Wuhan Institute of Virology (WIV) that WIV scientists call “the closest relative of 2019-nCoV.”

The PLA Hospital is three kilometers from WIV and both are located on Line 2 of the Wuhan Metro System. The paper documents an analysis of the hospitals where the earliest COVID patients were seen, between December 1, 2019 to early January, and shows that all these hospitals were also located on the Metro Line 2.

This is the first paper in the world to observe that Line 2 is uniquely positioned to have been the worldwide human-to-human COVID pandemic conduit as it carries five percent of the population of Wuhan every day, allowing rapid spread throughout Wuhan and the entire Hubei Province; it includes the high-speed rail station, allowing rapid spread throughout China; and it terminates at the international airport station, allowing rapid spread throughout the world.

Line 2 also services the Hunan Seafood Market, previously suggested to be associated with the origin of the pandemic.

The full paper can be read below (pdf link)

END

A very big story:  China’s digital yuan is aiming to halt dollarization. China is now ready to combat the USA and no doubt gold and the new gold-yuan will play a pivotal role

China’s Central Bank Poised To Legalize Digital Yuan As Part Of Sovereign Fiat Currency

China is poised to give legal backing to the launch of its own sovereign digital currency, cementing its trailblazer status in virtual currencies far ahead of other countries, after already recently experimenting with large-scale trials of actual payments by consumers, which was met with mixed results.

The South China Morning Post reported Tuesday that “The People’s Bank of China (PBOC) published a draft law on Friday that would give legal status to the Digital Currency Electronic Payment (DCEP) system, and for the first time the digital yuan has been included and defined as part of the country’s sovereign fiat currency.”

Up until very recently, the whole project has been kept very secretive even during the latest closed, limited tests among select parts of the population. Previous reports described it acting akin to well-known stablecoins in the cryptocurrency world.

The design framework for the digital yuan was released one year ago on the heels of Facebook’s ambitious but disastrous Libra token rollout after founding corporate partners split for lack of confidence in the project and on fears US federal regulators would seek to block it just as they did encrypted-messaging company Telegram’s Gram cryptocurrency.

“The draft law would also forbid any party from making or issuing yuan-backed digital tokens to replace the renminbi in the market,” SCMP continues.

Amid reports early this week that Beijing is fast moving on the digital yuan’s legal status, Bitcoin’s price hit a new 2020 high at $13,670 on Tuesday.

Within the past months the government conducted multiple trials in the cities Suzhou, Chengdu, Xiongan and Shenzhen – in the latter city conducting the largest test so far by issuing a total ten million yuan (US$1.5 million) in digital currency to 50,000 randomly selected people to use. “It was as quick as when I use Alipay,” one Shenzhen resident said in reference to one of China’s two largest mobile payment apps.

But regional media have also featured consistent negative reactions. China’s government has sought to downplay that the DCEP is a competitor to Alipay and WeChat, which was a consistent issue during the latest major trials among shoppers, as Asia Times relates:

“Alipay and WeChat Pay have been out for a long time,” said a shopper who gave only her surname, Zhong. “The new digital currency is similar to those so it’s quite late to just start the trial,” said Zhong, an accountant.

One bombshell section of the SCMP report lays out eyebrow raising ambitious goals as follows:

The central government has made it clear that the goals of the DCEP include replacing cash, maintaining government control over the currency and creating as many small retail application scenarios as possible. China is also looking to internationalize the yuan by enhancing its use in international settlements.

For the above goals to be realized the DCEP would have to prove itself just as efficient as using paper yuan, which obviously raises the issue of personal electronic devices going offline. The payment system is said to incorporate dual offline technology to compensate for this potential major issue in cases of weak signals. All of this would be crucial in getting the average consumer to adopt the technology, especially when it comes to small retail exchanges – which remains common to the majority of the Chinese population.

4/EUROPEAN AFFAIRS

UK

UK cops will raid lockdown rule defying citizens (Christmas celebrations)  there is fear the move could very well spark civil unrest.

(zerohedge)

UK Cops Will Raid Lockdown-Rule-Defying Christmas Celebrations; Fear Move Could Spark Civil Unrest

As local mayors battle with the UK’s central government over the terms of anti-coronavirus lockdown measures, local police chiefs are warning that Britons may be in store for a holiday season distinctly reminiscent of the “Red Terror”.

Several police chiefs warned that family Christmas celebrations could be broken up by intruding officers if households are found to have violated the lockdown rules.

David Jamieson, commissioner of the West Midlands police, said officers will be compelled to investigate reports of rule-breaking over the festive period, since the West Midlands is currently under Tier 2 restrictions, meaning people can’t mix with anyone outside their own household or bubble.

Speaking to the Telegraph, Jamieson said “if we think there’s large groups of people gathering where they shouldn’t be, then police will have to intervene. If, again, there’s flagrant breaking of the rules, then the police would have to enforce.”

“It’s not the police’s job to stop people enjoying their Christmas. However, we are there to enforce the rules that the Government makes, and if the Government makes those rules then the Government has to explain that to the public.”

But seeing that the UK is, after all, a multicultural society, it’s not just Christmas that will be affected by the latest COVID-19 restrictions: Hanukkah and Diwali celebrations will face strict enforcement as well.

As we reported earlier this month, Johnson’s new system could be in place for as long as six months. It divides England into three tiers (the other constituent nations are handling their own restrictions. Wales recently imposed a 2-week “firebreak” lockdown).

Here’s a quick breakdown of restrictions across England courtesy of the Daily Mail.

Jane Kennedy, the top cop in Merseyside, another Tier 3 region, said she would investigate reports of illegal gatherings over Christmas, affirming the trend across the Tier 3 areas. Jamieson, meanwhile, said he fears unrest as the new restrictions arrive just as the furlough scheme for workers is ending, leaving many broke, desperate and depressed as we head into the holiday season.

“We’re sitting on a time bomb here,” he said.

“We’re getting very near the stage where you could see a considerable explosion of frustration and energy.”

Just like we’ve seen in the US, any rioting caused by the restrictions could be exacerbated by criminals taking advantage of the chaos.

FRANCE
My goodness!! what is this world coming to!!  Turkish and Azeri mobs are hitting the streets of France looking for Christian Armenians
(zerohedge)

War Spillover: Turkish & Azeri Mobs Hit Streets “Looking For Armenians” In France

The latest terrorist killings to rock France as tensions grow centered on the country’s firm free speech traditions as a secular republic vs. Muslim immigrant outrage over negative depictions of Muhammad in French media have grabbed international headlines, but other disturbing trends which have received much less attention suggest the violence looks to grow.

This week there have been reports of clashes between Turkish-Azeri demonstrators and Armenians on the streets of France. On Wednesday multiple videos circulated widely on social media which appear to show Muslim Turks and Azeris “hunting down” Armenian Christians as the war in Nagorno-Karabakh spills over onto the streets of Europe.

Some other European cities have also witnessed rising tensions between Turkish and Armenian neighborhoods related to conflict in the Caucasus.

Turkey is of course a close ally of Azerbaijan in the current fighting against Armenia in the breakaway Karabakh border region. Armenians as an ethnic group have also long been targets of Turkish hatred going all the way back to the Armenian Genocide of the early 20th century.

Here’s how The Independent describes the below video from Lyon, France:

In one video shared by an independent Armenian outlet, people can be seen marching in Lyon with Turkish flags and chanting the phrase “allahu akbar”, meaning “God is the greatest”.

In the same piece of footage, a man can be heard saying in French: “Where are you Armenians? Where are you? We are here… sons of b*****s”.

The Independent said the videos appear to confirm the angry demonstrators were “looking for Armenians”.

The mob reportedly formed after a pro-Armenia demonstration blocked a motorway connecting Lyon and Marseille on Wednesday morning.

The Armenian demonstration broke out into violence after Turkish nationalists reportedly tried to disrupt the rally. Clashes resulted in at least four injured, which French police are said to be investigating.

Turkish flags could be seen and nationalist chants heard, as well as anti-Armenian slogans amid the mayhem, which appeared to have eventually been broken up by police.

end

CORONAVIRUS UPDATE/GLOBE

UK Accelerates Vaccine Trials, US Reports Nearly 90k New COVID-19 Cases In Latest Record Jump: Live Updates

Summary:

  • Global cases top 45 million
  • Taiwan celebrates record COVID-19-free streak, best growth in developed world
  • US reports 89k new cases
  • UK accelerates vaccine approval
  • Germany reports record jump
  • Japan tops 100k
  • HK customs agents seize counterfeit masks
  • Indonesia reports most cases in 2 months

* * *

Global COVID-19 cases topped 45 million on Thursday as France outlined its plan for trying to mitigate the impact of the new quasi-lockdown (which began Friday) after European economies reported their Q3 GDP figures, with most coming in hotter than expected, even as deflation across the eurozone endured.

As Europe saw better-than-expected economic growth in the quarter, Taiwan, which has become – much to Beijing’s dismay – an exemplar of COVID-19-fighting efficiency, saw the fastest growth rate among any developed economy in Q3. Its economy actually expanded 3.3% year over year, its fastest rate of grwoth in more than 2 years, and a reversal from a 0.6% drop from Q2.

Health authorities from around the world reported another near-record on Thursday, with new cases again coming in above 530k for the second time ever (the first time was Monday):

Daily deaths topped 7k again yesterday, driving the 7-day average even higher as higher infection & hospitalization rates have finally started to cause mortality to creep higher.

The US, meanwhile, reported another record jump in new COVID-19 cases on Thursday, with 88k+ new cases, bringing the US total to 8,947,862, within striking distance of the 9 million mark.

Deaths in the US came in just below 1,000.

Perhaps the biggest vaccine-related news last night comes out of Europe, where the UK’s drug regulator is said to have ordered accelerated reviews of vaccines under development from Pfizer and AstraZeneca as UK PM Boris Johnson faces growing pressure to order a lockdown for before and after the Christmas holiday, to allow families to gather during the holiday.

German cases exceeded 500,000 after officials reported a new daily record of 18,681 new cases on Friday, as authorities added almost all of Austria and Italy to the list of high-risk areas, warning German travelers not to go there.

In Asia, Japan finally crossed the 100,000-case mark 9 months after reporting its first infection.

Here’s some more COVID-19 news from Friday and overnight:

Confirmed coronavirus infections in Slovakia have hit a new record high as the country gets ready for a nationwide testing. The Health Ministry says the day-to-day increase in the country of 5.4 million reached 3,363 on Thursday, over 300 more than the previous record set on Saturday (Source: AP).

Customs agents in the southern Chinese city of Hong Kong have seized 100,000 counterfeit face masks and arrested one person in what the government called the largest operation of its kind on record. The masks were set to be shipped overseas and had a market value of almost $400,000, the government’s Information Services Department reported Friday (Source: AP).

Indonesia reported 2,897 confirmed cases in the 24 hours through midday Friday, the least in almost two months. The country remains the site of Southeast Asia’s largest outbreak, and the government has been wary a long weekend doesn’t lead to a spike in infections (Sources: Bloomberg).

Sweden’s government has underestimated the cost of testing and tracing Covid-19 patients and the money that’s been earmarked for the purpose is now running out, TV4 reports (Source: Bloomberg).

Poland’s health-care system is “stretched to its limits,” Michal Dworczyk, chief of staff in Prime Minister Mateusz Morawiecki’s office, says in interview with public radio 1 (Source: Bloomberg).

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/FRIDAY MORNING

I guess when it rains, it pouts: Turkey hit with a powerful 7.0 earthquake just north of Izmir

(zerohedge)

Powerful Earthquake Rocks Turkey, Greece; Tsunami Reported 

Update (0955 ET): Turkey’s Disaster and Emergency Management Presidency reports 120 injured in today’s earthquake. Judging by what we’ve seen so far, that number is expected to rise.

*  *  *

A powerful earthquake in the Aegean Sea rocked Turkey and Greece on Friday. The quake’s epicenter is off Turkey’s Aegean coast, north of the Greek island of Samos.

Turkey’s Disaster and Emergency Management Presidency said the quake was in the Aegean Sea at a depth of 10.3 miles. Seismometers in the area measured the quake at 6.6 magnitude. The U.S. Geological Survey said the earthquake measured at 7.0.

There are no official reports on casualties and or the destruction the quake left behind, but local media and citizen journalists report collapsed structures throughout Izmir, Turkey.

Social media users are also reporting a tsunami has struck the area.

Insane video of what appears to be a residential building in Izmir collapsing after the quake.

Numerous building structures across Izmir appear to have collapsed.

Turkish live streamer interrupted during the earthquake.

END

TURKEY/USA
This is not like Trump: he quashed a criminal probe into our famous
Turkish bank, Halkbank that we have covered in 2018. This bank was
funneling billions of dollars into Iran.

Report Alleges Trump Quashed Criminal Probe Into Turkish Bank That Funneled Billions To Iran

Prior bombshell claims in former national security advisor John Bolton’s book released last summer alleging that President Trump had agreed to quash a federal probe into a Turkish state-owned bank as a personal favor to Recep Tayyip Erdoğan just got a major boost.

Bolton wrote of scandal-hit Halkbank that in a 2018 phone call after Erdoğan insisted the bank was innocent of sanctions-busting by funneling billions of dollars in cash and gold to neighboring Iran: “Trump then told Erdoğan he would take care of things, explaining that the [New York] southern district prosecutors were not his people but were Obama people, a problem that would be fixed when they were replaced by his people,” according to the book.

Trump last summer slammed Bolton’s presentation of events as “misleading” and “manipulative” but now a fresh New York Times investigation is spotlighting the scandal with new details of thefierce confrontation between top federal prosecutor in Manhattan Geoffrey Berman and Attorney General William Barr.

File image via AP

Berman balked when he was pressed by Barr to allow the Turkish state bank to cut a sweetheart deal despite key individuals – some with close ties to Erdogan himself – still being under active investigation. The pressure from the US administration was also unusual given the strong suspicions Halkbank was secretly helping finance Iran’s alleged push to obtain nuclear weapons.

The NY Times details:

When Mr. Berman sat down with Mr. Barr, he was stunned to be presented with a settlement proposal that would give Mr. Erdogan a key concession.

Mr. Barr pressed Mr. Berman to allow the bank to avoid an indictment by paying a fine and acknowledging some wrongdoing. In addition, the Justice Department would agree to end investigations and criminal cases involving Turkish and bank officials who were allied with Mr. Erdogan and suspected of participating in the sanctions-busting scheme.

Mr. Berman didn’t buy it.

“This is completely wrong,” Berman later complained to DOJ lawyers. “You don’t grant immunity to individuals unless you are getting something from them — and we wouldn’t be here.”

“This is not how we do things at the Southern District,” he would also tell Barr directly amid the negotiations in which top bank officials seemed to think that Trump and Erdogan’s relationship gave them immense leverage.

According to the Times report:

Among the defendants with charges pending were Halkbank’s former general manager, Suleyman Aslan, and Turkey’s former economy minister, Mehmet Zafer Caglayan.

The suggestion that the Justice Department would offer Turkish officials protection from criminal charges, even without their agreement to assist in the investigation, was unacceptable and unethical, Mr. Berman argued, according to lawyers close to the investigation. Justice Department policy specifically says that criminal conduct by individuals is not resolved when a company admits wrongdoing.

At one point Barr argued that settling the issue without charges would help enforce US sanctions law while also ensuring the positive American-Turkish relationship at a moment of multiple sensitive national security priorities at risk in the Middle East. This was also at a moment of intense Turkish lobbying on capitol hill which had already been in full swing for years.

Berman pushed through undeterred and announced charges against Halkbank in Oct. 2019, saying the “bank’s audacious conduct was supported and protected by high-ranking Turkish government officials, some of whom received millions of dollars in bribes to promote and protect the scheme.” The indictment listed charges of money laundering, bank fraud and conspiracy to violate the Iran sanctions.

It was considered a direct affront to Erdogan and the special relationship with Trump.

A Halbank branch in Istanbul, via Bloomberg

As the Times writes further, “In June, eight months after the indictment was returned, Mr. Trump fired Mr. Berman. Justice Department officials cited his handling of the Halkbank matter, including his blocking of the proposed global settlement, as a key reason for his removal.”

Strangely, the whole episode and pressure exerted from the administration in what was perceived as ultimately an attempt to please Erdogan ran completely counter to what otherwise has been the White House’s top foreign policy priority of ‘maximum pressure’ on Iran. Bolton had previously described the apparent contradiction in priorities in his memoir as Trump giving “personal favors to dictators he liked” so that favors would be returned at key junctures down the road.

These contradictions were somewhat resolved once the US and Turkey clashed over Syria and the fate of US-backed Kurds. “In the case of Halkbank, it was only after an intense foreign policy clash between Mr. Trump and Mr. Erdogan over Syria last fall that the United States would proceed to lodge charges against the bank, though not against any additional individuals,” NY Times concludes. “Yet the administration’s bitterness over Mr. Berman’s unwillingness to go along with Mr. Barr’s proposal would linger, and ultimately contribute to Mr. Berman’s dismissal.”

END

Erdogan tells a false tale to Putin that the PKK are in Armenia helping the Armenians against Azerbaijan.

(South Front)

Neo-Ottoman Nights Of Armenian-Azerbaijani War

Submitted by SouthFront.org,

Turkish Sultan-in-Chief Recep Tayyip Erdogan has come up with a justification for the deployment of Syrian militants to the Nagorno-Karabakh conflict zone to support the war against Armenia. According to him, at least 2,000 fighters of the Kurdistan Workers’ Party (PKK) and the Kurdish People’s Protection Units (YPG) are supporting Armenian forces there.

During the meeting with the ruling Justice and Development Party parliamentary group, Erdogan claimed that during the phone call with Russian President Vladimir Putin he allegedly told him that Turkish authorities “have identified, through intelligence sources, that there are some 2,000 PKK terrorists fighting for Armenia at the moment for $600. Mr. President said he was not aware of that.” “I have told Putin that if our red lines are crossed, we would not hesitate to take action,” he added. Apparently, these non-existent PKK and YPG members in Karabakh are to justify direct Turkish involvement in the conflict on the side of Azerbaijan and somehow neutralize the mounting evidence showing Turkish-backed al-Qaeda-linked militants moving to Karabakh.

Meanwhile, the Armenian side revealed radar data confirming the involvement of the Turkish Air Force in the Armenian-Azerbaijani war. The released tracks show that Turkish warplanes deployed in Azerbaijan provide air cover for Bayraktar TB2 drones striking Armenian positions, while the Turkish aerial command post circulating in Turkish airspace, near the conflict zone, coordinates the entire aerial operation. The entire operation, according to Armenia, was planned and carried out with the deep involvement of Turkish military specialists.

Under the pressure of evidence, the Azerbaijani side has already admitted the presence of Turkish specialists and military equipment on its territory. The last step towards reality would be to confirm that they are involved in combat.

On October 28 and 29, forces of the Turkish-Azerbaijani bloc were conducting intensive strikes on Shushi and Stepanakert, the largest towns in Nagorno-Karabakh. Several airstrikes even hit the maternity section of the hospital in Stepanakert. Some sources even speculated that these strikes were delivered by F-16 warplanes. On the other hand, the Armenian side demonstrated that it is not much better and shelled the Azerbaijani town of Barda killing at least 21 people and wounding 70 others. The Turkish-Azerbaijani shelling of settlements and towns in Nagorno-Karabakh is a logical result of its attempt to remove Armenians from the region. Therefore, their strikes are aimed not only at military targets, but also at civilian ones in order to displace the local population. Meanwhile, the Armenian retaliation in a similar manner rarely has real military goals, rather it helps Ankara and Baku to gain some ‘evidence’ to confirm its propaganda narrative about ‘Armenian terrorism’. Moreover, these actions of the sides contribute to the further escalation of the conflict and undermine any weak hopes for escalation via diplomatic channels.

On October 29, the Azerbaijani Defense Ministry reported that it continues combat operations in the Khojavend, Fizuli, and Gubadli directions of the front calling its offensive ‘retaliatory measures’ to contain Armenian ceasefire violations. According to Baku, the Armenians lost two T-72 tanks, two BM-21 “Grad” MLRS, 14 different types of howitzers, and 6 auto vehicles in recent clashes. Earlier, Azerbaijani President Ilham Aliyev announced that his forces had captured 13 more settlements in the districts of Zangilan, Fuzuli, Jabrayil and Gubadli.

In their turn, the Armenian military claimed that it has repelled an Azerbaijani attack in the direction of the towns of Kapan and Meghri in southern Armenia inflicting numerous casualties on the ‘enemy’. Armenian forces are also counter-attacking in the district of the Gubadli, aiming to retake the district center. However, this attack reportedly was repelled. As of October 29, Armenian forces have contained Azerbaijani attempts to reach and fully cut off the Lachin corridor linking Armenia and Nagorno-Karabakh. Nonetheless, the situation in the area remains instable and the Turkish-Azerbaijani bloc still continues its offensive operations in this direction.

END

6.Global Issues

APPLE/GLOBAL//last night//after the bell
this is going to hurt!

AAPL Plunges After iPhone Sales Miss, China Revenues Plummet, Lack Of Forecast

Moments after earnings disappointments by Twitter and Amazon, the world’s largest company, Apple whiffed when it reported Q4 revenue and earnings that beat expectations, but a big miss on iPhone revenues, a collapse in Chinese sales and the lack of guidance is why the stock is tumbling after hours.

Below are the highlights from Q4:

  • Revenue $64.70 billion, beating estimates of $63.47 billion
  • EPS 73c (down from 76c y/y), and beating estimates of 70c
  • Service revenue $14.55 billion, beating estimates of $13.87 billion
  • Products revenue $50.15 billion, beating the estimate $49.96 billion

So far so good. But where things got ugly was the breakdown in unit sales and here there was a rather painful miss in iPhone revenue which came in at $26.44 billion, below the estimate of $27.06 billion, and down 21% from the $33.3BN a year agoWall Street was not amused. Other segments generally did better than expected as follows:

  • Mac sales were $9 billion, up 29%, above expectations of $8.04 billion.
  • IPad revenue came in at $6.797 billion, up 46%, and also better than expectations of $6.06 billion.
  • Wearables provided Apple with $7.87 billion of sales, up 21%, beating estimate of $7.35 billion.

And visually, it is becoming quite clear that the star of the iPhone – which peaked in 2017 – has now set.

One wonders if the peak in iPhone sales isn’t also the peak of the company’s revenues, as the following chart would suggest.

And while AAPL’s service revenue was clearly impressive, surging to a record $14.55BN, and above the $13.87BN estimate…

this was more than offset by another major flashing red alert, namely the collapse in China revenues, which plunged a whopping 29% in Q4…

… from $11.134BN to just $7.9BN, the lowest for the region since at least 2015.

And another way to visualize the plunge in China sales in context:

And one final reason why investors were less than excited: for yet another quarter, AAPL refused to provide a forecast, suggesting that the covid storm has much more to go.

“Our outstanding September quarter performance concludes a remarkable fiscal year, where we established new all-time records for revenue, earnings per share, and free cash flow, in spite of an extremely volatile and challenging macro environment,” CFO Luca Maestri said in the statement.

Echoing the enthusiasm, CEO Tim Cook was also upbeat, saying that “Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services,” and adding that “despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5Genabled iPhone lineup, has been tremendously positive.”

And indeed, shareholders did not see things even remotely as optimistically as Tim Cook, and the stock plunged as much as 5% after hours No forecast, weak iPhone revenue and a very bad quarter in China are what’s giving investors pause here.

end

Apartment prices are crashing in major cities worldwide

(zerohedge)

Apartment Prices Are Crashing In Major Cities Worldwide

Covid’s effect on cities is starting to hit the price of rentals – and it’s not just in the United States. 

Apartment prices in some of the richest cities in the world are starting to show the effects of an exodus out of crowded city areas in order to move to more spacious suburbs. A slowing ebb and flow of international students, combined with a younger generation growing disinterested in paying city-price premiums, are both helping the demand side of the rental equation dry up.

Tim Lawless, Asia Pacific head of research for data provider CoreLogic Inc., told Bloomberg:“You’re daft if you aren’t negotiating lower rent right now. Supply is high and occupancy has fallen off a cliff.”’

Renters across the country and renegotiating with their landlords. For example, Christine Chung just negotiated a 9% reduction in rent for the house she lives in in Sydney, Australia.

She told Bloomberg: “I’ll push for another rent reduction at the end of the lease. The market has changed.”

In New York, Manhattan apartments are the “cheapest they’ve been since 2013”.

The number of listings in the city have tripled from a year ago and the city’s median rent has fallen 11%. Studio rents have plunged even further, disproportionately.

In San Francisco, the median monthly rent for a studio fell 31% in September from a year prior, to $2,285. This far outpaced the national average of a 0.5% drop.

Rents have also plunged in Toronto, down 14.5% in Q3 compared to the year prior. Properties are staying on the market longer, as well. The average time for a property to stay on the market has risen to 26 days in August versus 14 days a year prior.

Toronto also has a significant amount of new property supply hitting the market, as Airbnb operators move to longer term leases and new apartment projects are completed.

Some sellers are “dumping units below market value” in anticipation of prices falling further, Bloomberg notes. An economist at Canada’s national housing agency said: “The overall housing system seems to be dividing in two. This is where risks start to appear.”

London is a city feeling the brunt of slowing international students and executives traveling. Rents in the city’s priciest areas are down 8.1% year-to-date through September.

7 out of 10 respondents to a recent survey in London say they expect prices to continue to fall over the next three months. London West End appraiser Mark Wilson said: “Applicants are noticeably fewer. Rents are still a one-way bet in our view, and it’s south.”

Singapore has also seen a drop in rental volumes as a result of a drop in expats in Asia. Rental volumes of private units were down 8% from a year prior and rents are 17% below their 2013 peak. Despite the country being in the midst of a recession, home sales (indicating a desire to move out of the city) are at the highest level in more than 2 years.

As mentioned above, Sydney is experiencing record high vacancy rates, which spiked to 16% in May. These rates have stabilized to about 13% now, as compared to the 5% pre-pandemic. Sydney also suffers from a lack of international student travel.

Despite the dip now, experts predict cities will eventually once again become hot spots. Christian A. Nygaard, a researcher in social economics at Swinburne University of Technology, concluded: “History tells us cities can be remarkably resilient. Covid doesn’t evaporate all the investment that has gone into the central parts of our cities.”

END

CORONAVIRUS UPDATE/MELBOURNE AUSTRALIA

Melbourne Parties As 112-Day COVID-19 Lockdown Comes To An End

After 112 days and countless arrests, fines and protests, Australia’s second-most-populous state is finally free from lockdown.

The city of Melbourne, the capital and largest metro center of Australia’s coronavirus-hammered Victoria state, exited lockdown on Wednesday, leaving businesses and residents to cope with the aftermath of months of forced closures for an virus that has so far killed fewer than 1,000 people in the entire country.

One resident told the SCMP about going to “an end of lockdown party” at a popular bar in the city to ring in the end of lockdown. She said the vibe at the event was “electric” and everybody was “giddy” about the restrictions finally coming to an end.

What began as a six-week stretch in lockdown ultimately left Melbourne’s 5 million residents shut up inside for months, depriving them of the cultural attractions like bars, cafes and live music.

Victoria premier Daniel Andrews said more than 16,000 shops, 5,800 cafes and 1,000 beauty salons reopened on Wednesday, though he acknowledged that the restrictions had taken their toll on the city and its economy.

The lockdown comes to an end more than 2 months after Melbourne’s ‘peak’ of more than 700 new daily cases in a day.

Some restrictions remain in place: Gyms in the city won’t be able to reopen until Nov. 8. Melbourne residents must also continue to comply with restrictions on movement that bar them from visiting towns outside the city, a measure that had led many to complain that Melbourne and Victoria had been “cut off” from the rest of Australia.

In total, Australia has recorded about 27,500 cases, with 20,344 in Victoria, and 907 deaths, compared with a population of 25 million. Total active cases in the state have fallen to just 76, almost all of which are within the city limits of Melbourne.

END

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:00 AM….

Euro/USA 1.1672 DOWN .0006 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

USA/JAPAN YEN 104.43 DOWN 0.406 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2977   UP   0.0046  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3306 DOWN .0009 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 6 basis points, trading now ABOVE the important 1.08 level RISING to 1.1672 Last night Shanghai COMPOSITE DOWN 48.19 PTS OR 1.47%

//Hang Sang CLOSED DOWN 479.18 PTS OR 1.95% 

/AUSTRALIA CLOSED DOWN 0,56%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 479.18 PTS OR 1.95% 

/SHANGHAI CLOSED DOWN 48.19 PTS OR 1.47% 

Australia BOURSE CLOSED DOWN 0.56% 

Nikkei (Japan) CLOSED DOWN 1354.81  POINTS OR 1.52%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1874.35

silver:$23.45-

Early FRIDAY morning USA 10 year bond yield: 0.830% !!! DOWN 0 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.611 UP 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 93.85 DOWN 11 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.10% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.04.%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.14%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.72 UP 2 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 58 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.62% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.34% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

Closing currency crosses for FRIDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.1657  DOWN     .0020 or 20 basis points

USA/Japan: 104.67 UP .114 OR YEN DOWN 11  basis points/

Great Britain/USA 1.2936 UP .0005 POUND UP 5  BASIS POINTS)

Canadian dollar DOWN 25 basis points to 1.3390

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The USA/Yuan,CNY: closed DOWN 6.6977    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.6954  (YUAN DOWN)..

TURKISH LIRA:  8.37  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.04%

Your closing 10 yr US bond yield UP 3 IN basis points from THURSDAY at 0.860 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.631 UP 3 in basis points on the day

Your closing USA dollar index, 93.97 UP 2  CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for FRIDAY: 12:00 PM

London: CLOSED DOWN 11.99  0.21%

German Dax :  CLOSED DOWN 78.80 POINTS OR .68%

Paris Cac CLOSED UP 5.38 POINTS 0.12%

Spain IBEX CLOSED UP 10.50 POINTS or 0.10%

Italian MIB: CLOSED UP 17.13 POINTS OR 0.10%

WTI Oil price; 35.40 12:00  PM  EST

Brent Oil: 37.51 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    79.47  THE CROSS HIGHER BY 0.56 RUBLES/DOLLAR (RUBLE LOWER BY 56 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.63 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  35.51//

BRENT :  37.73

USA 10 YR BOND YIELD: … 0.870..up 4 basis points…

USA 30 YR BOND YIELD: 1.657 up 5 basis points..

EURO/USA 1.1649 ( DOWN 29   BASIS POINTS)

USA/JAPANESE YEN:104.68 DOWN .126 (YEN UP 13 BASIS POINTS/..

USA DOLLAR INDEX: 94.01 UP 5 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2953 UP 23  POINTS

the Turkish lira close: 8.3721

the Russian rouble 79.49   DOWN 0.58 Roubles against the uSA dollar. (DOWN 58 BASIS POINTS)

Canadian dollar:  1.3324 DOWN 9 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.63%

The Dow closed DOWN 155.54 POINTS OR 0.58%

NASDAQ closed DOWN 274.00 POINTS OR 2.45%


VOLATILITY INDEX:  38.05 CLOSED UP .46

LIBOR 3 MONTH DURATION: 0.214%//libor dropping like a stone

USA trading today in Graph Form

Shocktober: Stocks Suffer Worst Pre-Election Plunge In History

The Hunt for a Red October is over… must be the Russians…

Global stocks suffered their worst week since March as it appears the constant liquidity pukage is losing its impact…

Source: Bloomberg

And US stocks (down 6-7% across the board) also saw their biggest weekly drawdowns in 7 months…

In fact, as Bloomberg notes, the second half of October – essentially since earnings reports began to flood in – the S&P 500 is down 5%. That is the worst performance for the final two weeks of the month of October since 1987’s 10.9% plunge – a year that certainly had other extenuating circumstances to account for such a disastrous performance in the back-half of the month. While it bears little resemblance to this year’s market context, know that in 1987 equities did not bounce back by the end of that year.

Source: Bloomberg

Additionally, the S&P just suffered its biggest-ever loss in the week before a US presidential election…

Source: Bloomberg

But we note that the S&P was down 9 straight days into 2016 election… will the pattern repeat this time?

Source: Bloomberg

This was also the worst week for any balanced portfolio as aggregate stock and bond returns were the worst since March…

Source: Bloomberg

Stocks were also down for the 2nd straight month (Dow was the laggard with it’s worst month since March) leaving the S&P barely holding green YTD. Small Caps bucked the trend with a modest 1.5% gain on the month…

Source: Bloomberg

The Dow and the Nasdaq are both in correction, down 10% or more from their recent highs.

All the US majors are at critical technical levels (Dow at 200DMA, S&P and Nasdaq < 100DMA, Russell ~100DMA)

Russell 2000 dramatically outperformed Nasdaq for the second straight month…

Source: Bloomberg

European markets bloodbath’d even more this week (worst since March also) and worst month since March (closing at lowest since May)…

Source: Bloomberg

It seem Einhorn was right – the launch of the SPAC ETF marked the top…

Source: Bloomberg

Back in the US, FANG Stocks ended down for the second month in a row…

Source: Bloomberg

AAPL has slumped into a bear market from its early September highs…

Source: Bloomberg

Rough day for Jack Dorsey’s net worth…

Bank stocks ended unch on the month…

Source: Bloomberg

VIX jumped almost 6 vols on the week – its biggest rise in vol since March…

And the VIX curve is now in full backwardation (with the forward curve similar to how it was a month ago but the spike in front-month vol must have crushed any vol carry traders)…

Source: Bloomberg

And while credit spreads have started to crack wider, compared to equity risk, there is a long way to go…

Source: Goldman

On the week, Treasury yields were practically unch – ramping higher after gains early on as liquidations appeared widespread…

Source: Bloomberg

On the month, yields were notably higher (30Y +18bps) and the curve steeper…

Source: Bloomberg

Not exactly a ‘rout’ in bonds…

Source: Bloomberg

Despite gains this week, the Dollar was lower on the month (after September’s big surge) for the 6th month lower in the last 7…

Source: Bloomberg

Cryptos were very mixed this week with a major rotation apparent as altcoins were offered and Bitcoin bid…

Source: Bloomberg

On the month, Bitcoin led the way, with Ripple lagging…

This was Bitcoin’s best month since April, closing above $13500…

Source: Bloomberg

Ethereum notably underperformed after a solid DeFi-driven surge in July/August…

Source: Bloomberg

Crude was clubbed like a baby seal this week (PMs also slipped lower), and also on the month (but PMs managed to hold)…

Source: Bloomberg

WTI traded down to a $34 handle this week – its lowest level since May…

Finally, just on thing to think… “mother’s milk” appears to have left the building

Source: Bloomberg

This could never happen again, right?

Source: Bloomberg

Oh, and don’t panic!! The “Casedemic” will be over soon…

a)Market trading/LAST NIGHT/USA

Futures Tumble, Erase Day’s Gains After Tech Earnings Turmoil

After a surprisingly exuberant day in the stock market, filled with hope at all the optimistic awesomeness that the mega-tech hegemons would “told you so” to any naysayers who weren’t already balls-deep long these over-valued and over-hyped names, things have gone just a little bit turbo after hours.

It wasn’t pretty with only GOOGL shares higher…

Twitter sinks in late trading after user growth expectations were off. The company added 20 million new users in Q2. It added just 1 million new users in Q3. Expectations were that Twitter would report growth of 9 million new users in the quarter so this is a definite miss. The company also said there will be a delay in its MAP direct response ad product.

Facebook’s shares are modestly lower. Revenue blew past estimates as the company weathered the ad boycott from big advertisers. Also, user growth over overall exceeded expectations, but the company lost traction in the U.S. and Canada. Also, Facebook said it will be investing heavily on employees and new technology.

Amazon shares are down despite reporting profit and net sales that beat quarterly estimates. The retailer sees up to $121 billion in fourth-quarter sales. Bezos expects an “unprecedented” holiday season. CFO says Covid-related expenses will go up to $4 billion.

Apple sales plunge 29% in China, grow in other regions. IPhone revenue falls short of analysts’ estimates. Lack of revenue forecast dissapoints some observers. Shares fall, dragging suppliers down in late trading.

Alphabet returned to growth in the third quarter after a decline in the previous period, fueled by digital advertising that has rebounded along with the American economy. The shares rose about 6% in extended trading.

All of which sent futures tumbling…

Erasing all the day’s gains in the S&P and Dow…

Of course, it’s early yet and we would strongly expect some dip-buyers to charge in. Just bear in mind that “large lot” sellers have been active all week…

Trade accordingly.

END

b)MARKET TRADING/USA//this afternoon

Stocks Tumble To Overnight Lows As Bond Yields Spike

Another mass liquidation day?

Stocks, bonds, bullion, bitcoin, and black gold are all being sold.

Nasdaq is back at overnight lows…

Bond yields spiked…

Gold is being sold (but is up on the day still)…

And oil is getting monkeyhammered…

And all of this ahead of next week’s election and the worst pre-election week performance for stocks on record.

end

ii)Market data/USA

Americans’ Income & Spending Rose More Than Expected In September

After a disappointing drop in August, personal incomes were expected to rise modestly (+0.4% MoM) in September, with spending expected to rise 1.0% MoM. However, September was even more positive with personal income rising 0.9% MoM and spending up 1.4% MoM.

Source: Bloomberg

That is the 5th straight month of rising spending but overall, consumption still remains very marginally lower (-0.6% YoY)…

Source: Bloomberg

On the income side, private workers saw wages rise (+1.0% YoY) but government workers saw pay drop (-1.2% YoY)…

The savings rate dropped to 14.3%, but last month’s 14.1% was adjusted to 14.8% so technically US savings were more than previously expected…

Finally we note that The Fed’s favorite inflation indicator – Core PCE Deflator – accelerated modestly in September from +1.3% YoY in August to +1.4% YoY.

end

iii) Important USA Economic Stories

iv) Swamp commentaries)

it is long and a must read…

Here’s The ‘Censored’ Biden Story That Forced Glenn Greenwald To Quit The Firm He Founded

Via Glenn Greenwald’s substack,

I am posting here the most recent draft of my article about Joe and Hunter Biden – the last one seen by Intercept editors before telling me that they refuse to publish it absent major structural changes involving the removal of all sections critical of Joe Biden, leaving only a narrow article critiquing media outlets. I will also, in a separate post, publish all communications I had with Intercept editors surrounding this article so you can see the censorship in action and, given the Intercept’s denials, decide for yourselves (this is the kind of transparency responsible journalists provide, and which the Intercept refuses to this day to provide regarding their conduct in the Reality Winner story). This draft obviously would have gone through one more round of proof-reading and editing by me – to shorten it, fix typos, etc – but it’s important for the integrity of the claims to publish the draft in unchanged form that Intercept editors last saw, and announced that they would not “edit” but completely gut as a condition to publication:

My Resignation from The Intercept [MSM’s rabid Biden support is finally fomenting resignations]

The same trends of repression, censorship and ideological homogeneity plaguing the national press generally have engulfed the media outlet I co-founded, culminating in censorship of my own articles

    The final, precipitating cause is that The Intercept’s editors, in violation of my contractual right of editorial freedom, censored an article I wrote this week, refusing to publish it unless I remove all sections critical of Democratic presidential candidate Joe Biden, the candidate vehemently supported by all New-York-based Intercept editors involved in this effort at suppression…

https://greenwald.substack.com/p/my-resignation-from-the-intercept

 

end
Meet the high level official who was the key to providing Steele his Russian disinformation
(zerohedge)

Key Steele Dossier Source Revealed As Alcoholic Disgruntled Russian PR Exec In Cyprus

Just days before the election, but certainly still dismissed from coverage by the very networks that for years peddled the hoax, the final nail has gone into the Steele dossier coffin.

Already widely debunked, including by no less than Special Counsel Robert Mueller who the Steele dossier advocates put all their hopes in only for their delusion to eventually be shattered, a key source for many of its claims has been revealed by The Wall Street Journal to be a disgruntled Russian PR executive living in Cyprus.

Olga Galkina, image via Facebook

40-year old Olga Galkina “stood as the dossier’s most important contributor,” WSJ reported, after she was tapped by her old school friend and Steele’s employee, Igor Danchenko, to dig up dirt of Trump’s dealings in Russia using the “vast network of people” from her various jobs in and out of the public sector.

Described as a public-relations executive, she “fed notes” to Danchenko for the dossier, including many of its most central claims. And of course behind all of this was British spy Christopher Steele, himself paid by Fusion GPS, and behind this the DNC itself.

They knew each other since the 8th grade in Perm, as the WSJ details:

Mr. Danchenko told the FBI that a school friend, referred to in heavily redacted FBI notes as “Source 3,” had provided him with information for Mr. Steele “across a wide range of topics,” and stood as the dossier’s most important contributor. The former high-ranking U.S. national-security official told The Wall Street Journal that the source in question was Ms. Galkina.

It was Galkina who claimed Trump’s former lawyer Michael Cohen secretly contacted Russian intelligence in Prague to establish compensation for DNC hackers in the summer of 2016. Crucially she had fed Steele’s team the name of her own Cyprus-based employer Webzilla as being behind the hack under company owner Aleksej Gubarev.

At the very time Galkina was feeding Danchenko the information she was locked in an ugly dispute with her employer (the parent company of Webzilla) which she was intent on taking down. A mere eight months after starting at Webzilla in Cyprus, the company was forced to contact Cypriot police over her erratic and even dangerous behavior, which included frequently showing up to work late and drunk while making threats.

The WSJ notes that its reporters have reviewed the police statement, which revealed further: “The manager told police that an acquaintance of Ms. Galkina had told him he would face deep trouble, including possible death, unless he paid €10,000 ($11,740) in compensation, according to the statement, which was confirmed by a Cypriot official and a person who attended its recording.”

It is here that the report emphasizes the crucial timeline:

In November 2016, Ms. Galkina was fired. Weeks later, she implicated Webzilla and Mr. Gubarev in the hacking, according to people familiar with the matter.

Thus the “damning” information on Trump and associates which triggered a special counsel investigation and what was literally multiple years of 24/7 media Russiagate hysteria originated with a deeply disgruntled executive that was let go after a lengthy and messy fight that even saw local police get involved at one point.

If you have five minutes for an illustration on how disinformation actually works, read this March, 2017 Vanity Fair article on Steele’s sources and compare to what we now know.

Here’s the punchline:

By 2018 polls showed that a whopping over 80% of Democrats bought into the key claims that collectively made up ‘Russiagate’. The Steele Dossier was of course the major driver that kicked it all off.

In light of the revelation, journalist Mark Ames put it best…

“So the Steele Dossier that kicked off 4 years of Russiagate hysteria among the US ruling class was cooked up by two Russian alcoholics from PermGogolesque does not begin to describe the grotesque credulity & stupidity of the American elites.”

END

Senate Committee Verifies Bobulinski Evidence On Bidens (So Why Is MSM Covering It Up?)

Authored by Sara Carter via SaraACarter.com,

The Senate Homeland Security and Governmental Affairs Committee confirmed Wednesday the information exposed by former Hunter Biden business associate Tony Bobulinski that connects the former Vice President to companies and ventures in China. But you wouldn’t know it by following the main stream press.

Bobulinski’s bombshell interview with Fox News host Tucker Carlson Tuesday, along with Carlson’s follow up exclusive on Wednesday, revealed that Democratic candidate Joe Biden was aware of his son’s business questionable overseas business dealings. It should be a huge story. After all, Joe Biden has publicly denied knowing about his son’s business ventures in China, Ukraine and other parts of the world.

So why isn’t this story on the front page of every newspaper and covered by every cable network?

How is it possible that the majority of main stream media outlets, newspapers and cable networks had no problem running unsubstantiated stories about President Donald Trump, his family and his businesses only to find out later – without corrections- that the information they published was bogus.

Here, there is an eye witness to the Biden family operations: Bobulinski. He has come forward and shown his credibility. He has verified documents, photos, receipts from Hunter Biden’s hard drive that the FBI had obtained, along with President Trump’s friend and personal lawyer former New York City Mayor Rudy Giuliani.

Why hasn’t the FBI done anything with this before the election? The bureau has had it for almost a year. Giuliani then did the only thing he could do – he turned over the documents to The New York Post. Those documents obtained from Hunter Biden’s laptop are the massive breadcrumbs to a real political scandal.

These documents raise serious questions as to whether or not our possible future president really is compromised by foreign adversaries, or whether or not he was using his position in government to profit his family.

Still, it’s only crickets from the main stream media. At the same time, big tech giants like Twitter, Google and Facebook are also working diligently to squash the story and keep the truth from the American people.

Tucker Carlson had the highest ratings – historic ratings – at Fox News Tuesday night with more than 7 million viewers tuning in for the Bobulinski story. Yet, the Bobulinski interview wasn’t trending on Twitter, and in fact, it appeared that his story was non-existent on the other networks.

Not even the Senators, who held a hearing on Wednesday, could get a straight answer from Twitter’s CEO Jack Dorsey on why his platform banned The New York Post stories.

Sen. Ted Cruz said on Twitter “What @Jack told the Senate, under oath, is false.”

“I just tried to tweet the @nypost story alleging Biden’s CCP corruption. Still Blocked.”

Censorship in full force. However, this is not like the old Soviet censorship – this is a bizarre new self-censorship by elitist leftists who believe they know what’s best for the American people.

Think about this – what if this story was about information these news agencies discovered on Donald Trump Jr. or Eric Trump. How would they treat it?

Let’s start with the most widely discussed and central to the issue of alleged corruption was Hunter Biden’s paid position on the board of Ukrainian energy giant Burisma Holdings. Despite the fact Hunter Biden had no background in energy he was being paid more than $50,000 a month and in some instances as much as $83,000 a month.

What about the most concerning connection for the Biden’s with China’s CEFC, an energy giant that is compared to Goldman Sachs. It is directly connected to the Chinese Communist Party and according to Bobulinski, as well as senior lawmakers investigating, possible used as leverage against the Bidens by the communist government.

“Joe Biden and the Biden family are compromised” said Bobulinski in Tuesday night’s hour long interview with Carlson. He said he turned over evidence to the FBI and openly spoke about his alleged meetings with then Vice President Joe Biden. Biden is referred to by his son Hunter Biden in emails obtained by the FBI and first published by The New York Post as the ‘Big Guy’ and or ‘the Chairman.’

Bobulinski revealed that he “held a top-secret clearance from the NSA and the DOE. I served this country for four years in one of the most elite environments in the world, the Naval Nuclear Power Training Command, and to have a congressmen out there speaking about Russian disinformation or Joe Biden at a public debate referencing Russian disinformation when he knows he sat face-to-face with me, I traveled around the world with his son and his brother. To say that and associate that with my name is absolutely disgusting to me.”

Joe Biden, however, has publicly denied having any financial gain from his son’s, Hunter, business ventures. He said at the second Presidential debate, “I have not taken a penny from any foreign source ever in my life.” However, Biden has refused to answer any questions regarding the allegations or address some of the accusations against him or his son.

The American public has the right to know if their next president has been compromised by their families business dealings with the communist Chinese. Moreover, many of the business ventures his son was connected with were during his tenure as Vice President.

Our nation has been divided but not by President Trump. It’s been divided by an army of bureaucrats, liberal elites, the New Democratic socialists, special interests and more importantly a biased partisan media.

The information has to be verified, as it is subject to the same false information to Congress laws that verbal or written testimony does.

However, a Johnson spokesperson told the Caller that all the material provided by Bobulinski to the committee is legitimate and verified.

The committee has “also” not come across any “signs” or evidence to suggest the content Hunter Biden and Bobulinksi content is false, the spokesperson added.

It’s tragic to think that if by chance – a small remote chance – that Biden actually wins the election justice will never be served and our nation will fundamentally change.

America will be at a crossroads on November 3. The main stream media is doing its part to ensure that the American people are not informed, so it is up to you to vote your conscience and seek out the truth.

end

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.

Spain’s Catalonia region closes its borders to contain pandemic

“The government is aware that citizens are tired after months of effort and sacrifices, of not being able to do what they used to do before, to hug people, our family and friends,” the health minister Salvador Illa told parliament.  But it is not the time to relax measures, we have very tough weeks and months ahead of us.”… https://news.yahoo.com/spains-catalonia-region-closes-borders-133452188.html

Merkel warns of ‘difficult winter’ as virus surges in Europe

Merkel said the country faces “a dramatic situation at the beginning of the cold season.”… Opposition leader Alexander Gauland of the far-right Alternative for Germany party responded to Merkel’s speech by accusing the government of “wartime propaganda” and likened the pandemic to motorized traffic, arguing that society accepts a certain number of car deaths too… https://www.heraldonline.com/news/article246798717.html

Merkel heckled by German MPs as she defends second ‘soft’ Covid lockdown

Chancellor criticised fiercely over national restrictions that begin on Monday

    “We consider Ms Merkel’s paralysing of the culture and gastronomy sector, practically the entire leisure life of our citizens, to be excessive and inappropriate,” said AfD’s co-leader Alexander Gauland…

https://www.theguardian.com/world/2020/oct/29/merkel-heckled-by-german-mps-as-she-defends-second-soft-covid-lockdown

Germany’s Scholz: Situation is serious even if it doesn’t feel that way to everyone yet

“We need to provide up to 10 billion euros in one month in financial support.”

“It will remain difficult through the four months of winter.”

“This financial support is on a level never seen before.”

https://www.fxstreet.com/news/germanys-scholz-situation-is-serious-even-if-it-doesnt-feel-that-way-to-everyone-yet-202010291311

Germany’s Scholz [finance minister]: November is “month of truth” in coronavirus fight

“November will be a month of truth. The increasing numbers of infections are forcing us to take tough countermeasures in order to break the second wave – with targeted and temporary measures, including effective financial aid for the affected companies,”…

https://www.reuters.com/article/us-health-coronavirus-germany-scholz/germanys-scholz-november-is-month-of-truth-in-coronavirus-fight-idUSKBN27D2MO

British firms fall into distress at the fastest pace in three years

  • Begbies Traynor survey found 30,000 new companies struggling
  • Data office says 39% of firms have cash only for six months  https://t.co/KehQdNqby1

Die Welt’s @Schuldensuehner: CRAZY WORLD! Italy sells 10y debt at the lowest yield on record amidst record public debt. Rome sold €3bn 2031 bonds at 0.79% vs 0.89% prior auction.

With Covid-19 flaring anew on The Continent, European debt, private and especially public, will soar.

The ECB will be forced to monetize even more debt.  More lockdowns and restrictions will further inflame Covid fatigue, which is already at feverish levels.  Social unrest will increase.

The ECB refrained from changing monetary policy or actions while it proclaimed “in the current environment risks clearly tilted to the downside.”  The second Covid wave in Europe induced the ECB to suggest that it might take action in December.

ECB: Monetary policy decisions   29 October 2020

In the current environment of risks clearly tilted to the downside, the Governing Council will carefully assess the incoming information, including the dynamics of the pandemic, prospects for a rollout of vaccines and developments in the exchange rate…On the basis of this updated assessment, the Governing Council will recalibrate its instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favourable to support the economic recovery and counteract the negative impact of the pandemic on the projected inflation path…

https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp201029~4392a355f4.en.html

Knifeman kills three at French church, ratcheting up terror fears [woman decapitated]

The assailant “kept repeating ‘Allahu Akbar’ (God is Greater) even while under medication” after he was injured during his arrest, Nice’s Mayor Christian Estrosi told journalists at the scene…

https://news.yahoo.com/knifeman-kills-three-suspected-terror-101528285.html

Scottish Hate Crime Bill Would Criminalize Offensive Dinner Table Conversations

https://www.zerohedge.com/markets/scottish-hate-crime-bill-would-criminalize-offensive-dinner-table-conversatio

U.S. GDP booms at 33.1% rate in Q3, better than expected [32%]

That came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones. The previous post-World War II record was the 16.7% burst in the first quarter of 1950…  https://www.cnbc.com/2020/10/29/us-gdp-report-third-quarter-2020.html

US Q3 GDP increased 7.4% q/q for a 33.1% annualized rate.  Consumption surged a record 40.7%.  The previous GDP record was +3.9% q/q in 1950.  GDP declined 1.3% in Q1 and 9% in Q2.  GDP is -2.9% y/y.  Consumption is -2.5% y/y.  Business equipment investment spurted 70.1%; Residential investment grew 59.3%. The GDP Price Index hit 3.6%; 2.9% was expected.

Nominal GDP is -1.85 y/y.  This metric at end of 2019 was 21.74739 trillion.  Nominal GDP is now 21.157.63   Ergo, the US economy has recovered 97.29% of its GDP.  Component breakdown at: http://www.consumerindexes.com/2020-10-29_commentary.html

US jobless claims fell to 751k from 791k; 770k was expected.  Continuing claims dropped to 7.756m from 8.465m; 7.775m was expected.

@charliebilello: Unemployment Rates… Los Angeles: 15.2%, NYC: 14.1%, Chicago: 13.8% — Austin: 6.5%, Nashville: 5.9%, Jacksonville: 5.8%  Chart via @ycharts

https://twitter.com/charliebilello/status/1321654176670191617

Oil tumbled as much as 6.6% on economic fears.  Gasoline fell as much as 5.44%

Why a Biden presidency may lead to higher gasoline prices

Retail gasoline prices have fallen for 4 weeks in a row

   “A Joe Biden presidency would favor more environmental controls with respect to drilling and emissions, increasing fuel mileage standards, alternative vehicle power like electricity, expanded tax credits benefiting fuel efficient vehicle owners, and evolving from fossil fuels,” the report said. On the other hand, if President Donald Trump, a Republican, is re-elected, his policies would be “generally regarded as populist and pro-business, while perhaps marginalizing environmental factors.”..

https://www.marketwatch.com/amp/story/why-a-biden-presidency-may-lead-to-higher-gasoline-prices-11603992805

BBG’s @lisaabramowicz1: “We are no fans of days like today where equities drop at least 3.5% but Treasury yields are up and gold is down. That combination only happened twice before since 1990, on March 11 & March 18th, under the liquidity crisis:” BofA Global analysts in a report written Wednesday

@charliebilello: Apple revenue was up 1% over the past year. Its stock is up 92% in the past year.

The Fed balance sheet declined $ 30.959B due to a $46.93B decline in MBS holdings.

https://www.federalreserve.gov/releases/h41/current/

FBI Investigating Hunter Biden for Money Laundering

https://news.yahoo.com/fbi-investigating-hunter-biden-money-222323906.html

Ex-Fox reporter @JamesRosenTV: A @TheJusticeDept official confirms that in 2019the @FBI opened up a criminal investigation into “Hunter Biden and his associates,” focused on allegations of money-laundering, and that it remains open and active today.”…    

    Tony Bobulinski tells @WeAreSinclair he was questioned by six @FBI agents, with counsel present, for five hours on October 23listing him as a “material witness” in an ongoing investigation focused on Hunter Biden and his associates. His cell phones were examined.

https://twitter.com/JamesRosenTV/status/1321932396091068417

Biden calls son Hunter ‘smartest guy I know’ as brother refuses to talk business deals

At a virtual voter mobilization event hosted by Oprah Winfrey…

https://nypost.com/2020/10/29/biden-calls-hunter-smartest-guy-i-know-in-virtual-event-with-oprah/

And just like that, the odds of a GOP sweep have soared!  Will the Dems try to salvage the House?

@FloridaDude297: Of the entire voting population, Republicans are getting 45% straight ticket voting (+9 over 2016) Democrats are getting 38% (-5 over 2016).

UPS Responds To Disappearance of Tucker Carlson Package ‘Damning’ to Biden

UPS told The Daily Beast Thursday that they have located the missing documents sent to Tucker Carlson after an “extensive search.”…

https://www.dailywire.com/news/breaking-ups-responds-to-disappearance-of-tucker-carlson-package-damning-to-biden

Reporters fail to ask Joe Biden about Tony Bobulinski’s explosive claims in rare round of questions https://t.co/rawMeKLUu5

Joe Biden’s brother Jim refuses to answer questions about family’s business dealings

https://www.foxnews.com/politics/jim-biden-refuses-to-answer-questions-family-business-dealings

 

@thechrisbuskirk: Biden gets called out by someone in San Antonio for a lie about Trump & about his corruption with Ukraine and he is stopped cold. No answer…

https://twitter.com/thechrisbuskirk/status/1321865316230668291

 

With only a few days to go, Team Biden is suddenly stacking appearances for Joe.  Why if he is winning?

 

WaPo’s @mviser: Joe Biden is heading to St. Paul, Minnesota, tomorrow. It will be the fullest travel day of his general election campaign, with stops now in Iowa, Minnesota, and Wisconsin.

@KamVTV: Photo of the pro-Trump hearse [“Collecting Democrat votes one dead stiff at a time”] following the Biden Bus all over Houston. The Biden bus is running red lights… trying to get away.  https://twitter.com/KamVTV/status/1321902646706528256

Twitter Suspends U.S. Border Chief for Celebrating Wall’s Protection from Illegal Aliens

https://thefederalist.com/2020/10/29/exclusive-twitter-suspends-u-s-border-chief-for-celebrating-walls-protection-from-illegal-aliens/

Former Malaysian PM: “Muslims Have a Right to Be Angry and Kill Millions of French People”

This Tweet violated the Twitter Rules about glorifying violence.  However, Twitter has determined that it may be in the public’s interest for the Tweet to remain accessible…

https://www.zerohedge.com/political/former-malaysian-pm-muslims-have-right-be-angry-and-kill-millions-french-people

 

My Resignation from The Intercept [MSM’s rabid Biden support is finally fomenting resignations]

The same trends of repression, censorship and ideological homogeneity plaguing the national press generally have engulfed the media outlet I co-founded, culminating in censorship of my own articles

    The final, precipitating cause is that The Intercept’s editors, in violation of my contractual right of editorial freedom, censored an article I wrote this week, refusing to publish it unless I remove all sections critical of Democratic presidential candidate Joe Biden, the candidate vehemently supported by all New-York-based Intercept editors involved in this effort at suppression…

https://greenwald.substack.com/p/my-resignation-from-the-intercept

 

Well that is all for today

I will see you MONDAY night.

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