SEPTEMBER 30/GOLD UP $32.95 TO $1755.90//SILVER UP 54 CENTS TO $22.04 AS OPTIONS EXPIRY/(BIS EXPIRY) ENDS TODAY//BIS MUST BE ONSIDE WITH RESPECT TO BASEL III BY TOMORROW MORNING//COVID COMMENTARIES//VACCINE UPDATES/IVERMECTIN UPDATE//CHINA ECONOMIC WOES//EUROPE IMPLODING//BRANDON SMITH A MUST VIEW//JOBLESS CLAIMS RISE AS STILL WE HAVE 11 MILLION AMERICANS ON THE DOLE//LA PALMA VOLCANO UPDATE//SWAMP STORIES FOR YOU TONIGHT///

 

GOLD:$1755.90 UP $32.95   The quote is London spot price

Silver:$22.04 UP 54  CENTS  London spot price ( cash market)

 
 
4:30 closing price
 
Gold $1757.30
 
silver:  22.17
 
 
 
end
 

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE)

 

 

PLATINUM  $967.50 UP  $12.80

PALLADIUM: $1912.20 UP $53.95/OZ 

 

END

Editorial of The New York Sun | February 1, 2021

end

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COMEX DETAILS//NOTICES FILED

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

receiving today  5801/11,465

EXCHANGE: COMEX
CONTRACT: OCTOBER 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,721.500000000 USD
INTENT DATE: 09/29/2021 DELIVERY DATE: 10/01/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 815
072 H GOLDMAN 5950
099 H DB AG 1484
118 C MACQUARIE FUT 534
118 H MACQUARIE FUT 1000
332 H STANDARD CHARTE 196
407 C STRAITS FIN LLC 1
435 H SCOTIA CAPITAL 471
523 H INTERACTIVE BRO 4
624 C BOFA SECURITIES 10
657 C MORGAN STANLEY 714
661 C JP MORGAN 4518 5801
661 H JP MORGAN 1122
685 C RJ OBRIEN 6
732 C RBC CAP MARKETS 30
737 C ADVANTAGE 15
800 C MAREX SPEC 34
905 C ADM 231
____________________________________________________________________________________________

TOTAL: 11,468 11,468
MONTH TO DATE: 11,468

issued:  4518

Goldman Sachs stopped: 815

 

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 11,468 NOTICE(S) FOR 1,148,000 OZ  (35.670 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  11,468 FOR 1,146,800 OZ  (35.670 TONNES) 

 

SILVER//OCT CONTRACT

1517 NOTICE(S) FILED TODAY FOR  7,585,000   OZ/

total number of notices filed so far this month 1517  :  for 7,585,000  oz

 

BITCOIN MORNING QUOTE  $41,102 DOWN 102  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$41,210 DOLLARS  DOWN $8. 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $32.95 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGES IN GOLD INVENTORY AT THE GLD: 

 

 

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS)

 

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL  (phys) INSTEAD OF THE FRAUDULENT GLD//

THIS IS A MASSIVE FRAUD!!

GLD  990.03 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 54 CENTS

NO  CHANGES  IN SILVER INVENTORY AT THE SLV: 

 

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE SILVER WITHRAWALS ARE ACTUALLY “RETURNED” TO JPM, AS JPMORGAN CALLS IN ITS LEASES WITH THE SLV FUND.  (THE STORY IS THE SAME AS THE BANK OF ENGLAND’S GOLD). THE SILVER NEVER LEAVES JPMORGAN’S VAULT. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT: 

 

541.013  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 164.22 UP 2.90 OR 1.80%

XXXXXXXXXXXXX

SLV closing price NYSE 20.52 UP $.57 OR 2.80%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI ROSE BY A GIGANTIC SIZED 4920 CONTACTSR TO 147,093, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR STRONG  $0.98 LOSS IN SILVER PRICING AT THE COMEX  ON WEDNESDAY.

OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.98) BUT THEY WERE  UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS AS WE HAD A POWERFUL GAIN OF 6445 CONTRACTS ON OUR TWO EXCHANGES.WE  ALSO HAD I) HUGE  BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/WE ALSO HAD  SOME ii) REDDIT RAPTOR BUYING//.   iii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 8.085 MILLION OZ  / v), GIANT SIZED COMEX OIGAIN

 
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:
 
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS – 55
 

 

 
 
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS
 
 
SEPTEMBER
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:
 
16,953 CONTACTS  for 21 days, total 16,953 contracts or 84.765 million oz…average per day:  807 contracts or 4.036 million oz per day.

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF

SEPT:  4.036MILLION PAPER OZ HAVE MORPHED OVER TO LONDON  (VERY SMALL ISSUANCE SO FAR)

 

LAST 4 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: 140.120 MILLION OZ 

 

 
RESULT: , .. DESPITE OUR STRONG 98 CENT LOSS SILVER PRICING AT THE COMEX ///WEDNESDAY, WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4920 CONTRACTS. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1525 CONTRACTS( 0 CONTRACTS ISSUED FOR OCT AND CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS1525
 
THE DOMINANT FEATURE TODAY:/TODAY WE HAD A HUGE  SIZED GAIN OF 6445 OI CONTRACTS ON THE TWO EXCHANGES/HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE/  AND WE HAVE A STRONG INITIAL SILVER OZ STANDING FOR OCT OF 8.085 MILLION OZ
 
 

WE HAD 1517 NOTICES FILED TODAY FOR 7,585,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 391  CONTRACTS TO 491,249 _ ,,AND CLOSER TO  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -519  CONTRACTS.

THE SMALL SIZED INCREASE IN COMEX OI CAME DESPITE OUR LOSS IN PRICE OF $14.70///COMEX GOLD TRADING/WEDNESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE  HAD ZERO LONG LIQUIDATION  AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALED 1345 CONTRACTS.WE CONCLUDED WITH  SPREADER LIQUIDATION. WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR OCT AT 49.667 TONNES, 
 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $14.70 WITH RESPECT TO WEDNESDAY’S TRADING

 

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

WE HAD A SMALL SIZED GAIN OF 1345  OI CONTRACTS (4.1835 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 954 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 0 & DEC 2456  ALL OTHER MONTHS ZERO//TOTAL: 954 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 491,249. 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 INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1345 CONTRACTS: 391 CONTRACTS INCREASED AT THE COMEX AND 954 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 1345 CONTRACTS OR 5.797 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (954) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (391 OI): TOTAL GAIN IN THE TWO EXCHANGES: 1345 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 49.667 TONNES/ / 3) ZERO LONG LIQUIDATION,4) SMALL SIZED COMEX OI GAIN 5). SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL 6) CONTINUATION OF SPREADER LIQUIDATION

 

SPREADING OPERATIONS(/NOW SWITCHING TO GOLD)

 

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

 

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

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:
HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF SEPT HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF OCT, FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION 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 IN 2021 INCLUDING TODAY

SEPTEMBER

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 45,694, CONTRACTS OR 4,569,400 oz OR 142.12 TONNES (21 TRADING DAY(S) AND THUS AVERAGING: 2175 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 21 TRADING DAY(S) IN  TONNES: 142.12 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2020, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  142.12/3550 x 100% TONNES  4.00% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE
 
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
 
FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..
 
MARCH:.   276.50 TONNES (STRONG AGAIN///IT SURPASSED JANUARY!!)

 

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES INITIAL ISSUANCE ( LOW ISSUANCE)_

 

 

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 GIGANTIC SIZED 4920 CONTRACTS TO 142,185 AND CLOSER TO 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  4 1/2 YEARS AGO.  

EFP ISSUANCE 1525 CONTRACTS

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

JULY 0  AND SEPT: 0; DEC 1525  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1525 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 4920 CONTRACTS AND ADD TO THE 1525 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A HUGE SIZED GAIN OF 6445 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 32.225 MILLION  OZ, OCCURRED DESPITE OUR $0.98 LOSS 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 .

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Peter Schiff, Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

 
 
 

3. ASIAN AFFAIRS

i)THURSDAY MORNING/WEDNESDAY  NIGHT: 

SHANGHAI CLOSED UP 31.87 PTS OR 0.90%   //Hang Sang CLOSED DOWN 87.86 PTS OR 0.36%/The Nikkei closed DOWN 91.63 PTS OR 0.31%    //Australia’s all ordinaires CLOSED DOWN 1/07%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4645  /Oil UP TO 74.26 dollars per barrel for WTI and UP TO 77.19 for Brent. Stocks in Europe OPENED ALL MIXED   /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4645. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4695/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 391 CONTRACTS TO 491,768 MOVING CLOSER TO THE 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 INCREASE OCCURRED DESPITE OUR LOSS OF $14.70 IN GOLD PRICING WEDNESDAY’S COMEX TRADING.WE ALSO HAD A SMALL EFP ISSUANCE (954 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. LOOKS LIKE OUR BANKERS ARE FINALLY BAILING OUT!!

 

WE NORMALLY HAVE WITNESSED  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. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.  

 

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE  ACTIVE DELIVERY MONTH OF OCT..  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 954 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  & DEC.  954 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:   954 CONTRACTS 

 

WHEN WE HAVE BACKWARDATION,  EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 1345  TOTAL CONTRACTS IN THAT 954 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED COMEX OI OF 391 CONTRACTS. WE FINISHED WITH  SPREADER LIQUIDATION.WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR OCT   (49.670),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 8 MONTHS OF 20201:

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB. 113.424 TONNES

JAN: 6.500 TONNES.

 

TOTAL SO FAR THIS YEAR (JAN- SEPT): 423.205 TONNNES

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $14.70

.,BUT THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 4.1835 TONNES,ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR OCT (49.670 TONNES).. ALL OF THE LOSS WAS DUE TO INITIAL SPREADER LIQUIDATION.  I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.   THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”.

WE HAD -519   CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 1345 CONTRACTS OR 134500 OZ OR 4.1835 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 PRODUCT.
 
THUS IN GOLD WE HAVE THE FOLLOWING:  491,249 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.12 MILLION OZ/32,150 OZ PER TONNE =  15.28 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1528/2200 OR 69.45% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY  250,809 contracts//    / volume//volume fair/rolls

 

CONFIRMED COMEX VOL. FOR YESTERDAY: 188,786 contracts//fair//rolls/

 

// //most of our traders have left for London

 

SEPT 30

/2021

 
INITIAL STANDINGS FOR OCT COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
5459.549OZ
 
JPMorgan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
nil
OZ
 
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
 
nil
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
11,448  notice(s)
1,146,800 OZ
 
35.670 TONNES
No of oz to be served (notices)
4501 contracts
4501 oz
 
14,00 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
11,468 notices
1,146,800 OZ
35.670 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 DEPOSITS nil oz
 
 
 
We had 1  customer withdrawals
i) Out of JPMORGAN:  5459.549 oz 
 
 
 
 
 
total customer withdrawals 5459.549    oz
     
 
 
 
 
 
 
 
 
 

We had 0  kilobar transactions 0 out of  3 transactions)

ADJUSTMENTS 2// dealer to customer//

JPMORGAN:  109,694.9335 PZ

MANFRA: 25,793.711

 

 
 
 
 
the front month of OCT. has an open interest of 15,969 contracts.  Each contract represents 100 oz per contract.
 
Thus by definition the initial amount of gold standing in October is as follows:
 
15,969  x 100 oz per contract =  1,596,900 oz or 49.670 tonnes 
 
 
 
 
 
 
 
 
 
NOVEMBER LOST 17 CONTRACTS TO STAND AT 1056
.
DEC GAINED 1892  TO STAND AT 408,697
 

We had 11,468 notice(s) filed today for  1,146,800  oz

FOR THE OCT 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 4518 notices were issued from their client or customer account. The total of all issuance by all participants equates to 11,468  contract(s) of which 5801  notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 815  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the OCT /2021. contract month, we take the total number of notices filed so far for the month (11,468) x 100 oz , to which we add the difference between the open interest for the front month of  (OCT: 15,968 CONTRACTS ) minus the number of notices served upon today  11,468 x 100 oz per contract equals 15,968 OZ OR 49.667 TONNES) the number of ounces standing in this active month of OCT.  

 

thus the INITIAL standings for gold for the OCT contract month:

No of notices filed so far (11,468) x 100 oz+(15,968)  OI for the front month minus the number of notices served upon today (11,468} x 100 oz} which equals 1,596,800 oz standing OR 49.667 TONNES in this  active delivery month of OCT.

TOTAL COMEX GOLD STANDING:  49.670 TONNES

 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

427,737.391, oz NOW PLEDGED  march 5/2021/HSBC  13.30 TONNES

285,319.695 PLEDGED  MANFRA 8.8746 TONNES

298,568.054, oz  JPM  9.28 TONNES

1,173,752.195 oz pledged June 12/2020 Brinks/36.50 TONNES

160,865.707, oz Pledged August 21/regular account 4.164 tonnes JPMORGAN

41,127.478 oz International Delaware:  1.27 tonnes

total pledged gold:  2,382,953.924oz                                     74.11 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 496.90 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 49.670 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  18,031,245.257 oz or 560.84 tonnes
 
 
 
total weight of pledged: 2,382,953.924   oz                                     74.11 tonnes
 
 
 
registered gold that can be used to settle upon: 15,648,292.0 (486.72 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes15,648,292.0 (486.72 tonnes)   
 
 
total eligible gold: 16,005,215 oz   (497.82 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  34,036,460.692 oz or 1,058.67 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  932.33 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:
 
 
 
 
 
 
 
END

SEPT 30/2021

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//OCT

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 
17,590.580  oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
601,513.120
 OZ
CNT
BRINKS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
1517
 
CONTRACT(S)
 
7,585,000  OZ)
 
No of oz to be served (notices)
100 contracts
 500,000 oz)
Total monthly oz silver served (contracts)  1517 contracts

 

7,585,000 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 deposit into the dealer
 

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  1 deposits into customer account (ELIGIBLE ACCOUNT)

i) Into CNT:   1036.200 oz

II) into Brinks:  600,476.930

 
 
 

JPMorgan now has 183.706 million oz  silver inventory or 51.13% of all official comex silver. (183.706 million/361.010 million

total customer deposits today 601,513.120   oz

we had 1 withdrawals

i) Out of Brinks:  14,534.560 oz

ii) Out  of CNT  3056.02

 

total withdrawal  17,591.580        oz

 

adjustments:  zero
 
 
 

Total dealer(registered) silver: 100.847 million oz

total registered and eligible silver:  361.010 million oz

a net   0.585 million oz enters  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
For October, we have an initial standing of 1617 contracts.  Each contract is represented by 5000 oz
Thus the total number of silver oz standing in this non active delivery month of October is as follows:
 
1617 contracts  x 5,000 oz =  8,085,000 oz
 

NOVEMBER LOST 60 TO STAND AT 793  

DEC GAINED 4670 CONTRACTS UP TO 128,028

 
NO. OF NOTICES FILED: 1517  FOR 7,585,000 OZ.

To calculate the number of silver ounces that will stand for delivery in OCT. we take the total number of notices filed for the month so far at  1517 x 5,000 oz = 7,585,000 oz to which we add the difference between the open interest for the front month of OCT (1617) and the number of notices served upon today 1517 x (5000 oz) equals the number of ounces standing.

Thus the SEPT standings for silver for the OCT./2021 contract month: 1517 (notices served so far) x 5000 oz + OI for front month of OCT(1617)  – number of notices served upon today (1517) x 5000 oz of silver standing for the OCT contract month .equals 8,085,000 oz. .

 

 

TODAY’S ESTIMATED SILVER VOLUME 63,356 CONTRACTS // volume fair 

 

FOR YESTERDAY 82,428 contracts  ,CONFIRMED VOLUME/ good

 

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  RISES TO -1.64% (SEPT30/2021)

SILVER FUND POSITIVE TO NAV

no of oz of physical silver held  JULY 8.2021;  150,926,000  (GAIN OF 6.411 MILION OZ IN A MONTH)

No of oz of physical silver held; MAY 24/2021  144,515,694 OZ

No. of oz of physical silver held:  Sept 20/20: 85,907.3616  Oz

No of oz pf physical silver held: Dec 21/2019:  65,073.570 Oz

During the past 8 months Sprott has added: 58,608.30 Oz

So far this year: 53.8 million oz

2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.85% nav   (SEPT30)/2021 )

 

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

NAV $18.45 TRADING 17.89//NEGATIVE  3.04

 

END

 

And now the Gold inventory at the GLD/(this vehicle is a fraud as there is no gold behind them!

SPET 30.//WITH GOLD UP $32.75 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 990.03 TONNES

SEPT 29/WITH GOLD DOWN $14.70 TODAY: A SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD//

INVENTORY RESTS AT 990.03 TONNES

SEPT 28/WITH GOLD DOWN $14.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WIHTDRAWAL OF 3.2 TONNES FROM THE GLD////INVENTORY RESTS AT 990.32 TONNES

SEPT 27/WITH GOLD UP $.95 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .87 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 993.52 TONNES

SEPT 24/WITH GOLD $1.15 DOLLARS TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 8.14 TONNES FROM THE GLD///INVENTORY RESTS AT 992.65 TONNES

SEPT 23/WITH GOLD DOWN $28.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1000.79 TONNES

SEPT 22/WITH GOLD UP $.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1000.79 TONNES

SEPT 21/WITH GOLD UP $14.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1000.79 TONNES

SEPT 20/WITH GOLD UP $10.00 TODAY;A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES FOF GOLD INTO THE GLD/////INVENTORY RESTS AT 1000.79 TONNES/

SEPT 17/WITH GOLD DOWN $5.60 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD////INVENTORY RESTS AT 999.21 TONNES/

SEPT 15/WITH GOLD DOWN $11.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1000.21 TONNES

SEPT 14/WITH GOLD UP $12,90 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.04 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1000.21 TONNES

SEPTEMBER 13//WITH GOLD UP $1.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 998.17 TONNES

SEPTEMBER 10//WITH GOLD DOWN $7.40//A SMALL CHANGES IN GOLD INVENTORY AT THE GLD”: A WITHDRAWAL OF .35 TONNES FROM THE GLD//INVENTORY RESTS AT 998.17

SEPT 9/WITH GOLD UP $7.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 998.52 TONNES/

SEPT 8/WITH GOLD DOWN $4.90 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 998.52 TONNES

SEPT 7/WITH GOLD DOWN $35.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 998.52 TONNES.

SEPT 3/WITH GOLD UP $22.00 TODAY: A HUGE  CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .74 TONNES FROM THE GLD.//INVENTORY RESTS AT 999.52 TONNES

SEPT 2/WITH GOLD DOWN $4.45 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1000.26 TONNES

SEPT 1/WITH GOLD DOWN $2.00 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.46 TONNES FORM THE GLD////INVENTORY RESTS AT 1000.26 TONNES.

AUGUST 31/WITH GOLD UP $5.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1001.72 TONNES./

AUGUST 30/WITH GOLD DOWN $7.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1001.72 TONNES/

AUGUST 27/WITH GOLD UP $23.79 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1001.72 TONNES

AUGUST 26/WITH GOLD UP $6.10 TODAY, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.91 TONNES FROM THE GLD////INVENTORY RESTS AT 1001.72 TONNES.

AUGUST 25/WITH GOLD DOWN $17.00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 1004.63 TONNES

AUGUST 24/ WITH GOLD UP $2.60 TODAY: A MONSTER CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 4.95 TONNES//INVENTORY RESTS AT 1006.66 TONNES.

AUGUST 23/WITH GOLD UP $21.25 TODAY:  NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1011.61 TONNES// 

AUGUST 20/WITH GOLD UP $1.05 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 3.49 TONNES FROM THE GLD //INVENTORY RESTS AT 1011.61 TONNES

AUGUST 19/WITH GOLD DOWN $1.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1015.10 TONNES/

AUGUST 18/WITH GOLD  DOWN $2.85 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.53 TONNES FROM THE GLD////INVENTORY RESTS AT 1015.10 TONNES/

AUGUST 17/WITH GOLD DOWN $2.50 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.16 TONNES FROM THE GLD///INVENTORY RESTS AT 1020.63 TONNES

 
 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

SEPT 30 / GLD INVENTORY 990,32 tonnes

 

LAST;  1322 TRADING DAYS:   +66.09 TONNES HAVE BEEN ADDED THE GLD

 

LAST 992 TRADING DAYS// +  241.71 TONNES HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them!)

SEPT 30/WITH SILVER UP 54 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 541.013 MILLION OZ/

SEPT 29/WITH SILVER DOWN 98 CENTS TODAY// A SMALL CHANGES IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF .509,000 OZ FROM THE SLV/ INVENTORY RESTS AT 541.013 MILLION OZ

SEPT 28/WITH SILVER DOWN 20 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 3.982 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 541.522 MILLION OZ

SEPT 27/WITH SILVER UP 27 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.204 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 545.504 MILLION OZ

SEPT 24/WITH SILVER DOWN 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 546.708 MILLION OZ//

SEPT 23/WITH SILVER DOWN 24 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 509,000 OZ FROM THE SLV////INVENTORY RESTS AT 546.708 MILLION OZ///

SEPT 22/WITH SILVER UP 30 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/

INVENTORY RESTS AT 547.217 MILLION OZ/./

SEPT 21/WITH SILVER UP 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV..//INVENTORY RESTS AT 544.624 MILLION OZ.

SEPT 20/WITH SILVER DOWN 17 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.624 MILLION OZ/

SEPT 17/WITH SILVER DOWN 45 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.624 MILLION OZ//

SEPT 15/WITH SILVER DOWN 9 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.624 MILLION OZ/

SEPT 14/WITH SILVER UP 13 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.11 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 544.624 MILLION OZ

SEPT 13/WITH SILVER DOWN 12 CENTS; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.131MILLION OZ FORM THE SLV////INVENTORY RESTS AT 545.735 MILLION OZ/

SEPT 10 WITH SILVER DOWN 26 CENTS; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.866 MILLION OZ..

SEPT 9/ WITH SILVER UP 11 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.866 MILLION OZ//

SEPT 8/WITH SILVE DOWN 30 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.037 MILLION OF FROM THE SLV///INVENTORY RESTS AT 547.866 MILLION OZ//

SEPT 7/WITH SILVER DOWN 32 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.903 MILLION OZ.

SEPT 3/WITH SILVER UP 83 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.903 MILLION OZ//

SEPT 2/WITH SILVER DOWN 29 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 977,000 OZ FROM THE SLV////INVENTORY RESTS AT 549.903 MILLION OZ

SEPT 1/WITH SILVER UP 20 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.880 MILLION OZ.

AUGUST 31/WITH SILVER UP 2 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.002 MILLION OZ INTO THE SLV/////INVENTORY RESTS AT 550.880 MILLION OZ

 

AUGUST 30/WITH SILVER DOWN 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST S AT 545.878 MILLION OZ////

AUGUST 27/WITH SILVER UP 47 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.878 MILLION OZ/./

AUGUST 26/WITH SILVER DOWN 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 545.878 MILLION OZ//

AUGUST 25/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 545.878 MILLION OZ/

AUGUST24/WITH SILVER UP 37 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLSV: ANOTHER PAPER WITHDRAWAL OF 3.427 MILLION OZ AND THIS IS HEADING FOR SPROTT//INVENTORY RESTS AT 545.878 MILLION OZ..

AUGUST 23/WITH SILVER UP 50 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV;A HUGE WITHDRAWAL OF 2.641 MILLION OZ//INVENTORY RESTS AT 549.305 MILLION OZ//

AUGUST 20/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.946 MILLION OZ//

AUGUST 19/WITH SILVER DOWN 20 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: ANOTHER WITHDRAWAL OF 1.389 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 551.946 MILLION OZ/

AUGUST 18/ WITH SILVER DOWN 25 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 2.131 MILLION OZ FROM THE SLV.INVENTORY REST AT 553.375 MILLION OZ

AUGUST 17/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ.

 
 

SLV INVENTORY RESTS TONIGHT AT

SEPT 30/2021      541.013 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES

PETER SCHIFF

 

end

EGON VON GREYERZ//MATHEW PIEPENBERG/JIM RICKARDS/PAM AND RUSS MARTENS

 

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

 

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell


 

For your interest….
Rare gold coins from Louis Xiv found and auctioned off
(Agence Pfrance-Press.)

 

Rare gold coins dug out of French mansion’s walls sold for $1.2 million

 Section: Daily Dispatches

Louis the Great’s money is more valuable than ever.

* * *

From Agence France-Presse
via The Guardian, London
Wednesday, September 29, 2021

Hundreds of rare gold coins dug out of the walls of a remote French mansion fetched more than one million euros ($1.2 million) at auction on today.

Stonemasons discovered 239 pieces of gold, minted before the French Revolution, when they began renovating the property near Quimper in the western Brittany region, auctioneers Ivoire/Deloys said.

The family kept four coins as souvenirs and put the rest up for auction in the western town of Angers, with an estimated value of 250,000-300,000 euros.

Bidding opened at 8,000 euros for a very rare double Louis d’Or, depicting Louis XIV and dating back to 1646. It went for 46,000 euros, the same price as a Louis d’Or from Paris dated 1640 and stamped with the Templar’s Cross.

“Bids were flying from everywhere — in the room, on internet, and on the telephone,” said auctioneer Florian D’Oysonville.

The 2019 find was reported now, only after the owners tasked the auction house with the sale. …

… For the remainder of the report:

https://www.theguardian.com/world/2021/sep/29/rare-gold-coins-dug-out-of-walls-of-french-mansion-sold-for-12m

 

end

 
CRYPTOCURRENCIES/
 
 
end
 

Your early THURSDAY 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 6.4645 

 

//OFFSHORE YUAN 6.4694  /shanghai bourse CLOSED UP 31.97 PTS OR 0.90% 

 

HANG SANG CLOSED DOWN 87.86 PTS OR 0.36% 

 

2. Nikkei closed DOWN 91.63 PTS OR 0.31%  

 

3. Europe stocks  ALL MIXED

 

USA dollar INDEX UP TO  94.41/Euro FALLS TO 1.1581

3b Japan 10 YR bond yield: RISES TO. +.070/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.99/ 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 ABOVE 17,000

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

3e WTI:: 74.26 and Brent: 77.19

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

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 RISES TO -.206%/Italian 10 Yr bond yield RISES to 0.82% /SPAIN 10 YR BOND YIELD UP TO 0.44%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.03: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.83

3k Gold at $1726.60 silver at: 21.59   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 5/100 in roubles/dollar) 72.82

3m oil into the 74 dollar handle for WTI and  77 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 111.99 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning .9351 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0830 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 RISING to 0.206%

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 1.530% early this morning. Thirty year rate at 2.067%

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

6.  TURKISH LIRA:  UP  TO 8.90..  VERY DEADLY

Futures Fade Rally With Congress Set To Avert Government Shutdown

 
THURSDAY, SEP 30, 2021 – 07:49 AM

US equity futures faded an overnight rally on the last day of September as lingering global-growth risks underscored by China’s official manufacturing PMI contracted for the first time since Feb 2020 as widely expected offset a debt-ceiling deal in Washington and central-bank assurances about transitory inflation. The deal to extend government funding removes one uncertainty from the minds of investors, amid China risks and concerns over Federal Reserve tapering. Comments from Fed Chair Powell and ECB head Christine Lagarde about inflation being transitory rather than permanent also helped sentiment, even if nobody actually believes them any more.In China, authorities told bankers to help local governments support the property market and homebuyers, signaling concern at the economic fallout from the debt crisis at China Evergrande

As of 7:15am ET, S&P futures were up 18 points ot 0.44%, trimming an earlier gain of 0.9%. Dow eminis were up 135 or 0.4% and Nasdaq futs rose 0.43%. 10Y TSY yields were higher, rising as high as 1.54% and last seen at 1.5289%; the US Dollar erased earlier losses and was unchanged.

All the three major indexes are set for a monthly drop, with the benchmark S&P 500 on track to break its seven-month winning streak as worries about persistent inflation, the fallout from China Evergrande’s potential default and political wrangling over the debt ceiling rattled sentiment. The index was, however, on course to mark its sixth straight quarterly gain, albeit its smallest, since March 2020’s drop. The rate-sensitive FAANG stocks have lost about $415 billion in value this month after the Federal Reserve’s hawkish shift on monetary policy sparked a rally in Treasury yields and prompted investors to move into energy, banks and small-cap sectors that stand to benefit the most from an economic revival.

Among individual stocks, oil-and-gas companies APA Corp. and Devon Energy Corp. led premarket gains among S&P 500 members. Virgin Galactic shares surged 9.7% in premarket trading after the U.S. aviation regulator gave the company a green-light to resume flights to the brink of space. Perrigo climbed 14% after reporting a settlement in a tax dispute with Ireland.  U.S.-listed Macau casino operators may get a boost Thursday after Macau Chief Executive Ho Iat Seng said the region will strive to resume quarantine-free travel to Zhuhai by Oct. 1, the start of the Golden Week holiday, if the Covid-19 situation in Macau is stable. Here are some of the other biggest U.S. movers today:

  • Retail investor favorites Farmmi (FAMI US) and Camber Energy (CEI US) both rise in U.S. premarket trading, continuing their strong recent runs on high volumes
  • Virgin Galactic (SPCE US) shares rise 8.9% in U.S. premarket trading after the U.S. aviation regulator gave co. a green-light to resume flights to the brink of space
  • Perrigo (PRGO US) rises 15% in U.S. premarket trading after reporting a settlement in a tax dispute with Ireland. The stock was raised to buy from hold at Jefferies over the “very favorable” resolution
  • Landec (LNDC US) shares fell 17% in Wednesday postmarket trading after fiscal 1Q revenue and adjusted loss per share miss consensus estimates
  • Affimed (AFMD US) rises 4.3% in Wednesday postmarket trading after Stifel analyst Bradley Canino initiates at a buy with a $12 price target, implying the stock may more than double over the next year
  • Herman Miller (MLHR US) up ~2.8% in Wednesday postmarket trading after the office furnishings maker posts fiscal 1Q net sales that beat the consensus estimate
  • Orion Group Holdings (ORN US) shares surged as much as 43% in Wednesday extended trading after the company disclosed two contract awards for its Marine segment totaling nearly $200m
  • Kaival Brands (KAVL US) fell 18% Wednesday postmarket after offering shares, warrants via Maxim

An agreement among U.S. lawmakers to extend government funding removes one uncertainty from a litany of risks investors are contenting with, ranging from China’s growth slowdown to Federal Reserve tapering.

“Republicans and Democrats showed some compromise by averting a government shutdown,” Sebastien Galy, a senior macro strategist at Nordea Investment Funds. “By removing what felt like a significant risk for a retail audience, it helps sentiment in the equity market.”

Still, president Joe Biden’s agenda remains at risk of being derailed by divisions among his own Democrats, as moderates voiced anger on Wednesday at the idea of delaying a $1 trillion infrastructure bill ahead of a critical vote to avert a government shutdown.

The big overnight economic news came from China whose September NBS manufacturing PMI fell to 49.6 from 50.1 in August, the first contraction since Feb 2020, likely due to the production cuts caused by energy constraints. Both the output sub-index and the new orders sub-index in the NBS manufacturing PMI survey decreased in September. The NBS non-manufacturing PMI rebounded to 53.2 in September from 47.5 in August on a recovery of services activities as COVID restrictions eased. However, the numbers may not capture full impact of energy restrictions as the NBS survey was taken around 22nd-25th of the month: expect far worse number in the months ahead unless China manages to contain its energy crisis.

Europe’s Stoxx 600 Index advanced 0.3%, trimming a monthly loss but fading an earlier gain of 0.9%, led by gains in basic resources companies as iron ore climbed, with the CAC and FTSE 100 outperforming at the margin. Technology stocks, battered earlier this week, also extended their rebound.  Miners, oil & gas and media are the strongest sectors; utility and industrial names lag. European natural gas and power markets hit fresh record highs as supply constraints persist. Perrigo jumped 13.8% after the drugmaker agreed to settle with Irish tax authorities over a 2018 issue by paying $1.90 billion in taxes

Asian stocks were poised to cap their first quarterly loss since March 2020 as Chinese technology names fell and as investors remained wary over a recent rise in U.S. Treasury yields.  The MSCI Asia Pacific Index is set to end the September quarter with a loss of more than 5%, snapping a winning streak of five straight quarters. A combination of higher yields, Beijing’s corporate crackdown and worry over slowing economic growth in Asia’s biggest economy have hurt sentiment, bringing the market down following a brief rally in late August.  The Asian benchmark rose less than 0.1% after posting its worst single-day drop in six weeks on Wednesday. Consumer discretionary and communication services groups fell, while financials advanced. The Hang Seng Tech Index ended 1.3% lower as Beijing announced new curbs on the sector, while higher yields hurt sentiment toward growth stocks. 

“Because there’s growing worry over U.S. inflation, we need to keep an eye on the potential risks, globally,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. “Also, there’s the Evergrande issue. The market is in a wait-and-see mode now, with a focus on whether the group will be able to make future interest rate payments.”  Benchmarks in Thailand and Malaysia were the biggest losers, while Indonesia and Australia outperformed. Japan’s Topix and the Nikkei 225 Stock Average slipped for a fourth day as investors weighed Fumio Kishida’s election victory as the new ruling party leader.

Global stocks are poised to end the quarter with a small loss, after a five-quarter rally, as investors braced for the Fed to wind down its stimulus. They also remain concerned about slowing growth and elevated inflation, supply-chain bottlenecks, an energy crunch and regulatory risks emanating from China. A majority of participants in a Citigroup survey said a 20% pullback in stocks is more likely than a 20% rally.

A gauge of the dollar’s strength headed for its first drop in five days as Treasury yields steadied after a recent rise, and amid quarter-end flows. The Bloomberg Dollar Spot Index fell as the dollar steady or weaker against most of its Group-of-10 peers. The euro hovered around $1.16 and the pound was steady while Gilts inched lower, underperforming Bunds and Treasuries. Money markets now see around 65 basis points of tightening by the BOE’s December 2022 meeting, according to sterling overnight index swaps. That means they’re betting the key rate will rise to 0.75% next year from 0.1% currently. The Australian dollar led gains after it rose off its lowest level since August 23 amid exporter month-end demand and as iron ore buyers locked in purchases ahead of a week-long holiday in China. Norway’s krone was the worst G-10 performer and slipped a fifth day versus the dollar, its longest loosing streak in a year.

In commodities, oil surrendered gains, still heading for a monthly gain amid tighter supplies. West Texas Intermediate futures briefly recaptured the level above $75 per barrel, before trading at $74.71. APA and Devon rose at least 1.8% in early New York trading. European gas prices meanwhile hit a new all time high.

 

Looking at the day ahead, one of the highlights will be Fed Chair Powell’s appearance at the House Financial Services Committee, alongside Treasury Secretary Yellen. Other central bank speakers include the Fed’s Williams, Bostic, Harker, Evans, Bullard and Daly, as well as the ECB’s Centeno, Visco and Hernandez de Cos. On the data side, today’s highlights include German, French and Italian CPI for September, while in the US there’s the weekly initial jobless claims, the third estimate of Q2 GDP and the MNI Chicago PMI for September.

Market Snapshot

  • S&P 500 futures up 0.7% to 4,379.00
  • STOXX Europe 600 up 0.6% to 457.59
  • MXAP little changed at 196.85
  • MXAPJ up 0.3% to 635.71
  • Nikkei down 0.3% to 29,452.66
  • Topix down 0.4% to 2,030.16
  • Hang Seng Index down 0.4% to 24,575.64
  • Shanghai Composite up 0.9% to 3,568.17
  • Sensex down 0.3% to 59,239.76
  • Australia S&P/ASX 200 up 1.9% to 7,332.16
  • Kospi up 0.3% to 3,068.82
  • Brent Futures up 0.4% to $78.98/bbl
  • Gold spot up 0.4% to $1,732.86
  • U.S. Dollar Index little changed at 94.27
  • German 10Y yield fell 0.5 bps to -0.212%
  • Euro little changed at $1.1607

Top Overnight News from Bloomberg

  • U.K. gross domestic product rose 5.5% in the second quarter instead of the 4.8% earlier estimated, official figures published Thursday show. The data, which reflected the reopening of stores and the hospitality industry, mean the economy was still 3.3% smaller than it was before the pandemic struck.
  • China has urged financial institutions to help local governments stabilize the rapidly cooling housing market and ease mortgages for some home buyers, another signal that authorities are worried about fallout from the debt crisis at China Evergrande Group.
  • The U.S. currency’s surge is helping the Chinese yuan record its largest gain in eight months on a trade-weighted basis in September. It adds to headwinds for the world’s second- largest economy already slowing due to a resurgence in Covid cases, a power crisis and regulatory curbs.
  • The Swiss National Bank bought foreign exchange worth 5.44 billion francs ($5.8 billion) in the second quarter, part of its long-running policy to alleviate appreciation pressure on the franc
  •  
  • A few members of the Riksbank’s executive board discussed a rate path that could indicate a rate rise at the end of the forecast period, Sweden’s central bank says in minutes from its Sept. 20 meeting
  • French inflation accelerated in September as households in the euro area’s second-largest economy faced a jump in the costs of energy and services.

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks traded somewhat varied with the region indecisive at quarter-end and as participants digested a slew of data releases including mixed Chinese PMI figures. ASX 200 (+1.7%) was underpinned by broad strength across its industries including the top-weighted financials sector and with the large cap miners lifted as iron ore futures surge by double-digit percentages, while the surprise expansion in Building Approvals also helped markets overlook the 51% spike in daily new infections for Victoria state. Nikkei 225 (+0.1%) was subdued for most of the session after disappointing Industrial Production and Retail Sales data which prompted the government to cut its assessment of industrial output which it stated was stalling. The government also warned that factory output could decline for a third consecutive month in September and that October has large downside risk due to uncertainty from auto manufacturing cuts. However, Nikkei 225 then recovered with the index marginally supported by currency flows. Hang Seng (-1.0%) and Shanghai Comp. (+0.4%) diverged heading into the National Day holidays and week-long closure for the mainland with tech names in Hong Kong pressured by ongoing regulatory concerns as China is to tighten regulation of algorithms related to internet information services. Nonetheless, mainland bourses were kept afloat after a further liquidity injection by the PBoC ahead of the Golden Week celebrations and as markets took the latest PMI figures in their strides whereby the official headline Manufacturing PMI disappointed to print its first contraction since February 2020, although Non-Manufacturing PMI and Composite PMI returned to expansionary territory and Caixin Manufacturing PMI topped estimates to print at the 50-benchmark level.

Top Asian News

  • S&P Points to Progress as Bondholders Wait: Evergrande Update
  • Bank Linked to Kazakh Leader Buys Kcell Stake After Share Slump
  • Goldman Sachs Names Andy Tai Head of IBD Southeast Asia: Memo
  • What Japan’s Middle-of-the-Road New Leader Means for Markets

The upside momentum seen across US and European equity futures overnight stalled, with European cash also drifting from the best seen at the open (Euro Stoxx 50 +0.1%; Stoxx 600 +0.4%). This follows somewhat mixed APAC handover, and as newsflow remains light on month and quarter-end. US equity futures are firmer across the board, but again off best levels, although the RTY (+0.8%) outperforms the ES (+0.4%), YM (+0.4%) and NQ (+0.5%). Back to Europe, the periphery lags vs core markets, whilst the DAX 40 (-0.3%) underperforms within the core market. Sectors in Europe are mostly in the green but do not portray a particular risk bias. Basic Resources top the chart with aid from overnight action in some base metals, particularly iron, in turn aiding the large iron miners BHP (+2.2%), Rio Tinto (+3.4%) and Anglo American (+2.9%). The bottom of the sectors meanwhile consists of Travel & Leisure, Autos & Parts and Industrial Goods & Services, with the former potentially feeling some headwinds from China’s travel restrictions during its upcoming National Day holiday. In terms of M&A, French press reported that CAC-listed Carrefour (-1.3%) is reportedly looking at options for sector consolidation, and talks are said to have taken place with the chain stores Auchan, with peer Casino (Unch) also initially seeing a leg higher in sympathy amid the prospect of sector consolidation. That being said, Carrefour has now reversed its earlier upside with no particular catalyst for the reversal. It is, however, worth keeping in mind that regulatory/competition hurdles cannot be ruled out – as a reminder, earlier this year, France blocked the takeover of Carrefour by Canada’s Alimentation Couche-Tard. In the case of a successful deal, Carrefour will likely be the acquirer as the largest supermarket in France. Sticking with M&A, Eutelsat (+14%) was bolstered at the open amid source reports that French billionaire Patrick Drahi is said to have made an unsolicited takeover offer of EUR 12.10/shr for Eutelsat (vs EUR 10.35 close on Wednesday), whilst the FT reported that this offer was rejected.

Top European News

  • European Banks Dangle $26 Billion in Payouts as ECB Cap Ends
  • U.K. Economy Emerged From Lockdown Stronger Than Expected
  • In a First, Uber Joins Drivers in Strike Against Brussels Rules
  • EU, U.S. Seek to Avert Chip-Subsidy Race, Float Supply Links

In FX, The non-US Dollars are taking advantage of the Greenback’s loss of momentum, and the Aussie in particular given an unexpected boost from building approvals completely confounding expectations for a fall, while a spike in iron ore prices overnight provided additional incentive amidst somewhat mixed external impulses via Chinese PMIs. Hence, Aud/Usd is leading the chasing pack and back up around 0.7200, Usd/Cad is retreating through 1.2750 and away from decent option expiry interest at 1.2755 and between 1.2750-40 (in 1.3 bn and 1 bn respectively) with some assistance from the latest bounce in crude benchmarks and Nzd/Usd is still trying to tag along, but capped into 0.6900 as the Aud/Nzd cross continues to grind higher and hamper the Kiwi.

  • DXY/GBP/JPY/EUR/CHF – It’s far too early to call time on the Buck’s impressive rally and revival from recent lows, but it has stalled following a midweek extension that propelled the index to the brink of 94.500, at 94.435. The DXY subsequently slipped back to 94.233 and is now meandering around 94.300 having topped out at 94.401 awaiting residual rebalancing flows for the final day of September, Q3 and the half fy that Citi is still classifying as Dollar positive, albeit with tweaks to sd hedges for certain Usd/major pairings. Also ahead, the last US data and survey releases for the month including final Q2 GDP, IJC and Chicago PMI before another raft of Fed speakers. Meanwhile, Sterling has gleaned some much needed support from upward revisions to Q2 UK GDP, a much narrower than forecast current account deficit and upbeat Lloyds business barometer rather than sub-consensus Nationwide house prices to bounce from the low 1.3600 area vs the Greenback and unwind more of its underperformance against the Euro within a 0.8643-12 range. However, the latter is keeping tabs on 1.1600 vs its US peer in wake of firmer German state CPI prints and with the aforementioned Citi model flagging a sub-1 standard deviation for Eur/Usd in contrast to Usd/Jpy that has been elevated to 1.85 from a prelim 1.12. Nevertheless, the Yen is deriving some traction from the calmer yield backdrop rather than disappointing Japanese data in the form of ip and retail sales to contain losses under 112.00, and the Franc is trying to do the same around 0.9350.
  • SCANDI/EM – The tables have been turning and fortunes changing for the Nok and Sek, but the former has now given up all and more its post-Norges Bank hike gains and more as Brent consolidates beneath Usd 80/brl and the foreign currency purchases have been set at the same level for October as the current month. Conversely, the latter has taken heed of a hawkish hue to the latest set of Riksbank minutes and the fact that a few Board members discussed a rate path that could indicate a rise at the end of the forecast period. Elsewhere, the Zar looks underpinned by marginally firmer than anticipated SA ppi and private sector credit, while the Mxn is treading cautiously ahead of Banxico and a widely touted 25 bp hike.

In commodities, WTI and Brent futures are choppy but trade with modest gains heading into the US open and in the run-up to Monday’s OPEC+ meeting. The European session thus far has been quiet from a news flow standpoint, but the contracts saw some fleeting upside after breaking above overnight ranges, albeit the momentum did not last long. Eyes turn to OPEC+ commentary heading into the meeting, which is expected to be another smooth affair, according to Argus sources. As a reminder, the group is expected to stick to its plan to raise output by 400k BPD despite outside pressure to further open the taps in a bid to control prices. Elsewhere, as a mild proxy for Chinese demand, China’s Sinopec noted that all LNG receiving terminals are to be operated at full capacity. WTI trades on either side of USD 75/bbl (vs low USD 74.54/bbl), while its Brent counterpart remains north of USD 78/bbl (vs low USD 77.66/bbl). Turning to metals, spot gold and silver continue to consolidate after yesterday’s Dollar induced losses, with the former finding some support around the USD 1,725/oz mark and the latter establishing a floor around USD 21.50/oz. Over to base metals, Dalian iron ore futures rose to three-week highs amid pre-holiday Chinese demand and after Fortescue Metals Group halted mining operations at a Pilbara project. Conversely, LME copper is on a softer footing as the Buck holds onto recent gains.

US Event Calendar

  • 8:30am: 2Q PCE Core QoQ, est. 6.1%, prior 6.1%
  • 8:30am: 2Q GDP Price Index, est. 6.1%, prior 6.1%
  • 8:30am: 2Q Personal Consumption, est. 11.9%, prior 11.9%
  • 8:30am: Sept. Continuing Claims, est. 2.79m, prior 2.85m
  • 8:30am: 2Q GDP Annualized QoQ, est. 6.6%, prior 6.6%
  • 8:30am: Sept. Initial Jobless Claims, est. 330,000, prior 351,000
  • 9:45am: Sept. MNI Chicago PMI, est. 65.0, prior 66.8

Central Bank speakers

  • 10am: Fed’s Williams Discusses the Fed’s Pandemic Response
  • 10am: Powell and Yellen Appear Before House Finance Panel
  • 11am: Fed’s Bostic Discusses Economic Mobility
  • 11:30am: Fed’s Harker Discusses Sustainable Assets and Financial…
  • 12:30pm: Fed’s Evans Discusses Economic Outlook
  • 1:05pm: Fed’s Bullard Makes Opening Remarks at Book Launch
  • 2:30pm: Fed’s Daly Speaks at Women and Leadership Event

Government Calendar

  • 10am ET: Treasury Secretary Yellen, Fed Chair Powell appear at a House Financial Services Committee hearing on the Treasury, Fed’s pandemic response
  • 10:30am ET: Senate begins voting process for continuing resolution that extends U.S. government funding to December 3
  • 10:30am ET: Senate Commerce subcommittee holds hearing on Facebook, Instagram’s influence on kids with Antigone Davis, Director, Global Head of Safety, Facebook
  • 10:45am ET: House Speaker Nancy Pelosi holds weekly press briefing

DB’s Jim Reid concludes the overnight wrap

I’ll be getting my stitches out of my knee today and will have a chance to grill the surgeon who I think told me I’ll probably soon need a knee replacement. I say think as it was all a bit of a medicated blur post the operation 2 weeks ago. These have been a painfully slow 2 weeks of no weight bearing with another 4 to go and perhaps all to no avail. As you can imagine I’ve done no housework, can’t fend much for myself, or been able to control the kids much over this period. I’m not sure if having bad knees are grounds for divorce but I’m going to further put it to the test over the next month. In sickness and in health I plea.

Like me, markets are hobbling into the end of Q3 today even if they’ve seen some signs of stabilising over the last 24 hours following their latest selloff, with equities bouncing back a bit and sovereign bond yields taking a breather from their recent relentless climb. It did feel that we hit yield levels on Tuesday that started to hurt risk enough that some flight to quality money recycled back into bonds. So the next leg higher in yields (which I think will happen) might be met with more risk off resistance, and counter rallies.

The latest moves came amidst relatively dovish and supportive comments from central bank governors at the ECB’s forum yesterday, but sentiment was dampened somewhat as uncertainty abounds over a potential US government shutdown and breaching of the debt ceiling, after both houses of Congress could not agree on a plan to extend government funding. Overnight, there have been signs of progress on the shutdown question, with Majority Leader Schumer saying that senators had reached agreement on a stopgap funding measure that will fund the government through December 3, with the Senate set to vote on the measure this morning.However, we’re still no closer to resolving the debt ceiling issue (where the latest estimates from the Treasury Department point to October 18 as the deadline), and tensions within the Democratic party between moderates and progressives are threatening to sink both the $550bn bipartisan infrastructure bill and the $3.5tn reconciliation package, which together contain much of President Biden’s economic agenda.

We could see some developments on that soon however, as Speaker Pelosi said yesterday that the House was set to vote on the infrastructure bill today. Assuming the vote goes ahead later, this will be very interesting since a number of progressive Democrats have said that they don’t want to pass the infrastructure bill without the reconciliation bill (which contains the administration’s other priorities on social programs). This is because they fear that with the infrastructure bill passed (which moderates are keen on), the moderates could then scale back the spending in the reconciliation bill, and by holding out on passing the infrastructure bill, this gives them leverage on reconciliation. House Speaker Pelosi and Majority Leader Schumer were in the Oval Office with President Biden yesterday, and a White House statement said that Biden spoke on the phone with lawmakers and engagement would continue into today. So an important day for Biden’s agenda.

Against this backdrop, risk assets made a tentative recovery yesterday, with the S&P 500 up +0.16% and Europe’s STOXX 600 up +0.59%. However, unless we get a big surge in either index today, both indices remain on track for their worst monthly performances so far this year, even if they’re still in positive territory for Q3 as a whole. Looking elsewhere, tech stocks had appeared set to pare back some of the previous day’s losses, but a late fade left the NASDAQ down -0.24% and the FANG+ index down a greater -0.72%. Much of the tech weakness was driven by falling semiconductor shares (-1.53%), as producers have offered investors poor revenue guidance on the heels of the ongoing supply chain issues that are driving chip shortages globally. Outside of tech, US equities broadly did better yesterday with 17 of 24 industry groups gaining, led by utilities (+1.30%), biotech (+1.05%) and food & beverages (+1.00%). Similarly, while they initially staged a recovery, small caps in the Russell 2000 (-0.20%) continued to struggle.

One asset that remained on trend was the US dollar. The greenback continued its climb yesterday, with the dollar index increasing +0.61% to close at its highest level in over a year, exceeding its closing high from last November.

Over in sovereign bond markets, the partial rebound saw yields on 10yr Treasuries down -2.1bps at 1.517%, marking their first move lower in a week. And there was much the same pattern in Europe as well, where yields on 10yr bunds (-1.4bps), OATs (-1.3bps) and BTPs (-3.1bps) all moved lower as well. One continued underperformer were UK gilts (+0.3bps), and yesterday we saw the spread between 10yr gilt and bund yields widen to its biggest gap in over 2 years, at 120bps.

Staying on the UK, the pound (-0.81%) continued to slump yesterday, hitting its lowest level against the dollar since last December, which comes as the country has continued to face major issues over its energy supply. Yesterday actually saw natural gas prices take another leg higher in both the UK (+10.09%) and Europe (+10.24%), and the UK regulator said that three smaller suppliers (who supply fewer than 1% of domestic customers between them) had gone out of business. This energy/inflation/BoE conundrum is confusing the life out of Sterling 10 year breakevens. They rose +18bps from Monday morning to Tuesday lunchtime but then entirely reversed the move into last night’s close. This is an exaggerated version of how the world’s financial markets are puzzling over whether breakevens should go up because of energy or go down because of the demand destruction and central bank response.

Central bankers were in no mood to panic yesterday though as we saw Fed Chair Powell, ECB President Lagarde, BoE Governor Bailey and BoJ Governor Kuroda all appear on a policy panel at the ECB’s forum on central banking. There was much to discuss but the central bank heads all maintained that this current inflation spike will relent with Powell saying that it was “really a consequence of supply constraints meeting very strong demand, and that is all associated with the reopening of the economy — which is a process that will have a beginning, a middle and an end.” ECB President Lagarde shared that sentiment, adding that “we certainly have no reason to believe that these price increases that we are seeing now will not be largely transitory going forward.”

Overnight in Asia, equities have seen a mixed performance, with the Nikkei (-0.40%), and the Hang Seng (-1.08%) both losing ground, whereas the Kospi (+0.41%) and the Shanghai Composite (+0.30%) have posted gains. The moves came amidst weak September PMI data from China, which showed the manufacturing PMI fall to 49.6 (vs. 50.0 expected), marking its lowest level since the height of the Covid crisis in February 2020. The non-manufacturing PMI held up better however, at a stronger 53.2 (vs. 49.8 expected), although new orders were beneath 50 for a 4th consecutive month. Elsewhere, futures on the S&P 500 (+0.50%) and those on European indices are pointing to a higher start later on, as markets continue to stabilise after their slump earlier in the week.

Staying on Asia, shortly after we went to press yesterday, former Japanese foreign minister Fumio Kishida was elected as leader of the governing Liberal Democratic Party, and is set to become the country’s next Prime Minister. The Japanese Diet will hold a vote on Monday to elect Kishida as the new PM, after which he’ll announce a new cabinet, and attention will very soon turn to the upcoming general election, which is due to take place by the end of November. Our Chief Japan economist has written more on Kishida’s victory and his economic policy (link here), but he notes that on fiscal policy, Kishida’s plans to redistribute income echo the shift towards a greater role for government in the US and elsewhere.

There wasn’t a massive amount of data yesterday, though Spain’s CPI reading for September rose to an above-expected +4.0% (vs. 3.5% expected), so it will be interesting to see if something similar happens with today’s releases from Germany, France and Italy, ahead of the Euro Area release tomorrow. Otherwise, UK mortgage approvals came in at 74.5k in August (vs. 73.0k expected), and the European Commission’s economic sentiment indicator for the Euro Area rose to 117.8 in September (vs. 117.0 expected).

To the day ahead now, and one of the highlights will be Fed Chair Powell’s appearance at the House Financial Services Committee, alongside Treasury Secretary Yellen. Other central bank speakers include the Fed’s Williams, Bostic, Harker, Evans, Bullard and Daly, as well as the ECB’s Centeno, Visco and Hernandez de Cos. On the data side, today’s highlights include German, French and Italian CPI for September, while in the US there’s the weekly initial jobless claims, the third estimate of Q2 GDP and the MNI Chicago PMI for September.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/WEDNESDAY  NIGHT: 

SHANGHAI CLOSED UP 31.87 PTS OR 0.90%   //Hang Sang CLOSED DOWN 87.86 PTS OR 0.36%/The Nikkei closed DOWN 91.63 PTS OR 0.31%    //Australia’s all ordinaires CLOSED DOWN 1/07%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4645  /Oil UP TO 74.26 dollars per barrel for WTI and UP TO 77.19 for Brent. Stocks in Europe OPENED ALL MIXED   /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4645. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4695/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

 

3 a./NORTH KOREA/ SOUTH KOREA

/NORTH KOREA//SOUTH KOREA

 
end

b) REPORT ON JAPAN

JAPAN

Kishida set to become next Japanese Prime Minister

(zerohedge)

Fumio Kishida Set To Become Next Japanese PM After Surprise Win In LDP Leadership Contest

 
WEDNESDAY, SEP 29, 2021 – 07:02 AM

In what the NYT described as “a triumph of elite power brokers over public sentiment”, Japan’s governing Liberal Democratic Party on Wednesday elected Fumio Kishida, a former foreign minister and heir of a prominent political family, as its choice to succeed Yoshihide Suga as prime minister of Japan. His victory has alternatively been described as an “upset”, while he has also been described as the “continuity candidate” given his close ties to the party leadership.

Kishida triumphed over his top rival, Taro Kono, a former defense and foreign minister, in a runoff vote for party leader that was dominated by conservative LDP insiders, who dominate in the lower house of Japan’s Diet, the country’s bicameral legislature. In a runoff vote, party legislators voted overwhelmingly for Kishida, who triumphed 257 to 170, installing him as party leader. He will be officially installed as prime minister via parliamentary vote on Monday, but thanks to his party’s control of the Diet, his victory is virtually assured.

For Kishida, the victory represents a major comeback from his crushing loss to PM Yoshihide Suga during last year’s LDP leadership battle. But the 64-year-old’s victory represents defeat for a “new generation” of Japanese politicians who had hoped to take control of the party. Unfortunately for them, Kishida’s victory was secured by the same factional politics that have dominated in Japan for decades. The race included two female candidates,

According to the NYT, neither the party’s rank and file nor the general Japanese public have shown much love for Kishida, Kono, who maintains a high-profile social media presence and is more well known for his flashy “maverick” persona, was clearly the more popular pick. But this aspect of his personality apparently soured his standing with party insiders, who apparently favored a return to a more staid personality in the country’s leader, in keeping with the LDP’s post-war tradition.

That could be problematic for Kishida, who now has the responsibility of leading his party through a general election that must be held before the end of November.

By choosing the “safe” candidate, party leaders telegraphed that they believe the LDP has more than enough support to win during the upcoming vote, despite the ructions of the past year, which saw former PM Suga – who ruled for barely a year after taking over for the long-serving Shinzo Abe, who left office due to health problems – spoil his reputation and his popularity due to the surge in COVID cases the coincided with the Tokyo Olympics, which were seen as an abysmal failure by the public.

Polls show the LDP, which has ruled Japan for most of the last 66 years, will triumph once again, in part because COVID has finally receded and the country’s state of emergency is coming to an end. PM Suga decided not to seek re-election to the LDP leadership after his popularity plummeted largely due to the COVID outbreak that swept Japan this year. He served only one year in office, which provoked anxieties about a return to the revolving-door days that preceded Shinzo Abe’s victory in 2012.

Wednesday’s leadership vote was the most hotly contested in years. Traditionally, party leadership coalesces around a candidate early. But this time, it wasn’t clear who would prevail until the final runoff votes were counted.

In terms of his politics, Kishida is seen as a “China hawk” who has called for strengthening of Japan’s missile defense system in the face of Beijing’s growing military might, about which he has expressed “deep alarm”.

During the campaign, Kishida said Japan needed to consider building up missile-strike capability against potential foes, including China and North Korea. While Japan is constitutionally forbidden from attacking first, it does have the right to strike enemy missile bases if they had been used in an initial strike, per WSJ.

“The other side’s technology is advancing every day,” he said in an interview with WSJ.

He has also recently become more of an economic populist, calling for left-leaning economic policies that would help take pressure off poorer Japanese after the pandemic helped expand wealth inequality. This would mark a shift away from the “neoliberal” approach that has formed the core of LDP ideology for nearly two decades, according to Nikkei.

“The international community is changing dramatically with authoritarian state systems gaining more power. I have a strong sense of crisis toward this,” Kishida told Nikkei. He has also emphasized the need for the capability to strike enemy missile bases to prevent to any imminent attack.

He has already proposed an economic stimulus package worth “tens of trillions of yen”, a new twist on the LDP’s generally pro-business stance.

“Inequality has expanded further because of the coronavirus,” Kishida told Nikkei in an interview earlier this month. “At companies, should shareholders take all the fruits of their growth? As proponents of stakeholder capitalism argue, they need to be distributed appropriately.” he said, adding “raising worker incomes and compensation” should be a top priority.

Of course, the incoming PM’s most important policy issue will be the battle against the COVID pandemic. Kishida has said he hopes to provide enough vaccines to fully inoculate those who want to be vaccinated by the end of November, while promoting the spread of oral coronavirus drugs – something Pfizer is also scrambling to do – by the end of the year.

Still, domestic analysts say that despite slight differences in ideology, Kishida is a member of the LDP’s base, just like his father and grandfather, who were also politicians, and as such, the “status quo” will likely remain firmly intact.

“The birth of a ‘status quo’ leader shows how the LDP lacks the urgency to change,” said Ritsumeikan’s Kamikubo. “The real focus here is how he forms a cabinet and who he appoints to which role.”

“Bringing diversity into his cabinet will be key to winning the upcoming general election,” Kamikubo added.

As far as markets are concerned, the next biggest focus for the JGB market (or what’s left of it, anyway) is who becomes finance minister. Right now, the risk of hawkish Sanae Takaichi getting the post could weigh on JGB prices, says Takenobu Nakashima, chief rates strategist at Nomura Securities in Tokyo. That wariness could linger through Oct. 4, when the new cabinet is expected to be formed.

Japanese stocks tumbled on Wednesday following news of Kishida’s victory even as few analysts expect Kishida to veer significantly from the Abenomics program.

 
 
 

3 C CHINA

CHINA/

When is the last time you saw this:  latest manufacturing China pMI contracts and will no doubt lead to stagflation

(zerohedge)

Latest PMI Data Confirms China “Entering Period Of Stagflation”

 
THURSDAY, SEP 30, 2021 – 11:08 AM

Just days after Goldman slashed its Q3 GDP estimate for China to 0%, predicting no growth in the world’s second largest economy, overnight Beijing confirmed that the Chinese economy has indeed stalled, with the September Mfg PMI contracting in September for the first time since the COVID-19 outbreak, even as the non-Mfg PMI rebounded after the end of the recent Delta outbreak.

Commenting on the contraction in mfg PMI, Goldman attributed it to the production cuts caused by energy constraints with both the output sub-index and the new orders sub-index in the NBS manufacturing PMI survey decreasing in September. However, Goldman warned that the numbers may not capture full impact of energy restrictions as the NBS survey was taken around 22nd-25th of the month.

Key highlights:

  • Mfg PMI contracted in September for the first time since the COVID-19 outbreak on the back of weaker production. The headline reading declined by -0.5pp from August to 49.6, overriding the seasonality, weaker than market expectations of 50. PMI dropped by -1.5pp to 49.7 for medium sized firms and by -0.7pp to 47.5 for small ones but edged up 0.1pp to 50.4 for large enterprises. NBS indicated the industry divergence remained significant in September – the production and new order indexes of high energy intensity industries fell below 45.0, likely due to the production cuts caused by energy constraints, while the production and new order indexes of high-tech manufacturing were above 54.0, suggesting continued expansion.
    • Production declined by a significant -1.4pp to 49.5. The abrupt power cuts and the “dual energy control” already started to show the impact.
    • New orders lost -0.3pp to 49.3, with new export orders down by -0.5pp to the 15-month low at 46.2. Imports pulled back by a larger -1.5pp to 46.8. Both domestic and external demand seemed to have weakened further.
    • Purchasing price and producer price indices rose by 2.2pp to 63.5 and by 3pp to 56.4, respectively. The energy outages and supply disruptions kept up industrial prices.
    • Finished goods inventory slid -0.5pp to 47.2 as production waned, while raw materials inventory climbed 0.5pp to 48.2.
    • Mfg employment dropped by -0.6pp to 49, showing a deterioration of the labor market condition.
    • The new export order sub-index fell to 46.2 in September vs. 46.7 in August, and the import sub-index fell to 46.8 in September (vs. 48.3 in August).
  • Non-Mfg PMI rebounded after the end of the earlier Delta outbreak. Following a -7.3pp slump in August, it recovered 5.7pp to 53.2, way above market consensus at 49.8. All sub-indices improved, with new business up 6.8pp to 49 and employment up 0.8pp to 47.8. Sector-wise, PMI almost returned to the pre-Delta level, up 7.2pp to 52.4, for services. In contrast, PMI printed -3ppt lower at 57.5 for construction, likely due to the property slowdown.

Yet as the manufacturing economy contracted, price indicators in the NBS manufacturing survey suggest inflationary pressures escalated somewhat with the input cost sub-index rising to 63.5 (vs. 61.3 in August), and the output prices sub-index also jumped to 56.4 (vs. 53.4 in August). NBS mentioned the input cost sub-indexes of petroleum, coal and other fuels, chemical materials and products, and smelting and pressing of ferrous metal were above 69.0 in September, suggesting a sharp rise of input costs. The output prices sub-index of smelting and pressing of ferrous metal was above 70.0 in September. By enterprise size, PMI of large enterprises edged up to 50.4 (vs. 50.3 in August), while PMI of medium and small enterprise fell to 49.7 and 47.5, respectively, (vs. 51.2 and 48.2 in August).

It’s also notable that the construction PMI fell in September to 57.5 (vs. 60.5 in August). NBS mentioned the employment and business expectation sub-indexes of construction rose to 52.6 and 60.1 in September (vs. 50.6 and 58.4 in August), suggesting improved labor market conditions and confidence in the construction sector. Expect much more weakness as the fallout from the Evergrande saga affects a bigger share of the property market.

Looking at the latest data, Citi’s China economists conclude that “China seems to be entering into at least a short period of “stagflation” adding that when the “supply constraints are largely binding, it is not appealing to forcefully boost (investment) demand via broad-based stimulus for now. Instead, we see more targeted policy efforts in the near term.”

Some more details from Citi:

  • We recently trimmed our growth forecasts to 4.9% for 21Q3 and 4.5% for 21Q4 and downgraded the full-year projection to 4.9% for 2022 on the Evergrande spillover. Rising production cuts for the power outages and/or the “dual control” post a downside risk ~0.5ppt to our Q4 projection.
  • While relief measures are possible, we see no quick fix to the power shortages throughout the winter. The need to ensure blue skies for Beijing’s Winter Olympics would constitute an extra reason for the government to limit  the production of raw materials in northern China.
  • In the meantime, the supply disruptions in the peak season should outweigh the demand weakness induced by the property down-cycle, backing energy and industrial prices. We expect PPI inflation to stay >9% toward the year-end.
  • With CPI muted on the sluggish consumption catch-up, the deep PPI-CPI divergence would squeeze the profit margin of mid/downstream sectors, especially SMEs. When the supply constraints are largely binding, it is simply not appealing to forcefully boost (investment) demand via broad-based stimulus.

Looking ahead, Citi – like Morgan Stanley recently – sees more targeted support in the near term, and the anticipated 50bp RRR cut may be advanced to October. The PBoC’s new credit facilities to support decarbonization will likely start to operate soon. Regulators can also bring forward a part of the 2022 mortgage quota to Q4 to support non-speculative housing demand. The back-loaded local bond issuance and fiscal resource deployment will facilitate the climb, if not rebound, of infra investment.

Finally, when supply constraints ease after the winter, Citi expects much more aggressive policy actions to arrest the property-led slowdown.

 

CHINA/

China panics as Beijing orders energy firms to secure supplies at all costs as oil soars

(zerohedge)

China Panics: Beijing Orders Energy Firms To “Secure Supplies At All Costs”; Oil Soars

 
THURSDAY, SEP 30, 2021 – 11:23 AM

China is officially panicking.

Now that the global energy crisis has slammed China’s economy, leading to the first contractionary PMI since March 2020 as a result of widespread shutdowns of factory and manufacturing, not to mention hundreds of millions of Chinese residents suffering from periodic blackouts, Bloomberg reports that China’s central government officials “ordered the country’s top state-owned energy companies to secure supplies for this winter at all costs.”

Translation: Beijing is no longer willing to risk social anger and going forward China will be subsidizing coil and nat gas, which will lead to even higher prices, which will lead to even higher prices for other “substitute” commodities such as oil, which is why oil surged on the news.

The news follows a report on Wednesday that China will allow soaring coal prices to be passed on to factories in electricity prices. But prepare for a surge in PPI, which will likely not be allowed to be passed on to CPI due to ‘common prosperity’. Which logically means margin collapse, and shutting down – so even more structural shortages. Unless we get state subsidies of some sort, or differential pricing for the foreign and domestic market. There used to be a name for that kind of economy. Wall Street used to pretend it didn’t like it.

According to Bloomberg, the order came directly from Vice Premier Han Zheng, who supervises the nation’s energy sector and industrial production, and was delivered during an emergency meeting earlier this week with officials from Beijing’s state-owned assets regulator and economic planning agency. The bottom line, according to Bloomberg sources, is that “blackouts won’t be tolerated.”

Which simply means that the supply chain bottlenecks are about to get even worse since China will muscle in even more aggressively for what little coal and LNG supply there is. It is unclear if it also means that Beijing is about to give up on its laughable pursuit of decarbonization.

The emergency meeting underscores the critical situation in China. A severe energy shortage crisis has gripped the country, and several regions have had to curtail power to its industrial sector and some residential areas have even faced sudden blackouts.

In a sign of how worried Chinese officials are, Premier Li Keqiang vowed overnight that every effort will be taken to maintain economic growth. China will ensure the needs of basic livelihoods are met and will keep industrial and supply chains stable, Li was cited as saying by China National radio during a meeting with foreign diplomats Thursday.

The bottom line is that China finally hit the limit of how much slowdown it is willing to tolerate and Beijing is about to unleash a monetary and fiscal stimulus tsunami. It also means that commodity prices are about to absolutely insane this winter.

4/EUROPEAN AFFAIRS

UK/VACCINE  UPDATE
 
end

UK/EU/ASIA/SUPPLY PROBLEMS/GOODS SHORTAGE

end

UK / GAS PRICES//NATURAL GAS SHORTAGES

 

SPAIN/INFLATION

The energy crisis throughout Europe is hitting Spain pretty hard:  its inflation levels hit a 13 year high

(Roberts/EpochTimes)

Spain’s Inflation Levels Hit 13-Year High Driven By Increasing Energy Costs

 
THURSDAY, SEP 30, 2021 – 03:30 AM

Authored by Katabella Roberts via The Epoch Times,

Inflation levels in Spain surged to a 13-year-high in September driven by increasing energy costs, among other things, data from the National Statistics Institute (INE) showed on Wednesday.

The flash indicator prepared by the INE (pdf) showed that national consumer prices rose 4.0 percent year-on-year, the highest reading since September 2008, when the rate was 4.5 percent.

The increased inflation levels are mainly attributed to rising electricity prices, although tourist packages prices falling more in 2020 than this year, and the cost of fuel and oil for personal vehicles rising also play a role, according to INE.

Spain is just one of several European countries facing soaring energy bills as gas prices have risen more than 35 percent in the past month amid lower supplies and a surge in demand as pandemic-hit economies around the world reopen, prompting fears that there is simply not enough gas stored up for the winter if temperatures were to be particularly cold in the northern hemisphere.

In Europe, supply levels are 16 percent below the five-year average, a record low for this time of year.

Spain’s government confirmed Sept. 14 that it will introduce a series of short-term temporary “shock measures” in an effort to cut spiraling energy bills.

The measures intend to bring “an immediate halt to the effect that the electricity price is having on other sectors of the economy,” it said in the State Gazette.

Such measures include limiting the profits that hydropower and other renewable power generators can make from surging electricity prices, and redirecting billions of euros to consumers.

The government said it expects to channel some 2.6 billion euros ($3.07 billion) from companies to consumers in the next six months and the measure will stay in place until the end of March, when natural gas prices are expected to stabilize.

The country will also use an extra 900 million euros it expects to raise from sales through auctioning carbon emission permits this year to reduce bills, which will also be allocated to reduce consumer bills. The government cited high market prices as the reason for the additional funds.

Spain will also limit regulated price increases for natural gas at 4.4 percent in the third quarter, versus forecasts for a 28 percent increase.

Elsewhere, the INE data showed that the annual rate of Spain’s Harmonised Index of Consumer Prices rose by 4.0 percent in September up from 3.3 percent in August, signifying a 13-year record.

The latest INE report comes as the OECD said it expects consumer prices in leading economies, including the United States, to rise faster than previously anticipated before settling at above pre-pandemic levels.

The headline rate of consumer price inflation is projected at 3.7 percent in 2021 on average in the Group of 20 leading economies, before rising to 3.9 percent in 2022, the Paris-based organization said in its September economic outlook (pdf).

 
end
 
GERMANY/INFLATION

According to a forecast by the Federal Statistical Office, the inflation rate jumped to 4.1 % in September. A new record: Last seen in December 1993, when it was 4.3 %.

The prices for energy (+14.3 %) and food (+ 4.9 %) increased sharply. Services increased by 2.5 % and apartment rents by 1.4 %.

In August consumer prices had already risen by 3.9 % compared to the same month last year. The Federal Statistical Office last determined a higher value in December 1993, when it was 4.3 %.

In order to stimulate consumption during the pandemic, the federal government had temporarily reduced VAT from July 1, 2020, to December 31, 2020. The regular VAT rates have been in effect again since January 2021, so goods and services tend to be expensive again.

But the price explosion could continue, experts warn. Inflation rates of around five percent in Europe’s largest economy are considered possible this year

  • The bottom line is that pensioners have less money to live on due to the price increase. At 5 % inflation, a pension of 1,000 euros corresponds to only 950 euros after one year.
  • The same applies to employees. For example, the value of 2,000 euros a month at 5 percent inflation corresponds to only 1,900 euros after one year.
  • Inflation also hits savers hard. Savings books or time deposits lose value due to the price increase. Tip: Better invest in real estate, stocks and gold.
SHARE.
 
END
 
Huge increases in European gas and electricity playing havoc to citizens
(zerohedge)
 

European Gas, Power Hyperinflation Getting More Surreal By The Day

 
THURSDAY, SEP 30, 2021 – 10:25 AM

The hyperinflation in European gas and electricity prices is getting more surreal by the day.

Two days after we said that European natural gas and power prices hit escape velocity after Russia unexpectedly cut supplies, prices jumped to records, signaling the supply shortage will only get worse just as the cold winter season starts on Friday.

Dutch natural gas for next month, the European benchmark, rose as much as 13.4% to 98.23 euros per megawatt-hour. The U.K. contract also surged 17.4% to a new high of 252.53 pence a term. Both contracts have more-than-doubled in price over the past month. German power for next year jumped as much as 12% to 132 euros per megawatt-hour, while the French equivalent gained 10.3% to 135.50 euros per megawatt-hour. Both reached record highs on Thursday. Converted to oil price equivalents, these are price rapidly approaching $200/barrel.

As we have discussed in recent weeks, European stockpiles of everything from gas to coal and water for electricity production are in short supply and there are few signs the situation will improve anytime soon as demand continues to roar back from a pandemic-driven lull, Bloomberg writes today.

Not helping the already critical situation, Russian gas flows to Germany’s Mallnow terminal dropped again, paring yesterday’s partial recovery. Supplies via the major transit route are about a third less than at the beginning of the week. And as Bloomberg notes, “European utilities seeking to buy more coal from Russia will also be disappointed as any exports are likely to be limited”, at least until Nord Stream 2 is officially open.

And while central bankers spent much of yesterday to convince the public how transitory the hyperinflation in commodities is, consumers have to pay astronomical energy bills right now, and they are hardly excited at the prospect of bills that could be five or more times higher. Worse, prices are about to get even higher as constraints have caught the market off guard, just as countries are about to start drawing down on the gas in storage. European stocks are at the lowest in more than a decade for this time of year

“We didn’t predict these prices coming,” Alex Grant, senior vice president at Equinor ASA, said at a conference in London on Wednesday. “In the prices there is a risk premium for what might happen going forward and the risk is still very much dependent on gas supply.”

Meanwhile, French Prime Minister Jean Castex is scheduled to announce measures the government intends to put in place to mitigate the increase in energy prices this evening

Elsewhere, overnight another three small U.K. energy providers went out of business on Wednesday, bringing the tally to 10 just in the past two months. Some 1.7 million homes have now been forced to switch providers.

With the energy crisis leading to widespread shortages of gasoline across the UK, on Thursday an estimated 27% of service stations in the U.K. still have no fuel and 21% have only one grade in stock, according to a survey by the Petrol Retailers Association. 52% of sites report having both gasoline and diesel in stock, PRA says in a statement.

“PRA members are reporting that whilst they are continuing to take further deliveries of fuel, this is running out quicker than usual due to unprecedented demand,” Executive Director Gordon Balmer says adding that “we would urge drivers to maintain their buying habits and only fuel up as and when needed to ensure there is plenty of fuel to go around.”

Yeah, good luck that.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

RUSSIA/TURKEY/SYRIA

Russia is furious with turncoat Erdogan of Turkey. Putin calls for a summit as Turkey continues to play havoc with Russian forces in the North west part of Syria where Turkey operates.

(zerohedge)

War In Syria Heating Up Again, Prompting Tense Putin-Erdogan Summit

 
THURSDAY, SEP 30, 2021 – 02:45 AM

On Wednesday Russia’s Vladimir Putin met with Turkey’s Recep Tayyip Erdogan in their first face-to-face summit in a year-and-a-half, also as tensions soar between the two countries on Syria policy. Their meeting in Sochi was lengthy, lasting about three hours, and comes just as Putin left self-isolation after members of his staff were infected with Covid-19.

In Syria this week Russia’s military has expanded airstrikes near Idlib in support of the Syrian Army which is ramping up efforts to recapture a key highway in the northwest, but which has in turn triggered a Turkish troop build-up to deter pro-Assad forces from making advances in Idlib. 

According to Al-Monitora number of defense related issues have further complicated Russia-Turkey relations: “Coming days after Erdogan aired his dissatisfaction with NATO ally the United States, suggested that Turkey would acquire a second set of the Russian made S-400 anti-missile system and asserted that US forces should leave Syria, the stage is set for what may have otherwise been a less cordial reception at the Kremlin,” the report previewed. 

Via TASS

Official Russian press releases revealed scant details as far as specific stances taken during the meeting, but underscored the desire for “stability” in the Middle East region. 

A statement via Russian state media indicated:

In particular, Putin pointed to the successful cooperation of the two countries on the situation in Syria and Libya. He also focused on the work of the center to control the ceasefire in Nagorno-Karabakh. According to the Russian leader, this cooperation “is a strong guarantee” of stability in the region.

The two leaders also talked energy cooperation, following the big announcement that the Russia-Germany natural gas pipeline Nord Stream 2 has reached completion early this month.

Putin thanked Erdogan for his stance on the construction of TurkStream, owing to which Ankara feels safe amid the difficulties on the European gas market. The Turkish leader, for his part, touched upon the issue of a joint project – the construction of the first Akkuyu nuclear power plant in the country, whose first power unit may be unveiled already next year.

But most likely Syria was the most contentious issue at the forefront, despite official assurances of “cooperation”. Despite the war long having fallen out of global headlines, indicators suggest it will ramp up again given Assad is looking to finally take back al-Qaeda occupied Idlib. But both the US and Turkey will without doubt condemn any aggression and bring charges of war crimes and threats to intervene militarily (similar to all prior Syrian Army attempts to enter Idlib).

Both Moscow and Damascus have charged Turkey in particular with continuing to aid and abet terrorists in Idlib. Recall that the last time the war grew hot there, a major Russian airstrike killed at least 37 Turkish solders and a number of more Turkish-backed militants. That followed the 2015 downing of a Russian Su-24 jet by a Turkey F-16 fighter along the Turkey-Syria border, which saw relations between Putin and Erdogan plunge to a low point. 

Syrian state sources have meanwhile confirmed Assad is preparing to advance operations in and around Idlib. Syrian newspaper Al-Watan reported the following days ago: 

“The Syrian army and Russia have strong cards capable of forcing the [Turkish] regime of Recep Tayyip Erdogan to review the bad [decisions] its has taken to deescalate the situation.”

Further Watan’s sources described that “the circumstances are now appropriate to impose a comprehensive settlement in Idlib, at least in the area south of the M4 highway. Such a settlement would require the withdrawal of terrorists from it to its northern side and to a depth of six kilometers in preparation for opening it [the road].” 

This suggests a coming showdown between the Biden administration and Assad, also involving Russia – akin to the intensity of 2018 which resulted in the Trump White House bombing Damascus.

 

end

6.Global Issues

CORONAVIRUS UPDATE

A good one! A molecular biologist speaks out against the vaccines at Dawson Creek

(special thanks to Milan S for sending this to us)

BOOM! And DOUBLE BOOM! Molecular Biologist Speaks At Dawson Creek City Council Meeting. WoW! – YouTube

 

https://www.youtube.com/watch?v=w1pdkizug48
https://m.youtube.com/watch?v=w1pdkizug48&feature=youtu.be

 
 
 
 
Attachments area
 
Preview YouTube video BOOM! And DOUBLE BOOM! Molecular Biologist Speaks At Dawson Creek City Council Meeting. WoW!

 

GLOBAL ISSUES
 
LA PALMA VOLCANO ERUPTION
Wednesday night!!

La Palma

 
 
 
Still a very steady flow with winds carrying gas south over the ocean …..

 

https://youtu.be/TiRBJNaLkHk

 
 
 
Attachments area
 
Preview YouTube video 🌎 LIVE: La Palma Volcano Eruption, the Canary Islands (Feed #2) 929

 

 
 
Michael Every on the major topics of the day
 
Michael Every….

Rabobank: How Exactly Do Central Bankers Plan To Resolve Supply Chain Bottlenecks

 
THURSDAY, SEP 30, 2021 – 10:48 AM

By Michael Every of Rabobank

If only we could eat rhetoric

The usual talking heads were out in force yesterday underlining that inflation is transitory: Powell, Lagarde, Bailey, Kuroda (who has a new boss, PM “Continuity” Kishida). Yes, inflation is higher than they thought; yes, it’s lasted longer than they had expected; but, yes, it’s still just going to resolve itself when supply-chain bottlenecks do.

Logically, that is true. Mathematically, that is true – prices can’t keep going up at this rate forever. Politically, it is also “true” in that it is what everyone in power wants to hear.

Practically, it means nothing, however. How are these supply-chain bottlenecks to be resolved, exactly? Yes, you can send the army to deliver fuel, as in the UK, and stop the worst of the short-term panic on the forecourts. But are the army also going to be delivering food? Or, better, *growing* food, picking it, shipping it in via their own port network, to their own port network, and then delivering it? And garden sheds? And Xmas toys? There used to be a name for that kind of economy. Wall Street used to pretend it didn’t like it.

Meanwhile, China is to allow soaring coal prices to be passed on to factories in electricity prices. Now they won’t have to work 3-4 days weeks. But prepare for a surge in PPI, which will likely not be allowed to be passed on to CPI due to ‘common prosperity’. Which logically means margin collapse, and shutting down – so even more structural shortages. Unless we get state subsidies of some sort, or differential pricing for the foreign and domestic market. There used to be a name for that kind of economy. Wall Street used to pretend it didn’t like it.

Likewise, it now appears that top global supplier China is perhaps to stop exporting energy-intensive nitrogen, phosphate, glyphosate, and urea, key agri chemicals needed to *grow food*. If you hadn’t stocked up, you now potentially face a shortfall alongside a global shipping backdrop that means delivery may be delayed. In a worst case, this might mean less crops, so higher prices: and if used as animal feed, less meat – and higher prices. This is not any kind of a forecast – but it underlines how complex global supply-chains are, in the same way the current gas price surge hitting a CO2 factory in the UK briefly threatened to take out both its beer and meat production.

But don’t worry, our central bankers are on it. I am waiting to see their detailed solutions to a global shipping network in a state of “endemic congestion”, to quote my supply-chain-expert colleague Matteo Iagetti? (A topic we shall be publishing on very shortly.) They have one, right?

In DC, the Democrats are failing to move any of their bills through Congress. The progressives are digging their heels in over infrastructure, so no vote, and Senator Manchin is doing likewise, saying: “At some point, all of us, regardless of party must ask the simple question – how much is enough?… Spending trillions more on new and expanded government programs, when we can’t even pay for the essential social programs, like Social Security and Medicare, is the definition of fiscal insanity…ignoring the fact we are not in a recession and that millions of jobs remain open will only feed a dysfunction that could weaken our economic recovery.” By next week perhaps opinion will have shifted if the stock market has gone down another few percent. It’s not like there is an urgent need for infrastructure spending.

At a tangent, the Banque de France released a paper yesterday, The Meaning of MMT, which was remarkable for grasping that Stephanie Kelton’s ‘The Deficit Myth’ channels Knapp’s ‘The State Theory of Money’, which sits on my desktop as I type, and Abba Lerner (who, like Abba, is trying to make a comeback). It’s a rarity for a central banque to have read anything like that. However, the paper was equally notable for: 1) not having known the debate over money goes all the way back to the ancient Greeks, not just Yanis Varoufakis; and 2) how it dismissed MMT as nonsense when we have just lived through a physical experiment in it, and the ECB is neck-deep even if it pretends not to be. I would suggest the authors have a word with Steve Keen when he is finished running for office in Australia: but I know whose model of our current system is better. To bring this back to today, the main obstacle to MMT is control of supply chains. Control physical production, and keep a hefty trade surplus, and your currency is sound, and inflation largely controllable. There is a name for that kind of economy. Wall Street keeps showing it likes it. Or be the global reserve currency – but that involves controlling supply chains once again now.

Relatedly, yesterday’s inaugural meeting of the US-EU Trade & Technology Council Meeting “made high-level commitments” to tackle burgeoning economic and security challenges, including regulating artificial intelligence, easing the semiconductor shortage and combating human rights abuses, says Politico. This was despite French insistence on every other sentence in the official communiques say “strategic autonomy”, and seems to suggest Europe is willing to work with the US after all. Indeed, Lithuania has announced a gas pipeline between the Baltics, Finland, and Poland – and it presumably won’t be Russian, but US gas flowing through it. So strategic autonomy inside the EU – but is it really a surprise Finland understands the meaning of “Finlandisation”?

Meanwhile, China has announced the Beijing Olympics will only be attended by its nationals. So the Tokyo Olympics had no spectators, and now we only get one nationality. Isn’t that ironically indicative of the binary geopolitical game being echoed along supply chains?

Back in markets, Evergrande still isn’t paying foreign creditors, but the usual bottom-fishers are bidding up all its bonds anyway – because central banks always bail everyone out, right? There is a name for that kind of economy. Wall Street clearly *loves* it.

However, the fact that the US dollar is doing well still points to an underlying nervousness – and not without good measure. Risk-on-ers will be in better cheer from China’s PMI data, where services bounced from 47.5 to 53.2 despite the total absence of retail sales and the Evergrande backdrop: presumably everyone is scrambling to buy Winter Olympics ticketsManufacturing dipped from 50.1 to 49.6, but if that is what 3-day weeks and now soaring electricity prices look like in the data then I am a Winter Olympic champion.

Aussie building approvals also jumped 6.8% vs. a projected 5% slump. What else does one do when locked down or being pepper-sprayed than plan and approve blueprints? Apply for mortgages, as private sector credit for houses rose 3.5%, against just 0.6% for the whole economy. Oh, how I would love to see the RBA debate the finer points of Knapp and Lerner. Perhaps Steve Keen can learn ‘em.

end 

7. OIL ISSUES

 

end

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////  NEW ZEALAND//COVID/VACCINES

Cases of COVID have remained constant despite the fact that Australia has the worst draconian measures on the planet.  Now Corporate Australia has had enough and are rebelling against the government

(zerohedge)

Australia’s Corporations Rebel Against Government’s Draconian COVID Lockdowns

 
WEDNESDAY, SEP 29, 2021 – 09:40 PM

Australia’s corporate sector has finally had enough of the ongoing lockdowns that have left the country’s economy hobbled and its people cut off from the rest of the world for months.

Increasingly frustrated by a slow vaccine rollout and the ongoing lockdowns, the leaders of many of Australia’s biggest companies, including BHP, Macquarie and Qantas have signed a letter demanding that the government acknowledge it’s time to “learn to live with the virus,” as many other countries have done, since “COVIDZero” has finally been exposed as an impossible dream.

In the letter – which was reported on by the FT – the signatories allege that Australia is making “big mistakes” in failing to reopen to the world. By making the lockdowns so severe (and so unceasingly long), the Australian government is putting politics before the well-being of the Australian people ahead of the federal elections that must be held by the end of May – when the Senate’s present term is slated to expire.

The companies that signed the letter “…employ almost one million Australians” and warned that lockdowns were having “long-lasting” effects on the economy. However, this shouldn’t be news to Australia’s political elite: Economists at Australia’s central bank, the RBA, already lowered their growth projections after a stronger-than-expected Q2 GDP print.

But all the incremental data seen so far suggests that Q3 could be a disaster – well that, coupled with the intensifying economic pressure from Beijing, which is trying to win a geopolitical stare-down contest with the Australian government by blocking a growing number of imports.

As for Australia’s infamous “drawbridge” border policy, the letter’s signatories insisted that the decision to close Australia’s borders was a colossal mistake. 

“The borders should have never been closed,” Graham Turner, chief executive of travel company Flight Centre, told the Financial Times. “We’re making some very big mistakes here.”

“It’s time for corporate Australia to turn its disquiet and rumblings into a roar,” said Greg O’Neill, the chief executive of Melbourne fund manager La Trobe Financial, one of the signatories to the open letter sent by the Business Council of Australia. “It is time for courage and honesty. Not politics.”

Australian COVID cases have finally plateaued…

…Yet, the country still has among the lowest vaccination rates in the developed world. Only 41.4% of the population is fully inoculated — well behind the UK (66.7%) and Canada (70.4%) and below the US, where 54.7% are inoculated.

In the letter, the Business Council of Australia also warned about a quiet “mental health crisis” plaguing the country, a result of the lockdowns and other anti-COVID measures – “some of the impacts of current lockdowns are hidden, and the effects will be long lasting.”

Corporate behemoths aren’t the only ones struggling with Australia’s COVID rules. Groups representing small businesses have made similar complaints. Alexi Boyd, CEO of the Council of Small Business Organizations, said the refusal to reopen internal and external borders has hampered the country’s economic recovery.

Anti-lockdown protests have flared in Melbourne in recent weeks, leading to hundreds of arrests and chaos like protesters shutting down a major highway. The government in Victoria tried shutting down construction sites in the area after workers participated in the protests. Unsurprisingly, this only made demonstrators angrier. 

In recent weeks, the Aussie government has shown some acknowledgement that they might have chosen the wrong course. But with his conservative Liberal Party trailing the Labor opposition in the polls, PM Scott Morrison is under a lot of pressure to stay the course and pray that the latest delta-driven wave finally subsides.

END

95% of Covid-ICU cases in Australia are single or double vaccinated

 
 
 
 
 
 
 
This is in a country that is between 30 and 50% vaccinated. 
 
https://www.youtube.com/watch?v=TFtlK6fuVno
 
And – 6 out of 7 Covid deaths in NSW were in the vaccinated population 2 days ago.
 
Sure, there are age confounders in here, but does this make sense? You would expect better protection from this “vaccine”. The truth is – it is the injection that is killing people and that is going to get a lot worse this winter. Public Health England has warned the public several times to expect this.
 
 
 
 
 
Attachments area
 
Preview YouTube video Australia’s Totalitarian Restrictions Have Proven USELESS

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings THURSDAY  morning 7:30 AM….

Euro/USA 1.1581 DOWN .0022 /EUROPE BOURSES /ALL MIXED

USA/ YEN 111.99  UP  0.051 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3443  UP   0.00515 

 

USA/CAN 1.2742  DOWN .0012  (  CDN DOLLAR UP 12 BASIS PTS )

 

Early THURSDAY morning in Europe, the Euro IS DOWN BY 22 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1581 Last night Shanghai COMPOSITE CLOSED UP 31.87 POINTS OR 0.90% 

 

//Hang Sang CLOSED DOWN 87.86 PTS OR 0.36%

 

/AUSTRALIA CLOSED UP 1.73% // EUROPEAN BOURSES OPENED ALL MIXED

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL MIXED

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 87.86 PTS OR 0.36% 

 

/SHANGHAI CLOSED UP 87.86 POINTS OR 0.36% 

 

Australia BOURSE CLOSED UP 1.73%

Nikkei (Japan) CLOSED DOWN 91.63 PTS OR 0.31% 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1726.10

silver:$21.54-

Early THURSDAY morning USA 10 year bond yr: 1.530% !!! UP 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.067 UP 0  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 94.41 UP 7  CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.36%  UP 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.070% up 1/10   BASIS POINT from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.46%//  UP 2  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.87  UP 4    points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 41 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.196% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.04% AND NOW ABOVE   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  THURSDAY

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

Euro/USA 1.1572  DOWN    0.0030 or 30 basis points

USA/Japan: 111.49  DOWN .453 OR YEN UP 45  basis points/

Great Britain/USA 1.3469 UP .0043// UP 43   BASIS POINTS)

Canadian dollar UP 78 basis points to 1.2677

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4466 

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.4526

TURKISH LIRA:  8.90  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.070%

Your closing 10 yr US bond yield UP 1 IN basis points from WEDNESDAY at 1.529 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.084 UP 2 in basis points on the day

Your closing USA dollar index, 94.24 DOWN 9  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 THURSDAY: 12:00 PM

London: CLOSED DOWN 21.74 PTS OR 0.31% 

 

German Dax :  CLOSED DOWN 104.58 PTS OR 0.68% 

 

Paris CAC CLOSED DOWN 40.79  PTS OR  0.62% 

 

Spain IBEX CLOSED  DOWN 83.10  PTS OR  0.94%

Italian MIB: CLOSED DOWN 53.04 PTS OR 0.21% 

 

WTI Oil price; 74.97 12:00  PM  EST

Brent Oil: 78.72 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.73  THE CROSS LOWER BY 0.11 RUBLES/DOLLAR (RUBLE HIGHER BY 11 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.196 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 for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 75.04//

BRENT :  78.42

USA 10 YR BOND YIELD: … 1.487.. DOWN 3 basis points…

USA 30 YR BOND YIELD: 2.045 DOWN 2  basis points..

EURO/USA 1.1577 DOWN 0.0024   ( 24 BASIS POINTS)

USA/JAPANESE YEN:111.27 UP .0076 ( YEN DOWN 76 BASIS POINTS/..

USA DOLLAR INDEX: 94.28  DOWN 6  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3474 UP .0048  

the Turkish lira close: 8.89  UP 4 BASIS PTS//EXTREMELY DEADLY

the Russian rouble 72,73  UP .02  Roubles against the uSA dollar. (UP 2 BASIS POINTS)

Canadian dollar:  1.2677 UP 76 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.196%

The Dow closed DOWN 546.80 POINTS OR 1.59%

NASDAQ closed DOWN 63.86 POINTS OR 0.44%

VOLATILITY INDEX:  23.14 CLOSED UP 0.58

LIBOR 3 MONTH DURATION: 0.131

%//libor dropping like a stone

USA trading day in Graph Form

Slumptember: Stocks Suffer Worst Month Since COVID Collapse As USA Sovereign Risk Soars

BY TYLER DURDEN
THURSDAY, SEP 30, 2021 – 04:01 PM

September started excitedly for stocks with 2-3 big up days but since then – as fears of a tapering Fed and a defaulting Treasury increase – stocks and bonds have puked in September (along with gold) as the dollar spiked

Source: Bloomberg

…despite a surge in USA sovereign risk…

Source: Bloomberg

We can’t help but see that chart and consider the rancor in Washington and think of this…

For Q3, The dollar was the biggest gainer, bonds made very modest gains while stocks and gold lagged (but were only down modestly – both down 1% on the quarter)…

Source: Bloomberg

Global stocks ended the quarter unchanged and US Majors were mixed with Small Caps, Trannies, and the Industrials red while Nasdaq and S&P managed to cling to their gains on the quarter. The selling pressure began at the start of September

Source: Bloomberg

Financials outperformed in Q3 with Energy and Industrials lagging…

Source: Bloomberg

All the major US equity indices were red in September with Nasdaq the biggest loser – its worst month since last March 2020 – the start of the pandemic

Only Energy stocks ended the month green with Utes and Materials the biggest losers…

Source: Bloomberg

The median US stock fell over 2% in September (the worst month since last September), and is down 3% in Q3 – the first quarterly drop since Q1 2020’s COVID collapse…

Source: Bloomberg

September saw Small Caps outperform Big-Tech (Russell 2000 / Nasdaq 100) by the most since February..

Source: Bloomberg

All the major US equity indices broke key technical levels today and bounced back…

Perhaps most notably, Risk-Parity funds saw their worst month since the March 2020 COVID crash. This helps explain why stocks and bonds are both being sold and why vol is rising as RP is forced to degross…

Source: Bloomberg

Before we leave stocks, here’s how things went today. Several positive headlines and votes out of Washington (but the realization that $3.5tn ain’t gonna happen) left the debt ceiling debate uncertain but govt funded for a few more weeks. Dow was hit hardest…

This is the biggest drawdown for the S&P since November…

Source: Bloomberg

Q3 saw bond yields end higher (apart from the 30Y) with September’s surge in yields outpacing August’s rise (the short-end of the curve is now up in yield for 3 straight quarters). 5Y was +10bps, 30Y unch.

Source: Bloomberg

This was the global bond market’s worst month since 2020.

The September surge started after The FOMC’s hawkish taper statement…

Source: Bloomberg

Notably since breaking 1.50%, the 10Y yield has traded sideways…

Source: Bloomberg

Given the actually very modest rebound in the US macro data, the recent surge in yields looks overdone…

Source: Bloomberg

The dollar surged to its highest since the US election in Nov 2020, rising for the second straight month…

Source: Bloomberg

Cryptos were all down in September, never really recovering from the ‘China ban’ puke…

Source: Bloomberg

However, Q3 saw Ethereum end up 38%, outperforming Bitcoin (+21%)…

Source: Bloomberg

While crude surged in September, Copper and the Precious Metals were monkeyhammered lower…

Source: Bloomberg

The picture was similar for Q3 with silver getting monkeyhammered while crude managed gains and gold tried to get back to even…

Source: Bloomberg

Interestingly, that divergence between silver and oil of the last few days lifted the ratio to its highest since pre-COVID (oil richest to silver)…

Source: Bloomberg

Finally, legendary investor Jeremy Grantham, who cofounded investment firm GMO, told CNBC this week that equities are in a “magnificent bubble” in the US.

“This has been crazier by a substantial margin than 1929 and 2000, in my opinion,” Grantham said.

Stocks have never been this expensive relative to the economy. Warren Buffett will be fearful…

Source: Bloomberg

It’s never been more expensive for Wall Street to buy stocks…

Source: Bloomberg

And it’s never been more expensive for Main Street to buy stocks…

Source: Bloomberg

Grantham said he thinks the S&P 500 is likely to decline 10% or more in the coming months.

He pointed to the popularity of so-called meme stocks, special purpose acquisition vehicles (SPACs) and cryptocurrencies as signs that financial markets are extremely confident and are due for a fall.

“The market is so into optimism that even as the data turns against it, as it is today, the market shrugs it off,” he said.

[US macro data has been tumbling for months and even surveys are now plunging]

“So interest rates are beginning to go up: shrug. So the Fed is beginning to talk about pulling back on its purchasing of bonds: shrug.”

Is it time to stop shrugging?

Source: Bloomberg

But we want to end on a bright note – COVID cases are plunging…

Source: Bloomberg

i) MORNING TRADING

 

end

ii)  USA///INFLATION WATCH//SUPPLY ISSUES

 

USA DATA

Q2 GDP revised slightly higher but core inflation rises the most since 1983

(zerohedge)

Q2 GDP Revised Slightly Higher As Core Inflation Rises The Most Since 1983

 
THURSDAY, SEP 30, 2021 – 08:52 AM

There was little surprise in today’s third and final revision of Q2 GDP data, which came in just barely above consensus expectations, rising from 6.6% (or rather 6.560%) in the second estimate to 6.7% (6.720% to be precise), which was also higher than the 6.6% consensus. The number, while also higher than the 6.3% reported in Q1 will be the best US GDP print for a long, long time, with many expectations a sharp decline in GDP in the current and certainly future quarters if Biden is unable to pass his full $3.5 trillion stimulus which now appears to be the case.

In its snapshot assessment, the BEA reports that “in the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined. In the first quarter of 2021, real GDP increased 6.3 percent.”

Looking at the details, the revision to GDP reflected upward revisions to consumer spending, exports, and inventory investment that were partly offset by an upward revision to imports.

  • Real disposable personal income (DPI)—personal income adjusted for taxes and inflation—decreased 30.2 percent in the second quarter, an upward revision of 0.8 percentage point from the second estimate.
  • The decrease in current-dollar DPI primarily reflected a decrease in government social benefits related to pandemic relief programs, notably direct economic impact payments to households established by the Coronavirus Response and Relief Supplemental
  • Appropriations Act and the American Rescue Plan Act. Personal saving as a percent of DPI was 10.5 percent in the second quarter, compared with 20.5 percent in the first quarter

Broken down by component, we see the following changes from the second GDP estimate last month:

  • Personal Consumption contributed 7.92% of the bottom-line GDP print, or some 118%. This was entirely as a result of the spending boost from the latest fiscal stimulus earlier this summer.
  • Fixed Investment dipped from 0.63% to 0.61% in the final estimate. Nonresidential fixed investment, or spending on equipment, structures and intellectual property rose 9.2% in 2Q after rising 12.9% prior quarter
  • A decline in private Inventories subtracted 1.26% from the GDP number, slightly below last month’s estimate of -1.30%
  • Net trade was a slightly smaller detractor to growth, with Exports rising from 0.70% to 0.80% while Imports also grew from -0.94% (remember, Imports subtract from GDP) to -0.99%.
  • Finally government subtracted another -0.36% from the GDP number, slightly higher than the -0.33% last month.

Visually:

Of course, since these numbers reflect what happened in the ancient second quarter, they are completely irrelevant for an economy that is now rapidly sliding into stagflation.

The latest GDP report also had new disclosure on corporate profits which rose 5.1% in prior quarter, the BEA said. Y/Y corporate profits rose 45.1% in 2Q after rising 17.6% prior quarter, while financial industry profits increased 10.9% Q/q in 2Q after rising 0.3% prior quarter. At the same time, Federal Reserve bank profits surged 36.4% in 2Q after falling 11.1% prior quarter while nonfinancial sector profits rose 13.8% Q/q in 2Q after rising 9.1% prior quarter.

Finally, looking at the inflation components, the price index rose 6.1% in 2Q after rising 4.3% prior quarter while the Core PCE rose 6.1% in 2Q, unchanged from the previous estimate, after rising 2.7% prior quarter. This was the highest core inflation print since 1983 although we know that according to real-time indicators, even higher inflation prints are coming.

END
Initial jobless claims unexpectedly jump to its worst levels in 7 weeks
(zerohedge)

Initial Jobless Claims Unexpectedly Jump To Worst In 7 Weeks

 
THURSDAY, SEP 30, 2021 – 08:37 AM

After unexpectedly jumping to five-week highs last week, analysts expected initial jobless claims to return to a decline once again this week. They were wrong as the number of Americans applying for unemployment benefits for the first time jumped to 362k (from 351k), significantly worse than the 330k expected.

Source: Bloomberg

That is the highest number of initial claims in seven weeks.

Continuing claims were flatish from the prior month’s revision but also worse than expected at 2.802mm.

The reason we are seeing initial claims jump and continuing claims stall is perhaps evidenced in the chart below as the total number of Americans on some form of dole collapsed last week (from around 12mm to around 5mm) as Pandemic aid was shut off…

Source: Bloomberg

Will this mean Americans will start applying for the millions of jobs that are out there? Or are they banking on another round of extended handouts from the Democrats?

end

Chicago PMI Miss Confirms ‘Soft’ Survey Slump Back To Reality

 



THURSDAY, SEP 30, 2021 – 09:53 AM

Chicago Purchasing Managers survey disappointed in September, sliding from 66.8 to 64.7 (worse than expected). After hitting record highs in May we are not at the lowest since February 2021…

Source: Bloomberg

Under the hood, stagflation signals abound:

  • Prices paid rose at a slower pace; signaling expansion

  • New orders rose at a slower pace; signaling expansion

  • Employment rose and the direction reversed; signaling expansion

  • Inventories fell at a faster pace; signaling contraction

  • Supplier deliveries rose at a slower pace; signaling expansion

  • Production rose at a slower pace; signaling expansion

  • Order backlogs rose at a slower pace; signaling expansion

This latest disappointment confirms the trend of recent ‘soft’ survey data catching down to the reality of hard data’s decline…

Source: Bloomberg

It appears ‘hope’ that we can ‘build back better’ is gone?

Why, oh why, do so many commission-rakers and asset-gatherers put so much weight on these ‘survey’ data that merely extrapolate the latest trends and exaggerate optimism… always? (rhetorical question)

END

IMPORTANT USA/CONTAINER LOGJAMS//shortages

 

iii)a) Important USA Economic Stories

What an absolute doorknob: Biden administration denies entry to a chartered rescue flight carrying American citizens and Afghans

(zerohedge)

Biden Admin Denies Entry To Chartered Rescue Flight Carrying American Citizens & Afghans

 
WEDNESDAY, SEP 29, 2021 – 08:20 PM

A nonprofit organized by a loose network of veterans and current service members to help evacuate vulnerable Americans and Afghans from Kabul is seeing a chartered flight with more than 100 Americans and green-card holders being denied entry to the US by the Department of Homeland Security, according to a Reuters report.

Bryan Stern, a founder of non-profit group Project Dynamo, which organized the flight, told Reuters during a call from the plan that they are being held up in Abu Dhabi after arriving from Kabul with 117 people including 59 children. The flight includes a mix of American citizens, green card holders and SIV holders.

“They will not allow a charter on an international flight into a U.S. port of entry,” Stern said of the Custom’s and Border Patrol, which is part of DHS.

Stern spoke to journalists from aboard the chartered plane, leased from Kam Air, a private Afghan airline. Stern said the group had been sitting for 14 hours already with no clear resolution in sight.

Stern’s Project Dynamo is one of several groups working on organizing these types of flights, aimed at getting those who have been approved for entry into the US out of Afghanistan.

It’s not clear why the Biden Administration would bar entry to the flights. A DHS official hasn’t commented on the situation to the press.

An official who spoke off the record to Reuters said they weren’t familiar with the situation, but that the US sometimes takes time to review flight manifests before allowing chartered flights into the country. After all, Biden has repeatedly said that repatriating Americans and Afghans in danger is a top American priority.

According to Stern, 28 Americans, 83 green card holders and six people with SIVs.

Stern expressed his frustration with both the delay and the radio silence from the Biden Administration.

“I have a big, beautiful, giant, humongous Boeing 787 that I can see parked in front of us,” he said. “I have crew. I have food.”

Stern said that he had planned to transfer his passengers to a chartered Ethiopian Airlines flight that would eventually get the to JFK. Customs had cleared the trip, but then suddenly changed the clearance to Dulles International Airport outside Washington, before denying the plane landing rights anywhere in the US.

Stern said he had received approval from local Afghan Aviation authorities (controlled by the Taliban government) before organizing the chartered flight.

While there of course might be legitimate reasons for the holdup, going this long without any kind of communication seems like a screwup, or maybe something worse.

We can’t help but wonder how the Trump Administration would have handled this.

END

Senate strikes a deal to avert a shutdown but remains deadlocked on debt ceiling and the domestic agenda

(zerohedge)

Senate Strikes Deal To Avert Shutdown, But Remains Deadlocked On Debt-Ceiling, Domestic Agenda

 
THURSDAY, SEP 30, 2021 – 07:00 AM

Now that Sen. Joe Manchin has denounced his own party’s multi-trillion plan to expand the social safety net as “the definition of fiscal insanity,” we can be virtually assured that the entire Democratic domestic agenda has essentially been left dead in the water, since the progressive Left won’t agree to back the Dems’ “bipartisan” infrastructure plan via reconciliation without first passing the larger spending package through both chambers.

Whatever the outcome, Manchin’s statement suggests it will likely take weeks and months – not days – for President Biden and the leadership to negotiate the votes – if indeed they can ever resolve the intractable divide within their own party, which has largely taken the form of aggressive leftists in the House (exemplified by the AOC-led “squad”) vs. a pair of moderates (Manchin and Arizona’s Kyrsten Sinema) in the Senate.

That’s fortunate, in a sense, since it means Chuck Schumer and Nancy Pelosi will have no choice but to focus on the arguably more pressing priorities: keeping the government funded while raising the debt ceiling, ideally before Treasury Secretary Janet Yellen’s “drop-dead” date of Oct. 18.

(And, of course, placing some hedging trades during last night’s Congressional baseball game).

With the Democrats heading for an iceberg of a vote on the infrastructure package Thursday that the left has already promised to sink, Schumer announced late Wednesday night that, at the very least, the leadership had secured a deal to extend funding for the federal government until Dec. 3, crossing off arguably the easiest thing on their “to do” list.

The deadline for the shutdown is midnight tonight (because the new fiscal year starts tomorrow).

“We have an agreement on the the continuing resolution to prevent a government shutdown, and we should be voting on that tomorrow [Thursday] morning,” Schumer said.

The House passed a government funding bill last week on a party-line vote of 220-211.

Now that the spending package has been stripped of Republican-opposed language suspending the debt-ceiling (which analysts fear will only be resolved much, much closer to Yellen’s deadline, which is really the start of a countdown before the money actually runs out) the leadership believes it has the votes to pass a “clean” continuing resolution to fund the government in a series of Thursday-morning votes.

Asked about the progressives’ plans to sink the infrastructure package, Manchin told reporters “I didn’t know I was on their timetable”, referring to the progressive leftists, whose rebellion has threatened to irreparably damage the Biden presidency.

Progressives, led by Washington’s Pramila Jayapal, say they have enough votes in the House to sink the infrastructure package, which has already passed the Senate, but Pelosi appears undeterred. “The plan is to bring the bill to the floor,” she told reporters after returning from a White House meeting with Biden and Schumer yesterday afternoon.

As for the larger spending bill, a few compromise numbers have been thrown around. One reporter said during yesterday’s WH press conference that the heard $2.5 trillion might be a workable number. Manchin has meanwhile hinted he could back $1.5 trillion while Sinema has been more circumspect. The debt ceiling has already passed the House, but remains stuck in the Senate, where Minority Leader Mitch McConnell has managed to get his entire caucus to vote against it, while Dems have said they are unwilling to use the same “reconciliation” short-cut to get the debt-ceiling deal done (which would use up valuable political capital).

As Thursday begins, get ready for another day of non-stop headlines on every marginal development on the Dems’ negotiations, as talks grind on.

end

McConnell Signals GOP Support To Avoid Government Shutdown

 
THURSDAY, SEP 30, 2021 – 10:33 AM

While Congressional Democrats are nowhere near a deal on a $3.5 trillion social spending package, and House Speaker Nancy Pelosi planning to move forward with a Thursday vote on the $1.2 trillion infrastructure bill that’s doomed to fail due to party infighting, Republicans are set to grant them a minor victory.

On Thursday, Senate Minority Leader Mitch McConnell (R-KY) predicted that the Senate would pass a Continuing Resolution (CR) to avoid a partial government shutdown – suggesting that enough Republican Senators will support the Democratic measure due for a vote later in the day.

“The Continuing Resolution contains a number of key items that Republicans call for,” said McConnell. “That includes supplemental funds to resettle Afghan refugees, and hurricane recovery aid for Louisiana.”

McConnell then said it was “seriously disappointing” that Democrats wouldn’t let them fund Israel’s Iron Dome, adding “It honestly baffles me that defensive aid to our ally, Israel, has become a thorny subject for the political left. But overall, this is encouraging progress.”

“On government funding, what Republicans laid out all along was a plain, continuing resolution, without the poison pill of a debt limit increase. That’s exactly what we’ll pass today.

The CR is a stop-gap measure which temporarily provides funding for the government through December 3rd, at which point Congress will need to issue another CR to fund the remainder of the fiscal year.

As we noted earlier Thursday, the Democrats’ hopes of passing $4.6 trillion in legislation anytime soon appear to be slim.

Despite moderate Democrat Sen. Joe Manchin of West Virginia refusing on Wednesday to back his party’s $3.5 trillion spending plan  – calling it the “definition of fiscal insanity,” Speaker Nancy Pelosi still plans to hold a vote on the $1.2 trillion infrastructure bill that House progressives vowed to sink unless the $3.5 trillion plan was passed in tandem.

In short, looks like the government won’t shut down – but the debt ceiling and the spending packages remain in limbo.

11,4380

USGS Warns Hawaii’s Kilauea Volcano Erupting In “Full Swing”

 
THURSDAY, SEP 30, 2021 – 09:06 AM

The U.S. Geological Survey (USGS) confirmed that Hawaii’s Kīlauea volcano began erupting Wednesday after a swarm of earthquakes. 

Kīlauea is one of the most active volcanos on Earth and “was once a cooling lava lake is now a new fissure eruption,” USGS Volcanoes tweeted. 

USGS detected the eruption around 1520 local time at Kīlauea’s summit crater. The agency raised the volcano’s alert system “WATCH” to “WARNING” and its aviation color code from “ORANGE” to “RED” by evening.

“All signs indicate that it will stay within the crater,” Ken Hon, the top USGS volcanologists at Hawaii Volcano Observatory, told ABC. “We’re not seeing any indications that lava is moving into the lower part of the east rift zone where people live. Currently, all the activity is within the park.”

According to the USGS website, the latest alert level suggests an eruption is “imminent, underway or suspected,” according to the USGS website. 

Kīlauea’s most recent eruption was around December of last year. Residents in the area were asked to remain indoors to avoid toxic gasses and ash clouds. A few years before that, in 2018, another eruption was more powerful and destroyed hundreds of homes and forced many residents to evacuate.  

Volcanologists still don’t know if magma has filled reservoirs within Kīlauea, which would repressurize the volcano and result in a much larger eruption.

end

b) USA COVID/VACCINE UPDATES

Goes against the narrative that vaccinated people will not be harmed by Covid 19

(zerohedge)

Michigan Couple Dies Of COVID Within Minutes Of Each Other Despite Being Fully Vaccinated

 
WEDNESDAY, SEP 29, 2021 – 06:20 PM

“They did everything right, they did everything to protocol the way it should be done.”

Those are the words of the daughter of a Michigan couple who died holding hands, minutes apart, after the two were both infected with COVID despite being fully vaccinated.

Grand Rapids residents Cal Dunham, 59, and his wife Linda, 66, died Monday after a brief struggle with COVID. The two had pre-existing health conditions, but had both been fully vaccinated. They started to feel ill during a family camping trip, which was cut short as the couple’s illness progressed, according to a local TV station.

“[My dad] called me before our family camping trip and said he wasn’t feeling good but he thinks it’s just like sinus, and [Linda] caught it and she’s like, ‘He gave me his cold,'” their daughter Sarah Dunham told a local Fox affiliate station.

“The third day they woke me up and said, ‘We’ve got to go because we don’t feel well.’ So I packed them all up and they left,” she said.

Their condition deteriorated within days, and they ended up on ventilators. They died on Monday after being taken off life support, allowing them to hold hands as they passed on in tandem.

“She always joked and said, ‘Well, you’re going to go before I am, I’ll be right there behind you, I promise.’ And she really was, like she really was right there behind him,” Sarah told Fox 17. “The love that they found together after a previous marriage is fantastic,” she said. “They were the people that you just looked at and you were like, ‘I want to be old like that, I want that love when I’m that age.'”

Officially, the CDC maintains that vaccines are virtually 100% effective at preventing deaths, though as time goes on, the number of examples of vaccinated Americans succumbing to the virus – whether its delta or another strain – has grown.

END

Republicans are warning that the DHS is planning to fire unvaxxed border patrol agents

(Watson/SummitNews)

Republicans Warn DHS Is Planning To Fire Unvaxx’d Border Patrol Agents

 
WEDNESDAY, SEP 29, 2021 – 07:20 PM

Authored by Steve Watson via Summit News,

Republicans have warned that according to an insider at the Department of Homeland Security, the agency’s head Alejandro Mayorkas plans to FIRE border agents who are unvaccinated.

The whistleblower claims that the DHS will off a significant potion of the border workforce if they do not comply with the vaccine mandate and get the shots before November.

The ranking Member on the House Judiciary Committee, Rep. Jim Jordan wrote to Mayorkas asking for an explanation.

“While our border is facing this serious crisis, we have learned that you are threatening to terminate a significant portion of Customs and Border Protection (CBP) workforce,” Jordan wrote.

Jordan added “On September 9, 2021, President Biden issued Executive Order 14043 requiring federal employees to fully vaccinate against Covid-19 or face termination of their employment.”

“It has come to our attention that the men and women of CBP have been given official notice that they must be fully vaccinated by November 2021 or face termination,” Jordan further stated, urging that “It is simply unbelievable that the Biden Administration will allow Covid-positive illegal aliens to surge across the border but will terminate dedicated law-enforcement officers who do not comply with Biden’s mandate.”

The development comes after Mayorkas declared that the flood of illegal migrants at the border, and the subsequent release of thousands of them into the U.S. is “one of our proudest traditions.”

Fox News host Chris Wallace asked why the Biden administration hasn’t erected a “wall or a fence” in response to the crisis.

Mayorkas responded “It is the policy of this administration: we do not agree with the building of the wall.”

When asked exactly how many migrants have come into the U.S. from the latest wave, Mayorkas said “I think it’s about ten thousand or so, twelve thousand,” adding “It could be even higher. The number that are returned could be even higher. What we do is we follow the law as Congress has passed it.”

Wallace also noted that almost half of the migrants are never seen again, failing to appear at asylum court hearings.

“There are more than 11 million people in this country illegally. Clearly, despite your best efforts, millions of people end up in this country and don’t – just disappear,” Wallace noted.

end

Texas acquires COVID 19 monoclonal antibodies

(Phillips/Epoch

Texas Acquires COVID-19 Monoclonal Antibodies, Bypassing Biden HHS Limits: Governor

 
THURSDAY, SEP 30, 2021 – 01:30 PM

Authored by Jack Phillips via The Epoch Times,

Texas Gov. Greg Abbott on Monday announced his state has obtained its own supply of monoclonal antibodies, a type of treatment for COVID-19, in a move that bypasses the Biden administration’s limits.

“Texas has obtained its own separate allocation of these monoclonal antibody treatments working around the limitations that President Biden has put on us so that we will be able to ensure that anybody in the state of Texas that wants access to these special treatments, that they will be able to get it,” Abbott, a Republican, said during an interview with radio host Dana Loesch.

The governor also wrote on Twitter that Texans who get the CCP (Chinese Communist Party) virus and get a referral from a doctor are eligible for monoclonal antibody treatment.

Earlier this month, the Department of Health and Human Services (HHS) moved to ration COVID-19 treatment via monoclonal antibodies. Monoclonal antibodies distribution sites previously could order the treatment directly from manufacturers.

The federal government-directed change now requires states to use HHS as a middleman to obtain the antibody treatments and places caps on how many each state can obtain.

The Texas Department of State Health Services told news outlets this week that it obtained some 4,700 doses from drug manufacturer GlaxoSmithKline. The Epoch Times has contacted the agency for comment.

Previously, Florida Gov. Ron DeSantis, a Republican, announced he ordered thousands of doses of the treatment from GlaxoSmithKline after HHS’s rule change. The governor then called on the Biden administration to restore Florida’s supply of the drug.

“We should be doing everything we can to get patients monoclonal antibody treatments, not cutting allocations of treatment like the Biden Administration has done,” he said in a statement issued last week.

“Despite the cuts by the federal government, we want any Floridians that could benefit from this treatment to have access to it. Florida is going to leave no stone unturned when finding treatment for our state, and we are encouraged to have secured a shipment of monoclonal antibody treatments from GlaxoSmithKline.”

Meanwhile, Sen. Marco Rubio (R-Fla.) proposed legislation that would prevent HHS from creating rules to block health care providers and hospitals from purchasing monoclonal antibody treatments.

But the White House said that the change is necessary to make sure states all across the country get access to the treatment.

“Just seven states are making up 70 percent of the orders. Our supply is not unlimited, and we believe it should be equitable across states across the country,” White House Press Secretary Jen Psaki said earlier in September.

end

A must view commentary from Brandon Smith

(Brandon Smith)

We Will Not Comply: Red States Should Offer Sanctuary To Businesses, Military, & Medical Personnel

 
 
THURSDAY, SEP 30, 2021 – 12:00 AM

Authored by Brandon Smith via Alt-Market.us,

All it takes is one free place to change the dynamic between the public and an authoritarian regime. Just one.

This week has been an extremely busy news cycle and there is a lot to cover, so along with my normal weekly analysis on one major topic, I am going to start writing shorter synopsis articles on developing news items happening in real time. I think everyone has noticed a marked and aggressive shift in the vaccine passport agenda being railroaded into existence by the Biden Administration and governments around the world. Remember when they all said that they were never going to demand forced vaccinations and that the passports were a “conspiracy theory”? Well guess what? We “conspiracy theorists” were right yet again.

It used to be that we would predict a particular agenda or event and it would take a couple years to unfold. These days we make predictions and all it takes is a few weeks or a few months for them to happen. This suggests to me that the establishment and the globalists are on a specific timeline and that for whatever reason they MUST get 100% vaccination and the passports in place soon. I believe we have less than a year left before we see them attempt full bore medical tyranny in the US on a scale similar to what is happening right now in Australia, or perhaps worse.

I continue to suspect that the reason for this sudden dive into totalitarianism is because there is something wrong with the vaccines themselves and if there are tens of millions or hundreds of millions of unvaccinated people left, then these people will act as a control group. That is to say, they will act as proof that the vaccines are not safe if things go awry. The establishment can’t allow that.

As I have noted in past articles, the average vaccine is tested for 10-15 YEARS before it is released for use on human beings. This is to ensure that there are no damaging health side effects that might not become visible until months or years after the initial jab. A particular danger is the development of autoimmune disorders and infertility associated with mRNA and spike protein technology. These debilitating ailments might not be noticed for a couple of years after a population has been given the experimental vax. It has already been about a year since the covid vaccines were introduced by emergency authorization, so time is running short for the globalists.

The bottom line is, there has been ZERO long term testing of the covid mRNA vaccines. At least none that has ever been revealed to the public. There is NO SCIENTIFIC EVIDENCE that the covid vaccines are safe in the long term, they were developed and released within months of the covid outbreak. Yet, the establishment seems hell bent on forcing 100% of people to take these untested vaccines against their better judgment. It has been almost a century since we last saw government tyranny on this level, but this time it is almost all governments around the world acting in unison to implement mass controls on the public, instead of just a handful of nations.

The Biden Administration and its corporate partners are now implementing a blitzkrieg against the American citizenry. Biden’s vaccine executive orders are creating a culture of “paper’s please” fascism among larger businesses and Big Box retailers. He has recently announced that part of the mandates will include fines against businesses that refuse to enforce proof of vaccination on their employees. These fines will range from $70,000 to $700,000, which could destroy a medium sized company if they actually had to pay.

Medical personnel, primarily in leftist blue states, are now being fired from their positions because they have refused to comply with the vax. This is leaving massive gaps in medical response in places like New York. The unelected governor of New York, Kathy Hochul, claims she has the right to give herself dictatorial powers through executive order, and that these powers include deploying National Guard troops to take over medical duties. If you are familiar with the sordid history of VA hospitals, then you know that you do not want around 90% of military doctors operating on you in any capacity.

Hochul is also raising eyebrows with a recent speech to a church audience in Brooklyn where she claimed that all the “smart people” have taken the vaccines and that the covid jabs are a “gift from God.” Her assertion was that if you defy the vaccine mandates, then you are ignoring God.

This sounds rather familiar. Authoritarians often have a habit of declaring divine providence to justify their oppressive actions. Even Hitler did this, at least initially, holding state sponsored Passion plays and asserting that the Third Reich was the hand of God, until after they had secured an empire and then Hitler attacked Christianity. These types of people tend to use religion as a tool to get what they want and then they dump it in the gutter when they are finished with it.

Keep in mind that none of these mandates are actual “laws”. None of them have been voted on by a legislature or the American people. They are color of law violations of the Constitution and the Bill of Rights and should be defied at every opportunity.

And let’s not forget about Biden’s latest actions which seek to punish US troops that refuse the vaccines with dishonorable discharge. I’m not sure if Biden knows that a dishonorable discharge generally requires a trial by court martial in the military, or maybe this is what he actually wants for every single person that will not take the vax. In any case, the goal here is to terrify military members into submission and into accepting illegal orders. And yes, demanding that a soldier act as a lab rat for an experimental vaccine with no long term data to prove its safety is an illegal order.

It’s hard to say yet what the real stats are, but recent polling suggests that at least 30% of the US military plans to refuse the vaccinations, including many members of special operations units.

All of this over a virus with a tiny median death rate of 0.26%Just to force people to take a vaccine that has been proven completely ineffective in countries like Israel where vaccination rates are high? When over 60% of people hospitalized with covid are fully vaccinated, then what is the point of the vaccines? It makes no sense unless the purpose was always tyranny and not public safety. So, where does this leave us?

There are larger scale solutions to this problem, there are peaceful short term solutions, and there are more violent long term solutions. I will be discussing the violent options in my next article, but for now I think the best path forward is for red states and maybe even red counties is to offer safe haven or “asylum” to people who are under attack from these mandates.

Red states could, hypothetically, give financial protection to businesses that refuse to comply with federal mandates and refuse to pay the fines. If thousands or tens of thousands of companies simply ignore the passports and the fines, what is Biden going to do about it? Well, he would have to send people form a federal agency, maybe the IRS, to collect by force. If states and communities stand in their way then there is nothing Biden can do to hurt businesses that believe in freedom.

There is supposedly a shortage of experienced medical staff across the country right now, yet states like New York are firing up to one-third of their hospital workforce. Why not take advantage of their stupidity and offer these trained professionals jobs in red states or red counties? If these people know they have a safe place to go, then this might help give them the courage to continue their resistance.

Finally, I think it’s a no-brainer that red states should offer help for military personnel that are facing discharge for vax refusal. A fight is coming, make no mistake, and free states need as many trained combat veterans on our side as we can get. Being dishonorably discharged makes future employment difficult in many career fields, and we can help these men and women to live normal lives if they make a stand. States like Kansas are already taking steps to make this happen.

Conservative states and communities are going to have to step in, take risks and draw a line in the sand right here and now. We can stop this nightmare from gaining any further ground, but we have to act. I and many others are willing to help defend any business or any person that will not comply with the mandates, and state representative can send the same message to Biden by creating safe havens for free people. We need to continue to make it clear that we will not comply.

end

iv) Swamp commentaries/

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

Fed Chair Powell calls inflation ‘frustrating’ and sees it running into next year
(Are ‘temporary’ and ‘transitory’ now inoperative, G. William Miller Jerome?)
https://www.cnbc.com/2021/09/29/fed-chair-powell-calls-inflation-frustrating-and-sees-it-running-into-next-year.html

@realchrisrufo: House GOP members blast the Federal Reserve for promoting “critical race theory,” “critical climate justice,” and “decolon[izing] the atmosphere,” while inflation erodes the national finances. The members have demanded documents and launched an investigation. Game on.
https://twitter.com/realchrisrufo/status/1443271787949670401

@ChadPergram: 3) McConnell: The Democrats want to create a new reporting requirement — not for $10,000 transactions, but for anything over a few hundred dollars. If American families are sending or receiving $600 from their checking account, Democrats want the IRS to snoop through it.  4) McConnell: A massive new dragnet that would sweep up all kinds of ordinary transactions that normal, law-abiding Americans make all the time.

@Schuldensuehner Euro drops to lowest in 14mths as the energy crisis in Europe, caused by surging gas prices w/inventories at historical lows, is raising concerns about the strength of the economic recovery in the Euro Area and is increasing negative pressure on the common currency.
https://twitter.com/Schuldensuehner/status/1443284000290873349

@allstarcharts: Interesting everyone always hating on the dollar yet here it is making new 52-week highs
https://twitter.com/allstarcharts/status/1443285227653287945

U.S. bars flight from landing with Americans from Kabul – activists
The Department of Homeland Security on Tuesday denied U.S. landing rights for a charter plane carrying more than 100 Americans and U.S. green card holders evacuated from Afghanistan, organizers of the flight said…  https://www.reuters.com/world/middle-east/us-bars-flight-landing-with-americans-kabul-activists-2021-09-29/

@drdavidsamadi: It’s estimated that 83,000 health professionals could be fired under the New York vaccine rules for healthcare professionals if the order is enforced as expected. (Would be a major crisis)

@TheFirstonTV: Nancy Pelosi on $3.5 Trillion bill: “The dollar amount, as the president said, is zero. This bill will be paid for.”  https://twitter.com/TheFirstonTV/status/1443240132728041480

The House vote on the infrastructure bill due today might be suspended per reports.  Not enough votes!

@scottwongDC: New (Dem Senator, WV) MANCHIN statement: “What I have made clear to the President and Democratic leaders is that spending trillions more on new and expanded government programs … is the definition of fiscal insanity

New poll shows Biden’s approval among Texas Hispanics has taken a MASSIVE nosedive to just 37%  https://notthebee.com/article/new-poll-shows-bidens-approval-among-texas-hispanics-has-taken-a-massive-nose-dive-to-37

@CBS_Herridge: Newly revealed mails show DHS did not give Pentagon accurate info Jan 6 as the Capitol came under attack (1st reported by Politico) @CBS_Herridge reports some senior Pentagon officials got their first real sense of the assault not from DHS, but cable news.

Ron DeSantis has emerged as America’s awesome ‘shadow president
Ron DeSantis has been doing a lot as governor of Florida… DeSantis was an early opponent of widespread lockdowns… He has been doing an excellent job of drawing contrasts between his way and the approach taken by the Biden-Harris administration…DeSantis has been antitax, pro-small-business and a strong opponent of defunding law enforcement, all in contrast with his opposition…
    As the 2024 election grows nearer, Democrats and the media (but I repeat myself) will no doubt try harder to take DeSantis down. But the more attention they focus on him, the more he will stand as a shadow president, showing Americans what someone else might do in Biden’s place.
https://nypost.com/2021/09/23/ron-desantis-has-emerged-as-americas-awesome-shadow-president/

@FinnertyUSA: Jen Psaki says the media keeps asking Joe Biden questions that he’s not expecting… Jen, I don’t know how you missed this, but that is literally the whole point behind “the free press.”

@LucasFoxNews: Gen. McKenzie admits ISIS-K “facilitator” killed in U.S. drone strike in Nangarhar Province was “not directly involved” in suicide attack that killed 13 American troops at Kabul airport.

‘You broke the military’: Milley, Austin set for second Congressional grilling on Afghanistan
The Tuesday hearing placed on the griddle Defense Secretary Lloyd Austin; U.S. Central Command Chief Gen. Frank McKenzie; and Chairman of the Joint Chiefs of Staff Gen. Mark Milley… “Maybe we’re going to remember you three as the three that broke the military,” said Sen. Marsha Blackburn (R-Tenn.)
    “How do you look young men in the eye, that are coming to our military academy days, and who want to serve, and say, ‘You can depend on me, I’ve got your back?'” she asked. “OK you know what, I think a lot of these families right now, they don’t feel like you have their back.”…
    “What you have managed to do is to politicize the U.S. military, to downgrade our reputation with our allies,” Blackburn said. “Nobody has resigned. Nobody has submitted their resignation.”…
https://justthenews.com/government/security/you-broke-military-milley-austin-set-second-congressional-grilling-afghanistan

@ForAmerica: Rep. Gaetz to Gen. Milley: “You’ve let down people who wear the uniform in my district and all around the country and you are far more interested in what your perception is and how people think about you in insider Washington books than you care about winning.
https://twitter.com/ForAmerica/status/1443250503333425153

@RepMattGaetz: Rep. Matt Gaetz SLAMS Woke Generals Mark Milley, Lloyd Austin, and Kenneth McKenzie for Their Total Failure as the Leaders of the Armed Forces.  “If we didn’t have a president that was so addled, you all would be fired. Because that is what you deserve.”
https://twitter.com/RepMattGaetz/status/1443258680825327617

@kristina_wong: @RepMikeTurner is demanding that Milley turn over to Congress all intelligence he saw that implied China thought the US was going to attack. He is also demanding to know why he didn’t go to the WH and instead decided to take matters into his own hands and call his counterpart.

@TheLastRefuge2: Former DNI Ratcliffe is saying right now, on live TV, that any intelligence Milley had come from him. And Ratcliffe did not give Milley any intelligence to support his claims yesterday and today.

Military.com’s @Travis_Tritten: Pompeo Denies Claims That General Milley Briefed Him on Call with Chinese‘.  Just keeps coming for the chairman …

@laralogan: Intel professionals say the most important question about Milley’s unusual China call is this: was Milley talking to his “counterpart” or his “handler”? The answer should be clear from the transcript, acc to multiple sources trained to know the difference. Don’t you want to know?

@ByronYork: The Chairman of the Joint Chiefs of Staff is undoubtedly busy. But Gen. Milley found time to talk to Woodward, Leonnig, Rucker, Bender, and perhaps other authors doing books highly critical of former President Trump. 1/6… And what about Milley’s exchange with Michelle Obama on Biden inauguration day? ‘No one has a bigger smile today than I do,’ he said. ‘You can’t see it under my mask, but I do.’ More explaining to media what the Chiefs are doing. 4/6…
https://www.washingtonexaminer.com/opinion/byron-yorks-daily-memo-milleys-dishing

Fox’s @ChadPergram: From colleague Lucas Tomlinson. Jt Chiefs Chair Milley to Hse cmte: “The Taliban was and remain a terrorist organization and they still have not broken ties with al-Qaida. I have no illusions who we are dealing with.” Says the Taliban “have not broken with al-Qaeda.”

The welfare of humanity is always the alibi of tyrants.” — Albert Camus

end

Let us close out tonight with this must view interview of Karen Kingston and Greg Hunter
(Greg Hunter/Karen Kingston)
 
 

Unvaxed at Risk from Vaxed in Coming Dark Winter – Karen Kingston | Greg Hunter’s USAWatchdog

 
 
 
 
It seems that no one is safe from the jab.

 

Perhaps one day when people figure this out and both vaccinated and unvaccinated people unite we will see the birth of individual national mob rule against government tyranny. This will be supplemented by nations working to survive with self interest as the first objective over any cooperation with other nations in trade and commerce. Self national interest will be the priority over cooperation and indifference. Throughout history this has happened, no matter the efforts to prevent it. Human nature triumphs in the end; usually washed by the blood of those who attempted the tyranny and their accomplices. When this occurs and this time will be no different, there will be no where for these fools to hide and excuses will not stop the bloodshed or destruction that will be unleashed. Only the fool will try to stop what is already been unleashed not seeing the errors of their decisions. A good example is Biden trying to convince the Saudis to lower oil prices. He and his crowd do not understand the meaning of the word NO. Their time to effect lower prices is curtailed by their own mistakes, with a day of reckoning to come. Or the Ukrainians who are slowly realizing that they have out lived their usefulness and will be cast aside without further thought to be left to deal with the messes they created for themselves that no one will care about or for.

If there is a so called “dark Winter” it will be a time when the world we have known is lost to memories and forgotten with time ushering in a new order that will be built from the rubble that is yet to come. It is too late to turn back the clock as events are in motion that are not understood and those thinking they are still in control will soon learn and experience the reality of a lost of control as events overtake their ability to recognize and react to what is happening as they will be unable to comprehend what is happening in real time. This comes as cooperation and good will between nations is replaced by angst and loathing of stupidity.

And the mob will do the rest along with the breakdown of social order and societal norms taken for granted. Do not think that access to health related items of consistent food supply will last much longer. And expect people to push creatively the ability to travel and find freedom. Already Europeans are traveling to South America to enter America for 6 months to have more freedom than there is in Europe. Canadians may soon be doing the same thing. Does anyone reflect on the insanity in San Francisco to pay people $300 a month not to  shoot a neighbor? Try creating employment and prosperity! This is an example of stupid.

The question for those who remain of understanding is how and where to rebuild recognizing the priorities of reconstruction of a society built on the mistakes of a past that still is the present in transition. 

 

Unvaxed at Risk from Vaxed in Coming Dark Winter – Karen Kingston

By Greg Hunter’s USAWatchdog.com

Karen Kingston is a medical analyst that researches a wide variety of things in the medical world.  She’s an expert in getting new drugs and medical devices approved and pass regulatory hurdles.  She researched the drug patents for the CV19 vaccine and says the unvaxed are at serious medical risk from

the vaxed.  Kingston explains, “If you take a look at the biological license approval for Pfizer, it specifically explains that Comirnaty is a nucleoside-modified messenger RNA.  What is that?  That is a man-made genetic material that coats the spike protein of SARS COV 2. So, people who are injected are producing trillions of the disease causing spike protein, and they can infect other people.  This was documented in the August 2015 document by the FDA called ‘Viral Based Gene Therapies’ and shedding analysis and design studies.  This is what’s called a viral gene based therapy, and it’s very well documented by the FDA. . . . That is clear evidence that they knew the shedding would occur.”

This is so insidious that the FDA is well aware of unvaxed pregnant women.  Kingston says, “Not only can you get sick, but if you get pregnant and are around someone who is vaccinated, that could result in the death of your baby, your baby dying within one month of being born, birth defects and autoimmune disease over its lifetime.  That is horrifying.”

Kingston says there are also cases of vaxed parents infecting their unvaxed children.  Kingston says, “If you look at the weekly morbidity and mortality reports from the CDC in August, they showed . . . that there was a major spike in cases of hospitalization in children between 1 and 4 years old, then 5 and 12, and 12 to 18 beginning in January and going up very quickly.  Well, the children were not supposed to be vaccinated.  That’s correct–the parents are.  As parents get more and more vaccinated, the children, particularly 1 to 4 year olds, are the highest spike in hospitalizations due to Covid.  Children never got Covid before.  What they are getting is Covid from their parents being vaccinated.”

Kingston gives ways to minimize the risk for the unvaccinated and also some help for the vaccinated with a supplement called NAC.

Kingston says the world needs to wake up to the extreme and contends, “This is absolutely unlawful, and I just can’t believe parents, police officers, healthcare providers and our government are just standing by and basically letting a conspiracy to commit aggravated assault and murder on our children and employees.  I am tired of people saying this is conspiracy theory, it’s unproven.  It’s not.  All these documents are available on the FDA, NIH and USPTO.gov.”

One thing is for sure, more and more vaxed people and some unvaxed people are going to get sick, and many will also die from the vaccines forced on the world.  Can it be avoided?  Kingston says, “I think there is a way to avoid this to get the truth out there and to start treating people.  Otherwise, yes, let’s heed the words of Dr. Fauci, this time and this time only, which is that we are in for a dark winter.”

(What is written here is only a small portion of what is covered. There is much more in the 58 minute interview.)

Join Greg Hunter as he goes One-on-One with pharmaceutical and medical device analyst Karen Kingston.  (9.30.21)

Unvaxed at Risk from Vaxed in Coming Dark Winter – Karen Kingston

 

After the Interview:

Karen Kingston is in the process of starting a website so people can get and give information about the Vax, CV19 and anything related to it.  I’ll let you know when it’s up and running.

If you want to follow Karen Kingston, you can do so on LinkedIn.

 
I will see you FRIDAY night
 

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