OCT 5/GOLD FELL $5.30 DOWN TO $1760.50//SILVER UP 3 CENTS TO $22.60//COMEX GOLD STANDING WITNESSES A HUGE QUEUE JUMP OF 30,600 OZ //NEW STANDING TOTAL: 49.91 TONNES//SILVER OZ STANDING: 8,215,000 OZ//COVID 19 UPDATES//VACCINE COMMENTARIES: HIGHLIGHTS, 5,200 DOCTORS /HEALTH CARE WORKERS AT AN INTERNATIONAL GATHERING SIGNS A DECLARATION THAT GOVERNMENTS HAVE COMMITTED CRIMINAL ACTS ON CITIZENS WITH THE VACCINES//PROJECT VERITAS EXPOSES PFIZER AGAIN//DR SHERRY TENPENNY: WHISTLEBLOWER REVEALS THAT REALS DEATHS FROM VACCINES ARE 200,000 JUST ONE WEEK FROM JAB//DR MALONE STATES THAT ADE IS ALREADY UPON US//USA STATES WITH THE HIGHEST VACCINATION RATE ALSO HAS THE HIGHEST INFECTION RATE FROM COVID DELTA//CHINA CONTAGION BEGINS AS ANOTHER REAL ESTATE COMPANY DEFAULTS//USA TRADE DEFICIT WIDENS AGAIN//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1760.50 DOWN $5.30   The quote is London spot price

Silver:$22.60 UP 3  CENTS  London spot price ( cash market)

 
 
4:30 closing price
 
Gold $1760.00
 
silver:  22.62
 
 
 
end
 

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

 

 

PLATINUM  $965.65 DOWN  $4.25

PALLADIUM: $1917.85 UP $8.45/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  551/753 

EXCHANGE: COMEX
CONTRACT: OCTOBER 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,766.200000000 USD
INTENT DATE: 10/04/2021 DELIVERY DATE: 10/06/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 53
118 C MACQUARIE FUT 34
118 H MACQUARIE FUT 500
332 H STANDARD CHARTE 13
435 H SCOTIA CAPITAL 31
657 C MORGAN STANLEY 48
661 C JP MORGAN 479
661 H JP MORGAN 72
709 H BARCLAYS 250
732 C RBC CAP MARKETS 2
737 C ADVANTAGE 5
800 C MAREX SPEC 9
905 C ADM 3 7
____________________________________________________________________________________________

TOTAL: 753 753
MONTH TO DATE: 12,285

 

issued:  0

Goldman Sachs stopped: 53

 

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 753 NOTICE(S) FOR 75,300 OZ  (2.342 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  12,285 FOR 1,228,500 OZ  (38.211 TONNES) 

 

SILVER//OCT CONTRACT

0 NOTICE(S) FILED TODAY FOR  0   OZ/

total number of notices filed so far this month 1551  :  for 7,755,000  oz

 

BITCOIN MORNING QUOTE  $50,102 UP 968  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$51,218 DOLLARS  UP 1116. 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $5.30 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGE 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  986.54 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 3 CENTS

A HUGE  CHANGES  IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 503,000 OZ INTO 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: 

 

549.941  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 164.58 DOWN 0.78 OR 0.47%

XXXXXXXXXXXXX

SLV closing price NYSE 20.92 DOWN. 06 OR 0.26%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI FELL BY 132 CONTRACT TO 139,725, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. WITH OUR   $0.01 GAIN IN SILVER PRICING AT THE COMEX  ON MONDAY.THE LOSS IN OI OCCURRED

OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.01) AND THEY WERE  UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS AS WE HAD A TINY GAIN OF 193 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 FOLLOWED BY TODAY’S, 25,000 OZ QUEUE JUMP  / v), TINY SIZED COMEX OI GAIN

 
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:
 
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS – 131
 
SPREADING OPERATIONS(/NOW SWITCHING TO SILVER)

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

WE ARE NOW INTO THE SPREADING OPERATION OF SILVER

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 OCT HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF NOV, FOR SILVER:

 


 


 

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 (NOV), 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
 
 
OCT
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF OCT:
 
2195 CONTACTS  for 3 days, total 2195 contracts or 10.395million oz…average per day:  731 contracts or 3.658 million oz per day.

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

OCT:  10.395MILLION PAPER OZ HAVE MORPHED OVER TO LONDON  

 

LAST 5 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 

SEPT. 28.230 MILLION OZ//

 

 
RESULT: , .. , WITH OUR TINY 1 CENT GAIN SILVER PRICING AT THE COMEX / MONDAY WE HAD A TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 132  CONTRACTSTHE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 325 CONTRACTS( 0 CONTRACTS ISSUED FOR OCT AND  325 CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS
 
 
THE DOMINANT FEATURE TODAY:/TODAY WE HAD A SMALL SIZED GAIN OF 193 OI CONTRACTS ON THE TWO EXCHANGES AS WELL AS HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE/  /// WE HAVE A STRONG INITIAL SILVER OZ STANDING FOR OCT OF 8.085 MILLION OZ FOLLOWED BY TODAY’S 25,000 OZ QUEUE JUMP
 
 

WE HAD 0 NOTICES FILED TODAY FOR NIL OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2078  CONTRACTS TO 485,690 _ ,,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: -327  CONTRACTS.

THE FAIR SIZED INCREASE IN COMEX OI CAME DESPITE OUR  GAIN IN PRICE OF $5.90///COMEX GOLD TRADING/MONDAY.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 3382 CONTRACTS…..  WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR OCT AT 49.667 TONNES, FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 30,600 OZ//NEW TONNAGE STANDING:  49.91 TONNES 
 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $5.90 WITH RESPECT TO MONDAY’S TRADING

 

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

WE HAD A FAIR SIZED GAIN OF 3382  OI CONTRACTS (10.52 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1304 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 0 & DEC 1304  ALL OTHER MONTHS ZERO//TOTAL: 1304 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 485,690. 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 FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3709 CONTRACTS: 2405 CONTRACTS INCREASED AT THE COMEX AND 1304 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 3709 CONTRACTS OR 11.536 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL; SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2078 OI): TOTAL GAIN IN THE TWO EXCHANGES: 3382 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 49.667 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 30,600 OZ//NEW STANDING: 49.91 TONNES/ / 3) ZERO LONG LIQUIDATION,4) FAIR SIZED COMEX OI GAIN 5). SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL 

 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2021 INCLUDING TODAY

OCT

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT : 8419, CONTRACTS OR 841,900 oz OR 26.19 TONNES (3 TRADING DAY(S) AND THUS AVERAGING: 2806 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES: 26.19 TONNES

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

THUS EFP TRANSFERS REPRESENTS  26.19/3550 x 100% TONNES  0.74% 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 FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           26.19 TONNES

 

 

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 TINY SIZED 132 CONTRACTS TO 139,858 AND FURTHER FORM 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 325 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 325  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  325 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 132 CONTRACT AND ADD TO THE 325 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A SMALL SIZED GAIN OF 193 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 0.965 MILLION  OZ, OCCURRED DESPITE OUR  $0.01 GAIN 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)TUESDAY MORNING/MONDAY  NIGHT: 

SHANGHAI CLOSED     //Hang Sang CLOSED UP 67.78 PTS OR 0.28% /The Nikkei closed DOWN 622.77 PTS OR 2.19%    //Australia’s all ordinaires CLOSED DOWN 0.53%

/Chinese yuan (ONSHORE) closed UP TO 6.4467  /Oil UP TO 7844 dollars per barrel for WTI and UP TO 82.19 for Brent. Stocks in Europe OPENED ALL GREEN   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4467. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4481/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

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 2078 CONTRACTS TO 485,690 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 GAIN OF $5.90 IN GOLD PRICING MONDAY’S COMEX TRADING.WE ALSO HAD A SMALL EFP ISSUANCE (1164 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 1304 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  & DEC.  1304 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:   1304 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 FAIR SIZED 3382  TOTAL CONTRACTS IN THAT 1304 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED COMEX OI OF 2078 CONTRACTS..WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR OCT   (48.954),

 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $5.90

.,BUT THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 11.536 TONNES,ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR OCT (48.954 TONNES)…  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 -327   CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 3382 CONTRACTS OR 338,200 OZ OR 10.52 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:  485,690 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.56 MILLION OZ/32,150 OZ PER TONNE =  15.11 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1511/2200 OR 68.71% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY 150,933 contracts//    / volume//volume poor/

 

CONFIRMED COMEX VOL. FOR YESTERDAY: 171,511 contracts//poor

 

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

 

OCT 5

/2021

 
INITIAL STANDINGS FOR OCT COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
16,043.349OZ
BRINKS
INT DELAWARE
 
 
INCLUDES
 
399 kilobars Brinks
and
100 kilobars Int Del
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
nil
OZ
 
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
 
nil
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
753  notice(s)
75300 OZ
 
2.342 TONNES
No of oz to be served (notices)
3760 contracts
376000 oz
 
11.70 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
12,285 notices
1,228500 OZ
35.869 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 2  customer withdrawals
i) Out of Brinks: 12,828.249 oz  (399 kilobars)
ii)out of Int. Delaware  3215.100 oz   100 kilobars
 
 
 
 
total customer withdrawals 16,043.349    oz
     
 
 
 
 
 
 
 
 
 

We had 2  kilobar transactions 2 out of  3 transactions)

ADJUSTMENTS 1//   dealer to customer//

MANFRA: 67,156.799  oz

 

 
 
 
 
the front month of OCT. has an open interest of 4513 contracts for a GAIN of 306 contracts. We had 0 notices served upon yesterday, so we GAINED 306 contracts or 30,600 oz will  stand for delivery in this active delivery month of October as the queue jumping operation starts very early for this month 
 
 
 
 
 
 
 
 
 
 
 
NOVEMBER GAINED 33 CONTRACTS TO STAND AT 1071
.
DEC GAINED 1177  TO STAND AT 403,653
 

We had 753 notice(s) filed today for  75,300  oz

FOR THE OCT 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 753  contract(s) of which 72  notices were stopped (received) by j.P. Morgan dealer and 479 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 53  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 (12,285) x 100 oz , to which we add the difference between the open interest for the front month of  (OCT: 4513 CONTRACTS ) minus the number of notices served upon today  753 x 100 oz per contract equals 1,604,500 OZ OR 49.91 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 (12,285) x 100 oz+(4513)  OI for the front month minus the number of notices served upon today (753} x 100 oz} which equals 1,604,500 oz standing OR 49.91 TONNES in this  active delivery month of OCT.

We gained 306 contracts or an additional 30,600 oz will stand for gold at the comex.

TOTAL COMEX GOLD STANDING:  49.91 TONNES

 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

404,814.366, oz NOW PLEDGED  march 5/2021/HSBC  12.59 TONNES

285,319.695 PLEDGED  MANFRA 8.8746 TONNES

298,568.054, oz  JPM  9.28 TONNES

1,149,631,831 oz pledged June 12/2020 Brinks/35.76 TONNES

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

41,127.478 oz International Delaware:  1.27 tonnes

LOOMIS:  18,615.429   0.57900

total pledged gold:  2,358,833.560oz                                     73.36 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 478.73 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 48.954 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  17,750,077.534 oz or 552.10 tonnes
 
 
 
total weight of pledged: 2,358,833.560   oz                                     73.37 tonnes
 
 
 
registered gold that can be used to settle upon: 15,391,244.0 (478.73 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes15,391,244.0 (478.73 tonnes)   
 
 
total eligible gold: 16,277,061.250 oz   (506.28 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  33,997,138.784 oz or 1,057.45 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  931.11 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

OCT 5/2021

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
199,449.931  oz
 
CNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
nil
 OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
0
 
CONTRACT(S)
0  OZ)
 
No of oz to be served (notices)
92 contracts
 460,000 oz)
Total monthly oz silver served (contracts)  1551 contracts

 

7,755,000 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  0 deposits into customer account (ELIGIBLE ACCOUNT)

 

 
 
 

JPMorgan now has 183.596 million oz  silver inventory or 51.13% of all official comex silver. (183.596 million/360.651 million

total customer deposits today 0   oz

we had 1 withdrawals

i) Out of CNT: 199,449.931 oz

 

 

total withdrawal   199,449.931        oz

 

adjustments:  2 dealer to customer
i) Loomis  4894.300 oz
ii) JPMorgan  340,392.300 oz 
 
 
 
 

Total dealer(registered) silver: 99.512 million oz

total registered and eligible silver:  360.651 million oz

a net   0.200 million oz leaves  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
For October, we have an open interest of 92 contracts for a GAIN OF 5. we had O notices filed upon yesterday so we gained 5 contracts or an additional 25,000 oz will  stand for delivery at the comex 
 
 
 

NOVEMBER GAINED 0 TO STAND AT 770  

DEC LOST 506 CONTRACTS DOWN TO 121,313

 
NO. OF NOTICES FILED: 0  FOR NIL 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  1551 x 5,000 oz = 7,755,000 oz to which we add the difference between the open interest for the front month of OCT (92) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the OCT./2021 contract month: 1551 (notices served so far) x 5000 oz + OI for front month of OCT(92)  – number of notices served upon today (0) x 5000 oz of silver standing for the OCT contract month .equals 8,215,000 oz. .

We gained 5 contracts or an additional 25,000 oz will stand for delivery in this non active delivery month of OCTOBER.

 

 

TODAY’S ESTIMATED SILVER VOLUME 28,624 CONTRACTS // volume awful 

 

FOR YESTERDAY 38,214 contracts  ,CONFIRMED VOLUME/ poor

 

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 -3.06% (OCT 5/2021)

SILVER FUND POSITIVE TO NAV

No of oz of physical silver held:  Oct 1/2021   151,927,020 ( a gain of 1.001 MILLION OZ IN TWO MONTHS

no of oz of physical silver held  JULY 8.2021;  150,926,000  (GAIN OF 6.411 MILLION OZ IN 2 MONTHS)

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 12 months Sprott has added: 66.02 MILLION OZ OCT 4-SEPT 20)

 

2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.65% nav   (OCT 5)/2021 )

 

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

NAV $17.91 TRADING 17.20//NEGATIVE  3.95

 

END

 

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

OCT 5/WITH GOLD DOWN $5.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 986.54 TONNES

OCT 4/WITH GOLD UP $5.90 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.49 TONNES FROM THE GLD//INVENTORY RESTS AT 986.54 TONNES

OCT 1/WITH GOLD UP $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 990.03 TONNES

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:

 

OCT 5 / GLD INVENTORY 986,54 tonnes

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

OCT 5/ WITH SILVER UP 3 CENTS TODAY; A HUGE CHANGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 503,000 OZ INTO THE SLV//INVENTORY RESTS AT 549.941 MILLION OZ

OCT 4/WITH  SILVER UP 1 CENT TODAY: A HUGE CHANGE IN SILVER INVENTORY: A DEPOSIT OF 8.425 MILLION OZ INTO THE SLV// //INVENTORY RESTS AT 549.438 MILLION OZ/

OCT 1/WITH  SILVER UP 52 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 541.013 MILLION OZ//

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.

 
 

OCT 5/2021  SLV INVENTORY RESTS TONIGHT AT 549.941 MILLION OZ

 

 

PHYSICAL GOLD/SILVER STORIES

PETER SCHIFF

Peter Schiff: Government Serves Grade-A B.S. On Inflation

 
 
TUESDAY, OCT 05, 2021 – 01:35 PM

Via SchiffGold.com,

Both the Federal Reserve and the Biden administration continue to insist inflation is transitory. And they are also trying to shift the blame for rising prices so they avoid any responsibility. In this clip from his podcast, Peter Schiff explains why the government inflation narrative is Grade-A B.S.!

The Fed has finally acknowledged that inflation is running hotter than they’d expected. During the September FOMC meeting, the central bank raised its forecast, anticipating core inflation to increase 3.7% this year. That compares with a 3% projection in June. But the Fed and US government officials insist that rising prices are simply a function of supply chain issues and that it will be “transitory.”

Meanwhile, they ignore the elephant in the room – the increasing money supply. The central bank created new money at a record pace in response to the economic chaos caused by government shutdowns for COVID-19. And while money creation has slowed in recent months, it continues at a very high pace. Last month, M2 grew at the fastest rate since February.

If inflation is always and everywhere a monetary phenomenon, and you have this record increase in money supply, and then you also have this big increase in consumer prices, how can you not bring up the possibility that all of this money printing is potentially responsible for prices going up?”

But the central bankers continue to focus solely on the supply chain.

Peter suggested the money printing could account for the supply chain problems.

Whenever there is a surplus of money, there is automatically a shortage of stuff, because the government can print money very easily. It’s a whole other thing to produce stuff because the Fed doesn’t actually produce any stuff to buy with the money they print. They just print the money. And if the economy is not capable of producing the goods to go with the money, then they can always claim, ‘Well, it’s a supply shortage.’ Yeah, everybody’s got all this money to buy stuff, but we haven’t made anything. But the reality is it’s not that there’s a shortage of supply.”

In fact, there is always a shortage of supply. We don’t have unlimited stuff. So, we have to ration supply with prices. The more money we have in circulation, the higher the prices have to climb in order to ration the supply. You have more dollars chasing the same amount of stuff. This is inflation 101.

But all of these Fed guys are ignoring the fact that money supply is going through the roof, and they’re simply focusing on goods supply and saying, ‘Hey, we have a shortage.’”

It’s not just the central bankers at the Fed spinning this narrative. Director of the White House National Economic Council Brian Deese also tried to explain away rising consumer prices, particularly grocery prices. He claimed if you don’t factor in beef, pork, or poultry, grocery prices aren’t rising.

About half of the overall increase in grocery prices can be attributed to a significant increase in prices in three products: in beef, in pork, and in poultry. And in beef and in pork, we’ve seen double-digit increases in prices over the last couple of months. If you take out those three categories, we’ve actually seen price increases that are more in line with historical norms.”

Peter said this is ridiculous. He’s only talking about food. And he wants to throw out meat.

I guess if you’re a vegetarian, then it’s no big deal.”

Peter said this is typical government spin.

Ignore the stuff that’s going up and just focus on the stuff that’s not — except everything is going up. It’s just that some things are going up a lot more, and the government wants us to ignore that.”

It’s like a kid claiming he has a great GPA if you just throw out the D he got in chemistry.

You can’t throw out the bad grades. You have to take into account all the grades when you are factoring in your grade point average. And you have to look at all of the prices that are going up. You can’t throw out the ones that are going up and just focus on the ones that aren’t.”

Meanwhile, Joe Biden is trying to blame meat producers for the price increases. He’s called for investigations to determine why these companies are hiking prices.

Peter said this is yet another tried and true government strategy.

They create inflation. And then they try to shift the blame to the public.”

It’s easy to blame “evil” companies for raising prices. But in reality, they have no choice because their own costs are rising too. They are simply passing on their higher prices to consumers.

It’s not their fault. It’s the government’s fault. The government is creating the inflation.”

And this is exactly why the government redefined inflation from an expansion of the money supply to an increase in prices. When you define inflation properly, you can’t blame the private sector. Meat processors don’t increase the amount of money in circulation.

When you properly define inflation, you know exactly who’s causing it. But when you pretend inflation is rising prices, well, then it’s easy to blame the price increase on the people who are raising the prices.”

By redefining inflation, government officials can duck the blame for rising prices and blame inflation on the “free market.”

end

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

 

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

LAWRIE WILLIAMS: Indian gold demand v. strong, but still not No. 1

For many years India was comfortably the world’s largest consumer of gold until it was overtaken by China in 2013. China has remained unquestionably the world’s No. 1 gold consumer since then. Now, though, a strong pickup in Indian gold imports, coupled with an apparent slowdown in Chinese consumption, looks to be narrowing the gap, although probably still not sufficiently so for India to regain its world top gold consumer position.

The world’s two most populous nations both have a major historical cultural affinity for gold as a store of wealth. It is thus an important element in gifting – particularly in association with weddings and key festivals.

India in particular has an important wedding season late in the calendar year when marital union is considered particularly auspicious and this season also coincides with some of the country’s biggest festivals – notably the succession of festival days around Diwali (the Hindu Festival of Lights) which falls this year at the beginning of November. It is probably the most celebrated of all Indian festivals on the subcontinent and with the Indian diaspora worldwide.

Diwali takes place each year after the conclusion of harvest and to coincide with the new moon between mid- October and mid-November. According to the inews.co.uk website, the festival symbolises the spiritual “victory of light over darkness, good over evil, and knowledge over ignorance”. It is widely associated with the Goddess Lakshmi, who symbolises three virtues: wealth and prosperity, fertility and abundant crops, as well as good fortune.

Key Diwali dates for the five days of festivals this year are: Dhanteras: 2nd November; Choti Diwali: 3 November; Diwali: 4 November; Padwa: 5 November; Bhai Duj: 6 November.

The five-day festival begins with Dhanteras, and gold plays a key role in its story. According to Indian mythology, King Hima’s son was saved from a death by snakebite thanks to a large distracting pile of gold at the family’s door. This legend has inspired a tradition of buying gold on Dhanteras to ensure good luck. Lakshmi, the Hindu Goddess of Fortune and Prosperity, is particularly associated with Diwali and is also said to be closely associated with gold. India tends to be a price- sensitive market for gold and the lower metal price of late will have also boosted demand by making it more attractive to dealers ahead of the wedding/festival season and to gifting during it.

In China the biggest upcoming gift-giving festival is the Chinese New Year which falls on Tuesday, February 1st, 2022, and celebrations culminate with the Lantern Festival on February 15th. Celebrations last up to 16 days, but only the first 7 days are considered a public holiday (February 1st–7th, 2022). Consequently Chinese demand tends to be stronger as the New Year approaches, although the Golden Week holiday which started this past weekend, tends to impact Shanghai Gold Exchange {SGE) withdrawals negatively at the beginning of October each year. We consider the SGE gold withdrawal figures as somewhat synonymous with Chinese gold consumption – both physical and financial, however, and these passed the 1,000 tonne mark in August which will already be just about sufficient to top even an increased level of annual Indian consumption.

In terms of Indian gold imports these have been running at high levels in recent months and, according to a report, September was no exception with imports of 91 tonnes of gold. China’s gold consumption, although up on a year ago, are still running substantially lower than pre-COVID levels, but as noted above will still come out ahead of India this year. Between them these two top gold consuming nations will absorb perhaps 2,500 tonnes of the yellow metal this year, thus accounting for comfortably over 60% of annual new mined gold output by themselves. Indeed with Indian consumption remaining strong it would not be too surprising if they consume over 70% of new gold production which bodes reasonably well for global supply/demand fundamentals.

This big pickup in Asian demand for gold, after COVID- affected 2020, comes at a very opportune time. The gold price has been much weaker of late, after hitting a new record price of over $2,000 in August last year. The putative U.S. economic recovery and the prospect of the Fed tapering its bond purchasing programme, perhaps later this year, and starting to raise interest rates in 2022 or 2023, had caused gold to underperform expectations so far. However any interruption or delay in the Fed’s normalisation programmes, which now looks to be a distinct possibility, could cause this situation to reverse. The latest statements from Treasury Secretary Janet Yellen, and Fed Chair Jerome Powell do add a degree of doubt to the flagged Fed programme. We would thus suspect that the combination of high Asian demand – even if off that of its peak years – coupled with a possible slowing down of the Fed’s economic recovery programme, should add strength to the gold price performance over the remainder of the year. It probably won’t be sufficient to drive the price back up to its $2,000 peak though, but it could well get back to close to $1,900 or above by Christmas.

The gold price has been particularly affected both down and up by U.S. data releases and we would expect that to continue for the foreseeable future. A big equity market crash cannot be ruled out as many stocks appear overvalued relative to corporate profits and if this happens it could also be short term negative for precious metals prices brought down by liquidity issues. Conversely that could also be longer term hugely positive for gold in particular, as it re-asserts itself as the pre-eminent safe haven investment. Perception is everything in these abnormal markets.

05 Oct 2021

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

END

OTHER IMPORTANT GOLD/ECONOMIC COMMENTARIES

 
 
CRYPTOCURRENCIES/

Bitcoin Tops $50k, Erases China/SEC FUD Losses

 
TUESDAY, OCT 05, 2021 – 08:50 AM

After plunging in early September on SEC regulation fears and again later in the month on China ‘ban’ headlines, Bitcoin has roared back from below $40,000 on 9/22 to top $50,000 this morning.

Uptober is in full swing…

Source: Bloomberg

This is the first time the flagship cryptocurrency’s price has pushed above $50,000 since September 7, 2021, the day El Salvador became the first country in history to accept the cryptocurrency as legal tender.

Ethereum is also up but not as much…

Source: Bloomberg

The most recent surge comes after BofA issued a research report offering a bullish outlook for the long-term prospects of cryptocurrency.

The report asserts that the cryptocurrency sector’s $2.15-trillion market capitalization is “too large to ignore,” highlighting that the digital asset ecosystem has evolved to encompass “so much more” than just Bitcoin.

The report characterizes the sector as comprising “tokens that act like operating systems, decentralized applications (DApps) without middlemen, stablecoins pegged to fiat currencies, central bank digital currencies (CBDCs) to replace national currencies, and non-fungible tokens (NFTs) enabling connections between creators and fans,” adding:

“For us, digital assets are not about payments per se. They’re about a new computing paradigm – a programmable computer that is accessible everywhere and to anyone and owned by millions of people globally.”

The report also highlighted the recent surging rates of crypto adoption, estimating that 221 million users globally had traded cryptocurrency or used a blockchain application as of June 2021 — compared to 66 million in May 2020.

Earlier this week, Fed chair Powell also said the U.S. would not take the same crypto stance as China, which has banned both cryptocurrency trading and mining.

“Is it your intention to ban or limit the use of cryptocurrencies, like we’re seeing in China?” Powell was asked during a recent hearing of the House Committee on Financial Services.  

Powell simply replied “No.”

Finally, we note that Bitcoin is officially the best-performing asset of 2021, data now confirms…

As CoinTelegraph reports, despite Bitcoin’s wild ride throughout the year, downside has failed to grip the market, with a 60% retracement from highs in May now all but cancelled out.

The largest cryptocurrency is thus at least 13% ahead of commodities for the year, figures show this week, and 17% ahead of United States micro-cap companies. 

Compared to how some other investments performed, the picture is even rosier for BTC hodlers. European stocks, for example, are up just 10.3% year-to-date this week.

“After the strong Q3 performance Bitcoin is now up +49.1% year-to-date,” the @Bitcoin Twitter account commented on the data set from investment firm NYDIG.

6,962139
 
 
end
 

Your early TUESDAY 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 6.4467 

 

//OFFSHORE YUAN 6.4481  /shanghai bourse CLOSED 

 

HANG SANG CLOSED UP 67.78 PTS OR 0.28% 

 

2. Nikkei closed DOWN 622.77 PTS OR 2.19%  

 

3. Europe stocks  ALL GREEN

 

USA dollar INDEX UP TO  93.92/Euro FALLS TO 1.1599

3b Japan 10 YR bond yield: RISES TO. +.057/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.26/ 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:: 78.44 and Brent: 92.19

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.213%/Italian 10 Yr bond yield FALLS to 0.82% /SPAIN 10 YR BOND YIELD DOWN TO 0.43%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.04: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.85

3k Gold at $1757.35 silver at: 22.53   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 8/100 in roubles/dollar) 72.60

3m oil into the 78 dollar handle for WTI and  81 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 111.26 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 .9267 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0751 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 0.213%

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 1.497% early this morning. Thirty year rate at 2.060%

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

6.  TURKISH LIRA:  UP  TO 8.86..  VERY DEADLY

Futures Rebound As Energy Prices Soar

 
TUESDAY, OCT 05, 2021 – 07:45 AM

US equity futures and European markets rebounded from a tech rout on Monday that was triggered by fears of soaring energy costs, stagflation, tech overvaluation and escalating Chinese property distress even as Asian shares tracked Monday’s broad Wall Street sell-off to weaken for a third straight session. The dollar rose and yields rebounded back ato 1.50% as the rise in oil continued, pushing Brent above $82/bbl. At of 7:15am ET, S&P futures were up 16.25 points, or 0.38%, to 4,307; Dow futs were up 116 points and Nasdaq futures rose 47.25 points as technology shares bounced in Europe. Bitcoin jumped above $50,000 for the first time since Sept 7.

The “market correction, initially sparked by tapering expectations and China’s property sector worries, is now being driven by record energy prices as well as lingering political uncertainties in the U.S. about the crucial question of the debt ceiling,” said Pierre Veyret, a technical analyst at ActivTrades. “Markets are likely to stay volatile this week and with no clear direction until there is significant progress on the existing concerns.”

Additionally, the recent calm in global markets which hit an all time high as recently as a few weeks ago, has been shattered by a growing wall of worry spanning a debt crisis in China, elevated inflation on the back of commodity supply shocks, fading economic recovery and U.S. political bickering. Meanwhile, investors brace for a tapering of stimulus by the Federal Reserve.

Nerves eased on Tuesday, however, led by a tech rebound following Monday’s Facebook-led rout, and big bank stocks were higher in premarket trading as 10-year Treasury yields climbed to about 1.5% led again by breakevens as oil not only held onto recent impressive gains – along with most other commodities after a gauge of commodities soared to an all-time record – but Brent rose above $82 .

As to the insanity in Europe’s gas sector, European natural gas contracts soared on Tuesday to an unprecedented 111.70 euros per megawatt-hour, compared with 15.49 euros in February. The continent is bracing for a winter crunch in energy supply, with German front-month power contracts also jumping to record levels.

Global shortages of gas and coal are pushing energy prices higher, disrupting markets from the U.K. to China, as economies emerge from the pandemic. Surging costs are threatening to raise inflation and starting to weigh onindustrial production, with some companies in Europe forced to cut output. “The fiercely nervous sentiment on the market continues due to fears of reduced supply during the winter,” trader Energi Danmark wrote in a note Tuesday. “Everything looks set for another week of price climbs.”

In U.S. premarket trading, Facebook found dip buyers in premarket trading after a 4.9% plunge on Monday amid an hours-long service disruption. The stock added 1.6% in the early New York session. Lordstown Motors shares declined as much as 4.6% after the electric vehicle automaker was downgraded to underweight by Morgan Stanley, while the PT was also cut to $2 from $8. Uphealth fell after pricing its share offering at a discount. And Facebook was up 1.5% following Monday’s slump after it blamed a global service outage that kept its social media apps offline for much of yesterday on a problem with its network configuration. Here are some other notable premarket movers:

  • Amplify Energy (AMPY US) rises 10% in U.S. premarket trading, paring some of Monday’s 44% plunge tied to an oil spill from a California offshore pipeline operated by the company
  • Comtech Telecom (CMTL US) slid more than 7% Monday postmarket after it reported adjusted earnings below average analyst estimates

It is “the period of a multiplicity of shocks percolating through the financial markets leaving them in the fog, with many watching from the sidelines for clarity,” Sebastien Galy, a senior macro strategist at Nordea Invetsment, wrote in a note.

The technology subgroup in Europe’s benchmark Stoxx 600 advanced for the first time in eight days. European natural-gas contracts jumped as much as 16% and West Texas Intermediate crude headed for a seven-year high.

Earlier in the session, MSCI’s broadest index of Asia-Pacific shares outside Japan dropped as much as 1.3%, declining for a third consecutive session. Japan stocks were down 2.5%, South Korea gave up 2% and Australia shed 0.4%. The drop in markets took MSCI’s main benchmark to 619.77, the lowest since November 2020 but it pared losses to be down 0.6% in late Asia trade. The index has shed more than 5% this year, with Hong Kong and Japanese markets among the big losers.

“Investors are clearly worried about inflation due to supply chain disruptions and the rally in energy prices,” said Vasu Menon, executive  director of investment strategy at OCBC Bank.  “We have seen tech stocks outperform value stocks, so if inflation remains a worry, then tech stocks tend to get hit,” Menon said.

In rates, Treasuries were under pressure with yields near session highs, cheaper by up to 2.5bp across belly of the curve. Yields rose not only on the continued surge in commodities, but about the total chaos over the debt ceiling D-Date which will be hit in two weeks. Gilts lag amid bond auctions, adding to upside pressure on yields, while S&P 500 futures pare about a third of Monday’s 1.3% slide. The RBA kept monetary policy unchanged as expected. 

In FX, the dollar rose against most Group-of-10 currencies near a one-year high versus major peers ahead of key U.S. payrolls data due at the end of the week; the pound bucked the trend, advancing for a fourth session. The euro fell 0.25% to $1.1592, while the yen rose 0.29% to $111.18. Leveraged funds sold the kiwi aggressively after a New Zealand business survey showed weak third-quarter economic sentiment.  Sentiment on the euro over the next year reached its most bearish since June 2020 on Friday amid a widening policy divergence between the Federal Reserve and the European Central Bank.

In commodities, oil prices reached a three-year high on Monday (and continued higher on Tuesday) after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production. Underscoring the rise in commodity prices, the Refinitiv/CoreCommodity CRB index rose to 233.08 on Monday, the highest in more than six years. U.S. oil rose 1.15% to $78.51 a barrel, a day after hitting its highest since 2014. Brent crude stood at $82.2 after rising to a three-year top. Gold prices eased to $1,757 per ounce, after rising on Monday to the highest since Sept. 23.

“OPEC+ may inadvertently cause oil prices to surge even higher, adding to an energy crisis that primarily reflects very tight gas and coal markets,” said Commonwealth Bank of Australia’s commodities analyst Vivek Dhar. “That potentially threatens the global economic recovery, just as global oil demand growth is picking up as economies re‑open on the back of rising vaccination rates,” Dhar said in a note.

Traders are now turning their attention to Friday’s nonfarm-payrolls data to gauge the timing of the Fed’s taper. In the latest Fed comments, St. Louis President James Bullard said elevated price pressures may be changing the mentality of businesses and consumers by making them more accustomed to higher inflation. Australia’s central bank kept its monetary settings unchanged.

Looking at the day ahead now, the main data highlight will be the services and composite PMIs for September from around the world. We’ll also get the Euro Area PPI reading for August, and from the US there’s the August trade balance and the September ISM Services index. Otherwise, central bank speakers include ECB President Lagarde, the ECB’s Holzmann, and the Fed’s Quarles.

Market Snapshot

  • S&P 500 futures up 0.2% to 4,301.00
  • STOXX Europe 600 up 0.4% to 452.37
  • MXAP down 0.7% to 192.58
  • MXAPJ down 0.3% to 626.41
  • Nikkei down 2.2% to 27,822.12
  • Topix down 1.3% to 1,947.75
  • Hang Seng Index up 0.3% to 24,104.15
  • Shanghai Composite up 0.9% to 3,568.17
  • Sensex up 0.4% to 59,531.35
  • Australia S&P/ASX 200 down 0.4% to 7,248.36
  • Kospi down 1.9% to 2,962.17
  • Brent Futures up 0.7% to $81.86/bbl
  • Gold spot down 0.6% to $1,758.11
  • U.S. Dollar Index up 0.15% to 93.92
  • German 10Y yield fell 1.2 bps to -0.225%
  • Euro down 0.2% to $1.1603

Top Overnight News from Bloomberg

  • China’s heavily leveraged property firms saw their stocks and bonds tumble after a failure by developer Fantasia Holdings Group Co. to repay notes deepened investor concerns about the sector’s outlook
  • A steep surge in inflation in the euro area has started to take its toll on the economy, according to a survey by IHS Markit
  • China will strictly prevent bank and insurance funds from being used in speculating commodities in a push to maintain market order and stabilize prices
  • The Federal Reserve said that its internal watchdog plans to open an investigation into trading activity by senior U.S. central bank officials, following revelations about transactions in 2020
  • Facebook Inc. blamed a global service outage that kept its social media apps offline for much of Monday on a problem with its network configuration, adding that it found no evidence that user data was compromised during the downtime

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks were pressured following the tech sell-off in the US and amid several headwinds for global markets including US-China trade frictions, China’s record incursion into Taiwanese airspace and with higher oil prices stoking inflationary concerns. ASX 200 (-0.6%) was dragged lower after the losses in tech rolled over into the region and following somewhat mixed Trade and PMI data releases, but with downside stemmed by resilience in gold miners and the energy sector, after gains in the underlying commodity prices including the rally in oil to a seven-year high. Nikkei 225 (-2.2%) slumped below the 28k level and briefly entered into correction territory as it suffered intraday losses of as much as 3% and with index heavyweights Fast Retailing and SoftBank dominating the list of worst performers, while KOSPI (-1.9%) also fell into a correction with the index at least 10% below the record highs registered earlier this year despite efforts by South Korea’s antitrust regulator to dispel fears of a harsh tech crackdown. Hang Seng (+0.3%) was pressured at the open amid tech woes and default fears after reports that Fantasia Holdings missed payments due yesterday for USD 206mln of bonds, although the Hong Kong benchmark then pared its losses with notable strength seen in Chinese oil majors as they benefit from the rising energy prices. Finally, 10yr JGBs were initially kept afloat by the risk aversion but then reversed course amid the uninspired mood in T-notes and Bund futures, as well as weaker metrics from the 10yr JGB auction which attracted a lower bid to cover despite a decline in accepted prices.

Top Asian News

  • Gold Drops After Three-Day Gain as Yields and Dollar Push Higher
  • ‘Kishida Shock’ Hits Japan Markets Wary of Redistribution Plan
  • China Orders Banks to Ramp Up Funding to Boost Coal Output
  • S.Korea’s NPS Could Lose $3.5m From Evergrande Stock Investment

European equities (Euro Stoxx 50 +0.9%; Stoxx 600 +0.7%) have extended on the marginal gains seen at the open as indices attempt to claw back some of yesterday’s losses. Incremental macro newsflow since the close has not provided much cause for optimism and therefore it remains to be seen how durable any recovery will be. Overnight, the APAC session was mostly downbeat as the region contended with the negative US lead, ongoing US-China trade frictions, China’s record incursion into Taiwanese airspace and higher oil prices stoking inflationary concern. Final PMIs for the Eurozone saw the composite revised very modestly higher to 56.02 from 56.1 with IHS Markit noting “the current economic situation in the eurozone is an unwelcome mix of rising price pressures but slower growth”. Stateside, futures are exhibiting gains of a similar magnitude to their European counterparts with the ES +0.2% and no real discernible theme across the US majors as traders await further progress in Washington. Sectors in Europe are mostly higher with clear outperformance in banking names with JP Morgan bullish on the sector; Credit Agricole sits at the top of the CAC after launching a new EUR 500mln share repurchase scheme. To the downside, laggards include Construction & Materials and Autos. Individual movers include Greggs (+8.7%) at the top of the Stoxx 600 after raising its profit outlook for the FY despite concerns over supply chain disruptions and staffing issues. Elsewhere, Infineon (+2.8%) has provided some support for the IT sector after confirming its FY 21 forecasts and being confident about the FY22 outlook. Finally, Melrose (-2.2%) is a notable laggard after the Co. cautioned on the fallout of the global chip shortage which has prompted a surge in client cancellations.

Top European News

  • European Banks Have Upside on Capital Returns, Yields, JPM Says
  • Romania Edges Toward First Rate Hike Since 2018: Decision Guide
  • Romania Approves Partial Compensation for Higher Energy Costs
  • Morgan Stanley Expands Diversity-Focused ‘Shark Tank’ to Europe

In FX, the broader Dollar and index remain firmer on the session, with the latter on either side of 94.000 from a 93.804 overnight base, but still within yesterday’s 93.675-94.104 range which marks the first immediate points of support/resistance. State-side, US President Biden spoke with 12 progressive members of Congress in which they agreed to follow through on key priorities, while it was also reported that President Biden told House progressives the spending package needs to be between USD 1.9tln-2.2tln. Biden will meet with moderate House Democrats virtually today. It is also worth keeping an eye on the Fed’s review of trading activities which could lead to a shift in the balance between hawks and doves, following the parting of hawks Rosengren (2022 voter) and Kaplan (2023 voter), who were set to be voters during the projected rate hike period. Ahead, the US ISM Services PMI will likely be the focal point from a state-side data standpoint.

  • EUR, GBP – The EUR and GBP continue to diverge. Sterling extends on earlier gains, seemingly a function of the EUR/GBP cross topping out just before its 50 DMA (0.8546) before taking out yesterday’s 0.8529 low on its way towards 0.8500. The Sterling strength has helped Cable regain 1.3600+ status from a 1.3585 low. EUR/USD meanders around 1.1600 in a relatively narrow 1.1591-1.1622 current intraday band – with yesterday’s low at 1.1586 ahead of the 200 WMA at 1.1572. Europe saw the release of final Services and Composite PMIs, which continue to highlight the theme of rising prices and spillover into demand.
  • AUD, NZD, CAD – he non-US Dollars see mild losses but trade off worst levels as the Dollar recedes and as market sentiment holds an upside bias. The AUD/NZD cross meanwhile remains in focus amid this week’s RBA/RBNZ central bank standoff. The RBA overnight provided no surprises and did not contain any significant new observations, with the currency experiencing choppiness upon the release. The RBNZ, meanwhile, is poised for a 25bps OCR hike at its announcement at 02:00BST/21:00EDT tomorrow. The AUD/NZD cross resides around session lows near 1.0455, whilst OpEx sees some AUD 2.1bln at strike 1.0410. The Loonie sees an underlying bid from crude prices, with USD/CAD back under its 50 DMA at 1.2600 ahead of Canadian trade data.
  • JPY, CHF – The traditional havens are at the foot of the G10 bunch in what is seemingly a risk-influenced move. USD/JPY within a tight 110.88-111.25 band vs yesterday’s 110.50-112.07 range. USD/CHF, meanwhile, has popped above its 21 DMA (0.9250) and trades towards the top of its current 0.9238-70 parameter.

In commodities, WTI and Brent front month futures are choppy but ultimately hold an upside bias in the aftermath of the OPEC+ meeting yesterday. Nonetheless, the benchmarks remain near yesterday’s highs which saw Brent Dec test USD 82.00/bbl to the upside. Brent resides around USD 81.50/bbl at the time of writing whilst WTI Nov hovers just under USD 78/bbl. With OPEC out of the way and until the next meeting, traders will be eyeing developments (if any) regarding the Iranian nuclear talks, alongside the electricity situation in China. Furthermore, traders must be cognizant of potential intervention by governments in a bid to control rising energy prices. As a reminder, the White House held talks with Saudi counterparts before the recent OPEC+ meeting and expressed concern on prices. Aside from that, news flow for the complex has been light during the European morning. Elsewhere, precious metals are softer on the day but spot gold and silver trade off worst levels with the yellow metal still holding into USD 1,750/oz-status and spot silver back above USD 22.50/oz. Over to base metals, LME copper remains pressured in what seems to be a continuation of the lacklustre trade seen during APAC hours amid a lack of demand as China remains on holiday.

US Trade Calendar

  • 8:30am: Aug. Trade Balance, est. -$70.8b, prior -$70.1b
  • 9:45am: Sept. Markit US Composite PMI, prior 54.5
  • 9:45am: Sept. Markit US Services PMI, est. 54.4, prior 54.4
  • 10am: Sept. ISM Services Index, est. 59.8, prior 61.7

DB’s Jim Reid concludes the overnight wrap

I’m hoping you all survived without WhatsApp, Instagram and Facebook yesterday after the outage. We actually had to resort to a conversation over dinner last night. It was a bit weird without hearing pings go off every few minutes. Once the conversation dried up we went on Twitter and then watched Netflix so it wasn’t a total disaster for US tech in our household. Oh and I’m writing this on my iPad while looking up a few things on Google.

Tech led the sell-off last night that stretched to both equities and bonds. One of the noticeable features of the recent weakness in equities is that bonds have struggled to rally. This hints at technicals being nowhere near as strong as they were in the summer and also a realisation that bonds aren’t a great haven if the sell-off is partly inflation related. By the close of trade yesterday, the S&P 500 had shed another -1.30%, making it the 3rd time in the last 5 sessions that the index has lost more than 1%, with the latest move now taking it -5.21% beneath its all-time closing high back in early September. However, unlike some of the other declines of the last month, which have been quite obviously connected to a particular concern like Evergrande or the impact of higher yields, the latest selloff looks to be coming from a more generalised set of concerns, with those worries given a fresh impetus by yet another rise in energy prices yesterday as oil hit multi-year highs. In turn, that spike in energy prices has led to renewed fears about inflation accelerating even further than current forecasts are implying, with knock-on implications for central banks and the amount of monetary stimulus we can expect over the coming months.

We’ll start with those moves in energy given the effects they had elsewhere. Yesterday saw Brent Crude oil prices (+2.50%) close above $81/bbl for the first time in nearly 3 years, and this morning it’s up another +0.42%. On top of that, WTI (+2.29%) oil prices hit a 6-year high of its own at $77.62/bbl, which saw its YTD gains rise above +60%. The latest advance for oil has come as the OPEC+ group agreed yesterday that they’d stick to their planned output hike of +400k barrels per day in November, in spite of some speculation that there could be a larger increase in supply. However, it wasn’t just oil moving higher, with European natural gas prices (+2.07%) taking another leg up after their recent surge, which leaves them just shy of their recent peak last Thursday. And what’s also concerning from an inflationary standpoint is that the moves in commodities were broader than simply energy, with metals including copper (+1.17%) seeing sizeable gains as well. Overall, that meant Bloomberg’s Commodity Spot Index (+1.12%) finally exceeded its 2011 high yesterday, and brings the index’s gains since the post-pandemic low in March 2020 to +94.7%.

Against this backdrop, equities took another tumble as the major indices on both sides of the Atlantic moved lower, including the S&P 500 (-1.30%) and Europe’s STOXX 600 (-0.47%). Tech stocks saw the brunt of the declines, with the NASDAQ down -2.14% and the FANG+ index down -3.00%, while Europe’s STOXX Technology Index (-2.39%) fell for a 7th consecutive session. Facebook was one of the bigger laggards yesterday as it fell -4.89% – its worst day since November 2020. The company is dealing with whistleblower allegations that their internal research doesn’t match what executives have been saying about the effect the social media company has on its users. The equal weight S&P 500 was only down -0.63% so the big tech stocks definitely led the way. European equities were less affected than their US counterparts however, having missed out on Friday’s late US equity rally following the European close, with the DAX (-0.79%), the CAC 40 (-0.61%) and the FTSE 100 (-0.23%) all seeing declines of less than 1%. A lower tech weighting probably also helped.

Those concerns about stagflation represented further bad news for sovereign bonds yesterday, as investors moved to upgrade their expectations of future inflation. In Europe, 10yr German breakevens were up by +2.0bps to an 8-year high of 1.72%, while their Italian counterparts hit their highest level in over a decade, at 1.63%. Meanwhile in the US, 10yr breakevens were also up +1.3bps to 2.39%. Those moves in inflation expectations supported higher yields, with those on 10yr Treasuries up +1.7bps to 1.479% by the close of trade, as yields on bunds (+1.0bps), OATs (+1.3bps) and BTPs (+1.8bps) similarly moved higher.

Overnight in Asia, equities have mostly followed the US lower, with the Nikkei (-2.77%), KOSPI (-1.71%), and Australia’s ASX 200 (-0.74%) all losing ground, though the Hang Seng (+0.20%) has recovered slightly thanks to energy stocks, and S&P 500 futures (+0.13%) are also pointing to a modest recovery. Those declines for the Nikkei and the KOSPI leave them just shy of a 10% correction from their recent peaks. In terms of the latest on Evergrande, there are signs that risks are spreading to other property developers, as China’s Fantasia Holdings missed a repayment worth $205.7m on a bond that matured Monday. Unsurprisingly, the developments are continuing to affect China’s HY dollar bond prices, with a Bloomberg index now down by -14.3% since its high back in May. Elsewhere in Asia, we got confirmation shortly after we went to press yesterday from new Japanese PM Fumio Kishida that there’d be a general election on October 31. Interestingly, that will actually be the 3rd general election in a G7 economy in the space of just six weeks, following the votes in Canada and Germany in late September.

Back to the US, and Treasury Secretary Yellen’s estimated deadline to raise the debt ceiling – 18 Oct – is now under 2 weeks away, and during a press conference yesterday President Biden called on Republicans to join with Democrats to raise the debt limit, arguing that over a quarter of the US debt was accumulated during the Trump administration and that it should not be tied to “any new spending being considered. It has nothing to do with my plan for infrastructure or building back better, zero.” Senate Majority Leader Schumer plans to hold a vote this week to lift the debt ceiling, though Republicans are set to block the legislation and are forcing Democrats to use the partisan budget reconciliation process that is currently the vehicle of the Biden “Build Back Better” plan.

Whilst time was running out to deal with the debt ceiling, President Biden also met with progressive House Democrats yesterday to discuss the budget reconciliation package and about potentially limiting the scope of the bill that makes up much of the President’s economic agenda. Press Secretary Psaki said that there is a “recognition that this package is going to be smaller than originally proposed,” but that the President is looking to get it across the goal line. Initial estimates could see the final package closer to $2 trillion over 10 years versus the current $3.5 trillion plans.

Meanwhile on trade, the Biden administration also announced yesterday that they would hold direct talks with Chinese officials in the coming week seeking to enforce prior commitments and start fresh talks to exclude some goods from US tariffs. US Trade Representative Katherine Tai will meet with Chinese Vice Premier Liu He, and is expected to focus on how to add and adjust to the Trump administration’s most recent deal with the Chinese government rather than starting from scratch.

There wasn’t much in the way of data yesterday, though US factory orders in August rose by +1.2% (vs. +1.0% expected), and the previous month’s growth was revised up to +0.7% (vs. +0.4% previously).

To the day ahead now, and the main data highlight will be the services and composite PMIs for September from around the world. We’ll also get the Euro Area PPI reading for August, and from the US there’s the August trade balance and the September ISM Services index. Otherwise, central bank speakers include ECB President Lagarde, the ECB’s Holzmann, and the Fed’s Quarles.

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/MONDAY  NIGHT: 

SHANGHAI CLOSED     //Hang Sang CLOSED UP 67.78 PTS OR 0.28% /The Nikkei closed DOWN 622.77 PTS OR 2.19%    //Australia’s all ordinaires CLOSED DOWN 0.53%

/Chinese yuan (ONSHORE) closed UP TO 6.4467  /Oil UP TO 7844 dollars per barrel for WTI and UP TO 82.19 for Brent. Stocks in Europe OPENED ALL GREEN   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4467. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4481/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

 

3 a./NORTH KOREA/ SOUTH KOREA

/NORTH KOREA//SOUTH KOREA

 
end

b) REPORT ON JAPAN

JAPAN

 

 

3 C CHINA

4/EUROPEAN AFFAIRS

UK/VACCINE  UPDATE
 
NONE
 
 
end
 

UK/EU/ASIA/SUPPLY PROBLEMS/GOODS SHORTAGE

NONE

end

UK/EUROPEAN / GAS PRICES//NATURAL GAS SHORTAGES

 
 

end

UK//USA/RUSSIA (KALININGRAD)

The exclave Kaliningrad is now the target of surveillance planes much to the anger of Russia

(Ditz/Antiwar.com)

US & British Surveillance Planes Circle Russia’s Kaliningrad

 
TUESDAY, OCT 05, 2021 – 02:00 AM

Authored by Jason Ditz via AntiWar.com,

Spying activity is often driving tensions between NATO and Russia. This is the case in the Baltic right now, where US and British surveillance planes are very visibly active around the Russian exclave of Kaliningrad.

The surveillance is being conducted by RC-135W, planes that conduct electronic surveillance, surveying the electromagnetic spectrum in the area to gather intelligence.

Kaliningrad was historically Ostpreußen, a part of Germany, and before that Prussia. The Soviet Union took the land in 1946 after WW2. The exclave loomed large around the start of WW2, as the lack of a land connection between Ostpreußen and the rest of Germany was the source of a lot of tension with Poland. Germans were expelled by the Soviets, and Soviet citizens were moved in in the late 1940s.

During the Cold War, Kaliningrad was physically connected to the rest of the Soviet Union through the Baltic States, but with them now independent and in NATO, the exclave is unconnected, and often a target of NATO exercises.

From a strategic perspective Kaliningrad is used to monitor NATO operations, and Russia often threatens to deploy arms, including nuclear weapons, in Kaliningrad to counter US deployments in central Europe.

Very active surveillance, like the kind the US and Britain are conducting, would be considered a provocation if Russia was doing it, and probably will be considered provocation by Russia since it’s being done to them.

NATO is almost always needling Russia in the region, building up ever-growing numbers of troops in the Baltic states and conducting growing military exercises, centered around engagements against Russia in general and Kaliningrad in particular.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/ISRAEL/USA

Iran demands the USA unfreeze $10 billion in assets before they return to the nuclear negotiation table

(zerohedge)

Iran Demands US Unfreeze $10BN In Assets To Return To Nuclear Negotiating Table

 
MONDAY, OCT 04, 2021 – 10:40 PM

In what looks to be yet another serious obstacle in the way of the prospect of jump starting Iran nuclear negotiations with world powers in Vienna, which have been stalled since June, and prior to Ebrahim Raisi taking office, Iran is asking the Biden administration to immediately unfreeze some $10 in Iranian assets.

Foreign Minister Hossein Amir-Abdollahian called it a necessary “sign of good will” to show that the American side is “serious” about returning to the Vienna process. 

Getty Images

“The Americans tried to contact us through different channels (at the U.N. General Assembly) in New York, and I told th/USAe mediators if America’s intentions are serious then a serious indication was needed … by releasing at least $10 billion of blocked money,” the Iranian foreign minister said in a weekend interview. 

Billions in its foreign-held assets have been effectively blocked for a couple years since Trump-era sanctions targeting the Islamic Republic’s international assets took effect. Amir-Abdollahian argued in his comments that at least “once” the US has to show its ready to consider “the interests of the Iranian nation.”

“They are not willing to free $10 billion belonging to the Iranian nation so that we can say that the Americans once in the past several decades considered the interests of the Iranian nation,” he explained.

Earlier last month the FM had vowed that Iran is ready to return to the negotiating table “very soon” but said the recently installed Raisi government is still “reviewing” the negotiation files. 

So far the US State Department has kept mum on the Iran FM’s weekend plea to unfreeze assets. It’s not likely to happen given Biden is already facing pressure from Republicans and would be accused of “caving” to the mullahs in Tehran if he were to unfreeze the requested billions.

It’s also unlikely that Washington would allow the Iranians to set what appear as belated pre-conditions for deeper talks, giving possible leverage to move the goal posts further. 

END

RUSSIA

Russia launches a hypersonic cruise missile from a nuclear submarine: an historic first

(zerohedge)

Russia Launches Hypersonic Cruise Missile From A Nuclear Submarine In Historic First

 
MONDAY, OCT 04, 2021 – 11:20 PM

In what appears to be a world-first, Russia on Monday successfully launched a hypersonic cruise missile from a submarine. Russia’s defense ministry subsequently published video of the nighttime launch from the far northern Barents Sea, saying the test was successful and that the missile hit its target.

“The test firing of the Tsirkon missile from a nuclear submarine was deemed successful,” the ministry stated. And Reuters detailed that “Low-quality video footage released by the ministry showed the missile shooting upwards from a submarine, its glare lighting up the night sky and illuminating the water’s surface.”

The experimental weapon, which Putin has previously declared “unrivaled” to any missile system in the world, was launched from the Severodvinsk nuclear submarine. He’s also called them “invincible” as they are believed so fast as to be nearly impossible to shoot down.

Putin has also touted that Russia’s hypersonic arsenal is capable of evading the US mainland’s network of defensive missiles, especially in a series of remarks going back to 2018 when Russia began publicizing its hypersonics program.

A follow-up video issued by the Russian MoD on Monday appeared to show a second test, this time with the submarine submerged underwater at the moment the missile was fired…

In July of this year the Russian Navy had first successfully fired the Zircon from a warship in the White Sea. 

Russian officials have described the Zircon missile as capable of traveling upwards of Mach 9, or about 6,900 mph and a distance of 1,000 kilometers (621 miles). Putin described the recent launches as a “great event not just in the life of our armed forces but for all of Russia.”

* * *

Here is the July test of the Zircon launched from a warship, which had also been a first for Russia:

64

TALIBAN/AFGHANISTAN/USA

 

 

end

6.Global Issues

CORONAVIRUS UPDATE

Five thousand two hundred medical professionals declare COVID policies “Crimes against Humanity”

(zerohedge)

Thousands of medical professionals declare COVID policies “Crimes Against Humanity”

  •  
 
doctor in handcuffs
 

WASHINGTON, D.C As of 7 p.m. ET on Monday, September 27, 2021, more than 5,200 doctors and scientists have signed the “The Physicians Declaration,” condemning policymakers for authoritarian approaches of forcing a “one-size-fits-all” COVID treatment strategy which is resulting in “needless illness and death.” 

 

An international alliance of physicians and medical scientists met in Rome, Italy on September 12 – 14 for a three-day Global COVID Summit to speak “truth to power about COVID pandemic research and treatment.” The summit presented an opportunity for the medical professionals to compare studies and assess the efficacy of the various treatments for the Coronavirus that have been developed in hospitals, doctors’ offices and research labs throughout the world.

However, many of these medical professionals have experienced career threats, character assassination, censorship of research papers, clinical trials and patient observations, their professional history and accomplishments altered or omitted in academic and mainstream media because of them providing life-saving treatments for COVID patients.

Dr. Robert Malone, who discovered in-vitro and in-vivo RNA transfection and invented mRNA vaccines while he was at the Salk Institute in 1988, read the Declaration at the summit.

 

The Physicians Declaration” states:

“We the physicians of the world, united and loyal to the Hippocratic Oath, recognizing the profession of medicine as we know it is at a crossroad, are compelled to declare the following;

WHEREAS, it is our utmost responsibility and duty to uphold and restore the dignity, integrity, art and science of medicine;

WHEREAS, there is an unprecedented assault on our ability to care for our patients;

WHEREAS, public policy makers have chosen to force a “one size fits all” treatment strategy, resulting in needless illness and death, rather than upholding fundamental concepts of the individualized, personalized approach to patient care which is proven to be safe and more effective;

WHEREAS, physicians and other health care providers working on the front lines, utilizing their knowledge of epidemiology, pathophysiology and pharmacology, are often first to identify new, potentially life saving treatments;

WHEREAS, physicians are increasingly being discouraged from engaging in open professional discourse and the exchange of ideas about new and emerging diseases, not only endangering the essence of the medical profession, but more importantly, more tragically, the lives of our patients;

WHEREAS, thousands of physicians are being prevented from providing treatment to their patients, as a result of barriers put up by pharmacies, hospitals, and public health agencies, rendering the vast majority of healthcare providers helpless to protect their patients in the face of disease.  Physicians are now advising their patients to simply go home (allowing the virus to replicate) and return when their disease worsens, resulting in hundreds of thousands of unnecessary patient deaths, due to failure-to-treat;

WHEREAS, this is not medicine. This is not care. These policies may actually constitute crimes against humanity.

NOW THEREFORE, IT IS:

RESOLVED, that the physician-patient relationship must be restored. The very heart of medicine is this relationship, which allows physicians to best understand their patients and their illnesses, to formulate treatments that give the best chance for success, while the patient is an active participant in their care.

RESOLVED, that the political intrusion into the practice of medicine and the physician/patient relationship must end. Physicians, and all health care providers, must be free to practice the art and science of medicine without fear of retribution, censorship, slander, or disciplinary action, including possible loss of licensure and hospital privileges, loss of insurance contracts and interference from government entities and organizations – which further prevent us from caring for patients in need. More than ever, the right and ability to exchange objective scientific findings, which further our understanding of disease, must be protected.

RESOLVED, that physicians must defend their right to prescribe treatment, observing the tenet FIRST, DO NO HARM. Physicians shall not be restricted from prescribing safe and effective treatments. These restrictions continue to cause unnecessary sickness and death. The rights of patients, after being fully informed about the risks and benefits of each option, must be restored to receive those treatments.

RESOLVED, that we invite physicians of the world and all health care providers to join us in this noble cause as we endeavor to restore trust, integrity and professionalism to the practice of medicine.

RESOLVED, that we invite the scientists of the world, who are skilled in biomedical research and uphold the highest ethical and moral standards, to insist on their ability to conduct and publish objective, empirical research without fear of reprisal upon their careers, reputations and livelihoods.

RESOLVED, that we invite patients, who believe in the importance of the physician-patient relationship and the ability to be active participants in their care, to demand access to science-based medical care.”

Liberty Counsel Founder and Chairman Mat Staver said, “These medical professionals have been censored and threatened for simply upholding the Hippocratic Oath to ‘do no harm.’ Throughout history, many breakthrough discoveries that have now become accepted science were initially censored. It’s past time to end medical censorship and allow doctors and scientific experts the freedom they rightfully deserve.”

 

END
 
Project Veritas records Pfizer scientists who state categorically that our antibodies are better than vax after infection
(zerohedge)

Veritas Records Pfizer Scientists: “Your Antibodies Probably Better Than Vax” After Infection

 
MONDAY, OCT 04, 2021 – 09:16 PM

Three Pfizer scientists were recorded on undercover video by Project Veritas in the latest installment of their “Covid-19 Vaccine Exposed” series.

In a 10-minute video released Monday night, all three scientists agreed separately conveyed that natural antibodies produced following a Covid-19 infection are superior to the vaccine.

“When somebody is naturally immune — like they got COVID — they probably have more antibodies against the virus…When you actually get the virus, you’re going to start producing antibodies against multiple pieces of the virus…So, your antibodies are probably better at that point than the [COVID] vaccination,” said scientist Nick Karl. “The city [of New York] needs like vax cards and everything. It’s just about making it so inconvenient for unvaccinated people to the point where they’re just like, ‘F*ck it. I’ll get it.’ You know?” he added.

Watch:

Of note, an Israeli preprint study reported by Science Magazinein late August found that natural immunity after recovering from Covid-19 offers a much better shield against the delta variant than vaccines.

A second Pfizer employee, Senior Associate Scientist Chris Croce echoed Karl – saying that those who have naturally acquired immunity are “probably more” protected vs. the vaccine.

Veritas Journalist: “So, I am well-protected [with antibodies]?”

Chris Croce, Pfizer Senior Associate Scientist: “Yeah.”

Veritas Journalist: “Like as much as the vaccine?”

Croce: “Probably more.”

Veritas Journalist: “How so? Like, how much more?”

Croce: “You’re protected most likely for longer since there was a natural response.”

Croce then advises the undercover Veritas journalist to “wait” to get the vaccine until her natural immunity wanes because she’s already had Covid-19.

A third Pfizer scientist, Rahul Khandke,said that Pfizer pressures employees to conceal negative information from the public.

“We’re bred and taught to be like, ‘vaccine is safer than actually getting COVID.’ Honestly, we had to do so many seminars on this. You have no idea. Like, we have to sit there for hours and hours and listen to like — be like, ‘you cannot talk about this in public,” said Khandke, who also agreed on the antibodies.

“If you have [COVID] antibodies built up, you should be able to prove that you have those built up,” he said.

Croce, meanwhile, acknowledged that Pfizer is conducting tests to determine whether their vaccine causes myocarditis in younger individuals.

So, yeah, we’re doing, we just sent, like, 3,000 patients’ samples to get tested for like, elevated troponin levels (to detect heart attack) to see if it’s vaccine based – or so…”

What will happen to these truth-tellers who decided to be extremely candid with a Project Veritas journalist?

END

From Dr Robert Malone…not gooooooood!

Data analysis suggests that ADE is accelerating in the fully vaccinated in each passing week

BREAKING: AI-powered DoD data analysis program named “Project Salus” SHATTERS official vaccine narrative, shows A.D.E. accelerating in the fully vaccinated with each passing week

 
 
 
Robert Malone just shared this on Twitter, thinks it is legit.

 

It’s going to be a tough winter.

https://www.afinalwarning.com/559002.html

end
 
How does Fauci explain this?  The highest vaccinated states sees a record surge in COVID cases plus injuries.
(zerohedge)

‘Not Supposed To Happen’: US State With Highest Vaxx Rate Sees Record Surge In COVID Cases

 
TUESDAY, OCT 05, 2021 – 11:14 AM

Authored by Ivan Pentchoukov via The Epoch Times,

Vermont, the state with the highest vaccination rate in the United States, is experiencing a CCP virus surge at levels not seen since the pandemic’s peak last winter.

The number of cases in Vermont is at a record level, hospitalizations are close to the records notched last winter, and the state recorded the deadliest day and the second deadliest month of the pandemic in September.

“I think it’s clearly frustrating for all of us,” Michael Pieciak, the commissioner of the Vermont Department of Financial Regulation who monitors CCP (Chinese Communist Party) virus statistics for the state.

More than 69 percent of Vermont’s population has been fully vaccinated against COVID-19 as of Sept. 24, according to the CDC, far above the national rate of 56 percent.

The state recorded the highest rate of hospitalizations per 100,000 residents on Sept. 30, breaching a record set on Jan. 31 last year. Eight people died of the CCP virus in Vermont on Sept. 13, the highest grim total recorded since the outbreak of the virus.

In late August, four of ten cases of COVID-19 in Vermont were among vaccinated people, according to a letter signed by 90 employees of the Vermont Health Department, including state Epidemiologist Patsy Kelso.

Gov. Phil Scott (R) lifted the state of emergency in Vermont in June when 80 percent of the population had received at least one shot of the vaccine. He has since indicated he is wary of reimposing the state of emergency.

“We can’t be in a perpetual state of emergency,” Scott said this week.

The four states which follow Vermont in terms of the highest vaccination rates in the nation are also experiencing alarming signs.

The head of UMass Memorial Health, the largest health system in central Massachusetts, said recently that regional hospitals were seeing nearly 20 times more COVID-19 patients than in June and there isn’t an ICU bed to spare. Massachusetts has the fifth-highest vaccination rate in the nation.

In Connecticut, the second most vaccinated state in the U.S., the legislature recently extended the governor’s emergency powers to make it easier to cope with the latest wave of the pandemic.

On Sept. 22, Maine, the third most-vaccinated U.S. state, had nearly 90 people in intensive care units, a pandemic peak for the state.

Dear Dr.Fauci, please explain…

END

Dr. Tenpenny: Pfizer Whistleblower Says Closer To 200,000 Have Died From “Vaccines” Within A Week

 
 
 
 
END
 
The Pope is in on this too?  Swiss guards resign over mandatory COVID vaccination
(zerohedge)

Pope’s Swiss Guards Resign Over Mandatory COVID-19 Vaccination

 
 
TUESDAY, OCT 05, 2021 – 03:30 AM

Authored by Paul Joseph Watson via Summit News,

Three Swiss Guards have resigned and three others have been suspended after refusing to comply with a Vatican mandate that they get the COVID-19 vaccination.

The Swiss Guards, colloquially known as the Pope’s bodyguards, had previously been ordered “to protect their health and that of the others they come into contact with as part of their service” by getting the jab.

The mandate was part of a broader instruction to all Vatican employees to get the COVID shot or face losing their jobs.

“Besides the three guardsmen sent back to Switzerland, at least three others were suspended from active duty after they agreed to vaccinate but have yet to receive their jabs,” reports RT.

The fact that there is no religious exemption against taking the vaccine within the Vatican tells you everything you need to know about the Vatican and the Pope.

Pope Francis has repeatedly amplified pro-vaccination narratives and refused to extend any understanding to Catholics who are hesitant to take the jab.

The Pontifical Academy for Life, the official bioethics academy of the Catholic Church, has also insisted that it is a “moral responsibility” for Catholics to take the vaccine.

“The Vatican has said that it considers it acceptable for Catholics to use vaccines, even those that use stem cell lines from aborted fetuses in their research,” reported the Mail.

The Italian government has also passed a decree applying to both the private and public sector ordering companies to withhold pay from workers who refuse to take the COVID-19 vaccine.

Those found working without the pass face fines of up to €1,500 euros after it was extended as a condition of entry for museums, stadiums, pubs, restaurants, and schools.

As we highlight in the video below, by enforcing vaccine mandates, the Pope is also enforcing vaccine passports, which some Catholics would argue represent something not too dissimilar from the Mark of the Beast from the book of Revelations.

Wow, so Christian!

end

Just  take a look at what came out of patient’s lungs:  a string of attached clots

(Robert H)

Look At What Came Out Of A Recently “Vaxxed” Patient’s Lungs: “String Of Attached Clots… Still Think Those Jabs Are Harmless?” |

 

Horrific Clots Come Out Of VAXED Dialysis Patient When Tubes Are Removed

 
Scary stuff!
Robert h…

Never Before Seen: Blood Doctor Reveals HORRIFIC Findings After Examining Vials | NC Renegades

 
 

> This is scary stuff.  I understand the approach as years ago i did live blood cell analysis to determine how and what to do with an arthritic condition. It is hard to understand a personal issue unless you understand the blood and the gut impact on a personal cellular structure and why things occur. This is complex because each of us is different not just by blood but by cellular harmonics. This is why the best security systems are best on individual cellular harmonics as each person is unique and no two share the same harmonic sound.
This is cutting edge science where harmonics are proving a mechanism to fight disease and illness and not well canvassed.
https://ncrenegade.com/never-before-seen-blood-doctor-reveals-horrific-findings-after-examining-vials/
>
>
> Cheers
> Robert

GLOBAL ISSUES
 
END
 
LA PALMA VOLCANO ERUPTION

La Palma

 

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

The Shills Are Alive With The Sound Of Music

 
TUESDAY, OCT 05, 2021 – 10:15 AM

By Michael Every of Rabobank

Shill

  • NOUN: an accomplice of a confidence trickster or swindler who poses as a genuine customer to entice or encourage others. “I used to be a shill in a Reno gambling club.

  • VERB: act or work as a shill. “Your husband in the crowd could shill for you.”

I find myself having to use the word ‘shill’ depressingly often of late, but became aware that not all readers were aware of its definition – which is why the shills are alive with the sound of music.

First example: USTR Tai’s crucial speech on US-China trade policy.

I stayed up late to watch it in full, which was a good decision given the spin was shill-tastic, e.g., the South China Morning Post reporting that “Washington set to exempt some products from tariffs”, then saying 2/3 were to be open to an exclusion process. My initial reaction was shock given this was an obvious geostrategic error. Just as global supply chains are considering shifting and ‘building back better’, the US would make them 25% cheaper staying in China, and vs. new buddies such as Vietnam and India, or even Mexico. Moreover, doubling down on “Too Big to Sail” while sailing more military vessels around China would give Beijing greater relative ability to fight while feeding its fears this might actually be needed. That’s as *56* PLA planes went through Taiwan’s ADZ yesterday, worrying even Forbes magazine, and as a US/UK/Japanese carrier group exercises nearby.

However, this is not at all what Tai said. It was, in fact, continuity-Trump trade policy that expands on its policy direction, potentially substantively. Yes, the language was schmoozy not spikey, with a clear emphasis on the wish to avoid inflaming trade tensions. And, yes, SMEs can apply for exclusion from tariffs for intermediate inputs –which was also the case under the Trump deal until the end of 2020 before that expired– and some might be granted given the strains many firms are under. Yet Tai made clear that: the US must keep a large industrial and manufacturing base for long-run R&D success and its overall economic complexity; US supply chains must shift to “resiliency” away from “efficiency”, so national security over price; the US “must defend, to the hilt, our economic interests”; the ‘phase one trade deal’, where China is running well behind target in its purchases, will be enforced; China will not reform or shift away from a state-led economic model; Nothing is off the table to deal with that, and new tools will be developed as needed; Decoupling is unrealistic, but recoupling will only be on US terms; and although there is a desire to work with allies, if trade diversion happens due to the phase one deal,…it happens.

Some will point out that there were no substantive policies beyond what Trump left behind, others that China will never accept the new trading relationship to be proposed in “honest” bilateral conversations. If so, the implications were: tariffs; buy-local provisions; industrial policy; perhaps even pan-Western standards that exclude goods on various grounds (subsidies, human rights, etc.) Get ready for the shills being alive with the sound of music trying to cover this up. Bloomberg gets top prize so far with the totally-misleading headline: “US Trade Chief to Engage With China on Trump-Deal Shortfalls”.

Second example: Stagflation.

Bloomberg is pointing out today that stagflation fears, which have knocked US stocks down by around 5% from their peak, and the Nikkei 10% as of this morning, cannot be correct if we are seeing bear steepening of yield curves: as such, “Buy now while stocks last!” Such claims are true if they imply central banks hiking to deal with a surge in energy prices and a shortfall of goods are not doing anyone any good, least of all themselves, and that such hikes would mean curve flattening as a result. Yet if central banks are not going to hike because energy prices reach into the stratosphere and goods supply dries up, then what are yield curves –and stocks– supposed to do, short term? Take comfort that central banks aren’t doing anything?

Consider that as the Atlantic Council, albeit via the head of the Ukrainian Naftogaz, says “Europe is under attack from Putin’s energy weapon”; in the EU, EEX prices are now up 895% over 2020’s average; German energy firm Uniper states NordStream 2 certification “will definitely be so late that this pipeline will no longer help us this winter”, while gas-rich Azerbaijan’s offer to help still means that even if negotiations started now, the soonest they could supply the EU would be the winter of 2022; and as US oil prices hit the highest since 2014 after OPEC+ resisted calls to accelerate production. (And imagine how high other key commodities will go when everyone globally tries to build out new power infrastructure at the exact same time.) Yes, that backdrop spells enormous economic damage ahead: but it spells much higher supply-shock inflation firstwhich is by definition stagflation, whether Bloomberg, or stocks, like it or not.

Third example: the anti-sanctions law in Hong Kong.

For some time, Hong Kong has been on tenterhooks over the promised introduction of an anti-sanctions law to mirror the one in place in the mainland. Critics feared this would place firms and banks located there in the impossible position of not being able to comply with both US and Chinese law: proponents stressed this was not an issue. It is now being reported by HGK01 that this law will be dropped “in the short term” as “executives from Hong Kong and Chinese financial institutions had directly raised concern to Vice Premier Liu He that the law would put the institutions in a difficult situation.” This is a reprieve, and a major retreat from Beijing. It also underlines the power the US can still wield via the US dollar and the global financial system. Don’t think the same people who are pushing AUKUS and The Quad, and are insisting on a new US trade relationship with China, can’t and won’t join those dots. Expect much sound of music to cover this discussion up too.

Fourth example: anything in Congress.

The battle over the debt ceiling, the infrastructure bill, and the reconciliation bill rages on, even into the new arena of the public toilet, literally not just metaphorically: is such haranguing of senators in toilets or at home going to become a normal part of the US political discourse? As USTR Tai said yesterday, US trade policy will from now on line up with its domestic policy: so are both then a flush in the pan?

Meanwhile, another Chinese property developer, Fantasia, has defaulted on its debts, denting the shills who kept saying Evergrande was OK, and a one-off. And Facebook, WhatsApp, and Instagram had their own little power-cut for a few hours, putting alternative platforms such as Telegram and Signal under stress, in their own little supply-chain squeeze. Even the virtual world can’t escape what is happening in the real, it seems.

 

end 

7. OIL ISSUES

Natural gas begins to flow from Nord Stream  2

(zerohedge)

Nord Stream 2 Operator Begins Filling Pipeline Amid Historic EU Energy Crisis

 
MONDAY, OCT 04, 2021 – 02:14 PM

Russia and Germany are celebrating the historic moment Monday that Nord Stream 2 AG was partially brought online, for the first time filling the front section of the pipeline with gas, at a moment European Union countries have for weeks experienced shortages and soaring prices in many places, crucially which has entered crisis mode ahead of the coming winter. 

NS2 operators announced in a Monday press release that “the procedure for filling the first string of the Nord Stream 2 gas pipeline has begun” and further that “the string will now be filled with gas gradually in order to achieve the volume and pressure required for further technical testing.”

 

Source: Nord Stream 2

The next major step before gas will actually transit from Russia into northeast Germany via the Baltic Sea from the St. Petersburg region will be the moment German regulators issue authorization to turn on the taps for the gas to start flowing – considered the final hurdle before it goes fully operational. 

The final section of construction in recent weeks and months took place in Denmark’s waters, with Danish inspectors and officials giving their own greenlight as well on Monday.

Previously in the face of pushback from Washington and some allies, which charge that Europe will become too energy dependent on the Kremlin, the NS2 operator said, “Nord Stream 2 will contribute to meeting the long-term needs of the European energy market for gas imports, improving supply security and reliability, and providing gas under sensible economic conditions.”

The independent Moscow Times has noted of the “controversial” pipeline that leaders in Kiev will continue to lobby hard against it:

The pipeline diverts supplies from an existing route through Ukraine and is expected to deprive Europe’s ally of an estimated 1 billion euros ($1.2 billion) annually in transit fees from Russia.

Ukraine — in conflict with Russia since Moscow’s 2014 annexation of Crimea — has warned Europe that Nord Stream 2 could be used by Moscow as a geopolitical pressure vice.

Last month Ukraine said it will pursue all revenues of action against NS2 “even after the gas is turned on” – yet it’s been met with little more than a shrug in Europe, also amid recent US sanctions targeting companies involved in the construction. 

Meanwhile NATO’s Atlantic Council is marking the occasion with the following blistering critique

A big recent turning point seen as critical to allowing the pipeline to proceed to completion was the Biden administration quickly agreeing to drop sanctions on the German side of the project soon after he took office. Republicans as well as Ukrainian officials blasted the move as tantamount to caving to Putin

end

Then this!!

Fresh Legal Fight Erupts Over Nord Stream 2 As Europe Energy Costs Soar Ahead Of Frigid Winter

 
TUESDAY, OCT 05, 2021 – 10:40 AM

Just ahead of Monday’s announcement that the North Stream 2 Russia to Germany natural gas pipeline has begun filling with gas in the first line while awaiting approval from Germany regulators before it goes fully online and the taps are turned on, Russia’s Deputy Foreign Minister Alexander Grushko in weekend statements had warned that political opponents are ready to exploit “legal squiggles” to prevent it from finally going operational. 

“I will stress once again: all the necessary steps, including in the legal field, have been taken and we firmly hope that this project will be implemented,” Grushko explained, while warning of the “rather complicated” process for receiving legal certification on the European side. Crucially signs of a final inter-EU political fight have already emerged, as Bloomberg details, European lawmakers “who supervised the European Parliament’s work on EU gas market legislation, said NS2 doesn’t meet the conditions for German certification because it fails to meet the unbundling criteria (which ensures as gas provider is prevented from simultaneously controlling the transmission side of the business).

 

Dresden in winter, via Planetware

The structure of the company does not guarantee its independence as an operator in relation to Gazprom, a prominent gas supplier to the EU and a dominant supplier in the CEE,” European Parliament officials who oversee the body’s work on EU gas market legislation wrote in a recent letter. It was in response to Nord Stream 2’s efforts to be recognized as an independent transmission system operator. The lawmakers refused to authorize this status as it “puts at risk the security of energy supply within the EU,” they said – which has been a persistent argument of Washington in seeking to block completion of the pipeline. 

Ultimately the final hurdle before NS2 will actually transit gas from Russia into northeast Germany via the Baltic Sea from the St. Petersburg region will be the moment German regulators issue authorization to turn on the taps for the gas to start flowing – but this is where the final political showdown is expected. Last month Ukraine said it will pursue all revenues of action against NS2 “even after the gas is turned on” – yet it’s been met with little more than a shrug in Europe, also amid recent US sanctions targeting companies involved in the construction. Ukraine stands to losean estimated 1 billion euros ($1.2 billion) annually in transit fees from Russia as NS2 has effectively cut Kiev out as the “middle man”. 

But it’s no secret that time is running out ahead of frigid winter temperatures, as many have noted the obvious that new pipeline provides an immediate relief from Europe’s gas crisis and dwindling supply, which has seen some prices in parts of Western Europe rise by some 250% amid persisting reserve shortages in a matter of weeks.

According to a quick survey of the worsening situation in Bloomberg

Global shortages of gas and coal are pushing energy prices higher, disrupting markets from the UK to China, as economies emerge from the pandemic. Surging costs are threatening to raise inflation and starting to weigh on industrial production, with some companies in Europe forced to cut output.

“The fiercely nervous sentiment on the market continues due to fears of reduced supply during the winter,” trader Energi Danmark wrote in a note Tuesday. “Everything looks set for another week of price climbs.”

Europe’s gas stockpiles are at their lowest seasonal level in more than a decade, while supplies from top seller Russia are limited and global competition for liquefied natural gas continue to be intense.

Also commenting on the record-setting supply crunch, an industry insider – Catherine Newman, chief executive officer of Limejump Ltd. told a conference on Tuesday:  “If we have a cold start to the winter and we’re withdrawing gas, we’re not going to have any gas left by the time cold winter hits.”

2021 kicked off with European gas reserves already plummeting… 

 

Via Reuters

Meanwhile on Tuesday European natural gas contracts jumped to an unprecedented 111.70 euros per megawatt-hour, after last February being at a mere 15.49 euros.

The NS2 operator is at the same time seeking to assure that “Nord Stream 2 will contribute to meeting the long-term needs of the European energy market for gas imports, improving supply security and reliability, and providing gas under sensible economic conditions,” according to a company statement.

end

Gas Prices In Europe Are Now The Equivalent Of $230 Oil

 
TUESDAY, OCT 05, 2021 – 12:55 PM

Authored Tsvetana Paraskova via OilPrice.com,

The benchmark European gas prices continue their rally this week, surging to new record highs on Tuesday to an equivalent of $230 a barrel oil, amid a wider energy commodity rally driven by supply concerns ahead of the winter.

The gas price at the Dutch TTF hub, the benchmark gas price for Europe, soared on Tuesday to above 100 euro per MWh for the first time ever, as gas and coal prices rally in Europe and Asia and as nuclear power generation in France fell due to a strike.

The energy crisis continues to worsen, and there is no immediate relief in sight, analysts say.

Everything looks set for another week of price climbs, as the fiercely nervous sentiment on the market continues due to fears of reduced supply during the winter. The most traded contracts on the important Dutch TTF hub once again climbed to all-time highs, and could easily continue the uptrend today,” Energi Danmark said in a note on Tuesday.

According to Ole Hansen, Head of Commodity Strategy at Saxo Bank, the Dutch TTF gas benchmark traded in the morning in Europe up 12 percent on the day at €106.3/MWh, equivalent to $36/MMBtu or $205 per barrel of crude oil.

The market is concerned about energy supply this winter and shrugged off Monday’s news from Nord Stream 2 AG, the operator of the controversial Russia-led gas pipeline, which started filling the first string of the pipeline with gas to get ready for the moment that German authorities grant it an operational license.

With an uncertain start of Nord Stream 2, gas prices in Europe continue to surge, also due to forecasts of cold weather in north Europe and lower production of electricity from nuclear generation in France, due to a strike.

“All energy prices – coal, oil, gas, power – are up. There doesn’t seem to be any let up to the rallying,” a gas trader told Reuters.

Now the global energy crisis is spreading to Brazil and India

(zerohedge)

“Perfect Storm” – Global Energy Crisis Spreads To Brazil And India

 
MONDAY, OCT 04, 2021 – 06:40 PM

The global energy crisis plagues Europe and China and risks spreading to emerging market economies. 

According to Bloomberg, severe droughts in Brazil have led to a collapse in hydroelectric generation and could force the South American country to ration power if power imports from Uruguay and Argentina aren’t increased. 

Brazil is South America’s largest economy. It derives 60% of its power from hydroelectric sources, but La Nina has produced drought this year and dwindled water levels at reservoirs, making hydro less dependable.

Brazil, in many ways, has been ahead of the decarbonization of its power grid. When it comes to the energy transition, countries worldwide begin to embark on but discover that renewable power is not sustainable. Bear Traps Report’s Larry McDonald recently opinioned in his note to clients that the ESG push for power grids is contributing to the global energy crisis. 

To mitigate a power grid collapse, the South American country is in the process of firing up natural gas generators to compensate for the loss of hydroelectric power. This would force the government to compete in a tight global natgas market that could raise prices higher. 

“Brazil’s hydroelectric reservoirs in the southeast and central west, which represent almost three-fourths of the country’s installed capacity, have fallen to 17% amid the worst drought in 91 years,” Bloomberg said. 

Earlier this year, the La Nina weather pattern brought drought to Brazil but plenty of water to north-eastern South America that filled up dams in Colombia to historically high levels. Another round of La Nina, which the U.S. Climate Prediction Center said has a 70% chance of forming this fall/winter, could delay the rainy season in Brazil and trigger power disruptions that would have drastic economic impacts. 

On the other side of the world, India faces a power crisis for different reasons than Brazil. The country’s 135 thermal power plants are experiencing extremely low coal supplies, from 13 days of supplies just a few weeks ago to only four days this past Friday, according to FT

“The [Indian] power sector is facing a kind of perfect storm,” said Aurodeep Nandi, India economist at Nomura Financial Advisory and Securities. “You are caught in a situation where demand is high, your supply is low from the domestic side, and you haven’t restocked on inventories by importing.”

If supplies aren’t replenished in time, India may have to slash power to energy-intensive businesses and residential properties, which is exactly what’s happening in China at the moment

Now that the global energy crisis is spreading across the world, first in Europe and Asia and now spreading to parts of South America and India, for all different reasons. The next phase of the crisis is for governments beginning to panic hoard supplies. China is already doing this.  

end

With many ships idling off the coast of California it is inevitable that an anchor may have come in contact with the pipeline

(zerohedge)

Worst California Oil Spill In Decades May Have Been Caused By Anchor Striking Pipeline

 
TUESDAY, OCT 05, 2021 – 08:16 AM

Shares of Amplify Energy Corp. were nearly halved (-44%) on Monday after what investigators believe an anchor from a vessel may have punctured the company’s undersea pipeline off the coast of Orange County, California, creating one of the state’s worst oil spills in three decades, according to WSJ. On Tuesday morning, shares bounced 10% after being deeply oversold. 

Amplify’s CEO Martyn Willsher released a statement that the company believes the “source and a cause” of the oil spill may have come from a ship’s anchor. He said the company has surveyed 1.5 miles of pipe using remote-controlled underwater cameras and suspects an anchor collision is a “distinct possibility.”

“There’s more information to come but I think we’re moving very closely to a source and a cause of this incident,” Willsher said

With more than 60 container ships at anchor or drifting off the ports of Los Angeles and Long Beach due to record-high port congestion, the likelihood of an anchor dragging across the seabed and puncturing a pipeline seems plausible. 

Coast Guard Lt. Cmdr. Jeannie Shaye also said, “We’re looking into if it could have been an anchor from a ship, but that’s in the assessment phase right now.”

The oil spill has been absolutely devastating for Huntington Beach to about 6 miles down the coast to Laguna Beach, where oil has come ashore. Estimates so far show 126,000 gallons of oil leaked into the ocean. 

The spill comes when regulatory uncertainty in the state about the fossil fuel industry is growing. Last week, the Santa Barbara County Planning Commission blocked Exxon Mobil Corp. from restarting three platforms in the area.

Orange County District Attorney Todd Spitzer was quoted in a press release that Amplify shouldn’t lead the investigation into what may have caused the undersea pipeline to leak. 

“The company should not be responsible for leading its own investigation with respect to the hundreds of millions of dollars of devastation that it did to our environment and our economy,” Spitzer said.

end

8 EMERGING MARKET& AUSTRALIA ISSUES

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

end

AUSTRALIA

 

END

Euro/USA 1.1599 DOWN .0016 /EUROPE BOURSES /ALL GREEN

USA/ YEN 111.26  UP  0.291 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3621  UP   0.0014 

 

USA/CAN 1.2590  DOWN .0002  (  CDN DOLLAR UP 2 BASIS PTS )

 

Early TUESDAY morning in Europe, the Euro IS DOWN BY 16 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1599 Last night Shanghai COMPOSITE CLOSED 

 

//Hang Sang CLOSED UP 67.78 PTS OR 0.28% 

 

/AUSTRALIA CLOSED DOWN 0.53% // EUROPEAN BOURSES OPENED ALL GREEN

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL GREEN

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED UP 67.78 pts or 0.28% 

 

/SHANGHAI CLOSED

 

Australia BOURSE CLOSED DOWN 0.53%

Nikkei (Japan) CLOSED DOWN 622.77 PTS OR 2.19% 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1757.00

silver:$22.55-

Early TUESDAY morning USA 10 year bond yr: 1.497% !!! UP 2 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.060 UP 2  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 93.93 UP 15  CENT(S) from MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing  TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.36%  UP 3  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.057% UP/10   BASIS POINTS 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:  0.86  UP 0    points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 40 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.183% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.05% 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  TUESDAY

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

Euro/USA 1.1610  DOWN    0.0006 or 6 basis points

USA/Japan: 111.39  UP .428 OR YEN DOWN 43  basis points/

Great Britain/USA 1.3643 UP .0037// UP 37   BASIS POINTS)

Canadian dollar UP 38 basis points to 1.2553

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4467 

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.4451

TURKISH LIRA:  8.86  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.057%

Your closing 10 yr US bond yield UP 5 IN basis points from MONDAY at 1.528 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.092 UP 5 in basis points on the day

Your closing USA dollar index, 93.87 UP 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 TUESDAY: 12:00 PM

London: CLOSED UP 69.75 PTS OR 0.99% 

 

German Dax :  CLOSED UP 157.75 PTS OR 1.05% 

 

Paris CAC CLOSED UP 96,50  PTS OR  1.49% 

 

Spain IBEX CLOSED  UP 129.90  PTS OR  1.48%

Italian MIB: CLOSED UP 477.91 PTS OR 1.71% 

 

WTI Oil price; 75.77 12:00  PM  EST

Brent Oil: 78.55 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.30  THE CROSS LOWER BY 0.17 RUBLES/DOLLAR (RUBLE HIGHER BY 17 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.183 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 : 79.21//

BRENT :  82.74

USA 10 YR BOND YIELD: … 1.532.. UP 5 basis points…

USA 30 YR BOND YIELD: 2.104 UP 6  basis points..

EURO/USA 1.1597 DOWN 0.0019   ( 19 BASIS POINTS)

USA/JAPANESE YEN:111.49 UP .524 ( YEN DOWN 52 BASIS POINTS/..

USA DOLLAR INDEX: 93.98  UP 21  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3624 UP .0017  

the Turkish lira close: 8.87  DOWN 1 BASIS PTS//EXTREMELY DEADLY

the Russian rouble 72,35  UP .12  Roubles against the uSA dollar. (UP 12 BASIS POINTS)

Canadian dollar:  1.2576 UP 13 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.212%

The Dow closed DOWN 311.75 POINTS OR 0.92%

NASDAQ closed DOWN 178.35 POINTS OR 1.25%

VOLATILITY INDEX:  21.19 CLOSED DOWN 1.77

LIBOR 3 MONTH DURATION: 0.127

%//libor dropping like a stone

USA trading day in Graph Form

Big-Tech, Bitcoin, Breakevens, & Black Gold Surge As Debt-Limit Doubts Loom

 
TUESDAY, OCT 05, 2021 – 04:01 PM

Despite all the chatter, debt ceiling doubts continues to build…

Source: Bloomberg

And US Sovereign risk continues to deteriorate…

Source: Bloomberg

But hey, that shouldn’t stop you panic-buying stocks right?

Nasdaq was the day’s big winner, up around 2%. S&P and Dow also pumped and didn’t dump. Small Caps lurched higher with the rest but gave up early gains…

The late-day weakness left everything red from Friday (Nasdaq never got back to even)…

All the major US equity indices are hovering/testing key technical levels (RTY at 50DMA, S&P at 100DMA, NQ at 100DMA, Dow < 100DMA)…

While the initial momentum of the day was ignited by a short-squeeze, those gains quickly disappeared…

Source: Bloomberg

Small Caps ramped to their strongest relative to Nasdaq in 3 months before stalling and fading back…

For more context, Small Caps had overshot their relationship relative to Nasdaq when compared with real yields – today flat like reversion in that pair…

Source: Bloomberg

Breadth continues to stink…

Source: Bloomberg

SKEW continues to plunge as it appears traders are actually lifting downside protection relative to upside exposure….

Source: Bloomberg

Treasury yields rose once again with the long-end up around 7bps on the week…

Source: Bloomberg

Yield curve (2s30s) at its steepest in 3 months…

Source: Bloomberg

Breakevens surged to their highest in 4 months…

Source: Bloomberg

That was the biggest 1-day surge in breakevens since Biden was elected…

Source: Bloomberg

The dollar rallied back to unchanged on the week…

Source: Bloomberg

WTI soared above $79 today – a new 7-year-high…

…but some context shows the Barrel of Oil (BoE) equivalent price for European NatGas is a stunning $230 a barrel…

Source: Bloomberg

And US NatGas also soared today to its highest in 12 years (notice that the US NatGas BoE is now around $107, around $30 rich to WTI)…

Source: Bloomberg

Finally, Spot the difference…

Source: Bloomberg

And in case you were wondering about the actual economy, The Atlanta Fed just downshifted its GDPNOW forecast to just +1.33%…

Source: Bloomberg

i) MORNING TRADING

Bonds & Bullion Sold As Breakevens Surge; US Sovereign Risk Spikes

 
TUESDAY, OCT 05, 2021 – 09:20 AM

US inflation breakevens are soaring this morning, back to their highest in almost two months…

Source: Bloomberg

That has dragged nominal yields higher with 10Y testing resistance and back above 1.50%…

Source: Bloomberg

And the dollar jerked higher…

Source: Bloomberg

Which sent gold lower…

And all of this as debt ceiling fears soar…

Source: Bloomberg

Along with USA Sovereign risk…

Source: Bloomberg

Get back to work Mrs.Pelosi.

end

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

 

USA DATA

The trade deficit hits a record high and this is a negative to GDP numbers

(zerohedge)

US Trade Deficit Hits Record High In August

 
 
TUESDAY, OCT 05, 2021 – 08:43 AM

The U.S. trade deficit widened to a record in August, reflecting a pickup in the value of imports of consumer goods and industrial supplies. The gap in trade of goods and services increased 4.2% to $73.3 billion, from a revised $70.3 billion in July (notably worse than the $70.8 billion deficit expected).

Source: Bloomberg

The value of goods and services imports rose 1.4% to a record $287 billion in August. Exports climbed 0.5% to $213.7 billion.

Source: Bloomberg

And so much for ‘exporting’ energy – Petroleum products saw a net deficit in August…

Source: Bloomberg

And the deficit with China increased once again…

Source: Bloomberg

 

END

IMPORTANT USA/CONTAINER LOGJAMS//shortages//inflation

Texas company offers truckers $14,000 per week amid an historic driver shortage

(Mason Hartwig/AltDriver)

Texas Company Offers Truckers $14K A Week Amid Historic Driver Shortage

 
MONDAY, OCT 04, 2021 – 06:20 PM

By Mason Hartwig of AltDriver

All you truck drivers in need of work out there need to take a second to look into this: A company called Sisu Energy has been paying experienced drivers up to $14,000 per week. It may sound too good to be true, but it’s actually the real deal.

When the COVID-19 pandemic started, many truck drivers left the industry, due to a lack of product to haul and reduced rates for loads. The trucking industry was already facing a driver shortage prior to 2020, and this only made things even more severe. Once the demand for products came back up, those former drivers had already settled into a new industry. Essentially, this left demand hig, and supply low. As you may have been able to tell, goods such as gasoline and wood have drastically increased in price over the last few months, and this is certainly a factor in that.

That said, businesses still had to operate, and Sisu Energy CEO Jim Grundy had to find a way to keep things moving. His solution was to offer experienced drivers in South Texas a rate of pay that was too good to pass up. This company has been paying drivers $14,000 each week, which equates to $60,000 a month, and over $650,000 a year. No matter what freight you’re hauling, it’s practically impossible to find another job that pays in the same realm as this.

With pay this high, there’s bound to be skeptics, but it’s been confirmed by both the CEO and others who have worked there as a driver. In fact, I happened to be listening to the radio the other day when one of the newer drivers for Sisu Energy called the station to tell them it was very much real. On top of that, he claimed he didn’t even need his own truck and trailer, but just some experience as a commercial driver

end

iii)a) Important USA Economic Stories

Homeownership is the least affordable since 2008//shelter inflation about to explode

(zerohedge)

Homeownership Is The Least Affordable Since 2008 With Shelter Inflation About To Explode

 
MONDAY, OCT 04, 2021 – 08:40 PM

Yesterday we asked a rhetorical question: how can (record high) home prices be rising so fast that housing is both unaffordable and booming at the same time? While a rational answer has yet to emerge, today the WSJ picks up on the former and writes that the record growth in home prices has made owning a home less affordable than at any point since the financial crisis.

Citing data from the Atlanta Fed, the Journal writes that the median American household would need just under a third, or 32.1% of its income, to cover mortgage payments on a median-priced home. Even though mortgage rates are at all time lows, that’s the most since November 2008, when the same outlays would eat up 34.2% of income. One can only imagine what will happen when prices continue to rise or when mortgage rates spike.

The advent of the latest housing bubble means that supercharged home prices in markets across the country, which in August rose by a record 20% across the top 20 MSA, are canceling the impact of modestly higher incomes and historically low interest rates, two factors that typically make owning a home more affordable. Higher prices require buyers to take out larger loans, essentially signing them up to make larger mortgage payments each month for years.

The Atlanta Fed calculates affordability using a three-month average of median home prices from CoreLogic and median household incomes based on census data. In July, the latest month in the Atlanta Fed’s calculations, median home prices were $342,350, up 23% from the year before. Median incomes were $67,031, up a tiny 3%, less than the current rate of inflation.

Citing economists, the WSJ said that declining affordability will have the biggest impact on buyers shopping for their first homes, who will have to sign up for larger monthly payments, buy less desirable homes or step back from the market altogether. It’s also why Democrats recently proposed a subsidized 20-year mortgage for first-gen homebuyers, a gimmick that will only lead to even more taxpayer-funded market imbalances and an even greater bubble.

“It’s a lot more difficult for people to get their foot in the door of the housing market,” said Ralph McLaughlin, chief economist at Haus, a home-finance startup. “The question is whether it is an insurmountable hurdle or is it just that these households have to spend more of their monthly income on the mortgage.”

The current situation is unique: in 2008 the dynamics were different, even if the effect — complete disarray in the housing market — was the same. Home prices were falling, and many Americans owed more on their homes than the homes were worth. Furthermore, widespread job losses weighed on household income for years.

Christopher Ferreris and his wife, Danielle Ferreris, have been hoping to purchase a home in the Tampa, Fla., area for close to two years. They can afford about $1,600 in monthly payments, but every house they have seen requires monthly payments about 25% bigger than that. As a result, they are stuck renting, where the double whammy of soaring rent prices is also hammering their disposable income.

“It’s almost like we’ve gotten into a holding pattern because of how difficult it is,” Mr. Ferreris said.

The typical value of a home in Tampa was $331,000 in August, up from $265,000 at the same time last year, according to Zillow.

The Ferreris are doing everything they can think of to save money, and Christopher started a side business last year buying and selling sports cards. He now counts on it for about $500 each month.

Of course, during the early months of the pandemic, homes became more affordable while interest rates fell. However, following trillions in fiscal and monetary stimulus, the dynamic reversed rapidly as many families, after sitting on the sidelines for a few months, raced to buy homes, eager for more space or to move out of crowded cities. The fierce competition sent home prices soaring. Affordability began to decline.

According to the Atlanta Fed, at the start of 2021, Americans needed about 29% of their income to cover a mortgage. That has since risen to about 32% by July. The Atlanta Fed includes principal, interest, taxes, insurance and related costs in mortgage payments.

“Any affordability that mortgage rates lended has pretty much been erased at this point,” said Daryl Fairweather, chief economist at real-estate brokerage Redfin.

Home buyers have noticed. About 63% of consumers surveyed in August believed it was a bad time to buy a house, according to Fannie Mae. That was up from 35% at the same time last year.

The punchline: while the Fed pretends none of this is happening, Goldman’s shelter inflation tracker just surged to the highest level on record, rising 4.6% Y/Y, a print which suggests that PCE Shelter Index, which lags by about 6 months, is about to go through the roof.

How and whether the Fed responds to a surge in housing inflation it will no longer be able to ignore remains to be seen.

end

b) USA COVID/VACCINE UPDATES//VACCINE MANDATES

What a doorknob:  Garland weaponizes Dept of Justice  going after dissenting parents after school board pleas.

(zerohedge)

AG Garland “Weaponizes” DoJ Against Dissenting Parents After School Board Association Pleas

 
TUESDAY, OCT 05, 2021 – 07:00 AM

One day after a North Carolina school board adopted a policy that would discipline or dismiss teachers if they incorporate critical race theory (CRT) into their teachingof the history of the United States, The Epoch Times’ Ivan Pentchoukov reports that Attorney General Merrick Garland on Oct. 4 announced a concentrated effort to target any threats of violence, intimidation, and harassment by parents toward school personnel.

The announcement also comes days after a national association of school boards asked the Biden administration to take “extraordinary measures” to prevent alleged threats against school staff that the association said was coming from parents who oppose mask mandates and the teaching of critical race theory.

Garland directed the FBI and U.S. attorneys in the next 30 days to convene meetings with federal, state, and local leaders within 30 days to “facilitate the discussion of strategies for addressing threats against school administrators, board members, teachers, and staff,” according to a letter (pdf) the attorney general sent on Monday to all U.S. attorneys, the FBI director, the director of the Executive Office of U.S. Attorneys, and the assistant attorney general of the DOJ’s criminal division.

According to the DOJ, further efforts will be rolled out in the coming days, including a task force that will determine how to use federal resources to prosecute offending parents as well as how to advise state entities on prosecutions in cases where no federal law is broken. The Justice Department will also provide training to school staff on how to report threats from parents and preserve evidence to aid in investigation and prosecution.

“In recent months, there has been a disturbing spike in harassment, intimidation, and threats of violence against school administrators, board members, teachers, and staff who participate in the vital work of running our nation’s public schools,” Garland wrote.

“While spirited debate about policy matters is protected under our Constitution, that protection does not extend to threats of violence or efforts to intimidate individuals based on their views.”

School boards across the nation have increasingly become an arena for heated debate over culture, politics, and health. Parents groups have ramped up pressure on boards over the teaching of critical race theory and the imposition of mask mandates. The debate is split sharply along political lines, with Democrats largely in favor of critical race theory and mask mandates, and Republicans opposing both.

The amount and severity of the threats against officials are not known, but Garland’s letter suggests the phenomenon is widespread.

Full AG Garland Statement (with our thoughts):

MEMORANDUM FOR DIRECTOR, FEDERAL BUREAU OF INVESTIGATION; DIRECTOR, EXECUTIVE OFFICE FOR U.S. ATTORNEYS ASSISTANT ATTORNEY GENERAL, CRIMINAL DIVISION UNITED STATES ATTORNEYS

FROM:       THE ATTORNEY GENERAL

SUBJECT:    PARTNERSHIP AMONG FEDERAL, STATE, LOCAL, TRIBAL, AND TERRITORIAL LAW ENFORCEMENT TO ADDRESS THREATS AGAINST SCHOOL ADMINISTRATORS, BOARD MEMBERS, TEACHERS, AND STAFF

In recent months, there has been a disturbing spike in harassment, intimidation, and threats of violence against school administrators, board members, teachers, and staff who participate in the vital work of running our nation’s public schools. While spirited debate about policy matters is protected under our Constitution, that protection does not extend to threats of violence or efforts to intimidate individuals based on their views.

[ZH: But intimidating parents who dare to have the view that the nation’s founding fathers and the founding documents are not in fact systemically racist and does not want their children taught that is the case is ok?]

Threats against public servants are not only illegal, they run counter to our nation’s core values. Those who dedicate their time and energy to ensuring that our children receive a proper education in a safe environment deserve to he able to do their work without fear for their safety.

[ZH: “Dedication” to a “proper education” is admirable; indoctrination in Marxism is not]

The Department takes these incidents seriously and is committed to using its authority and resources to discourage these threats, identify them when they occur, and prosecute them when appropriate. In the coming days, the Department will announce a series of measures designed to address the rise in criminal conduct directed toward school personnel.

[ZH: What exactly is the crime?]

Coordination and partnership with local law enforcement is critical to implementing these measures for the benefit of our nation’s nearly 14,000 public school districts. To this end, I am  directing the Federal Bureau of Investigation, working with each United States Attorney, to convene meetings with federal, state, local, Tribal, and territorial leaders in each federal judicial district within 30 days of the issuance of this memorandum. These meetings will facilitate the discussion of strategies for addressing threats against school administrators, board members, teachers, and staff, and will open dedicated lines of communication for threat reporting, assessment, and response.

[ZH: We wonder how many local law enforcement officials, while busily watching for vaccine passport offenders, and mask-mandate refusers, will acquiesce to enforcing these new laws to protect the very people who are preaching that America’s systemic racism starts with the men (and women) in blue?]

The Department is steadfast in its commitment to protect all people in the United States from violence, threats of violence, and other forms of intimidation and harassment.

[ZH: Presumably intimidation and emotional harassment of young white boys and girls for their ‘whiteness’, privilege, and systemic racism is beyond that ‘protection’?]

As Chris Rufo (@RealChrisRufo) tweeted: “The Biden administration is rapidly repurposing federal law enforcement to target political opposition.”

Rufo goes on to note that:

“Neither the Attorney General’s memo nor the full Justice Department press release cites any significant, credible threat. This is a blatant suppression tactic, designed to dissuade citizens from participating in the democratic process at school boards.

Parents have led the charge against controversial issues such as Critical Race Theory (CRT), masking mandates and vaccine requirements.

CRT holds that America is fundamentally racist, yet it teaches people to view every social interaction and person in terms of race. Its adherents pursue “antiracism” through the end of merit, objective truth and the adoption of race-based policies.

In Loudoun County, Virginia, two parents were arrested in June for trespassing while protesting CRT and a transgender policy at the school district because they refused to leave the rowdy meeting that was declared an unlawful assembly.

In July, a man was arrested at a school board meeting and charged with a felony because a gun reportedly fell out of his pocket, the Indianapolis Star reported

In Utah, 11 anti-mask protestors were arrested on misdemeanor charges for allegedly disrupting a school board meeting in May, the Salt Lake Tribune reported. The protestors entered the school board meeting and shouted obscenities, which resulted in an early end to the meeting.

Senator Tom Cotton  (@SenTomCotton) tweeted his thoughts:

“Parents are speaking out against Critical Race Theory in schools. Now the Biden administration is cracking down on dissent.”

Just this week, Ron Paul explained why it is so important for parents to control the education of their children:

During last week’s Virginia gubernatorial debate, Democratic candidate Terry McAuliffe promised that as governor he would prevent parents from removing sexually explicit books from school libraries, because he doesn’t think “parents should be telling schools what they should teach.”

McAuliffe’s disdain for parents who think they should have some say in their children’s education is shared by most “progressives,” as well as some who call themselves conservatives. They think parents should obediently pay the taxes to fund the government schools and never question any aspect of the government school program.

School officials’ refusal to obey the wishes of parents extends to the anti-science mask mandates. Mask mandates are not only useless in protecting children from a virus they are at low risk of becoming sick from or transmitting, the mandated mask-wearing actually makes children sick! Yet school administrators refuse to follow the science if that means listening to parents instead of the so-called experts.

Replacing parental control with government control of education (and other aspects of child raising) has been a goal of authoritarians since Plato. After all, it is much easier to ensure obedience if someone has been raised to think of the government as the source of all wisdom and truth, as well as the provider of all of life’s necessities.

In contrast to an authoritarian society, a free society recognizes that parents have both the responsibility and the right to provide their children with a quality education that reflects the parents’ values. Teachers who use their positions to indoctrinate children in beliefs that contradict the views of the parents are the ones overstepping their bounds.

Restoring parental control of education should be a priority for all who believe in liberty. If government can override the wishes of parents in the name of “education” or “protecting children’s health” then what area of our lives is safe from government intrusion?

Fortunately, growing dissatisfaction with government schools is leading many parents to try to change school policies.

“It is shameful that activists are weaponizing the US Department of Justice against parents,” Nicole Neily, president of Parents Defending Education told the Daily Caller News Foundation in response to the memorandum.

“This is a coordinated attempt to intimidate dissenting voices in the debates surrounding America’s underperforming K-12 education – and it will not succeed. We will not be silenced.”

end

iv) Swamp commentaries/

 

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

The King Report October 5 2021 Issue 6605 Independent View of the News

  China PCR test orders soared before first reported COVID case. -Nikkei Asia
Government contracts show surges in Wuhan-area purchases starting May 2019.
   About 67.4 million yuan ($10.5 million at current rates) was spent on PCR tests in Hubei during 2019, nearly double the 2018 total, with the upswing starting in May…
    Satellite images from Wuhan hospital parking lots show a sharp increase in activity starting in August 2019, according to a study last year by researchers from Harvard and other institutions…
https://asia.nikkei.com/Spotlight/Coronavirus/China-PCR-test-orders-soared-before-first-reported-COVID-case

We opined over a year ago, that we believe we and some family members had Covid 19 in late October/early November 2019

Gas bills will increase 48%? Suburban households could be facing a tough winter
According to Nicor’s estimates, the typical household will pay about $674 on heating bills from November through March. That’s an increase of 48% compared to the $455 paid by the same residential customer over the five-month season last year…
https://www.dailyherald.com/news/20211004/gas-bills-will-increase-48-suburban-households-could-be-facing-a-tough-winter

OPEC+ Agrees to Continue Gradual Monthly Supply Hikes: Oil Jumps
Ministers ratified the 400,000 barrel-a-day supply hike scheduled for November in a video conference on Monday, delegates said…  https://www.yahoo.com/now/opec-panel-recommends-sticking-planned-130735173.html

Just before 10 ET on Monday morning, Natural gas was +7.7%; Brent oil jumped 2.95%; WTI oil was +3.28% to the highest level since October 2014; and gasoline had a 2.7% gain.  Nasdaq was down over 1%; the NY Fang+ Index was down 2%.  The DJTA was up triple digits on a Barclays’ tout for Union Pacific and laggard buying.

Airlines See Covid-Related Losses Exceeding $200 Billion – BBG
https://ca.finance.yahoo.com/news/airline-losses-covid-exceed-200-124934705.html

Biden Warns Economy at Risk if GOP Keeps Blocking Debt Limit – BBG
https://www.bloomberg.com/news/articles/2021-10-04/biden-warns-economy-at-risk-if-gop-continues-blocking-debt-limit

McConnell letter to Biden: “Republicans’ position is simple. We have no list of demands. For two and a half months, we have simply warned that since your party wishes to govern alone, it must handle the debt limit alone as well.”  https://twitter.com/LeaderMcConnell/status/1445041217268588551

@CBSNews: Minority Leader Sen. McConnell claims that past votes on raising the debt limit have not been bipartisan: “Washington Democrats tried to forget that they lined up to oppose debt limit increases during unified Republican government.”  https://twitter.com/CBSNews/status/1445113939486969875

Please note that The Big Guy’s handlers had him appear early again.  Sundowners Syndrome?

@townhallcom: Joe Biden says it’s not appropriate to harass senators in public restrooms, but also says that “it’s part of the process,” and “it happens to everybody.”

@YossiGestetner: Biden says that stalking, harassing and menacing a US Senator (By an illegal alien!) is “part of the process” as his DOJ is prosecuting people for trespassing calmly on Jan 6th.

The Big Guy blamed Trump’s “reckless tax and spend policies” for the need to hike the debt ceiling, even though TBG seeks trillions of dollars in socialist spending!!! 

@YossiGestetner: AZ Senator (Dem) @kyrstensinema notes that laws were broken yesterday when people harassed and menaced her. There are federal laws that FBI Wray can find to go after those agitators. But he will do so only if media in DC pushes outrage about this incident which has not been the case. Sen. Sinema: “It is unacceptable for activist organizations to instruct their members to jeopardize themselves by engaging in unlawful activities such as gaining entry to close university buildings, disrupting learning environments, and filming students in a restroom,”…
https://twitter.com/SenatorSinema/status/1445046253579079686

Sinema being stalked in bathroom follows months of liberal media pressure against Arizona Democrat – Sinema blasted as an enemy to democracy, secret Republican, ‘the absolute worst’ and more   https://www.foxnews.com/media/sinema-bathroom-incident-follows-months-of-liberal-media-pressure-against-democrat

Elizabeth Warren Calls for an Insider Trading Inquiry at the Fed (Congress & their families do copious insider trading!) https://nytimes.com/2021/10/04/business/elizabeth-warren-fed-insider-trading.html

 

Positive aspects of previous session
The DJTA had positive relative strength
Someone kept trying to keep the S&P 500 Index above 4300

Negative aspects of previous session
Another bout of tech stock and Fang carnage inflicted more technical damage on equities
The Bloomberg Commodity Spot Index hit a record high
Energy commodities surged higher

Ambiguous aspects of previous session
How long can manipulators keep stocks buoyant?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4311.65
Previous session High/Low4355.51; 4278.84

The country with the best data shows infection rates higher among the vaccinated
The U.K., which posts the most comprehensive granular weekly data every Thursday, shows that COVID cases per capita are more common among the vaccinated than the unvaccinated in most age groups…
https://www.theblaze.com/op-ed/horowitz-the-country-with-the-best-data-shows-infection-rates-higher-among-the-vaccinated

@AP: Despite having some of the highest vaccination rates in the U.S., the six New England states are still grappling with a surge of cases due to the delta variant. In some areas, hospitalizations are approaching the pandemic peak and ICUs are filling up.
https://apnews.com/article/coronavirus-pandemic-health-pandemics-vermont-d25aae90b2dda65b3d1c2c0d5d00156c

@EmeraldRobinson: Biden’s vaccine mandates are blatantly unconstitutional. And immoral. They are violations of the Nuremberg Code. “The voluntary consent of the human subject is absolutely essential.”  Americans are being forced to take it.  That’s tyranny.

Fauci got hammered so bad on his possible no Christmas gatherings assertion on Sunday, that he backtracked on Monday.  @KateSullivanDC: Dr. Fauci: “I will be spending Christmas with my family. I encourage people — particularly the vaccinated people who are protected — to have a good, normal Christmas with your family.”  Perhaps, ‘the science’ changed in 24 hours.

NYT: Facebook employees reportedly can’t enter buildings to evaluate the Internet outage because their door access badges weren’t working.

@disclosetv: Major global outage: Facebook, WhatsApp, Instagram down.  DNS records that tell systems around the world how to find http://Facebook.com or http://Instagram.com got withdrawn from the global Internet routing tables.  Data of over 1.5 billion Facebook users is being sold on a popular hacking-related forum. Data contains users’ names, emails, phone numbers, locations, gender, and user ID…

China sends 150 military flights over Taiwan, threatens Australia https://trib.al/OuU40e0

@EmeraldRobinson yesterday: The Pentagon’s parking lots are full today. Is that because China sent 52 warplanes into Taiwan airspace?

@JackPosobiecAll of US social media going down at once is what day one of a Taiwan invasion by China would look like. GPS too

Facebook ‘Whistleblower’ Donated 36 Times to Democrats, Including to Anti-Primary Extremists And AOC… Haugen’s “whistleblowing” has been lauded by the corporate media: a sure sign that rather than being a sole actor attempting to call out corporate abuse, she is likely backed by some hefty interests. Haugen first anonymously leaked internal documents before revealing her identity and calling for mass censorship on the Facebook, but only of political ideas she opposes
https://thenationalpulse.com/news/facebook-whistleblower-donated-36-times-to-democrats-including-to-anti-primary-extremists-and-aoc/

Today – From Friday’s King Report, repeated in Monday’s report: A close significantly below 4300 on the S&P 500 Index would be very, very bad.  The task for bulls is to keep the S&P 500 Index from decisively breaching 4300 or on a breach of 4300 craft a ‘V’ rally ASAP.

Traders will try to affect a Turnaround Tuesday to the upside, abetted by the belief that the forces that keep trying to rescue stocks from even more technical damage will aggressively act today.

Despite the repeated and late manipulation to keep the S&P 500 Index from closing below 4300, the decline triggered a Bloomberg Trender Weekly sell signal on the S&P 500 Index for the first time since February 2020.  The signal can be rescinded if the S&P 500 Index closes above 4337.20 on Friday.
 

S&P 500 Index with Trender and MACD (lower chart)

The S&P 500 Index and Nasdaq closed below their 126-DMA.  Nasdaq closed at its lowest level since June 21, 2021.  @bespokeinvest: The NY FANG+ index closed below its 200-DMA today for the first time in 378 trading days.

end

Let us close out tonight with this must view interview of CLIFF HIGH  with  Greg Hunter
 
 
 
 
 
I will see you WEDNESDAY night
 

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