OCT 14// GOLD ROSE BY $3.10 TO $1796.75//SILVER ADVANCED 32 CENTS TO $23.45//GOLD STANDING AT THE COMEX INCREASED TO 50.94 TONNES//SILVER STANDING AT THE COMEX ROSE TO 9.3 MILLION OZ//COVID COMMENTARIES//VACCINE UPDATES//STUDIES ON IVERMECTIN//FRANCE SENATE REJECTS MACRON’S VACCINE MANDATE//NEW ZEALAND FORCES VACCINE MANDATE ON FEDERAL EMPLOYEES DESPITE LOW COVID CASES AND DEATHS//CHINA’S PPI ACCELERATES INDICATING FUTURE INFLATION//TURKEY’S LIRA PLUMMETS AFTER ERDOGAN FIRES 3 CENTRAL BANKERS AND THEN ASKS AUTHORITIES TO IDENTIFY ANYONE SELLING LIRA//LEBANON A MESS AS NOW A SNIPER KILLS 6//LEBANON CLOSE TO CIVIL WAR BETWEEN THE CHRISTIANS AND THE MUSLIMS//LA PALMA UPDATES//USA PPI ALSO ESCALATES AND THIS IS NOT TRANSITORY: INDICATES FUTURE INFLATION AND PROBLEMS FOR INDUSTRY AS INPUT COSTS RISE//NO. OF AMERICANS ON PANDEMIC BENEFITS FALL TO 4 MILLION AMERICANS//VACCINE MANDATES MAY HAVE A SERIOUS EFFECT ON THE 911 SYSTEM//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1796.75 UP $3.10   The quote is London spot price

Silver:$23.45 UP 32  CENTS  London spot price ( cash market)

 
 
4:30 closing price
 
Gold $1792.00
 
silver:  23.11
 
 
 
end
 

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

 

 

PLATINUM  $1063.85 UP  $41.00

PALLADIUM: $2136.85 UP $19.05/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  

EXCHANGE: COMEX
CONTRACT: OCTOBER 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,793.700000000 USD
INTENT DATE: 10/13/2021 DELIVERY DATE: 10/15/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 103
118 C MACQUARIE FUT 162
332 H STANDARD CHARTE 27
435 H SCOTIA CAPITAL 61
523 H INTERACTIVE BRO 1
657 C MORGAN STANLEY 110
661 C JP MORGAN 2391 1069
661 H JP MORGAN 143
685 C RJ OBRIEN 1
732 C RBC CAP MARKETS 5
737 C ADVANTAGE 22
905 C ADM 2 4
991 H CME 685
____________________________________________________________________________________________

TOTAL: 2,393 2,393
MONTH TO DATE: 16,251

____________________________________________________________________________________________

TOTAL: 00

 

issued:  2391

Goldman Sachs stopped: 103

 

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 2393 NOTICE(S) FOR 239300 OZ  (7.443 tonnes)  reported very late last night

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  16,251 FOR 1,625,100 OZ  (50.547 TONNES) 

 

SILVER//OCT CONTRACT

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

total number of notices filed so far this month 1802  :  for 9,010,000  oz

 

BITCOIN MORNING QUOTE  $57,612 UP 445  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$57,820 DOLLARS  UP 4653. 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $3.10 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGES IN GOLD INVENTORY AT THE GLD:

 

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

 

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

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

THIS IS A MASSIVE FRAUD!!

GLD  982.72 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 32 CENTS

A HUGE CHANGES  IN SILVER INVENTORY AT THE SLV:  A DEPOSIT OF 7.406 MILLION 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: 

 

553.551  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 167.98 UP 0.39 OR 0.23%

XXXXXXXXXXXXX

SLV closing price NYSE 21.80 UP. 47 OR 2.18%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI ROSE BY A HUGE 3599 CONTRACTS TO 143,002, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. . WITH OUR $0.64 GAIN IN SILVER PRICING AT THE COMEX  ON WEDNESDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN(IT ROSE BY $0.64) , AND WERE  UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS AS WE HAD A GIGANTIC GAIN OF 5553 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, 5,000 OZ QUEUE JUMP  / v), GIGANTIC 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 +180
 
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:
 
6983 CONTACTS  for 11 days, total 6983 contracts or 34.915million oz…average per day:  634 contracts or 3.174 million oz per day.

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

OCT:  34.915 MILLION 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 64  CENT GAIN SILVER PRICING AT THE COMEX / WEDNESDAY WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3599  CONTRACTS.THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1954 CONTRACTS( 0 CONTRACTS ISSUED FOR OCT AND  1954 CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS
 
 
THE DOMINANT FEATURE TODAY:/TODAY WE HAD A HUMONGOUS SIZED GAIN OF 5553 OI CONTRACTS ON THE TWO EXCHANGES AS WELL ASHUGE 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 5,000 OZ QUEUE JUMP
 
 

WE HAD 51 NOTICES FILED TODAY FOR 255,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GIGANTIC SIZED 16,433  CONTRACTS TO 500,815 _ ,,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: -268  CONTRACTS.

THE HUGE SIZED INCREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE OF $35.35///COMEX GOLD TRADING/WEDNESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR GOOD SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION  AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALED 21,735 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 32400 OZ//NEW TONNAGE STANDING:  50.934 TONNES 
 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $35.35 WITH RESPECT TO WEDNESDAY’S TRADING

 

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

WE HAD AN ATMOSPHERIC SIZED GAIN OF 21,735  OI CONTRACTS (67.604 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 5302 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 0 & DEC 5302  ALL OTHER MONTHS ZERO//TOTAL: 5302 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 500,815. 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 AN ATMOSPHERIC SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 21,735 CONTRACTS: 16,433 CONTRACTS INCREASED AT THE COMEX AND 5302 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 21,735 CONTRACTS OR 68.604 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5) ACCOMPANYING THE GIGANTIC SIZED GAIN IN COMEX OI (16,433 OI): TOTAL GAIN IN THE TWO EXCHANGES: 21,735 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 2400 OZ//NEW STANDING: 50.934 TONNES/ / 3) ZERO LONG LIQUIDATION,4) HUMONGOUS SIZED COMEX OI GAIN 5). GOOD 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 : 22,957, CONTRACTS OR 2,295,700 oz OR 71.40 TONNES (11 TRADING DAY(S) AND THUS AVERAGING: 2087 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 11 TRADING DAY(S) IN  TONNES: 71.40 TONNES

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

THUS EFP TRANSFERS REPRESENTS  71.40/3550 x 100% TONNES  2.011% 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:           71.40 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, ROSE BY A GIGANTIC SIZED 3599 CONTRACTS TO 143,002 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  4 1/2 YEARS AGO.  

EFP ISSUANCE 1954 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 1954  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1954 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 3599 CONTRACTS AND ADD TO THE 1954 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A HUMONGOUS SIZED GAIN OF 5553 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 27.765 MILLION  OZ, OCCURRED WITH OUR  $0.64 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)THURSDAY MORNING/WEDNESDAY  NIGHT: 

SHANGHAI CLOSED DOWN 3.48 PTS OR .10%     //Hang Sang CLOSED /The Nikkei closed UP 410.65 PTS OR 1.46%    //Australia’s all ordinaires CLOSED UP 0.64%

/Chinese yuan (ONSHORE) closed DOWN 6.4379   /Oil UP TO 81.40 dollars per barrel for WTI and UP TO 84.04 for Brent. Stocks in Europe OPENED ALL GREEN   /ONSHORE YUAN CLOSED  DWN AT 6.4370 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4355/ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

 
 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A HUMONGOUS SIZED 16,433 CONTRACTS TO 500,815 MOVING CLOSER TOTHE 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 WITH OUR GAIN OF $35.35 IN GOLD PRICING WEDNESDAY’S COMEX TRADING.WE ALSO HAD A GOOD EFP ISSUANCE (5302 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 GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 5302 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  & DEC.  5302 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:   5302 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: AN ATMOSPHERIC SIZED 21,735  TOTAL CONTRACTS IN THAT 5302 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GIGANTIC SIZED COMEX OI OF 16,433 CONTRACTS..WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR OCT   (50.936),

 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 $35.35

AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 68.438 TONNES,ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR OCT (50.936 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 -268   CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 21,735 CONTRACTS OR 2,173,500 OZ OR 67.60 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:  500,815 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.08 MILLION OZ/32,150 OZ PER TONNE =  15.57 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1557/2200 OR 70.80% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY 153,754 contracts//    / volume//volume fair/

 

CONFIRMED COMEX VOL. FOR YESTERDAY: 313,621 contracts//good

 

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

 

OCT 14

/2021

 
INITIAL STANDINGS FOR OCT COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
64,371.892OZ
 
BRINKS
HBSC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
nil
OZ
 
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
 
 
NIL
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
2393  notice(s)
239,300 OZ
 
7.443 TONNES
No of oz to be served (notices)
125 contracts
12,500 oz
 
0.3888 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
16,251 notices
1,625,100 OZ
50.547 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:  57,968.250 oz
ii) Out of HSBC:  6403.642 oz 
 
 
 
total customer withdrawals 64,371.892    oz
     
 
 
 
 
 
 
 
 
 

We had 0  kilobar transactions 1 out of  4 transactions)

ADJUSTMENTS 0//   dealer to customer//

i)Brinks: 23,052.267 oz 717 kilobars

ii) JPMorgan: 909.805.oz

 

 
 
 
 
the front month of OCT. has an open interest of 2518   contracts for a GAIN of 24 contracts. We had 0 notices served upon yesterday, so we GAINED 24 contracts or 2400 oz will  stand for delivery in this active delivery month of October 
 
 
 
 
 
 
 
 
 
 
 
 
NOVEMBER GAINED 27 CONTRACTS TO STAND AT 1066
.
DEC GAINED 12,802  TO STAND AT 407,034
 

We had 2393 notice(s) filed today for 239300  oz

FOR THE OCT 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 2391 notices were issued from their client or customer account. The total of all issuance by all participants equates to 2393  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 1069 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 103  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 (16,251) x 100 oz , to which we add the difference between the open interest for the front month of  (OCT: 2518 CONTRACTS ) minus the number of notices served upon today  2393 x 100 oz per contract equals 1,637,800 OZ OR 50.936 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 (16,251) x 100 oz+(2518)  OI for the front month minus the number of notices served upon today (2393} x 100 oz} which equals 1,637,800 oz standing OR 50.936 TONNES in this  active delivery month of OCT.

We GAINED 24 contracts or an additional 2400 oz will stand for gold at the comex.

TOTAL COMEX GOLD STANDING:  50.936 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 476.46 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 50.936 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  17,677,117.338 oz or 549.83 tonnes
 
 
 
total weight of pledged: 2,358,833.560   oz                                     73.37 tonnes
 
 
 
registered gold that can be used to settle upon: 15,318,284.0 (476.46 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes15,318,284.0 (476.46 tonnes)   
 
 
total eligible gold: 16,154,214.325 oz   (502.46 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  33,831,331.663 oz or 1,052.26 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  925.92 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 14/2021

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
632,463.041  oz
Brinks
Delaware
JPMorgan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
 
nil
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
51
 
CONTRACT(S)
255,000  OZ)
 
No of oz to be served (notices)
77 contracts
 385,000 oz)
Total monthly oz silver served (contracts)  1802 contracts

 

9,010,000 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 181.484 million oz  silver inventory or 50.68% of all official comex silver. (181.484 million/358.249 million

total customer deposits today nil   oz

we had 3 withdrawals

i) Out of Delaware: 2067.571 oz

ii) Out of Brinks:  290,003.170 oz

iii) Out of JPM  340,392.300 oz

 

 

total withdrawal   632,463.041        oz

 

adjustments:   0
 
 
 

Total dealer(registered) silver: 98.561 million oz

total registered and eligible silver:  358.249 million oz

a net   0.632 million oz leaves  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
For October, we have an open interest of 128 contracts for a LOSS OF 4. we had 5 notices filed upon yesterday so we gained 1 contract or an additional 5,000 oz will  stand for delivery at the comex 
 
 
 

NOVEMBER GAINED 49 TO STAND AT 931  

DEC GAINED 2182 CONTRACTS UP TO 118,726

 
NO. OF NOTICES FILED: 51  FOR 255,000 OZ.

To calculate the number of silver ounces that will stand for delivery in OCT. we take the total number of notices filed for the month so far at  1802 x 5,000 oz =9,010,000 oz to which we add the difference between the open interest for the front month of OCT (128) and the number of notices served upon today 51 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the OCT./2021 contract month: 1802 (notices served so far) x 5000 oz + OI for front month of OCT(128)  – number of notices served upon today (0) x 5000 oz of silver standing for the OCT contract month .equals 9,395,000 oz. .

We gained 1 contract or an additional 5,000 oz will stand for delivery in this non active delivery month of OCTOBER.

 

 

TODAY’S ESTIMATED SILVER VOLUME  50,762 CONTRACTS // volume weak 

 

FOR YESTERDAY 75,883 contracts  ,CONFIRMED VOLUME/ good

 

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO -3.06% (OCT 14/2021)

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 14)/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 14/WITH GOLD UP $3.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 982.72 TONNES

 

OCT 13/WITH GOLD UP $35.35 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.82 TONNES FROM LAST FRIDAY/INVENTORY RESTS AT 982.72 TONNES

OCT 7/WITH GOLD DOWN $3.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 986.54 TONNES

OCT 6/WITH GOLD UP $.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 986.54 TONNES

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 14 / GLD INVENTORY 982,72 tonnes

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

OCT 14/WITH SILVER UP 32 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 7.406 MILLION OZ//INVENTORY RESTS AT 553.551 MILLION OZ//

OCT 13/WITH SILVER UP 64 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A LOSS OF 3.796 MILLION OZ FROM THE SLV SINCE FRIDAY NIGHT///INVENTORY RESTS AT 546.145 MILLION OZ/

OCT 7/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.941 MILLION OZ/

OCT 6/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.941 MILLION OZ 

OCT 5/ WITH SILVER UP 3 CENTS TODAY; A HUGE CHANGE  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 14/2021  SLV INVENTORY RESTS TONIGHT AT 553.551 MILLION OZ

 

 

PHYSICAL GOLD/SILVER STORIES

PETER SCHIFF

 

end

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

JAMES RICKARDS

An excellent read!

Rickards: Systemic Risk Is Greater Than Ever

 
THURSDAY, OCT 14, 2021 – 08:22 AM

Authored by James Rickards via DailyReckoning.com,

Contagion!

There has been a litany of bad news recently, including the U.S. August humiliation in Afghanistan, China’s aggressive actions against Taiwan and increased tensions with Iran, North Korea and Russia.

It will take the U.S. years, possibly decades, to recover from the debacle of August 2021 and the collapse of American prestige. All of these geopolitical events combine to undermine confidence in U.S. power.

When that happens, a loss of confidence in the U.S. dollar is not far behind.

And, perhaps most importantly of all recent bad news, is a market meltdown and slowing growth in China.

Greatest Ponzi Ever

I’ve long advised my readers that the Chinese wealth management product (WMP) system is the greatest Ponzi in the history of the world. Retail investors are led to believe that WMPs are like bank deposits and are backed by the bank that sells them. They’re not.

They’re actually unsecured units in blind pools that can be invested in anything the pool manager wants.

Most WMP funds have been invested in the real estate sector. This has led to asset bubbles in real estate (at best) and wasted developments that cannot cover their costs (at worst). When investors wanted their money back, the sponsor would simply sell more WMPs and use the money to pay back the redeeming investors.

That’s what gave the product its Ponzi characteristic.

The total amount invested in WMPs is now in the trillions of dollars used to finance thousands of projects sponsored by hundreds of major developers. Chinese investors are all-in with WMPs.

Now the entire edifice is collapsing as I predicted it would.

The largest property developer in China, Evergrande, is quickly headed for bankruptcy. That’s a multibillion-dollar fiasco on its own. Evergrande losses will arise in WMPs, corporate debt, unpaid contractor bills, equity markets and unfinished housing projects.

China’s entire property and financial system is on the verge of a world-historic crack-up. And it won’t remain limited to China.

It comes back to contagion.

Financial Contagions Are Like Biological Contagions

Unfortunately, since early last year, the world has learned a painful lesson in biological contagions. A similar dynamic applies in financial panics.

It can begin with one bank or broker going bankrupt as the result of a market collapse (a “financial patient zero”).

But the financial distress quickly spreads to banks that did business with the failed entity and then to stockholders and depositors of those other banks and so on until the entire world is in the grip of a financial panic as happened in 2008.

Disease contagion and financial contagion both work the same way. The nonlinear mathematics and system dynamics are identical in the two cases even though the “virus” is financial distress rather than a biological virus.

And unfortunately, each crisis is bigger than the one before and requires more intervention by the central banks.

The reason has to do with the system scale. In complex dynamic systems such as capital markets, risk is an exponential function of system scale. Increasing market scale correlates with exponentially larger market collapses.

Today, systemic risk is more dangerous than ever because the entire system is larger than before. This means that the larger size of the system implies a future global liquidity crisis and market panic far larger than the Panic of 2008.

Too-big-to-fail banks are bigger than ever, have a larger percentage of the total assets of the banking system and have much larger derivatives books.

Contagion and The Old Man and the Sea

To understand the risk of contagion, you can think of the marlin in Hemingway’s The Old Man and the Sea. The marlin started out as a prize catch lashed to the side of the fisherman Santiago’s boat.

But once there was blood in the water, every shark within miles descended on the marlin and devoured it. By the time Santiago got to shore, there was nothing left of the marlin but the bill, the tail and some bones.

An even greater danger for markets is when these two kinds of contagion converge. This happens when market losses spill over into broader markets, and then those losses give rise to systematic trading against a particular instrument or hedge fund.

When the targeted instrument or fund is driven under, credit losses spread to a wider group of fund counterparts that then fall under suspicion themselves. Soon a market wide liquidity panic emerges in which “everybody wants his money back.”

This is exactly what happened during the Russia/Long Term Capital Management (LTCM) crisis in 1998.

To the Brink of Collapse

It was an international monetary crisis that started in Thailand in June 1997, spread to Indonesia and Korea and then finally to Russia by August 1998. It was exactly like dominoes falling.

LTCM wasn’t a country, although it was a hedge fund as big as a country in terms of its financial footings.

I was right in the middle of that crash. I was the general counsel of that firm. I negotiated that bailout. The importance of that role is that I had a front-row seat.

I was in the conference room, in the deal room, at a big New York law firm. There were hundreds of lawyers. There were 14 banks in the LTCM bailout fund.

There were 19 other banks in a $1 billion unsecured credit facility. Included were Treasury officials, Federal Reserve officials, other government officials, Long Term Capital and our partners.

I was on point for one side of the deal and had to coordinate all that.

Wall Street Bailed out Itself

It was a $4 billion all-cash deal, which we put together in 72 hours with no due diligence. Anyone who’s raised money for his or her company or done deals can think about that and imagine how difficult it would be to get a group of banks to write you a check for $4 billion in three days.

Systematic pressure on LTCM persisted until the fund was almost broke. As Wall Street attacked the fund, they missed the fact that they were also the creditors of the fund. By breaking LTCM, they were breaking themselves. That’s when the Fed intervened and forced Wall Street to bail out the fund.

Those involved can say they bailed out Long Term Capital. But if Long Term Capital had failed, and it was on the way to failure, $1.3 trillion of derivatives would’ve been flipped back to Wall Street.

In reality, Wall Street bailed out itself.

The panic of 2008 was an even more extreme version of 1998. We were days, if not hours, from the sequential collapse of every major bank in the world. The 2008 panic had its roots in subprime mortgages but quickly spread to debt obligations of all kinds, especially money market funds and European bank commercial paper.

Think of the dominoes again. What had happened there? You had a banking crisis. Except in 2008, Wall Street did not bail out a hedge fund; instead, the central banks bailed out Wall Street.

Systemic Risk Is Greater Than Ever

The point, again, is that today systemic risk is more dangerous than ever, and each crisis is bigger than the one before.

Remember, too-big-to-fail banks are bigger than ever, have a larger percentage of the total assets of the banking system and have much larger derivatives books.

The ability of central banks to deal with a new crisis is highly constrained by low interest rates and bloated balance sheets, which have exploded even higher in response to the pandemic.

The Fed’s balance sheet is currently about $8.5 trillion. Last March it was $4.2 trillion. In September 2008, it was under $1 trillion, so that just shows you how bloated the Fed’s balance sheet has become since the Great Financial Crisis.

The threat of contagion is a scary reminder of the hidden linkages in modern capital markets.

The conditions are in place.

But you can’t wait for the shock to occur because by then it will be too late. You won’t be able to get your money out of the market in time because it’ll be a mad rush to the exits.

The solution for investors is to have some assets outside the traditional markets and outside the banking system.

 

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

Quietly the Fed identifies that banks that got billions in emergency loans in 2019 and they are not whom you expect.

(Wall Street on Parade/Russ and Pam Martens)

Pam and Russ Martens: Quietly, the Fed identifies the banks that got billions in emergency loans in 2019

 

 

 Section: Daily Dispatches

 

By Pam and Russ Martens
Wall Street on Parade
Wednesday, October 13, 2021

The Federal Reserve Bank of New York has quietly posted the names of the banks that grabbed billions of dollars under the Fed’s emergency repo loan operations that commenced on September 17, 2019 — months before there was a COVID-19 crisis anywhere in the world.

The emergency repo loans were made via Open Market operations at the New York Fed. Under the Dodd-Frank financial reform legislation of 2010, the names of the banks, dollar amounts borrowed, interest rate, and collateral posted must be made public “on the last day of the eighth calendar quarter following the calendar quarter in which the covered transaction was conducted.”

Since the emergency repo loans were initiated in the third quarter of 2019, that meant eight quarters had passed and the public was entitled to the information for at least the month of September 2019. (The Fed has the power to release the information earlier if it chooses.)

We asked the Fed yesterday for the data and were stunned to learn that it had already been quietly posted on the New York Fed’s website with no media outlet being any the wiser.

The names of the banks and the eyebrow-raising amounts they borrowed from the New York Fed do not square with the official story at the time — that the liquidity crisis occurred because U.S. corporations withdrew large amounts from the banks in order to make quarterly tax payments. 

That so many huge loans ended up going to foreign banks, as well as Goldman Sachs and JPMorgan Securities, suggests that this was a derivatives counterparty problem, potentially triggered by Deutsche Bank’s crisis at the time. …

… For the remainder of the report:

https://wallstreetonparade.com/2021/10/quietly-the-fed-releases-the-names-of-banks-that-got-billions-in-emergency-repo-loans-in-2019/

end

Banks are preparing to scrap their futures contracts at the LME for gold and silver

(Reuters/GATA)

Banks prepare to scrap LME gold and silver contracts, sources tell Reuters

 

 

 Section: Daily Dispatches

 

By Peter Hobson and Pratima Desai
Reuters
Wednesday, October 13, 2021

LONDON — A group of banks that partnered with the London Metal Exchange (LME) to launch gold and silver futures in 2017 is preparing to abandon the project after hoped-for volumes did not materialise, three sources with direct knowledge of the matter said.

Such a move would end an attempt by the LME, which dominates industrial metals trading, to capture part of London’s bullion market, which is the world’s largest with gold worth some $17 trillion changing hands last year

The LME launched the contracts with partners including Goldman Sachs and Morgan Stanley, which  agreed to promote trade in them in return for 50% of revenues generated.

The project partners had hoped tightening regulation would push bullion trading in London away from over-the-counter deals between banks and brokers to exchanges, which regulators see as safer and more transparent.

But the biggest dealers, which include JPMorgan and HSBC, shunned the contracts, and after Societe Generale, one of the LME’s partners, closed most of its commodities business in 2019, trading dwindled to nothing. …

… For the remainder of the report:

https://www.reuters.com/business/exclusive-banks-prepare-scrap-lme-gold-silver-contracts-sources-say-2021-10-13/

end

OTHER IMPORTANT GOLD/ECONOMIC COMMENTARIES

OTHER COMMODITIES//COAL

 

CRYPTOCURRENCIES/
 

Putin Praises Crypto As Possible ‘Weaponized’ Dollar Replacement

 
THURSDAY, OCT 14, 2021 – 09:55 AM

Update (0920ET): Morgan Stanley CEO James Gorman piled on the mockery of JPMorgan’s CEO Jamie Dimon’s dismissal of crypto by stating on this morning’s earnings call that “We’re not directly trading crypto” for retail clients but:

“I don’t think crypto’s a fad. I don’t think it’s going to go away. I don’t know what the value of Bitcoin should or shouldn’t be. These things aren’t going away.”

*  *  *

Russian President Vladimir Putin further rattled American financial officials after hinting that while he considers cryptocurrency “crude and under-developed,” it could “some day” be used instead of the US dollar to trade with.

The Russian president discussed potential use cases of cryptocurrencies in a Thursday CNBC interview following a plenary session of the ​​Russian Energy Week forum.

“I believe that it has value,” Putin told CNBC at the Russian Energy Week event in Moscow on Wednesday, when asked whether bitcoin or cryptocurrencies can be used in place of the US dollar.

“But I don’t believe it can be used in the oil trade.”

According to the interviews the Kremlin’s official website, Putin said that private cryptocurrencies “can act as a unit of account” but they are “very unstable.”

“Cryptocurrency oil contracts? It’s too early to talk about it. It works for transferring funds from one place to another, but in terms of trading, especially when it comes to energy resources, it is still premature in my opinion,” the president stated.

The Russian government has been closely monitoring the cryptocurrency market, Putin said, adding that he believes it’s possible crypto could simply become a “means of accumulation.”

“We see how his market fluctuates. It’s a bit early today.”

Right now, cryptocurrencies aren’t backed by “anything yet,” Putin said. But when asked whether he considers the crypto holdings by Tesla CEO Elon Musk to be “worthless,” Putin said no, explaining that he meant to explore crypto’s viability as a unit of account for the energy market.

Later in the interview, Putin reiterated his criticisms about how Washington’s abuse of the dollar’s dominance is tantamount to brandishing an “economic weapon”, and remains keen to ditch dollar-denominated payments.

“I believe the US makes a huge mistake in using the dollar as a sanction instrument,” he said.

“We are forced. We have no other choice but to move to transactions in other currencies.”

“In this regard, we can say the United States bites the hand that feeds it,” the world leader added.

“This dollar is a competitive advantage. It is a universal reserve currency, and the United States today uses it to pursue political goals, and they harm their strategic and economic interests as a result.”

“We aren’t interested in cutting off dollar payments completely, and we are so far satisfied with payments for energy resources in dollars, primarily for oil,” he added.

Finally, in a distinct break from China, which has worked to suppress crypto mining and trading on its mainland, Putin went on to say that “everything evolves” and “has the right to exist.”

 
end
 

Your early WEDNEDAY 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 DOWN 6.4370  

 

//OFFSHORE YUAN 6.4355  /shanghai bourse CLOSED DOWN 3.48 PTS OR .10% 

 

HANG SANG CLOSED 

 

2. Nikkei closed UP 410.65 PTS OR 1.46%  

 

3. Europe stocks  ALL GREEN

 

USA dollar INDEX DOWN TO  93.87/Euro RISES TO 1.1604

3b Japan 10 YR bond yield: FALLS TO. +.075/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.47/ 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:: 81.40 and Brent: 84.04

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

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

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

3h Oil 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 FALLS TO -.16%/Italian 10 Yr bond yield FALLS to 0.87% /SPAIN 10 YR BOND YIELD FALLS TO 0.46%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.03: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.91

3k Gold at $1797.60 silver at: 23.33   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 42/100 in roubles/dollar) 71.66

3m oil into the 81 dollar handle for WTI and  84 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 113.67 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 .9210 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0685 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.16%

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 1.539% early this morning. Thirty year rate at 2.038%

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

6.  TURKISH LIRA:  UP  TO 9.15..  VERY DEADLY

Futures Surge As Banks Report Stellar Earnings; PPI On Deck

 
THURSDAY, OCT 14, 2021 – 08:29 AM

US equity futures, already sharply higher overnight, jumped this morning as a risk-on mood inspired by stellar bank earnings, overshadowed concern that supply snarls. a China property crunch, a tapering Fed and stagflation will weigh on the global recovery. Nasdaq futures jumped 1%, just ahead of the S&P 500 which was up 0.9%. 10-year Treasury yields ticked lower to about 1.5%, and with the dollar lower as well, oil jumped. Bitcoin and the broader crypto space continued to rise.

Shares in Morgan Stanley, Citi and Bank of America jumped as their deal-making units rode a record wave of M&A. On the other end, Boeing shares fell more than 1% after a Dow Jones report said the plane maker is dealing with a new defect on its 787 Dreamliner. Here are some of the biggest other U.S. movers today:

  • Occidental (OXY US) rises 1.6% in U.S. premarket trading after it agreed to sell its interests in two Ghana offshore fields for $750m to Kosmos Energy and Ghana National Petroleum
  • Plug Power (PLUG US) rises 3.3% premarket, extending gains from Wednesday, when it announced partnership with Airbus SE and Phillips 66 to find ways to harness hydrogen to power airplanes, vehicles and industry
  • Esports Entertainment (GMBL US) shares rise 16% in U.S. premarket trading after the online gambling company reported its FY21 results and reaffirmed its FY22 guidance
  • Perrigo  (PRGO US) gains 2.8% in premarket trading after Raymond James upgrades to outperform following acquisition of HRA Pharma and recent settlement of Irish tax dispute
  • AT&T (T US) ticks higher in premarket trading after KeyBanc writes upgrades to sector weight from underweight, saying it seems harder to justify further downside from here
  • Avis Budget (CAR US) may be active after getting its only negative rating among analysts as Morgan Stanley cuts to underweight with risk/reward seen pointing toward downside
  • OrthoPediatrics (KIDS US) dipped 2% Wednesday postmarket after it said 3Q revenue was hurt by the surge in cases of Covid-19 delta variant and RSV within children’s hospitals combined with staff shortage

Investors continue to evaluate the resilience of economic reopening to supply chain disruptions, a jump in energy prices and the prospect of reduced central bank support. In the earnings season so far, executives at S&P 500 companies mentioned the phrase “supply chain” about 3,000 times on investor calls as of Tuesday — far higher than last year’s then-record figure.

“Our constructive outlook for growth means that our asset allocation remains broadly pro-risk and we continue to be modestly overweight global equities,” according to Michael Grady, head of investment strategy and chief economist at Aviva Investors. “However, we have scaled back that position marginally because of growing pains which could impact sales and margins.”

Europe’s Stoxx 600 index reached its highest level in almost three weeks, boosted by gains in tech shares and miners. The Euro Stoxx 50 rose over 1% to best levels for the week. FTSE 100 rises 0.75%, underperforming at the margin. Miners and tech names are the strongest sectors with only healthcare stocks in small negative territory. Here are some of the biggest European movers today:

  • THG shares advance as much as 10%, snapping a four-day losing streak, after a non-executive director bought stock while analysts at Goldman Sachs and Liberum defended their buy recommendations.
  • Steico gains as much as 9.9%, the most since Jan., after the insulation manufacturer reported record quarterly revenue, which Warburg says “leaves no doubt” about underlying market momentum.
  • Banco BPM climbs as much as 3.6% and is the day’s best performer on the FTSE MIB benchmark index; bank initiated at buy at Jefferies as broker says opportunity to internalize insurance business offers 9%-16% possible upside to 2023 consensus EPS and is not priced in by the market.
  • Hays rises as much as 4.3% after the recruiter posted a jump in comparable net fees for the first quarter.
  • Publicis jumps as much as 3.7%, the stock’s best day since July, with JPMorgan saying the advertising company’s results show a “strong” third quarter, though there are risks ahead.
  • Kesko shares rise as much as 6.1%. The timing of this year’s third guidance upgrade was a surprise, Inderes says.
  • Ubisoft shares fall as much as 5.5% after JPMorgan Cazenove (overweight) opened a negative catalyst watch, citing short-term downside risk to earnings ahead of results.

Earlier in the session, Asian stocks advanced, boosted by a rebound in technology shares as traders focused on the ongoing earnings season and assessed economic-reopening prospects in the region. The MSCI Asia Pacific Index gained as much as 0.7%, as a sub-gauge of tech stocks rose, halting a three-day slide. Tokyo Electron contributed the most to the measure’s climb, while Taiwan Semiconductor Manufacturing Co. closed up 0.4% ahead of its earnings release. India’s tech stocks rose following better-than-expected earnings for three leading firms in the sector. Philippine stocks were among Asia’s best performers as Manila began easing virus restrictions, which will allow more businesses in the capital to reopen this weekend. Indonesia’s stock benchmark rallied for a third-straight day, as the government prepared to reopen Bali to tourists. READ: Commodities Boom, Tourism Hopes Fuel Southeast Asia Stock Rally Ilya Spivak, head of Greater Asia at DailyFX, said FOMC minutes released overnight provided Asian markets with little direction, which may offer some opportunity for recouping recent losses. The report showed officials broadly agreed last month they should start reducing pandemic-era stimulus in mid-November or mid-December. U.S. 10-year Treasury yields stayed below 1.6%, providing support for tech stocks.  “Markets seemed to conclude the near-term narrative is on pause until further evidence,” Spivak said. Shares in mainland China fell as the country reported factory-gate prices grew at the fastest pace in almost 26 years in September. Singapore’s stock benchmark pared initial losses as the country’s central bank unexpectedly tightened policy. Hong Kong’s equity market was closed for a holiday

In rates, Treasuries were steady to a tad higher, underperforming Bunds which advanced, led by the long end.  Fixed income is mixed: gilts bull steepen with short dates richening ~2.5bps, offering only a muted reaction to dovish commentary from BOE’s Tenreyro. Bunds rise with 10y futures breaching 169. USTs are relatively quiet with 5s30s unable to crack 100bps to the upside. Peripheral spreads widen slightly.

In FX, the Turkish lira was again the overnight standout as it weakened to a record low after President Recep Tayyip Erdogan fired three central bankers. The Bloomberg Dollar Spot Index fell and the greenback slipped against all of its Group-of-10 peers apart from the yen, with risk-sensitive and resource-based currencies leading gains; the euro rose to trade above $1.16 for the first time in a week.  The pound rose to more than a two-week high amid dollar weakness as traders wait for a raft of Bank of England policy makers to speak. Sweden’s krona temporarily came off an almost eight-month high against the euro after inflation fell short of estimates. The euro dropped to the lowest since November against the Swiss franc as banks targeted large option barriers and leveraged sell-stops under 1.0700, traders said; Currency traders are responding to stagflation risks by turning to the Swiss franc. The Aussie advanced to a five-week high versus the greenback even as a monthly jobs report showed employment fell in September; the jobless rate rose less than economists forecast. The kiwi was a among the top performers; RBNZ Deputy Governor Geoff Bascand said inflation pressures were becoming more persistent

China’s yuan declined from a four-month high after the central bank signaled discomfort with recent gains by setting a weaker-than-expected reference rate.

In commodities, crude futures extend Asia’s gains with WTI up ~$1 before stalling near $81.50. Brent regains a $84-handle. Spot gold drifts through Wednesday’s highs, adding $4 to print just shy of the $1,800/oz mark. Base metals are well bid with LME copper and aluminum gaining as much as 3%. 

Looking at the day ahead, we’ve got central bank speakers including the Fed’s Bullard, Bostic, Barkin, Daly and Harker, the ECB’s Elderson and Knot, along with the BoE’s Deputy Governor Cunliffe, Tenreyro and Mann. Data releases from the US include the September PPI reading along with the weekly initial jobless claims. Lastly, earnings releases will include UnitedHealth, Bank of America, Wells Fargo, Morgan Stanley, Citigroup, US Bancorp and Walgreens Boots Alliance.

Market Snapshot

  • S&P 500 futures up 0.6% to 4,382.50
  • STOXX Europe 600 up 0.9% to 464.38
  • MXAP up 0.7% to 196.12
  • MXAPJ up 0.6% to 642.66
  • Nikkei up 1.5% to 28,550.93
  • Topix up 0.7% to 1,986.97
  • Hang Seng Index down 1.4% to 24,962.59
  • Shanghai Composite little changed at 3,558.28
  • Sensex up 0.7% to 61,190.63
  • Australia S&P/ASX 200 up 0.5% to 7,311.73
  • Kospi up 1.5% to 2,988.64
  • Brent Futures up 1.0% to $83.98/bbl
  • Gold spot up 0.2% to $1,796.13
  • U.S. Dollar Index down 0.25% to 93.84
  • German 10Y yield fell 1.5 bps to -0.143%
  • Euro little changed at $1.1615
  • Brent Futures up 1.0% to $84.13/bbl

Top Overnight News from Bloomberg

  • A flattening Treasury yield curve signals increasing concern Federal Reserve efforts to keep inflation in check will derail the recovery in the world’s largest economy
  • China’s factory-gate prices grew at the fastest pace in almost 26 years in September, potentially adding to global inflation pressure if local businesses start passing on higher costs to consumers.
  • Turkish President Recep Tayyip Erdogan fired monetary policy makers wary of cutting interest rates further, driving the lira to record lows against the dollar with his midnight decree
  • Singapore’s central bank unexpectedly tightened its monetary policy settings, strengthening the local dollar, as the city-state joins policymakers globally concerned about risks of persistent inflation
  • Shortages of natural gas in Europe and Asia are boosting demand for oil, deepening what was already a sizable supply deficit in crude markets, the International Energy Agency said
  • A tropical storm that’s lashing southern China mixed with Covid-related supply chain snarls is causing a ship backlog from Shenzhen to Singapore, intensifying fears retail shelves may look rather empty come Christmas

A more detailed look at global markets courtesy of Newsquawk

A constructive mood was seen across Asia-Pac stocks with the region building on the mild positive bias stateside where the Nasdaq outperformed as tech and growth stocks benefitted from the curve flattening, with global risk appetite unfazed by the firmer US CPI data and FOMC Minutes that suggested the start of tapering in either mid-November of mid-December. The ASX 200 (+0.5%) traded higher as tech stocks found inspiration from the outperformance of US counterparts and with the mining sector buoyed by gains in underlying commodity prices. The Nikkei 225 (+1.5%) was the biggest gainer amid currency-related tailwinds and with the latest securities flow data showing a substantial shift by foreign investors to net purchases of Japanese stocks during the prior week. The KOSPI (+1.5%) conformed to the brightening picture amid signs of a slowdown in weekly infections, while the Singapore’s Straits Times Index (+0.3%) lagged for most of the session following weaker than expected Q3 GDP data, and after the MAS surprisingly tightened its FX-based policy by slightly raising the slope of the SGD nominal effective exchange rate (NEER). The Shanghai Comp. (U/C) was initially kept afloat but with gains capped after slightly softer than expected loans and financing data from China and with participants digesting mixed inflation numbers in which CPI printed below estimates but PPI topped forecasts for a record increase in factory gate prices, while there was also an absence of Stock Connect flows with participants in Hong Kong away for holiday. Finally, 10yr JGBs were higher after the recent curve flattening stateside and rebound in T-notes with the US longer-end also helped by a solid 30yr auction, although gains for JGBs were capped amid the outperformance in Tokyo stocks and mostly weaker metrics at the 5yr JGB auction.

Top Asian News

  • Chinese Developer Shares Fall on Debt Crisis: Evergrande Update
  • Japan’s Yamagiwa Says Abenomics Fell Short at Spreading Wealth
  • China Seen Rolling Over Policy Loans to Keep Liquidity Abundant
  • Malaysia’s 2020 Fertility Rate Falls to Lowest in Four Decades

Bourses in Europe have modestly extended on the upside seen at the European cash open (Euro Stoxx 50 +1.1%; Stoxx 600 +0.9%) in a continuation of the firm sentiment experienced overnight. US equity futures have also conformed to the broader upbeat tone, with gains seen across the ES (+0.7%), NQ (+0.8%), RTY (+0.8%) and YM (+0.7%). The upside comes despite a lack of overly pertinent newsflow, with participants looking ahead to a plethora of central bank speakers. The major indices in Europe also see a broad-based performance, but the periphery narrowly outperforms, whilst the SMI (Unch) lags amid the sectorial underperformance seen in Healthcare. Overall, the sectors portray somewhat of a cyclical tilt. The Basic Resources sector is the clear winner and is closely followed by Tech and Financial Services. Individual moves are scarce as price action is largely dictated by the macro picture, but the tech sector is led higher by gains in chip names after the world’s largest contract chipmaker TSMC (+3.1% pre-market) reported strong earnings and upgraded its revenue guidance.

Top European News

  • German 2021 Economic Growth Forecast Slashed on Supply Crunch
  • U.K. Gas Shipper Stops Supplies in Another Blow to Power Firms
  • Christmas Toy Shortages Loom as Cargo Clogs a Major U.K. Port
  • Putin Is Back to Building Financial Fortress as Reserves Grow

In FX, the Dollar and index by default have retreated further from Tuesday’s 2021 peak for the latter as US Treasury yields continue to soften and the curve realign in wake of yesterday’s broadly in line CPI data and FOMC minutes that set the schedule for tapering, but maintained a clear differential between scaling down the pace of asset purchases and the timing of rate normalisation. Hence, the Buck is losing bullish momentum with the DXY now eying bids and downside technical support under 94.000 having slipped beneath an early October low (93.804 from the 5th of the month vs 93.675 a day earlier) and the 21 DMA that comes in at 93.770 today between 94.090-93.754 parameters before the next IJC update, PPI data and a heavy slate of Fed speakers.

  • NZD/AUD – No real surprise that the Kiwi has been given a new lease of life given that the RBNZ has already taken its first tightening step and put physical distance between the OCR and the US FFR, not to mention that the move sparked a major ‘sell fact’ after ‘buy rumour’ reaction. However, Nzd/Usd is back on the 0.7000 handle with additional impetus via favourable tailwinds down under as the Aud/Nzd cross is now nearer 1.0550 than 1.0600 even though the Aussie is also taking advantage of the Greenback’s fall from grace to reclaim 0.7400+ status. Note, Aud/Usd may be lagging somewhat on the back of a somewhat labour report overnight as the employment tally fell slightly short of expectations and participation dipped, but the jobless rate fell and full time jobs rose. Moreover, RBA Deputy Governor Debelle repeated that circumstances are different for Australia compared to countries where policy is tightening, adding that employment is positive overall, but there is not much improvement on the wage front.
  • CAD/GBP/CHF – The next best majors in terms of reclaiming losses vs their US counterpart, with the Loonie also encouraged by a firm bounce in oil prices and other commodities in keeping with a general recovery in risk appetite. Usd/Cad is under 1.2400, while Cable is now over 1.3700 having clearly breached Fib resistance around 1.3663 and the Franc is probing 0.9200 for a big figure-plus turnaround from recent lows irrespective of mixed Swiss import and producer prices.
  • EUR/JPY – Relative laggards, but the Euro has finally hurdled chart obstacles standing in the way of 1.1600 and gradually gathering impetus to pull away from decent option expiry interest at the round number and just above (1.5 bn and 1 bn 1.1610-20), and the Yen regrouping around the 113.50 axis regardless of dovish BoJ rhetoric. In short, board member Noguchi conceded that the Bank may have little choice but to extend pandemic relief support unless it becomes clear that the economy has returned to a pre-pandemic state, adding that more easing may be necessary if the jobs market does not improve from pent-up demand, though he doesn’t see and immediate need to top up stimulus or big stagflation risk.

In commodities, WTI and Brent front month futures are continuing the grind higher seen since the European close yesterday as the risk tone remains supportive and in the aftermath of an overall bullish IEA oil market report. The IEA upgraded its 2021 and 2022 oil demand forecasts by 170k and 210k BPD respectively, which contrasts the EIA STEO and the OPEC MOMR – with the former upping its 2021 but cutting 2022 forecast, whilst the OPEC MOMR saw the 2021 demand forecast cut and 2022 was maintained. The IEA report however noted that the ongoing energy crisis could boost oil demand by 500k BPD, and oil demand could exceed pre-pandemic levels in 2022. On this, China has asked Russia to double electricity supply between November-December. The morning saw commentary from various energy ministers, but perhaps the most telling from the Russian Deputy PM Novak who suggested Russia will produce 9.9mln BPD of oil in October (in-line with the quota), but that Russia has no problem in increasing oil output which can go to 11.3mln BPD (Russia’s capacity) and even more than that, but output will depend on market situation. Long story short, Russia can ramp up output but is currently caged by the OPEC+ pact. WTI Nov extended on gain about USD 81/bbl to a current high of USD 81.41/bbl (vs 80.41/bbl low) while its Brent counter topped USD 84.00/bbl to a USD 84.24/bbl high (vs 83.18/bbl low). As a reminder, the weekly DoEs will be released at 16:00BST/11:00EDT on account of the Columbus Day holiday. Gas prices have also moved higher in intraday, with the UK Nat Gas future +5.5% at the time of writing. Returning to the Russian Deputy PM Novak who noted that Nord Stream 2 will be ready for work in the next few days, still expects certification to occur and commercial supplies of gas via Nord Stream 2 could start following certification. Elsewhere, spot gold and silver have been drifting higher as the Buck wanes, with spot gold topping its 200 DMA (1,7995/oz) and in striking distance of its 100 DMA (1,799/oz) ahead of the USD 1,800/oz mark. Over to base metals, LME copper is again on a firmer footing, owing to the overall constructive tone across the market. Dalian iron ore meanwhile fell for a second straight day in a continuation of the downside seen as Beijing imposed tougher steel output controls for winter. World Steel Association also cut its global steel demand forecast to +4.5% in 2021 (prev. forecast +5.8%); +2.2% in 2022 (prev. forecast 2.7%).

US Event Calendar

  • 8:30am: Sept. PPI Final Demand MoM, est. 0.6%, prior 0.7%; YoY, est. 8.6%, prior 8.3%
  • 8:30am: Sept. PPI Ex Food and Energy MoM, est. 0.5%, prior 0.6%; YoY, est. 7.1%, prior 6.7%
  • 8:30am: Sept. PPI Ex Food, Energy, Trade MoM, est. 0.4%, prior 0.3%; YoY, est. 6.5%, prior 6.3%
  • 8:30am: Oct. Initial Jobless Claims, est. 320,000, prior 326,000; Continuing Claims, est. 2.67m, prior 2.71m
  • 9:45am: Oct. Langer Consumer Comfort, prior 53.4

Central Banks

  • 8:35am: Fed’s Bullard Takes Part in Virtual Discussion
  • 9:45am: Fed’s Bostic Takes Part in Panel on Inclusive Growth
  • 12pm: New York Fed’s Logan Gives Speech on Policy Implementation
  • 1pm: Fed’s Barkin Gives Speech
  • 1pm: Fed’s Daly Speaks at Conference on Small Business Credit
  • 6pm: Fed’s Harker Discusses the Economic Outlook

DB’s Jim Reid concludes the overnight wrap

Inflation dominated the conversation yet again for markets yesterday, after another upside surprise from the US CPI data led to the increasing realisation that we’ll still be talking about the topic for some time yet. Equities were pretty subdued as they looked forward to the upcoming earnings season, but investor jitters were evident as the classic inflation hedge of gold (+1.87%) posted its strongest daily performance since March, whilst the US dollar (-0.46%) ended the session as the worst performer among the G10 currencies.

Running through the details of that release, headline US consumer prices were up by +0.4% on a monthly basis in September (vs. +0.3% expected), marking the 5th time in the last 7 months that the figure has come in above the median estimate on Bloomberg, though core prices were in line with consensus at +0.2% month-over-month. There were a number of drivers behind the faster pace, but food inflation (+0.93%) saw its biggest monthly increase since April 2020. Whilst some pandemic-sensitive sectors registered soft readings, housing-related prices were much firmer. Rent of primary residence grew +0.45%, its fastest pace since May 2001 and owners’ equivalent rent increased +0.43%, its strongest since June 2006. These housing gauges are something that Fed officials have signposted as having the potential to provide more durable upward pressure on inflation.

The CPI release only added to speculation that the Fed would be forced to hike rates earlier than previously anticipated, and investors are now pricing in almost 4 hikes by the end of 2023, which is over a full hike more than they were pricing in just a month earlier. In response, the Treasury yield curve continued the previous day’s flattening, with the prospect of tighter monetary policy seeing the 2yr yield up +2.0bps to a post-pandemic high of 0.358%, whilst the 10yr decreased -4.0bps to 1.537%. That move lower in the 10yr yield was entirely down to lower real rates, however, which were down -7.4bps, suggesting investors were increasingly concerned about long-term growth prospects, whereas the 10yr inflation breakeven was up +3.3bps to 2.525%, its highest level since May. Meanwhile in Europe, 10yr sovereign bond yields took a turn lower alongside Treasuries, with those on bunds (-4.2bps), OATs (-4.0bps) and BTPs (-2.3bps) all falling.

Recent inflation dynamics and issues on the supply-side are something that politicians have become increasingly attuned to, and President Biden gave remarks last night where he outlined efforts to address the supply-chain bottlenecks. This followed headlines earlier in the session that major ports in southern California would move to a 24/7 schedule to unclog delivery backlogs, and Mr. Biden also used the opportunity to push for the passage of the infrastructure plan. That comes as it’s also been reported by Reuters that the White House has been speaking with US oil and gas producers to see how prices can be brought lower. We should hear from Mr. Biden again today, who’s due to give an update on the Covid-19 response.

On the topic of institutions that care about inflation, the September FOMC minutes suggested staff still remained optimistic that inflationary pressures would prove transitory, although Committee members themselves were predictably more split on the matter. Several participants pointed out that pandemic-sensitive prices were driving most of the gains, while some expressed concerns that high rates of inflation would feed into longer-term inflation expectations. Otherwise, the minutes all but confirmed DB’s US economists’ call for a November taper announcement, with monthly reductions in the pace of asset purchases of $10 billion for Treasuries and $5 billion for MBS. Markets took the news in their stride immediately following the release, reflecting how the build-up to this move has been gradually telegraphed through the year.

Turning to equities, the S&P 500 managed to end its 3-day losing streak, gaining +0.30% by the close. Megacap technology stocks led the way, with the FANG+ index up +1.13% as the NASDAQ added +0.73%. On the other hand, cyclicals such as financials (-0.64%) lagged behind the broader index following flatter yield curve, and JPMorgan Chase (-2.64%) sold off as the company’s Q3 earnings release showed muted loan growth. Separately, Delta Air Lines (-5.76%) also sold off along with the broader S&P 500 airlines index (-3.51%), as they warned that rising fuel costs would threaten earnings over the current quarter. European indices posted a more solid performance than the US, with the STOXX 600 up +0.71%, though the sectoral balance was similar with tech stocks outperforming whilst the STOXX Banks index (-2.05%) fell back from its 2-year high the previous session.

Overnight in Asia equities have put in a mixed performance, with the KOSPI (+1.17%) and the Nikkei (+1.01%) moving higher whilst the Shanghai Composite (-0.25%) and the CSI (-0.62%) have lost ground. Those moves follow the release of Chinese inflation data for September, which showed producer price inflation hit its highest in nearly 26 years, at +10.7% (vs. +10.5% expected), driven mostly by higher coal prices and energy-sensitive categories. On the other hand, the CPI measure for September came in slightly below consensus at +0.7% (vs. +0.8% expected), indicating that higher factory gate prices have not yet translated into consumer prices. Meanwhile, equity markets in the US are pointing to a positive start later on with S&P 500 futures up +0.32%.

Of course, one of the drivers behind the renewal of inflation jitters has been the recent surge in commodity prices across the board, and we’ve seen further gains yesterday and this morning that will only add to the concerns about inflation readings yet to come. Oil prices have advanced yet again, with Brent Crude up +0.69% this morning to be on track to close at a 3-year high as it stands. That comes in spite of OPEC’s monthly oil market report revising down their forecast for world oil demand this year to 5.8mb/d, having been at 5.96mb/d last month. Elsewhere, European natural gas prices were up +9.24% as they continued to pare back some of the declines from last week, and a further two energy suppliers in the UK collapsed, Pure Planet and Colorado Energy, who supply quarter of a million customers between them. Otherwise, copper (+4.4x%) hit a 2-month high yesterday, and it up a further +1.01% this morning,

Turning to Brexit, yesterday saw the European Commission put forward a set of adjustments to the Northern Ireland Protocol, which is a part of the Brexit deal that’s caused a significant dispute between the UK and the EU. The proposals from Commission Vice President Šefčovič would see an 80% reduction in checks on animal and plant-based products, as well as a 50% reduction in paperwork by reducing the documentation needed for goods moving between Great Britain and Northern Ireland. It follows a speech by the UK’s David Frost on Tuesday, in which he said that Article 16 of the Protocol, which allows either side to take unilateral safeguard measures, could be used “if necessary”. Mr. Frost is due to meet with Šefčovič in Brussels tomorrow.

Running through yesterday’s other data, UK GDP grew by +0.4% in August (vs. +0.5% expected), and the July number was revised down to show a -0.1% contraction (vs. +0.1% growth previously). The release means that GDP in August was still -0.8% beneath its pre-pandemic level back in February 2020.

To the day ahead now, and on the calendar we’ve got central bank speakers including the Fed’s Bullard, Bostic, Barkin, Daly and Harker, the ECB’s Elderson and Knot, along with the BoE’s Deputy Governor Cunliffe, Tenreyro and Mann. Data releases from the US include the September PPI reading along with the weekly initial jobless claims. Lastly, earnings releases will include UnitedHealth, Bank of America, Wells Fargo, Morgan Stanley, Citigroup, US Bancorp and Walgreens Boots Alliance.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/WEDNESDAY  NIGHT: 

SHANGHAI CLOSED DOWN 3.48 PTS OR .10%     //Hang Sang CLOSED /The Nikkei closed UP 410.65 PTS OR 1.46%    //Australia’s all ordinaires CLOSED UP 0.64%

/Chinese yuan (ONSHORE) closed DOWN 6.4379   /Oil UP TO 81.40 dollars per barrel for WTI and UP TO 84.04 for Brent. Stocks in Europe OPENED ALL GREEN   /ONSHORE YUAN CLOSED  DWN AT 6.4370 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4355/ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

 

3 a./NORTH KOREA/ SOUTH KOREA

/NORTH KOREA//SOUTH KOREA

 
end

b) REPORT ON JAPAN

JAPAN

 

 

3 C CHINA

CHINA

Now China will be facing huge inflation as its PPI surged at the fastest pace in 26 years. It rose 10.7% year over year.

(zerohedge)

Beijing Is Trapped: China Producer Prices Surge At Fastest Pace In 26 Years

 
WEDNESDAY, OCT 13, 2021 – 11:25 PM

China’s factory-gate prices grew at the fastest pace in almost 26 years in September, adding to global inflation risks and putting pressure on local businesses to start passing on higher costs to consumers.  

The producer price index climbed 10.7% from a year earlier, the highest since November 1995, data from the National Bureau of Statistics showed Thursday, far higher than the 9.5% gain in August and hotter than the 10.5% expected.

On the other hand, consumer prices rose 0.7% last month from a year earlier, lower than a 0.8% gain in the previous month., but Bloomberg notes thatfor now consumer inflation remains in check because of falling pork prices, even though the removal of most virus controls by the end of September may have helped to boost household spending.

“The widened gap between PPI and CPI means greater pressure for upstream sectors to pass on rising costs to the downstream,” said Bruce Pang, head of macro and strategy research at China Renaissance Securities Hong Kong.

And, as we previously warned, the situation is about to get much, much more serious. If the historical correlation between Coal prices and PPI holds, were may be soon looking at a tripling of China’s PPI, which from 10.7% Y/Y in September, is about to soar to 30% or more.

Needless to say, if Chinese PPI does hit 30%+, even if CPI somehow stay in the single digits, the results would be catastrophic: profit margins would collapse, the plunge in already thin cash flows would lead to even more defaults and supply chain bottlenecks, even as the scramble to obtain commodities “at any price” keeps pushing costs – and PPI – even higher.

Meanwhile, if producers do try to pass on some of the costs and CPI spikes (the gap between CPI and PPI was already at record wide before the recent surge in coal prices) as it did in the early 90s…

… then Beijing will have social unrest on its hands.

There are early signs that producers are starting to pass on higher costs to consumers: the largest soy sauce maker in the country said this week it plans to raise retail prices of its products.At least 13 companies listed on China’s A-share market have announced price hikes this year to address rising costs and tight supplyChina Securities Journal reported Thursday.

And all this is happening as China’s property sector desperately needs a massive liquidity infusion which is – you guessed it – inflationary.

And while China may be facing its first “galloping inflation” PPI print since the early 90s, it’s only downhill from there, because as Citigroup wrote over the weekend, power cuts (with over 20 provinces, making up >2/3 of China’s GDP, have rolled out electricity-rationing measures since August) and contractionary PMI “seem to suggest China could enter into at least a short period of stagflation.”

“We think the risk of stagflation is rising in China as well as the rest of the world,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management Ltd.

“Persistent inflationary pressure limits the potential scope of monetary policy easing.”

And so, Beijing is now trapped: if it eases, inflation – already at nosebleed levels – will soar further crushing margins and sparking a deep stagflationary recession; if it does not ease, the property market – already imploding – will crater.

4/EUROPEAN AFFAIRS

 

end

UK/EUROPEAN / GAS PRICES//NATURAL GAS SHORTAGES

FRANCE/EU/USA

French Finance Minister issues a declaration of Independence from the USA.
Interesting times…

(Walsh/Antiwar.com)

French Finance Minister Issues Declaration Of Independence… From the US

 
THURSDAY, OCT 14, 2021 – 02:00 AM

Authored by John V. Walsh via AntiWar.com, 

“Clear Differences Remain Between France and the U.S, French Minister Says,” is the headline to a remarkable piece appearing in the New York Times this week. The Minister, Bruno Le Maire, is brutally frank on the nature of the differences as the quotations below Illustrate. In fact, they amount to a Declaration of Independence of France and EU from the US.

It is not surprising that the differences relate to China after the brouhaha over the sale of US nuclear submarines to Australia and the surprising (to the French) cancellation of contracts with France for submarines. Mr. LeMaire, sounding very much like a reproving parent, characterized this as “misbehavior from the US administration.”

 

French Finance Minister Bruno Le Maire (L) with President Emmanuel Macron, AFP

Mr. LeMaire made it crystal clear that the disagreement over submarines is symptomatic of deeper differences in world view that have emerged not only in France but in the EU as a consequence of China’s rise. The NYT article states:

“‘The United States wants to confront China. The European Union wants to engage China,’ Mr. Le Maire, a close ally of President Emmanuel Macron of France, said in a wide-ranging interview ahead of the (IMF) meetings. This was natural, he added, because the United States is the world’s leading power and does not ‘want China to become in a few years or in a few decades the first superpower in the world.

Europe’s strategic priority, by contrast, is independence, ‘which means to be able to build more capacities on defense, to defend its own view on the fight against climate change, to defend its own economic interest, to have access to key technologies and not be too dependent on American technologies,’ he said.”

The article continued, quoting the Finance Minister:

The key question now for the European Union, he said, is to become ‘independent from the United States, able to defend its own interests, whether economic or strategic interests.’”

LeMaire might have pre-ambled that statement with: “When in the course of human events, it becomes necessary for one people to dissolve the political bonds which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.”

Still, seasoned diplomat that Mr. LeMaire is, he provided some cold comfort to the naughty US administration, saying, the United States remains “our closest partner” in terms of values, economic model, respect for the rule of law, and embrace of freedom. But with China, he said, “we do not share the same values or economic model.”

The article continued:

“Asked if differences over China meant inevitable divergence between the United States and Europe, Mr. Le Maire said, ‘It could be if we are not cautious.’ But every effort should be made to avoid this, which means ‘recognizing Europe as one of the three superpowers in the world for the 21st century,’ alongside the United States and China.”

The piece concluded;

“One of the biggest lingering points of contention is over metal tariffs that former President Donald J. Trump imposed globally in 2018. Officials face difficult negotiations in coming weeks. Europeans plan to impose retaliatory tariffs on a range of US products as of Dec. 1, unless Mr. Biden pulls back a 25 percent duty on European steel and a 10 percent tax on aluminum.

“‘If we want to improve the bilateral economic relationship between the continents, the first step must be for the United States to lift the sanctions in the steel and aluminum case,’ Mr. Le Maire said. ‘We are fed up with the trade wars,’ he added.”

Shared values are nice, but shared profits are clearly better.

end

FRANCE

French Senate REJECTS MACRON’S VACCINE MANDATE

Le Sénat rejette la proposition de loi sur l’obligation vaccinale
 Notre Journaliste parlementaire

 

vous en dit plus. Le Sénateur

réagit dans #BonjourChezVous !

 
 
 
 
 
 
 
 
 
 
 
 

GERMANY

SPECIAL THANKS TO ROBERT H FOR PROVIDING THIS TO US:

Germany: Cologne Mosques to Begin Outdoor Broadcasting of Muslim Call to Prayer :: Gatestone Institute

 

 
 
 
Robert H….
 
Is Germany going Muslim ??? Because if it is, the day will come when history repeats and Christians and Jews will be in trouble. As it is it has been stated in the past that immigration and multiple births will give control over to Sharia law and thus conquer Europe from within. One supposes today’s politicians are too corrupt and inept to see or care about the changing realities in Europe. 
 
(courtesy Kern/Gatestone)
 
 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY//

The Turkish lira collapses last night:  trading at 9.15 to the dollar as Erdogan fires three more central bankers

(zerohedge)

Lira Crashes To Record Low After Turkey’s Erdogan Fires Three More Central Bankers

 
WEDNESDAY, OCT 13, 2021 – 08:05 PM

At this point, we’ve lost count of how many central bankers Turkey’s authoritarian head Erdogan has fired, so a quick stroll down memory lane helped us remember:

One look at the headlines above reveals that Erdogan, who himself is technically the head of the central bank as he can replace any current central bank governor that does not do his bidding and swap in some figurehead, tends to have a short fuse when it comes to heads of TCMB when they don’t follow the crackpot economic “theory” known as Erdoganomics according to which cutting interest rates is the way to lower inflation, not vice versa. It’s also why back in June when the Turkish central bank kept rates unchanged despite Erdogan’s prodding for a rate cut (even as Turkish inflation was well in the double digits), we predicted – jokingly – that Erdogan was about to fire everyone.

Well, he didn’t “fire everyone”, but he definitely sent a message and back in September, the central bank shocked the market when it cut rates by 100bps to 18% with consensus again expecting an unchanged decision. The move sent the lira plunging to an all time low.

Alas, it turns out that the pace of cuts was not to Erdogan’s liking and earlier today when we noted a Bloomberg headline that Erdogan was meeting with his central bank puppet, Kavcioglu, we said it was “game over” as more heads were about to roll.

This time we were correct, and late on Wednesday evening, President Erdogan fired three members of the central bank’s interest-rate setting committee in a midnight decree after meeting with Governor Sahap Kavcioglu who was appointed by Erdogan to lead the central bank in March, replacing his hawkish predecessor Naci Agbal.

Erdogan removed deputy governors Semih Tumen and Ugur Namik Kucuk, along with Monetary Policy Committee member Abdullah Yavas, according to the decree. He appointed Taha Cakmak as deputy governor and Yusuf Tuna as an MPC member.

According to Bloomberg, the changes followed a meeting between Erdogan and Kavcioglu on Wednesday evening, where the two discussed changes to the committee. Kucuk was the only member of the committee who voted against Kavcioglu’s interest-rate cut last month, thus committing professional career suicide. Yavas didn’t vote because he had contracted Covid-19 in the U.S., where he lives, but that was enough to prompt Erdogan’s ire and to get him sacked.

Erdogan probably wanted to fire the head as well, but just last week, Erdogan’s office refuted a Reuters report that said Erdogan is “cooling” on Kavcioglu in the job even though the central banker had cut rates just over a month ago – a move sure to make Erdogan happy – despite explosive inflation crushing Turkey’s economy. The inflation rate was 19.6% in September, when Kavcioglu lowered the benchmark interest rate by 100 basis points to 18%.

Predictably, the lira – which has been hitting new all time lows almost daily – dropped to a record low against the dollar, and extended its losses to nearly 5% against the dollar since the governor delivered his surprise interest-rate cut on Sept. 23.

The Turkish presidency posted a picture of the two men together on Twitter after the meeting, and Erdogan’s office described the conversation as “positive.” The presidency also said the two men discussed the general economic situation.

The lira fell 1% to a fresh record low of 9.1883 per dollar…

… and by now it should have become clear to even the most die-hard EM fanatic desperate for carry that any long position in the lira is career suicide. Which is why very soon we may see a wholesale capital flight out of Turkey which leads to total economic catastrophe, not to mention hyperinflation, for the NATO member state.

end

TURKEY

Late morning: Turkish lira continues to plummet at 9.17 to the dollar.  Now the idiot Erodgan wants to track indetities of all lira sellers

(zerohedge)

 

Having Banned Crypto, Turkey To Track Identities Of All Lira Sellers

 
THURSDAY, OCT 14, 2021 – 09:23 AM

The slippery slope analogy of tyrannical control continues to be proven right as Turkey removes the last privacy from its citizens money-changing ways.

Having banned (anonymity-protecting) cryptocurrencies and crypto-assets in April (citing “irreparable” damage and transaction risks), Bloomberg reports that money-changers in Turkey will be required to record the identities of all of their clients under new rules issued following the Lira’s collapse to fresh record lows against the dollar this week.

In the past, only clients whose transactions were worth $3,000 or more were asked to submit personal information.

“This new practice aims only to reduce informality in the industry, increase the level of institutionalization and ensure compliance with international regulations,” the Treasury & Finance Ministry said in a statement on Wednesday.

“It does not involve any intervention in foreign-currency markets.”

Turkish President Recep Tayyip Erdogan and central bank Governor Sahap Kavcioglu met on Wednesday as the currency continued to accelerate lower despite the governor delivering a surprise interest-rate cut of 100 basis points on Sept. 23.

Turks have been panic-selling Lira for anything else as inflation soars and continued capital controls are instituted.

Foreign exchange deposits held by locals totaled $232.7 billion as of Oct. 1, according to central bank data, up 20% from the start of 2020.

Mirroring the situation we have seen in Venezuela (and now El Salvador), Turkish businesses (like hairdressers and small grocery shops) had started accepting crypto payments out of convenience for their clients… until that was banned…

…as the currency circles the drain towards hyperinflation.

Now that every cash exchange in the country is under surveillance, what will be restricted next? And how long before Erdogan decrees a ban on lira selling… period?

Of course, this action by Erdogan is nothing at all like the new Democrats’ IRS surveillance state plan to track every transaction by an American of over $600… nothing like it at all. Remember, it’s for your own security/privacy/safety (pick your dissonance).

LEBANON

Sniper fire kills 6 as clashes between Christians and Hezbollah escalate.  Fears of a new civil war is brewing.

Sniper Fire Rocks Beirut, Clashes Involving Hezbollah Leave 6 Dead In Shocking Scenes Amid Fears Of New Civil War

 
 
THURSDAY, OCT 14, 2021 – 01:45 PM

Major armed clashes erupted in the middle of Beirut on Thursday amid large-scale protests related to the ongoing Beirut port blast investigation. At least six Lebanese were reported killed, along with 30 others wounded in clashes between rival factions reportedly lasting up to four hours.

Shocking footage outside the Beirut Palace of Justice and surrounding central neighborhoods included crowds dodging sniper fire from above, and gunmen gathered in “fronts” shooting into ‘enemy’ positions across streets, in scenes reminiscent of the Lebanese Civil War that gripped the country from 1975 to 1990.

 

Scene from Thursday’s clashes, via New York Times/AFP

The violence involved Shia groups Hezbollah and Amal, clashing with the “LF” (or Lebanese Forces), which is a Christian political party staunchly opposed to Iran-bakced Hezbollah. According to regional reporting, a Hezbollah-Amal statement in the aftermath blamed the LF for the deadly mayhem as they “fired sniper shots with the aim to kill.”

Hezbollah and Amal (both historically concentrated in Lebanon’s south) urged the national army “to intervene quickly to stop these criminals.”

Stunning video shows sniper fire from an unknown location in a building ring out over panicked crowds in broad daylight. However, LF leader Samir Geagea rejected the charge, blaming the violence instead on the “widespread proliferation of arms” in reference to Hezbollah and its well-known huge arsenal of weapons under its command.

Sniper fire rang out over crowds of thousands who were calling for the removal of Judge Tarek Bitar gathered in front of the Justice building.

According to the Beirut-based independent outlet The Cradle, the protest “was organized to demand the removal of US-backed Judge Tariq Bitar, who was set to accuse Hezbollah and its allies of playing a role in the Beirut Port explosion.”

Into the evening hours, the national army is said to be in control of the streets as each side continues to trade blame.

Messages circulated on the internet of local schools urgently telling parents and children to stay home amid fears the violence would spread to other parts of the city. 

Indeed the Lebanese capital is still on edge, also amid recent lengthy power outages, food and fuel shortages, and runaway inflation and a collapsed economy – all of which have made daily life miserable.

Al Jazeera reports that at least nine people have been arrested, including one Syrian – though it’s clear from recent footage to emerge that literally hundreds were seen rushing to front lines as automatic gunfire rang out. 

Ironically, the start of the fighting occurred precisely where the historic 15-year long civil war began, sparking fears that the country could be on the brink of another one

Local reports and video footage indicated that the unarmed demonstrators in Tayouneh neighborhood were ambushed by gunmen, whom the protesters believe to be from the Lebanese Forces (LF) party positioned on the rooftops of buildings in the adjacent Ein el-Remmaneh neighborhood.

Ein el-Remmaneh – bordering the LF-held Furn el-Shebbak and Tayouneh, which has supporters from both the LF and Amal – is an LF stronghold where the 15-year-long Lebanese Civil War was sparked in 1975 in an attack on a bus that killed 22 Palestinians.

Indeed a statement from Prime Minister Najib Miqati urged immediate calm and warned the country could be “dragged into civil strife” if the rival factions involved don’t immediately cease.

The New York Times has dubbed Thursday’s events “the worst sectarian strife in years.”

Before night fell the national army was seen firing into buildings that housed militants…

Fighters were seen patrolling the streets with RPGs, with footage confirming RPG fire into buildings. Al Jazeera correspondents suggested that a range of weaponry had been deployed at the height of the heavy urban clashes through the day.

END

6.Global Issues

CORONAVIRUS UPDATE

I provided this story last week but it is worth repeating!

(Brian Peckford)

Tragedy in Rural Alberta, a Courageous Doctor Speaks Out how he rescued people with Ivermectin and how the health services have done everything to obstruct him !!! Must read. IVM WORKS !!

By BRIANPECKFORD

On the Steps of the Vancouver Art Gallery on Friday evening past , celebrating the 75 Anniversary of the Nuremberg Code, Dr. Nagase gave this Powerful Speech .

Mater of Ceremonies : Joseph Roberts , Publisher and Founder of Common Ground Magazine

Dr. Daniel Nagase has been a doctor for over 15 years, he graduated from Dalhousie Medical School in 2004.
He has been an emergency doctor for 10 years and has been working in rural underserviced communities throughout Alberta since 2015.
He has a story he’d like to share with you about what happened after he gave Covid patients Ivermectin in a small hospital west of Red Deer.

Thank you Joseph,

It is wonderful to see all of you here remembering Nuremburg.

And that’s the key here, remembering.
Not just the nurses and doctors that are helping by speaking the Truth, people like Dr. Charles Hoffe in Lytton,
But also to remember the doctors in hospital administration, the doctors at the college of physicians and surgeons, the doctors you see on TV that are standing in the way of life saving medicaitons,

Let me tell you what happened in Rimbey Alberta, a small town couple hours west of Red Deer. It shocked me.
I started on Saturday morning in the ER, and when it came time to round on the ward patients, the charge nurse informed me that 3 of the patients on the COVID wing had deteriorated overnight.

All the patients were on Oxygen and extremely short of breath. The only medication these patients were on were steroids.

A Medication that will decrease inflammation but increase the chances of a bacterial infection by suppressing the immune system.

That’s right, the only medication the covid patients at this hospital were on were immune suppressants.

One woman said it felt like we just put her in a corner to die. We weren’t doing anything for her.

I told her, I can’t speak for the usual doctors during the week, but it’s the weekend, and I’ll do everything I can to help.

I offered Ivermectin. She wanted to try it because she heard nothing but good things about it. All 3 patients wanted to try ivermectin.

The hospital didn’t have any, so we had to ask Red Deer Hospital’s Central Pharmacy for the medication.

They refused to send Ivermectin. Red Deer’s central pharmacist said Ivermectin was useless for COVID.

He even had the Pharmacy Director for All of Alberta contact me to tell me Ivermectin didn’t work.
The Pharmacy Director for Alberta Health services is Dr. Gerald Lazarenko. Remember that name.
He is both a Pharmacist and a Doctor. And he insisted that Ivermectin had no place in the treatment of COVID.

So we checked the local pharmacies. And God bless that charge nurse, although both pharmacies in town did not have ivermectin, there was one pharmacist who would do everything he could to get some even if it took all day.

We didn’t have all day, my patients were sick. So I started everyone on the next best thing, Hydroxychloroquine which the hospital did have.

I also started Vitamin C, Vitamin D, and Zinc.

And because the patients were coughing and short of breath I gave them inhalers… Salbutamol and Flovent, the same inhalers that have been used for asthma for over 50 years.

I also gave them Azithromycin.

Surprisingly by late afternoon, the town pharmacist finally found some ivermectin.

He couldn’t get it from his usual chemical supply, because it was a Saturday. He had to get it from an agricultural supply.
He checked to make sure that it was the exact same Ivermectin a pharmacist would give to a person, brought it back to his pharmacy and checked it again.
He then called me with the good news.

I handed Ivermectin to each of my 3 patients with their exact dose of according to their weight.

And you’ll never guess what happened next.

Within hours of getting Ivermectin, I got a call from the Central Zone medical director. Dr Jennifer Bestard.

She called me to tell me I was forbidden from giving Ivermectin to patients.

I told her she’s never met the patients, she’s not their doctor, and had no right to be changing the care of my patients without the patient’s permission.

She said Ivermectin was forbidden from the hospital. Even if the patients had their own Ivermectin. (Which I would have happily given to a relative so they could to hand it over to them), Patients would not be allowed to take their own ivermectin.
She said it was a violation of Alberta Health Services Policy to give Ivermectin for COVID.

But that wasn’t good enough. The next day she called the hospital and gave me 15 minutes notice that I would be relieved of my duties.

I told her that it was unreasonable. I had an emergency department full of patients who can’t be sorted out in 15 minutes.

An hour later another local doctor came to replace me.

They didn’t even want me to check up on the patients who I gave Ivermectin to.

Not even 24 hours after getting Ivermectin, 2 out of my 3 patients were almost completely better. They were out of bed walking around and all the crackles I heard in their lungs from the day before were gone.

All it took was about 18 hours and 1 dose of Ivermectin.

The third patient who was 95 years old, stayed the same. She didn’t get any worse like she had done the night previous.

I found out later that no sooner had I left Rimbey hospital, the next doctor who came to replace me stopped the antibiotics, stopped all the vitamins, she even stopped the patients inhalers.

Within hours of my leaving the hospital this doctor even took away the patient’s inhalers, to help her breathe.

The patients were not even allowed vitamins.

Thankfully, both my 70 year old patients who had immediate recoveries after a single dose of ivermectin left the hospital that week.

(I’d like to speak briefly to the healthcare professionals in the crowd)
No doctor would take away antibiotics and inhalers for ANY viral pneumonia, never mind COVID. No doctor would do that to ANY patient with a pneumonia. Unless they were… Well I’ll let you think about that. We are remembering Nuremburg after all.
And for healthcare professionals, I want us all to think very deeply about that.

But it gets worse, In my brief day and a half in the small town of Rimbey, I saw 2 patients who had recently been discharged from Red Deer Hospital after being on the COVID ward.
They were sent home with NOTHING. Not even an inhaler.

These patients ended up in ER at a small hospital wanting help. Just days after being sent home from a tertiary care hospital with nothing.

There is something malicious going on. I hope you can all see the bigger picture.

This is more than me having all my assignments to take care of small communities cancelled for the rest of the year.

This is more than the medical director, Dr. Fraincois Belanger banning me from hospital practice throughout all of Alberta.

Just a week after giving ivermectin and then filing a complaint against the Alberta Pharmacy Director,
a complaint sent to the College of Physicians and Surgeons, about the Pharmacy director for an entire province denying 11 pages of studies showing 0% mortality for patients given Ivermectin.

In study after study after study, 0% mortality, 0% mortality, 0% mortality… with Ivermectin.

And in “Severe” COVID? A 50% reduction in mortality with Ivermectin.

This is all in Albertat Health Services own Ivermectin report.

Just a week after I filed a complaint that Dr. Gerald Lazarenko was withholding a life saving medication from an entire province, the Alberta college of physicians and Surgeons forbade doctors and pharmacists from giving patients ivermectin.

We must remember.
We are here to remember.
Not just the people who died from medical experimentation.

We are here to remember the people today.
We are here to remember every single doctor, lawyer, and medical ethicist that sits on the board of the BC college who is investigating Dr. Charles Hoffe for speakng the truth.

We are here to remember every doctor who stopped patients from having a live saving medication.

And what for? To boost mortality? To create an ICU “crisis”? To create a state of emergency?

All to push a vaccine?

We must remember, the people of the past. And the people of today.

History repeats itself.
Nuremburg will happen again.
We must remember.

P.S. Because of the hundreds of thousands who have visited this article and though I have added additional information in subsequent articles on this blog perhaps I should post some of that info right here given that a very small minority have expressed doubt about the veracity of the article , the existence of the doctor and my credentials.

  1. Dr. Negase exists . A couple of clicks on the computer and you will find him registered with the Alberta College Of Physicians and Surgeons, his name, address and phone number.
  2. The Alberta Health Services this am confirmed his locum status in that Province. That is he fills in for doctors who will be absent from their position for a few days or weeks.
  3. He confirmed to me in writing that he was in Rimby on September 11 and 12 , 2021.
  4. He has confirmed to me in writing that he had been serving as a doctor in three other towns in Alberta in August and September , 2021–St. Paul, Ponoka, and Hinton.
  5. Dr. Nagase has not hidden away nor I. Bitchute is presently carrying the doctor’s speech.
  6. I have been doing this blog for five years —-right out in the open. I was Premier of the Province of Newfoundland and Labrador from 1979 to 1989. Since then my wife and I ran our own consulting business , and we retired in 2001. Presently live in Parksville , Vancouver Island. I am the only living First Minister who was a part of the Patriation Agreement of 1981 that by the way included the Charter of Right and Freedoms . As a matter of fact it was Newfoundland’s proposal that broke the deadlock that led to the Agreement. My book of 2012 ,’ Some Day The Sun Will Shine And Have Not Will Be No More ‘ describes in one section all the events of that time and produces the original documents that led to the Agreement. The book was on the Globe and mail Best Seller List. I wrote an earlier book concerning my native Province called ’ The Past In The Present.’
  7. A tweet from Alberta Heath Services —-

AHS is aware of comments in a blog making claims about the use of ivermectin in the prevention and treatment of COVID-19. The blog post details content from a speech given by a physician who has locum privileges with AHS.

END

The Defender

Merck’s new drug Molnupiravir does not hold a candle when compared to ivermectin

(Loffredo/The Defender)//special thanks to Robert H for sending this to us)

Merck’s New COVID Drug Is Making News — How Does It Compare to Ivermectin?

In his latest video, John Campbell, Ph.D., compared ivermectin, whose use as a COVID treatment has been widely criticized by mainstream media, with Merck’s new COVID drug, Molnupiravir, which is garnering positive media coverage.

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In his latest video, John Campbell, Ph.D., compared ivermectin, whose use as a COVID treatment has been widely criticized by mainstream media, with Merck’s new COVID drug, Molnupiravir, which has been the subject of glowing media attention.

Campbell, a UK-based nurse teacher, cited several studies as he compared the two treatments on the basis of effectiveness, safety and cost. He first turned to a paper in the Austin Journal of Pharmacology and Therapeutics, “Drugs Shown to Inhibit SARS-Cov-2 in COVID-19 Disease: Comparative Basic and Clinical Pharmacology of Molnupiravir and Ivermectin.”

The peer-reviewed paper refers to ivermectin as the most studied “repurposed” medication globally, and notes that it is approved by the U.S. Food and Drug Administration and “classified by the World Health Organization (WHO) as an ‘essential’ broad spectrum antiparasitic, antibiotic, and has demonstrated broad antiviral activity against RNA viruses, including HIV, Zika, MERS and coronavirus.”

“And of course, ivermectin also won the Nobel Prize in 2015,” Campbell said.

 

 

According to the paper, Campbell said, Molnupiravir — though still going through trials and safety testing — is believed to “work against seasonal and pandemic flu, MERS, coronavirus and SARS-CoV-2.” The paper’s author noted that Molnupiravir does not inhibit inflammation, whereas ivermectin does.

How do the two drugs compare on cost? Ivermectin is exponentially cheaper than Merck’s new Molnupiraravir.

The cost of a complete five-day course of Molnupiravir is $700 — or $70 per pill. That amounts to a 4,000% markup over what it costs Merck to make the drug.

Citing 2013 prices provided by the WHO, Campbell said a five-day course of ivermectin — 10 3mg pills — costs $0.53. (However, at today’s U.S. prices, 10 3mg pills cost about $39).

On effectiveness, Molnupiravir is lacking data. The only publicly available clinical data on Molnupiravir comes from a Merck press statement claiming the new drug is 50% effective against hospitalizations and deaths, when used as an early treatment.

For ivermectin, using publicly available data, Campbell referred to one peer-reviewed study that pegs ivermectin’s effectiveness in early treatment at 62%, and an ongoing meta-analysis which shows ivermectin is 66% effective in early treatment and 86% effective as a prophylactic.

Using VigiBase, a WHO database on pharmaceutical safety data, Campbell showed that out of  3.7 billion doses given of ivermectin there have been only 5,693 reports of adverse events — far fewer, according to Campbell, than the number of adverse event reports associated with amoxicillin and ibuprofen, both widely used and considered safe.

Comparable safety information for Merck’s Molnupiravir is not yet available, as trials and studies are still ongoing. But Campbell did raise concern about  Molnupiravir’s mutagenic properties. He cited the Austin Journal of Pharmacology and Therapeutics paper which states, “there is some concern about the safety of [Molnupiravir’s] NHC-nucleoside triphosphate, which is mutagenic to mammalian cells.”

According to Campbell, Merck denies this is a problem. But the paper suggests, at the very least,” it needs looking into,” Campbell said.

END

Joe Rogan crushes CNN over Ivermectin

(zerohedge)

Joe Rogan Crushes CNN Over Ivermectin ‘Horse Paste’ Propaganda, Gets Gupta To Concede They Lied

 
 
THURSDAY, OCT 14, 2021 – 12:18 PM

Joe Rogan went off big on CNN‘s chief medical correspondent, Sanjay Gupta, who appeared on the star’s Spotify podcast on Wednesday.

During the exchange, Gupta conceded that his network’s framing of Ivermectin, a widely-prescribed anti-parasitic which has shown tremendous efficacy in treating Covid-19,was wrong.

“Calling it a horse de-wormer is not the most flattering thing, I get that,” said Gupta.

It’s a lie on a news network – and it’s a lie that they’re conscious of. It’s not a mistake. They’re unfavorably framing it as veterinary medicine,” Rogan shot back.

“Why would you say that when you’re talking about a drug that’s been given out to billions and billions of people? A drug that was responsible for one of the inventors winning the Nobel Prize in 2015?” the 54-year-old Rogan continued.

“A drug that has been shown to stop viral replication in vitro – you know that, right? Why would they lie and say that’s horse de-wormer? I can afford people medicine, motherfucker. This is ridiculous.”

Watch:

Opining further on Rogan’s rough-up is Glenn Greenwald:

Meanwhile, as we noted last month regarding Ivermectin (and worth repeating):

This widely prescribed anti-parasitic which is also used in horses has shown massive efficacy worldwide in the treatment of mild and moderate cases of Covid-19, plus as a prophylactic. India’s Uttar Pradesh province, with a population of over 200 million, says that widespread early use of Ivermectin ‘helped keep positivity [and] deaths low.’

 

(source, May 12th)

Separately, there have been several studies funded by the Indian government, primarily conducted through their largest govt. public medical university (AIIMS).

  • Role of ivermectin in the prevention of SARS-CoV-2 infection among healthcare workers in India: A matched case-control study (source)

Conclusion: Two-dose ivermectin prophylaxis at a dose of 300 μg/kg with a gap of 72 hours was associated with a 73% reduction of SARS-CoV-2 infection among healthcare workers for the following month.

  • Ivermectin as a potential treatment for mild to moderate COVID-19 – A double blind randomized placebo-controlled trial (source)

Conclusion: There was no difference in the primary outcome i.e. negative RT-PCR status on day 6 of admission with the use of ivermectin. However, a significantly higher proportion of patients were discharged alive from the hospital when they received ivermectin.

  • Clinical Research Report Ivermectin in combination with doxycycline for treating COVID-19 symptoms: a randomized trial (source, double-blind randomized, peer-reviewed)

Discussion: In the present study, patients with mild or moderate COVID-19 infection treated with ivermectin in combination with doxycycline generally recovered 2 days earlier than those treated with placebo. The proportion of patients responding within 7 days of treatment was significantly higher in the treatment group than in the placebo group. The proportions of patients who remained symptomatic after 12 days of illness and who experienced disease progression were significantly lower in the treatment group than in the placebo group.

Here are more human studies from other countries on the ‘horse dewormer’:
 
Peru:
  • Sharp Reductions in COVID-19 Case Fatalities and Excess Deaths in Peru in Close Time Conjunction, State-By-State, with Ivermectin Treatments (source, peer-reviewed, University of Toronto, Universidad EAFIT)

For the 24 states with early IVM treatment (and Lima), excess deaths dropped 59% (25%) at +30 days and 75% (25%) at +45 days after day of peak deaths. Case fatalities likewise dropped sharply in all states but Lima

Spain:
  • The effect of early treatment with ivermectin on viral load, symptoms and humoral response in patients with non-severe COVID-19: A pilot, double-blind, placebo-controlled, randomized clinical trial (sourceUniversity of Barcelona, peer-reviewed)

FindingsPatients in the ivermectin group recovered earlier from hyposmia/anosmia (76 vs 158 patient-days; p < 0.001).

Bengladesh:

 

  • A Comparative Study on Ivermectin-Doxycycline and Hydroxychloroquine-Azithromycin Therapy on COVID-19 Patients (source – peer reviewed, though not govt funded)

Conclusion: According  to  our  study,  the  Ivermectin-Doxycycline combination therapy has better symptomatic relief, shortened recovery duration, fewer adverse effects, and superior patient compliance compared to the Hydroxychloroquine-Azithromycin combination. Based on this  study’s  outcomes,  the  Ivermectin-Doxycycline  combination  is  a  superior  choice  for  treating  patients  with  mild to moderate COVID-19 disease.

  • A five-day course of ivermectin for the treatment of COVID-19 may reduce the duration of illness (source, peer-reviewed double blind randomized, though small sample size)

DiscussionA 5-day course of ivermectin resulted in an earlier clearance of the virus compared to placebo (p = 0.005), thus indicating that early intervention with this agent may limit viral replication within the host. In the 5-day ivermectin group, there was a significant drop in CRP and LDH by day 7, which are indicators of disease severity.

Meanwhile, There are currently 76 ongoing or completed clinical trials on Ivermectin around the world. Below are the results of 32 which have been completed. One can visit ivermeta.com and dig down on any of these / read the entire study. The site recommends Ivermectin in conjunction with vaccines to confer the best protection against Covid-19, however we’ll leave that to you and your doctor to discuss.

 

Screenshot, http://ivermeta.com/

Yet doctors who advocate for Ivermectin are ridiculed by the media (more here and here and here).

The MSM swarmed over ‘horse paste overdoses’  for weeks after a handful cases nationwide (and no deaths) – including an outright lie amplified by Rolling Stone which they were forced to correct after the hospital in question denied the claim.

Meanwhile, the likes of Maddow, Don Lemon and Chris Hayes jumped right on the propaganda bandwagon – with Maddow promoting the debunked ER story in a tweet she refuses to delete – and Twitter refuses to censor for misinformation.

Democratic lawmakers are demanding Moderna share the vaccine recipe to expand its global access.

(zerohedge)

Dem Lawmakers Demand Moderna Share Vaccine Recipe To “Expand Global Access”

 
THURSDAY, OCT 14, 2021 – 05:45 AM

During an interview with the AP last week, Moderna Chairman Noubar Afeyan reaffirmed that Moderna wouldn’t bring any patent infringement lawsuits against rival firms that infringe on Moderna’s patent to produce copies of its mRNA COVID jab.

But here’s the catch: When the WHO pressed Moderna to share its vaccine formula with companies in emerging markets to help hasten the rollout of mRNA jabs, Afeyan refused, claiming that Moderna had analyzed whether it would be better to share the messenger RNA technology, and determined that it could expand production and deliver billions of additional doses in 2022.

“Within the next six to nine months, the most reliable way to make high-quality vaccines and in an efficient way is going to be if we make them,” Afeyan said. While we wouldn’t accuse a major pharmaceutical company of bending the truth to suit its own financial interests, we find it difficult to imagine how Moderna could possibly produce more jabs on its own, than by sharing its tech with other producers.

“We think we are doing everything we can to help this pandemic,” Afeyan added. It’s worth noting that Afeyan is among the Moderna founders who were named to Forbes’ list of the 400 richest people in the US for the first time last week.

Now, a cadre of progressive Dems are taking a break from the increasingly fraught intra-party negotiations over President Biden’s domestic agenda to chide Moderna to do the right thing and share its recipe  – before they push the federal government to use its overarching power to simply take Moderna’s IP and share it with the world.

Because according to Sen. Elizabeth Warren, Moderna’s contract with the federal government (which supplied the firm with billions of dollars to aide in development and distribution) may allow the government  to access and share Moderna’s COVID vaccine technology.

In a letter to the Biden administration, lawmakers urged the president “to take bold steps to dramatically expand global COVID-19 vaccine access and manufacturing capabilities.”

The letter was signed by Senators Warren, Jeff Merkley, Tammy Baldwin, Brian Schatz, Tina Smith and Sherrod Brown and Representatives Pramila Jayapal, Jan Schakowsky, Lloyd Doggett, Mark Pocan, Maxine Waters and Raja Krishnamoorthi.

Critics of Moderna and the rest of the big vax makers have argued that Big Pharma could more effectively combat COVID by widely sharing necessary information about how to produce, store and distribute them. However, what was once known as the “open vaccine” movement was kneecapped early on when Bill Gates declared himself the world’s de fact COVID vaccine czar, and insisted that respecting Big Pharma’s patent rights must be paramount.

 end
 
What a total idiot!! Fauci claims no true basis over long term covid vax side effects. How does he know the vaccine roll out is less than one year.
(Watson/SummitNews)

Watch: Fauci Claims No “True Basis” In Concerns Over Long-Term COVID Vax Side Effects

 
 
THURSDAY, OCT 14, 2021 – 10:50 AM

Authored by Steve Watson via Summit News,

In another display of ignorance on the science, Anthony Fauci declared Wednesday that there are is no “true basis” for concerns over potential long term side effects of COVID vaccines, despite there being no long term studies to take data from.

While speaking on a virtual call in concert with CDC Director Dr. Rochelle Walensky and U.S. Surgeon General Vivek Murthy, Fauci was asked by a caller if pilots have any ‘valid concerns’ after it was suggested that many are remaining unvaccinated to avoid potential long term side effects that may infringe on their ability to fly.

“Pilots at American and Southwest Airlines in particular are arguing that some pilots may be reluctant to get vaccinated because of potential of career-ending side effects,” the caller stated, adding…

“They’re concerned that there could be long-term side effects that could cause them to then lose their medical certification and also lose their jobs and their livelihoods. So is this a valid concern?”

Fauci responded:

“Well, right now on the basis of literally hundreds and hundreds of millions of vaccinations that we’ve had, the safety of these vaccines have been clearly established.”

Or perhaps there just isn’t any empirical long term data yet?

He continued, “The long-term effects that the people are apparently concerned about really have — I’m sure there is a very, very, very rare exception — but the long-term effects are really actually non-existent, in the sense of anything that has been a red flag on the part of the follow-up of these individuals.”

So although one, I guess, can theoretically say, ‘I’m concerned about a long-term effect,’ the fact of the safety and the follow-up over a considerable period of time, over a year as so many individuals, we have not really seen that. So we don’t really see any true basis in that concern.”

 

Fauci’s comments come amid the ongoing saga of pilots resisting airlines attempting to institute vaccine mandates, with hundreds of flights still being cancelled as workers engage in apparent ‘sick-outs’.

end

Two New Studies Show Quercetin Improves COVID Outcomes

 
 
 
 
While a having interesting impact on gout issues, it may benefit many other people and the includes vaccinated or non vaccinated folks.

 

https://articles.mercola.com/sites/articles/archive/2021/10/14/quercetin-improves-covid-outcomes.aspx

 
 
end
 
FDA approves the booster shot for Moderna but only for high risk patients.  They initially hinted at rejection of the approval
(zerohedge)

FDA Approves Moderna Boosters For High-Risk Patients After Hinting At Rejection

 
THURSDAY, OCT 14, 2021 – 03:26 PM

After releasing briefing documents that seemed to suggest the FDA’s advisory committee wouldn’t approve booster jabs for any adults – at least, not just yet – a meeting of the committee on Thursday has led to a decision to allow booster jabs, but only for patients 65 and up, who according to safety data are at the lowest risk for rare side effects like heart inflammation, as well as others at high risk.

The panel voted in favor of delivering a half-dose as a third injection for the same sub-section of the adult population who became eligible for the Pfizer booster last month thanks to an emergency approval.

Moderna shares rallied on the news, offering investors a little relief after a tough couple of days that saw experts speculating about the possibility that Pfizer’s jab would be approved as a booster, while Modern’s might not. Shares rallied in the last hour of trading Thursday.

Notably, some of the advisors who approved the booster jab said the paucity of data (earlier cited as a main reason why the booster approval might be put on hold) was a disappointment, but at the end of the day, a precedent of speed over thorough safety reviews had already been established.

Committee members said that while they hoped for far more robust data,  several pointed out that the FDA had already set its precedent by authorizing booster shots on an emergency basis for recipients of the Pfizer jab.

 
GLOBAL ISSUES
 
 
LA PALMA VOLCANO ERUPTION

La Palma

 
 
 
 
 
 
 
Attachments area
 
Preview YouTube video La Palma volcano: No sign volcanic activity will end soon, Spanish PM says

 

END
 
this morning

La Palma

 
 
 
 
 
 
 
 
 
Attachments area
 
Preview YouTube video No end in sight for volcanic activity on La Palma island

 

 
 
Shows the 3 lava flows lines and the black smoke i mentioned.

 

https://youtu.be/ndOBdRLVrUE

Cheers
Robert

 
 
 
 
 
Attachments area
 
Preview YouTube video 🔴Noticia – La erupción del Cumbre Vieja ya dura más que la última ocurrida en 1971

 

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

Rabobank: The Problem Is No Central Bank Can Bail Out The Physical Economy From Shortages

 
THURSDAY, OCT 14, 2021 – 10:10 AM

By Michael Every of Rabobank

Back in the days before infinite liquidity and markets being in love with the idea of being big just for the sake of it, there used to be discussion about the difference between extensive and intensive growth. Put simply, extensive growth is achieved by adding more inputs to get more output; intensive growth is achieved by getting more output from existing inputs – what we call ‘productivity’. Back in the old days, we used to have that too.

Extensive vs. intensive comes to mind on the back of yet another stronger-than-expected US inflation print (0.4% m/m, 5.4% y/y; 0.2% m/m core, 4.0% y/y). This was followed by the White House announcing early results of its supply chain task force. The longshoreman and the short is: the Port of LA is expanding to 24/7 operation; the union has announced they are willing to work extra shifts; and large US companies are announcing they will use expanded hours to move more cargo off the docks, so ships can come to shore faster. So, crisis over?

Not at all, in the view of supply-chain experts. Well before this announcement they had pointed out –as did we, in ‘In Deep Ship’— that simply getting containers out of the terminal at LA achieves very little if you don’t the solve chassis crisis; if the containers sit there waiting for trucks; or for truckers; or for rail. All you do is move the logjam from sea to shore – and that can potentially make matters worse. The Transportation Secretary running this task force is a vocal opponent of the ‘so build a bigger road’ mentality that ends up with bigger roads and the same traffic logjam. This is the same policy idea without even spending on the cement and asphalt.

Some are also asking why the White House bafflingly still hasn’t appointed a US Maritime Administrator yet. Others are asking how trying to facilitate more imports into the US, rather than banging the drum for localization and ‘just in case’, is compatible with Build Back Better and resiliency. But there is bipartisanship in failing to understand what is going wrong, and how to solve it. Florida Governor De Santis is offering his state’s ports as an alternative to LA when it isn’t practical; and a Californian Republican just introduced the SHIP Act to Congress to “ban cargo ships from idling or anchoring in the coastal waters of Southern California for the next 180 days”, so forcing dozens of vessels to hang around in the ocean for months rather than safely offshore.

In short, we are seeing a lot of moving faster, and very little moving smarter. The Grinch will easily steal Xmas, and far more, at this rate.   

Sailing on regardless, the FOMC minutes from the September 21-22 meeting said that an illustrative path of QE tapering designed to be simple to communicate and entailing a gradual, fixed reduction in net asset purchases of $10bn Treasuries and $5bn agency MBS, ending around the middle of next year, is seen as providing a straightforward and appropriate template that policymakers might follow. Of course, the Fed also noted that it could adjust the pace of tapering if economic developments were to differ substantially from what they expected – like both inflation and employment has so far, to no effect. In short, the Fed announced tapering in just a few weeks (November 3), and then actually start to taper from either mid-November or mid-December. Isn’t that fitting in a way? After all, there will almost certainly be far less *stuff* circulating in the US economy, so shouldn’t we match that with far less liquidity? Before you say yes, if you believe the Fed actually think like that, I have a port in New Mexico to sell you. They clearly have stock portfolios to worry about instead.

Meanwhile, it wouldn’t be a day ending in a y without a new global supply-chain disruption. This time China is to stop exporting refined fuel. This is just as the rest of Asia is set to consume more, as it begins to open up again. As Bloomberg puts it, quoting Oilchem: “State-owned refiners are earning more from local sales”. Which is where arguments about localization and resiliency begin to re-emerge, for some.

Staying with energy, Chinese coal prices are hitting new highs again, with this now set to be passed on to industry; by contrast, the EU are talking about tax cuts to help industry and consumers cope with rising electricity prices! Isn’t this strategy, albeit via wage increases, what we tried and failed with in the 1970s? It’s not that this is necessarily the wrong thing to do to avoid recession risks and social unrest – but it will only push prices even higher, and strain supply chains even more. Indeed, while all the headlines about the IEA’s annual energy report yesterday are naturally that we need to more than redouble our efforts to shift towards renewables, if you read the nastier details, there is also a need for massive investment in fossil fuels through to 2030. If that doesn’t arrive, high energy prices are here to stay, seems to be the message: like Xmas gifts, is it on the way though? And to some places, or everywhere?

After slowing loan growth yesterday in China, and another far-higher-than-expected trade surplus, today saw Chinese inflation data. CPI came in at 0.7% y/y vs. 0.8% last month and the same expected for this. More importantly, PPI came in at 10.7% y/y vs. 9.5% last month and 10.5% expected. Recall that coal prices alone will push this series much, much higher ahead in theory.

Staying with China, Bloomberg says At this point, it’s no longer about salvaging the troubled China Evergrande Group or its billionaire chairman Hui Yan Ka from the debt crisis. It’s jobs, growth and, ultimately, social stability that are at stake. In other words, a bailout of the indebted developer may not be enough to underpin one of the world’s second-largest economy as payment defaults become contagious, a sales slump spreads to the whole sector, and more players see their ratings cut.” The argument is naturally parroted by Wall Street: sure, *pretend* to deal with asset bubbles, but you cannot really deal with them “because markets!” Yet Bloomberg also notes loosening policy slightly won’t change consumer psychology, and Beijing has made clear house prices are no longer going to be allowed to keep going up – so why buy a 2nd, 3rd, 4th home, etc., which accounted for 85% of recent home sales?

So, we are looking at both deflation and inflation in China, vs. just inflation everywhere else. Moreover, we are back to extensive vs. intensive growth, which Wall Street no longer understands; just as it now fails to grasp Schumpeter; just as it utterly fails to read Marx. Don’t let that all stop the Street, or Chinese markets, perpetually pricing in bailouts and hockey sticks and “transitory” and Xmas every day, however. It’s all a generation of traders have known both East and West, so who can blame them? The problem is no central bank can bail out the physical economy from shortages.

To wrap up, Aussie jobs data showed a -138K print, yet where unemployment went down to 4.6%, and only part-time jobs were apparently lost, not full-time. Extensive or intensive takes on such partial data are not really worth too much of anyone’s time. They certainly won’t be moving the RBA from not moving.

7. OIL ISSUES

 

8 EMERGING MARKET& AUSTRALIA ISSUES

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

AUSTRALIA

Are things shifting?  A Aussie cop quits and refuses to enforce COVID tyranny.  She states that the majority of cops feel the same way

Agorist/Free thought Project.

Paradigm Shift? Aussie Cop Quits, Refuses To Enforce COVID Tyranny, Says “Majority” Of Cops Feel The Same

 
WEDNESDAY, OCT 13, 2021 – 10:05 PM

Authored by Matt Agorist via The Free Thought Project,

A female officer with Victoria Police, who served for 16 years, has resigned in protest against the use of police to enforce Covid-19 rules, saying in an interview that a “great majority” of her colleagues shared her sentiments.

Acting Senior Sergeant Krystle Mitchell has appeared on The Discernible Interviews channel on YouTube on Friday, wearing her dark-blue uniform and revealing that she had been “troubled” by how police resources have been applied during the pandemic by state authorities.

Victoria Police has been tasked with making sure that people in one of Australia’s most populous states abide by the lockdown restrictions, and with curbing illegal protests against the health rules and vaccination mandates, which often turn violent, resulting in numerous arrests and accusations of police brutality. Melbourne, Victoria’s capital city, holds the world record for longest lockdown.

Mitchell, who had been working with the gender equality and inclusion command, said that “all of my friends that are police officers that are working the front line and are suffering every day enforcing CHO (Chief Health Officer) directions, that certainly the great majority don’t believe in and don’t want to enforce.”

The law enforcers were “scaring people in the community,”and she herself felt uneasy when encountering officers in the street while off-duty and wearing civilian clothes, she confessed.

Some rough behavior by the police during the pandemic might be partially explained by the enforcement approach taken by Victoria Premier Daniel Andrews, Mitchell suggested. 

“I think that the reason, or the issue, in why perhaps police [are] feeling more emboldened to act the way they are in relation to these harsher actions is because of the messaging that comes from Dan [Andrews],”who tells the law enforcers what to do “on a daily basis,” she said.

“The consequences of me being here today, is that I will be resigning from Victoria Police, effective the end of this interview because the consequences of me coming out publicly would be dismissal,” Mitchell announced.

I can’t remedy in my soul any more the way in which my organization, that I love to work for, is being used and the damage that it’s causing in the reputation of Victoria Police and .. to the community.

Victoria Police confirmed that Mitchell used to be one of their officers, but stressed that her comments in no way reflected the views of the whole force.

“Victoria Police cannot pick and choose what laws it enforces,” it said in a statement on Saturday, adding that the police “looks forward to the easing of restrictions and the eventual return to pre-COVID life,” just like ordinary residents do.

As for Mitchell, she would be the subject of a professional standards command investigation over her revelations, according to the statement.

Several instances of police brutality in the state of Victoria went viral in September at the height of the protests against Covid-19 restrictions in Melbourne. One of the viral clips that caused outrage featured police violently tossing an elderly woman to the ground and pepper-spraying her. In another incident, an officer was filmed slamming a demonstrator onto the pavement, allegedly rendering him unconscious.

NEW ZEALAND

New Zealand has had only 5000 COVID cases and only 30 deaths so now the bozos are going to mandate all education and health care workers to be vaccinated

(zerohedge)

New Zealand Forces Vaccination Mandate On All Education, Health-Care Workers

 
WEDNESDAY, OCT 13, 2021 – 07:45 PM

New Zealand announced late Monday that it would join the growing list of developed nations forcing workers – or at least certain workers – to choose: either accept the jab, or lose your job.

One week after Canada adopted mandatory vaccination rules for federal workers and travelers, New Zealand has announced its own vaccine mandates for most teachers and health care workers.

Per NZ’s Liberal-led government, doctors, nurses and other health-care workers must be fully vaxxed by Dec. 1, while everyone working in education who has contact with students must be vaccinated by Jan. 1.

“We can’t leave anything to chance so that’s why we are making it mandatory,” said COVID Response Minister Chris Hipkins, who is also the country’s education minister.

“Vaccination remains our strongest and most effective tool to protect against infection and disease,” Hipkins said.

New Zealand briefly enjoyed COVID-free status after the initial global outbreak, but the country’s “drawbridge” strategy was unable to keep out the delta variant, imposing a lockdown in Auckland, the country’s largest city after confirming just a single case. As cases spread despite the tightening restrictions, the government was forced to finally abandon its “COVIDZero” strategy.

New Zealand PM Jacinda Ardern said the highly transmissible delta variant had proved a “game-changer” that can’t be easily eliminated.

As kiwis confront the new system, the Guardian is reporting that New Zealand’s epidemiology “experts” were taken by surprise when Ardern abandoned “COVIDZero”. They said they weren’t consulted about the government’s new system, which will lessen restrictions in three stages.

“We were obviously surprised on Monday last week when the government seemed to say that we were moving away from elimination,” said prof Michael Baker, one of the country’s most prominent pandemic communicators and a member of the ministry’s Covid-19 Technical Advisory group. “A decision of that size – changing your major strategy – you’d think you would consult with [the] quite small batch of scientists and other advisers who work very hard to support the government … explaining things to the public.”

“That was very unusual. I think the government’s done a great job generally with consultation and getting us all to at least understand the rationale for change.”

Others insisted that the only way out for the country is full vaccination.

Now, keep in mind, New Zealand has confirmed fewer than 5K cases and fewer than 30 deaths.

INDIA

India is struggling with its power grid.  Coal shortages and rising coal prices are playing havoc to India.

(Kemp/Reuters)

Kemp: Beset By Coal Shortages, India’s Power Grid Struggles To Meet Demand

 
WEDNESDAY, OCT 13, 2021 – 07:25 PM

By John Kemp, Reuters energy analyst and reporter.

India has experienced persistent electricity shortages since the start of October as power generators have proved unable to meet resurgent demand as the economy rebounds from last year’s coronavirus-driven recession.

The country’s power crisis stems from the same mismatch between rapidly growing demand and lagging supply that is also causing electricity shortages in China and soaring gas prices across much of Europe and Asia.

Generation shortages are manifesting themselves in blackouts and rotating power cuts as well as persistent under-frequency on the country’s transmission system. 

The crisis has been building for some weeks, first in the form of a slide in coal stocks, then a deterioration in grid frequency, and now most obviously in blackouts hitting parts of the country.

Grid controllers normally aim to keep frequency steady and very close to target, minimizing the size and duration of any deviations, which can damage generators as well as customer equipment.

Below-target frequency indicates there is not enough generation to satisfy the total load on the transmission system (by contrast, above-target frequency indicates there is too much generation).

India has a grid frequency target of 50 cycles per second (Hertz) with controllers tasked with keeping it steady between 49.90 Hz and 50.05 Hz to maintain the network in a safe and reliable condition.

But average frequency has fallen well below target since the start of October, and the shortfalls have become larger and longer, indicating a chronic shortage of generation.

On Monday, the average frequency fell to just 49.96 Hz, down from 50.03 two weeks earlier, and the proportion of time spent below the minimum target increased to 21%, from less than 1%.

On Oct. 7, the worst day of the power shortages so far, the average frequency dropped to just 49.93 Hz, and the grid was below its minimum target for almost 28% of the day.

Transmission controllers have been forced to inflict local blackouts to prevent frequency dropping even further and threatening the overall stability of the network.

On Oct. 7, the nationwide shortage peaked at 11.7 Gigawatts and the day’s total unmet electricity demand hit 114 million kilowatt-hours, equivalent to almost 3% of total demand.

COAL SHORTAGE

Thermal power generators, most of them fuelled by coal, have proved increasingly unable to keep up with customer demand and the generation plan.

Cumulative power production since the start of April has fallen 21.5 Terawatt-hours (-2.9%) behind plan, worsening from a deficit of 11.6 TWh (-2.0%) at the end of August.

Thermal power generation has now fallen 21.7 TWh (3.6%) behind plan, from a deficit of 9.7 TWh (-2.0%) at the end of August.

The shortfall in coal-fired generation has become so large it can no longer be covered by the above-plan output from nuclear and hydro sources.

Coal-fired power plants are encountering increasing problems securing enough fuel to meet planned generation owing to a combination of fuel shortages and transport problems.

Coal-fired power plants have an average of just 4 days of fuel on hand compared with 19 days in October 2020 and 12 days before the pandemic in October 2019.

Coal stocks are rated critically low at 116 out of 135 generating plants (86%) across the country and those power plants account for 142 GW of generating capacity out of a total of 165 GW (86%).

Fifteen power plants have less than one day of fuel on hand and another 47 have only 1-2 days fuel in their yards, according to daily reports from the Central Electricity Authority (CEA).

Power producers report coal shortages are currently responsible for forced outages or some loss of production at 60 generating units across the country (“Daily maintenance report”, CEA, Oct. 11).

Outages and losses are reported at coal-fired units in the states of Uttar Pradesh (14), Maharashtra (11), Gujarat (7), Rajasthan (6), Chhatisgarh (6), West Bengal (5), Punjab (4), Tamil Nadu (3), Karnataka (3) and Madhya Pradesh (1).

Until fuel stocks improve and more coal-fired plants are able to return to full production the electricity grid will struggle to meet high levels of power demand.

* * * 

What’s worse, the energy crisis rippling worldwide could be doomed to repeat in the US. For more on that, read: “Energy Crisis May Unleash Winter Blackouts Across US, Insider Warns.” 

 

 END

Euro/USA 1.1604 UP .0007 /EUROPE BOURSES /ALL GREEN

USA/ YEN 113.47  UP  0.160 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3712  UP   0.0044 

 

USA/CAN 1.2377  DOWN .0062  (  CDN DOLLAR UP 62 BASIS PTS )

 

Early THURSDAY morning in Europe, the Euro IS UP BY 7 basis points, trading now ABOVE the important 1.08 level RISING to 1.1559 Last night Shanghai COMPOSITE CLOSED DOWN 3.48 PTS OR .10% 

 

//Hang Sang CLOSED 

 

/AUSTRALIA CLOSED UP 0.64% // EUROPEAN BOURSES OPENED ALL GREEN

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL GREEN

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED 

 

/SHANGHAI CLOSED DOWN 3.48 PTS OR .10%

 

Australia BOURSE CLOSED UP 0.64%

Nikkei (Japan) CLOSED UP 410.65 PTS OR 1.46% 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1795.25

silver:$23.24-

Early THURSDAY morning USA 10 year bond yr: 1.539% !!! DOWN 0 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.038 UP 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 93.87 DOWN 21  CENT(S) from TUESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.32%  DOWN 6  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.085% DOWN 5/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.44%//  DOWN 4  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.83  DOWN 7    points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 39 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.188% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.02% AND NOW ABOVE   THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  THURSDAY

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

Euro/USA 1.1594  DOWN    0.0003 or 3 basis points

USA/Japan: 113.55  UP .237 OR YEN DOWN 24  basis points/

Great Britain/USA 1.3690 UP .0022// UP 22   BASIS POINTS)

Canadian dollar UP 78 basis points to 1.2360

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN)..6.4399  

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.4349

TURKISH LIRA:  9.18  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.085%

Your closing 10 yr US bond yield DOWN 2 IN basis points from WEDNESDAY at 1.515 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.020 DOWN 1 in basis points on the day

Your closing USA dollar index, 93.99 DOWN 9  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 65.89 PTS OR 0.92% 

 

German Dax :  CLOSED UP 213.34 PTS OR 1.40% 

 

Paris CAC CLOSED UP 87.83  PTS OR  1.33% 

 

Spain IBEX CLOSED  UP 43.60  PTS OR 0.49%

Italian MIB: CLOSED UP 318.88 PTS OR 1.29% 

 

WTI Oil price; 80.783 12:00  PM  EST

Brent Oil: 83.68 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    71.42  THE CROSS LOWER BY 0.65 RUBLES/DOLLAR (RUBLE HIGHER BY 65 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.188 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 : 81.36//

BRENT :  84.13

USA 10 YR BOND YIELD: … 1.517.. DOWN 2 basis points…

USA 30 YR BOND YIELD: 2.017 DOWN 2  basis points..

EURO/USA 1.1597 UP 0.0001   ( 1 BASIS POINTS)

USA/JAPANESE YEN:113.64 UP .336 ( YEN DOWN 34 BASIS POINTS/..

USA DOLLAR INDEX: 93.96  DOWN 12  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3673 UP .0003  

the Turkish lira close: 9.19  DOWN 10 BASIS PTS//EXTREMELY DEADLY

the Russian rouble 71.41  UP .67  Roubles against the uSA dollar. (UP 67 BASIS POINTS)

Canadian dollar:  1.2378 UP 61 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.188%

The Dow closed UP 534.68 POINTS OR 1.56%

NASDAQ closed UP 251,79 POINTS OR 1.73%

VOLATILITY INDEX:  17.12 CLOSED DOWN 1.52

LIBOR 3 MONTH DURATION: 0.124

%//libor dropping like a stone

USA trading day in Graph Form

“Market Is Unstable”: Bonds & Stocks Bid Ahead Of OpEx, CTAs MaxShort Cash/TSYs

BY TYLER DURDEN
THURSDAY, OCT 14, 2021 – 04:01 PM

The US equity market has taken the taper threat in its stride and soared without a break since the Minutes dropped yesterday afternoon. Nasdaq is outperforming as yields drop… because the bond market is pricing in a Fed policy error…

That was the best day for the S&P since March 5th! And best day for Nasdaq since May.

Today’s rally lifted all the major indices green for the week (led by Small Caps and Nasdaq)…

But, SpotGamma warned early on that this is a short cover rally, and the market is unstable.

Source: Bloomberg

Notably, things could change quickly tomorrow as there is a lot of gamma set to expire (light grey)

This does not mean that the market has to decline sharply next week but SpotGamma believes that this squeeze move higher plus OPEX removes substantial put support.

S&P and Dow surged up to key technical resistance at their 50DMAs…

But as the close loomed, the major indices could not hold those gains as the algos ran out of ammo…

Financials rallied along with everything else today after a slew of big bank earnings but remain lower on the week. Materials are the week’s best performer…

Source: Bloomberg

WFC is the week’s biggest loser while MS and BAC are outperforming, The rest of the big banks are still red for the week…

Source: Bloomberg

VIX was monkeyhammered back to a 16 handle today – its lowest since Sept 7th…

As yields edged up and price pressures breaking out, the $340 billion complex of Commodity Trading Advisors is now “100% short” on everything from Dollar to British pound rates according to Nomura estimates. These systematic investors are also building outsized short positions across the entire yield curve, according to Dynamic Beta Investments. The firm, which runs an ETF that mimics a CTA, says such exposures are particularly intense in 10-year U.S. Treasury notes.

This systemic short may help explain why long-end yields are suddenly plunging and the curve flattening dramatically (2Y +4bps this week, 30Y -15bps)…

Source: Bloomberg

With 30Y Yields back down to 2.00%…

Source: Bloomberg

The Dollar ended lower – after extending yesterday’s bloodbath – but bounced off recent support…

Source: Bloomberg

Crypto rallied once again but it was Ethereum’s turn to play catch up, topping $3800 for the first time since early September…

Source: Bloomberg

Bitcoin also rallied today (topping $58,000 intraday) but ETH continued its recent outperformance up to a resistance level…

Source: Bloomberg

Gold continued to rally, pushing up above $1800 again…

Breaking above its 200-, 100-, and 50-DMA…

Source: Bloomberg

The LME Metals Index surged to its record high…

Source: Bloomberg

Oil prices ended higher once again, after a choppy swing on a big crude inventory build…

And finally, while this year has already brought records for materials from copper to coal, today saw the oldest commodity index in the world finally take out an all-time high. The Commodity Research Bureau BLS/U.S. Spot Raw Industrials Index, which tracks its origins to January 1934, excludes energy products, focusing instead on less-glamorous materials like hides, tallow, burlap, print cloth, rosin and metal scraps.

Part of the index’s appeal is that most of its components trade only in the physical market, not on a futures exchange, so price formation isn’t impacted by financial speculative activity.

i) MORNING TRADING

 

end

ii)  USA///DEBT 

 

USA DATA

PPI rises again jumping to .5% month/month and 8.7% year over year.  PPI is an excellent indicator of future inflation

(zerohedge)

Producer Price Inflation Hits New Record High, Pricing Pressures Near ’70s Peak

 
THURSDAY, OCT 14, 2021 – 08:41 AM

After CPI’s “transitory”-narrative-busting rebound, analysts expected Producer Prices to accelerate even further into record territory and it did – jumping 0.5% MoM to a new record 8.6% YoY. Both prints were modestly below the expected levels (+0.6% MoM and +8.7% YoY respectively)…

Source: Bloomberg

Core PPI also rose but less than expected. However, on a year over year basis, it was still a series high…

Source: Bloomberg

Goods PPI dominated the surge in prices (40 percent of the broad-based advance can be attributed to a 2.8-percent jump in prices for final demand energy) while Services PPI rose only modestly (helped by a contraction in prices for transportation and storage)…

More worrying is the pipeline for PPI is still signaling far more pain ahead…

PPI Final Demand has a ways to go:  Intermediate pricing pressures are nearing 1970s peaks

And finally, companies are under the most pressure to pass these price increases on to customers as the CPI-PPI inflation gap reaches a new record…

Is The Fed already too late with its taper?

end

With free money gone Americans are now seeking jobs.  Pandemic benefits crash to below 4 million. First time unemployment benefits fall to less than 300,000

(zerohedge)

The Number Of Americans On Benefits Crashes To Less Than 4 Million, Down 25 Million From Year Ago

 
THURSDAY, OCT 14, 2021 – 08:49 AM

For the first time since early March 2020, less than 300k Americans filed for first time unemployment benefits last week…

Source: Bloomberg

The number of people on pandemic benefits continues to plunge…

As total claims falls back below 4 million for the first time since the pandemic…

Who could have guessed that the moment ‘free money for sitting on your couch’ dries up, people would try and get a job?

end

iii) a  IMPORTANT USA/CONTAINER LOGJAMS//shortages//inflation

White House asks Walmart, UPS, Fedex to increase output by going 24/7

(Phillips/EpochTimes)

Supply Chain Disruptions Force White House To Ask Walmart, UPS, FedEx To Increase Output

 
WEDNESDAY, OCT 13, 2021 – 06:45 PM

By Jack Phillips of Epoch Times,

Carriers of goods including WalmartUPS, and FedEx are moving to work more shifts—including 24 hours per day, seven days per week—to address global supply disruptions that have contributed to a surge in inflation, the White House said Wednesday. The update was announced ahead of President Joe Biden’s meeting with the heads of Walmart, FedEx, and UPS to address the supply chain bottlenecks before the Christmas season.

 

According to a fact sheet released by the administration, Walmart said it would “increase its use of night-time hours significantly and projects they could increase throughput by as much as 50 percent over the next several weeks.”

Meanwhile, UPS said it would commit to use 24/7 operations “and enhanced data sharing with the ports” to move more containers out of ports, said the White House.

And FedEx, the fact sheet said, will “work to combine an increase in nighttime hours with changes to trucking and rail use to increase the volume of containers it will move from the ports.”

UPS and FedEx combined shipped approximately 40 percent of U.S. packages by volume in 2020, the White House said. A White House official told news outlets on Wednesday that FedEx, UPS, and Walmart will move toward a 24/7 working schedule.

 

Thousands of shipping containers at the Port of Felixstowe in Suffolk, England, on Oct. 13, 2021. (Joe Giddens/PA)

“Across these six companies over 3,500 additional containers per week will move at night through the end of the year,” said the fact sheet. “Those boxes contain toys, appliances, bicycles, and furniture that Americans purchased online or at their local small business, and pieces and parts that are sent to U.S. factories for our workers to assemble into products.”

Additionally, the Port of Los Angeles will move to 24/7 service, coming after the Port of Long Beach began similar operations several weeks ago, officials said.

The International Longshore and Warehouse Union also made a commitment to staffing 24/7, meaning that it will double the “hours that cargo will be able to move out of its docks and on highways,” according to the White House.

The supply crisis is driven in part by the global COVID-19 pandemic and potential vaccine mandates, as sales of durable goods jumped amid worker shortages and transportation hub slowdowns. Lower-than-expected Christmas sales could hurt U.S. companies and pose a political risk for Biden.

Thousands of shipping containers are on cargo ships offshore waiting to be offloaded at the ports of Los Angeles and Long Beach. Similar backlogs exist at ports in New York and Savannah, Georgia. A shortage of warehouse workers and truck drivers to pick up goods is another reason for the bottlenecks.

end

b) USA COVID/VACCINE UPDATES//VACCINE MANDATES

Chaos in Texas as employees fired for refusing to get vaxxed demand to get their jobs back but companies are refusing.  

(zerohedge)

Chaos In Texas As Employees Fired For Refusing To Get Vaxxed Demand Their Jobs Back

 
WEDNESDAY, OCT 13, 2021 – 08:25 PM

Things are getting very confusing in Texas.

Shortly after governor Greg Abbott issued an executive order banning the vaccine mandates by any employer, which in turn was followed by several prominent Texas corporations – such as IBM, American Air, Southwest – saying they would snub the EO and back Biden on shots, we’ve reach a point where some employers side with the governor, others side with the president, meanwhile employees have no idea what they have to do (or not do), while yet another group of (former) employees that was fired for refusing to comply with the mandates is now trying to get their jobs back. 

As Houston Public Media reports, more than 150 former employees of Houston Methodist Hospital, who either quit or were fired in June over a vaccine mandate policy will demand to be rehired after Gov. Abbott issued an executive order on Monday banning any entity in the state from implementing such mandates, according to a lawyer representing the former employees.

Attorney Jared Woodfill, who represents almost 200 healthcare workers in multiple lawsuits against Methodist, said executive order GA-40 makes the hospital’s policy illegal.

“Governor Abbott says very clearly, ‘whereas countless Texans fear losing their livelihoods because they object to receiving a COVID-19 vaccination for reasons of personal conscience,’” he said. “That applies to every plaintiff that I represent, and every plaintiff that Methodist hospital thought it was appropriate to fire.”

Woodfill said he planned to send a formal request to the hospital on Tuesday in an attempt to reinstate the former employees.

As we reported at the time, Houston Methodist, which operates several hospitals in the area and has more than 25,000 employees, was the first hospital in the country to implement a vaccine mandate for workers in April sparking a fierce legal battle between hundreds of employees and the hospital. In June, 178 employees were suspended after declining to receive a COVID-19 vaccine. Weeks later, 153 employees either resigned or were terminated. According to Methodists’ numbers, 25 opted to get vaccinated and return to work.

In a statement, Methodist CEO Marc Boom didn’t touch on whether or not the former employees would be allowed back, but said he was “deeply disappointed” by Abbott’s order. He added that the order wouldn’t have an impact on Methodist since the hospital implemented its vaccine mandate months ago.

The hospital system is still reviewing Abbott’s order and its possible implications, but because its own rule went into effect months ago, 100% of its employees are compliant with the vaccine policy, according to Boom. 

“We are reviewing the order now and its possible implications,” the statement read.

“We expect all of our employees and physicians to be vaccinated as we must continue doing everything possible to keep all our patients and each other as safe as possible until this pandemic is over.”

He added that “not only are our patients safe as a result, but we are able to remain healthy at work and be there for our community when it needs us the most.”

Boom said he hoped that other Texas hospitals, like Baylor College of Medicine and Memorial Hermann, would continue to implement their vaccine mandates despite the governor’s orders.

“We are grateful we mandated the vaccine early so the order will not have an immediate impact on us,” Marc Boom, the chief executive officer of Houston Methodist, wrote in an email. “But we are concerned for other Texas hospitals that may not be able to continue their mandates now with this executive order.”

end

Chicago police union head urges its members to defy vaccine mandate. He warns that up to 50% will walk off the job

(Brugen/EpochTimes)

 

Chicago Police Union Head Urges Members To Defy Vaccine Mandate, Warns Chicago Police Force To Shrink 50% This Weekend

 
THURSDAY, OCT 14, 2021 – 09:00 AM

By Isabel van Brugen of Epoch Times,

The head of the Chicago police officers union on Tuesday called on its members to refuse to comply with the city’s COVID-19 vaccine mandate, which is set to take effect on Friday.

“Do not fill out the portal information,” Chicago Fraternal Order of Police President John Catanzara said in a video to officers posted on YouTube.

“I’ve made my status very clear as far as the vaccine, but I do not believe the city has the authority to mandate that to anybody—let alone that information about your medical history.

 

Fraternal Order of Police Lodge 7 President John Catanzara speaks to reporters at the Leighton Criminal Courthouse in Chicago on Aug. 10, 2021. (Ashlee Rezin/Chicago Sun-Times via AP)

According to Catanzara, the police union is preparing a lawsuit against the city if Mayor Lori Lightfoot’s administration attempts to enforce the mandate, which requires city workers to report their vaccine status by Friday or be placed on a “no-pay” status.

“It’s safe to say that the city of Chicago will have a police force at 50 percent or less for this weekend coming up,” Catanzara said.

The Epoch Times has contacted Lightfoot’s office for comment.

“I can guarantee you that no-pay status will not last more than 30 days,” Catanzara said on Tuesday. “There’s no way they’re going to be able to sustain a police department workforce at 50 percent capacity or less for more than seven days without something budging.”

“This is very clearly not a job action,” he added, “not a call for a strike.”

The police union head in his video instructs members to file for exemptions to receiving the COVID-19 vaccine but to not enter that information into the city’s vaccine portal.

Responding to Cantanzara’s video during a press briefing on Wednesday, Lightfoot accused him of spreading false information, dismissing most of his statements as “untrue or patently false.”

“What we’re focused on is making sure that we maximize the opportunity to create a very safe workplace,” Lightfoot told reporters. “The data is very clear. It is unfortunate that the FOP leadership has chosen to put out a counter narrative. But the fact of the matter is, if you are not vaccinated, you are playing with your life, the life of your family, the life of your colleagues, and members of the public.”

Shortly after Lightfoot announced the measures in August, Catanzara compared the requirement to how Nazis told their victims the gas chambers were showers.

“This ain’t Nazi [expletive] Germany … ‘Step into the [expletive] showers, the pills won’t hurt you,’” he told the Chicago Sun-Times, before quickly apologizing for his choice of words, saying he was not trying to link vaccinations to what happened during the Holocaust.

The Centers for Disease Control and Prevention has maintained that the known benefits of the COVID-19 vaccinations “outweigh the known and potential risks.”

end

Now it is the 911 system that is in jeopardy amid a crippling labour shortage

(Philips/EpochTimes)

911 System In Jeopardy Amid “Crippling Labor Shortages”: Association President

 
THURSDAY, OCT 14, 2021 – 12:35 PM

Authored by Jack Phillips via The Epoch Times,

An emergency medical service (EMS) group has issued a warning about a U.S.-wide shortage of workers that could imperil the 911 system in some places.

“This has been a problem that has that been developing over several years because of chronic underfunding shortfalls from Congress for ambulance services, but certainly during the pandemic, things have hit a crisis level,” American Ambulance Association President Shawn Baird told Fox News on Oct. 10.

In recent months, “we’ve seen a tremendous amount of workforce attrition and schools had shut down paramedic training institutions and stopped graduating new students for the last year, so we’re suddenly in a severe shortfall,” Baird said.

His organization sent a letter to the House and Senate leadership saying the EMS system is facing a “facing a crippling workforce shortage,” noting it’s a “long-term problem that has been building for more than a decade.” The labor shortage, the letter warned, may undermine the 911 emergency system and deserves congressional attention.

In a study released (pdf) by the group’s 2019 Ambulance Industry Employee Turnover Study, the turnover for paramedics and EMTs was 20 percent to 30 percent. That number has increased since the COVID-19 pandemic started last year, Baird told Fox News.

“When you take a system that was already fragile and stretched it because you didn’t have enough people entering the field, then you throw a public health emergency and all of the additional burdens that it put on our workforce, as well as the labor shortages across the entire economy, and it really has put us in a crisis mode,” Baird told NBC on Oct. 8, warning about the 911 system.

Vaccine Mandates May Contribute to Shortage

In some areas, vaccine mandates have contributed to the EMS labor shortage, officials said.

Julie Keizer, the town manager of Waldoboro, Maine, told NewsCenter Maine that “the vaccine mandate has contributed to the loss of first responders.”

“I think part of the problem is everybody thought [workers] would conform because nobody wants to lose their jobs,” Keizer said.

“But when you look at the rate of pay for emergency workers, they can make more delivering packages than patients.”

Earlier this month, meanwhile, nearly 900 firefighters in Los Angeles filed a notice of their intent to sue the city over the Los Angeles vaccine mandate slated to go into effect in the coming weeks.

“The claims will be filed in Superior Court as an unlimited civil case pursuant to California Code of Civil Procedure,” Kevin McBride, attorney for the firefighters, wrote in a notice.

Deborah Clapp, executive director of Western Mass Medical Services in Massachusetts, told local media that overworked crews and low wages may contribute to the high turnover rate and staffing shortages.

“What happens if there’s a disaster of some sort? And a disaster doesn’t need to be very big in western Massachusetts,” she told Fox6. “We need all these logistics to be able to step into place and handle these events and, meanwhile, 911 is still being called for the heart attack, the baby being born, the car crash. … We have one trauma center in western Massachusetts. One level one trauma center.”

The American Ambulance Association didn’t immediately respond to a request by The Epoch Times for comment on vaccine mandates.

Ridiculous!

Chicago Art Museum Fires Unpaid Volunteers For Being White

 
THURSDAY, OCT 14, 2021 – 09:35 AM

Authored by Paul Joseph Watson via Summit News,

A prestigious art museum in Chicago fired hundreds of unpaid volunteers and replaced them with paid workers because they were too white.

Yes, really.

The Art Institute of Chicago had been able to depend on the help of 122 highly skilled volunteers, mostly older white women, to act as guides to the Museum’s collection of 300,000 works, which they explain in great detail to visitors.

The volunteers also acted as “school group greeters” to help children understand the importance of what they were seeing.

Training requirements for the position were intense, and the volunteers were apparently doing a great job.

But now they’ve now all been dismissed for not being “diverse” enough.

“Many of the volunteers—though not all—are older white women, who have the time and resources to devote so much free labor to the Museum,” reports the Why Evolution is True blog.

But the demographics of that group weren’t appealing to the AIC, and so, in late September, the AIC fired all of them, saying they’d be replaced by smaller number of hired volunteers workers who will be paid $25 an hour. That group will surely meet the envisioned diversity goals.”

“Paying the replacements will not result in more knowledgeable docents. But they won’t be Caucasian; that’s the important thing,” writes Dave Blount.

Unfortunately for the volunteers, a lack of “diversity” is only apparently a problem at one end of the spectrum.

A similar thing happened last month when the English Touring Opera (ETO) kicked out half of its orchestral players in an effort to prioritize “increased diversity in the orchestra.”

The act of musical ethnic cleansing was carried out in the interests of following “firm guidance of the Arts Council,” which is a government-funded body.

Once again, this all underscores the fact that the only form of institutionalized racism that remains not only acceptable, but something to be encouraged, is against white people.

*  *  *

c) uSA economic commentaries

 

END

iv) Swamp commentaries/

end


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

Thursday

@TheBondFreak: Case-Shiller Home Price Index YoY NSA, NOT in the CPI, vs. CPI Owners Equivalent Rent YoY NSA, IN the CPI. Is actual home price inflation “transitory”… (Chart of OER vs. Case Home Prices)  https://twitter.com/TheBondFreak/status/1448277560333307905

We mentioned a few weeks ago, that the urge to understate CPI in Q3 is high because it is used for COLAs.  U.S. Social Security COLA Rises 5.9%, Largest Since 1982 – BBG

JP Morgan beat earnings expectations (3.74 vs. 2.99) via accounting schemes.  JPM declined as much as 2.87% during the first hour of NYSE trading on Wednesday.

JPMorgan Chase smashes expectations with $11.69 BILLION third quarter profit

  • But much of the boost came from one-time accounting items
  • Bank removed $2.1 billion from its credit reserve to offset bad loans

https://www.dailymail.co.uk/news/article-10087909/JPMorgan-Chase-smashes-expectations-11-7-BILLION-quarter-profit.html

JPM CEO Jamie Dimon asserted that “inflation is not likely to drop in the next couple of quarters.”

Fed tapering could begin in mid-November or mid-December: meeting minutes show
The minutes show officials discussed “an illustrative plan” to reduce the asset purchases by $15 billion per month – specifically cutting purchases of Treasurys by $10 billion and MBS purchases by $5 billion.
   “Participants noted that if a decision to begin tapering purchases occurred at the next meeting, the process of tapering could commence with the monthly purchase calendars beginning in either mid-November or mid-December…”
https://www.marketwatch.com/story/fed-tapering-could-begin-in-mid-november-or-mid-december-meeting-minutes-show-11634149704
 
The expiry-related rally ended when the FOMC Minutes from the September 22 meeting were released.
After a 21-handle retreat, ESZs commenced a rally when the final hour arrived.  The rally stalled within 10 minutes. After a modest retreat, another rally attempt appeared at 15:46 ET; it was modest.
 
Precious metals soared on Wednesday, with silver jumping as much as 3.3%.  Copper rallied over 4%.  The dollar got hammered. Bonds rallied sharply on a great 30-year auction – and dealers typically markup their inventories after US Treasury Auctions so they can dump their holdings on patsies at a nice profit.
 
Powell’s inflation albatross grows heavier… is also a political headache… A second term for the central bank boss will be partly determined by how the White House judges his ability to manage the growing costs of food, gas and rent.  Powell’s argument that increased prices are transitory because of pandemic effects is getting harder to defend. The rising cost of gas, which jumped 42% last month, is a particular concern for President Joe Biden’s administration…  https://www.reuters.com/breakingviews/powells-inflation-albatross-grows-heavier-2021-10-13/
 
White House asks U.S. oil-and-gas companies to help lower fuel costs (Not a parody!)
https://www.reuters.com/article/usa-biden-oil-prices/white-house-asks-u-s-oil-and-gas-companies-to-help-lower-fuel-costs-sources-idUSKBN2H31VQ
 
@JoeConchaTV: President Biden addresses supply chain crisis in scripted remarks. Leaves without taking one question. Again. His handlers simply won’t allow it…
 
@Quicktake: Biden announces the Port of Los Angeles will shift to a 24/7 schedule to speed up the delivery of goods across the U.S. in a bid to ease the supply-chain bottleneck  https://trib.al/ei1GT7y
 
Ex-DNI @RichardGrenell: Joe Biden says his task force has been working on the ports issue since June – and the solution his team came up with after 5 months: increase hours at the ports. Biden is a disaster.
 
The supply chain and port congestion crises are due to a lack of workers.  Extra hours won’t remedy this!
 
The White House: Biden Administration Efforts to Address Bottlenecks at Ports of Los Angeles and Long Beach, Moving Goods from Ship to Shelf – Walmart, is committing to increase its use of night-time hours significantly and projects they could increase throughput by as much as 50% over the next several weeks…  https://www.whitehouse.gov/briefing-room/statements-releases/2021/10/13/fact-sheet-biden-administration-efforts-to-address-bottlenecks-at-ports-of-los-angeles-and-long-beach-moving-goods-from-ship-to-shelf/
 
Biden threatens to call out companies that don’t help end supply bottlenecks http://hill.cm/5qefJLR

Aspirin lowers risk of COVID: New findings support preliminary Israeli trial
The treatment reduced the risk of reaching mechanical ventilation by 44%. ICU admissions were lower by 43%, and an overall in-hospital mortality saw a 47% decrease.
     “As we learned about the connection between blood clots and COVID-19, we knew that aspirin – used to prevent stroke and heart attack – could be important for COVID-19 patients,” said Dr. Jonathan Chow of the study team. “Our research found an association between low-dose aspirin and decreased severity of COVID-19 and death.”…
https://www.jpost.com/health-and-wellness/aspirin-lowers-risk-of-covid-new-findings-support-preliminary-israeli-trial-681127
 
@NorthmanTrader: Fed balance sheet $8.4 trillion.  BlackRock assets $9.4 trillion. BlackRock also buys $40B a month in MBS on behalf of the Fed.  Powell also has millions in a BlackRock managed $SPY ETF. One happy family. (BlackRock also owns beaucoup houses and manages Powell’s money.)
 
Top U.S. Officials Consulted with BlackRock as Markets Melted Down   June 24, 2021
Laurence D. Fink, the chief executive of BlackRock, the world’s largest asset manager, was in frequent touch with Mr. Mnuchin and Mr. Powell in the days before and after many of the Fed’s emergency rescue programs were announced in late March.  Emails obtained by The New York Times through a records request, along with public releases, underscore the extent to which Mr. Fink planned alongside the government for parts of a financial rescue that his firm referred to in one message as “the project” that he and the Fed were “working on together.”…
https://www.nytimes.com/2021/06/24/business/economy/fed-blackrock-pandemic-crisis.html
 
Fed Chair Powell Had 4 Private Phone Calls with BlackRock’s CEO Since March as BlackRock Manages Upwards of $25 Million of Powell’s Personal Money and Lands 3 No-Bid Deals with the Fed    https://wallstreetonparade.com/2020/08/fed-chair-powell-had-4-private-phone-calls-with-blackrocks-ceo-since-march-as-blackrock-manages-upwards-of-25-million-of-powells-personal-money-and-lands-3-no-bid-deals-with-the-fed/
 

The King Report October 14, 2021 Issue 6614Independent View of the News
 It is still Groundhog Day for ESZs and stocks.  ESZs declined during Asian trading, tumbling during the final hour of Chinese trading (1 ET to 2 ET).  They made a session low of 4323.25 nine minutes after the European open at 3 ET.  They surged almost vertically, hitting 4342.75 at 4:47 ET.
 
They traded sideways until they jumped to a session high of 4354.75 at 8:28 ET, two minutes before the release of US September CPI.  ESZs dropped to 4333.75 at 8:42 ET because CPI was 0.4% m/m.  0.3% was expected.  Core CPI was the expected 0.2%.  US CPI is 5.4% y/y; Core is 4% y/y.
 
As bad as US CPI looks, real inflation for consumers is far worse because CPI has been constructed, with major changes in methodology over 40+ years, to NOT show inflation.  This then allows the Fed to paper over profligate US spending, sparing Congress from making tough decisions.
 
For instance, the BLS has ‘Shelter’ up only 3.2% y/y, “Rent of Primary Residence” +2.4% y/y, and Owners’ Equivalent Rent +2.9% y/y.  Industry figures show 3 to 4 times more inflation.  This is extremely significant because “Shelter” is 32.552% of CPI and about 40% of Core CPI.  Using industry calculated inflation for “Shelter”, CPI would be 9% to 10+% y/y. https://www.bls.gov/news.release/pdf/cpi.pdf
 
@TheBondFreak: Case-Shiller Home Price Index YoY NSA, NOT in the CPI, vs. CPI Owners Equivalent Rent YoY NSA, IN the CPI. Is actual home price inflation “transitory”… (Chart of OER vs. Case Home Prices)  https://twitter.com/TheBondFreak/status/1448277560333307905
 
We mentioned a few weeks ago, that the urge to understate CPI in Q3 is high because it is used for COLAs.  U.S. Social Security COLA Rises 5.9%, Largest Since 1982 – BBG
 
JP Morgan beat earnings expectations (3.74 vs. 2.99) via accounting schemes.  JPM declined as much as 2.87% during the first hour of NYSE trading on Wednesday.
 
JPMorgan Chase smashes expectations with $11.69 BILLION third quarter profitBut much of the boost came from one-time accounting itemsBank removed $2.1 billion from its credit reserve to offset bad loanshttps://www.dailymail.co.uk/news/article-10087909/JPMorgan-Chase-smashes-expectations-11-7-BILLION-quarter-profit.html
 
JPM CEO Jamie Dimon asserted that “inflation is not likely to drop in the next couple of quarters.”
 
The rally for the NYSE open commenced at 8:40 ET.  It ended at 9:39 ET with ESZs hitting a session high of 4357.25.  They then tumbled to a session low of 4318.75 at 10:14 ET.  Organic sellers overwhelmed manipulators and dip-buying traders.  Did the pump & dumpers get out in time?  Ladies and Gentlemen, your US capital market!
 
Dip buyers halted the first hour tumble, driving ESZs to 4337.50 (+19 handles) by 10:45 ET.  Then, ESZs and stocks went inert until a rally materialized after the European close.  With October expiration on Friday, expiry manipulators got serious about the Weird Wednesday squeeze on expiry calls.  Volume in the SPY October 434 and 435 calls jumped.  SPY was 433 and change at the time.  However, the volume in SPY October puts remained far larger than October call volumes.  The rally stalled.  ESZs and stocks traded sideways during the noon hour.  At 13:30 ET, expiry manipulators did the Weird Wednesday squeeze, driving ESZs to a session high of 4364.75 at 14:01 ET. 
 
Fed tapering could begin in mid-November or mid-December: meeting minutes show
The minutes show officials discussed “an illustrative plan” to reduce the asset purchases by $15 billion per month – specifically cutting purchases of Treasurys by $10 billion and MBS purchases by $5 billion.
   “Participants noted that if a decision to begin tapering purchases occurred at the next meeting, the process of tapering could commence with the monthly purchase calendars beginning in either mid-November or mid-December…”
https://www.marketwatch.com/story/fed-tapering-could-begin-in-mid-november-or-mid-december-meeting-minutes-show-11634149704
 
The expiry-related rally ended when the FOMC Minutes from the September 22 meeting were released.
After a 21-handle retreat, ESZs commenced a rally when the final hour arrived.  The rally stalled within 10 minutes. After a modest retreat, another rally attempt appeared at 15:46 ET; it was modest.
 
Precious metals soared on Wednesday, with silver jumping as much as 3.3%.  Copper rallied over 4%.  The dollar got hammered. Bonds rallied sharply on a great 30-year auction – and dealers typically markup their inventories after US Treasury Auctions so they can dump their holdings on patsies at a nice profit.
 
Powell’s inflation albatross grows heavier… is also a political headache… A second term for the central bank boss will be partly determined by how the White House judges his ability to manage the growing costs of food, gas and rent.  Powell’s argument that increased prices are transitory because of pandemic effects is getting harder to defend. The rising cost of gas, which jumped 42% last month, is a particular concern for President Joe Biden’s administration…  https://www.reuters.com/breakingviews/powells-inflation-albatross-grows-heavier-2021-10-13/
 
White House asks U.S. oil-and-gas companies to help lower fuel costs (Not a parody!)
https://www.reuters.com/article/usa-biden-oil-prices/white-house-asks-u-s-oil-and-gas-companies-to-help-lower-fuel-costs-sources-idUSKBN2H31VQ
 
@JoeConchaTV: President Biden addresses supply chain crisis in scripted remarks. Leaves without taking one question. Again. His handlers simply won’t allow it…
 
@Quicktake: Biden announces the Port of Los Angeles will shift to a 24/7 schedule to speed up the delivery of goods across the U.S. in a bid to ease the supply-chain bottleneck  https://trib.al/ei1GT7y
 
Ex-DNI @RichardGrenell: Joe Biden says his task force has been working on the ports issue since June – and the solution his team came up with after 5 months: increase hours at the ports. Biden is a disaster.
 
The supply chain and port congestion crises are due to a lack of workers.  Extra hours won’t remedy this!
 
The White House: Biden Administration Efforts to Address Bottlenecks at Ports of Los Angeles and Long Beach, Moving Goods from Ship to Shelf – Walmart, is committing to increase its use of night-time hours significantly and projects they could increase throughput by as much as 50% over the next several weeks…  https://www.whitehouse.gov/briefing-room/statements-releases/2021/10/13/fact-sheet-biden-administration-efforts-to-address-bottlenecks-at-ports-of-los-angeles-and-long-beach-moving-goods-from-ship-to-shelf/
 
Biden threatens to call out companies that don’t help end supply bottlenecks http://hill.cm/5qefJLR
 
Positive aspects of previous session
Techs and Fangs were bought on rotational trading
Expiry-related manipulation generated a Weird Wednesday rally in the afternoon
 
Negative aspects of previous session
Equities tumbled after the rally on the NYSE open
The dollar sank; precious metals soared
 
Ambiguous aspects of previous session
Bonds rallied sharply while tech and Fangs soared; this is usually sparked by economic concerns
 
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]: 4355.58
Previous session High/Low4372.87; 4329.92
 
Aspirin lowers risk of COVID: New findings support preliminary Israeli trial
The treatment reduced the risk of reaching mechanical ventilation by 44%. ICU admissions were lower by 43%, and an overall in-hospital mortality saw a 47% decrease.
     “As we learned about the connection between blood clots and COVID-19, we knew that aspirin – used to prevent stroke and heart attack – could be important for COVID-19 patients,” said Dr. Jonathan Chow of the study team. “Our research found an association between low-dose aspirin and decreased severity of COVID-19 and death.”…
https://www.jpost.com/health-and-wellness/aspirin-lowers-risk-of-covid-new-findings-support-preliminary-israeli-trial-681127
 
@NorthmanTrader: Fed balance sheet $8.4 trillion.  BlackRock assets $9.4 trillion. BlackRock also buys $40B a month in MBS on behalf of the Fed.  Powell also has millions in a BlackRock managed $SPY ETF. One happy family. (BlackRock also owns beaucoup houses and manages Powell’s money.)
 
Top U.S. Officials Consulted with BlackRock as Markets Melted Down   June 24, 2021
Laurence D. Fink, the chief executive of BlackRock, the world’s largest asset manager, was in frequent touch with Mr. Mnuchin and Mr. Powell in the days before and after many of the Fed’s emergency rescue programs were announced in late March.  Emails obtained by The New York Times through a records request, along with public releases, underscore the extent to which Mr. Fink planned alongside the government for parts of a financial rescue that his firm referred to in one message as “the project” that he and the Fed were “working on together.”…
https://www.nytimes.com/2021/06/24/business/economy/fed-blackrock-pandemic-crisis.html
 
Fed Chair Powell Had 4 Private Phone Calls with BlackRock’s CEO Since March as BlackRock Manages Upwards of $25 Million of Powell’s Personal Money and Lands 3 No-Bid Deals with the Fed    https://wallstreetonparade.com/2020/08/fed-chair-powell-had-4-private-phone-calls-with-blackrocks-ceo-since-march-as-blackrock-manages-upwards-of-25-million-of-powells-personal-money-and-lands-3-no-bid-deals-with-the-fed/
 
Over the past 50 years, each time CPI y/y jumped above 5.2% (1973, 1978, 1990, 2008) recession followed.  To put another way, once CPI y/y moved above 5.2%, it took a recession to halt inflation.
 
Today – US inflation thwarted the Weird Wednesday manipulation to squeeze expiring October calls.  The usual suspects will try again to manipulate stocks higher for an expiry squeeze.  Tis why ESZs are +13.50 at 20:30 ET.  Monitor SPY October options for an indication of impact traders’ intentions.
 
SPY closed at 435.18 on Wednesday.  100,983 October 435 calls traded, with about 2/3 of the volume coming in the afternoon.  105,315 SPY October 435 puts, 101,637 SPY October 433 puts, and 85,763 SPY October 434 puts traded.  59,717 SPY October 436 calls traded.  Ergo, the big players are betting on the downside, even with the surge in SPY calling buying on Wednesday afternoon.
 
 
Expected economic data: Sept PPI 0.6% m/m, Core 0.5% m/m; Initial Jobless Claims 320k, Continuing Claims 2.67m; St. Louis Fed Pres Bullard 8:35 ET, Atlanta Fed Pres Bostic 10 ET, NY Fed’s Logan 12:00 ET, Richmond Fed Pres Barkin 13:00 ET, SF Fed Pres Daly 13:00 ET
 
Expected earnings: BAC .71, USB 1.15, WFC .97, MS 1.69, C 1.79
 
S&P 500 Index 50-day MA: 4435; 100-day MA: 4365; 150-day MA: 4273; 200-day MA: 4164
DJIA 50-day MA: 34,874; 100-day MA: 34,708; 150-day MA: 34,357; 200-day MA: 33,550
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are positive – a close below 3941.19 triggers a sell signal
Weekly: Trender is positive; MACD is negative – a close below 4337.30 triggers a buy signal
DailyTrender is negative; MACD are positive – a close above 4475.83 triggers a buy signal
Hourly: Trender and MACD are negative – a close above 4374.58 triggers a buy signal
 
Walgreens closes five more San Francisco locations, citing ‘organized retail crime’ https://trib.al/J6BKzzv
 
@ReutersLegal: U.S. District Judge Royce Lamberth held top officials at the Washington, D.C., Department of Corrections in civil contempt, after ruling they violated the civil rights of a Capitol riot defendant by impeding his access to medical care
  “I find that the civil rights of the defendant have been abridged. I don’t know if it’s because he is a Jan. 6 defendant or not, but I find that this matter should be referred to the attorney general of the United States for a civil rights investigation.”…   https://reut.rs/3iY8IOI
 
Mark Squilla Staffer Charged in South Philly Voter Fraud Conspiracy
Prosecutors say Marie Beren… used her role as a de facto judge of elections in three South Philly voting divisions to cast fraudulent votes for candidates at all levels of government
https://www.phillymag.com/news/2021/10/13/marie-beren-voter-fraud-mark-squilla/
 
Republican Jon Dunwell wins special Iowa House election in Newton
https://www.desmoinesregister.com/story/news/politics/2021/10/12/jon-dunwell-steve-mullan-special-iowa-house-election-results-newton-jasper-county-wes-breckenridge/6055836001/
 
Ronna McDaniel @GOPChairwoman: Republicans have just officially FLIPPED a Iowa House District in an area Democrats held for 46 years! Congratulations to @jdunwell and Speaker @PatGrassley…
 
@DineshDSouza: Jen Psaki is aggressively promoting the falsehood that “federal laws override state laws.” This is true in limited cases but not across the board. The Constitution specifically assigns whole domains and powers to states that no federal law can override. Constitutional Law 101!
 
Leaked Border Patrol docs show mass release of illegal immigrants into US by Biden administration – At least 160,000 illegal immigrants have been released into the U.S., often with little to no supervision, by the Biden administration since March…
https://www.foxnews.com/politics/leaked-border-patrol-docs-release-immigrants-us-biden-administration
 
Kamala Harris vows to address ‘shameful past’ of America’s European explorers
Harris: ‘Those explorers ushered in a wave of devastation for Tribal nations — perpetrating violence, stealing land, and spreading disease.’  Harris said that the Biden administration would work to right the wrongs inflicted on Native American communities for generations… https://trib.al/rrzCqwS
 
Kamala Harris: Lost in Space – The paid child actors in the bizarre Kamala Harris space video seemed trapped…“When you have to pay kids to pretend that you’re fascinating and cool, that’s bad,” said a former prominent Chicago Democrat. “It’s almost as bad as having to hide your candidate in his basement during a campaign.”… What strikes me here is the desperate nature of Harris’ new adventure, with the paid child actors in faux wide-eyed rapture as she lectures them on the importance of being earnestly curious…Watching her try to reinvent herself at the expense of taxpayer subsidized child actors was desperate, like watching Republican Sen. Lindsey Graham of South Carolina pretend to be a conservative on Fox News…   https://johnkassnews.com/kamala-harris-awkwardly-lost-in-space/
   
KILL BACK BETTER – Ann Coulter
Kim Foxx, the state’s attorney for Cook County and darling of MSNBC, has managed to increase murders in Chicago to astounding levels… Nationwide in 2020, murder and non-negligent manslaughter were up 29.4%, according to the FBI. That’s more than double the previous record of 1968, when murders increased by 12.7%. Under the careful management of Foxx, murders in Chicago were up 55%.
    Foxx refused to bring charges against any of them on the grounds that it was “mutual combat.”… In today’s Chicago, the St. Valentine’s Day Massacre is legal… In July it was the murderer of Chrys Carvajal… who was gunned down when he stepped out of a house party over Fourth of July weekend. Three eyewitnesses and video evidence led the police to a notoriously violent 38-year-old gang member. Foxx refused to bring charges, claiming there wasn’t enough evidence
    Kim Foxx is a dangerous nut.. She is the Democratic Party’s beau idéal of criminal justice… George Soros has spent millions of dollars installing criminal-friendly prosecutors around the country
    They’re cool with dead black teenagers and dead 7-year-olds. The only black lives the Democrats care about are the lives of black criminals… As dead bodies pile up in Chicago under Kim Foxx, remember: This is the criminal justice “reform” Democrats want for the entire country.
https://anncoulter.com/2021/10/13/kill-back-betterx/
 
Chicago installing ‘Bleeding Control Kits’ around city amid gun violence
https://thehill.com/blogs/blog-briefing-room/574516-chicago-installing-bleeding-control-kits-around-city-amid-gun?rl=1
 
@JonathanTurley: Across the country, school districts are removing advanced programs and even standardized testing to achieve an artificial appearance of equity. Indeed, it promises a kind of equity through mediocrity that all families should reject.
https://thehill.com/opinion/education/576491-achieving-equity-through-mediocrity-why-elimination-of-gifted-programs
 
Suicides in the U.S. Army’s active-duty forces jumped 46-percent compared to last year: Pentagon
https://www.foxnews.com/politics/suicides-in-the-u-s-armys-active-duty-forces-jumped-46-percent-compared-to-last-year-pentagon
 
@gregkellyusa: BIG SMILE, ZERO IN THE “BRAIN DEPARTMENT”- @JoeBiden in 1974 to journalist Kitty Kelly: “And, whether you like it or not, young lady,” he says, leaning over his desk to shake a finger at me, “us cruddy politicians can take away that First Amendment of yours if we want to.”
https://trendingpolitics.com/chilling-biden-quote-from-1974-emerges-politicians-can-take-away-1st-amendment-if-we-want/
 
Katie Couric covered up RBG’s dislike for taking the knee: Anchor says she edited 2016 interview to ‘protect’ the justice after she said people who kneel are showing ‘contempt for a government that made a decent life possible’
https://www.dailymail.co.uk/news/article-10088027/Katie-Couric-admits-editing-Ruth-Bader-Ginsburg-interview-protect-late-justice.html
 
Every record has been destroyed or falsified, every book rewritten, every picture has been repainted, every statue and street building has been renamed, every date has been altered. And the process is continuing day by day and minute by minute. History has stopped. Nothing exists except an endless present in which the Party is always right.” — From “1984” by George Orwell, published in 1949

end

See you tomorrow night

Harvey

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