GOLD:$1846.65 UP $18.00 The quote is London spot price

Silver:$24.70 UP 45 CENTS London spot price ( cash market)

4:30 closing price

Gold $1850.00

silver: 24.64

end

I am been informed from Andrew Maguire that sovereign Turkey who has never bought silver, bought the last

bastion of silver from refiners. They paid triple premium to lay their hands on the silver. The refiners now state that they are out

of metal until January.

TODAY//IMPORTANT

Comex publishes a list of monthly silver contract ownership deliveries and purchases for the 30 to 40 firms that have brokerage rights with them. It is hard to figure the meaning of monthly changes for the banks like Goldman and JP Morgan, but there are a few non major firms which are historically consistent suppliers of silver. These firms include Macquarie Futures, Scotia Capital, Marex, and Bank of America commercial account. My guess is these firms sold product for refineries or miners. Historically, these 4 firms accounted for about 15 million ounces of monthly supply to Comex. Looking at the Comex data, all 4 of these firms have essentially stopped supplying the Comex with silver for the past 2 to 3 months. https://www.cmegroup.com/delivery_reports/MetalsIssuesA ndStopsYTDReport.pdf

Bryant

END

Editorial of The New York Sun | February 1, 2021

end

COMEX DETAILS//NOTICES FILED

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

receiving today 0/0

Goldman Sachs stopped: 0

NUMBER OF NOTICES FILED TODAY FOR NOV. CONTRACT: 0 NOTICE(S) FOR nil OZ (0.00 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH: 560 FOR 56,000 OZ (1.7418 TONNES)

SILVER//NOV CONTRACT

0 NOTICE(S) FILED TODAY FOR nil OZ/

total number of notices filed so far this month 958 : for 4,790,000 oz

BITCOIN MORNING QUOTE $66,617 DOLLARS DOWN 594 DOLLARS

BITCOIN AFTERNOON QUOTE.:$66,008 DOLLARS DOWN 1203.DOLLARS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $18.00 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 975.41 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND TODAY: WITH SILVER UP 45 CENTS

NO CHANGES IN SILVER INVENTORY AT THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

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

INVENTORY RESTS AT:

544.300 MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 173.15 UP 1.86 OR 1.09%

XXXXXXXXXXXXX

SLV closing price NYSE 22.86 UP. 0.33 OR 1.46%

XXXXXXXXXXXXXXXXXXXXXXXXX

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GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A VERY STRONG SIZED 9701 CONTRACTS TO 571,025 ,,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: -1480 CONTRACTS.

the differential is now increasing!!

THE STRONG SIZED INCREASE IN COMEX OI CAME WITH OUR SMALL GAIN IN PRICE OF $1.85//COMEX GOLD TRADING//TUESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALED 12,142 CONTRACTS….. WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR OCT AT 1.444 TONNES, FOLLOWED BY TODAY’S QUEUE JUMP OF 6200 OZ//NEW STANDING 112,000 OZ (3.24836 TONNES)

YET ALL OF..THIS HAPPENED WITH OUR SMALL GAIN IN PRICE OF $1.85 WITH RESPECT TO TUESDAY’S TRADING

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

WE HAD A VERY STRONG SIZED GAIN OF 12,142 OI CONTRACTS (37.77 TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCETHE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2441 CONTRACTS:

FORDEC 2241 ALL OTHER MONTHS ZERO//TOTAL: 2241 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 571,025. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,142 CONTRACTS: 9701 CONTRACTS INCREASED AT THE COMEX AND 2441 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 12,142 CONTRACTS OR 37.77 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2441) ACCOMPANYING THE VERY STRONG SIZED GAIN IN COMEX OI (9701 OI): TOTAL GAIN IN THE TWO EXCHANGES: 12,142 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR NOV. AT 2.395 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 6200 OZ 3)ZERO LONG LIQUIDATION,4) STRONG SIZED COMEX OI GAIN 5). FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL

SPREADING OPERATIONS(/NOW SWITCHING TO GOLD)

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

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

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

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

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

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2021 INCLUDING TODAY

NOV

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV : 31,062, CONTRACTS OR 3,106,200 oz OR 96.61 TONNES (8 TRADING DAY(S) AND THUS AVERAGING: 3882 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 8 TRADING DAY(S) IN TONNES: 96.61 TONNES

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

THUS EFP TRANSFERS REPRESENTS 96.61/3550 x 100% TONNES 2.72% 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: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV: 96.61 TONNES INITIAL ISSUANCE

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A VERY STRONG SIZED 2608 CONTRACTS TO 144,370 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 383 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 383 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 383 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 2608 CONTRACTS AND ADD TO THE 383 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A VERY STRONG SIZED LOSS OF 2225 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 11.015 MILLION OZ, OCCURRED WITH OUR $0.21 LOSS IN PRICE.

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe, Gold

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

3. ASIAN AFFAIRS

i) WEDNESDAY MORNING/TUESDAY NIGHT:

SHANGHAI CLOSED DOWN 14.54 PTS OR 0.41% //Hang Sang CLOSED UP 183.01 PTS OR 0.74% /The Nikkei closed DOWN 178.68 PTS OR .61% //Australia’s all ordinaires CLOSED DOWN 0.24%

/Chinese yuan (ONSHORE) closed UP 6.3908 /Oil UP TO 83.55 dollars per barrel for WTI and UP TO 84.35 for Brent. Stocks in Europe OPENED MOSTLY MIXED // ONSHORE YUAN CLOSED UP AT 6.3908 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3901: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP RAISED RATES TO 25%/

3 a./NORTH KOREA/ SOUTH KOREA

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 STRONG SIZED 9701 CONTRACTS TO 571,025 MOVING CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541 OI(SET JAN 16/2020)} AND PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS COMEX INCREASE OCCURRED WITH OUR SMALL GAIN OF $1.85 IN GOLD PRICING TUESDAY’S COMEX TRADING.WE ALSO HAD A FAIR EFP ISSUANCE (2441 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 NON ACTIVE DELIVERY MONTH OF NOV.. THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2441 EFP CONTRACTS WERE ISSUED: ;: , NOV : 0 & DEC. 2441 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2441 CONTRACTS

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED 12,142 TOTAL CONTRACTS IN THAT 2441 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED COMEX OI OF 9,701 CONTRACTS..WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR NOV (3.4836),

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 9 MONTHS OF 2021:

OCT. 57.707 TONNES

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- S0CT): 480.912 TONNNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE $1.85)

AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A POWERFUL OF 37.77 TONNES,ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR NOV (3.4836 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 -1480 CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

THE REMOVALS HAVE INCREASED DRAMATICALLY THESE PAST 6 DAYS.

NET GAIN ON THE TWO EXCHANGES :: 12,142 CONTRACTS OR 1,214,200 OZ OR 37.77 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: 571,025 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 57.10 MILLION OZ/32,150 OZ PER TONNE = 17.76TONNES

THE COMEX OPEN INTEREST REPRESENTS 17.76/2200 OR 80.73% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

INITIAL STANDINGS FOR NOV COMEX GOLD

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil oz
Withdrawals from Customer* Inventory in oz*	128.61 OZ BRINKS 4 kilobars
Deposit to the Dealer* Inventory in oz*	nil OZ
Deposits to the Customer* Inventory, in oz*	NIL oz
No of oz served (contracts) today	0 notice(s) 0 OZ 0.0000 TONNES
No of oz to be served (notices)	560 contracts 56000 oz 1.742 TONNES
Total monthly oz gold served (contracts) so far this month	560 notices 56,000 OZ 1.7418 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

TOTAL CUSTOMER DEPOSITS nil oz

We have 1 customer withdrawals

i) out of Brinks 128.61 oz

4 kilobars

total customer withdrawal 128.61 oz

We had 1 kilobar transactions 1 out of 1 transactions)

ADJUSTMENTS 0

For the front month of November we had an open interest of 560 contracts having GAINED 61 contracts on the day.

We had 1 notices served on TUESDAY so we GAINED A STRONG 62 contracts or an additional 6200 oz will stand for delivery for this very non active delivery month

DEC LOST 14,313 CONTRACTS TO STAND AT 352,390

JANUARY GAINED 20 CONTRACT TO STAND AT 117

We had 0 notice(s) filed today for 00 oz

To calculate the INITIAL total number of gold ounces standing for the NOV /2021. contract month, we take the total number of notices filed so far for the month (560) x 100 oz , to which we add the difference between the open interest for the front month of (NOV:560 CONTRACTS ) minus the number of notices served upon today 0 x 100 oz per contract equals 112,000 OZ OR 3.4836 TONNES) the number of ounces standing in this active month of NOV.

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

No of notices filed so far (560) x 100 oz ( 560) OI for the front month minus the number of notices served upon today (0} x 100 oz} which equals 112,000 oz standing OR 3.4836TONNES in this active delivery month of NOV.

We GAINED 62 contracts or an additional 6200 oz will sand for delivery.

TOTAL COMEX GOLD STANDING: 3.4836 TONNES

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

260,725.414, oz NOW PLEDGED march 5/2021/HSBC 8.10 TONNES

176,742.600 PLEDGED MANFRA 5.497 TONNES

298,468.054, oz JPM 9.28 TONNES

1,149,435.368 oz pledged June 12/2020 Brinks/35.75 TONNES

23,862.404 oz International Delaware: 0.7422 tonnes

LOOMIS: 18,615.429 0.57900

total pledged gold: 1,927,849.271oz 59.96 tonnes

registered gold that can be used to settle upon: 15,637,373.0 (486.38 tonnes)

true registered gold (total registered – pledged tonnes 15,637.373.0 (486.38 tonnes)

total eligible gold: 15,577,142.765 oz (484.51 tonnes)

total 4 GC gold: 126.34 tonnes

total gold net of 4 GC: 907.40 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

NOV 9/2021

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//NOV

For the front month of November we have an amount of silver standing equal to 20 contracts a LOSS of 36 contracts on the day. We had 36 notices filed on TUESDAY so we gained 0 contracts or an additional NIL oz will stand in this non active delivery month of November.

DEC LOST 10,211 CONTRACTS DOWN TO 84,606

JANUARY LOST 70 CONTRACTS TO STAND AT 1142

NO. OF NOTICES FILED: 0 FOR NIL OZ.

TODAY’S ESTIMATED SILVER VOLUME 143,411 CONTRACTS // volume gigantic//real heroes supplying paper

FOR YESTERDAY 84,515 contracts ,CONFIRMED VOLUME/ VERY 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% (NOV10/2021)

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 (NOV 10)/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

NOV 10/WITH GOLD UP $18.00 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.41 TONNES

NOV 9/WITH GOLD UP $1.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.41 TONNES

NOV 8/WITH GOLD UP $11.75 TODAY;NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.41 TONNES

NOVEMBER 5/WITH GOLD UP $22.30 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.66 TONNES FROM THE GLD////INVENTORY RESTS AT 975.41 TONNES

NOV 4/WITH GOLD UP $29.05 TODAY;//A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD/INVENTORY RESTS AT 978.07 TONNES

NOV 3/WITH GOLD DOWN $ 24.10 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 979.52 TONNES

NOV 2/WITH GOLD DOWN $6.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 979.52 TONNES

NOV 1/WITH GOLD UP $11.85 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.62 TONNES OF GOLD FROM THE GLD./INVENTORY REST AT 979.52. TONNES

OCT 29/WITH GOLD DOWN $18.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS TONIGHT AT 982.14 TONNES

OCT 28/WITH GOLD UP $3.10 TODAY: A BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES FROM THE GLD////INVENTORY RESTS AT 982.14 TONNES

OCT 27/WITH GOLD UP $7.55 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.20 TONNES INTO THE GLD//INVENTORY REST AT 983.01 TONNES.

OCT 26/WITH GOLD DOWN $13.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 979.81 TONNES

OCT 25/WITH GOLD UP $10.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 978.07 TONNES

OCT 22/WITH GOLD UP $13.45 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD///INVENTORY RESTS AT 978.07 TONNES

OCT 21/ WITH GOLD DOWN $3.20 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 980.10 TONNES

OCT 20/WITH GOLD UP $14.95 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 980.10 TONNES

OCT 19//WITH GOLD UP $4.95 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 980.10 TONNES

OCT 18/WITH GOLD DOWN $2.65 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 980.10 TONNES

OCT 15/WITH GOLD DOWN $28.85 TODAY; A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.62 TONNES FROM THE GLD////INVENTORY RESTS AT 982.72 TONNES.

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

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

NOV 10 WITH SILVER UP 45 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 544.300 MILLION OZ//

NOV 9/WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.300 MILLION OZ.

NOV 8/WITH SILVER UP 38 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.300 MILLION OZ//

NOVEMBER 5/WITH SILVER UP 26 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 507,000 OZ FROM THE SLV///INVENTORY RESTS AT 544.300 MILLION OZ//

NOV 4/WITH SILVER UP 52 CENTS TODAY/ A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.312 MILLION OZ INTO THE SL. //INVENTORY RESTS AT 544.807 MILLION OZ//

NOV 3/WITH SILVER DOWN 29 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: AWITHDRAWAL OF 2.777 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 542.495 MILLION OZ//

NOV 2/WITH SILVER DOWN 53 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 226,000 OZ FROM THE SLV///INVENTORY RESTS AT 545.272 MILLION OZ//

NOV 1/WITH SILVER UP 12 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.249 MILLION OZ////INVENTORY RESTS AT 545.498 MILLION OZ//

OCT 29/WITH SILVER DOWN $0.17 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 546.847 MILLION OZ/

OCT 28 WITH SILVER DOWN 5 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.2277 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 546.747 MILLION OZ/

OCT 27/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.520 MILLION OZ//

OCT 26/WITH SILVER DOWN 47 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 544,520 MILLION OZ.

OCT 25/WITH SILVER UP 16 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.036 MILLLION OZ//INVENTORY RESTS AT 546.562 MILLION OZ//

OCT 22/WITH SILVER UP 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 546.562 MILLION OZ//

OCT 21/WITH SILVER DOWN 25 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.055 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 546.562 MILLION OZ

OCT 20/WITH SILVER UP 54 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.166 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 549.617 MILLION OZ//

OCT 19/WITH SILVER UP 52 CENTS TODAY; A SMALL CHANGE IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 232,000 OZ INTO THE SLV////INVENTORY RESTS AT 553.783 MILLION OZ

OCT 18/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.551 MILLION OZ/

OCT 15/WITH SILVER DOWN 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.551 MILLION OZ/

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.

PHYSICAL GOLD/SILVER STORIES

PETER SCHIFF

Peter Schiff: Inflation Is Crushing Working- & Middle-Class Americans’ Quality Of Life

Via SchiffGold.com,

Despite government officials and central bankers continuing to peddle the “transitory” inflation narrative, the average American isn’t buying it. They feel the squeeze of rising prices in their wallets. And it’s the average American who is hurt particularly hard by the skyrocketing cost of living. Peter Schiff appeared on the Megyn Kelly show to talk about how inflation really hurts working and middle-class Americans.

Even as inflation rises, the Biden administration continues to spend money at a torrid pace. The borrowing and spending will only increase inflationary pressures. Administration officials claim the “the rich” will pay for all of the spending, but as Peter pointed out, this simply isn’t true.

In fact, a lot of people who are rich end up benefitting from inflation because inflation also pushes up the value of assets that a lot of rich people own. But unfortunately, a lot of middle-class Americans don’t own those assets. They just get stuck with the bill. They earn wages, but their wages don’t rise nearly as much as the cost of living. And so, even though they get a bigger paycheck, they’re actually earning less, because when they go to spend those dollars, they can’t buy nearly as much stuff.”

Peter said that’s why inflation is the worst way to pay for government.

It’s the most regressive form of taxation. It hits hardest those who could least afford to pay. That is the biggest problem because Biden wants to pretend we’re getting all this government for free. Nothing is free — especially government. And whenever the government pretends you’re getting something for nothing, it’s a lie. They’re just trying to win your vote. But then you don’t realize that they’re buying your vote with your own money.”

Megyn asked Peter to explain the recently announced Fed taper. Should we be glad the central bank is going to buy fewer bonds?

Peter said they shouldn’t be buying any Treasury bonds to begin with.

That is part of the problem. They never should have bought any bonds. That was quantitative easing. But that is the mechanism for creating inflation. They print money and then they buy government bonds.”

Peter said he has a hard time believing the Fed will be able to live up to its commitment to the taper.

As the US government increases spending — and we know we’re going to get this infrastructure bill. We’re going to get this “build back better” bill. They’re going to get passed. There’s not going to be nearly enough tax increases to cover the cost. So, the Federal Reserve is going to end up buying even more bonds. Even if it’s saying it’s going to buy less, it’s going to end up buying even more because that’s the only way to pay for all the spending.”

And Peter emphasized all of these spending plans will end up costing more than the government initially claims.

Megyn summed it up — the government won’t be able to tax Jeff Bezos enough to pay for all of this spending. It won’t even be able to tax the average American enough. So, it will have to turn to the Fed for more quantitative easing and money printing to pay for it. That will mean even higher inflation.

Peter emphasized that the true cost of government is what it spends – not what it collects in taxes.

Every dollar of government spending needs to be paid for. And so, if it’s not paid for through taxation, it’s paid for through some other means, and that is inflation. And just because the Federal Reserve prints money and gives it to the government to spend, it doesn’t mean that we’re getting all that spending for free. We’re going to pay much higher prices for consumer goods. And that means Americans are going to have to reduce their spending because everything is going to cost a lot more. And since we don’t have an unlimited amount of money people are going to buy a lot less, which is exactly what would happen if their taxes went up.”

Megyn used her 80-year-old mom as an example. Her mother is on a fixed income and it doesn’t go up. She is the kind of person who is pinched by increased prices. Peter agreed, saying people on a fixed income are hit particularly hard by inflation.

If you’re younger and you still have a job, you can at least recover some of the inflation with higher wages. … It may not be enough to completely offset the increase, but at least you get some of it back. But if you’re retired and you’re living on a fixed income, that income is not going up. But your cost of living is. And so, it’s particularly troublesome for older retired people like your mom. And I think a lot of Americans who are preparing to retire now are going to have to rethink their plans. Because there’s no way the money that they’ve saved and the income streams that they anticipate receiving are going to be sufficient given the much higher cost of living that we’re going to be experiencing. And this is not just going to be a few percent a year. We’re talking double-digit increases in the cost of living for many, many years in a row. … So if your income stream doesn’t keep up, you’re getting poorer.”

end

LAWRIE WILLIAMS:

ii) Important gold commentaries courtesy of GATA/Chris Powell

Inflation surge fuels negative real interest rates for leading economies

Submitted by admin on Tue, 2021-11-09 11:35 Section: Daily Dispatches

Another reason why gold price suppression must be enforced ever-more aggressively to provide camouflage for currency debasement — and mustn’t be acknowledged by mainstream financial news organizations.

* * *

Inflation Surge Fuels Negative Real Interest Rates for Leading Economies

By John Paul Rathbone and Valentina Romei
Financial Times, London
Tuesday, November 9, 2021

The surge in inflation is leaving the world’s leading economies with their lowest real interest rates in decades, as central banks delay any abrupt tightening of the extra-loose monetary policy used to help weather the coronavirus crisis, arguing that the recent rise in prices is transitory.

Real interest rates, which subtract inflation from central bank policy rates, reflect the real cost of borrowing and real return on savings.

The combination of accelerating inflation in the US, eurozone, and UK, and their central banks’ decision to remain patient when it comes to rate increases, effectively raises monetary stimulus despite these countries being close to recovering lost output from the crisis.

Real interest rates “will remain at historically low levels for the next several years,” said Elena Duggar, managing director at the rating agency Moody’s.

In the US, where nominal interest rates are near zero, real rates stand at around -5.3 percent. They are at -3 percent in the UK, and -4.6 percent in Germany, according to Financial Times analysis. …

… For the remainder of the report:

https://www.ft.com/content/c99e31e5-cb71-4fb7-9759-8bec058ed2c6

END

Quite a story!! The bill at this restaurant was $50,000 for 4 after serving gold plated steak

(The Independent/London)

Some animals are still more equal than others

Submitted by admin on Tue, 2021-11-09 11:55 Section: Daily Dispatches

Vietnam Govt. Minister Was Fed L1,450 Gold-Plated Steak After Laying Flowers at Karl Marx’s Grave

By Ella Glover
The Independent, London
Monday, November 9, 2021

Vietnam’s Minister of Public Security has been criticised for eating a a slice of L1,450 gold-plated steak at Salt Bae’s London restaurant just a day after laying flowers at Karl Marx’s grave.

The minister, General To Lam, was seen eating at the Instagram-famous chef’s London restaurant Nusr-Et restaurant in Knightsbridge, which has been criticised for being outrageously overprice

A table of four recently left dinner at the restaurant after being presented with a bill for L37,023 ($50,888), according to a post shared to Reddit’s London subreddit.

Celebrities like Gemma Collins have lamented the prices of Salt Bae’s steaks. Collins said she spent L1,450 on a gold-wrapped tomahawk steak, the same dish seen being served to the Vietnamese delegates.

A video, which has since been taken down, was posted to the Salt Bae’s official TikTok and showed To Lam being fed a piece of gold-plated steak by the chef himself.

To Lam had led a delegation at the United Nations COP26 climate summit in Glasgow, Scotland, before heading to London to dine at Salt Bae’s restaurant.

The steak he was shown eating costs more than his monthly wage, which is between L442 to L590 before allowances.

While it is unclear who footed the bill — or how much it cost, the video was shared online despite being deleted, inviting criticism of the minister. …

… For the remainder of the report:

https://www.independent.co.uk/news/uk/home-news/salt-bae-vietnamese-minister-to-lam-cop26-b1953645.html

END

A new Fed report shows high leverage threatens financial stability

(Wall Street on Parade)

Pam and Russ Martens: Fed report shows high leverage threatens financial stability

Submitted by admin on Tue, 2021-11-09 12:05 Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Tuesday, November 9, 2021

The word “leverage” appears 107 times in the Federal Reserve’s Financial Stability Report that was released yesterday. The second mention provides a warning of what happens when leverage blows up the financial system — something Americans learned all too well in 2008:

“Excessive leverage within the financial sector increases the risk that financial institutions will not have the ability to absorb even modest losses when hit by adverse shocks. In those situations, institutions will be forced to cut back lending, sell their assets, or, in extreme cases, shut down.

“Such responses can substantially impair credit access for households and businesses.”

Perhaps this is an understatement from the Fed.

Not only did major institutions like Bear Stearns and Lehman Brothers “shut down” from insolvency in 2008, putting tens of thousands of workers out of a job, but this is also what can happen when too much leverage props up dubious assets on Wall Street:

— The taxpayers can have a gun put to their head to bail out every major trading house on Wall Street.

— The government can have a gun put to its head to nationalize Freddie Mac, Fannie Mae, and the giant insurer AIG in order to bail out the derivatives of Goldman Sachs and its brethren on Wall Street.

— Millions of Americans can lose their jobs and their homes to foreclosure.

— The Federal Reserve can be forced to push interest rates to zero to prop up asset prices, thus forcing senior citizens to get by on a lot less of a return on their CDs and Treasury notes.

— And because so much capital was wasted on toxic assets instead of flowing to the real economy, the U.S. is still living through subpar economic growth, which is preventing tens of millions of Americans from earning a livable wage. …

… For the remainder of the report:

https://wallstreetonparade.com/2021/11/new-fed-report-shows-high-leverage-poses-threat-to-u-s-financial-stability-from-life-insurance-companies-to-hedge-funds/

END

Hemke believes that Powell will be out and Brainard in at the Fed

(Craig Hemke)

Craig Hemke at Sprott Money: From Powell to Brainard at the Fed

Submitted by admin on Tue, 2021-11-09 16:06 Section: Daily Dispatches

4p ET Tuesday, November 9, 2021

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, writing at Sprott Money today, suspects that President Biden plans to replace Federal Reserve Chairman Jerome Powell with Fed Board of Governors member Lael Brainard, a proponent of even more money creation that Powell has supported, and that this is why bond prices are rising despite soaring inflation and gold is gaining strength.

Hemke’s analysis is headlined “From Powell to Brainard” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/From-Powell-to-Brainard-Craig-Hemke-November-09-2021

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

end

(GATA) Robert Lambourne: BIS gold swaps fell slowly again in October

By Robert Lambourne

Wednesday, November 10, 2021

The recently released October statement of account of the Bank for Interrnational Settlements —

https://www.bis.org/banking/balsheet/statofacc211031.pd f

— contains information suggesting a decrease of about 24 tonnes in the bank’s gold swaps in August, from 438 tonnes to 414 tonnes.

This compares to the record high estimated at 552 tonnes as of February 25 this year.

Once again it is clear that the BIS remains an active trader of significant volumes of gold swaps on a regular basis. The recent trend suggests a slow fall in the level of gold swaps, but it is not yet at a rate that would substantially reduce the exposure this calendar year.

So it seems premature to claim that an exit from the swaps due to “Basel III” regulations is happening.

The BIS rarely comments publicly on its gold banking activities, but its first use of gold swaps was considered important enough to cause the bank to give some background information to the Financial Times for an article published July 29, 2010, coinciding with publication of the bank’s 2009/10 annual report.

The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were all carried out with commercial banks and so did not involve other central banks. Hence it is likely that the recent level of gold swaps is the highest use of them by the BIS for at least 20 years. It also seems highly likely that the swaps are still all made with commercial banks, because the BIS a nnual report has never disclosed a gold swap between the BIS and a major central bank.

The swap transactions potentially create a mismatch at the BIS, which conceivably ends up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold required to be returned to swap counterparties). This possible mismatch has not been reported by the BIS.

The gold banking activities of the BIS have been a regular part of the services it offers to central banks since the establishment of the BIS 90 years ago. The first annual report of the BIS explains these activities in some detail:

http://www.bis.org/publ/arpdf/archive/ar1931_en.pdf

The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks doesn’t appear to have ever been as large a part of the BIS’ gold banking business as it has been in recent years.

For example, excluding the estimated 102 tonnes of gold held by the BIS for its own account, the volume of gold deposits in gold sight accounts held at major central banks for the BIS was 839 tonnes at September 30, of which 414 tonnes or 49% was supplied by gold swaps from commercial banks

At March 31, 2010, excluding gold owned by the BIS, there were 1,706 tonnes held in gold sight accounts at major central banks in the name of the BIS, of which 346 tonnes or 20% was sourced from gold swaps from commercial banks.

As can readily be seen the BIS now operates a much smaller gold banking business and the role of gold swaps in this smaller business is far greater.

If the BIS was adopting the level of disclosures made by publicly held companies, such as commercial banks, then some explanation of these changes probably would have been required by the accounting regulators. One imagines that this iro ny is not lost on those dealing with regulatory activities at the BIS. Presumably the shrinkage of the gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form — that is, as allocated gold.

A review of Table B below highlights recent BIS activity with gold swaps, and despite the recent declines, the latest position estimated from the BIS monthly statements remains large.

No explanation for this continuing high level of swaps has been published by the BIS. Indeed, no comment on the bank’s use of gold swaps has been offered since 2010.

This gold is supplied by bullion banks via the swaps to the BIS. The gold is then deposited in BIS gold sight accounts (unallocated gold accounts) at major central banks such as the Federal Reserve.

The BIS’ use of gold swaps and derivatives has been extensive over the last 12 months, with the average level reported during that period still being the highest s ince August 2018 as highlighted in Table B below.

By contrast, in May 2019 the BIS was exposed to only 78 tonnes in swaps.

As can be seen in Table A below, the BIS has used gold swaps extensively since its financial year 2009-10. No use of swaps is reported in the annual reports for at least 10 years prior to the year ended March 2010.

The February 2021 estimate of the bank’s gold swaps (552 tonnes) is higher than any level of swaps reported by the BIS at its March year-end since March 2010. The swaps reported at March 2021 is the highest year-end level reported as is clear from Table A.

—–

Table A — Swaps reported in BIS annual reports

March 2010: 346 tonnes.
March 2011: 409 tonnes.
March 2012: 355 tonnes.
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes
March 2020: 326 tonnes
Mar ch 2021: 490 tonnes

—–

The table below reports the estimated swap levels since August 2018. It can be seen that the BIS is actively involved in trading gold swaps and other gold derivatives with changes from month to month reported in excess of 100 tonnes in this period.

—–

Table B – Swaps estimated by GATA from BIS monthly statements of account

Month ….. Swaps
& year … in tonnes
Oct-21…./414
Sep-21 … /438
Aug-21 …./464
Jul-21 …. /502
Jun-21 …./471
May-21 …./517
Apr-21 …. /472
Mar-21…. /490
Feb-21 …../552
Jan-21 …. /523
Dec-20 …. /545
Nov-20 …. /520
Oct-20 …. /519
Sep-20…../ 520
Aug-20…../ 484
Jul-20 ….. / 474
Jun-20 …. / 391
May-20 …. / 412
Apr-20 …. / 328
Mar-20 …. / 326*
Feb-20 …. / 326
Jan-20 …. / 320
Dec-19 …. / 313
Nov-19 …. / 250
Oct-19 …. / 186
Sep-19 …. / 128
Au g-19 …. / 162
Jul-19 ….. / 95

Jun-19 …. / 126

May-19 …. / 78

Apr-19 ….. / 88

Mar-19 …. / 175

Feb-19 …. / 303

Jan-19 …. / 247

Dec-18 …. / 275

Nov-18 …. / 308

Oct-18 …. / 372

Sep-18 …. / 238

Aug-18 …. / 370

The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes, It is believed that slightly different gold prices account for the difference.

* The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.

GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.

—–

As noted already, the BIS in recent times has refused to explain its activities in the gold market, nor for whom the bank is acting:

http://www.bis. org/publ/arpdf/archive/ar1931_en.pdf

Despite this reticence the BIS is almost certainly acting on behalf of central banks in taking out these swaps, as they are the BIS’ owners and control its Board of Directors.

This refusal to explain prompts some observers to believe that the BIS acts as an agent for central banks intervening surreptitiously in the gold and currency markets, providing those central banks with access to gold as well as protection from exposure of their interventions.

One possibility is that the swaps provide a mechanism for bullion banks to return gold originally lent to them by central banks to cover possible shortfalls of gold. Some commentators on the gold market have suggested that a portion of the gold held by exchange-traded funds and managed by bullion banks is sourced directly from central banks.

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

end

OTHER IMPORTANT GOLD/ECONOMIC COMMENTARIES

Morning gold/crypto trading

Gold & Crypto Surge As Soaring CPI Sparks Hawkish Jump In Rate-Hike Odds

This morning’s shockingly hit CPI print (on top of yesterday’s record PPI) has sparked a rapid repricing in STIRs. And just like that, all of Powell’s dovish jawboning has been erased….

Sending real-yields to fresh record lows (as breakevens spike)…

And that has – for now – sparked selling in stocks…

Inflation hedges have been bid. Gold is back above $1850…

Gold is back at 5 month highs…

And Bitcoin is jumping back above $68,000 heading towards record highs…

How long before we are reassured by some talking head that this is all still transitory?

OTHER COMMODITIES/URANIUM

Uranium shots northbound as France confirms that it will build new nuclear reactors for the first time in decades

(zerohedge)

Macron Confirms: France To Build New Nuclear Reactors For The First Time In Decades

It looks like the love-fest for nuclear is officially back on, complimenting our bull case for uranium that we first touched upon almost a year ago in December 2020.

With every passing day, our core thesis set here last December that uranium stocks are poised for a historic surge (see “Uranium Stocks Soar: Is This The Beginning Of The Next ESG Craze“), is getting closer to widespread adoption.

Following up on our previous reporting that France’s Emmanuel Macron was considering the use of nuclear in his country’s decarbonization plans, it was reported this week that France will in fact build new nuclear reactors, according to Reuters.

The reactors will be built to help the country meet its global warming targets and keep prices under control, Macron said this week.

He called the decision to continue building new reactors to keep prices down “reasonable”, five months before the country’s Presidential election.

“We are going, for the first time in decades, to relaunch the construction of nuclear reactors in our country and continue to develop renewable energies,” Macron said.

The move will “guarantee France’s energy independence, to guarantee our country’s electricity supply and achieve our objectives, in particular carbon neutrality in 2050,” he continued.

Reuters reports that the government should be set to announce construction of up to six new pressurized-water reactors within the next few weeks.

Greenpeace (of course) criticized the announcement, calling it “disconnected from reality,” and citing delays and large costs with other nuclear projects.

However, nuclear simply makes sense as an option for dialing back much of the world’s carbon emissions, as we’ve noted in the past.

Countries like the U.K. and Japan have also moved to adopt nuclear to help meet their climate change goals. China also has made plans for 150 new nuclear reactors, as we noted days ago.

END

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

i) Chinese yuan vs usa dollar/CLOSED UP 6.3908

//OFFSHORE YUAN 6.3901 /shanghai bourse CLOSED DOWN 14.54 PTS OR 0.41%

HANG SANG CLOSED UP 183.01 PTS OR 0.74%

2. Nikkei closed DOWN 178.68 PTS OR .61%

3. Europe stocks MOSTLY MIXED

USA dollar INDEX DOWN TO 94.28/Euro FALLS TO 1.1552-

3b Japan 10 YR bond yield: FALLS TO. +.060/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 113;22/ 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:: 83.55 and Brent: 84.35

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.0.289%/Italian 10 Yr bond yield RISES to 0.87% /SPAIN 10 YR BOND YIELD RISES TO 0.41%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.16: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.11

3k Gold at $1826.35 silver at: 24.18 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 2/100 in roubles/dollar) 70.82

3m oil into the 83 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 113.22 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 .9138 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0556 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 –0.289%

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 1.477% early this morning. Thirty year rate at 1.849%

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

6. TURKISH LIRA: UP TO 9.84.. VERY DEADLY

Futures Fall, Yields And Dollar Jump Ahead Of Highest CPI In 31 Years

For the third day in a row, early weakness in futures – in this case as a result of China’s soaring, record producer price inflation – reversed and spoos rose from session lows but were still down on the session as traders awaited inflation data due later on Wednesday. Treasury yields climbed and the dollar and cryptos rose. At 7:45 a.m. ET, Dow e-minis were down 47 points, or 0.12%, S&P 500 e-minis were down 10.25 points, or 0.22%, and Nasdaq 100 e-minis were down 68 points, or 0.42%.

Earlier, China’s Shanghai Composite fell as much as 1.7% and the Hang Seng dropped more than 1% after China’s factory inflation soared to a 26-year high. The number came just hours before today’s US CPI print is expected to rise 5.8% in October, the highest level since since December 1990, after a 5.4% increase in the previous month. The report comes a day after producer prices data showed a solid rise in October and will be scrutinized for clues on the extent to which manufacturers were passing on higher costs to consumers, whose spending accounts for 70% of the U.S. economy

Elevated inflationary pressures “would be the latest test for the Fed’s ‘transitory’ view and challenge the central bank’s stance on policy tightening,” Han Tan, chief market analyst at Exinity Group, said in written comments. “The worry is that such stubborn inflationary pressures could choke the recovery in global demand or hasten policy tightening by major central banks.”

On Tuesday, Wall Street’s main indexes ended their long streak of record closing highs on Tuesday as Tesla tumbled and as investors booked profits from the recent run-up in gains, especially in the absence of market-moving catalysts. The declines on Wednesday came after data showed Chinese factory gate prices hit a 26-year high in October, while economic advisers to the German government said they expected the current rise in inflation to continue well into 2022.

It has been a busy premarket trading session with lots of movers. We start with Coinbase which fell 11% as analysts said the crypto exchange’s quarterly results were well below expectations. DoorDash shares surged as analysts raised price targets on the food-delivery firm after expectation-beating results and purchase of Finnish food-delivery startup Wolt Enterprises Oy. Here are some other premarket movers today:

DoorDash (DASH US) shares surge 19% in U.S. premarket trading, with analysts raising their price targets on the food-delivery firm after expectation-beating results and its biggest ever acquisition

Chinese technology stocks listed in the U.S. rise premarket after Tencent reported 3Q profit that exceeded expectations even as revenue missed amid China’s crackdown on the tech industry

Tesla (TSLA US) shares inch higher 1.9% in premarket trading, set for a positive open after a 16% slump in two days amid several negative headlines for the stock
Stran & Co. (STRN US) shares jump as much as 43% in U.S. premarket trading, recovering ground after a sharp drop following the branding solutions firm’s IPO
Society Pass (SOPA US) shares drop as much as 54% in U.S. pre trading hours, after the loyalty tech platform had surged following its IPO in the prior session
Upstart Holdings (UPST US) plunged 19% in U.S. premarket trading after the company released 3Q earnings and 4Q forecasts; Piper Sandler ascribes share drop to “elevated investor expectations” and lack of quantification of auto opportunity
Poshmark (POSH US) shares sink 29% in U.S. premarket trading with Berenberg (buy) saying the online retail platform’s 3Q results and guidance were disappointing
PubMatic (PUBM US) surges 22% in U.S. premarket trading after the company’s 4Q sales forecast topped expectations and it posted 3Q results that Jefferies called “impressive”
FuboTV (FUBO US) shares drop 4.3% in U.S. premarket trading as a 3Q results beat for the “sports first” streaming-video platform was overshadowed by higher costs and some weakness on its ad revenue
Purple Innovation (PRPL US) slumps 31% after it cut its net revenue forecast for the full year; the guidance missed the average analyst estimate
RingCentral (RNG US) rises 22% premarket, a day after the provider of cloud-based communications services forecast 4Q revenue that beat the average analyst estimate
Toast (TOST US) slides after reporting financial results that included a net loss that widened compared with the same period last year

Turning back to CPI, here is a lenghtier preview courtesy of DB’s Jim Reid:

I may have just about found it vaguely conceivable at the start of the year that on November 10th we’d see a 5.9% YoY US CPI print and the sixth month above 5%; however, I would certainly not have thought that such a number if it had materialized would be greeted with a collective market “meh” with 10yr Treasury yields 450bps below this rate. A lot is resting on this inflation being transitory. This will be the multi-trillion dollar question for 2022, that’s for sure.

Last month saw yet another upside surprise that further undermined the transitory narrative, and, in fact, if you look at the last 7 monthly readings, 5 of them have come in above the median estimate on Bloomberg, with just 1 below and the other in line. In terms of what to expect, our US economists are looking for a reacceleration in the monthly prints, with a +0.47% forecast for the headline measure (+0.6% consensus), and +0.37% for core (+0.4% consensus). Their view is that the main driver is likely to be price pressures in those categories most sensitive to supply shocks, such as new and used vehicles. But they also see some downside risk from Covid-19-sensitive sectors like lodging away and airfares, where prices fell over the late summer as the delta variant slowed the recovery in travel. Look out for rental inflation too – last month we saw owners’ equivalent rent experience its strongest monthly increase since June 2006. It’s a measure that reflects underlying trend inflation, so it is important to monitor moving forward. Many models suggest it will be over 4% for much of next year, which is large given that it makes up around a third of the headline rate and c.40% of core.

Shifting back to markets, we next look at Europe, where equities also recovered off opening lows with the Euro Stoxx 50 and DAX recovering to trade flat. FTSE 100 outperformed, rising as much as 0.6%. Sector gains in oil & gas, utilities and insurance names are broadly offset by losses in luxury, tech, household & personal goods and travel.

Earlier in the session, Asian equities fell for a second day after data showed China’s monthly factory-gate prices grew at the fastest pace in 26 years. The MSCI Asia Pacific Index slid as much as 0.6% before paring its loss, with materials and IT the biggest drags. The CSI 300 Index slid as much as 1.9% before sharply paring its drop, after China’s producer and consumer price inflation numbers both exceeded forecasts. Commodity prices have soared globally this year amid expectations for a rebound from the pandemic, with energy getting a further boost from a supply crunch. Traders await Wednesday’s U.S. consumer-price report for further clues on monetary policy and economic growth.

“Eyes are now closely watching inflation as that is the next market catalyst,” said Justin Tang, head of Asian research at United First Partners. For some Asian companies “the candle is burning on both ends — with the supply chain crisis as a ceiling on revenues while obligations to expenses and liabilities remain.” The Hang Seng turned higher in late trading as real estate developers climbed on a report that China’s bond-issuance policies may be loosened, while Tencent led a surge in tech stocks ahead of its earnings report. Vietnam and Taiwan showed small gains, while benchmarks in most other markets fell.

Japanese equities fell, following Asian peers lower after China reported worse than expected inflation. Electronics makers and trading houses were the biggest drags on the Topix, which fell 0.5%. SoftBank Group and Tokyo Electron were the largest contributors to a 0.6% drop in the Nikkei 225. The MSCI Asia Pacific Index slid 0.5%, while China’s CSI 300 Index tumbled 1.1% after monthly factory-gate prices in Asia’s largest economy grew at the fastest pace in 26 years. U.S. consumer price data is scheduled to be reported later Wednesday.

“Asia is on inflation alert, fearing future costs of inputs from goods sourced from the mainland,” Jeffrey Halley, senior market analyst at Oanda, wrote in a note. “It seems that investors are keen to lower exposure into the U.S. CPI data tonight.”

Australian stocks ended lower for a third session as miners tumbled: the S&P/ASX 200 index fell 0.1% to close at 7,423.90 after a volatile session. Miners were the worst performing industry group as iron ore prices dropped, with eight of the 11 subgauges closing lower. Bluescope was the day’s biggest laggard after iron ore plunged to a fresh 18-month low as debt troubles in China’s real-estate market deal blow after blow to prospects for steel demand. United Malt advanced after a media report said the company could be a takeover target. Australia’s central bank Governor Philip Lowe is anchoring his bet that he won’t need to raise interest rates until 2024 on a view that unemployment needs to be lower to spur wage gains. In New Zealand, the S&P/NZX 50 index fell 0.5% to 13,022.46.

In FX, the Bloomberg Dollar Spot Index rose as the greenback traded higher against all of its Group-of-10 peers apart from the Canadian dollar. The euro extended an Asia session loss and traded firmly below the $1.16 handle. The pound slipped against a broadly stronger dollar, and edged higher versus the euro before a speech by the BOE’s Tenreyro; market is focused on the outlook for rate hikes and traders are also turning attention back to Brexit risks, with the European Union preparing a package of retaliatory measures in case the U.K. decides to suspend parts of a trade accord. Australia’s dollar fell to a one-month low as a slump in iron ore prices prompted short-term leveraged funds to cut long positions. The kiwi declined after a preliminary New Zealand business confidence index weakened

In rates, Treasuries traded weak in the early U.S. session, following a selloff in gilts as U.K. markets start to price a higher terminal rate, bear-steepening the curve. Treasury yields are mostly cheaper by 2bp-3bp across the curve with 10-year around 1.475%; gilts lag by additional 1bp vs Treasuries while bunds outperform. During the Asian session, China’s CPI data beat expectations, adding to downside pressure in front eurodollars. Focal points for U.S. session include October CPI expected to show steep increase in y/y rate and final quarterly refunding auction, a $25b 30-year bond sale. Reduced-size U.S. refunding auctions conclude with $25b 30-year bond vs $27b in previous four; Tuesday’s 10- year sale tailed by 1.2bp after steep gains into the bidding deadline. Wednesday’s WI 30-year yield around 1.85% is below 30-year stops since January and ~19bp richer than last month’s, which stopped 1.3bp below the WI level at the bidding deadline.

In commodities, Crude futures drift lower: WTI drops 0.5% to trade near $83.70. Brent dips back below $85. Base metals are mixed. LME aluminum is the strongest performer; tin and lead are in negative territory. Spot gold drifts lower, losing $5 to trade near $1,826/oz

To the day ahead now, and the main highlight will be the aforementioned CPI release from the US for October. Otherwise, there’ll also be Italian industrial production for September. From central banks, we’ll hear from the ECB’s Elderson and the BoE’s Tenreyro, whilst earnings releases include Disney.

Market Snapshot

S&P 500 futures down 0.2% to 4,669.75
STOXX Europe 600 little changed at 482.35
MXAP down 0.1% to 198.31
MXAPJ up 0.1% to 648.70
Nikkei down 0.6% to 29,106.78
Topix down 0.5% to 2,007.96
Hang Seng Index up 0.7% to 24,996.14
Shanghai Composite down 0.4% to 3,492.46
Sensex little changed at 60,399.20
Australia S&P/ASX 200 down 0.1% to 7,423.90
Kospi down 1.1% to 2,930.17
Brent Futures little changed at $84.75/bbl
Gold spot down 0.3% to $1,825.71
German 10Y yield little changed at -0.29%
Euro down 0.2% to $1.1574
U.S. Dollar Index up 0.18% to 94.13

Top Overnight News from Bloomberg

The European Central Bank would risk exacerbating inequality if it were to raise interest rates before ceasing asset purchases, according to Executive Board member Isabel Schnabel
U.S. President Joe Biden and his Chinese counterpart Xi Jinpingare are scheduled to hold a virtual summit next week, although no specific date has been set, according to people familiar with the matter
A lack of top-tier intelligence on Chinese President Xi Jinping’s inner circle is frustrating senior Biden administration officials struggling to get ahead of Beijing’s next steps, according to current and former officials who have reviewed the most sensitive U.S. intelligence reports
China’s inflation risks are building as producers pass on higher costs to consumers, reigniting a debate over whether the central bank has scope to ease monetary policy to support a weakening economy and potentially adding to the pressure on global consumer prices
The U.K. opposition called for a parliamentary investigation into former Conservative cabinet minister Geoffrey Cox, as the scandal over sleaze and lobbying engulfing Boris Johnson’s ruling party gains momentum

A more detailed look at global markets courtesy of Newsquawk

Asian equity markets traded negatively after a lacklustre handover from Wall Street where the major indices took a break from recent advances and the S&P 500 snapped an eight-day win streak ahead of looming US inflation data. ASX 200 (-0.1%) was rangebound with early strength in financials gradually offset by losses in the commodity-related sectors and with the improvement in Westpac Consumer Sentiment data doing little to spur risk appetite. Nikkei 225 (-0.6%) was subdued with exporters pressured by unfavourable currency inflows and with the list of biggest movers in the index dominated by companies that recently announced their earnings, although Nissan and NTT Data Corp were among the success stories on improved results including a surprise return to quarterly profit for the automaker. Hang Seng (+0.7%) and Shanghai Comp. (-0.4%) initially underperformed amid ongoing developer default concerns as Evergrande has reportedly failed to pay coupon payments at the end of its 30-day grace period. Rating agencies have also downgraded a couple of developers and Fantasia Holdings shares fell as much as 50% on resumption from a one-month trading halt after it missed bond payments due early last month. Furthermore, tensions continued to brew on the Taiwan Strait after US lawmakers made a surprise visit to Taiwan and with China conducting combat readiness patrols in the area ahead of a potential Biden-Xi virtual meeting that could occur next week, which potentially lifted sentiment, while participants also reflected on the firmer than expected inflation data from China which showed consumer prices registered their fastest increase in more than a year and factory gate prices rose at a fresh record pace. Finally, 10yr JGBs traded marginally higher amid the lacklustre mood in stocks and presence of the BoJ in the market for over JPY 1.3tln of JGBs with 1yr-10yr maturities, although gains were capped by resistance ahead of the 152.00 focal point and a pull-back in T-notes.

Top Asian News

China SOEs Suggest Govt Ease Debt Rules in Property M&A: Cailian
Iron Ore Gloom Deepens as China Property Woes Threaten Demand
Chinese Developers Surge on Report Bond Rules May be Eased
Tencent’s ‘Other Gains’ Unexpectedly Double, Helping Profit Beat

European equities (Eurostoxx 50 -0.1%) have traded with little in the way of firm direction as a slew of earnings dictate the state of play amid a lack of fresh macro impulses. The handover from Asia was mostly a downbeat one with focus on firmer than expected CPI and PPI prints out of China and ongoing developer default concerns as Evergrande bond holders have reportedly not received coupon payments by the end of today’s Asia-close grace period, in reference to missed coupon payments totalling USD 148.1mln. Stateside, futures are a touch softer (ES -0.2%) after cash markets saw the S&P 500 snap its eight-day winning streak during yesterday’s session. Ahead, the main event for the US will be the CPI release at 13:30GMT whilst the earnings docket continues to slow down with Disney the main standout after-hours. Back to Europe, sectors are mixed with Oil & Gas outperforming peers alongside price action in the crude complex. Banking names saw initial gains trimmed after earnings from Credit Agricole (-1.1%) and ABN AMRO (+1.9%) were unable to provide sustained support for the sector despite the former exceeding profit expectations. The retail sector has been provided a boost by Marks & Spencer (+11.4%) after the Co. reported stellar earnings and raised guidance. Elsewhere in the UK, ITV (+12.0%) sits at the top of the FTSE 100 after printing solid revenue metrics and a bullish revenue outlook. To the downside, Personal and Household goods lag in the wake of earnings from Adidas (-6.0%) which saw the Co.’s performance hampered by factory closures in Vietnam and product boycotts in China. Finally, Alstom (+9.6%) sits at the top of the CAC post-earnings with the Co. stating that supply chain shortages had no material impact on H1 sales.

Top European News

ECB May Aid Rich If Rates Rise Before QE Ends, Schnabel Says
Merkel Advisers Urge ECB Exit Strategy as Price Pressures Rise
King Sinks Impala Plan to Create World’s No. 1 Platinum Firm
Alstom’s Cash Drain Is Less Than Forecast; Shares Jump

In FX, the Greenback remains relatively firm in the run up to US inflation data having turned a corner of sorts on Tuesday, with the index extending beyond 94.000 following its rebound from 93.872 and inching closer to the current 94.380 w-t-d peak, at 94.221, thus far. Interestingly, the Buck has regained momentum irrespective of the benign Treasury (and global) yield backdrop, softer than forecast elements in the PPI release and most Fed officials maintaining a distance between the end of tapering and tightening. However, risk sentiment if wavering to the benefit of the Dollar more than others and the aforementioned CPI readings may be supportive if in line or above consensus. Note, initial claims are also scheduled due to tomorrow’s Veteran’s Day holiday and the final leg of supply comes via Usd 25 bn long bonds.

NZD/JPY – Ironically perhaps, the Kiwi is struggling to keep sight of 0.7100 vs its US peer on the very day that COVID-19 restrictions were eased in Auckland, and a further deterioration in NZ business sentiment alongside a fall in the activity outlook may be the catalyst, while the Yen has run into resistance again above 113.00 and is now relying on decent option expiry interest between the round number and 113.05 (1.1 bn) to keep its bull run going.
GBP/EUR/AUD/CHF – All softer against the Greenback, as Cable hovers below 1.3550, the Euro pivots 1.1575, Aussie meanders within a range just above 0.7350 amidst favourable Aud/Nzd crossflows and an improvement in Westpac consumer sentiment, and the Franc treads water inside 0.9150-00 parameters. However, Eur/Usd appears to be underpinned by heavier option expiries on the downside than upside rather than ostensibly hawkish ECB promptings from Germany’s Government advisors given 2.1 bn between 1.1575-65 and a further 1.2 bn from 1.1555-50 vs 1.5 bn at the 1.1600 strike.
CAD – The Loonie is outperforming or holding up better than other majors near 1.2400 vs its US rival even though WTI has backed off from best levels just shy of Usd 85/brl, but Usd/Cad could still be drawn to expiry interest starting at 1.2450 and stretching some way over 1.2500 in the absence of anything Canadian specific, and pending US inflation data of course.

WTI and Brent have been somewhat choppy this morning, but remain within reach of overnight ranges and well within yesterday’s parameters as fresh newsflow has been light; a performance that is similar to the morning’s directionless equity trade. Focus has been on last nights/yesterday’s events after the EIA’s STEO release seemingly lessened the likelihood of a SPR release followed by the weekly private inventory report, which printed a headline draw of 2.485M against the expected build of 2.1mln – reaction was minimal. Later today, we get the DoE equivalent for which expectations remain at a headline build of 2.13mln, but the components are expected to post draws of around 1mln. Elsewhere, spot gold and silver are a touch softer on the session with the US Dollar and yields perhaps weighing, though the previous metals have once again not deviated too far from overnight parameters. On copper, prices were hampered by the Chinese inflation data though LME copper has staged a marginal recovery as the session has progressed.

US Event Calendar

8:30am: Oct. CPI YoY, est. 5.9%, prior 5.4%; CPI MoM, est. 0.6%, prior 0.4%
8:30am: Oct. CPI Ex Food and Energy YoY, est. 4.3%, prior 4.0%; MoM, est. 0.4%, prior 0.2%
8:30am: Nov. Initial Jobless Claims, est. 260,000, prior 269,000
8:30am: Oct. Continuing Claims, est. 2.05m, prior 2.11m
8:30am: Oct. Real Avg Weekly Earnings YoY, prior -0.8%
8:30am: Oct. Real Avg Hourly Earning YoY, prior -0.8%
10am: Sept. Wholesale Trade Sales MoM, prior -1.1%; Wholesale Inventories MoM, est. 1.1%, prior 1.1%
2pm: Oct. Monthly Budget Statement, est. -$179b, prior – $61.5b

DB’s Jim Reid concludes the overnight wrap

After three days in hospital in traction, little Maisie has a 3-hour hip operation this morning. Showing one benefit of the pandemic, she had a zoom call with her class at school yesterday on their big screen where they all got to ask her questions. The best one apparently was one boy who put his hand up and said “will your new wheelchair have an engine?”. I was reading last night about people with Maisie’s condition (perthes) ending up playing international sport as an adult after a long recovery as a kid, including a Danish striker who played in the semi-finals of the Euros this summer and a 132kg American football player. As long as she waits a polite time after her long recovery to beat me at golf then I’ll be very happy.

Keeping my mind off things today will undoubtedly be US CPI. Given my inflationary bias views I may have just about found it vaguely conceivable at the start of the year that on November 10th we’d see a 5.9% YoY US CPI print and the sixth month above 5%; however, I would certainly not have thought that such a number if it had materialised would be greeted with a collective market “meh” with 10yr Treasury yields 450bps below this rate. A lot is resting on this inflation being transitory. This will be the multi-trillion dollar question for 2022, that’s for sure.

Last month saw yet another upside surprise that further undermined the transitory narrative, and, in fact, if you look at the last 7 monthly readings, 5 of them have come in above the median estimate on Bloomberg, with just 1 below and the other in line. In terms of what to expect, our US economists are looking for a reacceleration in the monthly prints, with a +0.47% forecast for the headline measure (+0.6% consensus), and +0.37% for core (+0.4% consensus). Their view is that the main driver is likely to be price pressures in those categories most sensitive to supply shocks, such as new and used vehicles. But they also see some downside risk from Covid-19-sensitive sectors like lodging away and airfares, where prices fell over the late summer as the delta variant slowed the recovery in travel. Look out for rental inflation too – last month we saw owners’ equivalent rent experience its strongest monthly increase since June 2006. It’s a measure that reflects underlying trend inflation, so it is important to monitor moving forward. Many models suggest it will be over 4% for much of next year, which is large given that it makes up around a third of the headline rate and c.40% of core.

Staying with inflation, China’s year-on-year numbers for October surprised on the upside overnight with CPI +1.5% (consensus +1.4%, last month +0.7%), the highest since September 2020. PPI +13.5% (consensus +12.3%) was also at a 26-year high. Asian stocks are trading lower with the KOSPI (-0.86%), Shanghai Composite (-1.20%), CSI (-1.40%), the Nikkei (-0.49%) and Hang Seng (-1.20%) all down after the China numbers. Futures are pointing to a weak start in the US & Europe too with S&P 500 futures (-0.4%) and DAX futures (-0.23%) both down.

As investors look forward to today’s number, the long equity advance finally petered out yesterday as the S&P 500 (-0.35%) snapped a run of 8 successive gains. A 9th day in the green would have marked the longest winning streak since November 2004, but in the end it wasn’t to be.It also prevented an 18th up day out of the last 20 for the first time since September 1954.So reset your counters. Instead, we saw a broader risk-off move as equity indices moved lower on both sides of the Atlantic alongside a fresh rally and flattening in sovereign bond yields and curves.

So the S&P 500 (-0.35%), the NASDAQ (-0.60%) and Europe’s STOXX 600 (-0.19%) all fell back from their record highs in the previous session although the equal weighted S&P 500 was almost flat (-0.03%) showing that there wasn’t huge breadth to the US weakness. Sector dispersion was tight in the US, with materials (+0.43%) among the leaders again along with the more typically defensive utilities sector (+0.44%). Financials (-0.55%) declined on the flatter curve story but it was discretionary stocks (-1.35%) that took the biggest hit, dragged down by Tesla declining a further -11.99% and now losing c.$200bn of market cap over two days or the equivalent of 8.5 times Ford’s market cap.

The VIX index of volatility ticked up another +0.58pts to hit its highest level in nearly 4 weeks, but remains comfortably below the peaks reached during September’s 5% pullback in the S&P. By contrast, Bitcoin proved to be one of the few winners of yesterday as it increased to an all-time high of $67,734, although that was slightly down from its all-time intraday high of $68,513 earlier in the day.

Meanwhile, the question of the various Federal Reserve appointments has been occupying increasing attention and impacting bond markets, but in spite of the gossip there’s been no fresh news over the last 24 hours we didn’t already know. Earlier this week, Politico cited two sources with knowledge of the process saying that a decision would be made by Thanksgiving. But for those with longer memories, it was reported by Bloomberg back in August that people familiar with the process were saying that President Biden was likely to make his choice around Labor Day in early September, and over two months have passed since. So we’ll have to see what the real deadline is.

Nevertheless, the news from late Monday night in the US that Fed Governor Brainard had been interviewed for the Fed Chair position helped support US Treasuries, thanks to the perception that Brainard would be a more dovish pick. Regardless of whether Powell or Brainard is Chair come this time next year, the Board will likely become more dovish as President Biden replaces outgoing Governors (and fills empty seats should he choose to do so). By the close of trade, 10yr yields were down -5.4bps to 1.44%, and the 30yr yield was down -6.4bps to 1.82%, which was its lowest closing level since mid-September. Another striking thing was that the moves lower in Treasury yields were entirely driven by a fresh decline in real yields, with the 10yr real yield down -7.0bps to -1.20%, marking its lowest closing level since TIPS began trading in 1997.

Meanwhile, there was another round of curve flattening yesterday, with the 5s30s slope down -2.8bps to 73.5bps, which is the flattest it’s been since the initial market panic over the pandemic back in March 2020. For Europe it was a similar story as yields fell across the continent, and those on 10yr bunds (-5.5bps), OATs (-5.5bps) and BTPs (-5.3bps) all saw decent moves lower.

Ahead of today’s CPI, investors had the PPI numbers to digest yesterday, though there was little market reaction to speak of as they came in almost entirely in line with the consensus. The monthly reading was up by +0.6% in October, which in turn saw the year-on-year measure remain at +8.6%, with both of those in line with expectations. The core measure did come in a touch below, at +0.4% (vs. +0.5% expected), but again that left the yoy reading at +6.8% as expected.

One factor that may help on the inflation front over the coming months was a major decline in natural gas prices yesterday, with both European (-8.16%) and US (-8.26%) futures witnessing substantial declines. This wasn’t reflected elsewhere in the energy complex though, with WTI (+2.71%) and Brent crude (+1.62%) oil prices seeing a further rise following reports that the US would not need to release strategic reserves due to the demand outlook, and gold prices (+0.42%) closed at their highest levels since June.

There wasn’t a massive amount of other data yesterday, though the ZEW survey from Germany for November saw the expectations reading unexpectedly rise to 31.7 (vs. 20.0 expected), which is the first increase after 5 consecutive monthly declines. However, the current situation measure did fall to 12.5 (vs. 18.3 expected). Finally out of the US, the NFIB’s small business optimism index for October fell to a 7-month low of 98.2 (vs. 99.5 expected).

3A/ASIAN AFFAIRS

i) WEDNESDAY MORNING/TUESDAY NIGHT:

SHANGHAI CLOSED DOWN 14.54 PTS OR 0.41% //Hang Sang CLOSED UP 183.01 PTS OR 0.74% /The Nikkei closed DOWN 178.68 PTS OR .61% //Australia’s all ordinaires CLOSED DOWN 0.24%

3 a./NORTH KOREA/ SOUTH KOREA

/NORTH KOREA//SOUTH KOREA//USA/RUSSIA

end

b) REPORT ON JAPAN

JAPAN/

3 C CHINA

CHINA/PPI

China is trapped: Its PPI skyrockets to 13.5% and this will cause massively problems for input costs

(zerohedge)

Beijing Is Trapped: Chinese Producer Prices Soar At Fastest Pace In 26 Years

China’s trade balance may have just hit a record on the back of resurgent exports and slowing inflation, but the favorable impact to China’s mercantilist economy was more than wiped out by the just released record PPI and resurgent CPI.

China’s National Bureau of Statistics reported that in October, CPI rose 1.5% Y/Y, higher than the 1.4% expected, and a 0.7% sequential increase from the September print; the CPI increase was evenly split between base effect and sequential growth.

At the same time factory gate, or PPI, inflation hit a fresh all time high of 13.5%, steamrolling the 12.4% consensus estimate, and rising at the fastest pace since records began in November 1995.

While the gradual increase in CPI is alarming, and the NBS said that it was affected by weather, commodities demand and costs – it was the producer price inflation that was far more alarming, soaring as a result of a tight supply of energy and resources. In reality, however, there was just one key variable – thermal coal, which as we said last month indicates that PPI will continue rising far higher, although judging by the recent sharp reversal in the price of Chinese thermal coal (if only for the time being), this may be as high as PPI gets.

Or so Beijing should hope because with the spread between PPI and CPI hitting a new all time record, virtually no Chinese companies that use commodity inputs – which in China is a vast majority – are making any profits.

The gap between upstream and downstream prices “continues to highlight weak consumer demand in the economy and the immense pressure on profit margins downstream firms are facing,” said Michelle Lam, greater China economist at Societe Generale SA in Hong Kong.

The latest price jump comes against the backdrop of a weakening economy as electricity shortages, a slump in the property sector and virus outbreaks weigh on activity. Rising inflation will likely reignite the debate over whether the central bank can provide more policy easing to help support growth.

Some more details on the latest data:

In year-over-year terms, food inflation rose to -2.4% yoy in October from -5.2% yoy in September, due to both a low base and a sequential increase in prices month-on-month. The increase of food inflation in October was broad-based (particularly an extreme increase in vegetable prices). Pork prices, a big driver of CPI, continued to decline in October, and that helped to mask a rise in other food costs. Deflation in pork prices eased slightly to -44.0% yoy in October from -46.9% yoy in September, primarily on a favorable base effect. Overall CPI would have risen almost 2.5% if not for the effects of falling pork prices, according to the NBS.
Inflation in fresh vegetables rose to 15.9% yoy in October from -2.5% yoy in September, contributing 0.33 percentage point to the increase in CPI while the price of fresh fruits increased to 0.5% yoy in October (vs. -0.8% in September), both primarily on the back of sequential increases in prices. Prices of freshwater fish, eggs and edible vegetable oil also rose sharply in October from a year ago. Vegetable prices have jumped since mid-October following supply disruptions, prompting the government to crack down on hoarders.
Non-food CPI inflation increased to +2.4% yoy in October from +2.0% yoy in September, primarily on a sequential increase (especially fuel costs). Fuel costs increased by +31.4% yoy in October (vs. +22.8% yoy in September).
Core CPI inflation (headline CPI excluding food and energy) edged up to +1.3% yoy in October (vs. +1.2% in September), with inflation in services flat at +1.4% yoy in October. In other words, producers are passing on a growing part of their own surging costs on to consumers, but nowhere near all as the record gap between CPI and PPI shows.
And speaking of PPI, producer price inflation rose to +13.5% yoy in October from +10.7% yoy in September, largely on strong sequential growth. PPI inflation in producer goods rose to +17.9% yoy in October from +14.2% yoy in September, and PPI inflation in consumer goods edged up to +0.6% yoy in October (vs. +0.4% yoy in September). Among major sectors, in seasonally adjusted non-annualized month-over-month terms, inflation in coal mining increased the most (+17.2% in October from +10.5% in September), followed by upstream sectors, such as petroleum/coking and chemicals. In year-over-year terms, coal mining picked up the most due to both high sequential growth and a low base.

Looking ahead, Goldman predicts that headline CPI inflation is likely to continue rising in the coming months as high frequency data suggest that the year-on-year decline in pork prices tightened in early November, and year-on-year inflation in fresh vegetables and fruits picked up. Needless to say, PPI inflation is expected to stay elevated in the near term, although as noted above, October may be the peak given the recent decline in coal prices.

Xing Zhaopeng, China strategist at Australia & New Zealand Banking Group agrees and writes that while the impact of vegetable prices might be short-lived, rising demand before the upcoming Chinese New Year might drive CPI higher in the next couple of months.

Or maybe not, because while Beijing has succeeded in dragging coal prices lower now, it is only at the expense of a far bigger surge in coal in the future. 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 recently, 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.”

Local stocks were certainly not happy, with China’s CSI 300 Index sliding as much as 1.3% amid signs that producers are passing on higher costs to consumers, and that the PBOC may have no choice but to tighten financial conditions at the expense of risk assets. Several food companies have already announced price hikes of up to 15%, including Haixin Foods, Anjoy Foods and Jiajia Food, due to rising costs for raw materials.

The stronger than expected inflation data is “bad news for the A-share market,” according to Ken Chen, an analyst at KGI Securities Co., referring to the stocks of companies listed on mainland exchanges. “The market is expecting some policy support to help the weak economy, but the CPI data may give limited room” for any stimulus, he said echoing what Zhang Zhiwei, chief economist at Pinpoint Asset Management, said last month: “We think the risk of stagflation is rising in China as well as the rest of the world. Persistent inflationary pressure limits the potential scope of monetary policy easing.”

Liu Peiqian, China economist at Natwest Markets expects policy makers to keep prioritizing stabilizing supplies and prices of commodities and raw materials to tame PPI inflation, while the People’s Bank of China is unlikely to tighten monetary policy, as CPI remains well below target.

Commenting on the latest inflation data, Bloomberg’s China economist David Qu said that “the acceleration in China’s inflation in October is probably a bit of a side show for the central bank — we don’t expect the People’s Bank of China to take its eye off the need to cushion a slowdown in the economy. We still expect it cut banks’ required reserve ratio by another 50 basis points in the next month or so.”

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.

CHINA

Evergrande Makes Another Last Minute Interest Payment After Selling Private Jets, Pledging Chairman’s Mansions

Heading into today, the fate of China’s insolvent property giant, Evergrande, was once again uncertain, with Reuters reporting earlier today that some bondholders of the cash-strapped company had still not received coupon payments by the end of 30-day grace periods at close of Asia business on Wednesday, pushing the developer again to the edge of default. This despite the company recently selling two of its Gulfstream private jets, and despite a report from Hong kong’s HK01 media that Evergrande Chairman Hui Ka Yan had pledged a second house on the peak in Hong Kong as collateral to Orix Asia Capital for a loan.

Evergrande has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are international market bonds. While the company had not defaulted on any of its offshore debt obligations, a 30-day grace period on coupon payments of more than $148 million on its April 2022, 2023 and 2024 bonds ended on Wednesday. A failure to pay would result in a formal default by the company and trigger cross-default provisions for other Evergrande dollar bonds, exacerbating a debt crisis looming over the world’s second-largest economy.

And then, just as speculation swirled that today would finally be the day Evergrande collapsed, the insolvent debtor looked once again set to avert a default in its biggest test since the property developer’s debt crisis began.

According to Bloomberg, customers of international clearing firm Clearstream received overdue interest payments on the three U.S. dollar bonds issued by Evergrande, a spokesperson for Clearstream said. Two investors that hold two of the bonds confirmed that they received the payments, asking not to be identified because they weren’t authorized to speak publicly.

The latest payment means that the embattled developer once again made overdue coupon payments totaling $148.1 million to offshore creditors literally minutes before the end of 30-day grace periods on Wednesday, after missing the initial interest deadlines last month.

The property giant pulled back from the brink of default in October by paying other coupons before the end of its grace period.

However, with billions in coupons and maturities due in coming months, the crisis at Asia’s largest junk bond issuer is hardly over, as it grapples with more than $300 billion in liabilities.

Countless other developers have also fallen into distress amid a crackdown on speculation and leverage following years of debt-fueled expansion. A string of defaults and downgrades in the property industry in recent weeks pushed yields on junk dollar bonds from Chinese issuers to the highest in at least a decade over 24%. The contagion has even spread to other areas of the credit market, including investment grade companies that were previously seen as untouchable by panicked sellers.

On Monday, two holders of other dollar notes sold by a unit of China Evergrande said they hadn’t received payment for coupons that were officially due Saturday. Both of those coupons also have a 30-day grace period before any missed payment would be considered a default

Authorities have sought to limit the fallout from the wider property market distress, with the central bank injecting liquidity into the financial system.

Separately, Chinese developers’ bonds and stocks rallied sharply Wednesday after the Securities Times said authorities are likely to loosen controls for the nation’s real estate companies to issue local-currency notes, part of efforts to prevent a further deterioration in their financing. Later in the day, the New York Times reported that the Chinese central bank is considering easing rules to let struggling developers sell assets to avoid defaults, the New York Times reports, citing unidentified people with knowledge of the discussions.

The People’s Bank of China is considering allowing the buyers of assets from financial strained property firms to take over the assets without having the projects’ associated debt affect their own debt ratios; the buyers would likely be state-owned firms. Current rules, put in place last year, are so strict that they have hindered the ability of developers such as China Evergrande to sell assets to pay debts.

As for Evergrande, this time the company may have made a payment but creditors shouldn’t expect that these piecemeal payments will continue: as the WSJ reported, the Chinese state is quietly dismantling the giant developer slowly and behind the scenes:

The plan, according to people familiar with the matter and official government statements, is to manage a controlled implosion by selling off some Evergrande assets to Chinese companies while limiting damage to home buyers and businesses involved in its projects.

Chinese authorities must do this without bringing down the country’s epic property boom. Evergrande is struggling to manage roughly $300 billion in liabilities, including close to $20 billion in outstanding U.S. dollar bonds.

Looking out for foreign investors isn’t a priority, WSJ sources citing people familiar with the matter perhaps because replacing one set of broke creditors with another set of soon to be broke creditors would be too much irony even for China. Still, Beijing is closely monitoring the situation, because authorities need credit markets to be healthy to prevent other property developers from failing and because they worry about China’s image, one of those people said.

The bottom line: this will be one drawn out default-cum-nationalization as it could take years to take the company apart, and many details are still being worked out, people familiar with the matter say. It’s possible some version of Evergrande could survive, though it would likely be much smaller.

Much of the work so far has focused on Evergrande’s hundreds of stalled projects, a process that will likely involve bringing in other developers to take over.

END

4/EUROPEAN AFFAIRS

GERMANY//COVID

Finally hitting mainstream media: German newspaper Berliner Zeitung highlights an unusually large number of soccer players who have collapsed recently.

(Watson/SummitNews)

German Newspaper Highlights “Unusually Large” Number Of Soccer Players Who Have Collapsed Recently

Authored by Paul Joseph Watson via Summit News,

German newspaper Berliner Zeitung has published a report seeking to answer why an “unusually large number of professional and amateur soccer players have collapsed recently.”

Headlined ‘Puzzling heart diseases in football,’ the report begins by highlighting the case of FC Barcelona’s Sergio Agüero, the 33-year-old striker who recently had to be withdrawn from a match after 41 minutes suffering from dizziness and breathing difficulties.

The article lists a large number of recent cases of footballers who have had heart problems or collapsed on the field, in some cases leading to death.

That list is republished here;

As we previously highlighted, other professional athletes have also recently suffered similar health problems, including 24-year-old Slovak hockey player Boris Sádecký, who tragically died after collapsing on the ice during a match last Friday.

28-year-old bodybuilder Jake Kazmarek also died “unexpectedly” four days after taking the COVID jab.

The Berliner Zeitung article doesn’t speculate as to whether reactions from COVID vaccines had anything to do with the rash of collapses and heart problems.

However, it does note that “heart muscle inflammation (myocarditis)” can “already occur in the course of banal virus infections” and lead to “life-threatening cardiac arrhythmias.”

A “small number” of vaccinated people have suffered heart inflammation problems as a result of the vaccine, according to a Wall Street Journal report.

Researchers are now investigating reports that the Pfizer and Moderna vaccines “are likely causing the inflammatory heart conditions myocarditis and pericarditis.”

end

FRANCE//VACCINE/

Now the French Health Authority warns men under 30 to avoid Moderna. It should be everybody not just men under 30.

(zerohedge)

French Health Authority Warns Men Under 30 To Avoid Moderna Jab

The bad news for Moderna just keeps coming.

In the wake of a weak earnings report that sent Moderna shares cratering last week, French health authorities have just released a new advisory recommending that people under 30 don’t get the Moderna vaccine, recommending that they choose the Pfizer-BioNTech jab instead.

The decision draws on recently released data showing that the risk of heart inflammation from Pfizer’s jab “appears to be around five times lesser…compared to Modera’s spikevax jab”, per an opinion published by the HAS.

Cases of myocarditis mostly manifest within 7 days of vaccination, typically after the second dose has been given. Most patients who experience side effects are typically men under the age of 30, according to the HAS, which cited research studies.

HAS acts as an advisor to the French health sector but it doesn’t have the power to ban medicines or vaccines. The recommendation will apply to first and second doses, as well as a any “booster shot” doses available while the agency awaits additional data.

For French men and women aged 30 and over, however, HAS says it sees no problem with administering Moderna’s Spikevax in this group, stating that its efficacy was slightly higher than Pfizer-BioNTech’s jab.

Last month saw a handful of Nordic nations place varying restrictions on Moderna’s vaccine.

Tiny Iceland, meanwhile, has banned the Moderna jab from being used across the entire population.

Initially. Stockholm announced it would pause the use of Moderna for all of its population born in 1991 or after.

Helsinki followed suit, but halted the jabs for young, male Finns only based on a study involving Finland, Denmark, Norway, and Sweden which found that men under 30 had a slightly higher risk of developing heart inflammation. Oslo also suggested that young Norwegian men should consider choosing Comirnaty, the Pfizer jab, over Moderna’s or any of the other options.

The EMA, the EU’s medical watchdog, has acknowledged that inflammatory conditions like myocarditis and pericarditis, two different types of heart inflammation, should be added to a list of rare side effects from the vaccines that could be potentially harmful.

end

Adolescent deaths skyrocket by 125% due to the vaccine

(Gomes)

CATHOLIC SCHOOL TEENS DIE AFTER VACCINE DRIVE

by Jules Gomes • ChurchMilitant.com • November 5, 2021 60 Comments

Adolescent deaths skyrocket by 125% over 5-year average following jabs

You are not signed in as a Premium user; we rely on Premium users to support our news reporting. Sign in or Sign up today!

NEWCASTLE-UNDER-LYME, England (ChurchMilitant.com) A Catholic school in the archdiocese of Birmingham is refusing to reveal if the deaths of two of its pupils is related to the COVID-19 jab administered in a mass-vaccination drive targeted at teenagers.

Garrett Murray, acting head teacher of St. John Fisher Catholic College in Newcastle-under-Lyme, is urging people “not to speculate, particularly on social media,” on the sudden deaths of Mohammed Habib (Year 10) and Harry Towers (Year 11).

Habib died on Oct. 24, followed a week later by Towers, who died on Oct. 30 in Stoke-on-Trent, a city in central England historically known for its pottery and ceramics. In England, Year 10 pupils are 14–15 years old and Year 11 pupils are 15–16 years old.

A source close to the school told Church Militant Habib died of a heart attack while Towers suffered a fatal brain tumor. Both conditions have been linked to the jab, with myocarditis — or heart inflammation — occurring in about 1 per 5,000 cases of vaccinated boys ages 12–15.

Funeral Director Sounds Alarm

“Children are dying across the country as I predicted they would,” funeral director John O’Looney from Milton Keynes told Church Militant. “I emailed my member of Parliament several times, I have also emailed Boris Johnson and even the chief coroner of England.”

O’Looney lamented:

They do not respond because they are complicit. This is depopulation on a global scale. I said the experimental gene therapy would lead to deaths — deaths that would occur in children and adults. These deaths are now happening. I see the lies and death patterns firsthand. Now others in my profession are speaking out as well. They are all very scared.

For many months I have been warning of the lies around COVID and the great effort made to force, blackmail and lie and frighten people into getting an injection. These people [our rulers] are totally aware.

O’Looney adds that his only comfort “is that God will judge them for this evil they do to others. I pray daily that He does so very soon.”

Child Death Increase Ignored, Denied

Habib and Towers died over the half-term holidays after a mass-vaccination campaign at the Shelton Primary Care Centre on Aug. 26 run by Britain’s National Health Service (NHS).

Scores of youngsters lined up to receive the Pfizer jab including 17-year-old Sayen, a pupil at St. John Fisher Catholic College. Sayen’s mother Amanda Masterson told media she was responding to “a text message from Grab-a-Jab” advertising “a walk-in clinic today.”

In the first week of August, the NHS began persuading 16- and 17-year-olds across England to get jabbed. Days later, the state-run health provider opened walk-in sites all over England making China-virus shots available to children over the age of 12.

Since then, the Office of National Statistics (ONS) has recorded “a significant rise in deaths among teens against the five-year average with some weeks seeing an increase as high as 125%.”

Post-inoculation deaths are small, but not negligible, in children.Gab Tweet

The rushed Pfizer vaccine trial found that vaccinated children had nearly six times the risk of suffering a severe adverse event in the two-month observation period compared to children who did not get the jab.

Consequently, the Joint Committee on Vaccination and Immunization (JCVI) advising the British government recommended against vaccinating children over 12, noting “increasingly robust evidence of an association between vaccination with mRNA COVID-19 vaccines and myocarditis.”

Under pressure from the government, the United Kingdom’s four chief medical officers overruled the JCVI advice insisting the “the most important [decision on recommending vaccination] in this age group was impact on education.”

British local media reported several “sudden” deaths occurring in England in the month of October including an 11-year-old girl who suffered a fatal heart attack at Moat Community College, Leicester.

A Year 10 pupil at Springwood High School, Kings Lynn, Norfolk, is reported to have “died in her sleep” and a Year 12 girl from King John School in Essex, is said to have died “unexpectedly in her sleep at home.”

Dr. Michael Head, senior research fellow at the University of Southampton maintained: “There are no deaths in U.K. teenagers known to be caused by the COVID-19 vaccines.”

Child Trials Flawed, Research Says

However, a peer-reviewed study in Toxicology Reports concluded that “post-inoculation deaths are small, but not negligible, in children.”

“Clinical trials for these inoculations were very short-term (a few months), had samples not representative of the total population, and for adolescents/children, had poor predictive power because of their small size,” the researchers warned.

Vaccine uptake has been low among under-18s as a September survey of 28,000 students age 9–18 years in England revealed. Researchers found just 51% of 13-year-olds were willing to get the jab, compared with 78% of 17-year-olds.

Church Militant contacted acting head teacher Garrett Murray, archbishop of Birmingham Bernard Longley, diocesan director of education Adam Hardy, and the pastoral and behavior leaders for Year 10 and Year 11 but received no response as of press time.

end

6.Global Issues

CORONAVIRUS UPDATE

This is huge new: The New York Rabbinical court has decreed that MRNA jabs are absolutely forbidden for children adolescents, young men and women

(SARAH WESTALL)

MAJOR DEVELOPMENT: Rabbinical Court Decrees MRNA Jab “Absolutely Forbidden” For Children, Adolescents, Young Men & Women

No-Jab-for-Children-800x534 MAJOR DEVELOPMENT: Rabbinical Court decrees mRNA jab "Absolutely Forbidden" for children, adolescents, young men & women

By Sarah Westall | SarahWestall.com | Encouraged to Republish with Links-Credit

On November 1st, the Rabbinical Court officially decreed that the mRNA COVID shot is “absolutely forbidden” for children, adolescents, young men & women.

The Rabbinical Court is part of the Israeli legal system and determines laws that reflect the teachings of the Torah. A ruling by the Rabbinical courts is considered God’s law and is strictly followed by the Jewish community. The importance of this decision cannot be understated on its ultimate effect on Jewish children and young adults throughout the world.

Screen-Shot-2021-11-06-at-9.31.56-AM-253x300 MAJOR DEVELOPMENT: Rabbinical Court decrees mRNA jab "Absolutely Forbidden" for children, adolescents, young men & women

After hours of testimony on October 26th, 2021 by medical experts, lawyers, and scientists, the Rabbinical court made their decree which sent shock waves throughout the world. The decision stated:

“It is absolutely forbidden to administer or even to promote this injection to children, adolescents, young men or women; even if it means that they will not be permitted by the government to attend yeshiva or seminary or to study abroad, etc. It is an explicit obligation to protest against this mandate, and anyone who can prevent the injection from being forced upon our youth must do so, forthrightly and emphatically.”

Further the court forbid pregnant woman and all healthy adults who are of child-bearing age,

“Much harm appears to be caused to pregnant women as a result of the injection (possibly due to the antibodies that the body develops against the protein called Syncytin‐1, or from the SM102, or from the micro blood clots caused by the injection. The common denominator here is that it is harmful for a pregnant woman, and that it may be considered a violation of the prohibition of sterilization or preventing fertility). As such, it is forbidden for them to take this injection. Included in this are all healthy adults who are of child‐bearing age – they too should stay away from the said injection.”

The decision also addressed older adults and that further clarification needs to be made. But they specifically determined that “it is best to err on the side of caution”.

“Therefore – it is best to err on the side of caution and abstain from taking the injection, rather than endangering one’s lifeby performing an action that can engender immediate and direct harm. Especially since there are other medical treatments that work, as mentioned, and that are not harmful.”

The other major part of this decision is in regard to promoting or influencing anyone from straying from this decree. Specifically it states:

“assisting or enabling a person to violate a transgression – includes verbal encouragement, offering monetary incentives or other bribes, verbal pressure or actual threats, to coerce employees, etc., to receive the mRNA.”

Jewish-Win-1-e1635790328362-262x300 MAJOR DEVELOPMENT: Rabbinical Court decrees mRNA jab "Absolutely Forbidden" for children, adolescents, young men & women Dr. Robert Malone, who is widely credited for inventing the mRNA vaccines while he was at the Salk Institute in 1988, posted the following statement after the decision had been made public:

“Apparently the testimony to the Hasidic Rabbinical court in New York City was useful, and a decision has been rendered.

SARS-CoV-2 vaccination is absolutely forbidden in children, and cautioned for adults.”

“I will post the Hebrew and English versions when available”

Attorney Thomas Renz, who is the lead attorney for America’s Frontline doctors who is suing the CDC, President Joe Biden, Anthony Fauci and others, made this statement:

“On Tuesday of last week I was given the unique honor to testify at a Rabbinical Court in New York City with a number of the top experts in the world regarding the COVID jabs. It was my pleasure to provide input to God’s chosen people on such an important issue and I hope it will save lives.”

You can see the full testimonies by world experts and the official translated statement from the Rabbinical Court here

end

New study shows vaccine effectiveness plunging from 88% to just 13% in mere months

(NaturalNews)

New study shows vaccines have plunged from 88% effectiveness against Covid infections to just 13% in mere months – NaturalNews.com

What was the point of it all?

https://www.naturalnews.com/2021-11-08-vaccine-effectiveness-plunged-from-88-to-just-13.html

7. OIL ISSUES

8 EMERGING MARKET& AUSTRALIA ISSUES

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

AUSTRALIA

Euro/USA 1.1552 DOWN .0042 /EUROPE BOURSES //ALL MIXED

USA/ YEN 113.22 UP 0.307 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3501 DOWN 0.0058

USA/CAN 1.2437 UP 0.0009 ( CDN DOLLAR DOWN 9 BASIS PTS )

Early WEDNESDAY morning in Europe, the Euro IS DOWN by 42 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1552

Last night Shanghai COMPOSITE CLOSED DOWN 14.54 PTS OR 0.41%

//Hang Sang CLOSED UP 183.01 PTS OR 0.74%

/AUSTRALIA CLOSED DOWN 0.24% // EUROPEAN BOURSES OPENED MOSTLY MIXED

Trading from Europe and ASIA

EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 183.01 PTS OR 0.74%

/SHANGHAI CLOSED DOWN 14.54 PTS OR 0.41%

Australia BOURSE CLOSED DOWN 0.24%

Nikkei (Japan) CLOSED DOWN 178.68 POINTS OR .74%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1825.75

silver:$24.18-

Early TUESDAY morning USA 10 year bond yr: 1.477% !!! UP 3 IN POINTS from TUESDAY night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.849 UP 3 IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 94,28 UP 32 CENT(S) from TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

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And now your closing WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.36% UP 6 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.06% DOWN6/10 BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.45%// UP 6 in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD: 0.94 UP 9 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 49 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –..244% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.18% 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 WEDNESDAY

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

Euro/USA 1.1523 DOWN .0072 or 72 basis points

USA/Japan: 113.84 UP .925 OR YEN DOWN 93 basis points/

Great Britain/USA 1.3480 DOWN .0078// DOWN 78 BASIS POINTS)

Canadian dollar DOWN7 basis points to 1.2443

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The USA/Yuan, CNY: closed ON SHORE (CLOSED UP)..6.3888

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)..6.3950

TURKISH LIRA: 9.73 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield at +0.06%

Your closing 10 yr US bond yield UP 8 IN basis points from TUESDAY at 1.523 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.879 UP 6 in basis points on the day

Your closing USA dollar index, 94.52 UP 56 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 WEDNESDAY: 12:00 PM

London: CLOSED UP 51.82 PTS OR 0.21%

German Dax : CLOSED UP 23.76 PTS OR 0.15%

Paris CAC CLOSED UP 1.29 PTS OR 0.02%

Spain IBEX CLOSED UP 61.80 PTS OR 0.68%

Italian MIB: CLOSED UP 108;69 PTS OR 0.40%

WTI Oil price; 82.97 12:00 PM EST

Brent Oil: 84.00 12:00 EST

USA /RUSSIAN / RUBLE FALLS: 70.91 THE CROSS HIGHER BY 0.10 RUBLES/DOLLAR (RUBLE LOWER BY 10 BASIS PTS)

TODAY THE GERMAN YIELD RISES TO –.244 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 : 81.31//

BRENT : 82.58

USA 10 YR BOND YIELD: … 1.564..UP 12 basis points…

USA 30 YR BOND YIELD: 1.921 UP 10 basis points..

EURO/USA 1.1479 DOWN 0.01145 ( 115 BASIS POINTS)

USA/JAPANESE YEN:113.93 UP 1.017 ( YEN UP 102 BASIS POINTS/..

USA DOLLAR INDEX: 94.89 UP 93 cent(s)/

The British pound at 4 pm Britain Pound/USA: 1.3406 DOWN .01534

the Turkish lira close: 9.83 DOWN 10 BASIS PTS//

the Russian rouble 71.29 DOWN 49 Roubles against the uSA dollar. (DOWN 49 BASIS POINTS)

Canadian dollar: 1.2495 DOWN 59 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.244%

The Dow closed DOWN 240.04 POINTS OR 0.66%

NASDAQ closed DOWN 263.84 POINTS OR 1.66%

VOLATILITY INDEX: 18.58 CLOSE UP 0.80

LIBOR 3 MONTH DURATION: 0.1490

%//libor dropping like a stone

USA trading day in Graph Form

Gold & The Dollar Soar As CPI Surge Sparks Fed Faux-Pas Fears

On top of yesterday’s US PPI and last night’s Chinese inflation data, this morning’s soaring US CPI (at 40 year highs) appeared to be the straw that broke the back of the ‘transitory’ narrative, no matter how many times establishment types repeat it…

Source: Bloomberg

That immediately sparked a hawkish adjustment in STIRs, erasing all of , now fully pricing-in a rate-hike for July 2022…

Source: Bloomberg

This is far more hawkish than The Fed (but note that the market is also more dovish longer-term as anxiety over The Fed making a policy-error continues to build…

Source: Bloomberg

Today was a ‘game of two halves’.

The ugly CPI print prompted a serious reaction across all asset classes in the pre-market:

Stocks tumbled
VIX jumped
Crypto spiked
Gold spiked
TSY Yields spiked (except the 30Y)
Yield Curve flattened dramatically
Dollar spiked

All of which generally extended for a few hours (except stocks which did their usual BTFD ramp into the cash market open before reverting to the downward push).

But, things changed at around 1300ET.

A really ugly 30Y auction (with the biggest tail we can ever remember) sparked a dramatic surge in yields…

Source: Bloomberg

The entire curve repriced higher in yield (with the belly hardest hit on the day: 2Y +8bps, 5Y +12bps, 30Y +9bps)

Source: Bloomberg

The yield curve flattened dramatically on the CPI print then steepened it all back on the ugly 30Y auction. However, the curve (5s30s) did end up flatter overall on the day – its flattest since before COVID (early March 2020)…

Source: Bloomberg

Stocks accelerated their losses with Nasdaq and Small Caps clubbed like a baby seal…

Source: Bloomberg

VIX accelerated higher to almost 20…

Rivian went public today and was well bid into the open, but it closed below its open

Robinhood was clubbed like a baby seal back to a record low close after hacking headlines…

Crypto rapidly retraced its spike gains with Bitcoin reversing from almost $69,000 (record high). Bitcoin legged lower again towards the cash equity close…

Source: Bloomberg

The Dollar extended its earlier gains…

Source: Bloomberg

…soaring to 2021 highs…

Source: Bloomberg

…closing at its highest since Nov 2020…

Source: Bloomberg

Gold spiked above $1870 on the CPI print, faded lower, jolted down on the 30Y auction and stabilized…

…, closing at 5 month highs…

Oil prices ripped on the CPI print but faded after DOE reported a surprise crude build….

Finally, in case you were wondering why the 30Y auction was so ugly today – aside that is from it being a ‘taper tantrum’ – here is one potential answer. As Bloomberg’s Sebastian Boyd notes, the long-end of the curve (30Y) had become extremely expensive (low in yield) relative to the belly of the curve (5Y for example) as indicated by the fact that the 2s5s30s butterfly went positive ahead of the auction today. As is clear from the chart, that has been a very strong region of resistance for the ‘shape’ of the curve… which may have prompted some buyers to shy away from buying at the auction.

Source: Bloomberg

The weak auction sent 30Y spiking and sent the butterfly back down notably negative (and ‘cheapening’ the 30Y).

And as a reminder, inflation by itself isn’t the problem, it’s the failure of wages to keep pace that is troubling for the economy and the equity markets. Wednesday’s spike in inflation has eroded consumer spending power for the seventh consecutive month, putting growth and earnings forecasts in jeopardy.

Source: Bloomberg

But don’t forget a soaring cost of living is a good thing!!

Bloody idiots!!!

END

i) MORNING TRADING//

end

ii) USA///DEBT

USA DATA

Consumer prices are spiking at their fastest rate in 40 years at 6.2% year over year

(zerohedge0

US Consumer Prices Are Spiking At Their Fastest Rate In 40 Years

Following yesterday’s US PPI print at record highs, overnight we saw Chinese producer prices rising at their fastest pace in 26 years, and this morning’s US consumer price data was expected to show yet another non-transitory surge in inflation… but the actual surge was far bigger than expected.

US Consumer prices soared 6.2% YoY in October, far higher than the +5.9% YoY expected and accelerating from September’s 5.4% YoY; that was the highest print since June 1982…

Source: Bloomberg

Core CPI also spiked to its highest since August 1991…

Source: Bloomberg

Energy and Used Car costs continue to accelerate…

And used car and truck price CPI isn’t done rising yet…

The shelter index increased 0.5 percent over the month, as the indexes for rent and owners’ equivalent rent both rose 0.4 percent and the index for lodging away from home increased 1.4 percent.

Oct Shelter inflation 3.48%, up from 3.16%
Oct Rent inflation 2.70%, up from 2.43%

And the surge in owners equivalent rent inflation is anything but over…

Amusingly, according to the BLS, just two things dropped in price in October: airline fares and alcoholic beverages. We can guarantee with 100% certainty, that both are absolute lies!

Here is the BLS’ commentary on inflation excl. soaring food and energy:

The index for all items less food and energy rose 0.6 percent in October as most major component indexes increased.

The shelter index increased 0.5 percent over the month, as the indexes for rent and owners’ equivalent rent both rose 0.4 percent and the index for lodging away from home increased 1.4 percent. Major vehicle indexes also rose in October. The index for used cars and trucks rose 2.5 percent after declining in August and September. The index for new vehicles rose 1.4 percent in October, its seventh consecutive monthly increase.

The medical care index increased in October, rising 0.5 percent, its largest monthly increase since May 2020. The index for hospital services rose 0.5 percent, and the index for prescription drugs advanced 0.6 percent; the index for physicians’ services was unchanged. The household furnishings and operations index rose 0.8 percent, and the recreation index increased 0.7 percent. Also rising in October were the indexes for personal care (0.6 percent), tobacco (1.9 percent), education (0.2 percent), and communication (0.1 percent).

The motor vehicle insurance index and the apparel index were both unchanged in October. The index for airline fares was one of the few to decline, falling 0.7 percent; the index for alcoholic beverages decreased 0.2 percent.

The index for all items less food and energy rose 4.6 percent over the past 12 months. Component indexes rising more include used cars and trucks (26.4 percent) and new vehicles (9.8 percent, the largest 12-month increase since the period ending May 1975). Indexes rising less than 4.6 percent include shelter (3.5 percent) and medical care (1.3 percent). Few major component indexes declined over the past year; one exception is airline fares (-4.6 percent).

Of course, food and energy prices are just vertical at this point:

The food at home index rose 5.4 percent over the past 12 months as all of the six major grocery store food group indexes increased over the period. The index for meats, poultry, fish, and eggs increased 11.9 percent, with the index for beef rising 20.1 percent and the index for pork rising 14.1 percent, its largest 12-month increase since the period ending December 1990. The other major grocery store food group indexes also increased over the last 12 months with increases ranging from 1.8 percent (dairy and related products) to 4.5 percent (nonalcoholic beverages).
The index for food away from home rose 5.3 percent over the last year. The index for limited service meals rose 7.1 percent over the last 12 months, and the index for full service meals rose 5.9 percent, both the largest 12-month increases in the history of the respective series. The index for food at employee sites and schools declined sharply over the past year, falling 45.4 percent.
The energy index rose 30.0 percent over the past 12 months, its largest 12-month increase since the period ending September 2005. All the major energy component indexes increased sharply over the last 12 months. The gasoline index rose 49.6 percent over the last year, and is now at its highest level since September 2014. The fuel oil index increased sharply over the year, rising 59.1 percent. The ndex for natural gas rose 28.1 percent over the last 12 months, and the electricity index rose 6.5 percent

Both Goods and Services inflation are soaring…

And just in case you fall for the narrative that wages are rising too… to cover this… they’re not! Real weekly earnings are down 1.6% YoY – in other words, The Fed’s actions are destroying people’s cost of living…

Source: Bloomberg

The gap between PPI and CPI continues to run at record highs, meaning either consumers are about to be crushed or margins are going to collapse (which is odd because margins are actually at record highs)…

Source: Bloomberg

So once again we ask – will a Fed Chair Brainard ever do anything to halt this completely non-transitory surge in inflation?

end

Manchin says that inflation is not transitory//cannot ignore the pain that is felt by all Americans

(zerohedge)

Manchin Says Inflation ‘Not Transitory’, Cannot Ignore ‘Pain’ Felt By Americans

Moderate Democratic Senator Joe Manchin of West Virginia said on Wednesday that the inflation we’re seeing right now is not transitory, and “is instead getting worse.”

“By all accounts, the threat posed by record inflation to the American people is not “transitory” and is instead getting worse,” he tweeted, adding “From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.”

Of note, here’s CPI vs. mentions of the word “Transitory” in the news:

Manchin’s comment comes after US consumer prices soaring 6.2% in October – outpacing the 5.9% expected YoY, which is a sharp acceleration from September’s 5.4% YoY and the highest print since June 1982.

end

High prices are here to stay according to analysts before the release of the huge increase in CPI

(Ozimek//EpochTimes)

Relief From High Prices Unlikely, Analysts Say Ahead Of Consumer Inflation Data Release

Authored by Tom Ozimek via The Epoch Times,

Having seen producer prices soar yesterday, investors closely eyeing consumer prices for any signs that The Fed’s ‘transitory’ inflation narrative is true and Wells Fargo analysts say it’s unlikely sticker-shock-weary consumers will see relief as the persistent supply-side crunch will “keep fanning the flames on inflation in the near term.”

Yesterday, the Labor Department released data for October’s producer price index (PPI), which tends to front-run consumer inflation data as at least some production costs get passed on to consumers. The headline and core data for producer prices came in at record highs.

And today, the Labor Department will issue figures for October’s consumer price index (CPI), a key measure of inflation from the perspective of end consumers of goods and services. Consensus forecasts predict a year-over-rise of 5.3 percent in the CPI inflation gauge for October, with the prior month’s rise amounting to 5.4 percent, near a 30-year high.

On a month-over-month basis, CPI is expected to clock in at 0.5 percent, according to consensus forecasts released by FXStreet, though Wells Fargo analysts expect inflation was running hotter.

“Consumer Price Index report for the month of October is unlikely to offer much of a reprieve on the inflation front,” Wells Fargo analysts wrote in a note, in which they predict a 0.6 percent month-over-month increase in the CPI index.

“If realized, this would put headline CPI inflation at 5.9 percent year-over-year.”

“Goods inflation has been running at rates not seen in decades, while services inflation has mostly been in line with its historical average,” the analysts added.

“We expect goods inflation to hand the baton to services over the course of the next year, but all signs indicate that supply chain bottlenecks will keep fanning the flames on inflation in the near term.”

Bankrate Chief Financial Analyst Greg McBride told The Epoch Times in an emailed statement that lost month’s CPI print showed inflationary pressures were broadening out. Prior months saw shocking price surges in areas like lumber, bacon, and used cars, but now price pressures have been seeping into other categories.

“Inflation is broadening out, with the necessities of food and shelter together accounting for more than half of the increase in September. Consumers are feeling it in the pocketbook at the grocery store and tenants in many parts of the country could get sticker shock at their next lease renewal,” McBride said.

He predicts that supply chain bottlenecks “will be with us well into 2022, and with that, upward pressure on prices.”

A cargo ship moves toward the Bayonne Bridge as it heads into port in Bayonne, New Jersey, on Oct. 13, 2021. (Spencer Platt/Getty Images)

Analysts at ING said in a recent note that the extent to which elevated producer costs will ultimately get passed on to consumers depends partly on whether businesses will be willing to squeeze margins to maintain volumes.

But that becomes less likely the longer supply chain bottlenecks persist, the ING team argued, “which means that we expect goods inflation to further increase over the coming months and to remain elevated throughout the first half of the year as pipeline pressures remain fierce.”

Notably, producer prices are running significantly hotter than consumer prices until now, pressuring firms’ margins (or forcing them to increase prices at some point to the end-users).

Besides actual, realized inflation running at multi-year highs, consumer expectations for what the rate of inflation will be in the future in the United States are at all-time highs.

The New York Fed’s most recent consumer inflation expectations survey showed that short-term (one year ahead) inflation expectations rose in October to 5.7 percent, the highest reading in the history of the series. The medium-term (three years ahead) inflation expectations remained unchanged from the prior month’s level of 4.2 percent, which was a record high.

Also, a key measure of the bond market’s expectations for upward price pressures over the next five years, known as the 5-year breakeven inflation rate, rose to an all-time high of 2.99 percent at the end of October, dropping slightly to 2.94 percent as of Nov. 8. This indicates investors expect inflation to average around 3 percent a year for the next five years.

Federal Reserve policymakers have maintained that the current bout of inflation is transitory, though Fed Vice Chairman Richard Clarida acknowledged on Nov. 8 that inflation this year has been “much more than a ‘moderate’ overshoot of our 2 percent longer-run inflation objective” while adding that inflation risks are weighted to the upside.

end

Biden starts to freak out about soaring inflation as they order the economic council to reduce energy costs.

(zerohedge)

Biden Starts To Freak Out About Soaring Inflation, Orders Economic Council To “Reduce Energy Costs”

When discussing today’s “shock” CPI report we said that it was just a matter of time before there is a wave of political blowback that will make the recent anti-democrat revulsion in Virginia and NJ seem like amateur hour. Specifically, we said that “the explosive inflation surge threatens to exacerbate political challenges for President Brandon as he seeks to pass a nearly $2 trillion tax-and-spending package and defend razor-thin congressional majorities in next year’s midterm elections.”

It took just a few minutes for this prediction to materialize because just around the time the market opened, Biden addressed the public and confirmed that unlike the Fed, he is finally starting to freak out about soaring prices, to wit:

… on inflation, today’s report shows an increase over last month. Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me. The largest share of the increase in prices in this report is due to rising energy costs—and in the few days since the data for this report were collected, the price of natural gas has fallen.

I have directed my National Economic Council to pursue means to try to further reduce these costs, and have asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector.

And just how does Biden plan on pulling this directive straight out of communist China? Will he restart the Keystone XL pipeline; or will the US fund shale producers – that could be awkward in light of Joe’s faux environment concerns. Then again, it’s just optics confirming that in a time of near-record inflation, at least Biden’s talk remains extremely cheap.

And speaking of cheap talk, the president also claimed that “other price increases reflect the ongoing struggle to restore smooth operations in the economy in the restart.” Which, we assumes is what uncontrolled inflation is called by the White House today…

Hilariously, all this is happening just as Biden is still trying to shove trillions in additional, and quite inflationary fiscal stimulus down the country’s throat which, make no mistake, will lead to even higher prices but not to the White House, which continues to claim that a plan that will require trillions in funding is actually, don’t laugh, deflationary!

I am travelling to Baltimore today to highlight how my Infrastructure Bill will bring down these costs, reduce these bottlenecks, and make goods more available and less costly.

And just in case there is any doubt that Biden is contemplating replacing Powell with Hillary Clinton fangirl and Democrat Lael Brainard, Biden said he wants to “reemphasize my commitment to the independence of the federal reserve to monitor inflation, and take steps necessary to combat it.” Translation: he wants to appoint a career democrat who will make it easier to push through the $150 trillion in QE needed over the next 30 years to pretend to fund “net zero” but is really meant to make the rich richer.

Going forward, it is important that Congress pass my Build Back Better plan, which is fully paid for and does not add to the debt, and will get more Americans working by reducing the cost of child care and elder care, and help directly lower costs for American families by providing more affordable health coverage and prescription drugs—alongside cutting taxes for 50 million Americans including for most families with children. 17 Nobel Prize winners in economics have said that my plan will “ease inflationary pressures.” And my plan does this without raising taxes on those making less than $400,000 or adding to the federal debt, by requiring the wealthiest and big corporations to start to pay their fair share in taxes.

Luckily, at least one Democrat is not a lunatic and just as Biden was delivering his prepared remarks, Democratic Senator Joe Manchin said that the “threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse.”

“From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.”

To be clear, what he was referring to is Biden’s $1.75 trillion (which really is more like $5 trillion) BBB plan (the same as the US credit rating after it passes), which will make galloping inflation quite “hyper” and which Manchin is – at least for now – clearly opposing.

end

Jobless claims slip to 267,000 and touch new pandemic low

Nov. 10, 2021 at 8:50 a.m. ET

Businesses trying to hire and avoid layoffs during worst labor shortage in decades

The numbers: The number of people who applied for unemployment benefits in early November slid to another pandemic low, as businesses frantically sought to beef up staff and avoid layoffs during the biggest labor shortage in decades.

New filings for jobless benefit dropped by 4,000 to 267,000 in the seven days ended Nov. 30, the government said Wednesday. The report was released a day earlier than normal because of the Veterans Day holiday.

Economists polled by The Wall Street Journal had estimated new claims would total a seasonally adjusted 265,000.

Last month new unemployment filings dropped below the key 300,000 level for the first time since the start of the viral outbreak in March 2020. If new claims keep falling as expected, they could soon return to pre crisis levels in the low 200,000s.

Big picture: The U.S. economy is accelerating again and businesses have more than 10 million jobs to fill, but they can’t find enough workers owing to one of the biggest labor shortages in decades.

The speed of the recovery will depend on how quickly the millions of people missing from the labor force return to work. Without more labor, companies can’t produce enough goods and services to meet demand.

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

b) USA COVID/VACCINE UPDATES//VACCINE MANDATES

It did not take long!! Now truck drivers will be exempt from the vaccine mandates.

(Shaw)

So Now Most Truck Drivers Will Be Exempt From Vaccine Mandates

By Jazz Shaw of HotAir

That announcement from President Joe Biden about federal vaccine mandates that would affect nearly all workers in the private sector is about as solid as a slice of swiss cheese. Every time we think we’re getting our heads wrapped around it, more changes or exceptions seem to appear. The latest is being hailed by representatives of the trucking industry as “a huge victory” because the Department of Labor has now decided that most truckers will not fall under the mandate. And if they do, they will have the option of submitting weekly negative COVID tests instead of getting the shot if they wish. So what makes truck drivers so special? Read on and find out, but it’s probably not any of the obvious answers that might jump to mind. (Yahoo News)

Truckers hailed victory on Friday after Labor Secretary Marty Walsh said in an interview that most drivers will be exempt from President Biden’s vaccine and testing mandate, CNBC reported.

Walsh’s comments came in response to criticism from the trucking industry against a policy announced by The White House on Thursday that will require millions of workers to be fully vaccinated or get tested regularly. The new rules are set to come into effect on January 4.

The rule applies to the federal government workforce and anybody working for a company with more than 100 employees, The White House said.

If we were living in some sort of alternate reality where sane, sensible debates drive government policy, you could probably see how exempting long-haul truckers from any vaccine mandate would make sense. The vast majority of them drive by themselves, sitting alone in the cab of their truck. There’s usually nobody else there to infect or be infected by. The only thing stupider than making them get vaccinated would be to make them wear masks while driving.

Under the Labor Department’s announcement, that seems to be the reality they are dealing with. Not all truckers will be exempt. Those who drive with a partner in the cab or who have to regularly interact with other people while loading and unloading will still fall under the mandate. There’s no word about the waitresses at the truck stops they frequent, particularly if the joint has fewer than 100 employees.

Of course, that’s not the real reason for this exemption and I’m guessing that most people know this. We’re in the middle of a very severe supply chain crisis right now and it’s being almost entirely driven by a shortage of qualified truck drivers with CDLs. Goods are being tied up for weeks at our nation’s ports and at ground-based points of distribution. This is leading to higher prices and empty shelves, just as the holidays are approaching. Joe Biden doesn’t want to be seen as the cause of even one truck driver leaving the business at a time like that, so the truckers get a free pass.

Unfortunately for Uncle Joe, this is yet another political maneuver that highlights the uneven and nonsensical approach his administration has taken toward these vaccine mandates. There’s nothing about truckers that makes them magically resistant to the novel coronavirus. Despite the fact that most of them drive alone in their rigs as I mentioned above, they presumably finish their runs and go home to their families. They occasionally stop off to sleep in motels or to dine in roadhouses. They come in contact with plenty of people, albeit not so much while doing their job.

Also, as previously noted, even the truckers who are not exempt will be automatically given the option to submit weekly negative COVID tests. This is not an option currently being offered to most police, firefighters or other public servants. If weekly testing is good enough to “slow the spread” then it should be good enough for everyone and not just the politically favored, right?

This is all just a pile of malarkey, as Biden himself might say. And just to register one other, final complaint here, let’s address the idea that the mandate is a “temporary emergency order,” as defined by OSHA. If it’s actually “temporary,” that means there will be an end to it and a time when workers won’t have to provide proof of vaccination. But you can’t take the vaccine out of your body once it’s been injected. So it’s not really temporary at all for the vast majority of people.

END

More than half of border patrol agents may be fired for being unvaccinated

(Watson/SummitNews)

Internal Report: More Than Half Of Border Patrol Agents May Be Fired For Being Unvaccinated

By Steve Watson of Summit News

An internal report from within the US Customs and Border Protection agency suggests that more than half the border patrol workforce remains unvaccinated, and that if vaccine mandates are implemented it could leave just 8000 officers on duty.

The document, obtained by Fox News, notes that 48 percent of agents have not registered their vaccination status, and of the 52 percent who have done that, ten percent are unvaccinated.

Former chief operating officer of CBP Mark Morgan, who obtained the internal report, told Fox News that Biden’s vaccine mandate is “going to take an agency that’s already gone through an unbelievable catastrophic crisis on the southwest border and deplete its resources further.”

Morgan also provided a screenshot from the report showing tables of different scenarios of depletion within the CBP.

The screenshot highlights that “in the worst-case scenario, agents who have not reported their status have done so because they refuse to take the jab, and so they will be terminated (scenario 3). In that case, net attrition could exceed 11,523 agents, leaving a mere 8,013 border agents on patrol.”

If this scenario unfolds, it is likely that the border patrol would lose 59 percent of its workforce.

Imagine how that would affect the already rampantly out of control border crisis.

If the 10,000 or so border patrol agents who have yet to register their vaccination status do not do so this week, they will be offered counseling, then suspension, then termination, Morgan further noted, emphasising how the document “illustrates the potential impact that this mandate could have on the workforce.”

“So, an agency that is dealing with 1.7 million apprehensions, 400,000 got-aways, at that very moment, the same resources are going to be pulled away and distracted to deal with this mandate nonsense,” Morgan urged, adding that the counseling involves further “critical resources,” because border patrol leadership is involved.

“It’s a cumbersome process and it’s an unneeded unnecessary distraction while they’re overwhelmed and our border is out of control,” Morgan continued, adding:

“An illegal immigrant doesn’t get the vaccine and they’re released. A border patrol agent doesn’t get the vaccine and they’re removed. On what planet does that make sense?”

The vaccination deadline for federal employees is November 22nd

END

White House Won’t Rule Out Mandating Vaccine For Domestic Air Travel

Authored by Paul Joseph Watson via Summit News,

The Biden White House has refused to rule out extending its vaccine mandate to cover domestic air travel.

On the day that U.S. airports re-opened to fully vaccinated international travelers for the first time in 20 months, the possibility that Americans using them would also have to be fully jabbed remains open.

After she was asked about vaccine mandates for domestic travel, White House Deputy Press Secretary Karine Jean-Pierre responded, “We say this all the time – everything is on the table.”

“We just don’t have an announcement to preview right now on this,” she added.

“So I don’t have anything more to share on the domestic travel.”

The option is being kept on the table despite a vaccine mandate imposed on businesses with over 100 employees being temporarily suspended by the 5th Circuit Court of Appeals over the weekend.

The administration has also previously suggested that it could try to extend the mandate to businesses with under 100 employees, impacting millions more companies.

Any attempt to ban unvaccinated Americans from domestic travel will further exacerbate a $300billion hit on the economy caused by the suspension of international travel.

Around 20 per cent of Americans remain unvaccinated while 70 per cent have received both doses of the jab.

END

Principia Scientific:

American Airlines Flight 2740: Why Vaxxed Pilots Should Not Fly

https://principia-scientific.com/american-airlines-flight-2740-why-vaxxed-pilots-should-not-fly/

Published on November 10, 2021

Written by darwinnationalreview.com

American Airlines Flight 2740, an Airbus A320, Was Enroute From Dallas/Fort Worth International Airport to Fort Meyers (RSW) When the Unthinkable Happened.

Incident 1

As the plane began a gradual descent toward southwest Florida, the pilot in command (PIC) began convulsing and had a cardiac arrest. Fortunately, the aircraft was still on autopilot, giving the co-pilot time to evaluate the situation, unharness himself, pull the PIC from his seat and try to administer CPR. But his efforts were in vain.

The co-pilot returned to his seat and squawked 7700, the international transponder code for “I have an emergency.” The plane landed safely, but the co-pilot was put on administrative leave for having left his seat and endangering the aircraft, our source said.

“It was later determined that the PIC had a fatal heart attack caused by myocarditis, a known side effect of the Covid-19 vaccinations. He had received his second dose of the vaccine two weeks before that flight. His last full physical was three months prior, and his doctor had given him a clean bill of health,” our source said.

Incident 2

The second fatality took place a week later, and it, too was a DFW departure. American Airlines Flight 971, an Airbus A321, departed DFW for LAX at 8:00 a.m. Midway through the flight, the co-pilot complained he had chest pains but chalked it up to having eaten a spicy meal before departure. He told the PIC it was indigestion.

As the plane flew at 32,000 ft. over the New Mexico/Arizona state line, the co-pilot started convulsing and vomiting on the flight controls. At that point, the PIC contacted Air Traffic Control, requesting permission to swing around and make an emergency landing in Albuquerque, NM, but ATC, after apparently consulting American Airlines, denied the request and compelled the PIC to complete the flight to LAX.

The co-pilot died in his chair, also from acute myocarditis. He had gotten his second vaccination—Pfizer—21 days ahead of that fateful flight.

“The PIC was put under a gag order and told not to discuss the incident with anyone under threat of losing his job,” our source said. “There is a systematic effort going on right now to prevent the public from knowing about pilots getting very ill or very dead in the air. The airlines don’t want to lose money, and the administration doesn’t want the public to know the true dangers of the vaccine. I know for fact that Secretary of Transportation Pete Buttigieg ordered the airlines to classify incidents involving pilot deaths.”

In closing, he added that he is aware of at least 12 non-fatal incidents involving pilots that had recently taken the jab.

iii) important USA economic stories

Cheese prices falter after cyberattack hits top Wisconsin dairy producer.

(zerohedge)

Cheese Prices Crumble After Cyberattack Hits Top Wisconsin Dairy Producer

A cyber attack disrupted dairy distribution in Wisconsin late last month, resulting in a big plunge in cheese prices.

A spokesman for one of the state’s largest milk processors, Schreiber Foods, told local newspaper, Wisconsin Farmer, that a five days “cyber event” halted operations as hackers demanded a rumored $2.5 million in ransom.

The ransomware attack began on Saturday (Oct. 23) and limited the company from buying 500-pound barrels of cheese, which are turned into slices and sold at supermarkets.

In a recent statement, the company said, “we had a systems issue that impacted our plants and distribution centers. It did impact our ability to receive raw materials, ship product and produce product. We’ve made good progress in resolving the issue and our plants and distribution centers have begun to start up again.”

The five-day ordeal triggered spot prices for cheese barrels traded in Chicago to plunge 19% in the last week or so.

The cyberattack on the dairy processor comes as hackers have targeted food supply chains. JBS SA, the world’s largest meat producer, was hit with a ransomware attack by hacker group REvil in June.

Compound cyberattacks with supply chain woes, including port congestion, higher transportation costs, labor woes, and soaring commodity prices, it’s never been harder to be in the food industry.

end

iv) Swamp commentaries/

John Durham Is Getting Close To The Jugular

Authored by Charles Lipson via RealClearPolitics.com,

Last week, John Durham’s grand jury issued its third criminal indictment in the Trump-Russia collusion hoax. The person who was arrested may be obscure; the news may have been buried after Virginia’s bombshell election results; but Durham’s move is a big deal. It shows that the special counsel’s probe is methodically unraveling a huge conspiracy, seemingly engineered by Hillary Clinton’s 2016 campaign and implicating James Comey’s FBI, either as a willing participant or as utterly incompetent boobs.

The latest indictment also damages the mainstream media, which is why so many news outlets have ignored or underplayed it. After all, they broadcast a false story for years and are none too eager to revisit it. Other losers are the prosecutors assembled by Robert Mueller, most of them Democrats, who had reams of this damaging information and ignored it.

What Durham and a few intrepid reporters are uncovering may well be the most ambitious dirty trick pulled in an American election and its aftermath. The question now is whether Durham can expose the full extent of this malfeasance and charge those who planned and executed it.

Durham’s latest indictment charges Igor Danchenko (pictured) with lying multiple times to the FBI. Danchenko, who worked at the Brookings Institution as a Russian expert, may not be a household name, but he was a crucial player in concocting the false story that Donald Trump was collaborating with the Kremlin to win the White House. The real conspiracy, it turns out, was aimed at Trump and was conducted by the Clinton campaign and her longtime associates. It was financed jointly by Clinton’s campaign and the Democratic National Committee. Some leaked emails suggested it was approved by the candidate herself. The FBI continued running with it long after it had ample evidence to know it was a concoction. House Democrats ran with it even longer, basking in fulsome, uncritical media coverage. All of it was false.

The Danchenko indictment matters because his bogus information was the heart of the “Steele dossier,” which, in turn, was the heart of the anti-Trump investigation. The dossier was compiled by a former British spy, Christopher Steele, who had been hired by people working for Clinton. Steele claimed his information about Trump, including salacious sexual allegations, came from Russian sources. It didn’t. It came from Danchenko, who was working at a Washington think tank. As Danchenko admitted to the FBI, much of what he told Steele was old rumors or exaggerations. Some of it appears to have been simply fabricated. Steele incorporated it, and the Democrats deployed it.

The FBI interviewed Danchenko multiple times in January 2017, around the time Trump was taking office. Comey’s FBI had already received the dossier and his agents were trying to verify its allegations. They couldn’t do so, and Danchenko’s admissions told them why. His interrogation should have immediately stopped the FBI from using the dossier to investigate Trump. So should a warning from Bruce Ohr, the highest-ranking career official in the Department of Justice, that Steele was strongly biased. The FBI blew right through these red lights.

The bureau continued to use the bogus information in applying for secret warrants from the Foreign Intelligence Surveillance Court to spy on Carter Page and, through him, on others connected with Trump. Officials told the court, falsely, that the warrant information was reliable and verified when they knew it was neither.

What the warrants say, in essence, is, “We need to spy on Carter Page because we think he’s an enemy agent.” But the FBI already knew he wasn’t. That means they were trolling for other information. How did the FBI know Page was on our side? Because they asked the CIA and were told, quite explicitly, that Page was helping them, not the Kremlin. The CIA gave that exculpatory information to FBI lawyer, Kevin Clinesmith, who altered the message to say Page was not working for the CIA. His alternation was criminal, and he plead guilty after Durham charged him.

The story gets worse. Although Clinesmith altered the CIA message for FBI use, he also gave his superiors the CIA’s true communication. So, his bosses knew the real story. They weren’t interested in the truth, which they kept secret from the FISA court to continuing spying on Page. If there is any justice left in Washington, those responsible for this travesty will be held criminally liable. Page may well have a civil case against them, too.

As the FBI blundered forward on its political mission, it made other revealing missteps. The most important was Director Comey’s meeting with the incoming president in early January 2017. Comey told Trump the FBI had acquired some damning materials about him but emphasized they were still unverified. As Comey’s own aides warned him, that communication could be seen as a kind of blackmail threat, the kind that marked J. Edgar Hoover’s tenure.

Comey’s meeting with the president had another major consequence. Until then, even anti-Trump news outlets had been wary about mentioning the dossier (which the Clinton team had been shopping to them) because they couldn’t actually verify any of the vital details. That reticence changed with Comey’s briefing, which was news in its own right. The story now became, “FBI chief briefs president-elect Trump about salacious dossier, revealing damning info Kremlin could use to blackmail Trump.” One online outlet, BuzzFeed, went further. It published the full Steele dossier, and the media frenzy began.

Remember, this whole story was concocted and paid for by Hillary Clinton’s campaign and fed to the FBI and the media by her attorneys and associates. The FBI, which should have been able to quickly prove the story was false, plodded on with its investigation and fed the frenzy.

Although the dossier was commissioned to sink Trump in November, it was still useful after he won the election. Trump’s adversaries could exploit it to hamstring his embryonic administration, and that’s exactly what they did. With the whole-hearted backing of House Speaker Nancy Pelosi, House Intelligence Committee Chairman Adam Schiff spent three years beating the drum of the “Russia collusion” hoax. Schiff’s constant media appearances claiming he had conclusive evidence of Trump-Russia collaboration continued long after he had received classified briefings that demolished his story. The briefer was former Director of National Intelligence John Ratcliffe, and he has confirmed those meetings with Schiff and his Senate counterpart, Mark Warner. No matter to Schiff, who kept repeating his claims and pursuing his full-scale investigation. First the verdict; then the inquiry. It was all part of a four-year-long battle, first to prevent Trump’s election, then to undermine his presidency, and finally to damage his chances for reelection.

The Clinton team launched this operation with professional expertise. The goal was to produce a powerful anti-Trump story, using whatever materials they could, then share it with the media (to smear Trump) and the FBI (to launch a major investigation and ensnare Trump). Ideally, the campaign’s involvement would be hidden, removed from the damning report by several layers of lawyers, opposition researchers, camp followers, and flacks.

To provide that insulation, the campaign used attorney Marc Elias, then at Perkins Coie law firm in Washington (where the recently indicted Michael Sussmann was a colleague), to hire an opposition-research firm, Fusion GPS. That firm, headed by former reporters Glenn Simpson and Peter Fritsch, in turn hired Steele, a Brit who had formerly worked for his country’s intelligence services, to produce the damning dossier. To translate some Russian materials, Fusion GPS hired Nellie Ohr, whose husband, Bruce, learned how biased Steele was and told the FBI to treat Steele and his information warily.

Bureau agents ignored that early warning and all the others. They quickly learned Steele’s material was a mirage, thanks to their interviews with Danchenko. They also confirmed that Steele’s dossier depended on Danchenko, so its claims of “Russian sourcing” were false. By interviewing Danchenko’s own sources, they learned that their third-hand statements, which were used in the dossier, were mainly rumors and “bar talk.”

The prosecutorial team assembled by Robert Mueller should have known all this, too. They had complete access to this exculpatory FBI material on day one and ignored it. A year and a half later, when Mueller himself finally testified before Congress, he didn’t even know what Fusion GPS was. By that point, Mueller seemed to have genuine difficulty remembering the details of his own investigation. His team of attorneys had no such excuse. Hired by Mueller’s top deputy, Andrew Weissmann, they were among the country’s sharpest and toughest prosecutors — and the most partisan. The more Durham uncovers, the worse the Mueller team will look.

Reviewing this evidence, Kimberly Strassel of the Wall Street Journal has concluded the Steele dossier is misnamed. It should be called the “Clinton dossier,” she says, since Hillary commissioned it, paid for it, and had her aides feed it to the media, the State Department, and the FBI. It was a full-scale disinformation campaign — coherent, well-organized, and well-funded. It was rotten to the core.

The question now is whether John Durham can find enough evidence to charge the ones who planned and executed it. The charging documents he filed for Danchenko and Sussmann are far more extensive than the necessary minimum. They suggest that Durham has compiled extensive evidence about a broader conspiracy. Will he settle for the capillaries now that he has the jugular in view?

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

Wholesale prices rose 8.6% year over year in October, tied for highest ever

The Labor Department’s producer price index, which measures wholesale prices, rose 0.6% in October, translating into an 8.6% increase year over year.

Stripping out food, trade and energy prices, the index increased 0.4% month over month, slightly below the 0.5% estimate but an elevated pace from September’s 0.1% gain. On a year-over-year basis, core producer prices increased 6.2%. The year-over-year records go back to November 2010…
One-third of the increase in goods prices came from soaring gasoline, with prices rising 6.7%. Beef and veal prices represented the other side of the ledger, posting a collective decline of 10.3%…
https://www.cnbc.com/2021/11/09/wholesale-prices-rise-8point6percent-year-over-year-in-october-tied-for-highest-ever.html
Bonds rallied sharply early on Tuesday. Some dolts in the media and on The Street attributed the rally to reports that Biden interviewed Fed Governor and Obama BFF Lael Brainard for the Fed Chair last week. Those reports note that Lael is even more liberal and more of a dove than Jerome. Then, why did stocks and gold sink while bonds soar and the dollar rallied modestly?
Pfizer CEO says people who spread misinformation on Covid vaccines are ‘criminals’
“They’re criminals because they have literally cost millions of lives.”…
https://www.cnbc.com/2021/11/09/covid-vaccines-pfizer-ceo-says-people-who-spread-misinformation-on-shots-are-criminals.html

@ElectionWiz: Pfizer, which paid $2.3 billion in 2009 to resolve criminal and civil liability for fraudulent marketing, is in no position to label anyone a “criminal.”

mRNA inventor @RWMaloneMD: Deconstructing the CNN/Gupta/Big Bird pediatric vax advertising. What is going on is that Pfizer is using CNN as a surrogate to advertise directly to children, thereby driving consumer demand, to cause the USG/CDC to purchase additional Pfizer unlicensed EUA SARS-CoV-2 vaccines. This constitutes illegal marketing of an unlicensed pharmaceutical product. And it appears to involve collusion between CNN, the Sesame Street organization, and Pfizer. This may meet criteria for corrupt racketeering.

@TrumpJew2: Gavin Newsom blames his summit cancellation & 11-day disappearance on Halloween and his kids. https://twitter.com/TrumpJew2/status/1458174989618790402

Fox: Jake Sullivan, Biden’s White House national security adviser, is the “foreign policy advisor” referred to in the indictment of former Hillary Clinton presidential campaign lawyer Michael Sussmann…
https://www.foxnews.com/politics/national-security-adviser-jake-sullivan-foreign-policy-advisor-former-clinton-lawyers-indictment

Durham Exposes New Links to Clinton Campaign in Creation of Russian Collusion Scandal
“To my good friend … A Great Democrat.” Those words written to a Russian figure in Moscow, inside a copy of a Hillary Clinton autobiography, may be the defining line of special counsel John Durham’s investigation. The message reportedly was written by Charles Dolan, a close Clinton adviser and campaign regular whom news reports identify as the mysterious “PR-Executive 1” in the latest Durham indictment, this time of Igor Danchenko…
Dolan is the latest direct connection between the campaign and the infamous Steele dossier to surface in Durham’s investigation. Dolan had close ties not only to the Clintons but to the Russians as well; he and the public relations firm where he worked had represented the Russian government and registered as foreign agents for Russia…
https://jonathanturley.org/2021/11/09/durham-exposes-new-links-to-clinton-campaign-in-creation-of-russian-collusion-scandal/

@RealSLokhova: “Soon after Trump was elected, The Washington Post added beneath its masthead the pointed strapline: “Democracy dies in darkness”. Yes, it does — and it’s the media that turned out the lights.” – The Times of London, 9 November 2021

Rep. Jim Jordan blasts Ohio Republicans for proposed redistricting map
“The political bosses in Ohio are trying to keep me out of Congress because they know I won’t go along with the status quo,” Jordan wrote in a statement…”They tried it when I stood up to former Speaker John Boehner, and now they’re trying it again,” Jordan said in a statement. “RINOs and special interests in Ohio’s state capital are attempting to draw me out of a congressional district!”…
https://justthenews.com/government/congress/rep-jim-jordan-blasts-ohio-republicans-proposed-redistricting-map

end

Well that is all for today

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	382,095.010 oz hsbc jpm
Deposits to the Dealer* Inventory*	nil OZ
Deposits to the Customer Inventory	315,755.954 oz DELAWARE BRINKS HSBC
No of oz served today (contracts)	0 CONTRACT(S) nil OZ)
No of oz to be served (notices)	20 contracts (100,000 oz)
Total monthly oz silver served (contracts)	958 contracts 4,790,000 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*

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

PLATINUM $1062.45 UP $8.76

PALLADIUM: $2024. DOWN $1.35/OZ

DONATE

NUMBER OF NOTICES FILED TODAY FOR NOV. CONTRACT: 0 NOTICE(S) FOR nil OZ (0.00 tonnes)

0 NOTICE(S) FILED TODAY FOR nil OZ/

1/COMEX GOLD AND SILVER REPORT

3. ASIAN AFFAIRS

b) REPORT ON JAPAN

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.Global Issues

7. OIL ISSUES

8 EMERGING MARKET ISSUES

Trading Volumes on the COMEX GOLD TODAY 392,584 contracts// / volume//volume very good/

CONFIRMED COMEX VOL. FOR YESTERDAY: 293,516 contracts//FAIR

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Inflation surge fuels negative real interest rates for leading economies

Some animals are still more equal than others

Pam and Russ Martens: Fed report shows high leverage threatens financial stability

Craig Hemke at Sprott Money: From Powell to Brainard at the Fed

Your early WEDNESDAY 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

3A/ASIAN AFFAIRS

3 a./NORTH KOREA/ SOUTH KOREA

b) REPORT ON JAPAN

3 C CHINA

4/EUROPEAN AFFAIRS

CATHOLIC SCHOOL TEENS DIE AFTER VACCINE DRIVE

Adolescent deaths skyrocket by 125% over 5-year average following jabs

Funeral Director Sounds Alarm

Child Death Increase Ignored, Denied

Child Trials Flawed, Research Says

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Press review: Russia’s solution to EU-Belarus migrant crisis and NATO’s Black Sea buildup – Press Review – TASS

6.Global Issues

MAJOR DEVELOPMENT: Rabbinical Court Decrees MRNA Jab “Absolutely Forbidden” For Children, Adolescents, Young Men & Women

On November 1st, the Rabbinical Court officially decreed that the mRNA COVID shot is “absolutely forbidden” for children, adolescents, young men & women.

New study shows vaccines have plunged from 88% effectiveness against Covid infections to just 13% in mere months – NaturalNews.com

La Palma//daily updates

La Palma

7. OIL ISSUES

8 EMERGING MARKET& AUSTRALIA ISSUES

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

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

USA trading day in Graph Form

But, things changed at around 1300ET.

American Airlines Flight 2740: Why Vaxxed Pilots Should Not Fly

Incident 1

Incident 2

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