NOV15/GOLD CLOSED DOWN $1.55 TO $1864.20//SILVER DOWN 25 CENTS TO $25.04//GOLD STANDING AT THE COMEX RISES TO 6.4105 TONNES//SILVER OZ STANDING ADVANCES TO 5.04 MILLION OZ//COVID COMMENTARIES//VACCINE MANDATE UPDATES/INVERMECTIN COMMENTARIES//AUSTRIA GOES FULL BESERK BY MANDATING COMPLETE LOCKDOWN ON ONLY THE UNVACCINATED//HUGE PROTESTS IN AUSTRALIA AS THE AUTHORITIES WANT TO STIFFEN THE LOCKDOWNS////HUGE COVID OUTBREAK IN IRELAND//STEVE KIRSCH REPORTS OVER 6000% INCREASE IN ATHLETIC VACCINE COMPLICATIONS THIS YEAR COMPARED TO LAST YEAR//ISRAEL COMES OUT WITH A NEW ELECTOMAGNETIC WEAPON//CHINA’S NEW ECONOMIC DATA PRETTY BAD AS CREDIT IMPLUSE WANES//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1864.20 DOWN $1.55   The quote is London spot price

Silver:$25.04 DOWN 25  CENTS  London spot price ( cash market)

 
 
4:30 closing price
 
Gold $1863.00
 
silver:  25.06
 
 
 
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

 
 

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

 

 

PLATINUM  $1086.85 UP  $4.85

PALLADIUM: $2155.90 UP $48.55/OZ 

 

END

Editorial of The New York Sun | February 1, 2021

end

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COMEX DETAILS//NOTICES FILED

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

receiving today  267/540

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,867.900000000 USD
INTENT DATE: 11/12/2021 DELIVERY DATE: 11/16/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 27
363 H WELLS FARGO SEC 15
435 H SCOTIA CAPITAL 190
657 C MORGAN STANLEY 7
661 C JP MORGAN 540 267
732 C RBC CAP MARKETS 5
737 C ADVANTAGE 6
878 C PHILLIP CAPITAL 3
905 C ADM 20
____________________________________________________________________________________________

TOTAL: 540 540
MONTH TO DATE: 1,120

Goldman Sachs stopped:27

 

NUMBER OF NOTICES FILED TODAY FOR  NOV. CONTRACT: 540 NOTICE(S) FOR 54000 OZ  (1.6796 tonnes)  

 

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1120 FOR 112,000 OZ  (3.4836 TONNES) 

 

SILVER//NOV CONTRACT

18 NOTICE(S) FILED TODAY FOR  90,000   OZ/

total number of notices filed so far this month 979  :  for 4,895,000  oz

 

BITCOIN MORNING QUOTE  $65,771  DOLLARS UP 5446 DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$63,000 DOLLARS   UP 2675.DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $1.55 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  975.99 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 25 CENTS

NO CHANGE  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: 

 

548.233  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 174.16  DOWN 0.29 OR 0.17%

XXXXXXXXXXXXX

SLV closing price NYSE 23.24 DOWN. 0.18 OR  0.77%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI ROSE BY A SMALL 256 CONTRACTS TO 154,330, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. WITH OUR SMALL  $0.08 GAIN IN SILVER PRICING AT THE COMEX ON FRIDAY OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN) (IT ROSE BY $0.08 AND WERE  UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS AS WE HAD A SMALL GAIN OF 234 CONTRACTS ON OUR TWO EXCHANGES,.WE  ALSO HAD I) HUGE  BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/WE ALSO HAD  SOME ii) REDDIT RAPTOR BUYING//.   iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  GOOD INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 4.34 MILLION OZ FOLLOWING TODAY’S QUEUE JUMP OF 40,000 OZ   / v), VERY SMALL SIZED COMEX OI GAIN
 
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:
 
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS -422
 
 
 
 
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS
 
 
NOV
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF NOV:
 
11600 CONTACTS  for 11 days, total 11,600 contracts or 58.000million oz…average per day:  1054 contracts or 5.272 million oz per day.

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

NOV:  58.00 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON  

 

LAST 6 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: 140.120 MILLION OZ 

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

 

 
RESULT: , .. , . CONTRACTS DESPITEWE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 166   OUR 8 CENT GAIN SILVER PRICING AT THE COMEX// FRIDAY.
THE CME NOTIFIED US THAT WE HAD A  SMALL SIZED EFP ISSUANCE OF 400 CONTRACTS( 0 CONTRACTS ISSUED FOR NOV AND 400 CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS
 
 
 
 
THE DOMINANT FEATURE TODAY:/ AS WELL AS TODAY /HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE///WE HAD A SMALL SIZED GAIN OF 234 OI CONTRACTS ON THE TWO EXCHANGES/ WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR NOV OF 4.2 MILLION OZ FOLLOWED BY TODAY’S 40,000 OZ QUEUE JUMP. 
 
 
 

WE HAD 18 NOTICES FILED TODAY FOR 90,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 3907  CONTRACTS TO 610,797 ,,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: 522  CONTRACTS.

the differential is now increasing!!

THE FAIR SIZED INCREASE IN COMEX OI CAME WITH OUR SMALL GAIN IN PRICE OF $4.45//COMEX GOLD TRADING//FRIDAY.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 7524 CONTRACTS…..  WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR OCT AT 1.444 TONNES, FOLLOWED BY TODAY’S QUEUE JUMP  OF 14,900 OZ//NEW STANDING 206,100 OZ (6.4105 TONNES) 
 
 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR STRONG GAIN IN PRICE OF $4.45 WITH RESPECT TO FRIDAY’S TRADING

 

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

WE HAD  A STRONG SIZED GAIN OF 7,002  OI CONTRACTS (21.78 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCETHE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3095 CONTRACTS:

FORDEC 3095  ALL OTHER MONTHS ZERO//TOTAL: 3095 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 610,797. 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 STRONG  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7002 CONTRACTS: 3907 CONTRACTS INCREASED AT THE COMEX AND 3095 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 7002 CONTRACTS OR 22.78 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3095) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (3,907 OI): TOTAL GAIN IN THE TWO EXCHANGES:7002 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 14900 OZ  3)ZERO LONG LIQUIDATION,4) FAIR 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 : 43,364, CONTRACTS OR 4,336,400 oz OR 134.88 TONNES (11 TRADING DAY(S) AND THUS AVERAGING: 3942 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 11 TRADING DAY(S) IN  TONNES: 134.88 TONNES

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

THUS EFP TRANSFERS REPRESENTS  134.88/3550 x 100% TONNES  4.19% 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:           134.88 TONNES INITIAL ISSUANCE (INCREASING DRAMATICALLY)

 

 

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 SMALL SIZED 166 CONTRACTS TO 154,330 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 400 CONTRACTS

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

DEC 400  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  400 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 166 CONTRACTS AND ADD TO THE 400 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN AN A SMALL SIZED GAIN OF 234 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 1.17 MILLION  OZ, OCCURRED WITH OUR  $0.08 GAIN IN PRICE. 

 

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

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

 
 
 

3. ASIAN AFFAIRS

i) FRIDAY MORNING/THURSDAY  NIGHT: 

SHANGHAI CLOSED DOWN 5.80 PTS OR  0.16%     //Hang Sang CLOSED UP 62.94 PTS OR 0.23% /The Nikkei closed UP 166.33 PTS OR 0.56%    //Australia’s all ordinaires CLOSED DOWN 0.42%

/Chinese yuan (ONSHORE) closed UP  6.3832   /Oil DOWN TO 79.72 dollars per barrel for WTI and UP TO 80.91 for Brent. Stocks in Europe OPENED MOSTLY GREEN   /ONSHORE YUAN CLOSED  UP AT 6.3832 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3779/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

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 3907 CONTRACTS TO 610,797 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 $4.45 IN GOLD PRICING  FRIDAY’S COMEX TRADING.WE ALSO HAD A FAIR EFP ISSUANCE (3095 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 3095 EFP CONTRACTS WERE ISSUED:  ;: ,  NOV  :  & DEC. 3095 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:   3095 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 STRONG  SIZED 7,002  TOTAL CONTRACTS IN THAT 3095 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED COMEX OI OF 3,907 CONTRACTS..WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR NOV   (6.4105),

 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 $4.45)

AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A STRONG OF 21.78 TONNES,ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR NOV (6.4105 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 -21.78   CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

THE REMOVALS HAVE INCREASED DRAMATICALLY THESE PAST 8 DAYS. 

 

NET GAIN ON THE TWO EXCHANGES :: 7002 CONTRACTS OR 700,200 OZ OR  21.78 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:  610,797 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 61.07 MILLION OZ/32,150 OZ PER TONNE =  18.99TONNES

THE COMEX OPEN INTEREST REPRESENTS 18.99/2200 OR 86,34% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY 291,307 contracts//    / volume//volume fair/

 

CONFIRMED COMEX VOL. FOR YESTERDAY: 235,318 contracts//fair

 

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

 

NOV 12

 

/2021

 
INITIAL STANDINGS FOR NOV COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
9860.795
OZ
BRINK
HSBC  (210 kilobars)
HSBC enhanced
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
43,403.850
OZ
Manfra
1350 kilobars
 
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
 
 
64,147.250
 
oz
 
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
540  notice(s)
54,000 OZ
1.6796 TONNES
No of oz to be served (notices)
941 contracts 94,100 oz
2.9269 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1120 notices
112,000 OZ
 
3.5836 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 
 
 
We had 1 deposit into the dealer
i) Into Brinks 64,147.250 oz
 
 
total deposit: 64,147.250   oz 
 

total dealer withdrawals: nil oz

we had  1 deposit into the customer account
i) Into Manfra: 43,403.850 oz (1350 kilobars)
 
TOTAL CUSTOMER DEPOSITS 43,403.850 oz
 
 
 
We have 3  customer withdrawals
 
i) out of Brinks  2310.410 oz
ii) Out of HSBC:  6751.710 oz (210 kilobars)
iii) Out of HSBC enhanced:  798.675 oz
 
 
 
 
 
total customer withdrawal 9860.795    oz
     
 
 
 
 
 
 
 
 
 

We had 2  kilobar transactions 2 out of  5 transactions)

ADJUSTMENTS 0

 

 
For the front month of November we had an open interest of 1481 contracts having GAINED 149 contracts on the day.
We had  0 notices served on FRIDAY so we GAINED A STRONG 149 contracts or an additional 14,900 oz will  stand for delivery for this very non active delivery month
 
 
 
 
 
 
 
 
 
.
DEC LOST 9649 CONTRACTS  TO STAND AT 315,432
JANUARY GAINED 61 CONTRACT TO STAND AT 245
 

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

FOR THE NOV 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 540 notices were issued from their client or customer account. The total of all issuance by all participants equates to 540  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 367 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 27  notices received (stopped) by the squid  (Goldman Sachs)

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 (1120) x 100 oz , to which we add the difference between the open interest for the front month of  (NOV: 1381 CONTRACTS ) minus the number of notices served upon today  540 x 100 oz per contract equals 206,100 OZ OR 6.4105 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 (1120) x 100 oz ( 1481)  OI for the front month minus the number of notices served upon today (540} x 100 oz} which equals 206,100 ostanding OR 6.4105TONNES in this  active delivery month of NOV.

We GAINED 149 contracts or an additional 14900 oz will sand for delivery. 

 

TOTAL COMEX GOLD STANDING:  6.4105 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

288,481,604, oz  JPM  8.97 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:  1,917,862.8211oz                                     59.65 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 486.38 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 6.4105 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  17,470,070.705 oz or 543.33 tonnes
 
 
 
total weight of pledged:1,917,862.791oz                                     59.65 tonnes
 
 
 
 
 
registered gold that can be used to settle upon: 15,552,208.0 (483.74 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes 15,552,208.0 (483.74 tonnes)   
 
 
total eligible gold: 15,762,407.246 oz   (490.27 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  33,232,477.957 oz or 1,033.66
tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  907.32 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 12/2021

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//NOV

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
579,781.470  oz
Brinks
CNT
Delaware
JPMorgan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
12,903.190 oz
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
18
 
CONTRACT(S)
90,000  OZ)
 
No of oz to be served (notices)
29 contracts
 (145,000 oz)
Total monthly oz silver served (contracts)  979 contracts

 

4,895,000 oz)

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

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 0 deposits into customer account (ELIGIBLE ACCOUNT)

 

 
 

JPMorgan now has 179.208 million oz  silver inventory or 50.86% of all official comex silver. (179.208 million/352.278 million

total customer deposits today 12,908.190 oz

we had 4 withdrawals

i) Out of Brinks: 178,889.280 oz
ii) out of CNT  105,217.650 oz

iii) Out of Delaware: 1008.200 oz

iv) Out of JPMorgan; 294,666.340 oz

 

 

total withdrawal 579,781.470       oz

 

adjustments:   0 dealer to customer
 
 
 
 
 

Total dealer(registered) silver: 95.841 million oz

total registered and eligible silver:  352.278 million oz

a net  0.560 million oz  leaves  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

For the front month of November we have an  amount of silver standing equal to 47 contracts a GAIN of 5 contracts on the day. We had 3 notices filed on FRIDAY so we gained 8 contracts or an additional 40,000 oz will stand in this non active delivery month of November.
 

DEC LOST  2987 CONTRACTS DOWN TO 73,839

JANUARY GAINED 23 CONTRACTS TO STAND AT 1254

 
NO. OF NOTICES FILED: 18  FOR 90,000   OZ.

To calculate the number of silver ounces that will stand for delivery in NOV. we take the total number of notices filed for the month so far at  979 x 5,000 oz =4,885,000 oz to which we add the difference between the open interest for the front month of NOV (47) and the number of notices served upon today 18 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the NOV./2021 contract month: 979 (notices served so far) x 5000 oz + OI for front month of NOV(47)  – number of notices served upon today (18) x 5000 oz of silver standing for the NOV contract month .equals 5,040,000 oz. .

We gained 8 contracts or an additional 40,000 oz will stand for silver in this non active delivery month of November.

 

TODAY’S ESTIMATED SILVER VOLUME  76,842 CONTRACTS // volume good 

 

FOR YESTERDAY 75,275 contracts  ,CONFIRMED VOLUME/ good

 

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO -3.06% (NOV15/2021)

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 15)/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 15/WITH GOLD DOWN $1.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORTY AT 975.99 TONNES//

NOV 12/WITH GOLD UP $4.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY AT 975.99 TONNES

NOV 11/WITH GOLD UP  $14.45 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .58 TONES OF GOLD INTO THE GLD////INVENTORY RESTS AT 975.99 TONNES

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

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Inventory rests tonight at:

 

 

NOV 15 / GLD INVENTORY 975.99 tonnes

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

NOV 15/WITH SILVER DOWN 25 CENTS TODAY: NO CHANGES IN SILVER AT THE SLV/ INVENTORY RESTS AT 548.233 MILLION OZ

NOV 12/WITH SILVER UP 8 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 3.933 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 548.233 MILLION OZ//

NOV 11/WITH SILVER UP 51 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.300 MILLION OZ//

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.

 
 
 

NOV 15/2021  SLV INVENTORY RESTS TONIGHT AT 548.233 MILLION OZ

 

 

PHYSICAL GOLD/SILVER STORIES

PETER SCHIFF

Peter Schiff: Double-Barrel Inflation Is Locked & Loaded

 
MONDAY, NOV 15, 2021 – 12:30 PM

Via SchiffGold.com,

The Consumer Price Index blew past expectations in October as the “transitory” inflation narrative continues to unwind. CPI was up 0.9%. On an annual basis, the inflation rate was 6.2% compared with a 5.9% estimate. It was the highest annual CPI gain since 1990. The CPI stole the headlines, but the Producer Price Index also came in hotter than expected, up 8.6% on a year-on-year basis.  After the PPI came out, Peter Schiff appeared on RT Boom Bust to talk about it.

He said double-barrel inflation is locked and loaded.

Goldman Sachs recently warned inflation will get worse before it gets better. Peter said they have it half right.

I think it’s going to get worse before it gets much worse.”

Peter said the inflation pipeline is pretty full. He noted that if you annualized PPI in 2021 to date, it’s over 10%. And so far, CPI has lagged behind PPI.

That means companies are absorbing a lot of the price increases. And I think they’ve been reluctant to pass them on because they’ve been hoping that the Fed was right and that the inflation is transitory. But I think as they realize that the Fed was wrong and that inflation is here to stay, not only are they going to be passing on the price increases next year, but they’re going to pass on this year’s increases that they have been holding off on. So, I think we’re going to get a double-barrel in 2022, which means consumer prices are going to move up a lot more next year than they did this year.”

During its November meeting, the Fed announced it will begin rolling back quantitative easing. But will that be enough to stem the tide of inflation?

Peter noted that even with the taper, the Fed will continue doing QE.

And of course, this is just temporary. They’re going to back up the truck and do even more QE.”

The federal government continues to spend money at a torrid rate. Congress recently passed a $1.2 trillion infrastructure bill and there’s an even bigger spending bill in the pipeline. Where will all the money to pay for all of this government spending come from?

They’re not getting it from higher taxes, so they’re going to get it all from the Fed. And the Fed is going to have to expand its asset purchase program to buy up all these bonds that are going to be sold to finance all this spending.”

Despite some concessions that there is inflationary pressure, the government narrative continues to be that it’s primarily due to a strong economy and associated supply chain problems. Peter said the idea that inflation is somehow the price we pay for prosperity is nonsense.

Governments have been trying to rationalize and blame the public for inflation for decades. It’s not about the economy being too strong. It’s actually about the economy being too weak. And because the economy is so weak, we’re printing all this money. And that is the source of the problem. We’re producing money, not stuff. And so, the price of the stuff is going up.”

Meanwhile, the US is importing record amounts of stuff. The trade deficit has skyrocketed to record levels. But despite the surge of imports, prices continue to rise because the economy is so weak, the US still can’t produce enough to fill the gap.

So, are there any solutions to these problems?

Peter said there are no politically acceptable solutions.

The actual solution is to “stop the presses” and go cold turkey on QE. And then the central bank needs to legitimately tighten, shrink its balance sheet, withdraw money from the economy, and allow interest rates to rise. The government also needs to slash spending. That means the stock market is going to have to come down. The real estate market is going to have to come down.

A lot of bubbles are going to have to deflate if we’re going to address the inflation problem.”

But Peter said that’s not going to happen. As a result, inflation will get much worse.

That means the average American has a huge problem that he’s going to have to live with and potentially deal with if they can.”

end

LAWRIE WILLIAM//(Peter Schiff,//Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,James Rickards

Supply Chain Disruptions Will Continue

 
MONDAY, NOV 15, 2021 – 05:00 AM

Authored by James Rickards via DailyReckoning.com,

Forty percent of all the cargo into the United States comes through the ports of Los Angeles and Long Beach. Offshore, there are thousands of containers stacked up on vessels waiting to get in. How many containers can the ports unload on a normal day?

New containers are coming in. There are daily arrivals. When will that supply chain backlog clear?

The answer is never. If there are more coming in than you can unload and you have an existing backlog that’s getting worse, it will never clear.

But let’s just say that with no new shipments coming in, it would take 30 days just to unload what’s already waiting offshore. Thirty days, by the way, puts you into December and the Christmas rush.

And getting it offloaded in California is just the beginning of the supply chain. You’ve got to put it on a train or a truck and get it to a distribution center and put it on another truck and get it to a store.

But wait, there’s also a trucking shortage. That’s a big part of the supply chain problem. If you can unload the merchandise but can’t transport it due to a trucking shortage, what good is it?

So this is not getting better. That’s probably the understatement of the year.

You may have heard about a semiconductor shortage. But you don’t need a computer, so what’s the big deal? Well, no, there are semiconductors in everything. You have semiconductors in your refrigerator, dishwasher, home entertainment system, etc.

The point is we’re highly dependent on vulnerable supply chains that are currently breaking down. Something radical is going to have to happen. We’re just going to have to stop importing goods. And China may actually oblige us, though not for these reasons…

China now has what’s called a zero-COVID policy. That means they’re not going to tolerate any cases. If they see a case, they’re going to take extreme actions, and they are.

But this is a country of 1.4 billion people. It’s the second-largest economy in the world. You’re going to have zero COVID? Sorry, that’s not realistic. You can’t have zero COVID.

The policy is bound to fail. Ample evidence indicates lockdowns don’t work. Masks don’t work. The virus goes where it wants. It’s going to run its course and then fade, no matter what.

But if you’ve decided that your policy is zero COVID cases? You’re just going to shut down your economy, or parts of your economy, cities, hubs, transportation networks, factories, more or less randomly. That reduces economic output, obviously, but it also breaks up the supply chain.

What if the particular outbreak shuts down a factory? Sure, that’s bad for the factory. But what if that factory is a critical supplier of intermediate parts to another factory that’s not shut down?

Guess what? The other factory is going to be idle because they can’t get the parts.

The shutdown ripples, and that’s the key element. Global trade is a complex, dynamic system. It’s very efficient under normal circumstances. But what we know about complex, dynamic systems is that it takes very little to disturb them. A very small event somewhere in the system can cause the whole system to break down.

We have more than one event occurring, incidentally, and they’re not small. It’s therefore not surprising that the system is breaking down.

China has a severe energy shortage right now. Well over 50% of its total electricity generation comes from coal fire plants. It gets most of its coal from Australia. But China started a trade war with Australia because Australia was calling for an independent investigation of the source of the COVID virus, which China didn’t want. The result has been a shortage of coal in China.

So what did China do? It imposed price controls on coal. But we all know that price controls don’t work; it’s basic economics. When you cap the price of coal, you get less of it.

The coal shortages are not going away, and China is dealing with the shortages by diverting power to densely populated residential areas and housing. That’s understandable because the Chinese Communist Party doesn’t want people freezing in the dark. That’s a good recipe for social unrest.

But if there’s an energy shortage and you’re diverting it to people for political reasons, then who gets deprived? The answer is factories. And so you shut down steel mills, for example, which again causes another disruption in the supply chain. It has a ripple effect.

One of the big industries in China is lithium mining. Well, if you shut down the mining because you don’t have coal to run the electricity, where are you going to get the lithium to make the lithium-ion batteries to get a new Tesla?

The answer is you’re not. The waiting list for Teslas is about six months. I’m not going to get into a debate about Teslas, but if you want one, don’t think you’re getting one soon.

When you add it all up, we have a serious problem.

I recently spoke to the CEO of a major corporation. He said, “Jim, what you have to understand is that it took us 30 years to build these supply chains. We blew it up in three years, beginning in 2018, and you can’t put it back together. This is Humpty Dumpty. It will take at least 10 years to reconstruct the supply chains if we don’t want to do it with China and globalization.”

So don’t think that any of this is going away soon.

Germany’s another example. Due to pressure from environmentalist groups, Germany got rid of all its coal mines and nuclear plants. Guess what? The Germans are going to freeze in the dark this winter because they’re utterly dependent on natural gas, which is a fossil fuel, by the way. They can’t rely on wind and solar because they’re intermittent and can’t meet demand.

Vladimir Putin controls the tap on the natural gas pipelines. He’s dialing it down. He’s saying, “You want natural gas? Be prepared to pay me a lot of money, or you’re just not getting it.”

That’s going to hurt German industrial production, which is already going down. Again, that results in more supply chain disruption.

Now let’s consider the role of vaccine mandates in supply chain disruptions…

The Biden administration is pushing mandates hard. There are also lots of state and city mandates, especially in blue states. The bluer the state, generally speaking, the stricter the mandates.

Now, these experimental mRNA vaccines don’t stop you from acquiring the virus or from spreading it to others, and their effectiveness fades with time, so mandates really have little scientific basis. But put all these considerations aside and focus on their practical effects.

Take a look at the aviation industry. There are thousands, perhaps millions, of components that go into the manufacturing of an aircraft. Those components are specialized and they’re made in different places. Then they’re shipped and assembled.

The avionics industry (aviation electronics) is very heavily concentrated in the vicinity of Wichita, Kansas, for historical and other reasons. It’s like the Silicon Valley of avionics.

But the industry has a very low participation rate in the vaccine mandates, meaning about 50%. Nationally, about 80% have received at least one dose. But in this particular industry, maybe because it’s more male-oriented, maybe because it’s more conservative, the rate is much smaller. The reason doesn’t really matter.

But if they’re not vaccinated by now, they probably aren’t going to be. It’s not like they don’t know these things are available for free at the local CVS. Since they won’t obey the mandates, they’re going to quit, get fired, take early retirement, etc. That means a shortage in critical avionics.

What does it mean when the airlines cannot get their avionics updated? It means those planes go out of service, potentially, or they put them in for service and they don’t come out for a long time. We’re talking six months for some of the more sophisticated navigation and communication systems.

The backlogs are already building in that industry. How does it help the economy if planes are sitting idle because of components shortages?

And look at the impact of mandates on pilots. Many pilots are hesitant to take the vaccine because studies indicate pilots are more susceptible to developing blood clots than the general population.

Well, guess what’s a known side effect of the vaccine? You guessed it, blood clots.

Not only can blood clots kill them, they could also end their careers because pilots must undergo rigorous health tests regularly.

Southwest Airlines recently had to cancel thousands of flights. American later canceled thousands of flights. They like to claim it’s the weather. But how come the weather only affects one airline at a time?

It wasn’t the weather, it was pilots (and air traffic controllers) conducting informal strikes because of the vaccine mandates.

Oh, and mandates extend to large air cargo carriers like FedEx and UPS that haul freight all around the world. More supply chain disruptions if these planes aren’t flying.

Supply chain disruptions are a very big deal. The problem is pervasive. It’s not going away anytime soon because it would require undoing decades of globalization.

You’re going to have to get used to it. When I say get used to it, I don’t mean tough luck. I just mean that this problem is going to continue.

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

Thom Calandra..

If this is metals’ breakout, you’ll want The Calandra Report, which helps GATA

 

 

 Section: Daily Dispatches

 

10:49a ET Saturday, November 13, 2021

Dear Friend of GATA and Gold:

Thom Calandra and his market letter, The Calandra Report, have been supporting GATA almost from our start 22 years ago. He is a writer and believer and investor in the monetary metals.

With metals prices showing signs of recovery amid the storm of inflation, Thom has revived his special offer to GATA supporters — a discount on a year’s subscription with half the $169 payment being donated to GATA, no strings attached.

Here is the PayPal code for the special subscription offer: 

https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=588T2KF2KL96U

Thom’s production is prodigious. Typically he sends his subscribers a new letter two or three times per week.

Thom has identified a number of once-obscure resource equities paying the mortgage. See:

https://mailchi.mp/0beec1e3d929/worthy-of-chasing-the-calandra-reporttcr-october-14-2021?e=bf9f6a5475

Another edition of The Calandra Report, a bulletin, has just been published and has what he believes is actionable information about several prospects:

https://us5.campaign-archive.com/?u=d3a1417c9ff35564e0ddc31e9&id=dcca4d9db5

Thom realizes this is a challenging time for owning metals equities as well as the metals themselves. One day gold is at $1,800, the next it is at $1,760. 

But Thom sticks with his choices — and his secular view is simple: a years-long upward cycle for most hard assets, even platinum. But not for that desperate $1 trillion Treasury-minted platinum coin that government’s big spenders want issued to evade the U.S. federal debt limit.

Thom is having a hot hand with frequent visits to Québec, Ontario, Nevada, Colorado, Yukon, Ghana, and even Russia and places around the world in search of honest explorers and producers. 

Canada is his bread and butter. Some 55% of his subscribers are from Canada, with another 34% from the United States. His deep analysis of Québec prospects is paying off with the planned merger of Golden Valley Mines & Royalties with Gold Royalty Corp. and with two explorers showing discovery gold grades: Amex Exploration and Azimut Exploration.

Thom will be with GATA Chairman Bill Murphy and your secretary/treasurer at the annual New Orleans Investment Conference this week. He has been speaking there as long as GATA has.

The Calandra Report locates promising companies in natural resources, special situations, some clinical-stage biomedical companies, a media company or two, and oversold investments. Metals and metals equities are 70% of The Calandra Report.

Thom’s income comes solely from The Calandra Report. There is no “pay for play” and there are no favored placements for him, his family, or his newsletter.

Thom’s research and name-dropping commentaries have been on a winning streak for three years now. His analysis and recommendations spring from his contacts throughout the mining exploration business: across Quebec, Nevada, the Yukon, the Democratic Republic of Congo, Ghana, Arizona, Ontario, Mexico, and Ecuador, among other far-flung places. He has similar contacts in the clinical-stage bio-pharma laboratory businesses.

If you check some of the sample reports posted in the clear at his Internet site — thomcalandra.com — you’ll see profitable names that were little known a year ago or buried 10 years ago but well-known now.

Thom never takes fees in exchange for coverage. He almost always owns shares of the companies he recommends in his letter. He takes pride in knowing the geologists and CEOs.

His letter also may be the lowest-cost mining analysis service. Really — he conscientiously replies to all queries. Ping him now if you like at thom@thomcalandra.com.

The growing exposure of government price-suppression policy against the monetary metals is improving valuations for metals prices and their respective operators.

If you’d like to be a part of The Calandra Report while helping GATA, your discount offer from The Calandra Report is waiting for you at Pay Pal here:

https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=588T2KF2KL96U  

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

END

A good read…

Brandon White…

Brandon White: Gold sales ‘persons’ of the year

 

 

 Section: Daily Dispatches

 

By Brandon White
Good Mining Exploration, Port Severn, Ontario, Canada
Friday, November 12, 2021

Before we get into central bank digital currencies, we need to remember that central banks are a dream for gold investors. So are the heads of their respective government treasury departments, beholden to the political and financial will of those attempting to hang on to the status quo. 

The other central banks, and their government figureheads, should also be given their due credit. They have all lost sight of the plot. I wish them well, for the inevitable monetary transition away from the U.S. dollar’s supremacy will be difficult for most. Central banks are increasingly pushing for a digital form of money issued by them. They seem almost frantic in their attempt to update a system that should never have been born in the first place. 

The harder they resist the use of gold as the base form of money, the more desperate they appear to keep their game alive.

The world as we have known it for the last 40 years hangs by a thread. For now, central banks and their appointed “agents” are simply buying themselves — and us, the gold-buying investors — more time to get ready for the inevitable big change.

Meanwhile, the vast majority of the population continues to remain completely and willfully ignorant, in denial to the changing world around them. These people are sleepwalking through the greatest threat — and the greatest opportunity — of their lives. No amount of evidence or persuasion will convince them to shift their perspective until it is too late. After the big change, they will likely just want someone to blame. 

Average investors did not create this environment. It is not of our doing, nor do any of us really want what is coming. That doesn’t mean we have to sit still and let it eat us.

So whom do we look to in order to get some idea of what to do?

We simply need to look to who is buying gold and other real, hard assets — and understand how little money is represented by non-financial investments. …

… For the remainder of the commentary:

https://tinyurl.com/2a9syyd3

end

Amid huge hyperinflation, gold still shines as money in Venezuela

(RonanManly/Bullionstar)

 

Amid hyperinflation, gold shines as money in Venezuela

 

 

 Section: Daily Dispatches

 

By Ronan Manly
Bullion Star, Singapore
Thursday, November 11, 2021

With inflation surging worldwide in everything from the prices of energy to raw materials to consumer goods, there is growing acceptance (except from central bankers) that this inflationary trend is not only not transitory, but given the backdrop of accelerated global money printing and fiat currency debasement, that it could be hyperinflationary.

It is therefore helpful to look at the example of one economy which has already entered hyperinflation and which is still in the midst of hyperinflation, that economy being Venezuela

Whichever way you define hyperinflation – as a rise in prices of goods and services by more than 50% per month, or a rampant and accelerating inflation rate – Venezuela has been experiencing hyperinflation since about 2016, and at one point in 2018-2019 Venezuela had an inflation rate of over 10 million percent. …

… For the remainder of the report:

https://www.bullionstar.com/blogs/ronan-manly/amid-ongoing-hyperinflation-gold-shines-as-money-in-venezuela/

end

OTHER IMPORTANT /ECONOMIC COMMENTARIES

WALL STREET ON PARADE

A Second Female Lawyer Who Worked at JPMorgan Chase Says Fraud Is Condoned at the Bank

By Pam Martens and Russ Martens: November 15, 2021 ~

The previous time a female lawyer who worked at JPMorgan Chase blew the whistle on frauds occurring inside the bank, the U.S. Department of Justice, along with other federal and state regulators, ended up charging the bank with selling toxic mortgage securities to investors and making JPMorgan Chase pay $13 billion to settle the charges.

That female lawyer was Alayne Fleischmann, as Matt Taibbi detailed in a report for Rolling Stone in 2014. Taibbi summarizes the matter as follows:

“Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as ‘massive criminal securities fraud’ in the bank’s mortgage operations.”

According to Fleischmann, who worked as a Transaction Manager at JPMorgan, her department was assigned with assuring that only good mortgage loans were securitized but, instead, under pressure from bosses, it waived in improperly underwritten mortgages that were likely to default. After failing to stop the fraudulent process with verbal warnings, Fleishmann memorialized the details in a long letter to a superior. She found herself dismissed in a round of layoffs.

On Thursday, a female attorney, Shaquala Williams, who had worked in compliance at JPMorgan Chase, came forward. Williams has filed a lawsuit in the U.S. District Court for the Southern District of New York with allegations that are so alarming that they should send the Justice Department, the bank’s outside auditing firm and the Audit Committee of the Board of Directors into a frenzy. (See the full text of William’s federal complaint here.)

According to the lawsuit, Williams has “approximately 12 years of experience in financial crimes compliance primarily for financial institutions.” She joined JPMorgan Chase in June 2018 and was working in its Global Anti-Corruption Compliance group. After reporting serious misconduct by the bank, she alleges that the bank retaliated against her by firing her in October 2019.

Williams makes numerous, stunning allegations that the bank was falsely reporting to the Justice Department that it was in compliance with the non-prosecution agreement it had reached in 2016 when, in fact, it was simply reporting what the Justice Department wanted to hear while gaming the terms of the agreement.

The Justice Department had charged in 2016 that JPMorgan’s Asia subsidiary had through “certain senior executives and employees of the Company conspired to engage in quid pro quo agreements with Chinese officials to obtain investment-banking business, planned and executed a program to provide specific personal benefits to senior Chinese officials in the position to award or influence the award of banking mandates, and repeatedly falsified or caused to be falsified internal compliance documents in place to prevent the specific conduct at issue….”

To put it bluntly, the bank was putting on its payroll the children of high Chinese government officials in order to further its business interests in China.

In exchange for avoiding prosecution, the Justice Department required the bank to put in place compliance controls around third-party payments. Williams alleges the following was happening inside the bank to subvert those controls:

“If properly implemented, invoice controls would ensure that JPMorgan was not funding corruption by labeling corrupt third-party payments as legitimate business expenses.

“Williams also raised concerns because the Bank had no requirements for the Compliance group to review invoices for red flags, high risk indicators, or other anomalies that indicate corrupt payments; because the Bank granted many third-party intermediaries exemptions from invoice requirements without documenting or explaining the basis for doing so; because the Bank had no controls to ensure that the entity requesting payment was the same third-party intermediary that had contracted with the Bank; because the Bank had no controls to ensure that the third party intermediary had a contract or other agreement with the Bank before performing the services; and because the Bank could not reconcile actual payments with the invoices…

“Williams also raised concerns about JP Morgan’s inaccurate books and records. There were inconsistencies between the TPI payment records and the Bank’s centralized payment systems that feed into its general ledger. For example, a former government official (‘TPI1’) was a high risk JPMorgan third-party intermediary for Jamie Dimon (‘Dimon’), JPMorgan’s Chief Executive Officer. The Bank processed the invoices for TPI1 through the ‘emergency payment method.’ The Bank’s policies made clear that the ‘emergency payment method’ should be used for urgent payments critical to the day-to-day operations of Chase such as emergency utility bills ‘to prevent the lights from going out.’ The TPI1 invoices did not satisfy this standard, thus leaving the payment method open to unchecked corrupt payments and violations of the Bank’s accounting controls, the NPA, SEC Order, SEC rules and regulations, and provisions of Federal law relating to fraud against shareholders. Further, the payments as reflected in the general ledger did not correspond with management’s general or specific authorization for the invoice payments, thereby creating inaccurate records that also constituted violations of the NPA, the SEC Order, SEC rules and regulations and/or provisions of Federal law relating to fraud against shareholders.”

The lawsuit contains this additional stunning allegation related to these invoices: “Williams raised concerns that GACC [her department] was maintaining an alternate ledger of corrected transactions that did not match the uncorrected transactions on the official JPMorgan balance sheet.” That sounds a lot like two sets of books. If the U.S. Department of Justice isn’t concerned about that at the nation’s largest bank, we have big problems not just in the U.S. banking system but at the U.S. Department of Justice as well.

If these allegations sound implausible for a bank that is constantly fawned over by mainstream media, consider this: JPMorgan Chase was previously charged in 2014 with two criminal felony counts for facilitating the crime of the century – Bernie Madoff’s multi-decade Ponzi scheme, the largest in history. The bank maintained the business bank account for Madoff and looked the other way at giant red flags that screamed money laundering. The bank told U.K. regulators that it thought Madoff was running a Ponzi scheme while keeping mum to U.S. regulators. (See JPMorgan and Madoff Were Facilitating Nesting Dolls-Style Frauds Within Frauds.)

Those were the first two felony charges brought by the Justice Department against the bank. Since then, the bank has accumulated three more felony charges for rigging markets: the foreign exchange market, precious metals and U.S. Treasury market. It admitted to all five counts. And in addition to its felony charges, the bank has committed a staggering list of other frauds while being allowed to simply pay tens of billions of dollars in fines and walk way. See JPMorgan Chase’s rap sheet here.

Fleischmann and Williams are not the only lawyers to have called attention to fraud inside JPMorgan Chase. In 2016, trial lawyers Helen Davis Chaitman and Lance Gotthoffer released the book JPMadoff: The Unholy Alliance Between America’s Biggest Bank and America’s Biggest Crook. In Chapter Five of the book, Chaitman and Gotthoffer provide this analysis: (JPMC stands for JPMorgan Chase.)

“In Chapter 4, we compared JPMC to the Gambino crime family to demonstrate the many areas in which these two organizations had the same goals and strategies. In fact, the most significant difference between JPMC and the Gambino Crime Family is the way the government treats them. While Congress made it a national priority to eradicate organized crime, there is an appalling lack of appetite in Washington to decriminalize Wall Street. Congress and the executive branch of the government seem determined to protect Wall Street criminals, which simply assures their proliferation.”

Chaitman and Gotthoffer then suggested a path forward:

“If Jamie Dimon is running a criminal institution, he should be prosecuted for it. And law enforcement has the perfect tool for such a prosecution: the Racketeer Influenced and Corrupt Organizations ACT (RICO).

“Congress enacted RICO in 1970 in order to give law enforcement the statutory tools it needed to prosecute the people who committed crimes upon orders from mob leaders and the mob leaders themselves. RICO targets organizations called ‘racketeering enterprises’ that engage in a ‘pattern’ of criminal activity, as well as the individuals who derive profits from such enterprises. For example, under RICO, a mob leader who passed down an order for an underling to commit a serious crime could be held liable for being part of a racketeering enterprise. He would be subject to imprisonment for up to twenty years per racketeering count and to disgorgement of the profits he realized from the enterprise and any interest he acquired in any business gained through a pattern of ‘racketeering activity.’ “

But despite this unprecedented and recurring pattern of crime at JPMorgan Chase, all occurring while Jamie Dimon was Chairman and CEO at the bank, neither the federal prosecutors nor his own Board of Directors have demanded his removal

end

OTHER COMMODITIES/URANIUM

 
 

END

 

 
CRYPTOCURRENCIES/
 
end

Your early MONDAY 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 6.3832  

 

//OFFSHORE YUAN 6.3779  /shanghai bourse CLOSED DOWN 5.80 PTS OR 0.16% 

 

HANG SANG CLOSED UP 62.94 PTS OR 0 25% 

 

2. Nikkei closed UP 166.33 PTS OR 0.56% 

 

3. Europe stocks  MOSTLY GREEN

 

USA dollar INDEX DOWN TO  95.03/Euro RISES TO 1.1453-

3b Japan 10 YR bond yield: FALLS TO. +.068/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 113;85/ 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//

 

3c Nikkei now JUST ABOVE 17,000

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

3e WTI:: 79.72 and Brent: 80.91

3f Gold UP/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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.0.259%/Italian 10 Yr bond yield FALLS to 0.95% /SPAIN 10 YR BOND YIELD FALLS TO 0.45%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.21: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.19

3k Gold at $1863.90 silver at: 25.19   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 49/100 in roubles/dollar) 72.41

3m oil into the 79 dollar handle for WTI and  80 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 113.85 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 .9194 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0535 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 0.259%

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 1.558% early this morning. Thirty year rate at 1.938%

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

6.  TURKISH LIRA:  UP  TO 10.01..  VERY DEADLY

Futures Rise As Usual, Approaching All Time High

 
MONDAY, NOV 15, 2021 – 07:59 AM

US equity futures resumed their upward climb (after Goldman quadrupled down on its call for a massive, year-end meltup driven by $15BN in inflows every single day) as major technology stocks advanced, and as investors awaited a slew of retail earnings and economic data this week to gauge the health of consumer spending while keeping an eye on runaway inflation. Better-than-estimated profit growth has led to a rally in markets, helping ease recent concerns over the hottest U.S. inflation in 30 years. At 730 a.m. ET, Dow e-minis were up 94 points, or 0.26%. S&P 500 e-minis were up 9 points, or 0.20% and about 20 points from their all time high around 4,711; while Nasdaq 100 e-minis were up 30.5 points, or 0.19%.

The three major Wall Street indexes had fallen between 0.3% and 0.7% last week when the S&P 500 also snapped its longest winning streak since August 2020, amid concerns over high inflation and weakening consumer sentiment. Investors had begun pivoting into economically resilient sectors, mainly technology, towards the end of the week.

Market-heavy GAMMA (fka FAAMG) stocks rose between 0.1% and 0.8% in premarket trade, with Meta Platforms Inc leading gains. On the other end, Tesla shares fell as much as 2.6% in U.S. premarket session after Elon Musk suggested over the weekend that he would sell even more stock after offloading almost $7 billion worth of shares over the past week. Tesla’s declines follow a steep 15.4% drop last week after Musk offloaded a combined $6.9 billion worth of shares in the electric-car maker. Meanwhile, blank-check company Gores Guggenheim rose as much as 25% as the stock was touted among retail traders. Rivian shares were down about 2.7% in U.S. premarket trading after the electric-truck maker surged following its IPO last week. Dollar Tree Inc added 5.4% after activist investor Mantle Ridge LP revealed a 5.7% stake in the discount retailer.

Strong corporate earnings are helping drive investors into stocks and overshadowing fears about the hottest U.S. inflation print in three decades. The sentiment found its way into calmer bond markets, where these fears had played out in the highest volatility since the onset of pandemic.  

“Central banks may be becoming less accommodative, but they will be anxious not to derail the recovery or financial markets,” according to Cesar Perez Ruiz, chief investment officer at Pictet Wealth Management and head of asset alloaction Christophe Donay. “Q3 results have offered further proof of corporate strength.”

Focus this week will be on earnings reports from several major retailers including Walmart Inc, Target Corp, Home Depot and Macy’s. Their results will round off an upbeat third-quarter earnings season, which pushed Wall Street to new highs. Retail sales data for October is also due on Tuesday, and is expected to show the impact of inflation on consumer spending.

Looking ahead not everyone is euphoria: in its 2022 forecast, Morgan Stanley strategists warn that inflationary headwinds may become a bigger force against U.S. stocks next year; they prefer peers in Europe and Japan. They forecast the S&P 500 will end 2022 at 4,400 — some 6% below current levels. For bonds, they expect 10-year yields to rise to 2.10% by the end of next year on improving growth and higher real rates, up from 1.54% on Monday.

“One reason we like equities in Europe and Japan is that we think inflationary challenges there are much less daunting than elsewhere,” strategists led by Andrew Sheets wrote Sunday. They also cited “more reasonable valuations, limited central bank tightening and less risk from higher taxes” vis-a-vis the U.S.

In Europe, Stoxx 600 Index was little changed near a record high as rising earnings estimates supported the region’s stocks. Travel and leisure and retailers led the gains, while miners slumped. Here’s the latest on what analysts are saying about European equities:

  • EasyJet cut to reduce from hold at Kepler Cheuvreux due to deteriorating traffic trends and a risk that it has to incentivize demand with fare discounts.
  • Alfen Beheer loses its only buy rating as Berenberg downgrades to hold on limited near- term upside, even after last week’s sell-off in the shares.
  • Direct Line cut to hold and Admiral raised to buy at Berenberg with the broker switching preferences in its U.K. non- life insurer coverage.
  • B&M European is cut to underperform from sector perform at RBC with growth set to become harder to deliver for the discount retailer and better value seen elsewhere in the sector.
  • Wood’s strategic review of its built environment business could unlock “meaningful value,” Citi writes in note upgrading the energy-services firm to buy.

Earlier in the session, shares fluctuated in Hong Kong and dipped in China, where traders weighed stronger-than-expected retail sales and industrial output, central bank liquidity support and a drop in home prices. Beijing’s crackdown on real-estate leverage is among the headwinds for the world’s second-largest economy.

That said, Asian equities rose for a third day as the strength in U.S. technology heavyweights Friday helped ease market worry over global inflation, reigniting appetite for growth stocks.  The MSCI Asia Pacific Index advanced as much as 0.6%, with TSMC, Tencent Holdings and Samsung Electronics among the largest contributors to the gauge’s rise. South Korea’s Kospi was the top performer among the region’s benchmarks, adding 1%.  Futures on the Nasdaq 100 climbed in Asia after the underlying measure added 1% on Friday. U.S. equities rose led by technology and communication services, with share prices remaining near all-time highs after a strong corporate earnings season.  Overall, the positive mood from last week is extending to today’s trading, said Naoki Fujiwara, chief fund manager at Shinkin Asset Management. “Chip-related stocks are doing pretty well following the earnings season, which is also backing gains for the market.” The regional benchmark capped its second straight week of gains on Friday, helped by positive earnings readings. Price data from the U.S. and China remain in focus as traders fear elevated inflation could lead to tighter monetary policy. U.S. consumer sentiment unexpectedly collapsed in early November as Americans grew increasingly concerned about inflation.

Japanese stocks rose after the Nikkei newspaper reported on Friday that the government plans to compile an economic stimulus package of more than 40 trillion yen ($351 billion) in fiscal measures. “Economic stimulus had been expected to be about 30 trillion yen, but a new figure of 40 trillion yen is likely to be cheered by investors,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Institute Co.  The Topix index rose 0.4% to close at 2,048.52 in Tokyo, while the Nikkei 225 advanced 0.6% to 29,776.80. Toyota Motor contributed the most to the Topix’s gain, increasing 1.1%. Out of 2,180 shares in the index, 1,051 rose and 1,029 fell, while 100 were unchanged.

India’s benchmark index ended flat after wholesale prices surged higher-than-expected in October, weighing on metal and financial stocks. The S&P BSE Sensex was little changed at 60,718.71 in Mumbai, while the NSE Nifty 50 Index was flat at 18,109.45. Both gauges gained as much as 0.6% earlier on the back of an earnings season in which a majority of Nifty 50 companies reported results that beat expectations.  Both indexes, however, failed to hold onto their initial advance after wholesale prices rose 12.5% in October, more than economists’ consensus of a 11.1% advance, led by a rise in manufactured products as well as fuel and power prices. Nine of the 19 sector sub-indexes compiled by BSE Ltd. declined, led by gauges of metal and basic materials companies.  India will release monthly trade figures after market hours. The corporate earnings season for the three months ended September finished last week with 29 of the Nifty 50 companies beating analyst estimates. Three companies made their trading debut on Monday, with chemical maker Sigachi Industries rising 267% over its IPO price. One97 Communications Ltd., the operator of digital payments app Paytm which raised $2.5b in India’s biggest IPO, is slated for Thursday.

In FX, the Bloomberg Dollar Spot Index slipped with the greenback weaker against all of its Group-of-10 peers. Commodity currencies, led by Norway’s krone, were the best performers. The Treasury curve bull flattened, with yields falling by up to 2bps. The euro hovered around $1.1450; the French presidential election next year is the scheduled event carrying the highest risk for the common currency, according to options gauges. The pound steadied as traders await clues on monetary policy from BOE Governor Andrew Bailey during parliamentary testimony later Monday. U.K. economists expect a rate increase to 0.25% next month, according to a Bloomberg survey. U.K. economists have become more hawkish over the past month and now expect the Bank of England to increase interest rates in December as concerns about inflation intensify. Sweden’s krona inched up after inflation accelerated more than forecast in October. Meanwhile, the Australian dollar rose on data that China’s economy performed better than expected in October. The nation’s sovereign bonds also extended opening gains after China home prices fell again, sapping real-estate shares. Japan’s super-long government bonds underperformed amid concerns that supply may increase to finance government spending. The yen consolidated

In rates, Treasury yields broadly within a basis point of Friday’s close, the curve fractionally steeper. The front-end and belly outperform, following bigger gains for Aussie front-end, which attracted buyers during Asia session. Stocks supported, with S&P 500 futures above Friday’s high.  Treasury yields were richer from front-end out to 10-year sector, which trades around 1.55%, outperforming gilts and bunds by ~1bp; long-end cheapens slightly on the day, steepening 5s30s by ~1bp.  Euro- area bonds gained, led by the periphery, following comments on inflation by ECB Chief Economist Philip Lane over the weekend. ECB’s Lane said recent price inflation is “really part of the pandemic” and people should not panic, in an interview with RTE on Saturday.

The Fed begins tapered purchase schedule released Friday; schedule departed slightly from Nov. 3 plan by leaving target size of operations in 10- to 22.5-year sector unchanged while trimming 22.5- to 30-year more, which spurred outperfomance by 20-year sector

In commodities, crude futures drifted lower with focus on U.S. energy policy and commentary from OPEC speakers. WTI is down 0.6%, trading either side of $80; Brent drops through Asia’s worst levels before running into support near $81. Spot gold fades Asia’s weakness to trade flat near $1,863/oz. Most base metals are in the red with LME nickel underperforming; copper trades flat. 

Looking at today’s calendar, it’s quiet on the news front with just the US November Empire State manufacturing survey on deck. Biden will meet virtually with Chinese President Xi Jinping on Monday. Tensions between the two countries have been building over issues including Taiwan and restrictions on sales of U.S. technology to China.

Market Snapshot

  • S&P 500 futures up 0.1% to 4,685.00
  • STOXX Europe 600 little changed at 487.13
  • MXAP up 0.4% to 200.95
  • MXAPJ up 0.4% to 656.76
  • Nikkei up 0.6% to 29,776.80
  • Topix up 0.4% to 2,048.52
  • Hang Seng Index up 0.2% to 25,390.91
  • Shanghai Composite down 0.2% to 3,533.30
  • Sensex up 0.1% to 60,771.98
  • Australia S&P/ASX 200 up 0.4% to 7,470.11
  • Kospi up 1.0% to 2,999.52
  • Brent Futures down 0.9% to $81.46/bbl
  • Gold spot down 0.2% to $1,860.89
  • U.S. Dollar Index little changed at 95.09
  • German 10Y yield little changed at -0.27%
  • Euro little changed at $1.1447

Top Overnight News from Bloomberg

  • Federal Reserve Bank of Minneapolis President Neel Kashkari said the U.S. central bank shouldn’t overreact to elevated inflation even as it causes pain for Americans, because it is likely to prove temporary
  • A reduction in China’s reserve requirement ratio looks increasingly unlikely after the authorities rolled over all policy loans coming due and data surprised on the upside, suggesting that bonds will have little room to gain
  • China’s industrial output rose 3.5% in October from a year earlier, while retail sales growth accelerated to 4.9%, beating economists’ forecasts
  • Japan’s gross domestic product contracted at an annualized pace of 3% in the three months through September from the previous quarter, the Cabinet Office reported Monday. Economists had forecast a 0.7% decline
  • Bank of Japan Governor Haruhiko Kuroda said financial stress from the pandemic is limited to certain sectors of the economy, potentially signaling the BOJ is planning to scale back its Covid-era funding program
  • European Central Bank President Christine Lagarde doubled down on her assessment that euro-area inflation will ease as economies rebound, falling back below the 2% target in the medium term. Yet analysts see itfaster than previously thought this year and next
  • A short-lived reprieve for emerging- market carry trades funded in dollars looks to be over, with an upsurge in U.S. inflation making the outlook increasingly treacherous
  • The U.K. is expanding its Covid-19 booster program to younger people as the country seeks to head off another wave of infections this winter. A third vaccine dose will be available to people aged 40 to 49 starting six months after their second shot, the government said Monday
  • Oman said there was no need for OPEC+ to accelerate oil-production increases, signaling at least some members of the group will continue to resist U.S. pressure for more crude  

A more detailed look at global markets courtesy of Newsquawk

Asian equity markets began the week with a lack of firm direction as the region digested varied tier-1 economic releases including better than expected Chinese activity data and miss on Japanese GDP, with attention also on a slew of earnings results and corporate updates. ASX 200 (+0.4%) and Nikkei 225 (+0.6%) both opened higher and took impetus from last Friday’s gains on Wall Street but with upside in Australia capped as financials and energy lagged, while Japanese participants weathered the weak GDP data which showed a wider than expected quarterly contraction during Q3, when the economy was still mired by widespread state of emergency declarations in key areas including Tokyo and its surrounding prefectures. Nonetheless, Japanese stocks have taken the disappointing economic growth within their strides as it justifies the incoming stimulus package which was said to have been increased to over JPY 40tln in fiscal spending and with Japan reportedly to resume its Go To Travel campaign in mid-January. Conversely, Hang Seng (+0.2%) and Shanghai Comp. (-0.2%) were initially moderately pressured despite stronger than forecast Industrial Production and Retail Sales data from China, as well as the PBoC’s CNY 1tln MLF announcement which matched this month’s expiring MLF loans and further dampened prospects of PBoC easing. Today also saw the launch of the Beijing Stock Exchange which aims to help SMEs raise capital and included 81 companies in the first batch of listings, while participants await the Biden-Xi virtual meeting which is set to take place Monday evening at 19:45EST or Tuesday morning in Asia and with US Treasury Secretary Yellen and Secretary of State Blinken set to join in on the call. Finally, 10yr JGBs are higher as they tracked a marginal rebound in T-notes and following the disappointing Japanese GDP release, but with gains capped as stocks in Tokyo remained afloat and amid the absence of BoJ purchases in the market today.

Top Asian News

  • Cathay Crew Who Flew From Frankfurt Doing 21-Day Quarantine
  • Duterte Runs for Philippine Senate, Avoids Clash With Daughter
  • Greenland Jumps in Bond Market After Classification Change
  • Chinese Startup Meicai Is Said to Pick Banks for Hong Kong IPO

European equities (+0.1%) trade with minor gains which have nudged the Stoxx 600 to a high of 487.21 in what has been a quiet start to the week. The desk will continue to monitor further lockdown restrictions across the region, however, updates from the Netherlands and Austria have done little to dent sentiment thus far. The handover from the APAC region was a mixed one as the soft GDP data from Japan was overshadowed by forthcoming stimulus efforts whilst Chinese equities were unable to garner much upside from stronger than forecast Industrial Production and Retail Sales data. Participants were also awaiting the Biden-Xi virtual meeting which is set to take place Monday evening at 19:45EST or Tuesday morning in Asia. Stateside, futures are trading with gains of a similar magnitude to their European counterparts (ES +0.1%) with not a great deal on the docket beyond the NY Fed Manufacturing print at 13:30GMT/08:30EST. Back to Europe, sectors are relatively mixed with Travel & Leisure top of the leaderboard amid gains in Deutsche Lufthansa (+1.7%) after the Co. was upgraded to neutral from sell at UBS. Oil & Gas names have been granted some reprieve following the selling pressure seen towards the latter half of last week. To the downside, Basic Resources is the standout laggard amid underlying price action in the metals space. In terms of individual movers, Ahold Delhaize (+2.4%) is one of the best performers in the Stoxx 600 after announcing a EUR 1bln buyback as of 2022, accelerated its growth/investment plan and will explore an IPO of Bol.com. Shell (+1.8%) is seen higher on the session after announcing that it is looking to implement a simplified structure and move its tax residency to the UK from the Netherlands. To the downside, Philips (-12.1%) sits at the foot of the Stoxx 600 as concerns continue to mount over its ventilator recall issues in the US. Finally, BBVA (-3.7%) is seen lower on the session after launching a tender offer to acquire the remaining 50.2% of Turkiye Garanti Bankasi.

Top European News

  • U.K. Expands Covid-19 Booster Program to People in Their 40s
  • Austria Locks Down Unvaccinated as Europe Tightens Covid Curbs
  • Cathay Crew Who Flew From Frankfurt Doing 21-Day Quarantine
  • Telefonica Launches Tender Offer for Hybrid Notes

In FX, the Aussie and Kiwi are outperforming their major peers, or making the most of ongoing Greenback consolidation off last week’s new y-t-d highs, with the former also gleaning encouragement from Chinese data overnight as ip and retail sales beat consensus. Aud/Usd is back above 0.7350 and Nzd/Usd has reclaimed 0.7050+ status as the Aud/Nzd cross hovers in the low 1.0400 zone and eyes an unusually large 1 bn option expiry at the round number. Similarly, the Norwegian and Swedish Krona are both firmer vs a somewhat leggy/lethargic Euro, but with assistance from macro releases in the form of trade and inflation respectively. Eur/Nok is probing 9.9200 and Eur/Sek is testing bids and support around 10.0000 compared to peaks near 9.9600 and 10.0330.

  • CAD/DXY – No lasting support from crude prices for the Loonie as WTI retreats through Usd 80/brl from Usd 81.20 at best, but Usd/Cad has reversed from 1.2550+ ahead of Canadian manufacturing sales and wholesale trade that are out alongside the more timely Empire state survey. Meanwhile, the index is meandering either side of 95.000 within a 95.152-94.963 band having ‘topped out’ at 95.266 in wake of US CPI and a far from well received new 30 year issue.
  • GBP/EUR/CHF/JPY – All narrowly mixed against the Buck and seemingly awaiting clearer direction from their US counterpart or independently, as Cable continues to straddle a key Fib level (1.3412) in advance of testimony from the BoE on the latest MPR and top tier UK data from tomorrow. Eur/Gbp is sitting even tighter around 0.8530 before talks intensify to try and resolve differences on NI Protocol, while Eur/Usd is pivoting 1.1450, Usd/Chf is rotating around 0.9200 and Usd/Jpy is holding mostly below 114.00. Note, the Euro has ECB speakers to digest (see Headline Feed at 10.01GMT for remarks from President Lagarde) and look forward to, while the Franc has not really responded to small rises in weekly Swiss sight deposits and the Yen has largely brushed aside much weaker than expected Japanese GDP and a draft document saying that the government and BoJ share a strong sense of urgency about supply shortages, whilst maintaining an appropriate combination of monetary and fiscal policies.

In commodities, WTI and Brent are softer this morning, with losses in excess of 1.0% on the session thus far. Such pressure stems from demand-side updates in the wake of further COVID-19 measures being announced/implemented, most recently that Austria is entering a lockdown for the un-vaccinated and the Netherlands is to reimpose social distancing from Saturday. Furthermore, given the surge in cases seen in Germany in recent weeks the three-parties in coalition discussions intend to put forward proposals to Parliament on Thursday for renewed measures, which will reportedly include contact restrictions. On the other hand, the supply-side of the equation is cognisant of the looming imposition of further restrictions on Belarus by the EU, particularly as Leader Lukashenko last week said they would respond to any sanctions and suggested closing gas/goods transit through Belarus. Additional sanctions are, currently, scheduled to be announced this afternoon. Separately, and perhaps adding pressure, is commentary from various oil ministers the most pertinent of which has seen the UAE representative announce they are to increase production to over 5mln BPD from the current 4mln by 2030, alongside expecting a Q1-2022 oil surplus. Currently, the benchmarks are in proximity to the sessions trough which resides around USD 0.10/bbl below Friday’s low of USD 79.78/bbl in WTI, for instance. Moving to metals, spot gold and silver have been grinding higher throughout the European morning but are yet to retrace the downside seen overnight in-spite of the stronger Chinese data though this failed to spur regional or base-metal performance either. In terms of bank views, the Head of Energy Research at Goldman Sachs predicting the precious metal is set for a boom to the USD 2k level.

US Event Calendar

  • 8:30am: Nov. Empire Manufacturing, est. 22.0, prior 19.8

DB’s Jim Reid concludes the overnight wrap

This morning I’ve just put out a short note which I hope will win the catchiest research title of the year award. It’s called “If you think real yields are low, look at these charts…”. See here for the link. Regular readers will know my view that inflation will be structurally higher going forward and that for the rest of my career developed market real yields will likely stay negative even if nominal yields climb. This is because with debt so high, history suggests that heavy financial repression will be necessary to manage this. However, nothing could have prepared me for 2021 so far with US CPI at 6.2% YoY in October and 10-year US yields stuck below 1.6%. On a spot basis real yields are c.-4.6% and at around 70-year lows.

If you think real yields are low, however, take a look at the 200-year graphs in the note to see that whenever debt has spiked historically, real yields have moved a lot lower than even today’s levels, albeit through inflation around or above 20%. These are extreme times but history offers even more extreme examples.

Staying with inflation DB’s Francis Yared and I did a webinar on inflation last week and the recording can be viewed here. You’ll need Francis’s slides at hand on Regime Shifts in Inflation (link here) and mine (link here) on what history can tell us about inflation and what it means for asset prices in the future. I thought it was a really good webinar but I am slightly biased.

Maisie and mum came back from a week in hospital at the weekend. Mum slept for 18 hours on Saturday leaving me to work out how the wheelchair folds up and reopens and delivering what I hoped was the right dose of morphine. It’s going to be tough living with a wheelchair for the next year as Maisie’s hip bone tries to regrow but after hearing many stories from my wife about children in the ward with life threatening conditions you realise that you’re actually pretty lucky. Before you think I’ve gone all zen, I did nearly throw the wheelchair across the room when it wouldn’t unfold. I’d missed a small lever under the seat.

After a tiring last week at home and in the markets it’s a quieter week ahead in terms of the calendar, though market attention will continue to focus on the question of who might be appointed as the next Fed Chair, as well as the latest inflation statistics from a number of countries, including the UK (Wednesday). There is a reasonable amount of Fedspeak so it’ll be especially interesting to hear those on the transitory side to see if last week’s shocking print has impacting their thinking. Otherwise, geopolitics will be in focus, with today’s virtual meeting between US President Biden and Chinese President Xi, alongside continued speculation about whether the UK might trigger Article 16 of the Northern Ireland Protocol even if tensions have eased a touch in the last few days.

Starting with today’s virtual meeting between President Biden and President Xi, it is set to take place at 7:45 PM Washington time, which will be 8:45 AM on Tuesday in Beijing. While both the presidents spoke over the phone twice this year, this is the first time it is being dubbed as a summit. There is some thought that tariff reductions could be on the agenda, especially given current US inflation levels but it might be a bit early for that in any relationship rebuild. We’ll know more in time for tomorrow’s EMR.

The monthly Chinese data dump came in better than expected overnight with industrial output +3.5% yoy (vs. 3% expected), retail sales 4.9% yoy (vs 3.7% expected) but fixed-asset investment slightly missing at 6.1% (vs 6.2% expected). There is some discussion that the retail sales beat may be led by higher prices and also higher food sales as consumers prepare for the possibility of winter virus restriction.

Asian stocks are trading mixed with the KOSPI (+1.04%) and the Nikkei (+0.48%) trading in the green while the Hang Seng (-0.08%), Shanghai Composite (-0.29%) and CSI (-0.29%) trading lower. In Japan GDP shrank by -0.8% from the last quarter (-0.2% consensus and +0.5% previous) augmenting expectations of a stimulus package by Prime Minister Fumio Kishida, which is expected to be announced at the end of this week. The Nikkei reported last Friday that the stimulus could top 40 trillion yen ($350 bn). Futures are pointing to a muted start in US & Europe with S&P 500 futures (-0.01%) and DAX futures (-0.08%) both fairly flat.

Moving onto the rest of the week, there are a few decisions from EM central banks over the week ahead, including Turkey, South Africa and Indonesia (all Thursday). However, the main focus for investors will be the speculation about who might be the next Fed Chair, particularly in light of the news out last week that both incumbent Fed Chair Powell and Governor Brainard had been interviewed for the position. Powell’s current four-year term comes to an end in February, and whoever’s nominated would require senate confirmation for another term. At this point 4, 8 and 12 years ago, the announcement of who’d be nominated had already been made, but we still don’t have a date for when we might get the news. However, it may not be too far away, with President Biden saying in Glasgow on November 2 that it would be “fairly quickly”.

On the data side, there’ll be an increasing amount of hard data out of the US for October, including retail sales, industrial production (both Tuesday) and housing starts (Wednesday). Meanwhile, there’ll also be some important UK data as the Bank of England mulls over their monetary policy settings ahead of their meeting next month. On Tuesday, there’s the latest employment report, and then on Wednesday, we’ll get the latest CPI reading for October.

Turning to politics, it’s worth keeping an eye out for any developments on Brexit, with speculation rising that the UK government could trigger Article 16 of the Northern Ireland Protocol. Over the last 3 or 4 days the mood music has moved a little towards compromise so we’ll see if this gathers some momentum.

Lastly on the earnings front, it’s the tail end of the season now, but there are still a few major companies left to report. Tomorrow we’ll hear from Walmart and Home Depot, before Wednesday brings reports from Nvidia, Cisco, Lowe’s and Target. Then on Thursday, we’ll hear from Intuit, Applied Materials and TJX.

Recapping last week now and inflation had a strong stranglehold on the market narrative, as much higher-than-expected US CPI data drove Treasury yields higher, led by the belly of the curve. Global sovereign yields increased in sympathy.

Quickly recapping the highlights from the pivotal CPI data: year-over-year headline CPI of 6.2% and core CPI of 4.6% were each the highest readings since the early 1990s and we’re generally getting to levels last seen consistently at the start of the 40yr disinflationary trend in the early 1980s. Price gains were shared across a broad range of components, which prompted some rabble rousing out of Democratic politicians, including President Biden. Five-year Treasury yields increased +13.5 bps as investors brought forward the expected timing of increases to the fed funds rate. Markets are pricing the first Fed rate hike by the July FOMC and 2.5 hikes through 2022. This compares with a September FOMC lift-off and fewer than 2 hikes in 2022 a week before.

All told, 2yr, 5yr, and 10yr Treasury yields increased +11.7bps (+0.5bps Friday), +17.1bps (+1.0bps Friday), and +11.9bps (+2.1bps Friday) on the week. 10yr inflation breakevens hit their highest levels on record, finishing the week at 2.72%. Real yields were the only rates declining on the week, with 10yr real Treasury yields retreating -6.6bps (+0.8bps Friday) to end the week at -1.17%, just above all-time lows. Other developed sovereign bond yields followed Treasuries higher, with ten-year yields in Germany, UK, France, and Italy increasing +2.1bps (-2.8bps Friday), +6.9bps (-0.6bps Friday), +3.5bps (-2.8bps Friday), +7.8bps (-0.8bps Friday) on the week.

The spectre of higher inflation and concomitant monetary policy tightening put an end to the recent S&P 500 win streak. After posting eight straight days of record highs by Tuesday, the S&P 500 retreated -0.31% this week, including -0.82% on Wednesday alone following the inflation data, but made a heroic effort to reclaim lost ground Friday, gaining +0.72%. Mega cap stocks were notable laggards, due to the increase in discount rates, with FANG+ stocks down -0.49% (+1.00% Friday). The index was also hit by a -15.44% collapse in Tesla stocks following news that Elon Musk would liquidate some of his holdings, which he duly did.

European stocks proved more resilient, with the STOXX 600 (+0.68% on the week, +0.30% Friday), DAX (+0.25%, +0.07%), and CAC 40 (+0.72%, +0.45%), again posting new all-time highs to finish the week.

On the virus front, Pfizer requested regulatory approval for all US adults to be eligible to receive the company’s Covid-19 booster shot, while climbing cases in Europe have prompted renewed lockdown measures and enhanced vaccination efforts across the continent.

Federal Vice Chair for Supervision Quarles announced he would resign at the end of the year, as was widely anticipated. There was a steady leak of news on the impending nomination for Fed Chair, but neither Chair Powell nor Governor Brainard, the two favorites for the position, saw their chances much changed following the news. The Fed also released its bi-annual Financial Stability Report and concluded that asset prices remain vulnerable to deteriorating investor risk sentiment, virus progress, or economic recovery.

Geopolitical tensions bubbled in Europe. Threats from Belarussian President Lukashenko to cut the transit of natural gas from Russia to Europe, and reports of potential Russian plans for further military excursions into Ukraine, drove European natural gas prices higher in the second half of the week. President Putin apparently warned the US and its allies that Moscow would not tolerate expansion of Western military influence in Ukraine.

3A/ASIAN AFFAIRS

i) FRIDAY MORNING/THURSDAY  NIGHT: 

SHANGHAI CLOSED DOWN 5.80 PTS OR  0.16%     //Hang Sang CLOSED UP 62.94 PTS OR 0.23% /The Nikkei closed UP 166.33 PTS OR 0.56%    //Australia’s all ordinaires CLOSED DOWN 0.42%

/Chinese yuan (ONSHORE) closed UP  6.3832   /Oil DOWN TO 79.72 dollars per barrel for WTI and UP TO 80.91 for Brent. Stocks in Europe OPENED MOSTLY GREEN   /ONSHORE YUAN CLOSED  UP AT 6.3832 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3779/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

/NORTH KOREA//SOUTH KOREA

 

 
 
end

b) REPORT ON JAPAN

JAPAN/

 

3 C CHINA

CHINA//ECONOMY

China’s macro data weakens again across the board and their most important data entry point, credit impulse contracts the most in 10 years.

(zerohedge)

China Macro Data Weakens Across The Board, Credit Impulse Contracts Most In 10 Years

 
SUNDAY, NOV 14, 2021 – 09:07 PM

After a slew of disappointing macro data in September (including the Q3 GDP slump), China’s economy (upon which we get the usual monthly avalanche of data tonight) was expected to continue to show signs of slowing growth as the PBOC has definitely erred on the side of caution recently (refraining from cutting banks’ reserve requirement ratio since a reduction in July, and has keeping policy interest rates steady since early last year).

China’s credit impulse is anything but supportive, contracting at its most aggressive pace since April 2011…

Ahead of tonight’s prints, the signals from business surveys are mixed (in other words, useless), with the private Caixin PMI showing both services and manufacturing rising, while Beijing’s official PMI showed declines in both segments of the economy…

So what did the ‘hard’ data look like?

  • China Industrial Production YTD YoY +10.9% BEAT +10.8% Exp DOWN from +11.8% in September

  • China Retail Sales YTD YoY +14.9% BEAT +14.7% Exp DOWN from +16.4% in September

  • China Fixed Asset Investment YTD YoY +6.1% MISS +6.5% Exp DOWN from +7.3% in September

  • China Property Investment YTD YoY +7.2% MISS +7.8% Exp DOWN from +8.8% in September

  • China Surveyed Jobless Rate 4.9% MEET 4.9% Exp SAME as 4.9% in September

So, as expected, all indicators are weaker from September to October but Industrial Production and Retail Sales managed very modest, and well-engineered, beats. On the investment side, it was a different story with big misses…

Additionally, China New Home Prices fell 0.25% MoM, the second monthly contraction in a row and accelerating lower, with prices rising MoM in just 13 of the 70 cities (well down from the 27 cities that saw prices rise MoM in September).

Given the mixed picture, it is definitely premature to call any lows here in China’s economy.

So where do we go from here?

As Bloomberg’s Chief China Markets Correspondent, Sofia Horta e Costa, notes, the central bank has little room for error.

  • If liquidity tightens too much, there could be a repeat of the credit squeeze a year ago at a time when the economy is already under pressure.

  • Too generous, and the PBOC may undo efforts to deleverage.

Last year, the central bank left so much extra cash in the financial system that only a few months later, Chinese officials were clamping down on excessive leverage and warning of the risk of asset bubbles.

end

CHINA//REAL ESTATE

(courtesy Jing)

special thanks to Robert H for sending this to us!

If Evergrande Fails, It’s Taking Global Luxury Brands With It

 

Hui Ka Yan was born poor in a rural village in China’s Henan province in 1958. He was raised mainly by his grandmother in a simple house with a thatched roof that failed to keep out the wind and rain. He left when he could, which was in 1978, to study at the Wuhan Institute of Iron and Steel, and from there, he went on to start his own business — Evergrande — in 1996. By March 2021, at 62, Hui Ka Yan was the 53rd richest man in the world, worth $27.7 billion dollars.

A classic rags to riches story, to be sure, though one with a questionable future. Evergrande, which drove much of China’s seemingly endless property boom, now finds itself saddled with a staggering $300 billion of debt from decades of unrestrained expansion. It also faces suppliers and creditors seeking hundreds of billions of dollars of unpaid bills, as well as more than 70,000 investors and stalled construction on apartments for more than one million home buyers who invested their life savings on the promise of a more prosperous future, which has turned sour.

The crisis stems from the Chinese government’s demand to reduce the amount of debt companies could take on, which causing a serious capital crunch for Evergrande, and has unleashed a cascading set of problems for every bank, company, and person that is connected with it.

Evergrande is running out of options — and cash — to stave off creditors. It narrowly avoided default on a $83.5 million bond coupon, as well as another interest payment due of $47.5 million a week later, though it’s not clear where Evergrande is getting the money to pay these debts. But it’s the $3.5 billion it owes in offshore bonds that are expected to mature in March 2022 that’s causing global concerns.

And the hope of the calvary (Beijing) saving the day by bailing them out is looking more and more unlikely, as a government bailout would send the wrong message to a host of other Chinese companies that have grown rich via speculative ventures like Evergrande. Moreover, if common prosperity is at all to be achieved, like President Xi Jinping has declared, the Communist Party will need to hold true to its socialist roots, echoing that it’s possible for everyone to take part in the wealth of a country — and companies that are “too big to fail” are in fact not. At least in China.

The hope would be for Evergrande to somehow repay its debts by restructuring and, in the process, minimize the impact of its collapse on the financial sector and, even worse, China’s overall economy. But what if this isn’t possible? What if an Evergrande bankruptcy unleashes a domino effect across other sectors in the economy, including China’s luxury market, which so many of the world’s global luxury brands have leveraged so much on? What then? A financial panic is difficult to slow down once it starts rolling, and it’s not too crazy to suggest that it could lead to a much larger economic collapse, like 2008, where one industry almost ruined the entire US economy.

Moreover, given ongoing waves of COVID-19, it’s possible that China could remain closed for much of 2022, keeping Chinese luxury consumers stuck on the mainland. To date, however, this hasn’t been a problem for most global luxury brands. In fact, for many it has been a boom. Not only have the reported 90,000 to 110,000 Chinese UHNWI’s been spending more than $100,000 each per year (roughly 25 percent of all luxury sales in China), but the remaining 75 percent have been lavishly spending as well. A true financial crisis might not slow down the 25 percent ultra-rich, but it will drastically slow down — if not stop — much of the remaining 75 percent from buying It bags and the latest trends and trinkets from global luxury brands betting on a prosperous and growing Chinese luxury market.

Given this, if the Chinese economy suffered some sort of collapse, what would the cost be for global luxury brands — or the world at large? What negative trickle-down effects would this unleash? And how would luxury brands have to pivot to remain profitable or, worst case, simply stay in business with China on tilt? The property market has been a key driver of economic growth in China since the mid-1990s and accounts for around a quarter of the Chinese economy by some metrics. If this goes south, China, and the wider world with it, will suddenly find itself not on shaky ground — but in quicksand. If that time comes, will China have enough buckets to bail out anything?

Today, Hui Ka Yan finds himself some $15.8 billion poorer, as Evergrande’s stock has plunged 80 percent. And things only look like they will get worse—for everybody.

Stay tuned.

END

Just what we needed:  there is a report coming out from China that indicates we have another COVID 19 lab leak at the U. of Shanghai.

(Gateway Pundit)

BREAKING: Initial Reports Coming Out of China Indicate There Was a New COVID-19 Lab Leak at University in Shanghai

Reports coming out of China indicate that another laboratory leak of COVID-19 has occurred at another China institution.

According to a just-received November 12, 2021 Chinese language text and supported by other sources in China, there has been a presumed laboratory leak of COVID-19 at East China University of Science and Technology.

.

A cursory translation of the above indicates that the school has been closed due to a new COVID-19 being released and the whole school has to be tested.)

Allegedly, laboratory workers tested positive for COVID-19 after conducting experiments involving the insertion of COVID-19 genetic material into the bacterium E.coli as an expression vector for COVID-19 proteins.

The text states that East China University of Science and Technology has been closed in relation to COVID-19 infections of laboratory workers.

The Chinese source said that all mention of this event on social media has now been removed by authorities.

It is not clear in which laboratory the alleged COVID-19 leak occurred, but the State Key Laboratory of Bioreactor Engineering, Newworld Institute of Biotechnology at East China University of Science and Technology, particularly the laboratory of Dong-Zhi Wei, is known for using bacteria like E.coli as expression vectors.

Here we go again?

This is an initial report. Further confirmation and additional information about this developing story will be provided if and when available

 

end.

4/EUROPEAN AFFAIRS

UK//COVID

 

end

GERMANY VACCINE/MODERNA

END

AUSTRIA///VACCINE MANDATE//SATURDAY

Austria is just days away from unleashing a massive lockdown on the unvaccinated.

(the local)

Austria “Just Days Away” From Unleashing Lockdown On The “Shameful” Unvaccinated

 
SATURDAY, NOV 13, 2021 – 07:00 AM

By The Local

Austria’s chancellor on Friday said that the government would give the go-ahead for a lockdown for unvaccinated people, to be introduced in the two highest-incidence regions from Monday and possibly also nationwide.

“Our aim is clear: we want on Sunday to give the green light for a nationwide lockdown for the unvaccinated,” Chancellor Alexander Schallenberg told a press conference.

This would mean people without proof of 2G (full vaccination or recovery from Covid-19) would be unable to leave their homes except for essential reasons.

He described Austria’s vaccination rate – just 65% of the population is fully vaccinated against Covid-19 – as “shameful”.

A lockdown for the unvaccinated was proposed on Thursday by the governor of Upper Austria, the region with the highest Covid-19 incidence rates, pending legal approval from the government.

Also on Thursday, Austria’s Corona Commissionwarned of a “serious threat to medical care” for the whole population and recommended that a lockdown for the unvaccinated should be introduced nationwide.

Schallenberg did not confirm whether the lockdown would apply in the whole country or only for the highest incidence regions , but said he was in favour of “a nationwide solution”. Health Minister Wolfgang Mückstein confirmed the lockdown would apply at least in Upper Austria and Salzburg, the two highest incidence regions.

Both regions had already announced tighter Covid restrictions this week in response to the severe strain on the healthcare sector, including extending the FFP2 mask mandate, banning the sale of alcohol at Christmas markets, and cancelling most large events over the next few weeks.

It is not yet clear exactly how the lockdown would work, nor how it would be enforced.

People without proof of 2G (either full vaccination or a recent recovery from Covid-19) would only be allowed to leave their homes under certain circumstances, similar to previous lockdowns for the general population, such as work or essential shopping and exercise. Schallenberg reiterated previous statements that the government had no intention of bringing in another general lockdown.

“According to the incremental plan, we actually have just days until we have to introduce the lockdown for unvaccinated people,” Schallenberg said, adding that the restrictions mean “one cannot leave one’s home unless one is going to work, shopping (for essentials), stretching one’s legs – namely exactly what we all had to suffer through in 2020.”

One of the challenges of such a differentiated lockdown is how checks will be enforced. 

Schallenberg addressed this in his comments on Friday, telling reporters:

“We do not live in a police state. We cannot and do not want to check every street corner.”

The announcement comes as Austria continues to report some of the highest Covid-19 incidence rates in Europe, with two of its nine regions’ seven-day incidence rates (new cases per 100,000 people) above the 1,000 mark.

[ZH: As we previously noted, Austria would be the first major country to exclusively impose ‘stay at home’ measures on the unvaccinated, but it could eventually be replicated elsewhere, despite the waning immunity that the vaccine itself offers.]

END
 
AUSTRIA/VACCINE MANDATE IMPLEMENTED/CHAOS
Austria orders its lockdown for the unvaxxed as the direct police to carry out spot checks
(Jac/Phillips//EpochTimes)

Austria Orders Lockdown For The Unvaxx’d, Directs Police To Carry Out Spot-Checks

 
MONDAY, NOV 15, 2021 – 03:30 AM

Authored by Jack Phillips via The Epoch Times,

Austrian Chancellor Alexander Schallenberg on Sunday announced the country is placing millions of people who aren’t fully vaccinated for COVID-19 on lockdown starting Monday.

About 65 percent of the Central European nation’s population is vaccinated,according to government data. Under the measures revealed on Sunday, unvaccinated people are ordered to stay at home except for limited reasons.

The rules, the government said, will be enforced by police officers who will be out on the streets carrying out spot-checks on people who are in public. Unvaccinated people are already excluded from entertainment venues, bars, restaurants, and similar venues and businesses.

“We are not taking this step lightly but it is necessary,” Schallenberg told a news conference announcing the new measures.

Schallenberg admitted that the government essentially “told one-third of the population: you will not leave your apartment any more apart from for certain reasons. That is a massive reduction in contacts between the vaccinated and the unvaccinated.”

Now, unvaccinated people can only leave their homes for a limited number of reasons like going to work or shopping for essentials. It’s not clear how that would be enforced. Austria’s lockdown does not apply to the under-12s, to people who have recently recovered from COVID-19, and will last 10 days, Health Minister Wolfgang Mueckstein said.

On Friday, Schallenberg alleged that the country’s COVID-19 vaccination is “shamefully low” and indicated the government should give the “green light” for the sweeping restrictions over the weekend.

A sign warns visitors about controls of their status—vaccinated or healed from COVID-19—at the entrance to the “Christkindlmarkt,” Vienna’s classic Christmas Market, on the square in front of the City Hall in Vienna, Austria, on Nov. 12, 2021 (Georg Hockmuth/APA/AFP via Getty Images)

According to video footage posted online, crowds of people were seen demonstrating against the vaccine mandate in Salzburg and other Austrian cities, criticizing the “lying media” on Saturday. More protests occurred Sunday, footage shows.

Interior Minister Karl Nehammer said there will be thorough police checks and fines of up to 1,450 euros ($1,660) for breaches, and all interactions with the police will include checking people’s vaccination status. The move drew considerable condemnation online, with some commentators noting that it would severely limit freedom of movement for potentially millions of people.

“As of tomorrow, every citizen, every person who lives in Austria must be aware that they can be checked by the police,” Nehammer told the news conference.

Showing an official COVID-19 pass proving that you have been vaccinated, recovered from COVID-19, or recently tested has been required for months in various places including restaurants, theaters, cafes, and hairdressers.

In nearby Germany, despite having its “2G” vaccine pass system in place for months now, COVID-19 cases surged to their highest levels last week. More than 50,000 cases were confirmed by health officials.

German Chancellor-in-waiting Olaf Scholz told Parliament on Thursday that new measures are needed “to get through this winter … we must shelter our country from the winter.” Also, government spokesman Steffen Seibert was quoted by VOA News as saying that the virus is “spreading dramatically” and asserted that a “quick and unified response” was needed.

 
IRELAND/COVID
Ireland has the worst COVID infections in western Europe despite being a high vaccination nation
(zerohedge)

Ireland worst for Covid infections in western Europe

Ireland has the highest incidence of Covid-19 infection in western Europe and the 12th highest in the world, despite having one of the most vaccinated populations, according to statistics from the World Health Organisation.

Rising numbers of cases have pushed the 14-day incidence of the disease up to 959 per 100,000 people. That is a rise of 63 per cent in a fortnight, and follows one of the longest lockdowns on the planet.

For the entire article see the Sunday Times:

end

 
Robert to me on the above subject!
 
 
 
Austria is threatening to go full Australia on its’ inhabitants this week, especially the unvaccinated people. But shutting them in their homes will affect their overall economy as 35% remain unvaccinated, even with a free sex offer by brothels. 
Europe is headed for big problems and is more than likely to look different in the end. Bavaria may well be a independent country. Even Draghi is at odds with Brussels. Contrary to congenial obedience, Italy may leave the EU. 
The end result whatever it will be a a more divided weaker Europe. All this nonsense of Russia war mongering is a diversion from the reality that Europe is failing.
 
The midterm outlook is dismal .
 
 
 

https://youtu.be/oZv2sPC_UKU

 
 
 
 
 

END

A must read….

Robert h to us!

Britain faces a winter of economic carnage unless the Government gets its act together now

 
 
 
These tyrannical sanctions were for the benefit of the people as we have seen with Australia, New Zealand and now Austria and possibly Britain. This has ALWAYS been because the government is collapsing. History always has recorded that collapsing governments turn to tyranny to hang on to power having lost the plot. Especially where central governmental power is not offset by State/ provincial autonomy and legislative powers. Losing more times than not as the public mob rises to serve justice as a result of injustices practiced. The negative interest rates in Europe since 2014 have not just destroyed their bond markets, they have wiped out pension funds and those in power have used this manufactured pandemic to crush human rights in order to usher in a new authoritarian government. In the past, countries have gone to war to stop the very actions we are now seeing in countries under guise of protecting democracy and personnel health, even though new covid cases are rising fastest in the most vaccinated countries. Wait for it, BILL GATES did not just admit the vaccines do not work, to wander away; if Microsoft is an example and product of his thought process, we can be sure a new version of vaccines is coming that will be more wonderful than the current one. Or at least, that is what we will be told. 
 
This is so clear that politicians have bought into the WEF program of “ build back better” that we see everywhere, as politicians try to sell this pitch to make up nor the reality of past mistakes leaving little room to maneuver going forward. These lockdowns and resultant fallout from vaccines will take their toll on economic recovery for many countries. To think that economies can last without damage with shutdowns and tyranny we are seeing now in countries like Austria or Australia is simply not the case. Businesses and people will be crushed under such actions affecting all their neighbors. And capital will flee. 
 
This is why the push to crypto currency via central bank issued money as digitizable coinage, bypassing banks ( Banks now act as the buffer to buy government debt which will not be needed any more as governments will simply issue money and never tell you about the debt, making commercial bank participation in this process mute). The fact is many governments have no ability to repay debt so in order to mask this simple truth they are trying to convince the public to allow them to issue with public acceptance such currency and have you believe it is of value, ( think about the value of a debtor who cannot  pay back their debt). While at the same time telling you that Universal Income is needed because pension plans have been destroyed by many years of negative or non existent interest rates trapping Central banks from raising rates as governments cannot pay. It has nothing to do with businesses who invest to make Money regardless of interest cost, where opportunity warrants.
In days ahead, expect more turbulence and upheavals because it is too late for anything else to come. There are coming shocks in currencies, metals, and even politics which are baked and being shipped for us to watch. 2022 especially the first half will be turbulent. And yes “old Man Winter” will be busy playing havoc in many lands. And having looked forward the next year will be a time of new opportunities where the potential for growth to occur has not existed for a long time. All change brings opportunities and this time it is no different. 
Cheers
Robert H

POLAND/MIGRANTS/BELARUS

Poland claims 50 migrants broke through the border with Belarus but were all caught.

(zerohedge)

Poland Says 50 Migrants Broke Through Border “By Force” As Warsaw Urges NATO Help

 
SUNDAY, NOV 14, 2021 – 12:33 PM

Poland’s border police announced Sunday that about 50 migrants have made it across the border into the EU from Belarus after forcing their way through fences and barriers, amid a standoff which has seen multiple thousands of migrants and asylum-seekers set up camps just meters from Polish guards. 

“Yesterday, before 5 p.m., around 50 people broke into Poland near Starzyna,” Podlaska police said Sunday. “All of the people were caught by Polish uniformed services and brought back to the border, Border Guard spokeswoman Katarzyna Zdanowicz told Polish state news agency PAP,” France24 details of the statement. 

BelTA via Reuters

Police spokesperson Tomasz Krupa noted that the group of mostly Iraqi nationals had crossed the border “by force”. This came after police recorded a total of 223 attempts to illegally enter Poland on Saturday alone. Police say they are imminently expecting another “big attempt” after videos in past days have emerged showing increasingly violent and risky tactics of migrants being used to tear down the fence, including throwing stones at Polish border police.

European officials have continued blaming the Alexander Lukashenko government for orchestrating the crisis as revenge for recent Western sanctions on Minsk. This includes recent reports of Belarusian agents handing out weapons for the migrants to confront Polish security, including tear gas canisters to hurl at the Polish side. 

The latest incident involved the following: “The spokesman for Poland’s security services Stanislaw Zaryn wrote on Twitter on Sunday about reports of trucks carrying stones and rubble from Belarusian construction companies to areas near the border,” according to France24.  A police official had described that “A stone hit the helmet of one officer. Fortunately, the policeman didn’t require hospitalization.”

On Sunday Poland’s Prime Minister called on NATO to take urgent action responding to the crisis:

NATO must take “concrete steps” to resolve the migrant crisis on the Belarus border, the Polish prime minister was quoted as saying on Sunday, adding that Poland, Lithuania and Latvia may ask for consultations under Article 4 of the alliance’s treaty.

Meanwhile Russian President Vladimir Putin weighed in on the crisis, following some European officials pointing the finger at Moscow for aiding Belarus in creating a border provocation:  

We are ready to contribute to this in every way possible, if, of course, something will depend on us,” Putin said, speaking in an interview with Russian television on Sunday.

“I learned about what’s taking place on the Polish-Belarusian border in the media. I never discussed this issue with [Belarusian President Alexander] Lukashenko before. I spoke to him twice, only after this crisis began,” Putin said, when asked to comment on claims made by some Western officials and media that Russia is responsible for the crisis.

He then directly addressed the accusations coming out of the EU: “Therefore, when we hear statements or allegations in our direction, I would like to tell everyone: deal with your internal problems, and don’t try to pass questions which should be resolved by your own appropriate departments onto someone else,” he stressed.

In particular Russian airline Aeroflot is accused alongside Belarusian carriers of facilitating the mass movement of Middle East migrants from their home countries to Minsk. Putin said in the interview that if this were the case, Aeroflot didn’t know about it and conducts international travel as usual.

They themselves created the conditions for thousands and hundreds of thousands of people to travel their way. And now they’re looking to find the guilty party in order to absolve themselves of responsibility for the events,” Putin said, speaking of the EU. “What does Aeroflot have to do with it? Has even one Aeroflot plane transported anyone? I have no idea, but, possibly, someone could have used some kind of planes and come through third countries. What do we have to do with anything? I’ll repeat: this is an attempt to remove one’s own responsibility for those events which are currently taking place.”

END

Eastern Europe

 

Sunday 14 November, 2021, 2:43 PM EST– Poland has invoked Article Four (4) of the NATO Treaty, concerning build-up of Belarus troops and migrants attempting to get  in. 

Polish troops are being called up to the border; migrants are convenient excuse for troop buildup.
Meanwhile not to be outdone Ukraine is sending heavier equipment to augment the 8,500 troops sent to their border with Belarus  last week. Anticipate that if the 1st soldier chooses to step on Belarusian soil all gasoline shipments will be halted from Belarusian refineries. Russia does not have the same weight of influence on who they sell to. And if they continue to ship gas through the Yamal pipe it will be because Russia is forced to get involved, as Russia will never let Belarus fall to the NATO crowd. . And that makes one wonder about the additional recently supplied nukes in Germany. In any conflict the 1st missile launched towards Belarus or Russia will be seen as a attack on Russia and Russia will not wait but immediately launch. Every military site in Germany eastwards will disappear in minutes and all Naval vessels not in port in the Black Sea will be sunk. This is not speculation but doctrine in Russian military defense logs. Why do you think they have pushed so intensely on hypersonic missiles as a defensive and offensive strategy. 
How long before Belarus calls up its’ troops ? When that happens have a exit plan before war embraces Eastern Europe. In any case these moves if nothing else will serve to distance Belarus from Western Europe and further distance Russian thinking as to Europe being a reliable partner for anything outside of natural gas by contract. China waits and is ready to take every cubic foot of gas not going to Europe. Is no one wondering why the same rail cars carrying coal in the past to Eastern Europe are not vailed? China has secured every car load for their own consumption and paid a premium to do so. Coal shipments not covered by Contract are simply non existent now. 
This morning we were already being advised that planned travel to Germany last week of November was tentative over concerns about what maybe coming and over rising Covid cases. 
If traveling there, have a exit plan because all air travel will be cancelled with zero notice to civilians. And remember that Austria will attempt to lockdown all unvaccinated people this week. There is no telling what chaos this will produce within country or with cross EU goods movement. None of this is good for Europe, nor is it a positive step when economies are as fragile as they are. Nor is this a favored wind for digital central bank currency as not even such a conflict will cover up the financial mess of the EU. There will only be losers from the charade using the poor migrants who are expendable  pawns in geopolitical games.
 
END
 
UK TERROR PLOT FOILED
 

BoJo Raises UK Terror Threat Level To ‘Severe’, Warns Another Attack “Highly Likely”

 
 
 MONDAY 9:15AM

Update (0920ET): Britain’s terror threat level has been raised to severe following the Liverpool car bomb plot meaning another attack is seen as “highly likely”.

The announcement comes after Boris Johnson chaired an emergency Cobra meeting to discuss the Government’s response to the shocking incident.

*  *  *

UK police are investigating an attempted terrorist attack after a blast went off in a taxi outside a hospital in Liverpool. It doesn’t appear, however, that the vehicle reached its intended target due to the heroic actions of the taxi driver. 

The bomber died in the blast, with the taxi driver escaping the car alive – after the driver had stopped the car in the middle of the road and reportedly locked the doors to prevent the bomber’s escape with the device. The harrowing ordeal began – as BBC recounts – like any usual pick-up, but at some point the driver David Perry was alerted by the bomber’s device:

Mr Perry is said by police to have picked up a man in the Rutland Avenue area of Liverpool shortly before 11:00 GMT on Sunday. The man asked to be taken to the Women’s Hospital, a journey of around 10 minutes.

As the taxi arrived at the hospital’s drop-off area, the car exploded. Mr Perry is believed to have escaped the car as it did so.

 

CCTV stillframe of the explosion

Liverpool’s mayor Joanne Anderson described that it was Perry’s split-second decision of “locking the doors” that prevented the bomber from directly targeting the hospital. There also may have been another intended target, as the details of the bomber’s intended target are not fully known.

Perry sustained minor injuries and has since been released from the hospital. “The taxi driver in his heroic efforts has managed to divert what could have been an absolutely awful disaster,” Mayor Anderson said. “We knew the taxi driver had stood out; the taxi driver locked the doors. Our thanks go to him.”

Prime Minister Boris Johnson also in later statements praised the taxi driver for thwarting a bigger attack. “It does look as though the taxi driver in question did behave with incredible presence of mind and bravery,” Johnson said. Police have since arrested for additional men, all in their 20s, and say they know the identity of the deceased bomber. 

“Our enquiries indicate that an improvised explosive device has been manufactured and our assumption so far is that this was built by the passenger in the taxi,” Liverpool’s Assistant Chief Constable Russ Jackson of Counter Terrorism North West told a press conference Monday.

“We are able to confirm that this is being treated as the ignition of an explosive device. Our enquiries also indicate that the device was brought into the cab by the passenger,” he added. The precise motives for the terror attack are as yet unclear.

Meanwhile an online fundraiser has emerged and quickly raised at least £15,000 to help the taxi driver, who lost his cab in the attack. The fundraiser organizer described it as “simply to help a family and a good guy who didn’t deserve this, and has a lot of recovery to do but deserves a medal for his actions”.

END

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

///RUSSIA/BELARUS/POLAND

Again, Putin acts as a true statesmen: he warns Belarus not to halt gas through Europe after the Lukashenko threat.

(zerohedge)

ISRAEL/

Israel unveils its new revolutionary weapon for electromagnetic warfare.

(zerohedge)

“Revolution In Warfare” – Israel Unveils New Scorpius Electronic Warfare System

 
SATURDAY, NOV 13, 2021 – 10:00 PM

Israel has recognized that the modern battlefield will not be entirely fought on air, sea, and space. To better prepare for new domains of warfare, Israel has developed a revolutionary weapon for electromagnetic warfare. 

Israel Aerospace Industries (IAI), the country’s top aerospace and aviation manufacturer, has developed the Scorpius family of systems that scans a sphere of the operating environment for targets and deploys a narrowly focused beam to interfere with multiple threats across the electromagnetic spectrum. The high-tech weapon is categorized under “soft protection” because it doesn’t cause physical harm. Instead, it disrupts the operation of electromagnetic systems, such as radar, electronic sensors, navigation, and data communications.

Gideon Fustick, Marketing VP EW Group at IAI, told Forbes, “We call it [Scorpius family of systems] ‘soft protection.’ It’s an offensive weapon that doesn’t send out missiles. It’s not a hard-kill system,” adding that “it is very effective in engaging and disabling enemy systems.” 

Fustick describes the new weapon as having a tremendous advantage over legacy electromagnetic warfare weapons because it can shoot targeted beams without interfering with unintended targets. He called this a “revolution in warfare.”

“The enemy is trying to use the electromagnetic domain for all these activities,” he said. “We are also trying to use them. And we’re each trying to deny the other side from the use of the electromagnetic domain.” Planes, drones, missiles, and other weapons of war operate using electromagnetic magnetic sensors to navigate and communicate. By denying the enemy access to the electromagnetic domain,  it can severely impair their warfare capability.

“It’s the first system that can really detect anything in the sky and address multiple targets in different directions and different frequencies simultaneously,” Fustick added, noting that previous electronic warfare technology was not able to engage multiple targets at once. 

Fustick said the Scorpius has already been exported to “several prominent customers” as the race to dominate the electromagnetic warfare domain heats up. 

end

IRAN//USA

It has always been dead in the water.

(zerohedge)

Iran Nuke Deal Might Be Effectively Dead Without US “Guarantee” Demanded By Tehran

 
FRIDAY, NOV 12, 2021 – 06:40 PM

Iran has recently said it will return to the nuclear negotiating table on Nov.29, however, there’s growing concern among world powers seeking a restoration of the 2015 JCPOA that talks could already be dead before they ever get restarted, given Tehran is now demanding a “guarantee” from Washington that it won’t back out of the 2015 deal again.

“We need verification, and this remains unresolved. It is one of the issues that remains not finalized. It is not enough for the ink to be put on the agreement,” Iranian chief negotiator, Ali Bagheri Kani, said at the end of this week. 

 

Getty Images: Pro-Israel, anti-Iran demonstration

Bloomberg notes that “The request is a major logjam to progress as U.S. officials say they can’t bind successor governments. Talks are slated to recommence in Vienna Nov. 29 after a four-month break.” Very likely any future Republican administration would indeed reverse any near-future Biden deal that restores the deal. 

This is after Iran has already ramped up its uranium stockpile and enrichment purity, breaching the 2015 JCPOA deal’s caps. Tehran is now saying it will not begin a return to full compliance until this guarantee is deliveredby the Biden administration. 

The Iranian chief negotiator’s words come days after Foreign Ministry Spokesman Saeed Khatibzadeh said of Washington: 

“They must lift the oppressive sanctions completely and effectively,” Khatibzadeh said, according to a report from Iran’s Mehr news agency. “They must guarantee that no administration in the United States mocks the world and international law” and again unilaterally pulls out of the agreement.

“Iran will explain its position about the JCPOA talks in detail in the forthcoming trips,” Khatibzadeh said of Bagheri’s European tour. “Iran will not stop its compensatory actions until it is confident that US sanctions will be lifted in an effective and verifiable manner with the necessary and objective guarantees.”

Given all this, and the likelihood that Washington won’t acquiesce, a number of Western pundits are asking: is the Iran deal already effectively dead without the US guarantee? 

Iran’s lack of trust in the US administration is understandable: “Given that Trump’s withdrawal from the JCPOA and reimposition of sanctions have crippled the Iranian economy—with high inflation and food prices afflicting the country—it makes sense that Iranian officials prefer to codify their return to the JCPOA under a legally binding treaty, rather than as a mere political commitment,” The National Review observes.

“In fact, trust is so low that some Iranian conservatives have demanded that the United States compensate Iran for the economic harm it suffered under Trump’s sanctions even while the Islamic Republic was complying with the deal,” the commentary underscores.

 

end

From Robert H to us:

RUSSIA/INDIA

RUSSIA’S SAM 400’S is much superior to the USA’s surface to air missile defense.  Now USA ally India is buying the Russia S 400 much to the anger of the USA 

India gets delivery of 1st squadron of S400 out 5 that are coming

 
 
 
 
 

6.Global Issues

CORONAVIRUS UPDATE

FDA recalls million s of at home COVID 19 tests

(Jack Phillips/EpochTimes)

FDA Recalls Millions Of At-Home COVID-19 Tests Over False Positives

 
SATURDAY, NOV 13, 2021 – 06:30 PM

Authored by Jack Phillips via The Epoch Times,

The U.S. Food and Drug Administration (FDAconfirmed Thursday it is recalling some 2 million Ellume at-home COVID-19 testing because they can produce “false positives” due to a manufacturing defect.

The firm first informed the federal regulatory agency about the defect in some lots in October. But on Wednesday, the FDA said it identified additional lots that were affected by the manufacturing defect, made between Feb. 24, 2021, and Aug. 11, 2021.

To date, about 35 false positives from the COVID-19 tests were reported to the FDA. No deaths have been reported related to the test, according to the agency.

A “false positive” indicates that an individual has contracted the CCP (Chinese Communist Party) virus, which causes COVID-19, when they actually do not.

The FDA noted that false positives could lead to “delayed diagnosis or treatment for the actual cause of the person’s illness, which could be another life-threatening disease that is not COVID-19” or receiving “unnecessary COVID-19 treatment from a health care provider,” which may “result in side effects.”

Another problem, the FDA noted, is isolation, including monitoring household or close contacts for symptoms, limiting contact with family or friends, and missing school or work.”

Underscoring the severity of the issue, the FDA said it “identified this as a Class I recall, the most serious type of recall … use of these tests may cause serious adverse health consequences or death.”

The antigen test detects proteins from the CCP virus from a nasal sample, and it’s available without a prescription for use by people aged 2 years and older. It also comes with an analyzer that connects with a smartphone app to show users to perform the test and understand the test results.

Ellume has recalled 2,212,335 tests in the United States to date. Earlier this year, the Australia-based firm announced it had about 200,000 of its tests.

The Biden administration had signed a $231 million deal with Ellume, which received approval to produce its tests under the Trump administration last year.

In October, Dr. Sean Parsons, Ellume’s chief executive, announced that the firm had created more safeguards to stop the problem from occurring again.

I’m very sorry that this has happened,” he told the New York Times at the time.

“We’re all about chasing accuracy, and to have these false positives is disappointing.”

And a spokesperson said that the “root cause” of the issue was identified. The company is already shipping new products inside the United States, the spokesperson added to the NY Times.

The Epoch Times has contacted Ellume for comment.

end

ONE PISSED OFF DOCTOR – MASKS ARE KILLING YOU – TAKE THEM OFF NOW! – PLEASE SHARE THIS VIDEO

 
 
 
There is nothing virtuous about wearing masks and indeed they can be deadly. This doctor explains the situation. Like the “vaccines”, they do not stop infection or transmission.

 

Ironically it was Fauci himself who argued in a paper that more people died of bacterial infection due to mask wearing in the Spanish Flu pandemic than any virus during that time

end

Please view Steve Kirsch’s video

Steve Kirsch.

Over a 60X increase in pro sports adverse events since the vaccines rolled out – by Steve Kirsch

 
 
 
 
Still 6 weeks to go in 2021 and there is already over 60x increase in vaccine related serious adverse events.

 

https://stevekirsch.substack.com/p/over-a-60x-increase-in-serious-adverse

 
 
end
 
Robert H to us

Oklahoma Doctors Have Tremendous Success in Treating Nursing Home COVID Patients with Ivermectin – Stillness in the Storm

 
 
 
 

The CDC Finally Admits a Massive Number of Americans Have ‘Natural Immunity’: 146.6 Million People – Becker News

 
 
 
 
 
 
Mass media will never publish this ….
https://beckernews.com/new-cdc-natural-immunity-42976/

 

Cheers
Robert

 
Why doesn’t the CDC talk about herd immunity.  I guess because of vaccination it is impossible
(zerohedge)

All Of A Sudden The CDC Has Stopped Talking About Herd Immunity

 
SUNDAY, NOV 14, 2021 – 07:30 PM

In case you haven’t noticed, the CDC no longer looks as concerned with herd immunity as it once did. 

In what should come as no surprise to anyone watching the Covid related narrative closely (or those who have been watching the herd immunity narrative from the get-go), the CDC has “set aside herd immunity as a national goal,” according to a new report from the LA Times.

What used to be a relatively simple concept has now turned into something “very complicated”, according to Dr. Jefferson Jones, a medical officer on the CDC’s COVID-19 Epidemiology Task Force.

“Thinking that we’ll be able to achieve some kind of threshold where there’ll be no more transmission of infections may not be possible,” he said to a panel that advises the CDC last week.

While Jones says vaccines are effective against Covid, “even if vaccination were universal, the coronavirus would probably continue to spread,” the report says. 

Ergo, herd immunity seems to now be off the table. “We would discourage” thinking in terms of “a strict goal,” Jones said. 

Dr. Oliver Brooks, a member of the CDC’s Advisory Committee on Immunization Practices told the L.A. Times that “we do need to increase” the uptake of Covid shots. 

Brooks admitted that the focus moving away from herd immunity “almost makes you less motivated to get more people vaccinated.”

He also told the L.A. Times he was worried that if the CDC backs off its herd immunity target, it’ll prevent them from reaching their vaccine targets. 

It marks the latest of many 180 degree changes of heart on issues related to Covid by the CDC. 

“It’s a science-communications problem,” Brooks said, making sure to reiterate that the agency was still following “the science”. 

“We said, based on our experience with other diseases, that when you get up to 70% to 80%, you often get herd immunity,” he said about Covid. “It has a lot of tricks up its sleeve, and it’s repeatedly challenged us. It’s impossible to predict what herd immunity will be in a new pathogen until you reach herd immunity.”

He concluded: “We want clean, easy answers, and sometimes they exist. But on this one, we’re still learning.”

Kathleen Hall Jamieson, director of the Annenberg Public Policy Center at the University of Pennsylvania, added that herd immunity was “never as simple as many Americans made it out to be”.

Sure, Kathleen. Even Americans like Dr. Fauci?

“Humans are not a herd,” Jamieson told the LA Times. 

Raj Bhopal, a retired public health professor at the University of Edinburgh, added: “It’s very hard to convey uncertainty and remain authoritative. It’s a pity we can’t take the public along with us on that road of uncertainty.”

Tell that to everyone that’s been listening to “the science” and the “official” narrative for the last 18 months. 

end

This is why the COVID infections will not end as animals like deer are huge reservoirs for coronavirus infection

(Jerusalem Post)\\

and special thanks to Chris Powell for bringing this to us!

White-tailed deer found to be huge reservoir of coronavirus infection

Researchers concluded that deer are actively transmitting the coronavirus to one another and humans are transmitting it to deer.

A herd of white tail deer graze on a knoll near the New York State Thruway February 9 near Buffalo, New York. The brave deer are foraging for food in broad daylight as they scrape through the ice and snow, under power lines leading from hydro plants in Niagara Falls. (photo credit: JT/MMR/VIA REUTERS)
A herd of white tail deer graze on a knoll near the New York State Thruway February 9 near Buffalo, New York. The brave deer are foraging for food in broad daylight as they scrape through the ice and snow, under power lines leading from hydro plants in Niagara Falls.
 
New research from the US has shown that white-tailed deer are being infected with SARS-CoV-2, the virus that causes COVID-19 in humans. Antibodies were found in 40% of deer that were tested from January to March 2021 across Michigan, Pennsylvania, Illinois and New York state. A second unpublished study has detected the virus in 80% of deer sampled in Iowa between November 2020 and January 2021.
 
Such high levels of infection led the researchers to conclude that deer are actively transmitting the virus to one another. The scientists also identified different SARS-CoV-2 variants, suggesting there have been many human-to-deer infections.
 
The large numbers of white-tailed deer in North America and the fact that they often live close to people provide several opportunities for the disease to move between the two species. This can include wildlife management operations, field research, recreation, tourism and hunting. In fact, hunters are likely to be one of the most obvious sources of potential reinfection as they regularly handle dead animals. It has also been suggested that water sources contaminated with SARS-CoV-2 might provide a pathway for transmission, although this has yet to be proved.
 
Human-to-deer and deer-to-deer transmission are believed to be driving the rapid spread of the disease within white-tailed deer populations across the US. This is particularly apparent during the early months of 2021 when COVID infections were spiking in the human population. Previous studies have shown that SARS-CoV-2 can be passed from humans to domestic and captive animals including cats, dogs, zoo animals and, most notably, farmed mink. But, until now, the disease had not been shown to spread in wildlife species.
 
 
White-tailed deer are the most abundant large mammal in North America with a range extending from Canada to South America. The US population alone is estimated to number 30 million animals. They are a social species that live in family groups of two to 12 individuals that can thrive in a range of habitats, including urban parks and woodland.

A white-tailed deer stands in Fort Lee Historic Park in frigid temperatures, in front of the George Washington Bridge at Fort Lee, New Jersey January 8, 2015. (credit: REUTERS/MIKE SEGAR)

 
These aspects of their ecology and behaviour have made them a species of particular concern when it comes to the spread of diseases, including bovine tuberculosis and chronic wasting disease. These pathogens have already led to considerable effects on the health of wild and domestic animal populations around the globe.
 
The findings from these latest studies have raised concerns that white-tailed deer could be a reservoir of SARS-CoV-2. Not only could this readily infect large numbers of animals, but also, more worryingly, it could spill back to humans.
 
This type of infection cycle was documented in workers on infected mink farms, which ultimately led to the Danish government euthanising their entire captive population of 17 million animals. It is important to underline that there is currently no evidence of SARS-CoV-2 transmission from white-tailed deer to humans. Initial experimental work has also suggests that infected deer tend not to have symptoms. Still, disease transmission in wildlife populations has considerable implications for human and animal health.
 
There is the possibility that viral mutation in a reservoir host, such as white-tailed deer, could lead to new variants of the disease. These variants may lead to greater infection rates, increased virulence (severity of symptoms) and prove more effective at evading the human immune system. Likewise, any reinfection from wildlife reservoirs could also complicate our long-term efforts to fight and suppress the disease.
 
Influenza, which jumps readily between birds, humans and other mammals (particularly pigs), presented similar problems. These multiple reservoirs of disease can lead to new strains emerging that humans have lower immunity against, as was the case with swine flu in 2009.
 
It is important to note that there are limitations to these studies, both in terms of the methods used and the limited geographical range of investigation. The most recent and unpublished study used the latest genetic approaches to reliably detect SARS-CoV-2 in tissue samples but focused only on deer in Iowa. Whereas the antibody tests in the first study were conducted across four states but only show that the animal has been exposed to the virus. Yet the combined findings have highlighted that transmission of SARS-CoV-2 is likely to be widespread in white-tailed deer.
 
There is a great deal that we still need to learn about the developing situation with COVID and deer. The most important topics to focus on include understanding how the virus is being transmitted from humans to deer and determining the risk of spillover back into the human population. Research is urgently needed to assess the risk that this potential reservoir of SARS-CoV-2 presents to humans, as well as the possible spread of the virus to other wildlife species that deer interact with, such as predators and scavengers.
 
end
Robert H to us:
Why would anyone accept these vaccines a safe without consequence; better still is this behavior not racketeering?

 

https://articles.mercola.com/sites/articles/archive/2021/11/15/pfizer-whistleblower-scientific-fraud.aspx

Cheers
Robert

END

An Illegal Vaccine Mandate – WSJ

 
 
 
This is major event in America as the Court hems in a out of control assault on democracy>

 

https://www.wsj.com/articles/an-illegal-vaccine-mandate-fifth-circuit-osha-covid-work-employees-11636921717

And this speech in Switzerland says it well …. This whole narrative is tyranny in motion.

https://www.thegatewaypundit.com/2021/11/rfk-jr-completely-dismantles-covid-misinformation-narrative-euphemism-statement-departs-official-government-policy-engineering-destruction-demo/

America turning away from the Covid narrative is a beacon for the rest of the world as without America this effort is doomed. Likely just the Biden crowd, because the next batch of indictments will be more than causal interest.

 

GLOBAL ISSUES/GLOBAL INFLATION ISSUES

The Big Green Push To Get Rid Of Coal Had The Opposite Effect

 
MONDAY, NOV 15, 2021 – 06:30 AM

Authored by Mike Shedlock via MishTalk.com,

An alleged big win to eliminate coal turned into a bust and then some

Investors Pushing Mining Giants to Quit Coal is Backfiring

Bloomberg has an interesting story on how Environmentalists Pushing Mining Giants to Quit Coal has backfired.

It was supposed to be a big win for climate activists: another of the world’s most powerful mining companies had caved to investor demands that it stop digging up coal.

Instead, Anglo American Plc’s exit from coal has become a case study for unintended consequences, transforming mines that were scheduled for eventual closure into the engine room for a growth-hungry coal business.

And while it’s a particularly stark example, it’s not the only one. When rival BHP Group was struggling to sell an Australian colliery this year, the company surprised investors by applying to extend mining at the site by another two decades — an apparent attempt to sweeten its appeal to potential buyers.

Now, after years of lobbying blue-chip companies to stop mining the most-polluting fuel, there’s a growing unease among climate activists and some investors that the policy many of them championed could lead to more coal being produced for longer. 

BHP may end up holding on to the Australian mine it was battling to sell, Bloomberg reported last week. Earlier this year, Glencore Plc sounded out a major climate investor group before announcing it would increase its ownership of a big Colombian coal mine, according to people familiar with the matter.

Not Just China

India now burns more coal than Europe and the U.S combined and miners are betting on rising demand over the next decade from countries such as Vietnam, Bangladesh and Indonesia, although pollution concerns and cheaper alternatives threaten to derail those plans.

Tough to Eliminate Coal

The push to abandon coal made selling the mines difficult. So companies chose to extend their life.

Developing countries that invested in coal-powered electrical plants that have many years of useful life want reparations to develop new plants. 

New wind and solar plants are cheaper but unreliable. And they are not cheaper than plants already built. 

Moreover, wind can die for days and solar has on average 12 hours a day of outages.

This places additional capital investment requirements for countries to build energy storage facilities.

Still Building 

China alone is currently building or planning coal power plants that are the equivalent of six times Germany’s entire coal burning capacity. 

It’s tough to get rid of coal when you build more coal plants than you retire.

COP26

COP26 has concluded. I will do a separate report a bit later. 

There were some alleged successes including a  watered down pledge at the last-minute to “phase down” rather than “phase out” coal.

This is considered a “success” because after weeks of bickering no statement at all regarding coal was expected. 

Credit India, with backing of China, for the watered down pledge on coal. That alone should tell you what you need to know.

The biggest failure also relates to coal. 

Rich countries did not make clear pledges to finance developing nations to the tune of what developing nations demand.

Instead, nations promised to continue talking about funding for “loss and damage associated with the adverse impacts of climate change”.

That means developing nations will not make much if any effort to get off coa

END

 
LA PALMA VOLCANO ERUPTION

La Palma//daily updates

Michael Every

end

 

7. OIL ISSUES

 

8 EMERGING MARKET& AUSTRALIA ISSUES

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

AUSTRALIA

Thousands march against Victoria Province’s new COVID bill and new powers against its citizens.

(zerohedge)

“Kill The Bill” – Thousands Of Australians March Against Victoria’s COVID Powers 

 
SATURDAY, NOV 13, 2021 – 09:55 AM

In a bid to keep the virus pandemic at bay, Australia’s government imposed draconian lockdowns and vaccine mandates on its citizens. The harsh measures are becoming an unsustainable way for politicians to govern the country as increasing discontent among Australians is seen as they take to the streets in Melbourne.

Victoria Police did not reveal the crowd size but judging by pictures and videos on social media, thousands of demonstrators lined the streets of Melbourne’s central business district (CBD) on Saturday, peacefully protesting the Victorian government’s new, proposed pandemic powers and vaccine measures. 

According to The Epoch Times, the proposed COVID law would give Premier Daniel Andrews “unprecedented power” to declare a pandemic and impose lockdowns. He would then be able to allow himself to dictate emergency powers for up to three months. There was no cap on how long the emergency powers could be extended. 

In a liberal democracy, Australians have never seen this type of control in their lifetimes and are outraged. Today, the crowd chanted “kill the bill” and “sack Dan Andrews” as they brought parts of the CBD to a screeching halt by blocking roads and public transportation. Long lines of demonstrators stretched from the Victorian State Library to Parliament House in Spring Street.

Rebel News said “tens of thousands have gathered” in today’s protest.  

Craig Kelly, a United Australia Party MP for the Division of Hughes, NSW, stood up for freedom and joined fellow compatriots in the demonstration. He tweeted, “united we stand, against tyranny, dictators, against human rights abusers, and against those who oppress us,” adding, “time to kill the bill.”

Another politician, Liberal upper house leader David Davis, called the premier’s pandemic bill a “grab for power.”

“I would encourage Victorians to fight on every level against Daniel Andrews’ terrible pandemic bill … but they should make their views known in a peaceful and calm and sensible way,” Davis told reporters.

Saturday’s protest is the latest in a series of Melbourne protests since lockdowns were enforced in early 2020. 

The current emergency conditions are due to expire in December. If emergency conditions are extended once again, discontent towards the government will continue to boil.

end

Euro/USA 1.1453 UP .00014 /EUROPE BOURSES //MOSTLY GREEEN

 

USA/ YEN 113.85  UP  0.041 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3432  UP   0.0072 

 

USA/CAN 1.2529  UP 0.0002  (  CDN DOLLAR  DOWN 2 BASIS PTS )

 

Early MONDAY morning in Europe, the Euro IS UP by 14 basis points, trading now ABOVE the important 1.08 level RISING to 1.1453

Last night Shanghai COMPOSITE CLOSED DOWN 5.80 PTS OR 0.16%

 

//Hang Sang CLOSED UP 62.44 PTS OR 0.25% 

 

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

 

Trading from Europe and ASIA

EUROPEAN BOURSES  MOSTLY GREEN EXCEPT LONDON 

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED UP 62.44 PTS OR 0.25%

 

/SHANGHAI CLOSED DOWN 5.80  PTS OR 0.16%

 

Australia BOURSE CLOSED DOWN 0.42%

Nikkei (Japan) CLOSED UP 166.33 POINTS OR 0.56% 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1860.95

silver:$25.15-

Early MONDAY morning USA 10 year bond yr: 1.558% !!! DOWN 1 IN POINTS from FRIDAY night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.938 UP 1  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 95,03 DOWN 10  CENT(S) from FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing  MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.38%  DOWN 0  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.068% DOWN 8/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.45%// DOWN 2  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.99  UP 3    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 1.24% 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 MONDAY

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

Euro/USA 1.1423  DOWN .0015    or 15 basis points

USA/Japan: 113.94  UP .125 OR YEN DOWN 13  basis points/

Great Britain/USA 1.3438 DOWN .0078// DOWN 78   BASIS POINTS)

Canadian dollar UP 8 basis points to 1.2519

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN)..6.3832  

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.3775

TURKISH LIRA:  10.05  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.068%

Your closing 10 yr US bond yield UP 5 IN basis points from FRIDAY at 1.613 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.998  UP 6 in basis points on the day

Your closing USA dollar index, 95,19 UP 7  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 MONDAY: 12:00 PM

London: CLOSED DOWN 6.12 PTS OR 0.08% 

 

German Dax :  CLOSED UP 40.26 PTS OR 0.25% 

 

Paris CAC CLOSED UP  28,31  PTS OR  0.40% 

 

Spain IBEX CLOSED  UP 7.40  PTS OR 0.08%

Italian MIB: CLOSED UP 91.98 PTS OR 0.33% 

 

WTI Oil price; 80.10 12:00  PM  EST

Brent Oil: 81.39 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.75  THE CROSS LOWER BY 0.15 RUBLES/DOLLAR (RUBLE HIGHER BY 15 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 : 80.85//

BRENT :  82.09

USA 10 YR BOND YIELD: … 1.632..UP 7  basis points…

USA 30 YR BOND YIELD: 2.016 UP 8  basis points..

EURO/USA 1.1359 DOWN 0.0078   ( 78 BASIS POINTS)

USA/JAPANESE YEN:114.18 UP  0.367 ( YEN DOWN 37 BASIS POINTS/..

USA DOLLAR INDEX: 95.54 UP 41  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3408 UP .0047  

the Turkish lira close: 10.06  DOWN 7 BASIS PTS//

the Russian rouble 72.57  UP 33  Roubles against the uSA dollar. (UP 33 BASIS POINTS)

Canadian dollar:  1.2513 DOWN 9 BASIS pts

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

The Dow closed DOWN 12.186 POINTS OR 0.04%

NASDAQ closed DOWN 7.11 POINTS OR 0.04%

VOLATILITY INDEX:  16.77 CLOSE UP  0.48

LIBOR 3 MONTH DURATION: 0.1550

 

%//libor dropping like a stone

USA trading day in Graph Form

Stocks & Bonds Dump, Dollar Pumps As Breakevens Soar

 
MONDAY, NOV 15, 2021 – 04:02 PM

The most notable aspect of today’s trading was the ongoing hawkish tilt being priced-in by STIRs, now expecting at least one rate-hike by July 2022…

Source: Bloomberg

TSLA was down over 20% from its highs today (back below $1000) before the sudden mysterious buying ramp occurred (exactly like we saw last week when Musk was dumping shares)…

After a solid overnight session – despite weakening China data – US equities saw wave of selling at the cash open that accelerated into the European close. Small Caps were the biggest loser on the day. A late-day panic bid lifted the S&P green on the day, but left th erest of the majors marginally red still…

As Value Line’s Geometric Index shows, the median stock was lower on the day…

And it felt like, as Tesla, so the rest of the bubble markets went today…

Treasury yields were higher across the board today with the curve notably steeper (30Y +7bps, 2Y +1bps). The selling wave hit around 0830ET and continued until the EU close for the long-end…

Source: Bloomberg

The 30Y Yield broke back above 2.00% (but remains below the Fed Taper Day highs)…

Source: Bloomberg

US Breakevens surged higher again today, to fresh record highs…

Source: Bloomberg

Additionally, the US inflation expectations are accelerating faster than other Developed Economies…

Source: Bloomberg

Interestingly, IG credit saw a huge outflow last week from one of its largest ETFs…

Source: Bloomberg

Investors withdrew a net $1.49 billion from the IShares iBoxx $ Investment Grade Corporate Bond ETF (ticker LQD) in a single session, the biggest one-day decrease since April 1. The outflow reduced the fund’s assets by 3.9 percent to $36.8 billion, the lowest level in at least a year, according to data compiled by Bloomberg.

Crypto pumped’n’dumped today.

Bitcoin ramped up above $66,000 overnight before slumping back and finding support at $64,000…

Source: Bloomberg

Ethereum jumped up above $4750 before fading back below $4600…

Source: Bloomberg

Gold managed gains on the day, despite the dollar’s strength, rebounding from an earlier selling wave…

Thanks to supportive weakness in real yields…

Source: Bloomberg

Oil prices staged a decent comeback today after WTI fell back below $80 once again…

US NatGas prices tested down into the red briefly before taking off and getting back above $5.00…

Finally, if this morning’s move in the S&P 500 Index holds into the close, the equity index will rack up its 22nd day with a move of less than 1% in either direction, a streak not seen in more than 22 months. The tranquility of the S&P 500 is in contrast to small caps or the Nasdaq 100 Index, which have posted at least six days with bigger moves during that time.

The equity market looks calm as the S&P 500 Index enters the third week of the month — when most equity options expire. That event has repeatedly shaken up stocks this year. While history is not always a trustworthy guide, the S&P 500 has posted a 1% move (in either direction) in six of the past eight op-ex weeks, data compiled by Bloomberg show. But, for now, as SpotGamma notes, the options market (risk-reversals) are highly complacent:

This shows the price of a slightly out-of-the-money call against an equivalent put and its recent rise suggests traders have little concern with current markets. This metric is not just a barometer of traders risk view, but does suggest that the vanna tailwind (i.e. selling implied volatility to buy S&P500) has lost its force indicating perhaps less impulsive gains from here in the short-term.

END

i)  MORNING TRADING//

Bonds, Stocks, Bitcoin, & Bullion Tumble As Rate-Hike Odds Rise

 
MONDAY, NOV 15, 2021 – 10:16 AM

Overnight gains in US equities have rapidly evaporated as the cash market opened, with Small Caps and Nasdaq leading the drop…

Bonds are also getting hammered…

Gold is trading lower…

And Crypto is taking a hit…

And all of this is happening as the STIR market shifts increasingly hawkish

It is clear that Powell’s “dovish” taper talk has utterly failed.

end

ii)  USA///DEBT

 

USA DATA

 
 

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

Ports are overwhelmed.  In simple English, we have fewer goods arrive being chased by a mega amount of paper money.  Your definition of huge inflation!

(Greg Miller/FreightWaves)

Clock Just Hours From Midnight For Overwhelmed California Ports

 
SUNDAY, NOV 14, 2021 – 05:00 PM

By Greg Miller of FreightWaves,

The flood of import containers into Southern California continues unabated — an all-time high 81 container ships were stuck offshore of Los Angeles and Long Beach on Tuesday. Waiting time at anchorage for Los Angeles is surging and is now more than double wait times in early September.

The ports are scheduled to start charging a highly controversial excess dwell-time fee on Monday, a plan that some members of the National Shippers Advisory Council called “catastrophic,” “crazy” and “out of left field.”

With just hours left until the fee is set to begin, there are still over 51,000 containers on the terminals that are past the plan’s dwell-time limits.

If the fee plan is not delayed or modified, the aggregate cost to carriers — which would largely be passed on to importers — would start next Monday in the millions per day and escalate to tens of millions per day later in the week.

There is ongoing speculation that the ports will back off and announce a reprieve, given declines in the number of excess-dwell containers in recent weeks and the enormous costs that would be passed along to U.S. importers.

Asked about the level of fees that are set to start next week, a spokesperson for the Port of Los Angeles told American Shipper: “The Harbor Commission granted the executive director discretion regarding the program. More details and information will be coming on or before the 15th.”

New anchorage record … again

According to the Marine Exchange of Southern California, 111 container ships were in the port on Tuesday, a new high. Of those, 30 were at the Los Angeles/Long Beach berths, 32 at anchor and a record 49 “loitering” (in holding patterns).

 

Chart: American Shipper based on data from Marine Exchange of Southern California

The offshore tally of 81 does not include an additional six noncontainer ships in the queue carrying boxes. The total capacity of all 87 ships offshore carrying containers was 576,720 twenty-foot equivalent units. Assuming ships are at capacity and an average customs value of $43,899 per import TEU (the average recorded by the Port of Los Angeles in 2020), the value of cargo floating offshore is around $25 billion.

Meanwhile, the waiting time at anchorage continues to escalate. The Port of Los Angeles said that the average wait for anchorage to berth was an all-time-high 16.6 days as of Thursday. The wait time has trended sharply upward over the past week.

 

Chart by American Shipper based on data from Port of Los Angeles Signal

Deadline nears for controversial fee plan

On Oct. 25, the ports of Los Angeles and Long Beach announced a Biden administration-backed plan for emergency fees on containers dwelling too long at the terminals. Fees were initially set to start Nov. 1. That was delayed to Nov. 15. Fees were initially set to cover containers moving by truck that had dwelled for nine days or more and those moving by rail after three or more days. The ports then pushed the rail timeline back to six or more days.

Port officials have repeatedly stated that they do not want to charge the fees and would reconsider if sufficient progress were made before Nov. 15. The hope was that the threat alone of the fees would preclude the need to assess them.

There has indeed been considerable progress.

At the Port of Long Beach, local (trucking) containers dwelling nine days or more fell from 28,558 on Nov. 1 to 20,534 on Tuesday, a decline of 28%. Intermodal (rail) containers dwelling six days or more fell from 1,643 to 573, a decline of 65%.

The Port of Los Angeles told American Shipper that its intermodal dwell times were not available. For an estimate of local container dwell times, boxes in Los Angeles terminals for nine days or more fell from 42,277 on Nov. 1 to 30,210 on Nov. 10, a drop of 28%.

 

Chart: Port of Los Angeles

If it happens, what might it cost?

The fee would start at $100 per day and escalate $100 each day. So, for example, on the seventh day after the assessments began, if a container was still at the ports, the fee would be $2,800. Importantly, containers would not be charged for their excess dwell time accruing before Nov. 15. In other words, the charge for a local container that had been dwelling for 15 days as of Nov. 15 would be $100 (the same as one day past the eight-day limit), not $2,800 (seven days past the limit).

Assuming on a back-of-the-envelope basis that the daily rate of decline for excess dwell-time containers remains the same as the Nov. 1-10 trend, the number of “late” containers in Los Angeles and Long Beach combined would fall to around 42,000 on Monday (not including Los Angeles’ late intermodal rail containers, so the actual number would be higher). The aggregate charge to all carriers combined would be $4.2 million on Monday in this scenario, plus charges for Los Angeles’ late intermodal boxes.

After that, the fee scenario gets more speculative, because, for example, on day three of the program, there’s no way to predict how many late containers would be charged the one-day-late rate, the two-day-late rate or the three-day-late rate. For simplicity’s sake, assume they’re evenly spread (i.e., on day two, half are two days past deadline, half are one day past deadline).

In such a scenario, the daily aggregate fee charged to carriers would escalate to $40 million on day seven. The cumulative fees for all ocean carriers at the end of the first week alone would be $144 million. Carriers have explicitly stated they will pass these costs along to shippers to the extent possible, raising the question of how politically sustainable the Biden-backed port fee plan would be even after a matter of days.

 

Chart: American Shipper. Scenario assumes Nov. 1-10 rate of excess-dwell-container decline continues and average late container durations. Does not include Los Angeles intermodal late fees.

b) USA COVID/VACCINE UPDATES//VACCINE MANDATES

it is totally insane to give kids the Pfizer shot to begin with and now 112 kids were accidently vaxxed with the adult strength instead of 1/3 strength/

(zerohedge)

iii) important USA economic stories

The USDA is set to increase pig slaughtering at processors to tame “meatflation”..i.e. the high cost of beef , chickens, other poultry and fish!

(zerohedge).

USDA To Increase Pig Slaughtering At Processors To Tame ‘Meatflation’ 

 
MONDAY, NOV 15, 2021 – 05:45 AM

President Biden is rapidly sinking in the polls amid a spurt of inflation rising the fastest in four decades. A combination of food, shelter, and energy inflation has crushed real wages as Americans become increasingly discontent with the White House for their failure to tame the inflation monster. 

We’ve outlined, the Biden administration is freaking out about inflation ahead of the midterms. This week, administration officials have released multiple statements indicating they’re diligently working to fix snarled supply chains and attempting to lower consumer prices. 

One area the administration has concentrated on is food. The latest CPI data shows meats, poultry, fish, and eggs increased dramatically in October, making consumers quite uncomfortable and their wallets thin ahead of the holiday season. 

The Biden administration appears to have gone on the offensive this week after an emailed statement from U.S. Department of Agriculture (USDA) spokeswoman Kate Waters told Bloomberg that the federal government is conducting a pilot program with meat processors to allow for faster pig slaughtering. The goal is for more supply will come online and put an end to surging prices. 

Under the pilot program, meatpackers will be required to enforce new safety measures through agreements with labor unions or employee-safety committees. Slaughter limits have been a significant bottleneck to increasing production. The action by the USDA outlines just how desperate the Biden administration is in tackling ‘meatflation’ ahead of the midterms. 

Slow pork production can also be attributed to labor shortages and congested supply chains. 

The trial program will allow the USDA to observe if increased slaughter times will result in more output. If so, this could be one solution in solving meatflation. The program will be operating at some of the nation’s largest meatpacking plants. 

end

iv) Swamp commentaries/

Rittenhouse should be acquitted is the correct call according to Alan Dershowitz

(Jack Phillips)

Alan Dershowitz: Kyle Rittenhouse Should Be Acquitted, Sue Media Outlets

 
MONDAY, NOV 15, 2021 – 09:01 AM

Authored by Jack Phillips via The Epoch Times,

Harvard law professor emeritus Alan Dershowitz says Kyle Rittenhouse “should be acquitted” of killing two men and wounding a third during riots and protests last year in Kenosha, Wisconsin, and he should file defamation lawsuits against media outlets for claiming that he’s guilty of murder.

“If I were a juror, I would vote that there was reasonable doubt [and] that he did act in self-defense,” Dershowitz told Newsmax on Nov. 13.

Rittenhouse, if acquitted, should then “bring lawsuits” against corporate news outlets for articles claiming the teen engaged in “vigilante justice,” Dershowitz said.

“It’s CNN who is involved in vigilante justice. It’s The New Yorker that’s guilty of vigilante justice,” he said.

Several years ago, then-Kentucky high school student Nicholas Sandmann filed defamation suits against CNN, The Washington Post, and other outlets following accusations of racism against him after a viral video showed an encounter with a Native American activist in Washington, D.C. Sandmann ended up reaching a settlement with CNN and The Washington Post last year.

“The idea is to make the media accountable for deliberate and willful lies,” said Dershowitz, referring to Sandmann’s case.

Now, left-leaning media outlets “want an outcome” in the trial, Dershowitz said.

“They want a result and if they don’t get their results, and you know this seeps through to the jury. I worry that the jury could be influenced by the fear that if they vote to acquit, they’ll be called racist and they’ll be attacked.”

Rittenhouse, 18, is charged with killing Joseph Rosenbaum, 36, and Anthony Huber, 26, and wounding Gaige Grosskreutz, 27, in Kenosha on Aug. 25, 2020, during protests and rioting that followed a police-involved shooting. Rittenhouse has pleaded not guilty.

According to video footage of the incident, both Huber and Grosskreutz chased Rittenhouse as he was trying to run toward police after shooting Rosenbaum. Several videos and photos also show Huber hitting Rittenhouse with a skateboard, while Grosskreutz, who himself was armed with a handgun, testified last week that he thought Huber was attempting to attack Rittenhouse.

Dershowitz’s remarks come after Judge Bruce Schroeder, the presiding judge in the case, said he may allow the jury to consider several lesser charges in addition to the murder charges that prosecutors brought against Rittenhouse.

On Nov. 12, he told Rittenhouse that with the lesser charges, “You’re raising the risk of conviction, although you’re avoiding the possibility that the jury will end up compromising on the more serious crime.”

The judge continued, “You’re also decreasing the risk that you’ll end up with a second trial because the jury is unable to agree.” Rittenhouse confirmed that he understood.

end

The judge correctly drops the gun charge finding that Rittenhouse legally carried a AR 15 in Kenosha

(zerohedge)

Judge Drops Rittenhouse Gun Charge, Finds He Legally Carried AR-15 In Kenosha

 
MONDAY, NOV 15, 2021 – 10:51 AM

The judge in the Kyle Rittenhouse case has dismissed the charge that the teen was unlawfully carrying a weapon in August 2020 – the only firearms related charge against him (count 6, possession of a dangerous weapon by a person under 18), arguing that the Wisconsin law was poorly written and that the law was not violated by the shorter barrel on the firearm.

Rittenhouse still faces five charges as closing arguments begin today, including intentional homicide and recklessly endangering safety. Each side will have 2.5 hours for closing arguments, with the prosecution claiming that he was acting as a vigilante, and the defense claiming that he was acting in self-defense. Rittenhouse was 17 when he fatally shot two rioters who were chasing him during a protest over the police shooting of Jacob Blake.

*  *  *

Jonathan Turley detailed the background to this decision over the weekend (and nailed it):

The unlawful possession of the gun has been a prominent fact cited not only by the prosecutors but the press.

At trial, however, prosecutor Thomas Binger at points seemed to be learning the governing law from Rittenhouse. For example, he pressed Rittenhouse on why he did not just purchase a handgun rather than an AR-15.  Rittenhouse replied he could not possess a hand gun at his age. Binger then asked in apparent disbelief that the law allowed him to have an AR-15 but not a handgun and Rittenhouse said yes.  Binger then moved on after seemingly drawing out a point for the defense.

The exchange was all the more baffling because it drew attention to the fact that one of Binger’s alleged “victims” was an adult named Gaige Grosskreutz who also decided to bring a handgun to the protests and pointed his 9mm at the head of Rittenhouse when he was shot in the arm.

However, the most damaging moment came outside of the presence of the jury when the judge drilled down on the law. He told the prosecutors “I have been wrestling with this statute with, I’d hate to count the hours I’ve put into it, I’m still trying to figure out what it says, what’s prohibited. I have a legal education.” He added that he failed to understand how an “ordinary citizen” could understand what is illegal.

It is hard to understand how the count could be given to the jury without a clear understanding of what it means. It is also hard to instruct a jury on an ambiguous statute. Criminal laws are supposed to be interpreted narrowly.   It is called the “rule of lenity” and has been around in the English system for centuries.

Turley went further this morning ahead of the judge’s decision, warning that through its fumbles, the prosecution prompted its own witnesses to create layers of doubt in the case. In doing so, it seems to have reduced the range of possibilities to somewhere between a hung jury and outright acquittal on the major charges.

The problem is that many people may be unaware that the case is collapsing due to such evidentiary or tactical failures. Any hung jury or acquittal will come as a shock, and the level of outrage is likely to be greater. This case began with violent rioting in Kenosha, and the news coverage is fueling the danger of renewed violence.

It is even worse in that some coverage has dismissed the trial as an exhibition of raw racism. Some have criticized Judge Bruce Schroeder after he enforced long-standing constitutional principles and defended the core constitutional right of the defendant against self-incrimination.

MSNBC host Tiffany Cross advocated for Schroeder’s removal and called on columnist Elie Mystal to discuss the matter. Mystal, who stated earlier this month that white, non-college-educated voters supported Republicans in the 2021 races in part because they care about “using their guns on Black people and getting away with it,” not surprisingly, has written that this trial is a sham.

One man – not society – is on trial

MSNBC’s host Joy Reid also attacked the trial and suggested that Rittenhouse’s emotional breakdown on the stand was fraudulent. Her guest, MSNBC legal analyst and Georgetown law professor Paul Butler, concurred and called it “the greatest performance of (his) life.”

Butler declared Rittenhouse “was well-prepared by his defense attorneys to disrupt his image as a trigger-happy vigilante who went on a shooting rampage at a Black Lives Matter protest.”

Butler, who has written that Black jurors should use “jury nullification” to refuse to convict Black defendants in drug cases, insisted in a previous appearance that an acquittal would fuel future violence by white people.

Reid added Wednesday, “If you want to know why critical race theory exists, the actual law school theory that emphasizes that supposedly colorblind laws in America often still have racially discriminatory outcomes, then look no further than the trial of Kyle Rittenhouse.”

However, Rittenhouse is not to be judged for society’s historical racism, and such history does not change the underlying facts.

Either Grosskreutz (who is white) was pointing the gun at Rittenhouse’s head or he was not. Either Rosenbaum (who was white) was grabbing the barrel of Rittenhouse’s gun or he was not. Such facts do not change through CRT translations.

Many in the media rightly criticized those who encouraged riots on Jan. 6 with unsupported claims of electoral fraud. However, some of the same media figures offer distorted accounts of this trial. The narrative can overwhelm the facts.

Moreover, if left uninformed of the real legal deficiencies in the case, that narrative is likely to control the response to any failure to convict.

These protests are part of a larger debate on racism in our country. However, this trial is about the actions of one individual – not society – in 2020. Those actions are increasingly favoring acquittal on the most serious charges.

END

Steve Bannon Taken Into Federal Custody On Contempt Charges

 
MONDAY, NOV 15, 2021 – 09:51 AM

Former Trump adviser Steve Bannon was taken into federal custody on Monday to face contempt charges over his refusal to cooperate with Democrats’ January 6 congressional investigation. He will appear before a judge later in the day.

The 67-year-old was indicted on Friday on two counts of criminal contempt – one for refusing to provide documents in response to the House committee’s investigation, and the other for refusing to appear for a congressional deposition.

Bannon surrendered himself to an FBI field office – where he briefly spoke with the press.

Did he want this?

Bannon isn’t the only former Trump adviser to defy the House – as Trump’s Chief of Staff Mark Meadows similarly ignored a subpoena on Friday.

As we noted last week:

The Biden DOJ has indicted former Trump adviser Steve Bannon over his refusal to cooperate with a congressional investigation of the Jan. 6 “Stop the Steal” rally.

Bannon was slapped with two counts – failure to appear to give testimony, and failure to produce “documents and communications,” or “provide a log of any withheld records.”

The move follows an October vote by the House of Representatives to hold Bannon in contempt Congress – alleging that he refused a subpoena to provide documents and testimony to the panel.

It has not gone unnoticed that former Attorney General Eric Holder was held in contempt of Congress over his similar failure to turn over documents related to the Fast and Furious scandal.

He was not alone…

But there appears to be a difference…

As the Epoch Times noted following the House ruling, the contempt resolution argued that Bannon has no legal standing to defy the subpoena.

Trump’s attorney, however, argued that Bannon shouldn’t comply because the requested information is protected by the former president’s executive privilege. Team Trump submitted a memo to Trump’s website announcing a “lawsuit to defend executive privilege.”

“The January 6th Committee is a partisan sham to distract Americans from the Democrats’ policies that are killing and robbing Americans,” the memo alleged.

The committee says it wants Bannon’s documents and testimony because he was in touch with Trump before the Jan. 6 incident, because he tried to get Trump to focus on the congressional certification of the election results, and because he said on Jan. 5 that “all hell is going to break loose” the next day.

 

In an October statement following the House resolution, former President Trump said:

This is just a continuation of the Witch Hunt which started with the now fully debunked and discredited Russia, Russia, Russia Scam, quickly reverting to a perfect phone call with Ukraine, Ukraine, Ukraine, Impeachment Hoax #1, Impeachment Hoax #2, and now this. The Unselect Committee is composed of absolute political hacks who want to destroy the Republican Party and are decimating America itself,” adding “I am the only thing in their way.”

And we give the final word to The Federalist’s Sean Davis, who, in his usual pithy and accurate way, sums up exactly what this evening’s action means for ‘We, the People’:

This is nothing less than a declaration of war against the American people.

Think of all the Democrat FBI, DOJ, and IRA officials who lied under oath, or refused congressional subpoenas, and never received even a slap on the wrist.

America is now a third-world banana republic.

end

Shade War: Psaki Does Damage Control After CNN Covers Biden-Harris-Buttigieg Drama

 
MONDAY, NOV 15, 2021 – 02:50 PM

It’s no secret that Vice President Kamala Harris is unpopular – in fact, the most unpopular VP in US history who dropped out of the Democratic primaries in 2020 before anyone could see just how little support she had from the American public.

In July, several Harris staffers leaked that her office is a dysfunctional mess,’ and that Chief of Staff Tina Flournoy has fostered an environment “where people feel treated like shit.”

But that didn’t tell the rest of the story – namely the brewing “shade war” between Harris’ team and the Biden White House covered extensively over the last six months from journalist Jack Posobiec – whose sources were right about everything, thanks to a Sunday nuke dropped by CNN

 (CNN)Worn out by what they see as entrenched dysfunction and lack of focus, key West Wing aides have largely thrown up their hands at Vice President Kamala Harris and her staff — deciding there simply isn’t time to deal with them right now, especially at a moment when President Joe Biden faces quickly multiplying legislative and political concerns.

Harris is struggling with a rocky relationship with some parts of the White House, while long-time supporters feel abandoned and see no coherent public sense of what she’s done or been trying to do as vice president. Being the first woman, and first woman of color, in national elected office is historic but has also come with outsized scrutiny and no forgiveness for even small errors, as she’ll often point out.

She’s perceived to be in such a weak position that top Democrats in and outside of Washington have begun to speculate privately, asking each other why the White House has allowed her to become so hobbled in the public consciousness, at least as they see it.

Harris is also reportedly bitter over President Biden’s favoritism toward “white man” Transportation Secretary Pete Buttigieg, as Breitbart describes it.

Ouch! Feel free to read the rest here. It’s a lengthy drubbing.

Harris can’t even formulate coherent answers to real questions on the fly.

Hours after the CNN piece, White House spox Jen Psaki swooped in with a transparent band-aid.

“For anyone who needs to hear it. @VP is not only a vital partner to @POTUS but a bold leader who has taken on key, important challenges facing the country…”

29

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

J&J Plans Breakup into Drug and Consumer Companies; Shares Rise (2.5% on open)

 

The J& J news propelled the DJIA to an early triple-digit gain on Friday.  After its opening high, J&J sank during the ensuing 15 minutes of trading.

At 10:00 ET, the University of Michigan released its preliminary November Sentiment report.  Consumer sentiment sank to a 10-year low (66.8 from 71.7l 72.5 expected).  Current Conditions fell to 73.2 from 77.7; 77.2 expected.  Expectation dropped to 62.8 from 67.9; 68.8 was consensus.  1-year Inflation was the expected 4.9%.

The other economic metric that dropped at 10:00 ET on Friday was largely ignored; but it contained a hugely disquieting fact.  The September JOLTS Job Openings registered 10.438m; 10.3m was expected.  August was revised to 10.629m from 10.439m.  More strikingly, the BLS reported that 4.4 million Americans quit their jobs in September, 164k more than in August!

Quits hit record high as ‘Great Resignation’ gathers momentum
The total number of quits rose by 164,000 in September to a record-high 4.4 million, according to the Labor Department’s Job Opening and Labor Turnover Survey, or JOLTS. The quit rate was 3%, also an all-time high…  https://www.foxbusiness.com/economy/jolts-job-openings-labor-turnover-survey-september-2021

VP Harris says inflation a ‘source of stress’ that $1.75T bill will fix https://trib.al/PpA6niQ

 

Of “The Big Short” fame @michaeljburry: More speculation than the 1920s. More overvaluation than the 1990s.  More geopolitical and economic strife than the 1970s. Players grabbing the barrel of Kyle Rittenhouse’s rifle while @SECGov and @federalreserve nod approvingly.

FT: Jes Staley exchanged 1,200 emails with Epstein that included unexplained phrases
Regulators flagged ‘snow white’ reference in messages between former Barclays boss and sex offender
https://www.ft.com/content/e25f32ec-6f1b-4a9a-b2cc-fed794bb6a20

The Fed Balance Sheet: +$88.246B; MBS +$65.542B (With 30-yr high in CPI!!!)  Who benefits from the MBS QE?  Which institutions own beaucoup homes?  https://www.federalreserve.gov/releases/h41/20211112/

@charliebilello: The Fed added $1.3 trillion to its balance sheet this year and held rates @ 0% while inflation has risen to a 31-year high (6.2% YoY).  1/2 of the Fed’s dual mandate (price stability) has been completely ignored, and they’ve lost all remaining credibility as inflation fighters.
    What is the Fed focused on instead of fighting inflation? Woke identity politics.  They invented the term “inclusive monetary policy” which replaces the goal of maximum employment for all Americans…

US announces big hike in Medicare premiums, blames COVID-19 pandemic, Alzheimer’s drug cost
https://abc7chicago.com/medicare-part-b-premium-2022-social-security-covid-pandemic-plans/11232399/

NY Fed’s Williams says fixed income households more affected by high inflation http://reut.rs/3He9VvT

Federal appeals court orders Biden not to enforce ‘fatally flawed’ vaccine mandate
The Fifth Circuit Court of Appeals says mandate on private firms “threatens to substantially burden the liberty interests of reluctant individual recipients put to a choice between their job and their jab.”
    The court also said “occupational safety administrations do not make health policy,” and it ordered that the private sector mandate “remains stayed pending adequate judicial review of the petitioners’ underlying motions for a permanent injunction. In addition, it is further ordered that OSHA take no steps to implement or enforce the Mandate until further court order.”…
https://justthenews.com/government/courts-law/federal-appeals-court-reaffirms-previous-ruling-blocking-bidens-vaccine

The Fifth Circuit Court of Appeals destroyed many Biden/Dem/MSM narratives: The Mandate’s stated impetus—a purported “emergency” that the entire globe has now endured for nearly two years, and which OSHA itself spent  nearly  two  months  responding  to—is  unavailing  as  well.  And its promulgation grossly exceeds OSHA’s statutory authority.  After the President voiced his displeasure with the country’s vaccination rate in September 12 the Administration pored over the U.S. Code in search of authority, or a “work-around,” for imposing a national vaccine mandate. The vehicle it landed on was an OSHA ETS… Equally problematic, however, is that it remains unclear that COVID-19—however tragic and devastating the pandemic has been—poses the kind of grave danger…
    [The Fifth Circuit Court of Appeals threw the BS flag specifically on Biden and his handlers]: “It is critical to note that the Mandate makes no serious attempt to explain why OSHA and the President himself were against vaccine mandates before they were for one here…”
     A naturally immune unvaccinated worker is presumably at less risk than an unvaccinated worker who has never had the virus. The list goes on, but one constant remains—the Mandate fails almost
completely to address, or even respond to, much of this reality and common sense
    At the same time, the Mandate is also underinclusive.  The most vulnerable worker in America draws no protection from the Mandate if his company employs 99 workers or fewer…this kind of thinking belies the premise that any of this is truly an emergency…
    The Mandate likely exceeds the federal government’s authority under the Commerce Clause because it regulates noneconomic inactivity that falls squarely within the States’ police power. A person’s choice to remain unvaccinated and forgo regular testing is noneconomic inactivity…
   The mandate threatens to substantially burden the liberty interests of reluctant individual recipients put to a choice between their job(s) of their jab(s)…
    From economic uncertainty to workplace strife, the mere specter of the Mandate has contributed to untold economic upheaval in recent months… 
https://dl.airtable.com/.attachments/db446ada300c17b1c8e3a6530561a46f/e7ff5065/BSTHoldingsvOSHAOrder.pdf

The Fifth Circuit stated truths about Covid, the vaccine, and the mandate that are banned in the MSM and on social media.  The Fifth Circuit warned that it will not succumb to or be persuaded by liberal propogandists in any form and a fair discussion about countervailing opinions and FACTS about Covid, the vaccine, and mandates can occur in the courts.

mRNA Inventor @RWMaloneMD: I predict that the failure of the Biden vax mandates will eventually lead to huge legal liability for companies and academic institutions- illegal termination, vaccine damages, etc.  This will also be a major financial windfall for independent lawyers.  Why independent lawyers, you ask?  Because the large firms are all getting bought out by Pharma contracting for legal work and triggering “conflict of interest” clauses that block them from taking these cases.
     What does this have to do with Biden’s mandates?  Because if they fail in the courts, then the legal topcover for the academic institutions, hospitals, and businesses vanish.  Government and Pharma are indemnified. So then the organizations become the bagholders for liability.

@kylenabecker: U.S. corporate media outlets are too dishonest to publish the federal court’s devastating ruling against the Biden administration.  Why? The court give numerous reasons why Biden’s vaccine mandate suffers from “grave statutory and constitutional” defects.

In the 60s, the KGB did some fascinating psychological experiments. They learned that if you bombard human subjects with fear messages nonstop, in two months or less most of the subjects are completely brainwashed to believe the false message. To the point that no amount of clear information they are shown, to the contrary, can change their mindTo the point that no amount of clear information they are shown, to the contrary, can change their mindhttps://www.facebook.com/1681628925387485/posts/in-the-60s-the-kgb-did-some-fascinating-psychological-experimentsthey-learned-th/2654152384801796/

Fear-Based Appeals Effective at Changing Attitudes, Behaviors After All
Fear-based appeals appear to be effective at influencing attitudes and behaviors, especially among women, according to a comprehensive review of over 50 years of research on the topic, published by the American Psychological Association.  “These appeals are effective at changing attitudes, intentions and behaviors. There are very few circumstances under which they are not effective and there are no identifiable circumstances under which they backfire and lead to undesirable outcomes,” said Dolores Albarracin, PhD, professor of psychology at the University of Illinois at Urbana-Champaign and an author of the study, published in the journal Psychological Bulletin®….
   Presenting a fear appeal more than doubles the probability of change relative to not presenting anything or presenting a low-fear appeal,” said Albarracin…
https://www.apa.org/news/press/releases/2015/10/fear-based-appeals

CDC Admits No Record of Naturally Immune Transmitting COVID-19
https://www.zerohedge.com/covid-19/cdc-admits-no-record-naturally-immune-transmitting-covid-19

Aaron Kheriaty, MD @akheriaty: Hospitals are filled with the vaccinated. And nobody is explaining what is wrong with them. It’s not Covid, for the most part.

Senator Joe Manchin is reflecting the fears of his aging and vulnerable constituents https://t.co/9cGXBnNBco

FBI server hacked, (Threatening) spam emails sent to over 100,000 people https://trib.al/9eHZFhu

Ukraine says Russia amassed 100K troops near border, Blinken raises ‘real concerns’ of invasion
https://t.co/ow6uhaPWwj

Today – This is November expiration week.  The usual suspects will play for the routine upward manipulation to squeeze expiring November calls, particularly SPY and Fang calls.  Carefully monitor SPY November calls to ascertain what the big players are doing.  Manipulators want to squeeze the SPY 470 calls.  SPY closed at 467.27 on Friday.  63,841 SPY November 470 calls traded on Friday.  The next highest volume call was the SPY November 467 calls at 21,779.  The highest volume for puts was the SPY November 466 strike with 34,640.  The scheme, as of now, is obvious!!!

The major hurdle for manipulators this week is the market and political tone change on inflation.

ESZs hit +11.25 at 18:14 ET on buying for the Monday rally and expiry week squeeze. 

Expected econ data: Nov Empire Mfg Survey 20.1

S&P 500 Index 50-day MA: 4492; 100-day MA: 4447; 150-day MA: 4361; 200-day MA: 4253
DJIA 50-day MA: 35,106; 100-day MA: 35,039; 150-day MA: 34,757; 200-day MA: 34,104

S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are positive – a close below 4057.13 triggers a sell signal
Weekly: Trender and MACD are positive – a close below 4427.19 triggers a sell signal
DailyTrender and MACD are positive – a close below 4634.22 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 4656.49 triggers a sell signal

The latest WaPo/ABC poll is a disaster for The Big Guy and Dems.  TBG’s approval is only 41%; 70% say the US economy is in ‘bad shape’; only 31% say TBG is keeping ‘major campaign promise’; and the GOP holds a record 10-point advantaged in the Congressional Generic Vote poll.  PS – The Poll of 1,001 Americans includes 852 Registered Voters, which typically favors Dems by a few percentage points.

WaPo: Economic Discontent, Criticisms of Biden Lift the GOP to a Record Early Advantage
Republican congressional candidates hold their largest lead in midterm election vote preferences
in ABC News/Washington Post polls dating back 40 years (10 percentage points)
https://www.langerresearch.com/wp-content/uploads/1223a2Politicsandthe2022Midterms.pdf

A major dynamic now: Obamites’ radical agenda is generating the destruction of the Democratic Party.  If Durham makes meaningful indictments, it will harm Dems and the MSM even more – and could lead to the reorganization of the Deep State, particularly the FBI, that went rogue and radical after 9/11.

The media’s epic fail – Axios
A reckoning is hitting news organizations for years-old coverage of the 2017 Steele dossier, after the document’s primary source was charged with lying to the FBI…It’s one of the most egregious journalistic errors in modern history, and the media’s response to its own mistakes has so far been tepid.  Outsized coverage of the unvetted document drove a media frenzy at the start of Donald Trump’s presidency that helped drive a narrative of collusion between former President Trump and Russia…
https://www.axios.com/steele-dossier-discredited-media-corrections-buzzfeed-washington-post-6b762a0b-64a9-4259-8697-298e2f04fb3e.html?s=02

Andrew Sullivan (@sullydish): 2016 election. Rittenhouse. Covington. Russian collusion. Vaccines. Bounties on US soldiers. Lab-leak theory. Jussie Smollett. The Pulse shooting. The Atlanta shootings. Hunter Biden laptop. Inflation. Steele Dossier. The MSM got every single one wrong. https://t.co/U5YJUtFQOD
        @brithume: Major media missed them all, not to mention UVa fraternity rape, “Hands-up don’t shoot,” Michael Avenatti, Brian Sicknick fire extinguisher, border crisis.

John Kass: Why is corporate legacy media dying? Danchenko indictment and collapsing Russia Hoax narrative reveal the answer: Root Rot.
    I’ve spent most of my life in what is now called corporate legacy media (Chicago Tribune)
    Most media is of the left and did not like Trump. I get it. Not liking a politician isn’t a crime. Half the country considered Trump unlikeable. Many who voted for him considered unlikeable, too, but they liked his policies…There is no economic incentive for corporate media to confess its sins. Their economic models don’t demand accountability. And for all their precious slogans like “democracy dies in darkness,” what is truly dark is selling the nation on a hoax to make a profit…
    “I think that was sort of the fundamental breaking point when they went from fawning over [former President Barack] Obama to become actively involved in trying to tear down a president with Donald Trump…I think they’re broken. I don’t think media is fixable at this point,” Bevan said…
https://johnkassnews.com/why-is-corporate-legacy-media-dying-danchenko-indictment-and-the-collapsed-russia-hoax-narrative-reveals-the-answer-root-rot/

Steve Bannon is indicted for contempt of Congress for defying his January 6 committee subpoena https://trib.al/ydoA0lu

Biden’s (really Obama) DoJ is egregiously and abjectly politicized.

GOP House #3 @EliseStefanik: Eric Holder was held in contempt of Congress in 2012.  Lois Lerner was held in contempt of Congress in 2014. NO INDICTMENTS OR ARRESTS WERE MADE.
    For years, Democrats baselessly accused President Trump of “weaponizing” the DOJ.  In reality, it is the Left that has been weaponizing the DOJ the ENTIRE TIME – from the false Russia Hoax to the Soviet-style prosecution of political opponents.

@JackPosobiec: Henry Kissinger, Janet Reno, Harriet Miers, Joshua Bolton, Eric Holder, Lois Lerner, Bryan Pagliano, Bill Barr, Chad Wolf – All held in contempt of Congress

@seanmdav: This is nothing less than a declaration of war against the American people. Think of all the Democrat FBI, DOJ, and IRA officials who lied under oath, or refused congressional subpoenas, and never received even a slap on the wrist.  America is now a third-world banana republic.

@julie_kelly2: Every day I envy the way Democrats waste no time wielding political power.

GOP Rep. @Jim_Jordan: Joe Biden has eviscerated Executive Privilege. There are a lot of Republicans eager to hear testimony from Ron Klain and Jake Sullivan when we take back the House.

Ex-DJT official @seanspicer: On Friday, @WashingtonPost removed major portions and made substantive corrections to two big stories about the “Steele dossier,” Executive editor SALLY BUZBEE said the paper could NO LONGER stand by the ACCURACY of those elements of the story.

Judge Orders FBI To Stop “Extracting” Data from Veritas Devices Amid Mystery Leaks to NYT
“Something tells me that the Federal judge who ordered the FBI to stop removing files from Project Veritas devices is going to have some questions as to how attorney-client privileged communications were removed from those devices and sent to the NYT.”…
https://www.zerohedge.com/political/federal-judge-orders-fbi-immediately-stop-extracting-info-project-veritas-founder-james

@Liz_Wheeler: Project Veritas sues the NYT.
– The FBI raids O’Keefe’s home.
– NYT knows about raid immediately.
– FBI steals O’Keefe’s reporter notes.
– NYT publishes what his notes were.
This is nuts. The FBI is LEAKING O’Keefe’s privileged info to the NYT.

‘Sheriff Joe’: Biden recalls being Obama’s stimulus enforcer – but forgets ‘09 woes
“It was determined that it had less than .2 percent waste or fraud, period,” Biden boasted. “I was — that’s how I became known, the president started calling me ‘Sheriff Joe,’ President Obama at the time, because I made a point every day to stay on top of how exactly the money was spent, what projects were being built, what projects were not being built and how it was functioning.” “It was one of the most efficient implementations of a major program in modern American history,” he added…
   The slow pace of the 2009 stimulus disbursement became a political issue for the Obama administration. President Barack Obama himself admitted nearly two years after the law was enacted that “there’s no such thing as shovel-ready projects.” The Solyndra scandal, meanwhile, drew intense oversight from congressional Republicans who retook House committees following the 2010 midterm elections. The company was backed by the foundation of prominent Obama fundraiser George Kaiser and the firm’s reps made many trips to the White House…
https://nypost.com/2021/11/12/biden-recalls-being-stimulus-bill-enforcer-forgets-09-woes/

John Kass: Dear President Big Guy and Vice President Giggles: I didn’t cross the border illegally and break the law. Where’s my $450,000? – I’m from an immigrant family. We didn’t break the law. I pay taxes. You’re planning to pay people who broke the law with my money and that of other taxpayers…
    Your poll numbers are tanking because of your policies, on that hideous withdrawal from Afghanistan, on taxes, on the wide-open Southern border that you’ve broken and your overreaching Covid-19 mandates, on killing the American oil and gas industry and all those jobs lost. Now you’re begging for oil from overseas. And, because you’ve threatened to use the Department of Justice and FBI to silence taxpaying parents who dare become involved in what their children are being taught in the government schools. You’ve compared these American parents to terrorists.  You’ve screwed up the supply chain by paying people to stay home watching Netflix rather than work.  Inflation is higher than it’s been in 30 years.  And with all this going on, you’re pushing to spend trillions and trillions more in dollars that haven’t yet been printed, to buy the next election with social programs, helped along by your allies in media, and more social programs…   https://johnkassnews.com/dear-president-big-guy-and-vice-president-giggles-i-didnt-cross-the-border-illegally-or-break-the-law-so-wheres-my-450000/

CNN report on the tension between Team Joey Baby and Team Kamala (reported weeks ago by others):
https://www.cnn.com/2021/11/14/politics/kamala-harris-frustrating-start-vice-president/index.html

The media framed Kyle Rittenhouse — and won’t come clean even after the prosecution’s case falls apart   https://nypost.com/2021/11/11/the-media-framed-kyle-rittenhouse-and-wont-come-clean-even-after-the-prosecutions-case-falls-apart/

How Soros’s Secret Network Used Ukraine to Cover for Hillary, Hunter, and Target Donald Trump.  The sanctions came less than a year after Derkach met with Rudy Giuliani in Kiev, which reports at the time said was to discuss possible misuse of U.S. tax dollars by Ukraine’s government. “I can’t see how you can be accused of meddling in an election that is more than a year away,” Giuliani continued. “The only new piece of information he gave… is the report that $5.3 billion in foreign aid [to Ukraine] is unaccounted for, $3 billion of which is American money and a big portion of that went to nongovernmental organizations controlled by George Soros,” he continued…
https://thenationalpulse.com/exclusive/excerpt-how-soross-secret-network-used-ukraine-to-cover-for-hillary-hunter-and-target-donald-trump/

The above excerpt from The Man Behind the Curtain: Inside the Secret Network of George Soros helps explain why Trump had to be removed at all costs – including but not limited to two impeachments and massive vote fraud in 2020.

NYC Black Lives Matter Threatens Bloodshed, Riots in City if Anti-Crime Units Reinstated
https://www.newsweek.com/nyc-black-lives-matter-threatens-bloodshed-riots-city-if-anti-crime-units-reinstated-1648426

If rowdy parents at school boards meetings can be labeled ‘domestic terrorists’ by the DoJ and Dems, what do you call the BLM’s threats of riots?

The party told to you to reject the evidence of your eyes and ears.  It was their final and most essential command.” – George Or

 
 
 
 
 
end
 
Let us wrap up the week as always with this offering courtesy of Greg Hunter interviewing Martin Armstrong
(Courtesy Greg Hunter)
 
 

America is Under Attack by Marxist Globalists – Martin Armstrong

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Back in July, legendary geopolitical and financial cycle analyst Martin Armstrong boldly said, “The system has come to an end.”  What are we seeing now?  There is massive inflation, huge defaults of debt in China, a badly broken supply chain and a hostile government against “We the People” here in America.  It sure looks like the end of this system is near.  Armstrong contends it is not an accident that all this is happening now to the United States because Marxist globalists want to overthrow our Constitutional form of government.  Armstrong explains, “This is getting to be really absurd.  Biden is the perfect President.  I warned that this election had nothing to do with Trump versus Biden.  It was Trump versus a foreign entity that was trying to take over the United States.  Biden is absolutely the perfect President.  They got their wish.  They got somebody in there that really would not be able to figure out left from right.  I am not making derogatory statements against him.  This isn’t even Biden’s agenda.  You are lucky if he even understands what’s going on.  It’s the people behind him.  It you look at his polls, they are down to 33%.  A politician would normally care about that.  You don’t see any change because he’s not the one doing this.  They know he’s just a place holder. , , , They are just moving their agenda through—period.  The United States is being orchestrated from Geneva.  All this ‘Build Back Better’ stuff was a slogan created at Davos. . . .The United States is under attack from a foreign entity.”

Armstrong says his predictive Socrates computer program does not see the Marxist globalists succeeding.  Armstrong says, “They think they can take over the world and create this fictional wonderland of Marxism.  It’s not going to work.  Our computer is showing that they have failed.  In 2022, this whole thing is going to start blowing up.  Bill Gates . . . actually said that the vaccines don’t work.  He said we are going to have to create a new sort of R&D.  There is too much evidence now that the vaccines do not prevent you from getting Covid or spreading it.  Data coming out of Israel shows the majority of people vaccinated are the majority of the people that are dying.  Gates is being confronted with this behind the curtain.”

Armstrong says the Marxist globalists are trying to create a Great Depression.  Why?  Armstrong says, “The reason why they are trying to create a Great Depression is they are now desperate.  They created, in my opinion, this virus that numerous people I know behind the curtain were told a virus was coming.  I think it was planted.  I think it was created by a lab in China.  This is all total B.S.  It’s being used mainly to prevent people from traveling.”

Armstrong also says the Marxist globalists have a plan to default on all debt.  Listen to how they are going to sell this to the public.  Armstrong says, “They pretend they care about you.  You won’t own anything.  We are going to eliminate all mortgages, all credit card debt and you are going to be happy.  Why?  Because that’s the cover for them to default.  They can’t default without wiping out everybody’s pension fund.”

Armstrong says rich people are buying tangible assets to get their money off the grid, and the little guy should be doing the same thing.  This is why Armstrong says things such as art, collectibles, Bitcoin and gold are going up and will continue to do so.  Armstrong says be careful with crypto currencies because, eventually, governments will have their own crypto currencies and will not allow competition.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Martin Armstrong, world renowned geopolitical and economic cycle expert.

(What is written above is only a fraction of what is in the 61 min. interview.)

 

After the Interview:

There is some free information, analysis and articles on ArmstrongEconomics.com.

To get a copy of Armstrong’s 5th edition of “Manipulating the World Economy” updated with 70 fresh pages of data and analysis on CV19 and the vaccines, click here.

 
end
 
Well that is all for today
 
 

I will see you TUESDAY night.

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