OCT 7//JOBS REPORT (FAKE) SENDS GOLD AND SILVER DOWN: GOLD CLOSED DOWN $10.70 TO $1701.70//SILVER IS DOWN 37 CENTS TO $20.01//PLATINUM IS DOWN $6.40 TO $919.10//PALLADIUM IS DOWN $82.35 TO $2195.65//ALASDAIR MACLEOD A MUST VIEW KINESIS 94 REPORT//JOBS REPORT FROM THE USA ADDS 200,000 SOULS TO THE PAYROLLS//COVID UPDATES//VACCINE IMPACT//DR PAUL ALEXANDER//CREDIT SUISSE UPDATE: STOCK RISES BUT I SMELL TROUBLE//GOODS ARE BLOCKED MOVING UP THE MISSISSIPPI DUE TO LOW LEVELS//

by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSE: DOWN  $10.70 to $1701.70

SILVER PRICE CLOSE:  DOWN $0.37 to $20.24

Access prices: closes

Gold ACCESS CLOSE 1694.70

Silver ACCESS CLOSE: 20.13

New: early yesterday morning//very ominous:

On Monday, October 3, 2022 at 12:15 p.m., a meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures, as set forth in section 261b.7 of the Board’s Rules Regarding Public Observation of Meetings, at the Board’s offices at 20th and C Streets, N.W., Washington, D.C. and by audio/video conference call, to consider the following matters of official Board business.

Harvey: Credit Suisse?

Bitcoin morning price: $20,004 DOWN 31

Bitcoin: afternoon price: $19,439 DOWN 596

Platinum price closing DOWN 6.40 AT  $919.10

Palladium price; closing DOWN $82.35  at $2195.65

END

Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading

I will now provide gold in Canadian dollars, British pounds and Euros/closing ACCESS

CANADIAN GOLD $2322.00 CDN DOLLARS PER OZ DOWN $30.0 CDN DOLLARS

BRITISH GOLD IN POUNDS: 1526.30 POUNDS PER OZ DOWN 7 BRITISH POUNDS PER OZ/

EURO GOLD: 1736/37 EUROS PER OZ// DOWN 12/39 EUROS PER OZ///

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: OCTOBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,711.700000000 USD
INTENT DATE: 10/06/2022 DELIVERY DATE: 10/10/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 4
132 C SG AMERICAS 2
624 H BOFA SECURITIES 12
657 H MORGAN STANLEY 16
661 C JP MORGAN 17
800 C MAREX SPEC 25 6


TOTAL: 41 41
MONTH TO DATE: 21,375

JPMORGAN STOPPED  17/41 

GOLD: NUMBER OF NOTICES FILED FOR OCT CONTRACT:     

41 NOTICES FOR 4100 OZ //.1275 TONNES

total notices so far: 21,375 contracts for 2,137,500 oz (66.485 tonnes) 

SILVER NOTICES: 68 NOTICES FILED FOR 340,000 OZ/

 

total number of notices filed so far this month  321 :  for 1,605,000  oz



END

Russia is a major supplier of silver to London while Mexico supplies the COMEX

With the sanctions, London has no way to obtain silver other than compete with NY.

GLD

WITH GOLD DOWN $10.70

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//

NO CHANGES IN GOLD INVENTORY AT THE GLD: ////

INVENTORY RESTS AT 946.34 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 37 CENTS

AT THE SLV// ://BIG CHANGES IN SILVER INVENTORY AT THE SLV//: A HUGE WITHDRAWAL OF2.447 MILLION OZ FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 473.130 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A SMALL SIZED 125  CONTRACTS TO 126,292    AND CLOSER TO  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE HUGE LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR  $0.11 GAIN  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.11). HOWEVER OUR SPEC SHORTS ARE DESPERATELY TRYING TO COVER THEIR MASSIVE COMEX OI SHORTFALL.  BANKERS CONTINUE TO BE PURCHASERS OF NET COMEX LONGS.

WE  MUST HAVE HAD: 
I) CONTINUAL  SPECULATOR SHORT COVERINGS ////CONTINUED BANKER OI COMEX ADDITIONS /// SOME NEWBIE SPEC LONG ADDITIONS. II)  WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A GIGANTIC ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.580 MILLION OZ FOLLOWING A 160,000 OZ QUEUE JUMP   / //  V)   SMALL SIZED COMEX OI GAIN/ SOME SPEC COVERING THEIR SHORTS.

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: –45

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS SEPT. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT: 

TOTAL CONTRACTS for 7 days, total 49,425 contracts:  29.65 million oz  OR 4.23MILLION OZ PER DAY. (706 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 29.65  MILLION OZ

.

LAST 17 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120 

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ 

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

MARCH: 207.430  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE 

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ 

AUGUST: 65.025 MILLION OZ 

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.65 MILLION OZ INITIAL

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 125 WITH OUR SMALL $0.11 GAIN IN SILVER PRICING AT THE COMEX// THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A ZERO SIZED EFP ISSUANCE  CONTRACTS: 0 CONTRACTS ISSUED FOR DEC AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS    THE DOMINANT FEATURE TODAY: /HUGE BANKER ADDITIONS A//  SMALL SHORT LIQUIDATIONS//SMALL NEWBIE SPEC LONG ADDITIONS//  /// WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR OCT. OF 1.580 MILLION  OZ FOLLOWED BY TODAY’S 160,000 QUEUE JUMP  .. WE HAD A SMALL SIZED GAIN OF 125 OI CONTRACTS ON THE TWO EXCHANGES FOR .6250 MILLION  OZ..

 WE HAD 68  NOTICE(S) FILED TODAY FOR  340,000 OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A SMALL SIZED 71 CONTRACTS  TO 433,247 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE WILL PROBABLY SEE THE COMEX OI FALL TO AROUND 380,000 AS OUR SPECS GET ANNIHILATED.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED —  -369 CONTRACTS.

.

THE SMALL SIZED INCREASE  IN COMEX OI CAME WITH OUR GAIN IN PRICE OF $0.70//COMEX GOLD TRADING/THURSDAY //  SOME SPECULATOR SHORT  COVERINGS ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION    //AND CONTINUED ADDITIONS TO OUR BANKER LONGS!! THE COMEX WILL BLOW UP AS THE SPECS CANNOT DELIVER GOLD TO OUR BANKER LONGS.

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR OCT. AT 66.099 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF  2,000 OZ//NEW STANDING 68.123 TONNES (QUEUE JUMPING = EXERCISING LONDON BASED EFP’S WILL CONTINUE UNTIL MONTH’S END)

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF  $0.70 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A GOOD SIZED GAIN OF 3711 OI CONTRACTS 11.54 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3640 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 433,616

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3711 CONTRACTS  WITH 71 CONTRACTS INCREASED AT THE COMEX AND 3640 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 4280 CONTRACTS OR 13.312 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3640) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (71): TOTAL GAIN IN THE TWO EXCHANGES 3711 CONTRACTS. WE NO DOUBT HAD 1) MINOR SPECULATOR SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS///NEWBIE SPEC ADDITIONS  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR OCT. AT 66.099 TONNES FOLLOWED BY TODAY’S 2,000 OZ QUEUE JUMP///NEW STANDING 68.123 TONNES//.    3) ZERO LONG LIQUIDATION //// //.,4)  SMALL SIZED COMEX OPEN INTEREST GAIN 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

OCT

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT. :

15,147 CONTRACTS OR 1,544,700 OZ OR 47.113 TONNES 7TRADING DAY(S) AND THUS AVERAGING: 2163 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 7  TRADING DAY(S) IN  TONNES: 47.113 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  47.113/3550 x 100% TONNES  1.32% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022 

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN).. 

MARCH:.   276.50 TONNES (STRONG AGAIN/

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:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE// 

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH:  409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247,44 TONNES FINAL// 

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  47.113  TONNES INITIAL

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW   NON ACTIVE FRONT MONTH OF NOV. WE ARE NOW INTO THE SPREADING OPERATION OF BOTH SILVER AND GOLD (WILL BE SMALL AS SPREADERS DO NOT PAY ATTENTION TO NOVEMBER)

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF OCT HEADING TOWARDS THE NON  ACTIVE DELIVERY MONTH OF NOV., FOR BOTH GOLD AND SILVER:

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

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE  BY A SMALL SIZED 125 CONTRACT OI TO  126,292 AND CLOSER TO TO  OUR COMEX HIGH 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  5 YEARS AGO.  

EFP ISSUANCE 0 CONTRACTS

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

DEC 0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 125  CONTRACTS AND ADD TO THE 0  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A SMALL SIZED GAIN  OF 125  OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 0.62 MILLION OZ

OCCURRED WITH OUR GAIN IN PRICE OF  $0.11

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

4. Chris Powell of GATA provides to us very important physical commentaries

end

5. Other gold commentaries

6. Commodity commentaries//

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED   //Hang Seng CLOSED DOWN 272.10 OR 1.51%    /The Nikkei closed DOWN 195.19PTS OR 0.77%          //Australia’s all ordinaires CLOSED DOWN 0.82%   /Chinese yuan (ONSHORE) closed //OFFSHORE CHINESE YUAN UP 7.0896//    /Oil UP TO 89.86 dollars per barrel for WTI and BRENT AT 95.92    / Stocks in Europe OPENED  ALL MIXED.        ONSHORE YUAN TRADING XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A SMALL SIZED 71 CONTRACTS TO 433,247 AND 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 FAIR  COMEX DECREASE OCCURRED WITH OUR  RISE IN PRICE OF $0.70  IN GOLD PRICING  THURSDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (3640 CONTRACTS). . THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. IT NOW SEEMS THAT THE COMMERCIALS HAVE GOADED THE SPECS TO GO MASSIVELY SHORT  AND NOW THEY ARE DESPERATELY TRYING TO COVER THEIR FOLLY.

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.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF OCT..  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 3640 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :3640 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  3640 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 GOOD SIZED  TOTAL OF 3711  CONTRACTS IN THAT 3640 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL  SIZED  COMEX OI GAIN OF 71  CONTRACTS..AND  THIS GOOD GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR SMALL RISE IN PRICE OF GOLD $0.70//WE HAD SPEC SHORTS ADDING TO THEIR POSITIONS  WITH BANKERS TAKING THE OTHER SIDE AS BUYERS OF COMEX GOLD CONTRACTS.  

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING OCT   (68.127),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

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 ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL SO FAR THIS YEAR (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  68.127 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $0.70) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS AS WE HAD A GOOD SIZED TOTAL GAIN ON OUR TWO EXCHANGES OF 3711 CONTRACTS //     WE HAVE  REGISTERED A GOOD GAIN  OF 11.54 PAPER TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR OCT. (68.127 TONNES)…THIS WAS ACCOMPLISHED WITH A SMALL RISE IN PRICE OF $.70 

WE HAD -269  CONTRACTS  COMEX TRADES REMOVED. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3711 CONTRACTS OR 371100  OZ OR  11.54 TONNES

Estimated gold volume 154,330//  poor//

final gold volumes/yesterday  149,323/ poor

INITIAL STANDINGS FOR OCT ’22 COMEX GOLD //OCT 7

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz95,199.111 oz

HSBC
 
Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz69,156.79  oz
Brinks
2151 kilobars
No of oz served (contracts) today41   notice(s)
4100  OZ
0.1275 TONNES
No of oz to be served (notices)528 contracts 
52,800oz
1.642
 TONNES
Total monthly oz gold served (contracts) so far this month21,375 notices
2,137,500
66.485 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

total dealer deposit  0

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits: 1

Into HSBC:  95,199.111 o (2961 kilobars)

total deposits 95,199.111 oz

 customer withdrawals: 1

i) Out of Brinks: 69,156.790 oz (2151 kilobars)

total:  69,156.790     oz   

total in tonnes: 2.512 tonnes

Adjustments: 4//  all dealer to customer

HSBC:  56,894.928 oz

JPMorgan: 122,893.131 oz

Malca 5883.633 oz

Manfra: 3443.840 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR OCT.

For the front month of OCT we have an  oi of 569 contracts having LOST 345 contracts . We had  365 contracts

filed on THURSDAY, so we gained 20 contracts or an additional 2000 oz will stand in this active delivery month of Oct.

We will gain gold oz standing on each and every trading day from this day forth until the conclusion of October.

(remember that queue jumping is really EFP’s exercised from London for gold underwritten by COMEX based bankers)

November GAINED 53 contracts to stand at 2846

December lost 1780 contracts down to 373,129

We had 41 notice(s) filed today for 4100 oz FOR THE OCT. 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 41 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 17 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the OCT /2022. contract month, 

we take the total number of notices filed so far for the month (21,375) x 100 oz , to which we add the difference between the open interest for the front month of  (OCT 569 CONTRACTS)  minus the number of notices served upon today 41 x 100 oz per contract equals 2,190,300 OZ  OR 68.127 TONNES the number of TONNES standing in this  active month of OCT. 

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

No of notices filed so far (21,375) x 100 oz+   (569)  OI for the front month minus the number of notices served upon today (41} x 100 oz} which equals 2,190,300, oz standing OR 68.127  TONNES in this NON active delivery month of OCTOBER.

TOTAL COMEX GOLD STANDING:  68.127 TONNES  (A HUMONGOUS STANDING FOR OCT (GENERALLY THE POOREST DELIVERY MONTHS FOR AN ACTIVE MONTH)

 WE WILL INCREASE IN GOLD TONNAGE STANDING FROM THIS DAY FORTH UNTIL THE END OF THE MONTH.

SOMEBODY IS AFTER A HUGE AMOUNT OF GOLD.  THE EFPS ARE NOW BEING USED TO TAKE GOLD FROM THE COMEX.  THUS THE AMOUNT OF GOLD STANDING FOR SEPT. WILL RISE EXPONENTIALLY.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 o

total pledged gold:  2,067,434 OZ (REG GOLD- PLEDGED GOLD) 340.166 tonnes//rapidly declining 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  26,281,876.600 OZ  

TOTAL REGISTERED GOLD: 12,814,660.585  OZ (398.58 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 13,467,216.016 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 10,747,226 OZ (REG GOLD- PLEDGED GOLD) 334.283 tonnes//rapidly declining 

END

SILVER/COMEX

OCT 7//INITIAL OCT SILVER CONTRACT

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,297,972.649 oz
HSBC

CNT


 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory1,`86,312.000 oz
Loomis
CNT








 
No of oz served today (contracts)68 CONTRACT(S)  
 1,605,0000 OZ)
No of oz to be served (notices)40 contracts 
(200,000 oz)
Total monthly oz silver served (contracts)321 contracts
 1,605,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

And now for the wild silver comex results


i)  0 dealer deposit

total dealer deposits:  nil    oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have  2 deposits into the customer account

i) Into CNT: 600,343.600 oz

ii) Into Loomis:  585,968.400 

Total deposits: 1,186,312.000 oz

JPMorgan has a total silver weight: 161.406million oz/312.623million =51.61% of comex 

 Comex withdrawals: 2  

i)Out of CNT 725,261.168 oz

ii) Out of HSBC: 572,711.481 oz 

total withdrawals:  1,297,972.649  oz

 adjustments: // 3

JPMorgan 14,601.150 oz

ii) Loomis: 9599.140 oz

iii) Manfra: 10,087.400 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 40.116 MILLION OZ (declining rapidly)

TOTAL REG + ELIG. 3126235 MILLION OZ (also declining)

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF OCT OI: 108 CONTRACTS HAVING GAINED 1 CONTRACT(S.) 

WE HAD 31 NOTICES FILED ON THURSDAY SO WE  GAINED 32

SILVER CONTRACTS OR AN ADDITIONAL 160,000 OZ WILL STAND FOR OCT.

NOVEMBER LOST 9 CONTRACTS TO STAND AT 356

DECEMBER SAW A LOSS OF 1293 CONTRACTS DOWN TO 107,337

.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 68 for  340,000 oz

Comex volumes:81,613// est. volume today//   good

Comex volume: confirmed yesterday: 65,273 contracts ( fair)

To calculate the number of silver ounces that will stand for delivery in OCT we take the total number of notices filed for the month so far at  321 x 5,000 oz = 1,605,000 oz 

to which we add the difference between the open interest for the front month of OCT(108) and the number of notices served upon today 68  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the OCT./2022 contract month: 321 (notices served so far) x 5000 oz + OI for front month of OCT (108)  – number of notices served upon today (68) x 5000 oz of silver standing for the OCT contract month equates 1,805,000 oz. .

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

Comex volumes:61,618// est. volume today//    poor

Comex volume: confirmed yesterday: 54,383contracts ( poor)

END

GLD AND SLV INVENTORY LEVELS

OCT 7/WITH GOLD DOWN $10.70: NO CHANGES IN GOLD INVENTORY AT THE GLD///INVENTORY RESTS AT 946.34 TONNES

OCT 6/WITH GOLD UP $.70 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.45 TONNES INTOTHE GLD//INVENTORY RESTS AT 946.34 TONNES

OCT 4/WITH GOLD UP $28.65 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.19 TONNES INTO THE GLD//INVENTORY RESTS AT 942.89 TONNES

OCT 3.WITH GOLD UP $29.30 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD AND A BIG SURPRISE: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD////INVENTORY RESTS AT 939.70 TONNES

SEPT 30  WITH GOLD UP $3.75 TODAY : BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.01 TONNES FROM THE GLD////INVENTORY RESTS AT 941.15 TONNES

SEPT 29/WITH GOLD DOWN $.85 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.3 TONNES INTO THE GLD//INVENTORY RESTS AT 943.16 TONNES

SEPT 28/WITH GOLD UP $32.30: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FORM THE GLD////INVENTORY RESTS AT 940.549 TONNES

SEPT 27/WITH GOLD UP $1.75: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.76 TONNES FROM THE GLD////INVENTORY RESTS AT 943.47 TONNES

SEPT 26/WITH GOLD DOWN $17.15: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.90 TONNES FROM THE GLD////INVENTORY RESTS AT 947.23 TONNES

SEPT 23/WITH GOLD DOWN $24.60: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWALOF 2.03 TONNES FORM THE GLD//INVENTORY RESTS AT 950.13 TONNES

SEPT 22/WITH GOLD UP $5.20; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 952.16 TONNES

SEPT 21/WITH GOLD UP $4.70: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.79 TONNES FROM THE GLD///INVENTORY RESTS AT 952.16 TONNES

SEPT 20/WITH GOLD DOWN $6.65; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.90 TONNES FROM THE GLD////INVENTORY RESTS AT 957.95 TONNES

SEPT 19/WITH GOLD DOWN $4.80: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONES FROM THE GLD//INVENTORY RESTS AT 960.85 TONNES

SEPT 16.WITH GOLD UP $5.70: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT 1,45 TONNES INTO THE GLD//INVENTORY RESTS AT 962.01 TONNES

SEPT 15/WITH GOLD DOWN $30.20: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.35 TONNES FROM THE GLD.//INVENTORY RESTS AT 960.56 TONNES

SEPT 14/WITH GOLD DOWN $7.70: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY REST AT 962.88 TONNES

SEPT 13/WITH GOLD DOWN $22.85 : BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73ONNES FROM THE GLD////INVENTORY RESTS AT 964.91 TONNES

SEPT 12/WITH GOLD UP $12.30: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 966.64 TONNES

SEPT 9/WITH GOLD UP $7.85: 2 BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.90 AND ANOTHER 1.51 TONNES FROM THE GLD////INVENTORY RESTS AT 966.64 TONNES

SEPT 8/WITH GOLD DOWN $6.10:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 971.05 TONNES

SEPT 7/WITH GOLD UP $13.70: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 971.05 TONNES

SEPT 6 WITH GOLD DOWN $9.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 973.08 TONNES//

SEPT 2/WITH GOLD UP $7.00// SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD/ //INVENTORY RESTS AT 973.08 TONNES

SEPT 1/WITH GOLD DOWN $26.70: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 973.37 TONNES

GLD INVENTORY: 946.34 TONNES

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

OCT 7/WITH SILVER DOWN 37 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.447 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 473.130 MILLION OZ/

OCT 6/WITH SILVER UP 11 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY: A WITHDRAWAL OF 5.3 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 475.617  MILLION OZ//

OCT 4WITH SILVER UP $.51 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 480.917 MILLION OZ

OCT 3/WITH SILVER UP $1.46 : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 480.917 MILLION OZ//

SEPT 30/WITH SILVER UP 31 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.013 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 480.917 MILLION OZ//

SEPT 29/WITH SILVER DOWN 15 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 645,000 OZ FROM THE SLV//INVENTORY RESTS AT 479.904 MILLION OZ//

SEPT 28/WITH SILVER UP $.52 TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 645,000 OZ FROM THE SLV.//INVENTORY RESTS AT 480.549 MILLION OZ//

SEPT 27/WITH SILVER DOWN 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 481.194 MILLION OZ

SEPT 26/WITH SILVER DOWN 43 CENTS : BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 737.000 OZ FROM THE SLV////INVENTORY RESTS AT 481.194 MILLION OZ//

SEPT 23/WITH SILVER DOWN 68 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .507 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 481.931 MILLION

SEPT 22/WITH SILVER UP 10 CENTS TODAY; SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .691 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 481.424 MILLION OZ/

SEPT 21/WITH SILVER UP 33 CENTS TODAY; BIG CHANGES IN SILVER INVENTORY  AT THE SLV: A DEPOSIT OF 2.902 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 482.115 MILLION OZ//

SEPT 20/WITH SILVER DOWN 18 CENTS/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.475 MILLION OZ//INVENTORY RESTS AT 479.213 MILLION OZ//

SEPT 19/WITH SILVER DOWN 2 CENTS TODAY: GIGANTIC CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 8.108 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 477.738 MILLION OZ

SEPT 16/WITH SILVER UP 8 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.58 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 469.63 MILLION OZ//

SEPT 15/WITH SILVER DOWN $.25 TODAY; BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.151 MILLION OZ INTO THE SLV/////INVENTORY RESTS AT 467.050 MILLION OZ//

SEPT 14/WITH SILVER UP $0.06 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 465.899 MILLION OZ/

SEPT 13/WITH SILVER DOWN $.31 TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.672 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 465.899 MILLION OZ//

SEPT 12/WITH SILVER  UP 1.04 TODAY; SMALL CHANGES IN SILVER INVENTORY AT THE SLV: TWO DEPOSIT OF 553,000 OZ AND 464,000 OZ INTO THE SLV////INVENTORY REST AT 468.571 MILLION OZ///

SEPT 9/WITH SILVER UP 31 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 138,000 OZ INTO THE SLV////INVENTORY RESTS AT 467.557 MILLION OZ/

SEPT 8/WITH SILVER UP 16 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 467.419 MILLION OZ//

SEPT 7/WITH SILVER UP 34 CENTS : BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 830,000 OZINTO THE SLV////INVENTORY RESTS AT 467.419 MILLION OZ//

SEPT 6/WITH SILVER UP ONE CENT: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 533,000 OZ FROM THE SLV//INVENTORY RESTS AT 466.589 MILLION OZ//

SEPT 2/WITH SILVER UP 13 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.567 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 467.140 MILLION OZ//

SEPT 1/WITH SILVER DOWN 58 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 465.573 MILLION OZ//

CLOSING INVENTORY 475.617 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Peter Schiff: A Massive Fiscal Time Bomb

FRIDAY, OCT 07, 2022 – 07:30 AM

Via SchiffGold.com,

Federal Reserve Chairman Jerome Powell knew fighting inflation would cause big problems in a bubble economy loaded up with debt. He put it off as long as he could, calling inflation “transitory.” But once inflation became a huge problem, the central bank had no choice but to get into the fight and start tightening monetary policy. The problem is, the Fed’s plan won’t work. And one reason it won’t work is the massive national debt.

Peter Schiff talked about it in this clip from his podcast.

The federal government already spends about $500 billion per year on interest payments on the $31 trillion debt. Peter noted a CNBC discussion where they speculated that in 10 years, the US government could be paying $1 trillion per year on interest alone.

Ten years? We could be paying $1 trillion in interest in one year! How are these guys getting 10 years?”

Four percent of the $31 trillion debt is $1.25 trillion. The average maturity on the debt is under five years. A third of the debt will mature in the next year. Meanwhile, the debt continues to skyrocket. The national debt grew by $1 trillion in just eight months even with pandemic spending programs winding down.

Five years from now, the national debt will be over $40 trillion, and we’re going to have to pay an interest rate probably more than 5% on that. So, a $1 trillion tab for interest on the national debt isn’t a decade away. It’s a year, maybe two away. That’s how close this crisis is.”

That raises an important question: where is the government going to get the money to pay for this? It will cost something like 30% of all tax revenue just to pay the interest on the debt. Huge interest payments will mean even more borrowing.

This is a massive fiscal time bomb.”

During a hearing in January 2021, Janet Yellen was asked if we should be worried about the national debt. She said, no. Instead, she said we should be focusing on how low interest rates are and how inexpensive it is to service the debt. In other words, the debt didn’t matter because financing was cheap.

At the time, Peter asked, “What happens when rates go up?” He compared it to adjustable-rate mortgages. When rates go up, homebuyers often can’t afford the higher payments.

The Treasury wasn’t taking advantage of low 30-year borrowing costs. The Fed was borrowing for six months, for one year, for two years. So, they were rolling the dice and gambling that interest rates stay low. Well, they’re not low. They’re much higher. I wonder if Janet Yellen is worrying about the national debt now that interest rates have moved up so much. Or, is she going to start worrying? Because we already know that they’re going to move much higher.”

For years, the government justified borrowing money because interest rates were low. Peter said that argument might have flown if the government was locking in the low rates for 30 years. But not when the Treasury was rolling over the debt every 30 days, 90 days, or even every year.

I often said, ‘Wait a minute. Just because something is cheap doesn’t mean you should do it. I would say, ‘Hey, if heroin was free, if they were giving out free heroin, would you say, hey, heroin is free! I might as well use it.’ If something is bad, just because the cost goes down, that doesn’t mean you do it. And taking on all this debt was bad. Just because it was temporarily cheap, it wasn’t a reason to do it.”

But the government did it. And now we have to deal with the consequences.

The Federal Reserve deliberately created inflation since 2008 to postpone the pain. Why did it do quantitative easing? Why did it keep interest rates at zero for so long?

Because the Fed did not want to allow a bad recession, or allow a bad recession to get worse. The Fed wanted to prop up stock prices. The Fed wanted to prop up real estate prices. So, in order to do that, we created inflation. We put interest rates at zero. We did quantitative easing. Well now, we’ve got a huge inflation problem. And now the Fed has to fight a monster that it created. But the Fed can’t fight and create inflation at the same time.”

And the US government can’t service its debt, much less maintain its borrowing and spending without the Fed creating inflation.

That’s why this inflation fight is doomed to fail

end

2. Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz

end

Lawrie Williams

END

3.Chris Powell of GATA provides to us very important physical commentaries

The crooked bankers on Wall Street double down on risk as they continue to be the seller of credit default swaps

(Pam and Russ Martens/GATA)

Pam and Russ Martens: Wall Street banks double down on risk, sell credit default swaps

Submitted by admin on Thu, 2022-10-06 11:07Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Thursday, October 6, 2022

Last Thursday, while news outlets focused on videos of the devastating impact of Hurricane Ian on the southwest coast of Florida, two researchers at the Office of Financial Research published a breathtaking and almost surreal analysis of how the mega banks on Wall Street are once again doubling down on unprecedented risk with derivatives and threatening the financial stability of the United States.

The report was ignored by mainstream business media. …

… For the remainder of the analysis:

END

Your weekend reading material

(Alasdair Macleod)

Alasdair Macleod: The consequences of imploding credit

Submitted by admin on Thu, 2022-10-06 11:21Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, October 6, 2022

There is a growing realisation that the world faces a combination of persistent inflation of prices and a recession at the same time. The factors driving both are visibly intensifying. Those of us versed in the cycle of bank credit are aware that it is the contraction of bank balance sheets which is driving the recession, while it is continuing currency debasement driving inflation.

Neo-Keynesians in the establishment think the current position is contradictory, that current rates of price inflation will decline back to their 2% target in a recession, and interest rates can then be reduced to stimulate economic activity. 

The key to understanding why prices can continue to rise in a recession requires a fuller understanding of the role of credit in an economy and what it represents. Its role is far greater than commonly thought, with considerably more than several quadrillions of dollar equivalents outstanding. All economic activity and wealth are credit. This article sketches out the various types of credit, and how credit equates to our collective wealth.

It also requires us to differentiate between a currency which is anchored to gold specie and one without a specie anchor.

The former imposes a discipline on the state of non-intervention, while the latter encourages intervention. It is that intervention which leads to fiat currencies and all credit based upon it finally collapsing. …

For the remainder of the analysis:

https://www.goldmoney.com/research/imploding-credit-the-consequences?gmrefcode=gata

END

end

4. OTHER GOLD/SILVER COMMENTARIES

Ep. 94 Live from the Vault

Card counters create 5 days of COMEX hell

In this week’s Live from the Vault, Andy Maguire exposes the Chinese and Indian deep-pocket traders who aggressively capitalise on the $1000-per-contract silver futures price divergence.

As the COMEX-driven backwardation reaches unprecedented extremes, the London wholesaler analyses the increasing potential for the freshly-emerged competitors to ignite the massive silver short squeeze.

Play

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PHYSICAL SILVER/GOLD

5.OTHER COMMODITIES: 

end 

COMMODITIES IN GENERAL/

END

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED 

OFFSHORE YUAN: 7.0895

SHANGHAI CLOSED:

HANG SENG CLOSED DOWN 272.10 OR 1.51% 

2. Nikkei closed DOWN 195197 PTS OR 0.77%

3. Europe stocks   SO FAR:  ALL MIXED

USA dollar INDEX  UP TO  112.01/Euro FALLS TO 0.9796

3b Japan 10 YR bond yield: RISES TO. +.244/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 144.86/JAPANESE YEN COLLAPSING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen UP CHINESE YUAN:   XX -//  OFF- SHORE: 7.0896

3f 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. EIGHTY percent of Japanese budget financed with debt.

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.144%***/Italian 10 Yr bond yield RISES to 4.58%*** /SPAIN 10 YR BOND YIELD RISES TO 3.33%…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 4.75//

3j Gold at $1706.05//silver at: 20.42  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND20/100        roubles/dollar; ROUBLE AT 61.10//

3m oil into the 88 dollar handle for WTI and  95 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 144.86DESTROYING 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 .9907– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9703well 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.

USA 10 YR BOND YIELD: 3.833 UP 1 BASIS PTS…GETTING DANGEROUS

USA 30 YR BOND YIELD: 3.785 DOWN 1 BASIS PTS//(USA 30 YR INVERTED TO THE USA 10)

USA DOLLAR VS TURKISH LIRA: 18,59…GETTTING DANGEROUS

end

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Jittery Futures Coiled Tightly Ahead Of Today’s Jobs Report Main Event

FRIDAY, OCT 07, 2022 – 07:49 AM

S&P futures rebounded from an overnight drop and swung between gains and losses as investors looked forward to the week’s main event, the September payrolls report, for clues on what the Fed will do next after a raft of hawkish Fed doused expectations on Thursday for a quick halt to rate hikes. Nasdaq 100 futs fell 0.3%, trimming deeper losses, amid a sharp premarket drop for semiconductor stocks prompted by a plunge in AMD which slumped after it preannounced much weaker-than-expected 3Q revenue and margins . Meanwhile, S&P500 futures on the S&P 500 Index traded little changed, although the benchmark was poised for the best weekly advance since June. Treasuries drifted lower, the dollar was flat, and cryptos were unchanged.

In premarket trading, Credit Suisse shares gained 7.9% after the lender offered to buy back debt securities for as much as CHF BN, in a show of financial strength after recent concerns about the bank’s solidity. Shares are up 14% this week, best weekly return since June 2020. They have recovered from a 12% intraday drop on Monday, when the stock slumped to a fresh low Shares are 49% down YTD. On the other end, chipmakers led the slide in early New York trading. Besides AMD’s 6% plunge, Nvidia Corp. and Intel Corp. fell more than 2% each amid concern that a slowing world economy will sharply dent semiconductor demand. Here are some other notable premarket movers

  • Twitter shares fell as much as 1.9% to $48.45 in US premarket trading on Friday, trading almost 10% below Elon Musk’s offer price of $54.20 as the deal is said to be contingent on receiving $13 billion in debt financing, according to people familiar with the matter. They were flat by 6am in New York.
  • Chip stocks were lower in US premarket trading after Samsung and AMD reported disappointing figures within hours of each other. The announcements signaled a deteriorating climate for global chip demand affecting the entire personal computers supply chain, including chipmakers, semiconductor equipment makers and PC manufacturers. AMD  -6.4%, Nvidia -3.3%, Intel -2.8%.
  • Pot stocks rallied in US premarket trading on Friday, set to extend Thursday’s gains after President Joe Biden pardoned thousands of Americans for possession of marijuana and ordered a review of its legal status, sparking hopes that decriminalization of the drug was drawing nearer and a more favorable regulatory environment for cannabis-related firms. Tilray Brands +9%, Canopy Growth +9%, Cronos Group +2.4%.
  • DraftKings shares jump as much as 9.2% in US premarket trading on Friday, boosted by a report that the sports-betting firm is said to be nearing a sizable new partnership with Disney’s ESPN, signaling that interest in legalized sports betting in increasing. DraftKings trades at a price-to-sales multiple of 4.2 times, according to Bloomberg data, down from a peak of around 37 times reached in March 2021.
  • Levi Strauss shares fell as much as 4.6% in US premarket trading on Friday after the jeans maker cut its adjusted earnings per share and net revenue growth outlook for the full year, stoking worries that it could be tough for retailers in the near-term as the company grapples with the impact of a stronger dollar, weakness in its European markets and supply-chain disruption.
  • Payoneer Global jumps as much as 8.4% in premarket trading following news that the company will join the S&P SmallCap 600 index before trading opens on Oct. 12.
  • Lyft shares fall 3.7% in US premarket trading after RBC downgraded the ride- sharing firm and slashed its PT, saying its bull case for the stock looks increasingly less likely.
  • Aehr Test Systems jumped 9% in extended trading after the semiconductor manufacturing company reported net sales growth and improved adjusted earnings in the fiscal first quarter.

As previewed earlier, today’s main event is the jobs report and as JPM noted, prior to Friday’s NFP (and CPI next Wednesday), the market has been oscillating between the “hawkish Fed” and “Fed pivot” narrative. While the JOLTS Job Openings and the ISM Manufacturing employment index showed more evidence of a slowing labor market, the stronger than expected ADP/ISM Services once again proved the economy still remains strong and therefore weakens the hope of a near-term pivot from the Fed. In a nutshell, according to JPM’s trading deks, with consensus expected tomorrow’s NFP to print +255k, Equity bulls would need a print ~100k to see the market alter its Fed expectations (full preview here).

The data will follow hawkish comments from Fed officials. Chicago Fed President Charles Evans said the benchmark rate will probably be at 4.5% to 4.75% by next spring, and Minneapolis Fed’s Neel Kashkari said the central bank is “quite a ways away” from pausing its campaign of rate increases.

“Barring an unexpectedly shocking number, I do not think today’s release will prompt the Fed to change tack,” said Stuart Cole, the head macro economist at Equiti Capital. “This has certainly been the message that various Fed officials have been promulgating.”

Meanwhile, according to Bloomberg, US Treasury yields are heading for a 10th week of increases, the longest streak since 1984, as the Fed stays resolute in its fight against inflation despite recent data suggesting a cooling of the economy. Investors are being swayed between hopes for an end to monetary tightening by March next year and concern over the possibility of a deep recession that such a pivot would underscore.

At the same time, investor focus is increasingly trained on signs of a weaker earnings-reporting season. Besides Thursday’s dour trading update from European oil major Shell, underwhelming figures from AMD and South Korean Samsung Electronics Co. are reinforcing concerns for the global economy.

“The issue of the Fed pivot remains the main factor restricting risk appetite,” Sebastien Barbe, the head of emerging-market research and strategy at Credit Agricole CIB, wrote in a note. “Cautiousness should remain in place ahead of the US jobs report. Given the repeated hawkish comments by Fed speakers, this may not be enough to sustainably support risk appetite.”

In Europe, the Stoxx 50 fell 0.2%. FTSE MIB outperforms, adding 0.2%; IBEX lags, dropping 0.5%. Tech, consumer products and retailers are the worst-performing sectors. Here are the biggest European equity movers:

  • Renault shares climb as much as 4.8%. The automaker is raised to outperform from neutral and PT hiked to EU55 from EU35 at Oddo on its successful operational recovery and accelerating “product offensive.”
  • Credit Suisse shares gain 8.4% after the lender offered to buy back debt securities for as much as CHF3bn, in a show of financial strength after recent concerns about the bank’s solidity.
  • Telenor shares jump as much as 5.1%, the most since July 2020, after the telecom operator agreed to sell a 30% stake in its Norwegian fiber network to a consortium led by KKR and Oslo Pensjonsforsikring.
  • Storytel gains as much as 11%, the most since August, after the Swedish publishing house released preliminary streaming revenue for the third quarter that was slightly above guidance, according to DNB
  • European chip stocks are under pressure on Friday after industry bellwethers AMD and Samsung posted results that widely missed analysts’ expectations. ASML drops as much as 2.9%
  • Adidas shares decline as much as 3.2% with UBS saying the uncertainty about its partnership with Kanye West’s Yeezy brand is a “negative development” for the sportswear group.
  • Ocado shares decline as much as 3.1% after PT cut to a Street-low 420p from 595p at Morgan Stanley, which maintains an underweight rating on the grocery delivery group and says the case for its automated model has “got harder.”
  • Building materials group Marshalls slumps 28% after it warned on a slowdown in demand for its landscaping products, prompting Peel Hunt to cut earnings estimates.

Asian stocks fell, on track to snap a three-day winning streak, as Federal Reserve officials reiterated their hawkish views and tech shares weighed. The MSCI Asia Pacific Index declined as much as 1.3%, with tech and consumer discretionary shares falling after five Fed officials on Thursday separately signaled inflation remained too high in the US. Some chip shares slid after Advanced Micro Devices’ preliminary third-quarter sales missed projections and Samsung reported disappointing preliminary quarterly results.  Meanwhile, China’s electric-vehicle firms led declines on the Hong Kong market as concerns grew over weaker-than-expected orders. Vietnam’s stocks tumbled to the lowest in almost two years as a wave of forced selling hit the market amid concerns about rising interest rates.  Liquidity remained relatively low with the onshore China market closed for the Golden Week holiday.  The Asian gauge remains on track for its best week since July after weak US economic data earlier fueled hopes that the Fed may be less aggressive in tightening. Traders will scrutinize the US payroll data out later Friday for signs of economic slowdown and the impact on monetary policy. “Clearly the equity market is still playing chicken with the Fed around,” Joshua Crabb, head of Asia Pacific equities at Robeco, told Bloomberg Television. The interest-rate environment “is here to stay and that will continue to put pressure on some of the more highly valued sort of companies.”

Japanese stocks dropped as investors remained cautious over the outlook for Fed policy and awaited an upcoming monthly US payrolls report. The Topix fell 0.8% to 1,906.80 as of the market close in Tokyo, while the Nikkei 225 declined 0.7% to 27,116.11. Mitsubishi UFJ Financial Group contributed the most to the Topix’s decline, decreasing 2.2%. Out of 2,168 stocks in the index, 569 rose and 1,495 fell, while 104 were unchanged. “There is uncertainty whether US interest rate hikes could be 75bps or 100bps during the FOMC meeting in November,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management. “We are watching the unemployment rate and wage growth.” 

Stocks in India ended flat on Friday but posted their first weekly advance in four, helped by a recovery in metal companies. The S&P BSE Sensex was little changed at 58,191.29 in Mumbai, while the NSE Nifty 50 Index dropped 0.1%. For the week, the gauges rose 1.3% each. Tata Consultancy Services was the most prominent decliner among the Sensex 30 companies, dropping 1.3%. The country’s biggest software exporter will kickoff quarterly earnings season Monday. Titan was among the best performers after reporting strong sales growth for three-months through September. Eleven of the 19 sector sub-indexes compiled by BSE Ltd. retreated, led by oil & gas companies, while consumer durables makers were the top performers. A measure of metal companies was the top gainer for the week, posting its best advance since July.

In FX, the Bloomberg Dollar Spot Index slipped 0.1% as the dollar fell against all Group of 10-peers apart from the kiwi. Demand for dollar topside exposure in the long-end remains strong ahead of the payrolls report.

  • The euro rose above $0.98 and Bund yields climbed by up to 4bps as real yields continued to push higher alongside ECB tightening wagers.
  • The cable led G-10 gains to trade above $1.12 after reversing early European session weakness. Yields on gilts rose by 3-6bps.
  • The New Zealand dollar rose against the greenback as the nation’s bond yields closed up to 10bps higher.
  • Australian dollar and Norwegian krone strengthened somewhat. Australian yields rose up to 7bps.
  • The yen snapped a two-day decline as traders weigh the risk of an intervention by Japanese authorities to support the currency after it weakened past 145 per dollar. The currency is still set for an eighth straight week of declines

In rates, Treasuries were slightly cheaper across the curve after most yields reached weekly highs while maintaining narrow ranges ahead of September jobs report. Gilts and bunds weigh, underperforming Treasuries. US yields cheaper by up to 3bp across belly of the curve, cheapening 2s5s30s fly by 3.5bp on the day to around 12bp, up from as low as -13.7bp on Tuesday; 10-year yields around 3.85%, richer vs bunds and gilts by 6bp and 2bp. UK 10-year yield rises 2.5bps to 4.19%, while German 10-year climbs 4.5bps to 2.13%.

In commodities, US crude futures rose to approach $89 a barrel, on course for the biggest weekly surge since March. Spot gold is little changed at ~$1,713/oz. Bitcoin is contained within very narrow parameters, essentially pivoting the USD 20k mark as we head into the NFP release.

To the day ahead now, and the highlight will likely be the aforementioned US jobs report for September. Otherwise, data releases include German industrial production and Italian retail sales for August. From central banks, we’ll hear from the Fed’s Williams, Kashkari and Bostic, as well as BoE Deputy Governor Ramsden. Finally, EU leaders will be meeting in Prague.

Market Snapshot

  • S&P 500 futures down 0.2% to 3,748.50
  • STOXX Europe 600 down 0.2% to 395.56
  • MXAP down 1.1% to 143.02
  • MXAPJ down 1.3% to 463.87
  • Nikkei down 0.7% to 27,116.11
  • Topix down 0.8% to 1,906.80
  • Hang Seng Index down 1.5% to 17,740.05
  • Shanghai Composite down 0.6% to 3,024.39
  • Sensex down 0.3% to 58,069.57
  • Australia S&P/ASX 200 down 0.8% to 6,762.77
  • Kospi down 0.2% to 2,232.84
  • German 10Y yield little changed at 2.13%
  • Euro up 0.2% to $0.9813
  • Brent Futures up 0.1% to $94.53/bbl
  • Gold spot up 0.0% to $1,712.81
  • U.S. Dollar Index down 0.24% to 111.9

Top Overnight News from Bloomberg

  • Investors poured the most money into cash since April 2020 on fears of a looming recession, but stocks could see further declines as they don’t fully reflect that risk, say Bank of America Corp. strategists
  • Underlying inflation in the euro area is increasingly driven by higher demand, according to the European Central Bank, which has listed the trend among reasons to lift borrowing costs
  • Inflation expectations among euro-zone consumers held steady in August, according to the European Central Bank, which has been raising interest rates in the face of record price gains
  • The European Central Bank is ratcheting up pressure on some banks to keep 2022 bonuses in check amid fears about the darkening economic outlook, according to people with knowledge of the matter
  • A report by the Recruitment & Employment Confederation showed UK companies are starting to impose hiring freezes because of pessimism about the outlook, and employees are deciding “stay put” rather than apply for other jobs

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were lower as the region followed suit to the weak performance seen in global counterparts with risk appetite sapped amid the slew of hawkish Fed rhetoric and with participants awaiting the key US jobs data. ASX 200 was subdued by underperformance in the real estate sector and after the RBA Financial Stability Review noted financial stability risks have increased globally and that some households are already feeling the strain from higher rates which is likely to persist for some time. Nikkei 225 was pressured and briefly dipped below the 27,000 level after disappointing data in which Household Spending showed a surprise M/M contraction and with wage growth softer than previous. Hang Seng declined amid weakness in property and tech stocks with sentiment also not helped by reports that the US is to announce new measures that will effectively halt some exports of US equipment to Chinese firms making advanced NAND and DRAM memory chips.

Top Asian News

  • BoK said it will maintain its stance of raising interest rates going forward to combat inflation which is expected to remain in the 5-6% range for a considerable period of time, according to Yonhap.
  • RBA Financial Stability Review stated that financial stability risks have increased globally and markets are stressed by synchronised policy tightening, geopolitical tension, higher USD and rising energy prices. RBA also stated that stability risks would be magnified by further substantial tightening in global markets and some households are already feeling the strain from higher rates which is likely to persist for some time.
  • Japanese top currency diplomat Kanda says has never felt a limit to ammunition for currency intervention, making various steps so as not to face a limit to ammunition when it comes to FX intervention, via Reuters.
  • Malaysia Cuts Personal Income Tax by 2 Percentage Points
  • Tycoon Faces Key Vote for Plan to Tap Vedanta Cash Reserves
  • Gold Set for Largest Weekly Gain Since March as Jobs Data Loom
  • Taiwan Exports Shrink for First Time Since 2020 on Global Slump

European bourses are modestly on the backfoot, though have trimmed this slightly as the session progresses, in limited newsflow pre-NFP. Nonetheless, are still on track to conclude the week with upside of just over 2% WTD for the Stoxx 600. Stateside, futures are similarly contained and lie either side of the unchanged mark with NQ -0.1% modestly lagging amid yield upside as officials pushback on an imminent pivot. ECB recently told some banks to exercise restraint on pay and dividends amid concerns about a potential wave of defaults, according to Bloomberg.

Top European News

  • UK PM Truss is watering down former UK PM Johnson’s plans to cut 91k civil service jobs, according to FT.
  • Irish Foreign Minister Coveney says the new air of positivity has created a flicker of optimism, lots of issues yet to be resolved (re. Brexit/N. Ireland).
  • Greece Should Take Turkey’s Warnings Seriously, Erdogan Says
  • Credit Suisse Short Bets Soar Weeks Ahead of Strategy Review
  • Brexit Grudges Recede as Truss Makes Inroads With EU Allies
  • New Jupiter Boss to Shake Up Dozens of Funds and Cut CIO Role
  • Swedish Housing Market Slump Deepens on Rate, Energy Worries

Geopolitics

  • US President Biden said the nuclear ‘Armageddon’ threat is back for the first time since the Cuban Missile Crisis, according to AFP News Agency.
  • Japanese government spokesperson Kihara said Japan is to impose additional sanctions against Russia and will freeze assets of more Russians after the annexation of parts of Ukraine, according to Reuters.
  • US and South Korea are to conduct joint maritime drills involving the US aircraft carrier off the east coast on October 7th-8th, while the South Korean military said it will continue to strengthen its abilities to respond against North Korean provocation through joint drills, according to Yonhap.
  • US forces conducted an airstrike in northern Syria on Thursday which killed Islamic State leader Abu-Hashum Al-Umawi and another IS official, according to Reuters.
  • Turkish President Erdogan in a call with Russian President Putin discussed improving bilateral relations, according to the Turkish readout via Reuters.

FX

  • Typically tense pre-NFP trade has seen the DXY briefly dip below 112.00, to a 111.94 low, before regathering itself and holding marginally above the figure.
  • Action that comes to the benefit of peers across the board with GBP the primary beneficiary, Cable to a 1.1218 peak, but closely followed by other activity FX.
  • EUR/USD is more contained given a hefty amount of OpEx around today’s NY Cut, with participants also cognisant of worrying German data.
  • After yesterday’s relative outperformance, the CHF and NZD are the relative laggards and are currently unchanged on the session.
  • CNB Minutes (Sep): Mora and Holub voted for a 75bp hike, other members regarded rates as commensurate with the current situation. Consensus that inflation was probably close to peaking.
  • HKMA purchases HKD 1.57bln from the market as the HKD hits the weak end of its trading range.

Fixed Income

  • Core benchmarks dipped to lows amid the morning’s German data release, with Import Prices lifting again, though have gained some poise since in quiet trade.
  • Currently, Bunds are towards the mid-point of a ~70tick range with similarly settled action in USTs and Gilts before US data & Fed speak.
  • As such, yields are elevated but off highs of 3.85%, 2.16% & 4.22% for US, German and UK 10yrs respectively.

Commodities

  • WTI and Brent are off highs but still holding onto gains of around USD 0.50/bbl and are at the top-end of the week’s USD 86.35/bbl – 95.00/bbl parameter in Brent Dec’22.
  • For today, the main potential catalyst is the EU’s informal meeting of heads of state. A gathering which is focused on “Russia’s war in Ukraine, energy and the economic situation.”
  • US Secretary of State Blinken said the US will not do anything that infringes upon its interests and is reviewing a number of response options when asked about ties with Saudi Arabia and OPEC+ cuts, according to Reuters.
  • US Republican Senator Grassley will seek to add the NOPEC bill to the defence policy bill, according to Reuters.
  • OPEC Sec Gen says oil production capacity freed up by the latest production reductions could allow nations to intervene in the event of any crises in the oil market, according to Al Arabiya.
  • Spot gold is little changed overall having derived some very brief upside from the DXY’s move below 112.00; however, the metal remains capped by the 50-DMA.

US Event Calendar

  • 08:30: Sept. Change in Nonfarm Payrolls, est. 255,000, prior 315,000
    • Change in Private Payrolls, est. 275,000, prior 308,000
    • Change in Manufact. Payrolls, est. 20,000, prior 22,000
    • Unemployment Rate, est. 3.7%, prior 3.7%
    • Underemployment Rate, prior 7.0%
    • Labor Force Participation Rate, est. 62.4%, prior 62.4%
    • Average Hourly Earnings YoY, est. 5.0%, prior 5.2%; Average Hourly Earnings MoM, est. 0.3%, prior 0.3%
    • Average Weekly Hours All Emplo, est. 34.5, prior 34.5
  • 10:00: Aug. Wholesale Trade Sales MoM, est. 0.5%, prior -1.4%;
    • Wholesale Inventories MoM, est. 1.3%, prior 1.3%
  • 15:00: Aug. Consumer Credit, est. $25b, prior $23.8b

Fed speakers

  • 10:00: Fed’s Williams Speaks in Moderated Q&A
  • 11:00: Fed’s Kashkari Discusses Agriculture, Food and Inflation
  • 12:00: Fed’s Bostic Discusses Inequality

DB’s Jim Reid concludes the overnight wrap

In these stressful markets I’ve kept my personal anecdotes to a minimum but I have a few butterflies this morning as I have a big 36 hole golf matchplay final on Sunday. After 2 major knee operations in the last 12 months, 4 back injections in the last 18, a long period with a trapped nerve in my shoulder, a numb hand and countless rounds of physio, I’ve eventually played the best golf of my life this year and have got down to a 2.6 handicap. I have to give my opponent 16 shots over 36 holes though so it’s going to be hard. A couple of weeks later I’m also in a scratch final with no shots given. However the problem is my opponent is off +1. My current mid-life crisis obsession (after piano, cycling, etc. previously) is to get down to scratch. I suspect I’ll fail as I don’t hit it far enough. However I’m doing weights and speed training which is why I keep getting injured. My wife despairs at my obsessiveness most of the time but it keeps me going!!

We’re all going to be obsessing about payrolls today and then US CPI next week. Clearly the latter has more potential to shape trading over the next few weeks but the former is always a big event. In terms of what to expect from today’s jobs report, our US economists are forecasting that nonfarm payrolls grew by +275k in September. That’s slightly above the +250k consensus print, but if realised that would still be the slowest pace of monthly job growth since April 2021. However versus long-term average that would still be a hefty print even if you adjust for population. Our economists think that’ll be enough to push the unemployment rate down a tenth to 3.6%, especially given the three-tenths rise in the participation rate in August. When it comes to the Fed, both futures and our US economists see a +75bps move as the likely outcome at the next meeting, and a strong report today would cement those expectations, not least given the recent chatter that the Fed might slow down their pace of hikes earlier than anticipated.

Today’s print comes as the mood has soured again over the last 48 hours even if the prior 48 hours were spectacular enough to leave us notably stronger for the week still for risk even if bonds have given up their gains.

Yesterday saw a fresh selloff in stocks and bonds alongside further dollar strength after multiple Fed speakers pushed back on speculation that they’re about to ease up on hiking rates. That wasn’t helped by the news on the inflation side either, with oil prices reaching a one-month high, whilst commodities more broadly advanced for a 4th day running.

Going through some of these themes we’ll start with the Fed, since yesterday saw an array of speakers who reiterated hawkish talking points from the get-go. In particular, Minneapolis Fed President Kashkari said that “Until I see some evidence that underlying inflation has solidly peaked and is hopefully headed back down, I’m not ready to declare a pause. I think we’re quite a ways away from a pause.” So that adds to the previous day’s FOMC members who similarly pushed back on an imminent reversal. Later in the session, we heard from Presidents Evans and Mester, Governors Cook and Waller. They all held the line, pushing back on any pivot pricing. Notably, President Evans, another reformed dove, said rates would be near 4.5-4.75% by the spring of next year, with the market pricing terminal rates at the lower end of that range at 4.55% as of March.

Against that backdrop, investors continued to price out the chances of a Fed pivot next year, with Fed funds futures for December 2023 up +13.4bps on the day to 4.33%, their biggest one-day increase since the September FOMC itself. Now that’s still beneath the 4.6% that the FOMC had in their dot plot for end-2023 a couple of weeks back, and the 4.50% the market priced in 8 days ago, but the moves over the last couple of days do suggest they’re having some success in pushing back on the rate cut speculation. The impact of that worked its way through to Treasury yields, with the 10yr yield up +7.1bps to 3.82%, having been led by a +6.8bps rise in the real yield to 1.61%. That’s still some room below the late September intraday peak of 4.02%, but quite a bounce from Tuesday’s intraday low of 3.56%. That range is all within seven days, such is the recent volatility in bond markets. This morning in Asia, yields on the 10yr are just a tad lower as we go to press.

It’s worth keeping an eye on long-end Gilts as they continue to unwind some of the once in a lifetime sized rally from 5% last week after the BoE stepped in. 30yr yields closed at 4.29% having been as low as 3.62% on Monday. Anecdotal evidence points to the LDI saga still impacting that end of the curve.

The hawkish Fed rhetoric impacted on equities as well, with the S&P 500 (-1.02%) and the STOXX 600 (-1.25%) each seeing a noticeable pullback. The NASDAQ proved more resilient falling only -0.68%. In addition, the VIX index of volatility picked up again following a run of 4 consecutive declines, moving up +1.97pts to finish above 30 again at 30.52.

One factor that won’t be welcomed by policymakers is the latest rise in commodity prices, with Brent crude (+1.12%) and WTI (+0.79%) oil prices rising for a 4th day running, which follows the decision by the OPEC+ group to cut their production levels the previous day. In response, US President Biden said that his reaction was “Disappointment. And we’re looking at what alternatives we may have”. In the meantime, there was a modest downtick in European natural gas futures (-3.91%) to €167 per megawatt-hour. Speaking of which, our research colleagues in Frankfurt published their latest gas supply monitor yesterday (link here), in which they update their scenarios for this winter to reflect the latest developments. They also preview what to expect from the informal meeting of EU leaders taking place in Prague today.

Staying on Europe, sovereign bonds lost ground across the continent in line with the US moves, with yields on 10yr bunds (+5.4bps), OATs (+4.4bps) and BTPs (+4.7bps) all moving higher. That follows a similar dose of scepticism from investors about whether the ECB might pivot alongside the Fed, and the deposit rate priced in by overnight index swaps for June 2023 moved up more than 15bps for the second straight day, increasing +15.5bps yesterday to 2.89%. Those moves also came as we got the accounts from the ECB’s September meeting when they hiked by 75bps, which indicated that “some members” had preferred to only hike by 50bps, although “all members joined a consensus to raise the three key ECB interest rates by 75 basis points”. There was also a view that policy rates were still “significantly below the neutral rate”, even with the latest rate hike”, and it said that chief economist Lane had “stressed that price pressures were extraordinarily high and likely to persist for an extended period.”

Back in the UK, there were fresh signs that the recent market turmoil was impacting the mortgage market, after Moneyfacts reported that the average 5yr fixed mortgage rate was now above 6%. That puts it at its highest level since February 2010, and follows the previous day’s news that the 2yr fixed rate had also passed the 6% milestone. Furthermore, there were some warnings on the energy front, with National Grid saying that there was one scenario (although not its base case) that could see 3-hour power cuts if there wasn’t enough gas supply. The more negative newsflow occurred as sterling continued to lose ground against the US Dollar again, with a further -1.45% fall that brings its declines over the last two sessions to -2.76%. And gilts struggled as well, and not just at the long-end as discussed earlier, with 10yr yields up +13.3bps on the day to 4.15%.

Asian equity markets are also declining this morning with the Hang Seng (-1.13%) leading losses, pulling back from a strong rebound earlier this week with the Nikkei (-0.59%) also trading in negative territory. Meanwhile, the Kospi (+0.06%) is swinging between gains and losses with the index heavyweight Samsung Electronics downbeat 3Q preliminary earnings forecast weighing on sentiment. Elsewhere, markets in China are closed for the National Day holiday.

Looking forward, stock futures in the US are fluctuating with contracts tied to the S&P 500 (+0.03%) and NASDAQ 100 (+0.04%) just above flat ahead of the big day.

Early morning data showed that Japan’s real wages (-1.7% y/y) fell in August for the fifth consecutive month, following a revised -1.8% fall in July. At the same time, household spending (+5.1% y/y) increased in August (v/s +6.7% expected) following a +3.4% gain in July as the economy continued to recover from COVID-19 restrictions albeit with rising prices probably preventing further gains.

Ahead of today’s US jobs report, the weekly initial jobless claims for the week ending October 1 came in at 219k (vs. 204k expected), although there was a -3k downward revision to the previous week, without any apparent impact from the recent hurricane, which our US econ team believes will show up in next week’s data. Elsewhere, German factory orders contracted by more than expected in August, falling -2.4% (vs. -0.7% expected), but there was a sharp upward revision to the previous month, as the data now showed a +1.9% expansion (vs. -1.1% previously).

To the day ahead now, and the highlight will likely be the aforementioned US jobs report for September. Otherwise, data releases include German industrial production and Italian retail sales for August. From central banks, we’ll hear from the Fed’s Williams, Kashkari and Bostic, as well as BoE Deputy Governor Ramsden. Finally, EU leaders will be meeting in Prague.

AND NOW NEWSQUAWK

Tentative trade awaiting NFP and Fed speak for fresh ‘pivot’ guidance – Newsquawk US Market Open

Newsquawk Logo

FRIDAY, OCT 07, 2022 – 06:21 AM

  • European bourses are modestly on the backfoot, though have trimmed this slightly as the session progresses, in limited newsflow pre-NFP.
  • Stateside, futures are similarly contained and lie either side of the unchanged mark with NQ -0.1% modestly lagging amid yield upside
  • Typically tense pre-NFP trade has seen the DXY briefly dip below 112.00, to a 111.94 low, before regathering itself and holding marginally above the figure.
  • Core benchmarks dipped to lows amid the morning’s German data release, with Import Prices lifting again, though have gained some poise since in quiet trade.
  • WTI and Brent are off highs but still holding onto gains of around USD 0.50/bbl and are at the top-end of the week’s USD 86.35/bbl – 95.00/bbl parameter in Brent Dec’22.
  • Fed’s Mester (2022/2024) and Waller (voter) spoke overnight and added to the pivot-pushback
  • Looking ahead, highlights include US & Canadian jobs reports, BoE’s Ramsden, Fed’s Williams, Kashkari, Bostic

As of 10:55BST/10:55ET

View the full premarket movers and news report. 

Or why not try Newsquawk’s squawk box free for 7 days?

LOOKING AHEAD

  • Looking ahead, highlights include US & Canadian jobs reports, BoE’s Ramsden, Fed’s Williams, Kashkari, Bostic
  • Click here for the Week Ahead preview.
  • Click here for the newsquawk NFP Preview.

GEOPOLITICS

  • US President Biden said the nuclear ‘Armageddon’ threat is back for the first time since the Cuban Missile Crisis, according to AFP News Agency.
  • Japanese government spokesperson Kihara said Japan is to impose additional sanctions against Russia and will freeze assets of more Russians after the annexation of parts of Ukraine, according to Reuters.
  • US and South Korea are to conduct joint maritime drills involving the US aircraft carrier off the east coast on October 7th-8th, while the South Korean military said it will continue to strengthen its abilities to respond against North Korean provocation through joint drills, according to Yonhap.
  • US forces conducted an airstrike in northern Syria on Thursday which killed Islamic State leader Abu-Hashum Al-Umawi and another IS official, according to Reuters.
  • Turkish President Erdogan in a call with Russian President Putin discussed improving bilateral relations, according to the Turkish readout via Reuters.

EUROPEAN TRADE

EQUITIES

  • European bourses are modestly on the backfoot, though have trimmed this slightly as the session progresses, in limited newsflow pre-NFP.
  • Nonetheless, are still on track to conclude the week with upside of just over 2% WTD for the Stoxx 600.
  • Stateside, futures are similarly contained and lie either side of the unchanged mark with NQ -0.1% modestly lagging amid yield upside as officials pushback on an imminent pivot.
  • ECB recently told some banks to exercise restraint on pay and dividends amid concerns about a potential wave of defaults, according to Bloomberg.
  • Click here for more detail.

FX

  • Typically tense pre-NFP trade has seen the DXY briefly dip below 112.00, to a 111.94 low, before regathering itself and holding marginally above the figure.
  • Action that comes to the benefit of peers across the board with GBP the primary beneficiary, Cable to a 1.1218 peak, but closely followed by other activity FX.
  • EUR/USD is more contained given a hefty amount of OpEx around today’s NY Cut, with participants also cognisant of worrying German data.
  • After yesterday’s relative outperformance, the CHF and NZD are the relative laggards and are currently unchanged on the session.
  • CNB Minutes (Sep): Mora and Holub voted for a 75bp hike, other members regarded rates as commensurate with the current situation. Consensus that inflation was probably close to peaking.
  • HKMA purchases HKD 1.57bln from the market as the HKD hits the weak end of its trading range.
  • Click here for more detail.
  • Click here for OpEx for the NY Cut.

FIXED INCOME

  • Core benchmarks dipped to lows amid the morning’s German data release, with Import Prices lifting again, though have gained some poise since in quiet trade.
  • Currently, Bunds are towards the mid-point of a ~70tick range with similarly settled action in USTs and Gilts before US data & Fed speak.
  • As such, yields are elevated but off highs of 3.85%, 2.16% & 4.22% for US, German and UK 10yrs respectively.
  • Click here for more detail.

COMMODITIES

  • WTI and Brent are off highs but still holding onto gains of around USD 0.50/bbl and are at the top-end of the week’s USD 86.35/bbl – 95.00/bbl parameter in Brent Dec’22.
  • For today, the main potential catalyst is the EU’s informal meeting of heads of state. A gathering which is focused on “Russia’s war in Ukraine, energy and the economic situation.”
  • US Secretary of State Blinken said the US will not do anything that infringes upon its interests and is reviewing a number of response options when asked about ties with Saudi Arabia and OPEC+ cuts, according to Reuters.
  • US Republican Senator Grassley will seek to add the NOPEC bill to the defence policy bill, according to Reuters.
  • OPEC Sec Gen says oil production capacity freed up by the latest production reductions could allow nations to intervene in the event of any crises in the oil market, according to Al Arabiya.
  • Spot gold is little changed overall having derived some very brief upside from the DXY’s move below 112.00; however, the metal remains capped by the 50-DMA.
  • Click here for more detail.

NOTABLE EUROPEAN HEADLINES

  • UK PM Truss is watering down former UK PM Johnson’s plans to cut 91k civil service jobs, according to FT.
  • Irish Foreign Minister Coveney says the new air of positivity has created a flicker of optimism, lots of issues yet to be resolved (re. Brexit/N. Ireland).

DATA:

  • German Retail Sales YY Real (Aug) -4.3% vs. Exp. -4.3% (Prev. -2.6%); MM Real (Aug) -1.3% vs. Exp. -1.1% (Prev. 1.9%, Rev. 0.7%)
  • German Import Prices YY (Aug) 32.7% vs. Exp. 29.9% (Prev. 28.9%); MM (Aug) 4.3% vs. Exp. 2.0% (Prev. 1.4%)

NOTABLE US HEADLINES

  • Fed’s Mester (2022, 2024 voter) said the focus right now is on the inflation part of the Fed’s mandate and they have to be singularly focused on inflation. Mester also suggested that getting inflation down is the first priority and that they will keep at it until they do so, while she added that they will not be cutting rates at all next year.
  • Fed’s Waller (voter) said he supports continued rate hikes until they see meaningful and persistent progress on US inflation, while he added that monetary policy can and must be used aggressively to bring down inflation. Waller also anticipates additional rate hikes into early next year and said they will have a very thoughtful discussion about the pace of tightening at the next meeting. Furthermore, he said they are not considering slowing rate increases or halting them due to financial stability concerns.
  • Click here for the US Early Morning Note.

CRYPTO

  • Bitcoin is contained within very narrow parameters, essentially pivoting the USD 20k mark as we head into the NFP release.

APAC TRADE

  • APAC stocks were lower as the region followed suit to the weak performance seen in global counterparts with risk appetite sapped amid the slew of hawkish Fed rhetoric and with participants awaiting the key US jobs data.
  • ASX 200 was subdued by underperformance in the real estate sector and after the RBA Financial Stability Review noted financial stability risks have increased globally and that some households are already feeling the strain from higher rates which is likely to persist for some time.
  • Nikkei 225 was pressured and briefly dipped below the 27,000 level after disappointing data in which Household Spending showed a surprise M/M contraction and with wage growth softer than previous.
  • Hang Seng declined amid weakness in property and tech stocks with sentiment also not helped by reports that the US is to announce new measures that will effectively halt some exports of US equipment to Chinese firms making advanced NAND and DRAM memory chips.

NOTABLE APAC HEADLINES

  • BoK said it will maintain its stance of raising interest rates going forward to combat inflation which is expected to remain in the 5-6% range for a considerable period of time, according to Yonhap.
  • RBA Financial Stability Review stated that financial stability risks have increased globally and markets are stressed by synchronised policy tightening, geopolitical tension, higher USD and rising energy prices. RBA also stated that stability risks would be magnified by further substantial tightening in global markets and some households are already feeling the strain from higher rates which is likely to persist for some time.
  • Japanese top currency diplomat Kanda says has never felt a limit to ammunition for currency intervention, making various steps so as not to face a limit to ammunition when it comes to FX intervention, via Reuters.

NOTABLE APAC DATA

  • Japanese All Household Spending MM (Aug) -1.7% vs. Exp. 0.2% (Prev. -1.4%); YY (Aug) 5.1% vs. Exp. 6.7% (Prev. 3.4%)
  • Japanese Average Cash Earnings YY (Aug) 1.7% (Prev. 1.8%); Foreign Reserves (Sep) 1238B (Prev. 1292B)
  • Chinese FX Reserves (USD)(Sep) 3029B vs. Exp. 3000B (Prev. 3055B)

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED   //Hang Seng CLOSED DOWN 272.10 OR 1.51%    /The Nikkei closed DOWN 195.19PTS OR 0.77%          //Australia’s all ordinaires CLOSED DOWN 0.82%   /Chinese yuan (ONSHORE) closed //OFFSHORE CHINESE YUAN UP 7.0896//    /Oil UP TO 89.86 dollars per barrel for WTI and BRENT AT 95.92    / Stocks in Europe OPENED  ALL MIXED.        ONSHORE YUAN TRADING XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

South Korean air force scrambles jets after North Korea flies 12 warplanes near their inter Korean border.

(Phillips/EpochTimes)

Air Force Scrambles Jets After North Korea Flies 12 Warplanes Near Inter-Korean Border

THURSDAY, OCT 06, 2022 – 06:40 PM

Authored by Jack Phillips via The Epoch Times,

At least 12 North Korean military planes flew in formation close to the South Korean border on Thursday, prompting U.S. allies to scramble dozens of fighter jets.

A group of eight fighter jets and four bombers operated by North Korea flew in formation near the inter-Korean air boundary at around 2 p.m. local time, officials with the South Korean Joint Chiefs of Staff told Yonhap. They are believed to have carried out air-to-surface military drills, the officials said.

In response, South Korea mobilized 30 fighter jets and scrambled them to near where North Korea carried out its drills, authorities told Yonhap.

South Korea’s Joint Chiefs of Staff told news outlets that the 12 North Korean warplanes “flew in squadron this afternoon in the South Korean side … to stage a protest.”

“Reportedly, North Korea’s Air Force has not been able to train properly due to the scarcity of fuel, it is extremely unusual for North Korea to have flown 8 fighter jets and 4 bombers,” Cheong Seong-Chang, the head of the Center for North Korean Studies at the Sejong Institute, told ABC News.

North Korea has previously sent military aircraft near the border, but Yonhap news agency said this is likely the first time it has mobilized so many warplanes for such a provocative flight and firing exercises.

Tensions

Tensions have risen sharply on the Korean Peninsula amid North Korea’s recent barrage of missile tests prompted South Korea, the United States, and Japan to conduct joint drills in response.

Earlier Thursday, North Korea launched two short-range ballistic missiles toward its eastern waters. The launches came after the United States redeployed an aircraft carrier near the Korean Peninsula in response to North Korea’s launch of a nuclear-capable missile over Japan earlier this week.

A TV screen shows a file image of a North Korean missile launch during a news program at the Seoul Railway Station in Seoul, South Korea, on Sept. 28, 2022. (Ahn Young-joon/AP Photo)

U.S., South Korean, and Japanese destroyers launched joint drills Thursday off the Korean Peninsula’s east coast to hone their abilities to search, track, and intercept North Korean ballistic missiles, South Korea’s Joint Chiefs of Staff said.

Also, the USS Ronald Reagan aircraft carrier group returned to the sea east of the Korean Peninsula on Wednesday to stage a naval exercise with Japan and South Korea

President Yoon Suk-Yeol noted tensions on the Korean Peninsula remain high, but he pledged that Seoul would remain cautious.

“Since the situation is not easy to deal with, the USS Ronald Reagan returned to our waters at around 8 p.m. yesterday,” Yoon said, reported the Korean Times.

“The public would be worried about the current security circumstances, but the government will not miss a single step in protecting the people based on the strong South Korea-U.S. alliance and the security cooperation between Seoul, Washington, and Tokyo.”

North Korean Leader Kim Jong Un (L) and sister Kim Yo Jong attend the Inter-Korean Summit at the Peace House in Panmunjom, South Korea on April 27, 2018. (Korea Summit Press Pool/Getty Images)

North Korean Threat

South Korea will face “extermination” if it “adopts military confrontation” against North Korea, top North Korean official Kim Yo Jong said in a threat earlier this week.

“In case south Korea adopts military confrontation against us, our nuclear combat forces are inevitably obliged to carry out its mission,” Kim, the high-ranking sister of dictator Kim Jong Un, said. “If the situation develops to such an extent, terrible attack would be mounted and the south Korean army would have no other choice but to suffer tragic lot of extermination.”

end

2B JAPAN

end

3c CHINA

CHINA/

wow!!

special thanks to Robert H for providing this to us:

Chinese Police Reportedly Lock Down Tourists in Airport With Machine Guns Amid Snap Shut in Yunnan Province

By Sophia Lam

October 6, 2022Updated: October 6, 2022

Footage of Chinese police holding machine guns at the airport of Xishuangbanna (Banna) prefecture to stop tourists from boarding their planes has gone viral in China and overseas.

Tourists were trapped in the airport after the local authorities of Banna suddenly locked down the city of Jinghong on Oct. 4. They chanted “We want to go home!”

Then police wearing full personal protective gear and holding guns appeared at the airport. It is not clear if their guns were loaded with live ammunition. A tourist can be heard shouting: “Are you going to kill us all?”

Xishuangbanna, a prefecture in China’s southwestern Yunnan Province, borders both Burma and Laos. It is well-known for its tropical rainforest, one of the largest in Asia, and is home to Asian elephants, Indo-Chinese tigers, and green peacocks, making it a popular attraction for Chinese tourists.

The prefecture seat is Jinghong, which reportedly saw an outbreak of the pandemic on Oct. 2 and recorded a total of one asymptomatic case and two symptomatic cases as of Oct. 4.

Jinghong City, with a population of 642,737 people, was locked down on Oct. 4. Starting from 2 p.m., Jinghong City’s flights and high-speed railways were suspended, the highways were closed, and a large number of passengers were trapped.

The Chinese language edition of The Epoch Times reached out to several passengers who were at the airport on Oct. 4.

Police Came to Suppress Protest: Tourist

Mr. Song (pseudonym), a tourist in Jinghong, told The Epoch Times on Oct. 5 that he was at the airport when the armed police came to shut down the protest of tourists who were prohibited from boarding their plane.

He said that the tourists were at the departure hall of Banna’s airport. “We saw planes landing and then taking off without letting passengers board the plane, so some people rushed the boarding gates, hoping to have an opportunity to leave,” Song said, adding that the police came with guns to clamp down on the protest.

He said that all the planes were canceled after 2 p.m. without notice. “Some planes landed and then flew away without taking any passengers,” Song said.

“We protested until midnight, and we got no reply from the authorities [about] when we can leave.”

Song is still staying in a hotel in Jinghong.

“No one knows how long Jinghong is to be locked down, and we find future airfares have significantly increased,” said Song.

He told the publication that they have to pay for the hotel accommodation by themselves.

“We left the airport after midnight, and the hotel we had stayed at charged us 260 yuan ($37) per night. Some tourists were charged 300 yuan ($42) per night,” Song said the hotel increased its charges to newcomers.

“Now that all the flights have been canceled and high-speed trains have been suspended, we can’t go anywhere,” Song said. He told The Epoch Times that some tourists wanted to change hotels but were not able to leave the hotel because local public transport and taxis were all banned from operating.

Ms. Lin (pseudonym) is a tourist from Shenzhen. She said that her wish is to go back home as soon as possible.

“The local government previously told us that the city would be locked down until Oct. 6, but they have extended the time to Oct. 9. The authorities also asked us to get three PCR tests in the five-day lockdown period,” Lin told The Epoch Times.

She said there are about 1,000 travelers from Shenzhen who have been locked down in Jinghong.

Some people were still staying at the airport after the conflict, according to Lin.

“We have called the Shenzhen government, telling them about our situation. We asked them if they [Shenzhen government officials] can help us charter planes to fly us back to Shenzhen at our own expense,” said Lin. She didn’t say if the Shenzhen municipal government would help or not.

She added that there were protests by tourists on Oct. 4 at a local night market and police came and hit the protesters.

“The protestors are tourists because we are locked down here, but the three COVID patients are locals, not tourists. But the locals can move around, while tourists have to be isolated,” Lin said that physical conflicts occurred between the protesting tourists and the local police.

According to an Oc. 4 notice by the Jinghong pandemic prevention and control command, all people must be quarantined for five days and subject to PCR tests three times within the quarantine period. Only those with three negative test results and with no COVID symptoms are allowed to leave the prefecture, the notice reads.

Taiwan’s Central News Agency (CNA) believes that China’s local governments are further tightening their already stringent zero-COVID policies in an effort to prevent the spreading of COVID to Beijing as the CCP’s key national congress is drawing near. According to the CNA, there were over 1,000 passengers trapped at Banna’s airport on Oct. 4 when the police, in full personal protective gear and with guns and shields, confronted protestors at the airport.

The CCP is convening its 20th national congress in mid-October in Beijing, a top event for political reshuffling and policymaking for the coming five years.

Yunnan provincial government stated on Oct. 6 that Jinghong city reported one asymptomatic case and three symptomatic cases as of midnight on Oct. 5.

The Epoch Times reached out to the Jinghong municipal government and its pandemic prevention and control office for comment on Oct. 6 and had received no reply as of press time.

Gu Xiaohua and Zhao Fenghua contributed to the article.

end

4.EUROPEAN AFFAIRS//UK AFFAIRS

EUROPE//UK

How does an economy function with rolling blackouts? How will the public react to this forced hardship? It is doubtful that pensioners and like really care about hegemony games that render no benefit to their lives. And youth certainly does not appreciate opportunities to be denied by folly and nor does the working public readily accept hardships imposed by politicians led by hidden agendas.

With little gas flowing, blackouts are a certainty. And weather will not assist as a colder winter is expected.
How anyone can justify support for Ukraine while destroying their own economy is beyond belief; especially given the corrupt nature of the Ukraine. It is the most corrupt country in Europe, if not the world. How do you explain adequately the devastation that will result to a growing informed public is a mystery. The sordid mess of the Ukraine is a poor excuse for other countries to impale themselves in support; support that is not appreciated, as some parties are finding out, as Ukrainian demands for more ring hollow and comes with unbridled criticism, if lacking, with forethought. Not with standing the tragic nature of what has occurred or what will occur in days ahead. Does no one understand the looting of the Ukraine by thievery or the vast money made from illicit black market arm sales sent by countries? As it is European policing authorities are finding all manner of arms sent to the Ukraine on their own streets. And one should not question whether criminal elements will not use them as life gets tougher?
On top of this, one can assume capital thinks largely without emotion and thus the Pound, Euro etc. will continue to fall in value. Amplified by a global contracting economy which is rendering its’ own calamity upon a global public from rising food prices to upheavals and shortages caused by rising interest rates and a rising USD causing many third world countries and inhabitants both social and economic strife. The cold truth is that rising interest rates cannot curb shortages and the effect on price by scarcity but will ensure that what demand exists will be tempered ensuring a longer period of pain. Our inflation has largely been caused by shortages resulting from lockdowns and like and not sheer demand out stripping supply.
Why politicians think support for people or flawed causes beyond their borders will entice confidence is beyond wonderment as the reality is debasement of confidence in many currencies and thus a declining velocity in consumption as priorities are shifted to essentials over luxury. There are no easy built in fixes with what has been set in motion and it will take a very long time before a consumption engine can be restarted to begin anew growth both on a national level and and on a export trade level.

https://youtu.be/jXD29GdGuIE

German Natural Gas consumption is just too high to avoid an energy emergency this winter

(zerohedge)

German NatGas Consumption Too High To Avoid Energy “Emergency”

FRIDAY, OCT 07, 2022 – 02:45 AM

Germany is entering a dark winter with too much natural gas consumption and may be unable to avoid an energy “emergency” in the months ahead, the head of the country’s network regulator warned Thursday, according to WaPo

“Gas consumption increased by too much last week,” said Klaus Mueller, head of Germany’s network agency.

With the bombing of the Nord Stream pipeline system in the Baltic Sea and overall reduced NatGas flows from Russia amid the war in Ukraine, German households and businesses need to increase energy conservation more than ever as average temperatures across Europe’s largest economy are set to slide to near 5 degrees celsius in the second half of the month. 

Heating degree data shows the heating season has started. 

The inability to reduce NatGas consumption will only increase the risk of drawing down supplies in storage quicker and could spark a continued surge in NatGas prices. NatGas consumption last week for households and small businesses was 10% higher than average consumption levels between 2018-21. 

“We will hardly be able to avoid a gas emergency in winter without at least 20% savings in the private, commercial and industrial sectors.

“The situation can become very serious if we do not significantly reduce our gas consumption,” Mueller said. 

There’s some good news. NatGas continues to be injected into storage. The total storage level in Germany is about 92.75% as of Oct. 6, well above government targets for this time of year. 

And, of course, there are no overall optimistic stories here, so we’ll leave you with the bad news. Florence Rabier, director-general of the European Centre for Medium-Range Weather Forecasts, told FT that forecasts for November and December in Europe would bring “colder spells and less wind and rainfall, reducing the generation of renewable power.” 

The Germans better fire up those coal and fossil fuel plants while increasing nuclear output to prevent widespread power blackouts during peak demand hours. As for households, the cheapest way to offset energy hyperinflation is to burn wood. 

Earlier this week, UK’s power regulator gave citizens a dose of reality that a “significant risk” of a NatGas shortage could materialize this winter and cause power blackouts.

end

A must read…

Pepe Escobar..

Nord Stream 2 offers Germany a date with destiny

Thursday, 06 October 2022 9:00 PM  [ Last Update: Friday, 07 October 2022 3:18 AM ]

image.png

By Pepe Escobar

The twists and turns of the Nord Stream 2 (NS2) saga have yielded yet another stunning game-changer.

It started with Gazprom revealing that the Line B string of NS2 is intact; not only it escaped Pipeline Terror but may “potentially” be used to pump gas to Germany.

That confirms once again that NS2 is an engineering marvel. In fact the whole system: the pipes are so strong they were not broken, but merely punctured. 

Russian Deputy Prime Minister Aleksandr Novak followed up, with a caveat: restoration of the whole system, including NS, is possible, and “requires time and appropriate funds”. But first, in Russia’s order of priorities, the perpetrators must be conclusively identified.

Sources in Moscow confirmed Gazprom’s assessment of NS2. Even Bloomberg had to report it.

Subsequently in Vienna, attending the Opec+ meeting, Novak remarked the Russian Federation is “ready to supply gas through the second line of Nord Stream 2. This is possible if necessary”.

So we know it’s possible. “Necessary” will depend on a political decision by Germany.

Novak also sharply noted that neither Russia nor the Nord Stream operators are allowed to investigate Pipeline Terror. Russia insists that without its participation the investigation is flawed. 

Whatever the modus operandi of Pipeline Terror, incompetence was part of the package. No explosive charges were placed or detonated on Line B of NS2.

That means, as Novak said, it’s virtually ready for business. Line B is capable of pumping 27.5 billion cubic meters of gas a year, which happens to be half of the total capacity of NS.

NS’s capacity had been reduced to 20%, due to the interminable turbine saga, before it was completely shut down. Crucially, Line B of NS2 would still pump 2.75 times the capacity of the recently inaugurated Baltic Pipe from Norway to Poland via Denmark. Which basically profits Poland, unlike NS2 servicing several EU customers.

NATO investigates NATO

In a rational world, Berlin would scrap the Russian sanctions pile up and immediately order the start of forever-delayed NS2, guaranteed to at least attenuate the ongoing process of de-energization, de-industrialization and deep socio-economic crisis imposed by the usual suspects on Germany. 

But the collective West remains enslaved by geopolitical psychopaths guided by irrationality. So that’s not likely to happen.

For starters, the “investigation” of how Pipeline Terror happened feels like Kafka rewritten by NATO.

The operators of NS and NS2 – Nord Stream AG and Swiss-based Nord Stream 2 AG – cannot reach the scene of the crime because of absurd restrictions imposed by the Danes and the Swedes. The operators need no less than 20 working days to obtain the “permits” to carry out their own inspections.

Copenhagen police is handling the crime scene near the Danish exclusive economic zone (EEZ), in parallel to the Swedish Coast Guard around the Swedish EEZ.

If this looks like one of those Scandinavian noir series popular on Netflix, that’s because it is. With a crucial twist: it’s NATO investigating itself – Sweden is about to enter NATO – with no Russians allowed. All top working hypotheses on Pipeline Terror point to an intra-NATO dirty op against NATO member Germany.

So any disturbing evidence pointing to NATO actors may conveniently “disappear” or be tampered with during these long 20 days necessary for the “permits” to be issued. 

Meanwhile, the consequences of the energy war imposed by the US on Europe against Russia will keep piling up, and cost the EU up to a whopping 1.6 trillion euros, according to a report by Yakov & Partners, the former division of McKinsey in Russia.

Considering a NS2-deprived EU plus non-stop rising energy prices on the spot market, the EU GDP may decrease by as much as 11.5% (1.7 trillion euros), with about 16 million people thrown into unemployment.

EU gas storage at current high levels (90%) does not mean having enough gas for the winter. Total gas storage amounts to about 90 days of demand. The EU could easily be out of gas by March or even earlier at the current pace of just a trickle of gas flowing.

This means that the EU will have to cut gas consumption by at least 20% overall. And never forget that imported Norwegian or American gas is ridiculously more expensive than fixed-contract Russian gas.

The Return of the Morgenthau Plan

The sanctions dementia never stops though. The G7, in three subsequent stages, will target Russian crude, diesel and naphtha, according to the US Treasury. They still insist on an oil price cap – which neither Russia nor several Global South customers will follow. 

The Big Picture remains the same. Pipeline Terror was a desperate gambit to keep Germany from concluding a sanctions carve-out for the Nord Streams with Russia.

A secret channel of negotiation was in effect. It’s enlightening to consider that all previous actions by Berlin and Moscow, delaying and restricting the gas flow, were carried out to keep the Empire from following through on its threat of terminating NS2.

Then the Empire made its move.

From Moscow’s point of view, that changes nothing in the Grand Chessboard. The Kremlin has manipulated Washington’s absolute desperation in refusing to admit to the greatest foreign policy debacle since Vietnam; the Russians meanwhile keep pursuing the objectives of the Special Military Operation (SMO), which is about to metastasize into a Counter-Terrorist Operation (CTO).

As it stands, Moscow is not affected by the interconnected energy, fuel and resource crises coupled with immense, worldwide supply chain disruptions.

Russians are essentially bemused spectators contemplating the slowdown of industrial production in the eurozone coupled with capital outflows, the rise of inflation and the about-to-explode social protests.

There’s a dangerous window for irrational imperial actions from now to the G20 next month in Bali. Afterwards we will have a completely different ball game, not only in the Ukrainian battlefields but mostly across a mired in distress EU.

The Morgenthau Plan after WWII was concocted to literally starve Germany to death via the destruction of the Ruhr coalmines. It’s strikingly similar to the Straussian plan by American neocon psychos to cut Germany off from Russian natural gas by bombing NS and NS2.

The first Morgenthau Plan would have led to the deindustrialization of Germany. According to Clause 3, the entire Ruhr “should not only be stripped of all…existing industries but so weakened and controlled that it cannot for the foreseeable future become an industrial area.”

The ending of Germany as an industrial state would have created massive, permanent unemployment affecting 30 million people, according to Henry Stimson, the US Secretary of War. Morgenthau’s response was that the surplus population could be dumped on North Africa.  

US intel was very much aware of the rapprochement between Berlin and Moscow. Striking NS and NS2 was the signature gambit of the Morgenthau Plan remixed by the Straussian/neocon combo.

Yet it ain’t over till the Wagnerian lady sings. No need for Gotterdammerung: Germany may have its own destiny on its hands after all. Just turn on the switch on NS2. 

Pepe Escobar is a veteran journalist, author and independent geopolitical analyst focused on Eurasia.

end


POLAND

Polish households burn trash to stay warm.  Sanctions on Russia is backfiring

(zerohedge)

Polish Households Burn Trash To Stay Warm As Sanctions On Russia Backfire

FRIDAY, OCT 07, 2022 – 04:15 AM

Poland temporarily suspended air quality controls so people can burn coal for heating homes through next April to ease the worst energy crisis in a generation. While Polish households have increased demand for coal and wood to offset the soaring energy costs of natural gas and electricity, some people are burning trash to stay warm. 

Bloomberg spoke with one Polish resident by the name of Paulina Mroczkowska, who said she’s already noticed people burning trash to heat their homes as a shortage of the NatGas worsens and the cost of living spirals out of control. 

“It’s so bad this season that you can smell trash burning every day, which is completely new. 

“Rarely can you smell a regular fuel. It’s scary to think what happens when it really gets cold,” Mroczkowska said, a resident of Warsaw, the capital city.

Winter is quickly approaching as temperatures slide across the Central European country. 

… indicating the heating season is underway. 

And this is how bad things are in Poland — thanks to the Russian invasion of Ukraine disrupting energy markets and backfiring of Western sanctions against Moscow: 

Last month, Law & Justice leader Jaroslaw Kaczynski, the country’s most powerful politician, suggested people do whatever it takes to keep warm. He told supporters at a rally in Nowy Targ, southern Poland, that “one needs to burn almost everything, except for tires and similarly harmful things.” — Bloomberg 

Some municipalities in the country have rolled back environmental restrictions for this winter and beyond. The Malopolska regional assembly in Krakow, controlled by the ruling Law & Justice Party, recently delayed a vote to burn coal and trash through 2024.  

New forecasts from the European Centre for Medium-Range Weather Forecasts show Europe could be headed for a frigid winter. People are scrambling for coal and firewood while supplies are running out. 

“People are scared and they are collecting anything that can be used for burning,” Piotr Siergiej, spokesman for a network of environmental activists called Polski Alarm Smogowy — or Polish Smog Alert, said. 

And the panic for trash is already being seen around the country, as one mayor told local news TVN24 news channel:

“We’re seeing a significant drop in garbage collection, especially when it comes to materials than could at least in theory be suitable for burning such as paper, cardboard and packaging.

“We’ll fine those who are trying to poison us and our children.”

One would suspect if Europeans are now resorting to burning trash to heat their homes, this may reflect Western sanctions on Russia are backfiring. 

END

SWITZERLAND CREDIT SUISSE

Credit Suisse stocks soars on news of a debt buyback. But they are still in a big mess!

(zerohedge)

Credit Suisse Stock Soars, CDS Tightens On Debt Buyback News

FRIDAY, OCT 07, 2022 – 08:17 AM

Credit Suisse stock is extending this week’s 30% plus rebound off Monday morning lows following news that the embattled bank offered to buy back up to $3 billion of its own debt, in a move aimed at calming investor jitters ahead of the unveiling of a crucial strategy revamp.

The offer includes euro and pound sterling debt securities worth up to 1 billion euros ($980 million) and a separate offer for US dollar securities up to $2 billion.

CS is up over 5% in the pre-market, well off its record lows from Monday…

The move is being seen as a sign of confidence in the bank’s balance sheet but we also note it’s buying these bonds back at a significant discount. For example, Credit Suisse will pay less than 96 cents on the euro to buy a 750-million euro FRN that was indicated above face value last Friday

“The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices,” Credit Suisse said in the statement.

As Bloomberg reports, the debt buyback echoes a $5.4 billion offer made by Deutsche Bank AG in 2016 as markets pummeled the German lender, though the calming effect was short-lived.

The debt repurchase plan is “a smart move, it builds confidence in the liquidity of the balance sheet and helps lower Credit Suisse’s funding costs,” said Filippo Maria Alloatti, head of financials credit at Federated Hermes Ltd. in London.

Notably, credit rating agency S&P affirmed Credit Suisse’s long-term rating at BBB Thursday, adding that the outlook remains negative amid continued uncertainties around its upcoming strategic review and targeted operating model.

“The bond buyback is Credit Suisse’s way of muddling through the current situation as they hope to bring down its CDS spreads before they tap the bond market again to raise capital,” said Alicia Garcia Herrero, chief Asia Pacific economist at Natixis SA.

“Credit Suisse may also have picked the right time as the current market also happens to be one of the few windows this year for companies to raise bonds in the public market.”

The move has improved credit sentiment also, but as we show below, the credit and equity markets remain decoupled…

Does the buyback news mean no reassuring letter from the CEO this weekend?

END

NORWAY/OIL AND GAS

Norway to boost oil and gas production and as such will expect record 2023 revenues

(Charles Kennedy/OPilPrice.com)

Norway To Boost Oil & Gas Production As It Expects Record 2023 Revenue

FRIDAY, OCT 07, 2022 – 05:00 AM

Authored by Charles Kennedy via OilPrice.com,

Western Europe’s biggest oil and gas producer, Norway, expects its oil and liquids production to rise by 15% next year with the second phase of the Johan Sverdrup oilfield development and the start-up of the Johan Castberg oilfield, the government said in its draft budget on Thursday.

Natural gas production in Norway, which supplies around 25% of the gas consumed in the EU and the UK, is expected to rise by 8 percent in 2022 compared to 2021, the government’s latest estimates showed.

“The energy crisis in Europe makes Norwegian gas sales even more important for Europe than before,” Norway says.

Revenues from petroleum activities are expected at $132 billion (1.4 trillion Norwegian crowns) – a record high – in 2023, compared to an expected $113 billion (1.2 trillion crowns) for 2022, and nearly five times higher than the 2021 revenues from oil and gas, according to the government’s budget draft. The high expected income from petroleum activities will mostly reflect expected high oil prices, and especially gas prices, as well as a weaker exchange rate for the Norwegian crown.

Earlier this year, Norway’s authorities approved applications from operators to boost production from several operating gas fields, to allow higher gas production as its key partners, the EU and the UK, scramble for gas supply ahead of the winter.  

The new oil and gas development projects will help Norway maintain a relatively high level of oil and gas production until 2030 and continue to be a stable energy supplier to Europe, Norway’s Minister of Petroleum and Energy, Terje Aasland, said, commenting on the budget.

However, Norway needs continuous efforts from operators on the shelf to increase production, develop new fields, and make new discoveries in order to offset a natural decline in production from operating oil and gas fields over time, Aasland said.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE

A madman!!

Zelensky’s Call For NATO “Preemptive Strikes” On Russia An Attempt To Spark WW3: Kremlin

FRIDAY, OCT 07, 2022 – 11:05 AM

The Kremlin blasted Ukrainian President Volodymyr Zelensky’s “preemptive strikes” on Russia remarks from the day prior, accusing him of trying to start a world war. Zelensky had in a virtual address to Australia’s Lowy Institute urged US-led allies to conducted preventative strikes on Russia so that “knows what to expect” if it used nuclear weapons.

“What should NATO do? Eliminate the possibility of Russia using nuclear weapons,” Zelensky said in the provocative Thursday remarks. “I once again appeal to the international community, as it was before February 24: preemptive strikes so that they [Russia] know what will happen to them if they use it, and not the other way around.”

“Don’t wait for Russia’s nuclear strikes, and then say, ‘Oh, since you did this, take that from us!’ Reconsider the way you apply pressure. This is what NATO should do – reconsider the order in which it applies pressure [on Russia],” the Ukrainian leader added.

Kremlin spokesman Dmitry Peskov on Friday responded by saying the statements mark “are nothing but a call to start a world war,” which would result in “unforeseeable disastrous consequences.” 

And separately Russian Foreign Ministry spokeswoman Maria Zakharova charged Zelensky with seeking nuclear escalation: 

…”every person on the planet” should recognize that the “unbalanced” Ukrainian leader had turned into “a monster, whose hands can destroy the planet”, reported state-run news outlet RT.

Additionally, Foreign Minister Sergei Lavrov on Friday pointed out that Zelensky’s remarks confirmed and justified the need for Russia to pacify Ukraine. Referencing the request for a NATO preemptive attack on Russia, Lavrov explained“By doing so, (he) essentially presented the world with further evidence of the threats posed by the Kyiv regime,” adding that “This is why a special military operation was launched to neutralize them.”

President Biden last month in a CBS “60 Minutes” interview warned Putin to not “change the face of war” by employing either tactical nuclear or chemical weapons against Ukraine. But more recently and importantly, on the same day as Zelensky’s call for a preemptive strike, Biden said that the threat of nuclear “Armageddon” is at its highest level since the Cuban missile crisis, and that the US is trying to find an “off-ramp” for Russia before they begin the use of tactical nuclear weapons.

“We’re trying to figure out what is Putin’s off-ramp? Where does he get off? Where does he find a way out?” Biden said at a Thursday fundraiser in New York City for the Democratic Senatorial Campaign Committee at the New York home of James Murdoch, the son of News Corp. Chairman Rupert Murdoch. “Where does he find himself in a position that he does not, not only lose face but lose significant power in Russia?”

He is not joking when he talks about potential use of tactical nuclear weapons or biological and chemical weapons, because his military is, you might say, significantly underperforming,” Biden added, according to Bloomberg. “I don’t think there’s any such thing as the ability to easily use tactical nuclear weapons and not end up with Armageddon.”

Following all of this, Zelensky’s office attempted an awkward walk-back, issued a statement seeking to clarify that he…

“did not call on NATO countries to pre-emptively use nuclear weapons against the Russian Federation — he spoke about the period before the start of a full-scale invasion.”

“Colleagues, you have gone a little far with your nuclear hysteria and now you hear nuclear strikes even where there are none,” Zelensky’s press secretary Serhiy Nikiforov said. “The President spoke about the period until February 24. Then it was necessary to take preventive measures to prevent Russia from starting a war. Let me remind you that the only measures discussed at that time were preventive sanctions.”

International headlines warning about nuclear Armageddon have been on the rise over the last month, especially as Ukrainian forces began making rapid gains against Russian front lines in the east and south. The thinking among Western pundits tends to be that the more Moscow feels cornered and is losing ground in its “special operation” – the more unpredictable and desperate Putin’s decision-making grows, leading to the possibility of a tactical nuke or other WMD deployment in Ukraine

6.GLOBAL ISSUES////COVID ISSUES/VACCINE ISSUES

VACCINE//COVID ISSUES//USA/

end

GLOBAL ISSUES

Vaccine//Covid issues:

PAUL ALEXANDER…

COVID pandemic is not over! POTUS Biden has no idea what he is saying or any of the idiots working for him or the ones talking this crap; massive vaccine driven deaths & elderly have weakened immunity

2.5 years locked down, in wait of a failed vaccine, now elderly coming out & elderly with underlying medical conditions & no background immunity are facing weak mild OMICRON as if it were Wuhan legacy

Dr. Paul AlexanderOct 6
 
▷  LISTENSAVE
 

Be careful, take care of the elderly elderly, those older who have conditions, very vulnerable to omicron now.

end

Open in browser“Omicron sublineage BA.2.75.2 exhibits extensive escape from neutralising antibodies”; what does this mean? It means that the COVID injection must be stopped entirely, it is ineffective & harmful
New boosters anyone? Anyone? “These data raise concerns that BA.2.75.2 may effectively evade humoral immunity in the population”
.Dr. Paul Alexander
Oct 6
 ▷  LISTENSAVE SOURCE:
https://www.biorxiv.org/content/10.1101/2022.09.16.508299v2

VACCINE IMPACT/

Security Cameras Reveal COVID-19 Vaccinated People Suffering Strange Hallucinations Before Collapsing

October 6, 2022 11:05 am

One America News reporter Pearson Sharp broadcast a report yesterday allegedly showing security camera feeds from around the world where people had strange hallucinations before collapsing with what looks like seizures, probably a result of the COVID-19 vaccines. WARNING! Some of these images are very graphic and may not be suitable for younger audiences.

Read More…

Contaminated Blood: Italian Researchers Examine Blood of Over 1000 People After Pfizer or Moderna mRNA Vaccines and Find 94% Contaminated

October 6, 2022 3:52 pm

The use of dark-field microscopic analysis of fresh peripheral blood on a slide was once widespread in medicine, allowing a first and immediate assessment of the state of health of the corpuscular components of the blood. In the present study we analyzed with a dark-field optical microscope the peripheral blood drop from 1,006 symptomatic subjects after inoculation with an mRNA injection (Pfizer/BioNTech or Moderna), starting from March 2021. There were 948 subjects (94% of the total sample) whose blood showed aggregation of erythrocytes and the presence of particles of various shapes and sizes of unclear origin one month after the mRNA inoculation. In 12 subjects, blood was examined with the same method before vaccination, showing a perfectly normal hematological distribution. The alterations found after the inoculation of the mRNA injections further reinforce the suspicion that the modifications were due to the so-called “vaccines” themselves. We report 4 clinical cases, chosen as representative of the entire case series.

Read More…

end 

MICHAEL EVERY//RABOBANK 

Michael Every on the major topics of the day

END

7. OIL//OIL ISSUES//NATURAL GAS//ELECTRICITY ISSUES/USA//GLOBE

END

END

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

Venezuela//USA

Doorknob!!

As Biden Welcomes Venezuela Oil, He Prepares To Block All US Offshore Drilling

FRIDAY, OCT 07, 2022 – 09:45 AM

Yesterday afternoon – after reports that the Biden admin would ease sanctions if Venezuela would pleeeeease pump more oil, @BradHuston succinctly opined on Twitter:

“So basically Biden is saying that domestic producers are more evil than Venezuela’s Nicholas Maduro.”

This morning, it appears the Biden administration is doubling down on that as Fox Business reports that the Biden administration is nearing a decision on the future of federal offshore fossil fuel drilling and hasn’t ruled out a complete block on new leases.

On Thursday, the 90-day comment period for the Department of the Interior’s (DOI) proposed five-year offshore leasing plan ended, paving the way for the agency to issue a final decision.

In July, the DOI unveiled the plan which gutted a Trump administration proposal, ruling out any leasing in the Atlantic or Pacific and opening the door to an unprecedented scenario where no lease sales would be held through 2028.

In her statement announcing the proposal on July 1, Interior Secretary Deb Haaland reaffirmed her and President Biden’s “commitment to transition to a clean energy economy.”

Promises made, promises kept… elections have consequences America…

As one would expect, given the current energy crisis globally, this action is somewhat shocking to industry execs:

The ability of U.S. producers to provide more oil and natural gas supplies to the world market has also changed geopolitical dynamics for the better, resulting in greater energy security for the U.S. and its allies, in addition to global environmental benefits,” Cole Ramsey, the vice president of upstream policy at the American Petroleum Institute (API), said Thursday.

“Given the current global circumstances, rarely has a strong offshore leasing program been more essential to our energy security.”

US (national average) gas prices are up 17 days in a row (and California prices are at record highs)…

And that is not good for Biden’s approval rating and the Midterm results.

Time to unleash more of the Strategic Midterm Reserve? (which is already at a record low 22 days of supply).

We give the last word to Frank Macchiarola — API’s senior vice president of policy, economics and regulatory affairs – “Announcing a program with zero new lease sales would be the exact wrong policy at the wrong time.”

WTF is the Biden administration thinking!!!

end

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

Euro/USA 0.9796 UP   0.0006 /EUROPE BOURSES // ALL MIXED 

USA/ YEN 144.86   DOWN  0.186 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES

GBP/USA 1.12092 UP   0.0048

 Last night Shanghai COMPOSITE CLOSED 

 Hang Seng CLOSED LAST DOWN 272.10 POINTS OR 1.51% 

AUSTRALIA CLOSED DOWN  0.82%    // EUROPEAN BOURSE: ALL MIXED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED LAST DOWN 272.10 PTS OR 1.51

/SHANGHAI CLOSED 

AUSTRALIA BOURSE CLOSED DOWN 0.82% 

(Nikkei (Japan) CLOSED  DOWN 195.19 PTS OR 0.77%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1709.40

silver:$20.68

USA dollar index early FRIDAY morning: 112.01 DOWN 18  CENT(S) from THURDAY’s close.

 FRIDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 3.28% UP 11  in basis point(s) yield

JAPANESE BOND YIELD: +0.244% UP 0 AND 0/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.38%//  UP 10 in basis points yield 

ITALIAN 10 YR BOND YIELD 4.51  DOWN 68   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS/SELLING GERMAN BUNDS

GERMAN 10 YR BOND YIELD: RISES TO +2.184% UP 10 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 0.9777 DOWN  .0012   or 12 basis points

USA/Japan: 145.21 UP 0.167 OR YEN DOWN 17 basis points/

Great Britain/USA 1.1104 DOWN .0057 OR  57 BASIS POINTS

Canadian dollar UP .0054 OR 54 BASIS pts  to 1.3688

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 7.1190

TURKISH LIRA:  18.59  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.244

Your closing 10 yr US bond yield UP 5  IN basis points from THURSDAY at  3.871% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.772  UP 5  in basis points 

Your closing USA dollar index, 112.28 UP .08 PTS   ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 3.63 PTS OR  0.05%

German Dax :  CLOSED DOWN 186.77 POINTS OR 1.50%

Paris CAC CLOSED DOWN 65.87 PTS OR 1.10% 

Spain IBEX CLOSED DOWN 62.20OR  0.83%

Italian MIB: CLOSED DOWN 215/56PTS OR  1.01%

WTI Oil price 91.64  12: EST

Brent Oil:  97.44   12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  60.98 DOWN 0  AND 8/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2,087

CLOSING NUMBERS: 4 PM

Euro vs USA: 0.97377 DOWN .0055     OR  55 BASIS POINTS

British Pound: 1.10608 DOWN  .01001 or  100 basis pts

USA dollar vs Japanese Yen: 145.40 UP .358//YEN DOWN 36 BASIS PTS

USA dollar vs Canadian dollar: 1.3740 UP 0.0002  (CDN dollar, DOWN 2 basis pts)

West Texas intermediate oil: 92.47

Brent OIL:  97.79

USA 10 yr bond yield UP 6 BASIS pts to 3.881%

USA 30 yr bond yield UP 4 BASIS PTS to 3.836%

USA dollar index:112.71 UP 0.52 basis pts

USA DOLLAR VS TURKISH LIRA: 18.59

USA DOLLAR VS RUSSIA//// ROUBLE:  60.00  DOWN 0 AND   10/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: DOWN 630/15 PTS OR 2.11 % 

NASDAQ 100 DOWN 446.03 PTS OR 3.88%

VOLATILITY INDEX: 31.39 DOWN 0.87 PTS (2.85)%

GLD: $157.88 DOWN 1.75 OR 1.10%

SLV/ $18.50  DOWN $.54 OR 2.84%

end)

USA trading day in Graph Form

Red New Deal?

Tyler Durden's Photo

BY TYLER DURDEN

FRIDAY, OCT 07, 2022 – 04:00 PM

Nonfarm payrolls beat for the 6th straight month, which as @BespokeInvest notesk is the longest streak since 1998…

That ‘good’ news spiked rate hike expectations today…

Source: Bloomberg

…and that means that 75bps, 50bps and 25bps are now a lock for Nov, Dec, and Feb FOMC meetings respectively…

Source: Bloomberg

Today’s payrolls reaction wiped out a lot of the hope for pause/pivot. Nasdaq crashed by more than 4% and the Dow and S&P plunged more than 3% before a late day bid into the close…

But stocks did managed to close the week green, with Nasdaq the weakest of the bunch (barely holding green) and Small Caps best…

This was the Nasdaq’s first positive week (barely) in the last four weeks.

As stocks caught down to the reality being priced into the hawkish terminal Fed rate expectations shift…

Source: Bloomberg

All the majors remain in ‘bear market’ territory, down over 20% from their highs…

Source: Bloomberg

Energy was the week’s big winner with Real Estate and Utes stealing the jam out of defensively positioned traders’ donuts…

Source: Bloomberg

Defensives ended the week lower but despite today’s carnage, cyclicals managed slid gains…

Source: Bloomberg

“Most Shorted” Stocks crashed today, back to recent support…

Source: Bloomberg

Exxon had its greatest weekly return ever, which as Meta collapsed pushed its market cap above the giant tech platform’s for the first time since 2016…

Source: Bloomberg

But amid all that chaos, VIX only pushed up t 32…

Credit market stress is starting to accelerate with the gap between higher- and lower-rated bonds widening as funding costs surge and earnings weaken.

Source: Bloomberg

Treasury yields pushed higher yet again today (+6-8bps), erasing all the early week’s compression. The curve was pretty uniformly higher in yield on the week with the long-end the marginally ugliest horse in the glue factory…

Source: Bloomberg

10Y yields are pushing back up towards 4.00% once again this week…

Source: Bloomberg

Big rollercoaster in the dollar this week ending marginally stronger vs its fiat peers…

Source: Bloomberg

Bitcoin tumbled along with stocks today, breaking back below $20k to end the week almost unchanged from last Friday…

Source: Bloomberg

Spot Gold fell back below $1700 today after a strong surge earlier in the week…

Source: Bloomberg

Silver futures were down but managed to hold above $20 for now…

Oil was up for the 5th straight day today (surging over 5%) rallying over 17% on the week for the 2nd best week since May 2020 (after WTI went negative). WTI closed back above $92 for the first time since August…

And that is not good news for America’s drivers… or President Biden…

Source: Bloomberg

And finally, the good news is, we’re about half way through this collapse…

Source: Bloomberg

When will the central banks fold?

Source: Bloomberg

Biden’s ‘Red New Deal’ is just what the voters ordered…?

END

I) / EARLY MORNING//  TRADING//JOBS REPORT

Fake job numbers pretty good and above expectations causing markets to tank

(zerohedge)

September Unemployment Rate Tumbles As Payrolls Print Above Expectations, Lowest Since April 2021

FRIDAY, OCT 07, 2022 – 08:43 AM

Ahead of today’s jobs report, in its scenario analysis JPM said that a print above 260K (or where Bloomberg consensus is) would be slightly negative for stocks, as it “would hurt the loosening labor market narrative we heard since the below-expected JOLTS number”, and sure enough one look at the puke in stocks moments after the BLS released the report would imply that the September nonfarm payrolls came in this particular bucket – just barely – printing at 262K, fractionally above the consensus estimate of 255K, and well below the unrevised August print of 315K (which as a reminder came in very hot compared to expectations). Notably, while not disastrous, the September print was the lowest since April 2021 and it continues to decline at a gradual pace at least until the midterms after which we fully expect it to collapse into negative territory as the BLS catches up with reality.

But while the payrolls number was hardly earth shattering, what traders focused on was the ongoing collapse in the unemployment rate, which unexpectedly tumbled to 3.5% from 3.7%, well below expectations of an unchanged print. This was the result of a ~250K drop in unemployed workers, which slumped from just over 6 million to 5.753 million, even as the civilian labor force remained roughly unchanged (down to 164.689 million in Sept from 164.746 million in August). Of particular note here is the sharp collapse in both hispanic and black unemployment: among the major worker groups, the unemployment rate for Hispanics decreased to 3.8% in September, while that for Blacks tumbled to 5.8%, bringing the differential between it and the broader unemp rate to one of the lowest ever.

Developing

END

Stocks Puke On ‘Good’ Labor Market News, Rate-Hike Odds Spike

FRIDAY, OCT 07, 2022 – 08:42 AM

Great news America – the unemployment rate has tumbled (with hispanic unemployment at record lows).

Terrible news America – improving labor market statistics are the opposite of what The Fed is trying to do and this data today is not going to encourage any pause or pivot anytime soon.

That sparked an immediate mini-flash-crash in stocks…

The hope-fueled rip from earlier in the week is quickly being vaporized…

Nasdaq is underperforming but all the majors are down hard…

The reaction in bonds (up in yield) and the dollar (up in price) was far less aggressive.

Gold is also getting hit lower (spot below $1700)…

And the jobs data pushed terminal Fed rate expectations hawkishly higher….

Powell and his pals have no excuse but to keep the pedal to the metal on tightening.

END

Fed Mouthpiece: “On Track For Another Large Rate Increase After Solid jobs Report”

FRIDAY, OCT 07, 2022 – 10:25 AM

It’s not like stocks needed any additional signals to sell off this morning – they are already down more than 2% as we type without a single positive TICK reading 45 minutes into trading – but they got one just in case moments ago, when the Fed’s new favorite mouthpiece, WSJ scribe Nick Timiraos wrote that “the September solid employment report is keeping the Federal Reserve on track to approve another large interest-rate increase at its meeting next month as officials seek to lift borrowing costs high enough to soften the labor market and ease inflation pressures.”

[Fed officials] are concerned now that tight U.S. labor markets could sustain higher prices in the years to come, even if energy prices decline and prices fall for goods such as used cars that soared over the past year.

This is hardly a surprise to the market which has already pushed November rate hike odds to almost a certain (95%) 75bps from 64% odds after the JOLTS job openings shock…

… while the terminal rate has jumped back over 4.60% this morning.

As for stocks, well – easy come, easy go. Having enjoyed one of the past weekly jumps since June heading into Friday’s report, today’s 2% drop has cut gains by more than half, with futures now looking at 3,600 as the next key support area.

end

AFTERNOON TRADING

ii) USA DATA/

Shocking Consumer Credit Numbers: Everyone Maxed Out Their Credit Card As Economy Slid Into Recession

FRIDAY, OCT 07, 2022 – 03:44 PM

While it is traditionally viewed as a B-grade economic indicator, the August consumer credit report from the Federal Reserve was another shocker especially after last month’s unexpected slow down in credit card debt, which we attributed to the surge in credit card rates and wondered if this implicit deleveraging would continue as the US economy slid into recession, or if US consumers are so desperate for liquidity they will max out their cards – without expecting to repay them – if it meant being able to pay for one more month of goods and services at record prices. We just got the answer when moments ago the Fed published the latest consumer credit data and it was a doozy.

Total consumer credit rose $32.2 billion, well above last month’s $26 billion and also above the $25 billion consensus estimate.

And while non-revolving credit (student and car loans) rose by a relatively pedestrian$15.1 billion…

… the stunner again was revolving, or credit card debt, which soared from last month’s sharp drop, rising by the second highest on record at $17.2 billion (from $10.4 billion last month) and only lower than the highest print on record, March’s downward revised $25.9 billion…

This sent total revolving consumer credit to new all time highs at just over $1.15 trillion, erasing all the post-covid credit card deleveraging just in time for those credit card APRs to hit record highs!

While this unprecedented rush to buy everything on credit at a time when there were no notable Hallmark holidays should not come as much of a surprise, after all we have repeatedly shown that for the middle class any “excess savings” – or any savings for that matter – are now gone, long gone (as the latest GDP revision confirmed) with the personal savings rate plunging to the lowest on record….

… what is shocking is that consumers are clearly ignoring the highest credit card APRs on record and rushing to charge anything they can find while they can, either because they simply can’t afford to buy anything with their disposable income courtesy of soaring inflation or because nobody has any plan of actually paying down their credit card.

The consequences of either of these alternatives is staggering, and suggests that the US economy is about to implode… but not before the midterms of course: the fake impression that all is well must be maintained until at least Nov 8. After that, however, we suggest you panic.

end

III) USA ECONOMIC STORIES

Clueless Biden  warns of a nuclear armageddon

(zerohedge)

Biden Warns ‘Nuclear Armageddon’ Threat Back ‘For First Time Since Cuban Missile Crisis’

THURSDAY, OCT 06, 2022 – 09:20 PM

President Joe Biden said on Thursday that the threat of nuclear “Armageddon” is at its highest level since the Cuban missile crisis, and that the US is trying to find an “off-ramp” for Russia before they begin the use of tactical nuclear weapons.

“We’re trying to figure out what is Putin’s off-ramp? Where does he get off? Where does he find a way out?” Biden said at a fundraiser in New York City for the Democratic Senatorial Campaign Committee at the New York home of James Murdoch, the son of News Corp. Chairman Rupert Murdoch.

“Where does he find himself in a position that he does not, not only lose face but lose significant power in Russia?”

He is not joking when he talks about potential use of tactical nuclear weapons or biological and chemical weapons, because his military is, you might say, significantly underperforming,” Biden added, according to Bloomberg. “I don’t think there’s any such thing as the ability to easily use tactical nuclear weapons and not end up with Armageddon.”

Are Biden’s comments related to why his admin is buying up to $290 million in anti-radiation drugs?

Putin has renewed his nuclear threats as he announced the annexation of Ukrainian territory, some of which Russia doesn’t control, and with the call-up of 300,000 reservists to reinforce his flagging invasion. “When the territorial integrity of our country is threatened, we will certainly use all the means at our disposal to protect Russia and our people,” Putin said in a televised national address. “This is not a bluff.” -Bloomberg

Biden’s dire language comes in stark contrast to his National Security Adviser, Jake Sullivan, who said last week that the US doesn’t Putin is serious. 

“We do not presently see indications about the imminent use of nuclear weapons,” he said. “We are, of course, monitoring that carefully and staying in close consultation with allies and partners.”

Sullivan added that the US has warned of severe consequences if Russia uses nukes.

end

No wonder he declares s state of emergency after migrant overwhelm NY resources.

(zerohedge)

‘Sanctuary City’ NYC Mayor Declares State Of Emergency After Migrants Overwhelm Resources

FRIDAY, OCT 07, 2022 – 11:45 AM

New York City Mayor Eric Adams (D) has declared a state of emergency after the ‘sanctuary city’ was unprepared to provide sanctuary to migrants arriving from Texas and elsewhere.

On Friday, Adams said that since April, at least 17,000 asylum seekers have been bused to NYC from other parts of the country – and claimed that many of the migrants didn’t realize they would end up in the Big Apple, Axios reports.

  • New York City officials have previously said they were not prepared to handle the influx of migrants. Adams requested federal assistance in August.
  • He said the city has received an average of five to six buses per day since September, with at least nine arriving on Thursday. -Axios

“This is a humanitarian crisis that started with violence and instability in South America, and it is being accelerated by American political dynamics,” said Adams, adding “Thousands of asylum seekers have been bussed into New York City and simply dropped off without notice, coordination or care, and more are arriving everyday.”

“The majority are adults, who cannot legally work in this country. Many are families with school-age children. Some are in desperate need of serious medical care,” Adams continued. “We’re going to do what we have to do in New York, but we do need help to deal with this crisis that we’re facing.”

III B    USA COMMODITY PROBLEMS//

Low water levels on the Mississippi causes barges to ground.  Thus goods cannot get to their destination

(zerohedge)

Barges Grounded By “Near-Historic” Low Water Halt Mississippi River Traffic

FRIDAY, OCT 07, 2022 – 06:55 AM

Update (Friday): 

As of Thursday afternoon, Bloomberg reported more than 117 vessels and 2,048 barges near Stack Island in Louisiana are in a logjam as a stretch of the lower Mississippi River is closed due to low water levels and vessel groundings. 

“The US Army Corps of Engineers is dredging near Stack Island, and the Coast Guard intends to reopen the waterway with restrictions at some point Friday,” Bloomberg said. 

*  *  * 

The dangerously low water level in the lower Mississippi River has caused a logjam of more than 100 ships, tugboats, and barges, threatening to snarl supply chains during the harvest season in one of the US’ most crucial transport arteries, according to Bloomberg

Lack of rainfall has water levels on the Mississippi River at “near-historic” lows and forced the largest US barge operator to declare force majeure in a letter to customers as river traffic halted. 

“A prolonged lack of significant precipitation along the Mississippi River and its primary tributaries is now actively disrupting normal operations throughout the inland waterways,” Ingram Barge Company, which ferries approximately 60% of all grain exports to major terminals, said in a letter obtained by Bloomberg. 

“On many river segments, Ingram has reduced its maximum allowable barge drafts and overall tow sizes in an attempt to continue to safely operate while the inland river levels fall out,” the letter continued. 

The US Coast Guard has responded to an increasing number of “groundings” of barges in the past week near Stack Island in Louisiana and upriver near Memphis. 

“Due to low water levels on the Lower Mississippi River, we have seen an increase in commercial vessel groundings,” said Eric Carrero, director of western rivers and waterways at Coast Guard District Eight. 

Groundings have halted river traffic in both directions “to clear the grounded barges from the channel and to deepen the channel via dredging to prevent future groundings,” US Army Corps of Engineers spokesperson Sabrina Dalton told ABC News in an email. 

The Coast Guard said 122 vessels were lined up in both directions near Stack Island in Louisiana and 15 in Memphis due to groundings. 

The groundings and clogged waterway come at the worst possible time as corn and soybean harvests pile up at farms across the Midwest. Grains are loaded up at terminals upriver and make their way down to the Gulf of Mexico to be exported worldwide. 

Lucy Fletcher of the agricultural firm AGRIServices of Brunswick, who serves on the board for the St. Louis-based trade association Inland Rivers, Ports & Terminals, told ABC that logjams on the river had sent some farmers seeking rail availability, but he said there’s limited capacity. 

“Can they divert to rail?” Fletcher asked. “Well, there’s not an abundance of rail availability. And usually people are booking their transportation for fall early in the season. So if they haven’t booked that freight already, you’re going to see people in dire straits.”

And for once, Bloomberg interviewed someone who doesn’t blame man-made climate change for the deficiency of precipitation: 

A peaking La Nina is limiting storms coming in from the southwest that would replenish rivers, and any significant relief is unlikely through the first 10 days of November, according to World Weather Inc. president Drew Lerner. “I don’t have a major storm coming up for the balance of the month,” Lerner said. “I’m a little pessimistic and not feeling good about the situation.”

Remember, the cause of the weather chaos across the US could be due to a weather phenomenon known as La Nina

So river woes are expected to continue for the next couple of weeks, leading to even more groundings and logistical nightmares on the crucial waterway as farmers are in the middle of the autumn harvest.

END

SWAMP STORIES

KING REPORT

Greg Hunter

OPEC Cuts, UN Demands, CDC Hides Dangerous Vax Data

By Greg Hunter On October 7, 2022 In Weekly News Wrap-Ups17 Comments

By Greg Hunter’s USAWatchdog.com (WNW 550 10.07.22)

It looks like consumers are going to have to pay more at the pump after Saudi Arabia announced a 2-million barrel per day cut in oil production.  The Russians asked the Saudi Royal Family for the cuts to stabilize prices and even make them go back up.  Why are the Saudis doing what Russia asks in oil production?  You might remember, in August of 2021, the Russians signed a military cooperation deal with the Kingdom, and that means they are allies.  The White House is furious because oil is going right back up just as the 2022 midterms have Democrats worried about losing the House and the Senate because of high inflation.  Oil prices backing off in the last few months was a bright spot, but not any longer because of the new supply cuts.

Meanwhile, the dollar keeps soaring while the Fed keeps raising interest rates.  For the first time ever, the UN is telling the Federal Reserve to stop raising interest rates to fight inflation.  The rest of the world is buckling under the strong dollar.  The UN wants price controls instead, and every economist out there knows price controls do not work.  On top of that, it will only make the supply lines worse, which will in turn make inflation worse.  It’s a catch 22 with no good answers.  Get ready for sparse supplies in many things and higher prices too.

The CDC was caught hiding negative data on CV19 injections for nearly two years.  The CDC signed up 10 million people for a CV19 vax tracking app called “V-safe.”  The data showed lots of vax problems, and the CDC hid it from the public.  Two lawsuits finally pried the data loose, and it showed the vaccine was not safe and caused injuries right from the beginning that required medical attention.  It also caused 24% of people to not be able to work or go to school.  It’s yet another back eye for the CDC for covering up how deadly and debilitating the CV19 vax was from the very beginning.  The shots should have been stopped more than a year ago–but they keep on injecting.

There is much more in the 35-minute newscast.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 10.07.22.

(https://usawatchdog.com/opec-cuts-un-demands-cdc-hides-dangerous-vax-data/)

After the Interview:

Money manager Peter Schiff will be back to update us on the dire situation the Federal Reserve finds itself in with rate hikes and the failing economy.

HARVEY

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