NOV 9/USA ELECTIONS STILL UNDECIDED//GOLD CLOSED DOWN $2.00 TO $1710.15/SILVER CLOSED DOWN 10 CENTS TO $21.24/PLATINUM CLOSED DOWN $7.95 TO $989.50//PALLADIUM CLOSED DOWN $67.85 TO $1861.25//COVID UPDATES//VACCINE IMPACT/VACCINE INJURY REPORT//DR PAUL ALEXANDER//RUSSIA ORDERS ALL OF ITS TROOPS IN KHERSON TO LEAVE THE CITY//FED EX AND MAERSK ANNOUNCE HUGE DROP IN GLOBAL SHIPMENTS//USA ELECTION RESULTS//SWAMP STORIES FOR YOU TONIGHT//

Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSE: DOWN $2.00 to $1710.15

SILVER PRICE CLOSE:  DOWN $0.10  to $21.24

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1705.40

Silver ACCESS CLOSE: 21.02

New: early yesterday morning//

Bitcoin morning price: $17,889 DOWN 304

Bitcoin: afternoon price: $16.803 DOWN 1390

Platinum price closing  DOWN $7.95  AT  $989,50

Palladium price; closing DOWN $67.85  at $1861.25

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/4: 15 PM ACCESS

CANADIAN GOLD: 2306.79 DOLLARS UP 10.60 CDN DOLLARS PER OZ

BRITISH GOLD: 1502.11 POUNDS PER OZ UP 20.53 POUNDS PER OZ

EURO GOLD: 1703.63 EUROS PER OZ UP 5.70 EUROS PER OZ.

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EXCHANGE: COMEX

 EXCHANGE: COMEX

CONTRACT: NOVEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,712.100000000 USD
INTENT DATE: 11/08/2022 DELIVERY DATE: 11/10/2022
FIRM ORG FIRM NAME ISSUED STOPPED


132 C SG AMERICAS 12
190 H BMO CAPITAL 2
661 C JP MORGAN 5
737 C ADVANTAGE 4 2
880 H CITIGROUP 7


TOTAL: 16 16

JPMORGAN STOPPED  75/16

GOLD: NUMBER OF NOTICES FILED FOR NOV. CONTRACT:    16 NOTICES FOR 1600  OZ  or 0.0497 TONNES

total notices so far: 4898 contracts for 489,800 oz (15.294 tonnes) 

SILVER NOTICES: 126 NOTICE(S) FILED FOR 630,000 OZ/

 

total number of notices filed so far this month  287 :  for 1,435,000  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 $2.00

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD//BIG CHANGES IN GOLD INVENTORY AT THE GLD: /////A BIG CHANGE IN GLD INVENTORY: A DEPOSIT OF 2.89 TONNES FROM THE GLD// /THIS MAKES NO SENSE@@!!!! THIS IS A CRIME SCENE

INVENTORY RESTS AT 908.38 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $0.10

AT THE SLV// :/BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF OF 3.821 MILLION OZ INTO THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 472.108 MILLION OZ (THIS IS ALSO A CRIME SCENE@!!!!

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A GIGANTIC SIZED 3105 CONTRACTS TO 140,437 AND CLOSER TO  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE HUGE GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR STRONG $0.48 GAIN  IN SILVER PRICING AT THE COMEX ON TUESDAY.  OUR SHORTERS/HFT WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.48)., AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPEC LONGS, AS WE HAD AN ATMOSPHERIC SIZED GAIN IN OUR TWO EXCHANGES OF 5664 CONTRACTS.  WE HAD A CONSIDERABLE SPEC SHORT COVERING  THEIR SHORTFALLS .WE HAD NO SPEC SHORT ADDITIONS AS THE PRICE ESCALATED AWAY FROM THEM CAUSING LOTS OF LOSSES. // OUR  BANKERS CONTINUE TO BE PURCHASERS OF NET COMEX LONGS. HUGE NUMBER OF NEWBIE SPEC LONGS ADDED TO THEIR POSITIONS CAUSING MISERY TO OUR SHORTERS. 

WE  MUST HAVE HAD: 
I) CONSIDERABLE  SPECULATOR SHORT COVERINGS WITH ZERO SHORT ADDITIONS ////CONTINUED BANKER OI COMEX ADDITIONS /// HUGE 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 1.045 MILLION OZ FOLLOWED BY TODAY’S 150,000 QUEUE JUMP//NEW STANDING:1.97 MILLION OZ/    / //  V)   HUGE SIZED COMEX OI GAIN/ 

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: -36

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

TOTAL CONTRACTS for 7 days, total 16,800 contracts: 71.385 million oz  OR 9.795MILLION OZ PER DAY. (2400 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 71.385 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.  29.017 MILLION OZ FINAL

NOV: 71.385 MILLION

RESULT: WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3105 WITH OUR HUGE  $0.48 GAIN IN SILVER PRICING AT THE COMEX// TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A GIGANTIC SIZED EFP ISSUANCE  CONTRACTS: 2523 CONTRACTS ISSUED FOR DEC AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS./ WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR NOV. OF 1.345 MILLION  OZ  FOLLOWED BY TODAY’S 150,000 QUEUE JUMP/  .. WE HAVE AN ATMOSPHERIC SIZED GAIN OF 5628 OI CONTRACTS ON THE TWO EXCHANGES FOR 28.140MILLION  OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS ESPECIALLY WITH THE  GAIN IN PRICE ON TUESDAY.

 WE HAD 126  NOTICE(S) FILED TODAY FOR  630,000  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 VERY STRONG SIZED 10,256 CONTRACTS  TO 488,471 AND CLOSER TO  THE RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED -666  CONTRACTS.

.

THE VERY STRONG SIZED INCREASE  IN COMEX OI CAME WITH OUR HUGE RISE IN PRICE OF $34.40//COMEX GOLD TRADING/TUESDAY //  CONSIDERABLE ATTEMPTED SPECULATOR SHORT  COVERINGS TO NO AVAIL//ZERO SPEC SHORT ADDITIONS, ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION  WITH CONTINUED ADDITIONS TO OUR BANKER LONGS!! THE COMEX WILL BLOW UP AS THE SPECS CANNOT DELIVER GOLD TO OUR BANKER LONGS. IT SEEMS THAT EVERYBODY WISHES TO BUY BUT NO SELLERS.

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR NOV. AT 12.386 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S GOOD 1600 OZ QUEUE JUMP //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S WILL CONTINUE UNTIL MONTH’S END)

YET ALL OF..THIS HAPPENED WITH OUR  RISE IN PRICE OF  $34.40 WITH RESPECT TO TUESDAY’S TRADING

WE HAD AN ATMOSPHERIC SIZED GAIN OF 15,027 OI CONTRACTS (46.74 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4771 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 488,471

IN ESSENCE WE HAVE AN ATMOSPHERIC  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 15,027 CONTRACTS  WITH 10,256 CONTRACTS INCREASED AT THE COMEX (SHORT SPECULATORS FAILING TO GET OUT OF THEIR MESS) AND 4771 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 15,027 CONTRACTS OR 46.74 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4771) ACCOMPANYING THE VERY STRONG SIZED GAIN IN COMEX OI (10,256): TOTAL GAIN IN THE TWO EXCHANGES 15,027 CONTRACTS. WE NO DOUBT HAD 1) CONSIDERABLE ATTEMPTED BUT FAILED SPECULATOR SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS.  WE  HAD ZERO SHORT SPEC ADDITIONS/// // CONSIDERABLE NEWBIE SPEC  ADDITIONS  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR NOV. AT 12.386 TONNES FOLLOWED BY TODAY’S GOOD QUEUE JUMP OF 1600 OZ //NEW STANDING 20.299 TONNES///3) ZERO LONG LIQUIDATION //// //.,4)   VERY STRONG SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

NOV

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

31,398 CONTRACTS OR 3,139,800 OZ OR 97.66 TONNES 7 TRADING DAY(S) AND THUS AVERAGING: 4485 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: 97.66 TONNES

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

THUS EFP TRANSFERS REPRESENTS  97.66/3550 x 100% TONNES  2.75% 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:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  97.66 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 GIGANTIC SIZED  3105 CONTRACT OI TO  140,437 AND CLOSER 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 2523 CONTRACTS

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

DEC 2523  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  2523 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 3141  CONTRACTS AND ADD TO THE 2523  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN AN ATMOSPHERIC SIZED GAIN  OF 5628  OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 28.140MILLION OZ//

OCCURRED WITH OUR RISE IN PRICE OF  $0.48….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

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//

7/CRYPTOCURRENCIES/BITCOIN ETC

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING// TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 16.33 PTS OR 0.53%   //Hang Seng CLOSED DOWN 198.79 OR  1.20%    /The Nikkei closed DOWN 155.68 OR 0.56%          //Australia’s all ordinaires CLOSED UP  0.52%   /Chinese yuan (ONSHORE) closed DOWN TO 7.2527 //OFFSHORE CHINESE YUAN DOWN 7.2646//    /Oil DOWN TO 88.06 dollars per barrel for WTI and BRENT AT 93.68    / Stocks in Europe OPENED MOSTLY RED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKERHANGHAI CLOSED DOWN 16.33 PTS OR 0.53%   //Hang Seng CLOSED DOWN 198.79 OR  1.20%    /The Nikkei closed DOWN 155.68 OR 0.56%          //Australia’s all ordinaries CLOSED UP  0.52%   /Chinese yuan (ONSHORE) closed DOWN TO 7.2527 //OFFSHORE CHINESE YUAN DOWN 7.2646//    /Oil DOWN TO 88.06 dollars per barrel for WTI and BRENT AT 93.68    / Stocks in Europe OPENED MOSTLY RED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

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 VERY STRONG SIZED 10,256  CONTRACTS TO 489,137 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 COMEX INCREASE OCCURRED WITH OUR  HUGE GAIN IN PRICE OF $34.40  IN GOLD PRICING TUESDAY’S COMEX TRADING. WE ALSO HAD A STRONG SIZED EFP (4771 CONTRACTS). . THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. IT SEEMS THAT SPEC SHORTS ARE STILL HAVING TROUBLE COVERING THEIR HUGE SHORTFALL.

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 NON -ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 4771 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :  4771  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4771 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: AN ATMOSPHERIC SIZED  TOTAL OF 15,027  CONTRACTS IN THAT 4771 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A VERY STRONG  SIZED  COMEX OI GAIN OF 10,256  CONTRACTS..AND  THIS GIGANTIC SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR STRONG  RISE IN PRICE OF GOLD $34.40//WE FINALLY HAD SOME SPEC SHORTS TRYING TO COVER THEIR SHORTFALL WITH LIMITED SUCCESS. BANKERS CONTINUE  AS NET BUYERS OF COMEX GOLD CONTRACTS AS THEY HAVE BEEN NET LONG FOR THE PAST FEW MONTHS.  WE ALSO HAD HUGE ADDITIONAL  NEWBIE SPECS GOING LONG.  IT LOOKS LIKE OUR SPEC SHORTS ARE IN DEEP TROUBLE  

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING NOV   (20.299),

 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  YEAR  2021 (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:  77.390 TONNES/ FINAL

NOV 20.299 TONNES/INITIAL (TOTAL SO FAR THIS YEAR 564.435 TONNES)

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $34.40) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS.  HOWEVER WE DID HAVE SOME SPECULATOR SHORTS COVERING THEIR SHORTFALL BUT ZERO SPEC SHORT ADDITIONS..  WE HAD AN ATMOSPHERIC SIZED GAIN ON OUR TWO EXCHANGES OF 15,027 CONTRACTS.//    WE HAVE GAINED A TOTAL OI  OF 48.811 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR NOV. (20.299 TONNES)…THIS WAS ACCOMPLISHED DESPITE OUR RISE IN PRICE OF $34.40 

WE HAD -666  CONTRACTS  COMEX TRADES REMOVED. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 15,027 CONTRACTS OR 1,502,700  OZ OR  46.74 TONNES

Estimated gold volume 317,061//  very good//

final gold volumes/yesterday  240,099/  fair

INITIAL STANDINGS FOR  NOVEMBER 2022 COMEX GOLD //NOV 9

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz 48,307.132oz

Brinks
Manfra

 









 
Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz
NIL oz
No of oz served (contracts) today16   notice(s)
1600  OZ
0.0497 TONNES
No of oz to be served (notices)1628 contracts 
162,800 oz
5.063 TONNES

 
Total monthly oz gold served (contracts) so far this month4898 notices
489,800
15.294TONNES
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: 0

total deposits  nil oz

 customer withdrawals:2

ii) Out of Brinks:  11,031.284 oz

ii) Out of Manfra:  37,275.848 oz

total:  48,307.132  oz

total in tonnes: 1.502 tonnes

Adjustments: 3//  dealer to customer

i) Out of Brinks: 8,000.46oz

ii) Out of HSBC: 385.812 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOVEMBER.

For the front month of NOV. we have an oi of 1644 contracts having LOST ONLY  6 contracts.   We had  24 notices served on TUESDAY so we gained a strong 16

or an additional 1600 OZ (0.0497 TONNES) will stand in this non active month of November.  We will have Nov gold tonnage standing increase daily from this day forth until the end of the month.

This queue jumping originates in London with the exercising of London based EFP’s for comex gold.

December LOST ONLY 14,611 contracts DOWN to 308,189. DEC WILL BE A DILLY OF A DELIVERY MONTH.

JANUARY  GAINED 31 contract to stand at 183.

February gained 23,928 contacts up to 137,837.

We had 16 notice(s) filed today for 1600 oz 


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 16 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 5 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 NOV. /2022. contract month, 

we take the total number of notices filed so far for the month (4898) x 100 oz , to which we add the difference between the open interest for the front month of  (NOV 1644 CONTRACTS)  minus the number of notices served upon today 16 x 100 oz per contract equals 652,600 OZ  OR 20.299 TONNES the number of TONNES standing in this   non active month of NOV. 

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

No of notices filed so far (4898) x 100 oz+   (1644)  OI for the front month minus the number of notices served upon today (16} x 100 oz} which equals 652,600 oz standing OR 20.299  TONNES in this NON active delivery month of NOV..

TOTAL COMEX GOLD STANDING:  20.299 TONNES  (A HUMONGOUS STANDING//NEW RECORD FOR NOV (GENERALLY THE POOREST DELIVERY MONTHS FOR A NON ACTIVE MONTH)

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:  1,980,828.418 OZ   61.61 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  24,290,811.354 OZ  

TOTAL REGISTERED GOLD: 11,188,220.448  OZ (348.00 tonnes)..dropping fast

TOTAL OF ALL ELIGIBLE GOLD: 13,102,590.906 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,207,392OZ (REG GOLD- PLEDGED GOLD) 286,38 tonnes//rapidly declining 

END

SILVER/COMEX

NOV 9//INITIAL NOV. SILVER CONTRACT

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory386,130.620oz



Brinks


 










 
Deposits to the Dealer Inventory613,908.320 OZ
Manfra
Deposits to the Customer Inventory1,098,119.115 oz

Delaware
HSBC

 











 
No of oz served today (contracts)126  CONTRACT(S)  
 (630,000 OZ)
No of oz to be served (notices)107 contracts 
(535,000 oz)
Total monthly oz silver served (contracts)287 contracts
 (1,435,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month


i)  1 dealer deposit

i)Into Manfra:  613,908.320 oz

total dealer deposits:  613,908.320   oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have  1 withdrawals out of the customer account

i) Out of Brinks:  386,130.620 oz

Total withdrawals:  386,130.620oz

JPMorgan has a total silver weight: 154,117million oz/299.754 million =51.38% of comex .//dropping fast

 Comex deposits: 2

i) Into Delaware: 194,629.385 oz

ii) Into HSBC  903,489.730 oz

 adjustments: 2 dealer to customer

39,164.830 oz Int. Delaware

JPMorgan  4914.198 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 35,423 MILLION OZ (declining rapidly)

TOTAL REG + ELIG. 299.754 MILLION OZ (also declining)

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF NOV OI: 233 CONTRACTS HAVING GAINED 30 CONTRACT(S.) 

WE HAD 0 NOTICES FILED ON TUESDAY, SO WE GAINED 30 CONTRACTS OR AN ADDITIONAL 150,000 OZ WILL STAND

FOR SILVER IN THIS VERY NON ACTIVE DELIVERY MONTH OF NOVEMBER.

DECEMBER SAW A LOSS OF 3244 CONTRACTS DOWN TO 90,635

 (WE WILL HAVE A DANDY DEC. DELIVERY MONTH AS THE CONTRACTION IS GOING VERY SLOWLY)

JANUARY SAW A GAIN OF 131 CONTRACTS UP TO 1451 CONTACTS.

.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY:126 for 630,000   oz

Comex volumes:108,554// est. volume today// very strong   

Comex volume: confirmed yesterday: 95,009 contracts (  strong)

To calculate the number of silver ounces that will stand for delivery in NOV. we take the total number of notices filed for the month so far at  287 x 5,000 oz = 1,435,000 oz 

to which we add the difference between the open interest for the front month of NOV(233) and the number of notices served upon today 126 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the NOV../2022 contract month: 287 (notices served so far) x 5000 oz + OI for front month of NOV (233)  – number of notices served upon today (126) x 5000 oz of silver standing for the NOV. contract month equates 1,970,000 oz. 

We will gain in silver oz standing from this day forth until the end of the month.

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:104,869// est. volume today//    huge/shorts covered

Comex volume: confirmed yesterday: 77,563 contracts ( good)

END

GLD AND SLV INVENTORY LEVELS

NOV 9/WITH GOLD DOWN $2.00:  BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.89 TONNES INTO THE GLD////INVENTORY RESTS AT 908.38 TONNES

NOV 8/WITH GOLD UP $34.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.47 TONNES FROM THE GLD//: INVENTORY RESTS AT 905.49 TONNES

NOV 7/WITH GOLD UP $2.95: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.63 TONNES FROM THE GLD//INVENTORY RESTS AT 906.96. TONNES

NOV 4/WITH GOLD UP $44.45 TO $1673.30: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.48 TONNES FROMTHE GLD////INVENTORY RESTS AT 911.59 TONNES.

NOV 3/WITH GOLD DOWN $18.30 TO $1628.85: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.05 TONNES FROM THE GLD////INVENTORY RESTS AT 915.07 TONNES

NOV 2/WITH GOLD UP 55 CENTS TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 919.12 TONNES.

NOV 1/WITH GOLD UP $9.20 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.02 TONNES FORM THE GLD../INVENTORY RESTS AT 920.57 TONNES

OCT 31/WITH GOLD DOWN $4.00; BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD//INVENTORY RESTS AT 922.59. TONNES//

OCT28/WITH GOLD DOWN $19.70 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.19 TONNES FROM THE GLD..///INVENTORY RESTS AT 925.20 TONNES

OCT 27/WITH GOLD DOWN $3.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.39 TONNES

OCT 26/WITH GOLD UP $11.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.39 TONNES

OCT 25/WITH GOLD UP $3.85: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 928.39 TONNES

OCT 24/WITH GOLD DOWN $1.80 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.89 TONNES FROM THE GLD////INVENTORY RESTS AT 928.10 TONNES

OCT 21/WITH GOLD UP $19.10: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 930.99 TONNES

OCT 20/WITH GOLD UP $2.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.08 TONNES FROM THE GLD///INVENTORY RESTS AT 932.73 TONNES

OCT 19/WITH GOLD DOWN $20.65:: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD////INVENTORY RESTS AT 938.81 TONNES

OCT 18/WITH GOLD DOWN $7.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 939.10 TONNES

OCT 17/WITH GOLD UP $14.55: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.28 TONNES FROM THE GLD///INVENTORY RESTS AT 941.13 TONNES

OCT 14/WITH GOLD DOWN $26.50 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FROM THE GLD///INVENTORY RESTS AT 944.31 TONNES

OCT 13/WITH GOLD DOWN $0.40 TODAY: A DEPOSIT OF 1.16 TONNES INTO THE GLD// CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 945.47 TONNES

OCT 12/WITH GOLD UP $4.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 944.31 TONNES

OCT 11/WITH GOLD UP $10.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 944.31 TONNES

OCT 10//WITH GOLD DOWN $33.50 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 944.31 TONNES

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 INTO THE 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

GLD INVENTORY: 908/38  TONNES

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

NOV 9/WITH SILVER DOWN 10 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV/; A WITHDRAWAL OF 3.821 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 472.108 MILLION OZ//

NOV 8/WITH SILVER UP 48 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.751 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 475.929 MILLION OZ//

NOV 7/WITH SILVER UP 12 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 477.678 MILLION OZ//

NOV 4/WITH SILVER UP $1.31 TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.972 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 477.678 MILLION OZ//

NOV 3.WITH SILVER DOWN 16 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 566,000 OZ FROM THE SLV////INVENTORY RESTS AT 482.650 MILLION OZ//

NOV 2/WITH SILVER DOWN 9 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 92,000 OZ FROM THE SLV////INVENTORY RESTS AT 483.216 MILLION OZ//

NOV 1/WITH SILVER UP 53 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 415,000 OZ FORM THE SLV////INVENTORY RESTS AT 483.308 MILLION OZ

OCT 31: WITH SILVER FLAT: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .644 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 483.723 MILLION OZ//

OCT 28/WITH SILVER DOWN 35 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 276,000 OZ INTO THE SLV////INVENTORY RESTS AT 484.367 MILLION OZ//

OCT 27/WITH SILVER UP 3 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE S: A WITHDRAWAL OF 2.579 MILLION OZ FROMTHE SLV/////INVENTORY RESTS AT 484.091 MILLION OZ//

OCT 26/WITH SILVER UP 11 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.013 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 486.670 MILLION OZ./.

OCT 25/WITH SILVER UP 17 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.083 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 487.683 MILLION OZ/

OCT 24/WITH SILVER UP 6 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .553 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 485.610 MILLION OZ//

OCT 21/WITH SILVER UP 43 CENTS: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .46 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 486.163MILLION OZ//

OCT 20/WITH SILVER UP 33 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .921 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 485.703 MILLION OZ//

OCT 19/WITH SILVER DOWN 27 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.105 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 486.624 MILLION OZ///

OCT 18/WITH SILVER DOWN 5 CENTS:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.658 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 487.729 MILLION OZ///

OCT 17/WITH SILVER UP 53 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.151 MILLION OZ INTO THE SLV////INVENTORY REST AT 486.071 MILLION OZ//

OCT 14/WITH SILVER DOWN 77 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.211 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 484.920 MILLION OZ//

OCT 13/WITH SILVER DOWN 2 CENTS TODAY: BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.513 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 482.709 MILLION OZ//

Oct 12/WITH SILVER DOWN 18 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 478.196 MILLION OZ

OCT 11/WITH SILVER DOWN 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.066 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 478.196 MILLION OZ

OCT 10//WITH SILVER DOWN 65 CENTS TODAY:  NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 473.130 MILLION OZ/

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//

CLOSING INVENTORY 472.108 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff  

Peter Schiff: The Gold Train Has Left The Station

WEDNESDAY, NOV 09, 2022 – 08:45 AM

Via SchiffGold.com,

Gold rallied by over $50 an ounce last Friday and the rally has extended into this week with the yellow metal moving back above $1,700 an ounce. In his podcast, Peter Schiff explained why he thinks that gold has bottomed and this is a significant reversal.

Commodity prices in general have been rallying over the last several days. News that China might be close to ending its zero-COVID policies sparked the rally. Industrial metals and oil both saw big gains.

This is bad news for the Federal Reserve.

It’s going to see inflation being pushed higher even as the economy continues to soften.”

Increased Chinese demand as the country’s economy reopens could also be a problem for the Fed. The central bank focuses on fighting inflation by lowering demand. But as Peter pointed out, demand is global, not just domestic.

I always talk about how we can have higher inflation during a recession because I realize that prices are not just determined by the ability of Americans to pay, but it’s the ability of everybody all around the world to pay. Americans are competing with foreigners for the same goods. And, it’s also not simply a function of demand, but it’s a function of supply. Even if demand in America goes down, supply in America could go down even more because demand outside America goes up, and supply is diverted from the United States abroad. So, even if American consumers are buying less, there are even fewer goods available for them to buy. And so, what ends up happening is fewer goods get bought, but the ones that do get bought are bought at ever-increasing prices.”

Dollar weakness could further exacerbate the situation. Despite Jerome Powell’s hawkish comments after the November Fed meeting, the dollar failed to make a new high.

I think as it becomes more obvious that the dollar has seen its highs and is headed lower, I think you are going to get a rush to liquidate long dollar positions. So many people have been piling into the dollar as the only safe haven, as the least-dirty shirt in the hamper, the dollar milkshake theory — whatever it is, a lot of people have been buying dollars, and they are long dollars. The assumption was that the dollar would keep on rising. But the minute that momentum is lost, there is tremendous downside as everybody looks to unwind those positions.”

Peter said another signal that the dollar has reached its high is gold has reached its low.

Of all the big moves in the market during the week, I think the most significant move was the one made by gold.”

Gold made a new 52-week low interday last Thursday (Nov. 3). But on Friday, gold rallied with the price rising by $52.

If you look at the trading pattern for gold, it was an outside reversal week, where during the week, gold took out the low from the prior week, it took out the high from the prior week, and then it closed above the prior week’s high.”

Peter called it “a very significant reversal.”

And it continued this week with gold rallying back above $1,700 an ounce on Tuesday (Nov. 8).

Silver charted a similar rally. The difference was that silver did not make a new 52-week low last week.

When you see gold making a new low, but that new low not being confirmed by silver, that is an indication of a bottom because silver is normally weaker than gold until you get to the end of the bear market, and then silver starts to have some relative strength in relation to gold.”

Peter said gold mining stocks also confirmed the bottom. As a group, miners also failed to make a 52-week low even as gold did.

What makes me more confident in this call is the fact that even though gold itself made a new 52-week low on Thursday, the gold stocks did not. And then we had the explosive move up on Friday where both the GDX and the GDXJ rose better than 10% on the day. It is very rare that you see gold stocks up 10% in a single day.”

While both $50 up-moves in the price of gold and 10% rallies in mining stocks are rare, Peter said he thinks it will become less so in the coming months.

I figure, before too long, we’re going to finally see the price of gold rally by $100 in one day.”

Peter also pointed out that we’ve already seen healthy demand for physical gold.

You can already see the demand in physical gold and silver, where demand is skyrocketing. Central bank demand is skyrocketing.”

In fact, central bank demand set a Q3 record with a huge increase in unreported buying. Many speculate that the mystery buyer was China.

That makes a lot of sense to me. I think China is really trying to stockpile its gold, especially if China is thinking of doing something, maybe making a move against Taiwan. They’re not going to do that until they’ve really shored up their gold holdings. They want to divest themselves of US dollars and US Treasuries and be loaded up with gold before they do anything that may invoke sanctions.”

Peter said it’s only a matter of time before investors realize that the price of gold is not only going to rise commensurate with the cost of producing it, but it’s going to rise more.

Because as investors lose confidence in the ability of the Fed and other central banks to rein in inflation, now they’re more motivated to hedge against inflation because they can no longer count on the central banks to protect them. They have to look for their own protection, and they can find it in gold.”

In this podcast, Peter also talks about the continued decline in tech stocks, and the decline labor force participation rate.

https://www.zerohedge.com/markets/peter-schiff-gold-train-has-left-station

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

PAM AND RUSS MARTENS

CRYPTO COLLAPSE!!

The Crypto Billionaire Featured on the Cover of Fortune in August Has Flamed Out in One Week

By Pam Martens and Russ Martens: November 9, 2022 ~

The August/September cover of Fortune Magazine raised the titillating question as to whether crypto billionaire Sam Bankman-Fried might be the next Warren Buffett – a man whose investment acumen has survived more than seven decades. Less than three months later, the public has its answer. Bankman-Fried’s crypto empire has turned to ruins in one week.

As it turns out, folks don’t have a lot of confidence in the crypto exchanges that hold their crypto. The equivalent of bank runs seen in the early 1930s, before federal deposit insurance was enacted by Congress in 1933, can wipe out a crypto exchange in a week’s time.

According to Reuters, Bankman-Fried’s crypto exchange, FTX, saw $6 billion of withdrawals in a 72-hour span through yesterday, leaving the exchange teetering amid questions about its solvency.

Changpeng (CZ) Zhao, the CEO of the competitor crypto exchange, Binance, who helped to spark the concerns about FTX, is now attempting to play the white knight and buy the troubled FTX. Or not.

According to Tweets from CZ, there are quite a few loopholes to the deal moving forward. CZ has given himself the escape routes of doing due diligence (“DD”), a “non-binding” Letter of Intent, and prominently noted in his Tweet that “Binance has the discretion to pull out from the deal at any time.”

cz Post on Twitter Re Taking Over FTX

We can see why CZ might want to buy himself some time before moving forward. According to CoinGecko, at 7:24 a.m. (ET) this morning, the FTX token, FTT, had lost 81.7 percent of its value over the span of the last seven days.

Despite all the hoopla stirred up by mainstream media about crypto being the hottest thing since sliced bread, on June 29 of this year Bank of America released its crypto survey findings, which included a stunning data point. Bank of America researchers noted that: “Ultimately, crypto assets comprise less than 1% of overall US household financial assets. The Bank of America survey suggests relatively few people view crypto assets as a reliable long-term investment.”

“Reliable” is the operative word in the above sentence. For the big picture on the reputational hits that crypto has taken this year, we offer the following 2022 articles from Wall Street On Parade:

May 16, 2022: Crypto’s Crash: 100-to-1 Leverage Goes Poof!

May 26, 2022: Stable Coin and Cryptocurrency Investors Are Not the Only Ones in Tears: Ten Crypto Mining Stocks Have Fallen by 50 to 80 Percent Year-to-Date

June 17, 2022: As the Speeding Crypto Train Crashes, Scientific and Engineering Experts Tell Congress that Both Crypto and Blockchain Were a Sham from the Beginning

June 21, 2022: Has Crypto Endangered Federally-Insured Big Banks? Ask State Street

July 6, 2022: Crypto Billionaire Sam Bankman-Fried Is Dangling $1 Billion in Political Donations; But He Wants Dangerous Crypto Derivatives Trading in Return

July 28, 2022: Senate Banking Committee Will Hear Today About Getting “Pig Butchered” and an Explosion in Crypto Con Men Preying on the Unwary

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

end

4.  OTHER PHYSICAL SILVER/GOLD COMMENTARIES

5.OTHER COMMODITIES:

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 7.2527 

OFFSHORE YUAN: 7.2646

SHANGHAI CLOSED DOWN 16,33 PTS OR  0.53%

HANG SENG CLOSED DOWN 198.79 OR 1.20% 

2. Nikkei closed DOWN 155.68 PTS OR 0.56%

3. Europe stocks   SO FAR:  MOSTLY  RED

USA dollar INDEX UP TO  109.84/Euro FALLS TO 1.0043

3b Japan 10 YR bond yield: FALLS TO. +.242!!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 145,70/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:   DOWN-//  OFF- SHORE: DOWN

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 DOWN for WTI and DOWN FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.222%***/Italian 10 Yr bond yield FALLS to 4.328%*** /SPAIN 10 YR BOND YIELD FALLS TO 3.266%…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 4.654//

3j Gold at $1707.75//silver at: 21.27  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND 14/100        roubles/dollar; ROUBLE AT 61.12//

3m oil into the 88 dollar handle for WTI and  93 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 146.42DESTROYING 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 0.9819– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9368well 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: 4.128% UP 0 BASIS PTS…GETTING DANGEROUS

USA 30 YR BOND YIELD: 4.263% UP 0 BASIS PTS//

USA DOLLAR VS TURKISH LIRA: 18,60…GETTTING DANGEROUS

GREAT BRITAIN/10 YEAR YIELD: 3.5515%

end

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Stock Rally Fizzles As Red Wave Downgraded To Red Ripple

WEDNESDAY, NOV 09, 2022 – 07:52 AM

Futures and yields are flat, both recovering from a dip earlier in the session, as investors kept an eye on midterm election results ahead of key inflation data later in the week. To the disappointment of bulls, a Red Wave failed to emerge in Congress as voters delivered a mixed verdict in elections shaped by inflation and split around social issues, with Republicans headed toward control of the US House, but by smaller margins than forecast, while the Senate majority remains a toss-up.

In the House, official results have Republicans on 196 and Democrats on 168. Projections from the New York Times (seats either already won by a party or projected to win) put the Republicans on 219 and Democrats on 207 with 9 seats viewed as “tossups”. In the Senate, official results have Republicans on 47 and Democrats on 48. Democrats won in PA (where a brain-damaged Fetterman managed to flip a critical seat which even liberal pollsters said was set to go to republican Challenger Dr. Oz ) and NH; GOP is leading in NV and WI; Democrats leading in AZ and GA. Three key battleground states which are yet to be called are Arizona, Nevada and Georgia. The Georgia seat could end up having to be decided via an election run-off which would be held on December 6th. As such, the outcome of the election might not be known for weeks.

“It is clear that any Republican majority is likely to be extremely narrow. From a market perspective, that would certainly be attractive,” said DWS Global Chief Investment Officer Bjoern Jesch. “On the one hand, this would remove corporate tax increases or other spending packages that would have threatened both houses if the Democrats marched through. On the other hand, the Republicans would probably be too divided to set their own strong accents in legislation.”

Back to markets, where Nasdaq 100 futures were down -0.5%, while S&P 500 futs slipped 0.4% at 7:30 am ET after fluctuating between gains and losses one day after stocks capped a three-day rally.

In premarket trading, News Corp. and Disney both tumbled at least 8% after posting disappointing results. A selloff in cryptocurrencies deepened, sending Bitcoin toward the biggest four-day slump since June. Oil slid on the now daily sluggish demand outlook from China. The dollar rose while yields were flat.  Affirm Holdings shares tumbled 16% as analysts said the buy-now-pay-later firm’s guidance cut and ongoing credit deterioration overshadowed a solid quarter. Meta Platforms Inc. gained after confirming job cuts of about 13% and let more than 11,000 of employees go. Here are some of the biggest US movers today:

  • Amyris shares slump 22% in US premarket trading after the chemical products distributor reported third-quarter revenue that missed the average analyst estimate. Piper Sandler said more clarity was given on the outlook, but thought there was still some uncertainty.
  • Axon Enterprise reported strong quarterly results and the outlook for the taser and body cameras maker remains strong, analysts say. Axon shares rose 7.7% in extended trading following the results.
  • CarGurus shares drop 22% in premarket trading after the car retailer reported weak 3Q results and gave disappointing guidance, with analysts unsure how long it will take the firm to fix the challenges it faces.
  • Keep an eye on News Corp (NWSA US) after the company reported first-quarter revenue that came ahead of Guggenheim’s estimates, though the broker notes management’s comments on headwinds stemming from factors such as exchange rates persisting into the next quarter.
  • Kroger stock gains 1.3% in premarket trading as Evercore ISI upgraded it to outperform, saying that risk/reward appears favorable with food inflation likely to stay higher for longer.
  • Shares in cryptocurrency- exposed companies dropped in US premarket trading as digital currencies extended their losses, with Binance’s potential takeover of troubled rival exchange FTX stoking worries over the fragility of the industry.Riot Blockchain (RIOT US) -3.8%, Marathon Digital (MARA US) -5%, MicroStrategy (MSTR US) -7%, Coinbase (COIN US) -5%
  • Tesla shares rise as much as 1.9% in US premarket trading following three days of losses and lowest level since June 2021; CEO Elon Musk sold $3.95 billion of shares in the electric-vehicle maker.
  • Upstart slumps about 26% in US premarket trading and is set to hit the lowest level since its IPO in 2020. The AI lending platform’s 3Q results are well below expectations as it deals with significant pressure on its core business from a weakening macro backdrop, analysts say.

Investors had hoped for a Republican “Red Wave” in Congress, with the best outcome seen as GOP control of both the House of Representatives and Senate. Optimism for shares has been helped by a history of robust performance following midterm results. Stocks have tended to flourish during times when government is constrained and polls suggest Republicans could make gains, placing a check on Democratic policies. But voters – and the USPS – delivered a mixed verdict, with Republicans heading for control of the House by smaller margins than forecast and the race for Senate still wide open. The final outcome may not be known for days or even weeks if the results are as close as polls have suggested and if losers challenge results.

“The Republican aim of controlling both houses hangs by a thread,” Chris Beauchamp, the chief markets analyst at IG Group in London, wrote in a note. “A divided House might mean the partisan battles over spending and the debt ceiling are not quite as dramatic or vitriolic, but this is unlikely to brighten the policy outlook markedly. Instead, the focus will likely return to the Federal Reserve and the US economy.”

That left Thursday’s inflation report the next catalyst for markets. Economists are expecting the figures to show consumer prices cooled slightly compared with the previous month. The data could provide crucial clues on how the Federal Reserve is likely to proceed with tightening monetary policy.

“Tension is high and investors won’t want to be burnt by jumping the wrong way ahead of that inflation data, because in the past expectation has proved a little off the mark,” said Danni Hewson, a financial analyst at AJ Bell.

In Europe, the equity benchmark fell for the first time in four days, dragged by tech, real estate, travel- and automotive-industry shares. Euro Stoxx 50 falls 0.7%. IBEX is flat but outperforms peers, DAX lags, dropping 0.8%.  Here are some of the biggest European movers today:

  • Vantage Towers shares jump as much as 11% after Vodafone said in a statement that it will deconsolidate its 81.7% interest in the tower business by creating a joint venture with KKR and Global Infrastructure Partners to hold the stake.
  • Smiths Group rises as much as 5.4%, hitting the highest since Feb. 2020, with analysts saying the industrial group delivered a strong start to its fiscal year.
  • Recordati shares rise as much as 4.8%, hitting the highest since Sept. 19 and extending gains after its results in the prior session, as Banca Akros upgrades its rating on the drugmaker.
  • Scor shares reversed earlier declines on the back of its third quarterly loss in a row and climbed as much as 4.5%, as analysts focused on their deep value and noted that a cost- cutting plan marked a pivotal moment for the French reinsurer.
  • Commerzbank shares decline despite the German lender delivering a beat on its quarterly earnings, with Deutsche Bank flagging what looks like conservative guidance for 2024. Shares fall as much as 7.6%.
  • Evotec falls as much as 12%, the most in three months, after analysts said the German biotech missed quarterly estimates, with investments in the Just-Evotec Biologics arm hurting profits.
  • ITV shares drop as much as 6.6% after the broadcaster said rising costs will be an issue in 2023. Barclays notes this is the first time ITV has mentioned that inflation may hit its costs and earnings. While 3Q results largely met expectations, analysts say the 4Q advertising outlook fell short amid growing economic uncertainty.
  • Marks & Spencer falls as much as 7%, the most since Sep. 29, after the UK retailer’s trading update is seen as offering little reassurance in the face of demand headwinds and cost inflation.

Earlier in the session, Asian shares were little changed after three straight gains of more than 1%, as a rally in tech stocks offset losses in Chinese shares and investor worries about US midterm election results. The MSCI Asia Pacific Index was up 0.01% as of 6:04 p.m. in Singapore, with chipmakers TSMC and Samsung Electronics among the biggest boosters, while Chinese internet names fell amid concerns over Singles Day sales.   With Republicans headed toward control over the US House of Representatives — albeit by a smaller margin than forecast –some investors say it portends difficulty in passing legislation during a trying economic period, while others see political gridlock as preserving status quo. “This could be a dysfunctional political situation at a time of economic crisis,” said Gary Dugan, chief executive officer at the Global CIO Office. However, there may be some positive impact on Asia stocks if the dollar tops out, he added.

Meanwhile, tech shares extended a rebound on cheaper valuations, boosting benchmarks in Taiwan and South Korea. Key gauges in China and Hong Kong, however, dropped for a second straight day after a recent rebound. The decliners were influenced as Chinese producer prices fell into deflation for the first time in nearly two years amid lockdowns and new Covid cases in Beijing jumped. While Asia’s benchmark index has rebounded more than 7% from a recent trough, all eyes are on US consumer price inflation data due Thursday for a sense of the Federal Reserve’s next policy step. Growing lockdowns in China are also weighing on sentiment. “We don’t think the worst is over for Asian equities even though the markets have bounced back about 7% from the late October bottom and flows have picked up,” said Manishi Raychaudhuri, a strategist at BNP Paribas. “The Fed’s hawkish stance on inflation shall sustain till there are clear signs of core inflation peaking out.”

Japanese stocks fells: the Topix dropped 0.4% to 1,949.49 at the 3 p.m. close in Tokyo, while the Nikkei 225 declined 0.6% to 27,716.43. Nintendo contributed the most to the Topix’s loss, decreasing 7.1%. Out of 2,165 stocks in the index, 1,020 rose and 1,022 fell, while 123 were unchanged.

In India, stocks fell from their near-record levels as investors booked profits in recent outperformers such as ICICI Bank and Hindustan Unilever. Stocks across Asia were mixed as investors await midterm poll results in the US.  The S&P BSE Sensex fell 0.3% to 61,033.55 in Mumbai, while the NSE Nifty 50 Index eased by an equal margin. Both indexes still trade about 1% short of their record levels seen in October last year.  Fifteen of BSE Ltd.’s 19 sector sub-gauges dropped, led by consumer durable companies as trading resumed after a holiday on Tuesday. Tata Motors, the owner of Jaguar Land Rover, reported smaller-than-expected loss for September quarter, adding to Indian companies’ stronger show for the earnings season. Of the 44 Nifty firms that have announced results so far, 31 have met or beaten analysts’ estimates, while 10 missed. ICICI Bank contributed the most to the Sensex’s decline, decreasing 0.6%. Out of 30 shares in the index, 8 rose and 22 fell.

Australian stocks rallied for a 4th day: the S&P/ASX 200 index rose 0.6% to close at 6,999.30, boosted by gains in mining and real estate shares. A gauge of mining shares hit the highest since Aug. 26 after metal prices increased. Shares of gold miners, including St Barbara, were the benchmark’s best performers after the metal advanced on a slide in the US dollar.  In New Zealand, the S&P/NZX 50 index was little changed at 11,143.48.

In FX, the Bloomberg Dollar Index rebounded and the greenback rose versus all of its Group-of-10 peers as risk assets turned lower. One-day hedging costs rallied across the major currencies, modestly higher than what the roll suggested, as focus shifts to Thursday’s US inflation report. Risk sensitive currencies, such as the kiwi and pound fell by around 1% against the greenback. The euro fell, but remained above parity.

  • The pound plunged by as much as 1.1% after three days of gains, while gilts twist flattened. Bank of England monetary policy committee members Jon Cunliffe and Jonathan Haskel are due to speak later, a day after Chief Economist Huw Pill suggested that the stimulus program through the pandemic was a mistake and contributed to inflation
  • Australian sovereign bonds extended opening gains after data showed that China’s producer prices fell into deflation for the first time in nearly two years. The producer price index declined 1.3% in October from a year earlier after gaining 0.9% the previous month
  • Japanese government bonds rose after a solid sale of 30-year bonds alleviated concerns about demand for super-long debt. The yen was steady

In rates, Treasuries were mixed with the curve flatter, pivoting around a little-changed 10-year sector. Bunds outperform, bull-flattening sharply, while stocks hover near top of Tuesday’s range. US yields richer by nearly 2bp across long-end of the curve and cheaper by ~1bp across front-end, leaving 2s10s, 5s30s spreads flatter by 1bp and 2bp on the day, while 10-year at around 4.125% is little changed from Tuesday’s close. Bunds outperform by 4.5bp in the 10-year sector, gilts by 1.2bp. Focal points of US session focus include 10-year note auction and a couple of Fed speakers ahead of Thursday’s inflation data: the US auction cycle resumes with $35b 10-year at 1pm, followed by $21b 30-year Thursday; Tuesday’s 3-year note sale was strong, drawing a yield 1.2bp below the WI at the bidding deadline.  Two-year German and Italian government bond yields inched up while falling further out. One trader has placed a large bet using options on German 10-year futures, targeting the yield to fall to 1.55% for maximum profit, down from about 2.25% currently

In commodities, WTI drifts lower to trade near $88. WTI and Brent futures are softer intraday as the Dollar claws back some recently lost ground and sentiment remain tilted to the downside, while China’s COVID situation remains an overhang for the complex. Spot gold fell roughly $7 to trade near $1,705/oz, swayed from gains to losses after testing resistance at its 100 DMA (1,715/oz) in early European hours, before a turn in risk sentiment spurred the Dollar and hit the yellow metal. Base metals are pressured by the downbeat risk tone and the firmer Dollar, but 3M LME copper holds onto a USD 8,000/t handle after testing USD 8,100/t to the upside overnight.

Cryptocurrencies slipped further as Binance’s potential takeover of embattled rival exchange FTX.com highlighted how strains in the digital-asset industry are buffeting some of its top players. Bitcoin traded as much as 7.7% lower.

To the day ahead now, and although investors will be digesting the midterm results, there are a few central bank speakers to look out for as well, including the Fed’s Williams and Barkin, the ECB’s Elderson, and the BoE’s Haskel and Cunliffe.

Market Snapshot

  • S&P 500 futures down 0.4% to 3,820.50
  • STOXX Europe 600 down 0.8% to 418.34
  • MXAP up 0.2% to 144.17
  • MXAPJ up 0.5% to 464.43
  • Nikkei down 0.6% to 27,716.43
  • Topix down 0.4% to 1,949.49
  • Hang Seng Index down 1.2% to 16,358.52
  • Shanghai Composite down 0.5% to 3,048.17
  • Sensex down 0.2% to 61,067.52
  • Australia S&P/ASX 200 up 0.6% to 6,999.30
  • Kospi up 1.1% to 2,424.41
  • German 10Y yield down 0.9% to 2.26%
  • Euro down 0.2% tp $1.0051
  • Brent Futures down 0.7% to $94.71/bbl
  • Gold spot down 0.3% to $1,707.98
  • U.S. Dollar Index up 0.1% to 109.79

Top Overnight News from Bloomberg

  • US voters delivered a mixed verdict in elections shaped by inflation and splits around social issues, with Republicans headed toward control of the US House, but by smaller margins than forecast
  • Consumers’ expectations for inflation over the next 12 months rose to 5.1% in September from 5% in August, European Central Bank says in statement summarizing the results of its monthly survey
  • Euro-area wage growth has jumped, with most occupations seeing raises of at least 3%, according to an analysis of job ads that also suggests the pace of increases may be flattening
  • Two key indicators of Chinese interbank borrowing costs have hit a three-month high, as the nation’s central bank faces a crucial decision on what to do with a massive amount of policy loans due next week
  • Hungary’s annual price growth increased by a full percentage point in October to 21.1%, data published Wednesday showed. The nation is closing in on the three Baltic states that have the fastest inflation in the EU

A more detailed summary of global markets courtesy of Newsquawk

Asia-Pac stocks traded cautiously and US equity futures were indecisive as attention focused on the trickling results from the US Midterm Elections where a red wave has so far not yet materialised although Republicans are in a strong position to take control of the House, while the Senate race is still widely viewed as a toss-up. ASX 200 was led higher by strength in the mining-related sectors although upside was capped as financials are subdued following results from National Australia Bank which posted an increase in FY profit but warned of a significant slowdown in lending growth for the current fiscal year. Nikkei 225 faded its initial gains with price action lacklustre amid a slew of earnings and despite Japan’s Cabinet approving a JPY 29.1tln extra budget to fund the stimulus package. Hang Seng and Shanghai Comp swung between gains and losses with early strength in property names after China’s state planner asked large banks to step up lending for manufacturing infrastructure and developers, with China to provide initial support of around CNY 250bln in bond financing to private firms, although COVID-related headwinds persisted following a further increase in China’s daily infections and participants also reflected on the mixed-to-soft inflation data. Chinese developers jumped the most in eight months as a regulator expanded financing support for the sector.

Top Asian News

  • China’s Guangzhou reportedly locked down a second district due to coronavirus. However, it was separately reported that China lifted the lockdown in the area around Foxconn’s Apple (AAPL) iPhone plant as planned, according to Bloomberg.
  • China’s Guangzhou locks down another district amid COVID, according to Bloomberg.
  • China reported 1,346 (prev. 890) new coronavirus cases in the mainland for November 8th, 1,294 (prev. 843) new local cases and 6,989 (prev. 6,801) new asymptomatic cases, according to Reuters.
  • US President Biden will highlight a commitment to rules-based international order in the South China Sea during the ASEAN summit and will talk about the need for peace and stability throughout the Indo-Pacific region and across the Taiwan Strait, according to a senior administration official cited by Reuters.
  • RBA’s Bullock reiterated that further rate hikes will be needed. Wage growth is a bit stronger than thought three months ago. Good reason to think approaching peak of the inflation cycle, via Reuters.

In Europe, major bourses hold a downside bias after seeing some choppiness at the cash open and following a somewhat mixed APAC handover. Sectors are all in the red with a clear defensive bias as Telecoms, Utilities, Healthcare, Food & Beverages post the shallowest losses, whilst Tech, Travel & Leisure, Real Estate and Retail reside at the other end of the spectrum. US equity futures traded sideways on either side of breakeven overnight and in early European hours but have since drifted under the overnight lows.

Top European News

  • UK PM Sunak could raise the top rate of income tax, according to The Telegraph. Options being discussed include raising the 45% top rate, or lowering the GBP 150k annual income threshold at which it kicks in.
  • UK Chancellor Hunt is set to scrap former PM Truss’ plan for investment zones, according to FT.
  • EU is mulling Eurobonds for Ukraine fund, Politico reported – will propose a new EU instrument to finance EUR 18bln.
  • ECB Says 12-Month Consumer Inflation Expectations Rose Slightly
  • Adidas Cuts Margin Forecast After Ending Yeezy Partnership
  • M&S Falls Amid Concerns Over Demand, Cost Inflation For Retail
  • Top Sunak Ally Williamson Resigns Amid Bullying Allegations
  • Commerzbank’s New Targets Disappoint Investors as Charges Mount

FX

  • DXY attempted to stop the rot and nurse some losses awaiting the remaining and potentially game-changing Midterm Election results, with the index now on either side of 110.00.
  • The NZD and GBP underperform and more ground than other majors as the Buck bounced, with nothing obvious in terms of negative NZ or UK factors.
  • Traditional havens JPY and CHF are off best levels, but retained a safety premium as the rout in crypto currencies raged on and the ripples reverberated across to stocks.

Fixed Income

  • US Treasuries are braced for the long bond sale that wraps up this week’s rather mixed Quarterly Refunding.
  • Gilts remain in the green having digested an average Green offering.
  • Bunds saw a lack of positive reaction despite a very well received 2032 German auction.

Commodities

  • WTI and Brent futures are softer intraday as the Dollar claws back some recently lost ground and sentiment remain tilted to the downside, whilst China’s COVID situation remains an overhang for the complex.
  • US Energy Inventory Data (bbls): Crude +5.6mln (exp. +1.4mln), Cushing -1.8mln, Gasoline +2.6mln (exp. -1.1mln), and Distillate -1.8mln (exp. -0.9mln).
  • IEA’s Birol said OPEC+ might need to rethink its output cut decision, according to Bloomberg
  • Spot gold swayed from gains to losses after testing resistance at its 100 DMA (1,715/oz) in early European hours, before a turn in risk sentiment spurred the Dollar and hit the yellow metal
  • Base metals are pressured by the downbeat risk tone and the firmer Dollar, but 3M LME copper holds onto a USD 8,000/t handle after testing USD 8,100/t to the upside overnight.

Geopolitics

  • North Korea fired a missile, according to South Korean military; could be a ballistic missile, according to Japanese Coast Guard; projectile has fallen outside of Japan’s EEZ.
  • German cabinet has agreed to block the prospective Chinese takeover of Elmos chip factory and ERS electronics, according to government sources cited by Reuters.

US Event Calendar

  • 07:00: Nov. MBA Mortgage Applications, prior -0.5%
  • 10:00: Sept. Wholesale Trade Sales MoM, est. 0.5%, prior 0.1%
  • 10:00: Sept. Wholesale Inventories MoM, est. 0.8%, prior 0.8%

Central Banks

  • 03:00: Fed’s Williams Discuss Risk and Uncertainty at Event in Zurich
  • 11:00: Fed’s Barkin Discusses the Economic Outlook
  • 20:00: Fed’s Kashkari Discusses Inflation and the Economy

DB’s Jim Reid concludes the overnight wrap

As has been anticipated, it will take a few days to unpack the full results of the US midterms. What is clear at this hour though is that neither major party is running away with the election in a ‘wave’ and it appears that Republicans are still on track to achieve a majority in the House of Representatives, a combo that should put a pin in any new fiscal stimulus for the next few years. The New York Times model is currently showing that the Senate will likely finish with 50 seats each. So overall maybe Democrats slightly outperforming but it’s not too far away from expectations. The mix also seems to not be surprising markets too much, as S&P 500 futures (-0.07%) are oscillating between gains and losses as we go to press. Our US team will be hosting a webinar later today to unpack the implications with the link to register here.

As we awaited the results of the midterm elections, risk assets continued to put in a decent performance yesterday, with the S&P 500 (+0.56%) advancing for a 3rd consecutive session. A reminder that if history’s any guide that could prove to be just the start however, since in all 19 post-war midterm elections, the S&P 500 has closed above its levels on the day of the election after a year. We highlighted this a couple of months ago and in yesterday’s CoTD we showed how the 3 quarters from midterms have been the top 3 quarters for the S&P 500 since 1949 across the 4 year presidential cycle. However as I’ve eluded for a while, although I’ve thought midterms would be a short-term positive catalyst I suspect we won’t see this record spell stretch into a 20th successive positive outcome 12 months on. I’m going to take a stab at why we should ignore history today in my CoTD.

Back to yesterday and gains were pretty broad-based for a relatively modest index-level increase, with over 70% of the index moving higher on the day, and only the consumer discretionary sector in the red (-0.30%) on the day thanks to Tesla’s (-2.93%) decline. The Nasdaq flitted around zero, trading as much as +1.70% higher and -0.87% lower before splitting the difference to finish up +0.49%. After the close, Mark Zuckerberg confirmed that layoffs would start at Meta tomorrow, which won’t help tech sentiment. The sentiment wasn’t any better following Disney’s after-hours earnings, which came in below consensus and had the company ready to find “meaningful efficiencies” in light of rising costs. Disney’s shares were -6.83% lower after the close.

The S&P 500 had a bit of a wild swing after Europe went home moving from +1.35% to -0.55% in the space of an hour before closing higher (+0.56%) as Bitcoin (long time no mention) plunged to $17,187 having been as high as $20,655 as European equity markets closed. It bounced back into the close and is at similar levels as we type this morning at $18,430. Crypto exchange FTX.com had been suffering from a liquidity crunch before rival Binance agreed to buy it yesterday and the associated story created a fair amount of noise, some of it creeping into equities. This morning in Asia there are a few concerns the deal isn’t binding so one to keep an eye on. Before the late US vol, the STOXX 600 (+0.78%) hit its highest level in nearly two months, whilst the DAX (+1.15%) hit its highest level in nearly three months.

For sovereign bonds, the main focus is still on tomorrow’s US CPI report, but there was a decent rally ahead of that as investors modestly dialled back their expectations of future central bank rate hikes. For instance, the futures-implied rate for the Fed in December 2023 came down -6.1bps to 4.80%, having traded as high as 4.88% earlier in the European morning. In turn, that prompted a rally in Treasuries across the curve, with the 10yr yield down -9.0bps on the day to 4.12%, with roughly half of the decline in real yields, which fell -5.2bps. In the meantime, the 2s10s yield curve flattened -1.7bps to -53.1bps, remaining just above its post-1982 closing low of -57.3bps from last week. Meanwhile, in Asia, 2 and 10yr yields are back up a basis point.

Over in Europe, there was a similar sovereign bond rally, with yields on 10yr bunds (-6.3bps), OATs (-6.6bps) and gilts (-9.0bps) all lower on the day. At the front end however, UK gilts underperformed, with the 2yr yield up +5.3bps after BoE chief economist Pill said that “there is more to come” on rates following their 75bp hike last week. Overnight index swaps are currently pricing a nearly even split between a 50bps or 75bps hike at the next meeting in December.

This morning in Asia, equities are mostly trading lower led by the Hang Seng (-1.52%) with the CSI (-0.75%), the Shanghai Composite (-0.35%) and the Nikkei (-0.54%) all trading in negative territory. Elsewhere, the KOSPI (+1.00%) is bucking the trend.

We’ve had softer price data coming out of China as the nation’s producer price index (-1.3% y/y) in October fell for the first time in two years, down from +0.9% growth in September as strict Covid restrictions coupled with a sluggish property sector amid global recession risks dented the economy. Meanwhile, consumer inflation in October (+2.1% y/y) moderated from September’s 29-month high of +2.8% (v/s +2.4% expected) pointing towards underlying domestic price pressures remaining modest.

Staying on China, the Chinese yuan extended its decline for a third day, weakening past the 7.25 level against the dollar after the data. The subdued inflation figures suggests that the PBOC policy divergence against its global peers will continue.

There wasn’t much in the way of data releases yesterday, with Euro Area retail sales growing by +0.4% in September, in line with expectations. That said, there was a positive revision to August which showed that retail sales were unchanged, as opposed to the -0.3% contraction previously released. Otherwise in the US, the NFIB’s small business optimism index for October fell for the first time since June, coming in at 91.3 (vs. 91.4 expected).

To the day ahead now, and although investors will be digesting the midterm results, there are a few central bank speakers to look out for as well, including the Fed’s Williams and Barkin, the ECB’s Elderson, and the BoE’s Haskel and Cunliffe.

end

AND NOW NEWSQUAWK (EUROPE/REPORT)

Downside bias across stocks while crypto continues feeling the pain – Newsquawk US Market Open

Newsquawk Logo

WEDNESDAY, NOV 09, 2022 – 06:44 AM

  • Major bourses in Europe hold a downside bias after seeing some choppiness at the cash open and following a mixed APAC handover; US futures are also softer
  • US Midterm Elections are mostly as expected so far with GOP’s leading the House while the Senate is seen as a toss-up; there was very little market reaction in response to the mid-terms overnight
  • DXY attempts to nurse some recent losses and trades on either side of 110.00 whilst the GBP and NZD underperform
  • Crypto markets remain on the backfoot; Bitcoin briefly dipped under yesterday’s low and Ethereum fell under USD 1,200
  • Looking ahead, highlights include US Midterm Election Results, Speeches from Fed’s Barkin, ECB’s Elderson, BoE’s Haskel, Supply from US

View the full premarket movers and news report. 

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

9th November 2022

  • Click here for the Week Ahead preview

US MIDTERM ELECTION

  • In the House, official results have Republicans on 196 and Democrats on 168. Projections from the New York Times (seats either already won by a party or projected to win) put the Republicans on 219 and Democrats on 207 with 9 seats viewed as “tossups”.
  • In the Senate, official results have Republicans on 47 and Democrats on 48. Three key battleground states which are yet to be called are Arizona, Nevada and Georgia. The Georgia seat could end up having to be decided via an election run-off which would be held on December 6th. As such, the outcome of the election might not be known for weeks.
  • Click here for a full Newsquawk update

EUROPEAN TRADE

EQUITIES

  • Major bourses hold a downside bias after seeing some choppiness at the cash open and following a somewhat mixed APAC handover.
  • Sectors are all in the red with a clear defensive bias as Telecoms, Utilities, Healthcare, Food & Beverages post the shallowest losses, whilst Tech, Travel & Leisure, Real Estate and Retail reside at the other end of the spectrum.
  • US equity futures traded sideways on either side of breakeven overnight and in early European hours but have since drifted under the overnight lows.
  • Click here for more detail.

FX

  • DXY attempted to stop the rot and nurse some losses awaiting the remaining and potentially game-changing Midterm Election results, with the index now on either side of 110.00.
  • The NZD and GBP underperform and more ground than other majors as the Buck bounced, with nothing obvious in terms of negative NZ or UK factors.
  • Traditional havens JPY and CHF are off best levels, but retained a safety premium as the rout in crypto currencies raged on and the ripples reverberated across to stocks.
  • Click here for more detail.

FIXED INCOME

  • US Treasuries are braced for the long bond sale that wraps up this week’s rather mixed Quarterly Refunding.
  • Gilts remain in the green having digested an average Green offering.
  • Bunds saw a lack of positive reaction despite a very well received 2032 German auction.
  • Click here for more detail.

COMMODITIES

  • WTI and Brent futures are softer intraday as the Dollar claws back some recently lost ground and sentiment remain tilted to the downside, whilst China’s COVID situation remains an overhang for the complex.
  • US Energy Inventory Data (bbls): Crude +5.6mln (exp. +1.4mln), Cushing -1.8mln, Gasoline +2.6mln (exp. -1.1mln), and Distillate -1.8mln (exp. -0.9mln).
  • IEA’s Birol said OPEC+ might need to rethink its output cut decision, according to Bloomberg
  • Spot gold swayed from gains to losses after testing resistance at its 100 DMA (1,715/oz) in early European hours, before a turn in risk sentiment spurred the Dollar and hit the yellow metal
  • Base metals are pressured by the downbeat risk tone and the firmer Dollar, but 3M LME copper holds onto a USD 8,000/t handle after testing USD 8,100/t to the upside overnight.
  • Click here for more detail.

NOTABLE EUROPEAN HEADLINES

  • UK PM Sunak could raise the top rate of income tax, according to The Telegraph. Options being discussed include raising the 45% top rate, or lowering the GBP 150k annual income threshold at which it kicks in.
  • UK Chancellor Hunt is set to scrap former PM Truss’ plan for investment zones, according to FT.
  • EU is mulling Eurobonds for Ukraine fund, Politico reported – will propose a new EU instrument to finance EUR 18bln.

NOTABLE US HEADLINE

  • Fed’s Williams (voter) notes that stable long-term inflation expectations are good news, and is surprised by how much of the public expects deflation, according to Reuters.
  • Elon Musk reports the sale of Tesla (TSLA) shares in a filing; sold at least 19.5mln shares worth USD 3.5bln since Friday. TSLA +0.8% pre-market

CRYPTO

  • Bitcoin briefly dipped under yesterday’s low of USD 17,500 before finding support at USD 17,250 while Ethereum fell under USD 1,200.

GEOPOLITICS

  • North Korea fired a missile, according to South Korean military; could be a ballistic missile, according to Japanese Coast Guard; projectile has fallen outside of Japan’s EEZ.
  • German cabinet has agreed to block the prospective Chinese takeover of Elmos chip factory and ERS electronics, according to government sources cited by Reuters.

APAC TRADE

EQUITIES

  • APAC stocks traded cautiously and US equity futures were indecisive as attention centred on the trickling results from the US Midterm Elections where a red wave has so far not yet materialised although Republicans are in a strong position to take control of the House, while the Senate race is still widely viewed as a toss-up.
  • ASX 200 was led higher by strength in the mining-related sectors although upside was capped as financials are subdued following results from National Australia Bank which posted an increase in FY profit but warned of a significant slowdown in lending growth for the current fiscal year.
  • Nikkei 225 faded its initial gains with price action lacklustre amid a slew of earnings and despite Japan’s Cabinet approving a JPY 29.1tln extra budget to fund the stimulus package.
  • Hang Seng and Shanghai Comp swung between gains and losses with early strength in property names after China’s state planner asked large banks to step up lending for manufacturing infrastructure and developers, with China to provide initial support of around CNY 250bln in bond financing to private firms, although COVID-related headwinds persisted following a further increase in China’s daily infections and participants also reflected on the mixed-to-soft inflation data.

NOTABLE ASIA-PAC HEADLINES

  • China’s Guangzhou reportedly locked down a second district due to coronavirus. However, it was separately reported that China lifted the lockdown in the area around Foxconn’s Apple (AAPL) iPhone plant as planned, according to Bloomberg.
  • hina’s Guangzhou locks down another district amid COVID, according to Bloomberg.
  • China reported 1,346 (prev. 890) new coronavirus cases in the mainland for November 8th, 1,294 (prev. 843) new local cases and 6,989 (prev. 6,801) new asymptomatic cases, according to Reuters.
  • US President Biden will highlight a commitment to rules-based international order in the South China Sea during the ASEAN summit and will talk about the need for peace and stability throughout the Indo-Pacific region and across the Taiwan Strait, according to a senior administration official cited by Reuters.
  • RBA’s Bullock reiterated that further rate hikes will be needed. Wage growth is a bit stronger than thought three months ago. Good reason to think approaching peak of the inflation cycle, via Reuters.

DATA RECAP

  • Chinese CPI MM * (Oct) 0.1% vs. Exp. 0.3% (Prev. 0.3%)
  • Chinese PPI YY * (Oct) -1.3% vs. Exp. -1.5% (Prev. 0.9%)
  • Chinese CPI YY * (Oct) 2.1% vs. Exp. 2.4% (Prev. 2.8%)
  • Australian Building Approvals MM (Sep F) -5.8% (Prev. 23.1%)

i)WEDNESDAY MORNING// TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 16.33 PTS OR 0.53%   //Hang Seng CLOSED DOWN 198.79 OR  1.20%    /The Nikkei closed DOWN 155.68 OR 0.56%          //Australia’s all ordinaires CLOSED UP  0.52%   /Chinese yuan (ONSHORE) closed DOWN TO 7.2527 //OFFSHORE CHINESE YUAN DOWN 7.2646//    /Oil DOWN TO 88.06 dollars per barrel for WTI and BRENT AT 93.68    / Stocks in Europe OPENED MOSTLY RED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

end

2B JAPAN

JAPAN

END

3c CHINA

CHINA

4.EUROPEAN AFFAIRS//UK AFFAIRS

UK

One in four Londoners do not have savings

(zerohedge)

One In Four Londoners Don’t Have Savings

WEDNESDAY, NOV 09, 2022 – 04:15 AM

As many as one in four Londoners did not own savings of at least £1,500 right before the full effects of the cost-of-living crisis began to set in, according to data from the 2022 Survey of Londoners.

This means the situations of Londoners have likely worsened since this data was collected – especially given the recent reports that 80 percent of UK customers have under £500 of savings in their accounts.

The following chart, from Statista’s Anna Fleck, provides details on disparities that already existed and insight on which groups may be more vulnerable as a result now.

Infographic: One in Four Londoners Don't Have Savings | Statista

You will find more infographics at Statista

When looking at a breakdown of Londoners by different groups, it becomes clear that the average hides significant inequalities.

For instance, fewer women (28 percent) had £1,500 saved than men (22 percent), and younger Londoners (41 percent), those without a degree (38 percent), or those with a disability (36 percent) also had a higher likelihood of not having as much money in the bank as their counterparts.

The data clearly highlights patterns of social inequalities persisting across different ethnic groups, with nearly half (47 percent) of Black Londoners saying they did not have savings in 2021-22, versus only 17 percent of White Londoners.

As Statista’s chart shows, when the survey was taken, the situation had improved across all groups since 2019, when one in three Londoners did not have £1,500 of savings. One reason for this, according to the Bank of England, is that a lot of people were able to save more during the coronavirus pandemic – especially higher-income households and retirees – as a result of household spending being down.

Analysts chose the savings amount of £1,500 as an estimate for how much money someone living in London would need as a buffer for unexpected costs such as boiler breakdowns, car MOT repairs and loss of income.

end

GERMANY

This is where we hare heading:  no free speech

German politicians move to block Musk from restoring free speech protections on Twitter

(Jonathan Turley)

German Politicians Move To Block Musk From Restoring Free Speech Protections On Twitter

WEDNESDAY, NOV 09, 2022 – 03:30 AM

Authored by Jonathan Turley,

We have been discussing how Hillary Clinton and other Democratic leaders have turned from private censorship to good old-fashioned state censorship. They have called upon their counterparts in England, France, and Germany to prevent the restoration of free speech protections with censorship laws — laws that would be unconstitutional in the United States. The British have already responded to such urgent calls and New Zealand Prime Minister Jacinda Ardern who recently repeated this call for global censorship at the United Nations to the applause of diplomats and media alike.

Now the German left has responded with the the ruling Social Democratic Party of Germany (SPD) calling for censorship before, to use Clinton’s words, “it is too late” and free speech is stored on Twitter.

According to a report by the business newspaper Handelsblatt, SPD members are concerned that Twitter will now allow too much free speech and curtail Twitter’s massive censorship system. Jens Zimmermann MP declared

“The Federal Office of Justice must therefore take Twitter under stricter supervision and act quickly and decisively in the event of violations.” The Germans are threatening not just the company but Musk himself if he does not censor viewpoints: If Twitter does not meet the requirements, there are penalties not only against the company, but also against the managers responsible.”

Clinton and other Democratic leaders are singing to the choir on censorship. Germany has long been one of the most hostile countries to free speech in the West.

Germany has proven the fallacy of changing minds through threatened prosecution.  While I am certainly sympathetic to the Germans in seeking to end the scourge of fascism, I have long been a critic of the German laws prohibiting certain symbols and phrases. I view it as not just a violation of free speech but a futile effort to stamp but extremism by barring certain symbols. Instead, extremists have rallied around an underground culture and embraced symbols that closely resemble those banned by the government. I fail to see how arresting a man for a Hitler ringtone is achieving a meaningful level of deterrence, even if you ignore the free speech implications.

We discussed how Germany is extending its criminalization of speech to the Internet.  Germany imposed a legal regime that would allow fining social networks such as Facebook up to 500,000 euros ($522,000) for each day the platform leaves a “fake news” story up without deleting it. YouTube was fined by the country to forcing the company to remove views that the government considers disinformation on Covid

None of this, mind you, has put a dent in the ranks of actual fascists and haters. Neo-Nazis are holding huge rallies by adopting new symbols and coded words while Germany arrested a man on a train because he had a Hitler ring tone on his phone.

The impact of these laws was evident in a recent poll of German citizens. Only 18% of Germans feel free to express their opinions in public. 59% of Germans did not even feel free expressing themselves in private among friends. And just 17% felt free to express themselves on the Internet.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE//RUSSIA/KHERSON

Russia orders troops to leave Kherson: Zelensky is very cautious over this move

(zerohedge)

Russia Orders Troops To Leave Kherson, But Zelensky’s Office Cautions Over “Staged” Retreat

WEDNESDAY, NOV 09, 2022 – 12:25 PM

In a huge development being hailed as a victory for the Ukrainian counteroffensive, Gen. Sergei Surovikin, the overall commander of Russian forces in Ukraine, has announced a major withdrawal of his troops from Kherson

We will save the lives of our soldiers and fighting capacity of our units. Keeping them on the right (western) bank is futile [of the Dnieper River]. Some of them can be used on other fronts,” Surovikin said. This moment was somewhat expected, given pro-Kremlin officials have for weeks been overseeing a very public evacuation of civilians and the Russia-installed administration from the city.

The Washington Post and others are pointing out that this appears to be a “full withdrawal” from a strategic Black Sea city which Russia had controlled going back to March 2nd. “Russia’s defense minister said Wednesday that Russian troops were retreating east of the Dnieper River in what appeared to be a full withdrawal from the city of Kherson, the one regional capital Russia had captured since its February invasion,” WaPo reports. “The move is a major setback for Russian President Vladimir Putin, who had declared the annexation of the Kherson region.”Announcing the Kherson troop withdraw, via TASS.

Indeed Kherson’s strategic importance can’t be underestimated, given the oblast borders Crimea and has served as a Russian “land bridge” and key logistics channel throughout the invasion. The collapse of Russian lines across the southern region could deprive Moscow forces of this key land corridor while putting Crimea within direct reach of Ukrainian artillery and missiles.

Crimea’s main fresh water supply could also be put in peril, as it comes from this neighboring region. 

Both sides now appear to be scrambling to bolster manpower in the region, with Ukraine’s military vowing to keep up the pressure after pounding the Russian-held city with artillery for weeks:

A senior adviser to Ukraine’s president said on Wednesday it was too early to talk about a Russian troop pullout from the southern city of Kherson.

“Until the Ukrainian flag is flying over Kherson, it makes no sense to talk about a Russian withdrawal,” Mykhailo Podolyak said in a statement to Reuters.

But some Ukrainian officials and national media reporters are already hailing it as an “absolute Ukrainian triumph.” At the same time, the “difficult decision” on Kherson was broadcast over Russian state media in a top level defense ministry meeting…

The Russian side has of late suffered a string of major morale blows, with the latest being Wednesday’s separate announcement of the death of the Russian-installed top administrative official over Ukraine’s Kherson region, Kirill Stremousov.

Russian state media confirmed earlier in the day he was killed in a car crash. As CNN details, based on local sources, “Stremousov was killed in an accident on the highway between Kherson and Armyansk in Crimea, the Russian state media company Vesti (VGTRK) reported, citing the region’s health minister.” He was 45 years old.

General Surovikin in the Wednesday televised briefing also said that Ukrainian missile strikes on the  Kakhovskaya hydroelectric plant and dam could cause catastrophe for area civilians, per state media:

There will be an additional threat to the civilian population and a complete isolation of the group of our troops on the right bank of the Dnepr. Under these conditions, the most rational option is to establish defense along the barrier line of the Dnepr River,” he said, adding that the intensive discharge of water through the dam of the Kiev hydroelectric power plant and hydroelectric power plant downstream, which Ukraine has been carrying out since October 10, was also a cause for concern about the possible flooding of both banks of the Dnepr River.

Some 40,000 Russian troops are now urgently relocating to the opposite side of the Dnieper River…

This is being hailed in Ukraine and the West as the single biggest loss for Russia since the over eight-month long war began.

However, a statement from the Ukrainian presidency’s office suggests the fighting is still raging, and that this could be a “staged” retreat meant to soften Ukrainian resolve at a decisive moment…

The fresh statement from a top Zelensky advisor indicates frontline fighting is still fierce. Indeed some pundits are asking: why would the Russian defense ministry issue such a public, somewhat humiliating statement announcing such a significant retreat of forces on television in the way that it did?

The fresh Ukrainian statement from the presidency’s office strongly suggests Kyiv is still very much wary of a trap.

END

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

Vaccine//Covid issues: Injuries

>

GLOBAL ISSUES:  FOOD INFLATION//SHORTAGES IN GENERAL

World trade seems to be rapidly deteriorating

(zerohedge0

FedEx Parks Planes, Maersk Cancels Sails: World Trade Appears To Be Rapidly Deteriorating

WEDNESDAY, NOV 09, 2022 – 05:45 AM

Economic storm clouds are gathering worldwide as some of the largest shipping companies warn about sliding global trade. US shipper FedEx and Danish shipping giant A.P. Moller-Maersk A/S have been vocal about emerging signs of a global slowdown. Both of these companies are widely seen as a barometer for international trade. 

The latest to warn about weakening economic growth is FedEx CFO Michael Lenz telling an audience Tuesday at the Robert W Baird Global Industrial Conference that the company has reduced flights and parked planes to cut costs in response to soft demand for package delivery. 

Look, we absolutely will realize more of the structural cost savings in the second half of the year. That’s where you get more of the benefits start to roll in principally from — at Express, the flight reductions. 

When you park the aircraft, particularly the older airplanes that we’re packing, you’re deferring a maintenance event, which is a significant expense. While at the same time, you have relatively low ownership costs on those.

So it’s an operationally and financially flexible way to manage capacity there. So as I said, we’re projecting a lower demand outlook for the foreseeable future here.

I don’t have a perfect crystal ball to say what the overall macro environment will be. Don’t have a full year earnings outlook for FY ’23. So I don’t have any specific projection to give you there, but rest assured, as some of these specifics that I was highlighting illustrate, we are fully committed to continuing to take the actions we need for changed expectations of what the operating environment is.”

Lenz provided more details about how many domestic and international flights were reduced: 

We’ve eliminated roughly 8 or 9 international frequencies, about 23 domestic frequencies thus far that were — came into the schedule change we did in October. We’ve got another 8 or 9 domestic frequencies that will go in, in November.

The cost-cutting measures align with the firm’s surprise earnings pre-announcement in mid-September about macroeconomic weakness worldwide. At the time, it said it was withdrawing its fiscal year 2023 earnings forecast. 

FedEx CEO Raj Subramaniam then went on CNBC’s Jim Cramer’s evening show and warned Wall Street analysts and investors about a global slowdown, indicating a global recession was ahead. 

And it’s not FedEx. Maersk, the world’s largest owner of container ships, lowered its outlook for the growth of 2022 global container demand, forecasting 2023 could be worse. There are even reports that the company is canceling sails. 

“There are plenty of dark clouds on the horizon,” the company wrote in its latest earnings report, adding, “this weighs on consumer purchasing power which in turn impacts global transportation and logistics demand.”

The latest from the IMF’s World Economic Outlook and World Bank’s Economic Prospects is a downshift in global economic growth with high inflation, i.e., stagflation. 

Then the UN Conference on Trade and Development warned global central banks are hiking interest rates too aggressively, which could trigger an economic crisis. 

Keep an eye on JP Morgan’s consolidated global manufacturing PMIs that just went into a contraction. 

All the rate hikes by global central banks this year have a 9-12 month lag before hitting world trade. So this all may indicate 2023 could be a disastrous year for the global economy. 

PAUL ALEXANDER

Open in app or online

“People in Europe were lied to, what went on in these contracts with Bourla of Pfizer?; house of cards is tumbling down; EU Parliament Member Christine Anderson; it was always about breaking people

But they failed in Europe, Europeans know and we are going to get accountability in legal settings and Ursula von der Leyen is very concerned now

DR. PAUL ALEXANDERNOV 8
 
SAVE▷  LISTEN
 

SOURCE:

END

Dr. Harvey Risch: Yale Epidemiologist Discusses the Corruption of Medical Science & COVID; This podcast was begun in midst of the Wuhan Panic, its main topic being how insanely, blatantly; FREE Book

and perniciously were public officials lying to us about nearly every aspect of this disease; Risch has been luminary since the beginning of this COVID virus, lockdown lunacy response, the fraud vaxx

DR. PAUL ALEXANDERNOV 8
 
SAVE▷  LISTEN
 

Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter

FREE Christmas gift! Book: ‘Presidential Takedown: How Anthony Fauci, the CDC, NIH and with others, conspired to take down POTUS Trump’; I am providing book FREE to ALL paid annual or founding members

Order via this LINK E-mail for your mailing address: drpaulalexander@protonmail.comAlexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber…

Read more

2 days ago · 33 likes · 15 comments · Dr. Paul Alexander

Start here:

This podcast was begun in the midst of the Wuhan Panic, its main topic being how insanely, blatantly and perniciously were public officials lying to us about nearly every aspect of this disease. We have since moved on to a range of other fascinating topics and guests, but we are especially delighted to have Dr. Harvey Risch join us in the studios to discuss his direct experience with the madness and politicization surrounding a bad seasonal flu, which resulted in appalling damage to the children of this nation (who themselves were and are more likely to die in a car crash than from the Wuhan Flu) and all the rest of society.

SOURCE:

end

VACCINE IMPACT

VACCINE INJURY/

Surge in “Sudden Deaths” Creates Increased Business for Funeral Industry while Life Insurance Industry Suffers due to Increased Death Payouts

November 8, 2022 4:01 pm

Today Service Corporation International, the largest for-profit funeral operator in North America, had its quarterly earnings call. So far in 2022 the company has made almost $500 million in profits – and its stock is up over 15% since last week’s earnings report. It is not just funeral services companies. Market participants were somewhat stunned when Lincoln Financial announced results last week and shares collapsed over 30% after a shocking, and unexpected, $2.6 billion Q3 loss. “A Catastrophe (and Not the Natural Kind),” Wells Fargo Securities analysts said in a note to clients Wednesday night, following the after-market release of earnings by the Pennsylvania life-insurance and annuities company. What drove the big loss? Lincoln National group insurance death payouts for working age in USA 18-64 yr olds. 2019 is pre covid and is the baseline, 2020 covid hits no vaccine 9% increase, 2021 covid still here but now add the vaccine a 163% increase.

Read More…

Dr. Eli David on Twitter: “So Covid vaccines may cause myocarditis, but Covid itself causes myocarditis too, right? WRONG! A large-scale Israeli study of 196,992 unvaccinated adults after Covid infection showed that “Covid infection was not associated with either myocarditis or pericarditis.” https://t.co/F2yCIFkHEW” / Twitter

Inbox

Robert Hryniak10:20 AM (40 minutes ago)
to

Backs up what a lot of people have experienced.

SLAY NEWS//

The latest reports from Slay NewsAnother Top Cardiologist Blows Whistle: Covid Shots Behind ‘Sudden Deaths’ SpikeAnother renowned cardiologist has sacrificed his career to come forward and blow the whistle about the global spike in “sudden and unexpected” deaths and heart attacks in healthy people.READ MORESarah Sanders Makes Powerful Final Pitch to Voters: Biden & Democrats ‘Destroyed Every Single Thing They Touched’Arkansas’ Republican gubernatorial candidate Sarah Huckabee Sanders blasted President Joe Biden and the entire Democratic Party in a powerful final pitch to voters.READ MORE

MICHAEL EVERY/RABOBANK

Michael Every on the day’s most important events:

Lucy In The Markets With Diamonds

WEDNESDAY, NOV 09, 2022 – 11:05 AM

By Michael Every of Rabobank

Lucy in the Markets with Diamonds

The market ‘action’ today is watching US midterm votes be counted, which even emerging markets do more smoothly; and US celebrities roll out on Twitter to back or decry conspiracies about why it is evidently incapable of doing the same.

Apart from that, markets will be echoing a Peanuts cartoon I recall vividly from my childhood (although I sadly failed to find it with a Google search this morning): changing the subject when proved wrong by facts. In said comic strip, Charlie Brown finally shows that some of opinionated Lucy’s statements are unequivocally wrong. Her reply, after a pause, is: “I know a girl who belongs to two book clubs.” A total non-sequitur as denial and shut down.

It’s deeply tragic that what made a 10-year-old laugh is, some four decades later, still the modus operandi for vast swathes of financial markets; but experience across the buy and sell side shows me it is absolutely the case.

Here are some not-too exaggerated Charlie Brown simple questions to markets and many Lucies’ diamond responses:

Charlie Brown: “Did you read that ‘China Downgrades Priority of Economy for Future Legislation’? Future legislation is no longer to revolve around economic development and adhere to “reform and opening up”, but instead now “to the leadership of the CCP,… to the guidance of Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory, the Theory of Three Represents, the Theory of Scientific Development, and Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, to develop a system of socialist rule of law with Chinese characteristics.”

Lucy in equities: “Did you try cronuts? They’re so good they make me feel bullish.”

Charlie Brown: “Did you hear the rumour China might introduce wealth and inheritance taxes –as the UK may now raise the top rate of income tax, not cut it– and the tax authorities may focus on high net worth individuals (net worth RMB 10m and up) for special audits, and they might even have to pay a de facto ‘exit tax’ if they look like they are decamping abroad?”

Lucy in wealth management: “Wild Wonder is the colour of the year 2023. That makes me bullish.”   

Charlie Brown: “Did you see that China is sliding back into deflation even as the rest of the world see high inflation? PPI was -1.3% y-o-y and CPI down to just 2.1%. Doesn’t that imply a much lower CNY to try to export its way out? Isn’t that negative for US dollar valuations of Chinese earnings? Won’t other EM exporter FX get dragged down too? Won’t that make paying for dollar-priced commodity imports harder? Doesn’t that also mean the West faces an imminent choice between deepening reliance on Chinese supply chains again, or putting up tariffs in response slash accelerating friend-shoring? Will they prioritise near-term lower inflation over geoeconomic resilience/security despite rising geopolitical tensions?”

Lucy in markets: “How do you feel about the World Cup being in Qatar? I see it as bullish EM.”

Charlie Brown: “On which note, did you see Xi Jinping state China’s security has been increasingly unstable and uncertain, and that it will comprehensively strengthen its military training and preparation for any war?”

Lucy in a Western corporation in China: “Car sales in October were up. I remain bullish.”

Charlie Brown“Japan is now having to sell Treasuries to fund the FX intervention keeping its yields low. Doesn’t that mean more upward pressure on yields in other parts of other curves? Isn’t there a risk inflation goes down from here but stays around 3-4% for years due to structural supply-side issues?”

Lucy in fixed income: “Star Trek III is better than Star Trek II because it’s got Klingons. That, and this being transitory, makes me bullish.”

Charlie Brown: “Did you see that the French Minister of Economy has stated a “strong response” is required against American green policy to ensure Europe keeps industrial production? That must mean WTO-defying protectionism, and so going green will also mean going more mercantilist. It also therefore means an EU-US trade war when Europe is the net exporter, and as the EU relies on US gas and US guns. How does this add up?”

Lucy in Europe: “Strategic autonomy slash free markets slash Europe slash ESG. I remain bullish.”   

Charlie Brown“FTX is blowing up, and Binance is buying them, and crypto is collapsing again. Didn’t they just run a Super Bowl ad? If they can go, who is next?”

Lucy in Crypto: “I eat one protein bar daily, but on Saturday I have two. That makes me bullish.”

Okay, not all of these are diamonds, but you get the idea on how much so many Lucies’ heads are up in the sky right now.

Now back to watching Americans struggle to count lots of small pieces of paper as a precursor to more ‘Lucy-ness’ to come .

END

7.OIL ISSUES/USA AND THE WORLD/NATURAL GAS/DIESEL ETC

end

end

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

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

Euro/USA 1.0043 DOWN    0.0038 /EUROPE BOURSES // MOSTLY red (EXCEPT SPAIN)

USA/ YEN 145.70   UP  0.390 /NOW TARGETS INTEREST RATE AT .25% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES//

GBP/USA 1.1452 DOWN   0.0099

 Last night Shanghai COMPOSITE CLOSED DOWN 16.33 PTS OR 0.53% 

 Hang Seng CLOSED DOWN 198.79 POINTS OR  1.20% 

AUSTRALIA CLOSED UP 0.52%    // EUROPEAN BOURSE: MOSTLY  RED (EXCEPT SPAIN)

Trading from Europe and ASIA

I) EUROPEAN BOURSES  MOSTLY RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 198.79 PTS OR 1.20%

/SHANGHAI CLOSED DOWN 16.33 PTS OR 0.53%

AUSTRALIA BOURSE CLOSED UP  0.52% 

(Nikkei (Japan) CLOSED DOWN 155.68 OR  0.56%

INDIA’S SENSEX  IN THE DOWN

Gold very early morning trading: 1708.60

silver:$21/29

USA dollar index early WEDNESDAY morning: 109.84 UP  0 .31 POINTS from TUESDAY’s close.

 WEDNESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 3.13% DOWN 10  in basis point(s) yield

JAPANESE BOND YIELD: +0.252% UP 0 AND 7/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.22%// DOWN 9 in basis points yield 

ITALIAN 10 YR BOND YIELD 4.27  DOWN 10   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: FALLS TO +2.176%  DOWN 8 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY  

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

Euro/USA 1.0049  DOWN  .0031   or 31 basis points//

USA/Japan: 146.06 UP 0.782 OR YEN DOWN 78 basis points/

Great Britain/USA 1.1404 DOWN .0148 OR  15 BASIS POINTS //

Canadian dollar  DOWN .0040 OR 40 BASIS pts  to 1.3457

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP) AT 7.2419

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 7.2598

TURKISH LIRA:  18.60  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.252

Your closing 10 yr US bond yield DOWN 3 IN basis points from TUESDAY at  4.101% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   4.254  DOWN 0  in basis points 

Your closing USA dollar index, 109.95 UP 0.41 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  WEDNESDAY: 12:00 PM

London: CLOSED DOWN 6.82 PTS OR  0.09%

German Dax :  CLOSED DOWN 7.49POINTS OR 0.13%

Paris CAC CLOSED DOWN 5.61 PTS OR 0.09% 

Spain IBEX CLOSED UP 52.30 OR  0.65%

Italian MIB: CLOSED DOWN 124.76 PTS OR  0.53%

WTI Oil price 86.86 12: EST

Brent Oil:  93.51   12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  61.31DOWN 0  AND 32/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.176

UK 10 YR YIELD: 3.4810

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0009 DOWN .0070    OR  70  BASIS POINTS

British Pound: 1.1348 DOWN  .0204 or  2204 basis pts

BRITISH 10 YR GILT BOND YIELD:  3.474% 

USA dollar vs Japanese Yen: 146.58 UP 1.285//YEN DOWN 129 BASIS PTS//

USA dollar vs Canadian dollar: 1.3534 UP 0.01178  (CDN dollar, DOWN 118 basis pts)

West Texas intermediate oil: 85.31

Brent OIL:  92.44

USA 10 yr bond yield UP 1 BASIS pts to 4.134%

USA 30 yr bond yield UP 3 BASIS PTS to 4.292%

USA dollar index:110.40 DOWN .86 POINTS

USA DOLLAR VS TURKISH LIRA: 18.57

USA DOLLAR VS RUSSIA//// ROUBLE:  61.31  DOWN 0 AND  32/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: DOWN 646.89 PTS OR 1.95 % 

NASDAQ 100 DOWN 261.95 PTS OR 2.37%

VOLATILITY INDEX: 26.00 UP 0.46 PTS (1.80)%

GLD: $159.45 DOWN 0.78 OR 0.49%

SLV/ $19.70  DOWN $0.34 OR 1.73%

end)

USA trading day in Graph Form

‘Meh’ Midterms & FTX Fiasco Spark ‘Red Wave’ Across Stocks & Crypto

WEDNESDAY, NOV 09, 2022 – 04:00 PM

The biggest impact from the Midterms, arguably, is the surge in rate-cut expectations in the last 24 hours as gridlock in Washington means a considerably smaller chance of any fiscal response to the recession that The Fed is foisting on Americans, leaving The Fed itself all alone to ‘handle’ the slump in the economy…

Source: Bloomberg

But it was crypto where the real action was as headlines about Binance maybe pulling out of the FTX rescue deal (while FTX faces a federal probe) tanked everything in that space…

The FTX Token FTT collapsed back to yesterday’s spike-down lows (April 2020 lows)…

Solana (among FTX reserves) puked to its lowest since March 2021…

Source: Bloomberg

Ethereum (linked via DeFi contracts to FTX) plunged to 4-month lows…

Source: Bloomberg

Bitcoin (general collateral) cratered back below $17,000 for the first time since Nov 2020. Late in the day WSJ reported that Binance had rejected the deal with FTX and bitcoin tumbled even further, down to almost $16.000…

Source: Bloomberg

As Bitcoin lurched lower so stocks were monkey hammered with Nasdaq down over 2.3%

And all the ‘bitcoin proxy’ stocks were clubbed like baby seals…

Source: Bloomberg

The correlation between bitcoin and big-tech stocks is back near record highs after fading notably…

Source: Bloomberg

The S&P 500 broke below its 50DMA…

Treasuries were mixed today with the long-end weaker (short-end bid), not helped by a really ugly 10Y auction. 2Y yields fell 3bps on the day while 30Y yields rose 4bps. On the week, the belly is outerperforming (5Y -5bps) while the long-end is the only maturity higher in yield (30Y +6bps)…

Source: Bloomberg

The 10Y Yield was the wildest on the day thanks to a massive tail at the auction (but note today’s range was actually relatively small). Note that in the last few minutes as the Binance news hit, TSY yields tumbled…

Source: Bloomberg

The dollar rebounded after 3 straight down days back up to the spike lows from FOMC day…

Source: Bloomberg

Oil prices plunged (for the 3rd straight day) on a surprising crude inventory build and no good news on China’s Zero-COVID policy. WTI broke below its 50DMA back to a $85 handle at 2-week lows…

Gold clung to its gains from yesterday…

Finally, tomorrow is CPI day. In the last year, CPI has only printed below expectations twice and stocks have fallen an average 0.75% on the day!

Source: Bloomberg

IV for tomorrows expiration is near 44%, while the rest of the curve is extremely flat at 24%. This suggests traders are looking for something near a 2.5% move for tomorrow, then only 1.5% moves for next week.

SpotGamma notes that everything we look at suggests that traders see little risk of any type of tail move lower.

END

USA ELECTION RESULTS:

looks like we will have a hung congress Republicans take the House but in the Senate, another 50 :50 and thus the Vice President

decides.  Nothing will be accomplished.

(zerohedge)

Republicans See Gains In Midterms, But ‘Red Wave’ Hopes Fade As Democrats Outperform

WEDNESDAY, NOV 09, 2022 – 07:20 AM

Republican candidates have managed to push ahead of Democrats in the midterms, but the predicted red wave appears to have turned out to be little more than a ripple…

As of the time of writing, Petr Svab reports at The Epoch Times that the GOP is still on track to take over the House of Representatives but may eke out only a razor-thin majority.

In the Senate, the balance of power is likely to remain unchanged with Democrats on an easier path to shore in at least 50 seats with Vice President Kamala Harris casting the tie-breaker to keep them in control.

Republicans recorded the most striking success in Florida, where Gov. Ron DeSantis fortified his mandate, swiping nearly 60 percent of the vote, up from less than 50 percent in 2018, when he secured victory by 0.4 percent.

“We made promises to the people of Florida and we have delivered on those promises. And so today, after four years, the people have delivered their verdict. Freedom is here to stay,” DeSantis said in his victory speech to a roaring crowd of supporters at the Tampa Convention Center on Nov. 8.

The governor contrasted conditions in the Sunshine State with that of the other parts of the country under Democratic control.

“We set out a vision we executed on that vision. And we produced historic results and the people of this state have responded in record fashion,” he said.

“Now, while our country flounders due to failed leadership in Washington, Florida is on the right track.”

Democrats were only able to defend eight House seats in Florida, compared to 11 two years ago.

In Ohio, JD Vance beat Rep. Tim Ryan (D-Ohio) for an open U.S. Senate seat. “I am overwhelmed with gratitude,” Vance told supporters in Columbus. “I cannot express possibly in words how grateful I am.”

“We need better leadership in Washington, D.C., and that’s exactly what I promise to fight for every single day,” he added.

In the rest of the country, however, it was largely Democrats overperforming.

Democrat Josh Shapiro defeated Republican Doug Mastriano by more than 11 points in the Pennsylvania gubernatorial race.

Shapiro’s four-year term will lengthen Democrat rule in the executive office to 12 years. Current Democrat Gov. Tom Wolf is completing his second term. Eight years is the limit in Pennsylvania.

Shapiro, who is currently state Attorney General, will likely keep many of the policies Wolf has championed such as the Regional Greenhouse Gas Initiative, a cap-and-trade program that consumers are starting to notice through their higher energy bills.

Josh Shapiro speaks to supporters at the Greater Philadelphia Expo Center in Oaks, Pennsylvania, on Nov. 8, 2022. (Mark Makela/Getty Images)

Democrats have also flipped governorships in Maryland and Massachusetts, though both states generally lean blue, making those seats ripe for an upset.

In Arizona, Republican Kari Lake is still holding on to the hope of closing the 11-point gap between her and Democrat Katie Hobbs as much of the vote remains to be counted.

With the race too close to call, Lake took the stage at 10 p.m. and told watch partygoers that she was ready to “fight to win,” and, even if it takes hours or days, she’s confident about her chances. She also said her campaign is getting results that in-person voting favored her.

Democratic gubernatorial candidate Katie Hobbs (L) and Republican gubernatorial candidate Kari Lake (R). (The Epoch Times)

In a bitter fight to the end, Hobbs and Lake blasted each other on the campaign trail and courted Arizona voters until Election Day. They also ran on wholly opposite views on how best to govern Arizona.

Democrat Governors of Kansas and Wisconsin, Laura Kelly and Tony Evers, have managed to keep their seats, but by less than 3 percentage points. Some votes in those states still remain to be counted.

In the Senate races, the closely watched contest in Pennsylvania has been called by the Associated Press for Democrat John Fetterman, though Republican Mehmet Oz hasn’t conceded. Due to several election rule controversies in the state, the results may still get challenged in court.

In a victory speech before a cheering crowd in Pittsburgh, Fetterman repeated his campaign slogan:

“Every county, every vote.”

Then he said:

“That’s exactly what happened. We jammed them up. We held the line. I never expected that we were going to turn these red counties blue, but we did what we needed.”

Fetterman, who suffered a stroke in May, appeared animated and delivered his victory speech smoothly.

Behind the scenes, a number of vote-counting issues could threaten to tie up the final, official results of the election.

On Election Eve, Fetterman’s campaign filed a federal lawsuit seeking to force officials to count mail-in ballots with improper or missing dates. And on Election Day, officials in Philadelphia made an emergency change to a vote-counting process—a move they said they felt forced to make even though it could delay vote tallies by several days.

Final, unofficial vote tallies are not due until Nov. 15, and final certified results are to be filed by Nov. 28, Acting Secretary of the Commonwealth, Leigh Chapman, told reporters on Election Night.

Democratic Senate candidate John Fetterman speaks to supporters during an election night party in Pittsburgh, Pennsylvania, on Nov. 9, 2022. (Jeff Swensen/Getty Images)

The Georgia race between Sen. Raphael Warnock and Republican Hershel Walker remains too close to call and is likely to head for a December runoff.

As of press time, Warnack has picked up about 1.94 million votes, or 49.4 percent, compared to Walker’s roughly 1.90 million votes, or 48.5 percent, according to Decision Desk HQ. About 98 percent of the votes in Georgia have been counted. 

Warnock has remained confident about winning the race. Writing on Twitter at around 3:45 p.m. ET, he said he will have more votes than his opponent. 

“And whether we need to work all night, through tomorrow, or for four more weeks, we will do what we need to and bring this home,” Warnock wrote

On Tuesday night, Walker asked supporters to “hang in there a little bit longer.” 

“I’m telling you right now, I am like Ricky Bobby, I don’t come to lose,” Walker said.

If neither Walker nor Warnock surpasses the 50 percent threshold, they will head the Dec. 6 runoff.

Sen. Mark Kelly (D-Ariz.) holds on to a nearly 17-point lead over his Republican challenger Blake Masters.

Sen. Mark Kelly (D-AZ) delivers remarks to supporters at his election night rally at the Rialto Theatre in Tucson, Arizona, on Nov. 08, 2022. (Kevin Dietsch/Getty Images)

Republican challenger Adam Laxalt has taken a considerable lead over Sen. Catherine Cortez Masto (D-Nev.) with 72 percent counted, at 0700ET.

In Wisconsin, Sen. Ron Johnson may just barely save the seat for Republicans with Democrat Mandela Barnes pulling within about 1.5 points.

“We’ve looked very closely at the numbers,” Johnson said. “We feel very confident that there’s no way that they can really make up that gap.

“But I’m not going to declare victory until all the numbers are in, but I just want to give you guys a sense that this race is over.”

Supporters of Sen. Ron Johnson (R-WI) watch election returns during an election night party at the Best Western Premier Bridgewood Resort in Neenah, Wisconsin, on Nov. 08, 2022. (Chip Somodevilla/Getty Images)

In the House, Republicans have so far flipped nine seats and Democrats flipped three. Republicans are projected to squeeze out around 226 seats, securing them a slight majority.

Republican Thomas Kean Jr. was able to flip the 7th District of New Jersey, which used to be solidly red, but was won for Democrats in 2018 by Rep. Tom Malinowski.

Lauren Boebert, now representative-elect, speaks to supporters during a campaign rally in Colona, Colo., on Oct. 10, 2020. (Jason Connolly/AFP via Getty Images)

On the other hand, Republican firebrand Rep. Lauren Boebert could lose her seat in Colorado’s 3rd District to Democrat Adam Frisch.

The bottom line is Republican hopes for a wide House majority were dashed as Democrats held more seats than expected and even flipped a few Republican ones.

Votes are still being counted early Wednesday morning, but current totals indicate that House Republicans will control the chamber by a slim margin, making it more difficult to govern and giving small groups of lawmakers out-sized power.

The race for control of the Senate could very well come down to a Dec. 6 runoff in Georgia.

Democrats picked up a Senate seat in Pennsylvania, and Republicans have a strong chance of flipping a seat in Nevada. Early returns suggest Democrats could keep a seat they have in Arizona and Republicans retain a seat they now have in Wisconsin.

The so-called MAGA Republicans, backed by Trump, did not fare as well as expected.

From the market’s perspective, this means gridlock – just as it wanted:

“It is clear that any Republican majority is likely to be extremely narrow. From a market perspective, that would certainly be attractive,” said DWS Global Chief Investment Officer Bjoern Jesch.

“On the one hand, this would remove corporate tax increases or other spending packages that would have threatened both houses if the Democrats marched through. On the other hand, the Republicans would probably be too divided to set their own strong accents in legislation.”

END

III) USA ECONOMIC STORIES.

World Dollar Hegemony Is Ending (And That May Be A Good Thing)

TUESDAY, NOV 08, 2022 – 07:25 PM

Authored by Patrick Barron via The Mises Institute,

The end of world dollar hegemony is coming and hardly anyone in government is taking notice or even understands what this means. Since the Bretton Woods Conference in 1944, the dollar has been the only currency accepted throughout the world for settlement of international trade accounts among nations.

Prior to 1944, physical gold was used for international settlement. When an exporter in country A sold goods to an importer in country B, country B would pay with its own currency. But country A would have no interest in allowing country B’s currency to build up in its vaults beyond an amount required to settle its own importers’ needs. Thus, country A would demand that country B redeem its own currency in gold. Sometimes country B would ship physical gold to country A. Or perhaps gold held in safekeeping in a third country would be designated as now belonging to country A, a book entry transaction that is more convenient than physical movement.

The Bretton Woods Agreement and Its Demise

The Bretton Woods Agreement added the dollar as tantamount to physical gold at $35 per ounce. The reason was simple: at the end of World War II the United States had accumulated a preponderance of gold, due primarily to its role as the “arsenal of democracy.” Thus, central banks could exchange dollars for settlement rather than moving or redesignating the ownership of physical gold. The weakness of this system was that the world had to trust the USA not to create more dollars than it could redeem for gold at $35 per ounce. But central banks always had the option to demand physical gold from the USA and hence ensure that their trust in the measure of $35 per ounce was fully supported.

After approximately twenty years of this arrangement the market became concerned that the USA was not living up to its obligations. The origin of this concern was centered in France. President Charles de Gaulle himself was a firm proponent of the classical gold standard as was his financial advisor Jacques Rueff. Starting in the late 1960s de Gaulle ordered the Bank of France to redeem 80 percent of its vast dollar reserves for gold. Other central banks followed suit, and a typical bank run developed.

As USA gold reserves reached critically low levels, President Richard Nixon took the USA off the gold exchange standard, as the system of central bank redemption was called, in the fall of 1971. It did NOT devalue the dollar to gold, which it could have done, and promise to stop dollar expansion. Instead, the USA simply ended dollar redemption for gold, allowing the USA to create as many fiat dollars as the world market would accept.

It turned out that the world market would accept a lot of fiat dollars. A major reason was that Saudi Arabia, the world’s largest oil producer, agreed to demand payment in dollars for its oil, thus creating worldwide demand for dollars.

The Petrodollar Era Supplants Bretton Woods, but Its End Is Nigh

This “petrodollar” arrangement is now breaking down, due to the ever-accelerating debasement of the dollar. The cause of the debasement is the unholy alliance of the Federal Reserve, the US central bank, and the US government. The Federal Reserve creates, out of thin air, all the dollars that the government needs to maintain its massive and ever-increasing spending deficit. The monetization of these deficits has led to a loss of dollar purchasing power at an accelerating rate.

The purpose of explaining all this is to give background to the currently developing situation. For almost eighty years the federal government has been able to spend as much as it desired, knowing that the world either would hold its dollars or that the Fed would monetize whatever the market would not accept—i.e., the Fed would buy the government’s debt itself and (figuratively) print the money it would give to the Treasury. The Fed would then hold the debt on its own balance sheet. The sheer scale of its intervention is shocking. In 2008 the Fed’s balance sheet what slightly under $0.880 trillion. Today it is $8.816 trillion. (See this graph from the Fed’s own website.)

So, what did the federal government do with all that newly printed money? It spent it on war and welfare, of course. Lyndon Johnson’s Great Society welfare state is now firmly entrenched and constantly expanding. The American military has intervened in every corner of the world. It seems that all that is necessary for the USA to intervene militarily is for some local disputant on the other side of the world, with its own incomprehensible historical animosities, to claim that its neighbor is invading its sovereign territory and/or committing atrocities. The American people are whipped into a frenzy of righteousness and off we go to Timbuktu. The result is thousands of dead, billions squandered, and the local situation even worse than before.

All this mayhem could only be funded by worldwide acceptance of the fiat dollar. But much of the world has had enough. There are several organizations that are cooperating to develop an alternative to the dollar for the settlement of international trade. The BRICS (Brazil, Russia, India, China and South Africa), the Shanghai Cooperation Organisation (SCO), and the Eurasian Economic Union have formed a working group to develop a commodity based medium of exchange to replace the dollar as the premier means for the settlement of international trade. Goldmoney’s Alasdair Macleod has written extensively about this project. More countries—especially countries currently using the dollar, such as Saudi Arabia—have announced their intensions to join the project. More, many more, will follow Saudi Arabia.

How to convey the importance of this development to the general public? It all seems complicated and probably years away. Plus, it may not work. That is the purpose of the next part of my article.

The Magic Checkbook

Let’s break this down to the individual level, so that everyone can grasp its full meaning. Let us assume that you were handed a checkbook and told that you could write as many checks as you wished in any amount you desired and, most importantly, no one would refuse to take your check, and no one would cash it because the checking account has no money anyway. Whoever receives the check can only pass it along, via ordinary trade, to someone else.

First, you can see that once this money is created by you, it will never be destroyed. It will continue to grow every time you write a new check. In other words, the money supply will grow according to your propensity to spend. Now let’s assume that when given this magic checkbook, you had been a frugal and responsible person. That’s one of the reasons that you were given it in the first place. For some time, you continued to live frugally, but over the years your self-control breaks down and you start to spend.

To placate your conscience, you spend some of the money on others—i.e., the poor, the elderly, the disabled, etc. But eventually you succumb to ever increasing DEMANDS for money to compensate the victims of all kinds of disasters. If you don’t send money to the suffering masses, you are condemned by all.

So, you spend. Then you decide that you should spend money on rehabilitating humanity, exploring the solar system, funding higher education. The DEMANDS for money from your magic checkbook grow and grow. If you try to moderate your spending, you threaten to damage your reputation internationally.

Things get out of hand. But this isn’t the end of the story. The spending from the magic checkbook has created massive price increases and has funded a class of sycophants, deadbeats, and megalomaniacs. A splinter group decides to spurn accepting checks from the magic checkbook and develop a new medium of exchange. It isn’t easy, and it takes quite a while. There are advances and retrenchments, but eventually honest money reemerges. Now more and more people refuse to accept your checks from the magic checkbook.

Rise of a Competing Reserve Currency

This is where the world is headed, because the USA cannot force sovereign nations to accept the dollar, especially if there is another and better choice. The USA has not lived up to its responsibility to protect the purchasing power of the dollar via controlling its supply. Lord Acton’s warning is as important today as ever—i.e., “Power tends to corrupt, and absolute power corrupts absolutely.”

The new SCO currency will supplant the dollar as the world’s premier reserve currency primarily because it will be backed to a large extent by commodities and it will not be under the control of one sovereign country but a number of sovereign countries, all dedicated to its monetary health in ensuring the free flow of international trade and payments. It will be a loss for the dollar, of course, and for the USA, but frankly, the world will benefit overall.

end

Facebook to fire 11,000 employees

(zerohedge)

Mark Zuckerberg To Fire 11,000 Meta Employees

WEDNESDAY, NOV 09, 2022 – 06:55 AM

Following a WSJ report earlier this week that explained Meta Platforms was about to slash thousands of jobs, CEO Mark Zuckerberg confirmed the layoffs in a letter to employees premarket Wednesday.  

“I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go,” Zuckerberg told employees in a letter published on the company’s website. 

Zuck said, “We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.” 

He continued: “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.” 

The letter said job reductions would be observed across all its business segments. Meta said it would reduce office space, move to desk sharing for some workers, and extend a hiring freeze through the first quarter of next year. 

“This is a sad moment, and there’s no way around that,” Zuck said, adding he misjudged post-Covid online activity. He believed elevated online activity during the virus pandemic would continue, though he was entirely wrong: 

“I got this wrong, and I take responsibility for that.” 

Shares of Meta are higher on the news, up more than 3% to the $99 handle in the premarket. 

Meta is taking action to reduce costs after several quarters of disappointing earnings and a decline in revenues. 

Another problem has been a surge in capital expenditures. 

And another is the metaverse takes a lot of money to build: Reality Labs’ revenues are tumbling, and losses are soaring

As of the last earnings, Meta had over 87,000 employees (and has never seen a quarterly decline in headcount in its 18-year history). That will change in the next quarterly report… 

As a reminder, CEO Mark Zuckerberg told employees at a companywide meeting at the end of June:

“Realistically, there are probably a bunch of people at the company who shouldn’t be here.”

The layoffs come as broad head-count reductions are seen across the tech industry. 

*   *   *

Read Zuck’s full letter to employees:

Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.

I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.

How did we get here?

At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.

In this new environment, we need to become more capital efficient. We’ve shifted more of our resources onto a smaller number of high priority growth areas — like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse. We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.

How will this work?

There is no good way to do a layoff, but we hope to get all the relevant information to you as quickly as possible and then do whatever we can to support you through this.

Everyone will get an email soon letting you know what this layoff means for you. After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions.

Some of the details in the US include:

  • Severance. We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap.
  • PTO. We’ll pay for all remaining PTO time.
  • RSU vesting. Everyone impacted will receive their November 15, 2022 vesting.
  • Health insurance. We’ll cover the cost of healthcare for people and their families for six months.
  • Career services. We’ll provide three months of career support with an external vendor, including early access to unpublished job leads.
  • Immigration support. I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need. 

Outside the US, support will be similar, and we’ll follow up soon with separate processes that take into account local employment laws.

We made the decision to remove access to most Meta systems for people leaving today given the amount of access to sensitive information. But we’re keeping email addresses active throughout the day so everyone can say farewell.

While we’re making reductions in every organization across both Family of Apps and Reality Labs, some teams will be affected more than others. Recruiting will be disproportionately affected since we’re planning to hire fewer people next year. We’re also restructuring our business teams more substantially. This is not a reflection of the great work these groups have done, but what we need going forward. The leaders of each group will schedule time to discuss what this means for your team over the next couple of days.

The teammates who will be leaving us are talented and passionate, and have made an important impact on our company and community. Each of you have helped make Meta a success, and I’m grateful for it. I’m sure you’ll go on to do great work at other places.

What other changes are we making?

I view layoffs as a last resort, so we decided to rein in other sources of cost before letting teammates go. Overall, this will add up to a meaningful cultural shift in how we operate. For example, as we shrink our real estate footprint, we’re transitioning to desk sharing for people who already spend most of their time outside the office. We’ll roll out more cost-cutting changes like this in the coming months. 

We’re also extending our hiring freeze through Q1 with a small number of exceptions. I’m going to watch our business performance, operational efficiency, and other macroeconomic factors to determine whether and how much we should resume hiring at that point. This will give us the ability to control our cost structure in the event of a continued economic downturn. It will also put us on a path to achieve a more efficient cost structure than we outlined to investors recently.

I’m currently in the middle of a thorough review of our infrastructure spending. As we build our AI infrastructure, we’re focused on becoming even more efficient with our capacity. Our infrastructure will continue to be an important advantage for Meta, and I believe we can achieve this while spending less.

Fundamentally, we’re making all these changes for two reasons: our revenue outlook is lower than we expected at the beginning of this year, and we want to make sure we’re operating efficiently across both Family of Apps and Reality Labs. 

How do we move forward?

This is a sad moment, and there’s no way around that. To those who are leaving, I want to thank you again for everything you’ve put into this place. We would not be where we are today without your hard work, and I’m grateful for your contributions.

To those who are staying, I know this is a difficult time for you too. Not only are we saying goodbye to people we’ve worked closely with, but many of you also feel uncertainty about the future. I want you to know that we’re making these decisions to make sure our future is strong.

I believe we are deeply underestimated as a company today. Billions of people use our services to connect, and our communities keep growing. Our core business is among the most profitable ever built with huge potential ahead. And we’re leading in developing the technology to define the future of social connection and the next computing platform. We do historically important work. I’m confident that if we work efficiently, we’ll come out of this downturn stronger and more resilient than ever.

We’ll share more on how we’ll operate as a streamlined organization to achieve our priorities in the weeks ahead. For now, I’ll say one more time how thankful I am to those of you who are leaving for everything you’ve done to advance our mission.

Mark

END

House prices are collapsing and as such real estate brokerage giant, Redfin is slashing up to 13% of its staff.

It is also exiting house flipping

(zerohedge)

Redfin Fires 13% Of Staff, Exits House Flipping As Downturn Accelerates

WEDNESDAY, NOV 09, 2022 – 02:25 PM

House prices are sliding, and sales are plunging as the Federal Reserve hits the pause button on quantitative easing this year with the most aggressive interest rate hikes in four decades to cool the red-hot housing market spurred by low interest rates and tight inventories during the pandemic.

A rising rate environment has sent the average thirty-year fixed mortgage rate to highs not seen since the Dot Com collapse era over two decades ago. This abrupt surge in rates caused an affordability crisis in housing as prices remained at lofty levels this year, forcing real-estate brokerage Redfin Corp. to slash workers in June

Now the online real-estate brokerage has announced the second round of layoffs, as well as an exit from its home-flipping business called “iBuying.” 

Redfin CEO Glenn Kelman sent a letter to employees, also published on the company’s website, about the layoffs. He indicated 13% of staff, or about 862 people, will be fired. 

We’re laying off 862 brilliant, loyal people and also closing RedfinNow.

We’ll still need home-services employees for our concierge service to fix up brokerage customers’ listings, but since that group spent most of its time renovating RedfinNow homes, it will get much smaller.

Kelman explained the layoffs are equivalent to about 13% of the workforce. Since April 27, about 27% of the total workforce has been reduced — this coincides with a rising interest rate environment and souring macroeconomic backdrop for the economy forced on by the Fed’s monetary tightening.

The top-level executive made a bold prediction about the 2023 housing market: 

A layoff is awful but we can’t avoid itWe plan to keep increasing our share of the market, but that market in 2023 is likely to be 30% smaller than it was in 2021. The June layoff was a response to our expectation that we’d sell fewer houses in 2022; this layoff assumes the downturn will last at least through 2023. 

Besides reducing headcount, Redfin is also exiting iBuying, a large-scale home-flipping operation, because it’s been a massive money pit for the company. Kelman said:

RedfinNow Is Too Much Money and Risk: And the second problem is that iBuying is a staggering amount of money and risk for a now-uncertain benefit. We’ve tied up hundreds of millions of dollars in houses that you yourself wouldn’t want to own right now. Even before its overhead expenses, the RedfinNow properties segment will likely lose $22 – $26 million dollars in 2022. However small our iBuying loss may be compared to others, that loss is still larger than we could afford to bear again.

Redfin’s troubles also come as the lagged Case-Shiller Index showed US housing prices dropped 1.3% from their June 2022 peak in August. This is the biggest monthly decline since the Lehman collapse.  

The national home price index growth has slowed for five straight months (below 13% YoY for the first time since Feb 2021). The absolute drop in the growth rate of 2.62 percentage points is the largest ever…

Researchers at Goldman Sachs forecast home prices could slide 5-10% from peak to trough — with their official forecast model predicting a 7.6% decline. 

Given the unprecedented explosion in mortgage rates and near-record-high prices, contributing to the worst affordability crisis ever for future homeowners, Redfin’s decision to substantially reduce headcount this year and exit the home flipping industry comes as 2023 could be a year of turmoil for the housing market

Add Redfin to the list of mounting layoffs across tech. 

end

III B    USA COMMODITY PROBLEMS////INFLATION WATCH

SWAMP STORIES

end

KING REPORT

The King Report for November 9, 2022 Issue 6883Independent View of the News
China will focus on preparing for WAR, Xi Jinping declares: President says nation’s ‘security is increasingly unstable and uncertain’ (Seems like this should be a big deal.)
https://www.dailymail.co.uk/news/article-11403145/China-focus-preparing-WAR-Xi-Jinping-declares.html
 
BOJ debated impact of future exit from easy policy amid rising prices https://t.co/AnqIsFJvGm
The summary suggests some policymakers are slowly becoming more open to the possibility of an eventual withdrawal of the radical monetary stimulus… some saw signs the recent cost-driven inflationary pressure was broadening, with one warning that a “big overshoot of inflation cannot be ruled out… It’s important to continue to examine how future exit strategies (from ultra-loose policy) will affect markets, and whether market participants will be well prepared for them,”… https://www.reuters.com/markets/rates-bonds/boj-must-examine-impact-future-exit-low-rate-policy-meeting-summary-2022-11-08/
 
A big story on Tuesday was the collapse of crypto stocks due to the travails of crypto exchange FTX.  Precious metals soared as traders and gullible investors dumped cryptos and scurried to gold and silver.
 
Major crypto coins slide as jitters on FTX exchange rattle markets
FTX has come under pressure after Changpeng Zhao, head of rival exchange Binance – the world’s largest – said on Sunday his firm would liquidate its holdings of the FTX token due to unspecified “recent revelations”…”The question of solvency of FTX has been raised given recent events this year … however we don’t see any hard data as yet that would confirm this type of view.”…
https://www.reuters.com/markets/currencies/cryptocurrencies-slide-concerns-over-ftx-exchange-rattle-markets-2022-11-08/
 
Binance Buys FTX after Bankman-Fired (2nd largest 2022 Dem donor) Faces Liquidity Crunch: BBG
 
@cz_binance: This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire http://FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
https://twitter.com/cz_binance/status/1590013613586411520
 
ESZs and stocks soared after the NYSE open on Tuesday on the latest delusion/rationalization: A GOP Red Wave will be good for stocks and the economy.  Bonds soared after the US bond market open (8 ET).
 
Stocks soared after Reagan was elected in November 1980.  A severe double-dip recession occurred in 1981-1982; stocks got crushed.  Bond yields soared from 11/27/80 (12.76%) to 2/9/82 (14.8%).
 
ESZs and stocks peaked at 11:40 ET.  After trading sideways until 13:15 ET, ESZs and stocks tumbled.  ESZs turned negative at 14:11 ET, hitting 3814.50, -52.50 from the high.  After a moderate rebound, ESZs and stocks tumbled anew.  ESZs hit a new low of 3792.50 at 14:42 ET.
 
Someone then forced ESZs 43 handles higher by 15:02 ET.  After a brief respite, ESZs surged to 3856.75 at 15:37 ET.  ESZs and stocks then sank into the close, with ESZs declining 27 handles.
 
FedEx Parks Planes as Weak Demand Prompts Cost-Cutting Steps – BBG 14:36 ET
https://www.bnnbloomberg.ca/fedex-parks-planes-as-weak-demand-prompts-cost-cutting-steps-1.1843442
 
Subprime Auto Bonds Hit by Skipped Payments, Falling Used-Car ValuesWholesale used car prices are falling, hitting bond collateralSome investors bet the bonds can absorb losses and still paySubprime auto loan borrowers are increasingly falling behind on payments, and the value of used cars is dropping, two trends that are clobbering bonds tied to the debt.  Yields on some of the riskiest such bonds have jumped to about 6.5 percentage points more than Treasuries as of last week, a risk premium that’s widened up about 2 percentage points from the end of September…
https://www.bloomberg.com/news/articles/2022-11-08/as-subprime-car-loan-borrowers-miss-more-payments-bonds-weaken
 
Despite massive layoffs and cost cutting from major US companies, a critical mass of traders and investors are now irrationally exuberant on the latest delusion: A GOP Congress will enact legislation sometime in 2023 that will avert recession, thwart inflation, and bring about world peace.
 
Positive aspects of previous session
Another rally on hope and hype – this time on a GOP Congress
 
Negative aspects of previous session
The drumbeat of recession is growing louder and getting closer
Crypto carnage has destroyed more capital
 
Ambiguous aspects of previous session
Will the current rally increase the odds of a 75bp rate hike at the Dec 16 FOMC Meeting?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: UpLast Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3824.60
Previous session High/Low3859.40; 3786.28
 
Ukraine continues to refuse to negotiate with Putin, despite Team Biden pressure and pleading.
 
Zelensky advisor @Podolyak_M: Important: Ukraine has never refused to negotiate. Our negotiating position is known and open. 1. First, RF withdraws troops from UA.  2.After everything else. Is Putin ready? Obviously not. Therefore, we are constructive in our assessment: we will talk with the next leader of RF (Russian Federation).
 
After the close on Tuesday, Disney declined as much as 6.5% on EPS of .30, .57 was consensus; Revenue of $20.415B, $21.26B was expected.  Disney subscribers: 164.2m, 162.5m expected.
 
Disney Profit Misses as Streaming Costs Rise, Ad Sales Soften
https://www.bloomberg.com/news/articles/2022-11-08/disney-profit-misses-as-streaming-costs-rise-ad-sales-soften
 
Today – If stocks are strong early on lemming buying, look out for a sharp reversal as wise guys unload into buying on the GOP Congress hype.  Also, astute traders will exit the area in the afternoon of concern about tomorrow’s October CPI Report.  ESZs are -6.0 at 22:30 ET, cuz some pundits say results in Rhode Island (1 House seat) and Virginia (2 House seats) indicate there will not be a massive red wave.
 
Due to mail-in voting and polling cite snafus, election results are appearing slower than usual.  So, we sent out this missive before many key results are available.  PS – Early vote postings overwhelmingly favor Democrats because early and mail-in votes are typically counted first.
 
Expected economic data: Sept Wholesale Trade Sales +0.5% m/m, Inventories +0.8% m/m
 
S&P 500 Index 50-day MA: 3796; 100-day MA: 3900; 150-day MA: 3976; 200-day MA: 4088
DJIA 50-day MA: 30,882; 100-day MA: 31,480; 150-day MA: 31,953; 200-day MA: 32,554
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4528.64 triggers a buy signal
WeeklyTrender and MACD are negative – a close above 3951.16 triggers a buy signal
Daily: Trender and MACD are positive – a close below 3705.97 triggers a sell signal
Hourly: Trender is negative; MACD is positive – a close above 3866.50 triggers a buy signal
 
On Tuesday night, the WH said The Big Guy has NOT committed to having a press conference or press release on Wednesday. 
 
Reports indicate that there was very heavy early turnout at polling stations across the US.  There were also problems with voting machines in key areas, including in Maricopa County, AZ, which Republicans believe was an epicenter of voting shenanigans in 2020.
 
@ClayTravis: I live in a heavily Republican county in a heavily Republican state. There are no hotly contested statewide races in Tennessee this year. Polling place was absolutely packed at 7 am central. Anecdotal, but I love it.
 
@bennyjohnson: Reports out of Maricopa county of Machines “not working” and ballots being “misread”
 
AZ GOP Chair @kelliwardaz: Up to 15 locations reported in Maricopa County with “tabulator malfunctions.” Is this incompetence or malfeasance from @stephen_richer& @MaricopaVote? Or both?
 
@kelliwardaz: How did all of the machines in Maricopa miraculously work over the last few days when they were “tested & certified” with test votes & test ballots by incompetent Katie Hobbs and Ridiculous Stephen Richer, but now they won’t work for real voters & real ballots?
 
@charliekirk11: Maricopa County’s Recorder Stephen Richer and Chairman of the County Board of Supervisors Bill Gates confirm an incredible *20%* of polling places are experiencing problems with machines tabulating votes.  This is manufactured chaos. Stay in line. Vote in person.

Maricopa County (AZ) officials risibly stated that 99% of votes in the county will be counted by Friday!
@JonathanTurley: What is disconcerting about the reported machine problems in Arizona is that we have sent a fortune to states to improve these systems. Yet, we are again talking about dysfunctional systems.
 
@CitizenFreePres: Voting machines are down at the Central Christian voting station in Mesa, Arizona.
“None of the machines are working.” Poll worker: “Right”
https://twitter.com/CitizenFreePres/status/1590055936227278853
 
@cronkitenews: Poll workers at the Burton Barr Phoenix Library wait outside for replacement voting machines. Early this morning, a problem with the machines prevented prospective voters from casting in-person ballots.
 
@JackPosobiec: Now issues reported with machines in Wickenburg, AZ, northwest Maricopa.  Worker tells the voter to stop filming   https://twitter.com/JackPosobiec/status/1590011254504329218
 
@6abc: All voting machines are down in each district across Mercer County, New Jersey, according to officials. Voters can still vote using a standard ballot at their polling locations… The board is working with Dominion, the machine maker, to resolve the issue,” …   https://6abc.cm/3Eg9gu4
 
@hollyshansen: At least 12 locations in Harris County Houston are out of paper needed to print ballots. Some have been waiting for hours for paper & turning voters away.
 
@ACTBrigitte: Luzerne County Pennsylvania had two years to prepare for this election and they ran out of paper before noon.  Unbelievable.
 
NYT: The Philadelphia agency that oversees elections said it will delay counting thousands of paper ballots after the polls close Tuesday night because of a lawsuit that accused it of being open to double counting… Seth Bluestein, one of the three commissioners, said after the vote that the decision will mean that an estimated 15,000 to 30,000 paper ballots will not be counted on election night so that officials can make sure there is no double counting…
 
@kaslakab: I am in Bell county Texas, the voting machines are down in Temple. No one has been able to vote at all today, people calling around report very few polling places working in the entire county.
 
@KatieDaviscourt: MICHIGAN: People are showing up to vote in Detroit only to be told that they already voted via absentee ballots and are being turned away. This is criminal.
 
@bennyjohnson: Joe Biden tried to send federal Gestapo agents to Florida to “monitor” our elections.  No reason given. Just federal agents in polling places. Totally normal!  So Florida’s Sec of State kicked the DOJ so hard in the… https://twitter.com/bennyjohnson/status/1589996370722664448
 
Justice Department to Monitor Polls in 24 States for Compliance with Federal Voting Rights Laws
https://www.justice.gov/opa/pr/justice-department-monitor-polls-24-states-compliance-federal-voting-rights-laws
 
The regime media told Americans that they should not be concerned with slow vote counts, over-night vote counting, and mail-in votes that arrive days after the election.  Everyone knows what is occurring!
 
ABC News Says “Red Mirage” Will Look Like Big Republican Win, But Vote Count Could Take “Weeks” (It worked in 2020 with a horrible candidate, why not do it again!)
https://summit.news/2022/11/08/abc-news-says-red-mirage-will-look-like-big-republican-win-but-vote-count-could-take-weeks/
 
The US tallies votes more slowly than other countries, but that’s nothing to be alarmed about, says
https://t.co/DdCdemF0hr
 
@ggreenwald: There’s nothing “normal” about the world’s richest country being unable to count votes for days or even weeks after Election Day.  If you want to create such a system, don’t be surprised when people see other countries counting all votes the same day and thus distrust this one.
 
@ElectionWiz: TRUMP: “…we need a landslide so big that the Radical Left cannot rig it or cannot steal it. Everyone needs to get out and vote!'”
 
Attorney Harmeet K. Dhillon (@pnjaban): This election cycle, @GOP has recruited & trained over 80,000 poll watcherspoll WORKERS. We’ve engaged over 1M volunteers, conducted 5,200 leadership trainings to prepare for election day operations, filed nearly 80 lawsuits, retained dozens of litigators, trained 100s more…
 
At a campaign rally in Dayton, Ohio on Monday night, Trump stated, “Not to detract from this critical election… a country-saving election… I’m going to be making a very big announcement on Tuesday, November 15, at Mar-a-Lago, Florida…”  https://twitter.com/townhallcom/status/1589817650347388929
 
@julie_kelly2: Trump is right to announce early. He knows this corrupt DOJ—led by Garland, Monaco, Graves—will indict him soon on obstruction and/or conspiracy charges. Maybe classified docs charges, although that’ll be harder to prove. Banana Republic level territory.
 
Powerball posts winning numbers after delay over ‘technical’ issues
https://justthenews.com/nation/culture/powerball-announces-delay-record-breaking-drawing
 
Biden patronizes audience, appears to forget Democrat nominee’s name at Maryland rally
Biden told the mostly Black audience at the historically Black university that – despite them not having the endowments other schools have – they were “just as smart” and “just as bright.”…
https://t.co/4BzCiycWJJ
 
Nancy Pelosi says husband’s attack will impact her retirement decision https://t.co/HnlHBK5ULG
 
Top House Dems were plotting to remove Pelosi in the weeks BEFORE Paul’s attack.
 
@PunchbowlNews: Speaker Nancy Pelosi plans to fly tomorrow to Sharm El Sheikh for the COP27 climate conference. (Depending on Paul’s health)
 
Trump warns DeSantis off 2024 White House run: ‘Could hurt himself very badly’
“I think [DeSantis] would be making a mistake. I think the base would not like it. I don’t think it would be good for the party. Any of that stuff is not good…” https://trib.al/iCZ4XGs
 
Trump’s fear of DeSantis is palpable – and with good reason: Trumpism without Trump!
 
@JoeConchaTV: DeSantis is up 8 points in *Miami-Dade* with 66% of the votes in. He lost by 20 points in the same county four years ago. RDS is an absolute juggernaut given his ability to win in deep-blue counties and solidify red ones. Crist heading for a beating.
 
DeSantis is close to winning Florida by 20 points.  The Fox News experts panel believes that the stunning magnitude of DeSantis’s victory will propel him into the 2024 Presidential Race.  A source close to a top GOP advisor told us last night that Trump hates DeSantis and DeSantis does NOT care for Trump.
 
Another albatross for Trump is that some Senate candidates he endorsed are significantly trailing vote totals that GOP governors received in some key states (Ohio, Georgia, New Hampshire)
 
Ex-Obama aide @KevinCate: At the rate Florida is going, an NPA candidate for governor may have a better shot than a Democrat in 2026. It’s that bad. Complete collapse. We either reset or go extinct.
 
Guam elected a Republican as its House delegate for the first time since 1993.  @Peoples_Pundit: Worth noting, James Moylan, the Republican who defeated Judi Won Pat (D) for Guam’s delegate to Congress, was trailing in the exit polls, SIGNIFICANTLY. 13 points, last I saw. He won by 5 points.
 
The first principle is that you must not fool yourself and you are the easiest person to fool.” — Professor Richard Feynman

GREG HUNTER REPORT

Just a little note telling you that I am going to take a 3 week break

from writing my blogs, starting on the 17th of November.. I will write some of the major events but it will not be in detail

i am a little burnt out so i am taking a rest. 

SEE YOU TOMORROW

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