NOV 10//CPI RISES BY A TAME 7.7% Y/Y AND THAT SETS OFF THE STOCK MARKET, BONDS AND GOLD/SILVER//GOLD RISES $40.75 TO $1750.90//SILVER IS UP 39 CENTS TO $21.63//PLATINUM IS UP A STRONG $53.70 TO $1043.20//PALLADIUM IS UP ALSO A STRONG $110.35//COVID UPDATES//CHINA COVID CAUSES HAVOC TO THEIR ECONOMY//CITY OF GANZHOU CHINA SHUTS DOWN AGAIN DUE TO COVID//VACCINE IMPACT//VACCINE INJURY/DR PAUL ALEXANDER: A MUST MUST LISTEN AUDIO WITH DR PETER McCullough INTERVIEWING PHARMACEUTICAL EXECUTIVE SASHA…EARTH SHATTERING//FOLLOWUPS ON THE CRYPTO COLLAPSE OF FTX//EUROPE’S ENERGY BILLS NOW UP 90% FROM A YEAR AGO//UK NURSES GO ON STRIKE//SWAMP STORIES: NOT ONLY DID PENNSYLVANIA ELECT A DEAD CONGRESSMAN TONY DELUCA BUT ALSO ELECTED A BRAIN- DEAD SENATOR (FETTERMAN).//OTHER SWAMP STORIES FOR YOU TONIGHT//

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GOLD PRICE CLOSE: UP  $40.75 to $1750.90

SILVER PRICE CLOSE: UP $0.39  to $21.63

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1756.10

Silver ACCESS CLOSE: 21.70

New: early yesterday morning//

Bitcoin morning price: $16,378 DOWN 425

Bitcoin: afternoon price: $17,409 UP 1465

Platinum price closing  UP $53.70  AT  $1043.20

Palladium price; closing UP $110.35  at $1971.60

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: 2337.65 DOLLARS UP 29.36 CDN DOLLARS PER OZ

BRITISH GOLD: 1497.86 POUNDS PER OZ DOWN 3.06 POUNDS PER OZ

EURO GOLD: 1719.27 EUROS PER OZ UP 16.16 EUROS PER OZ.

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,710.100000000 USD
INTENT DATE: 11/09/2022 DELIVERY DATE: 11/11/2022
FIRM ORG FIRM NAME ISSUED STOPPED


132 C SG AMERICAS 20 9
190 H BMO CAPITAL 30
323 C HSBC 19
435 H SCOTIA CAPITAL 296
661 C JP MORGAN 98 104
732 C RBC CAP MARKETS 2
737 C ADVANTAGE 3 48
800 C MAREX SPEC 7
880 C CITIGROUP 20
880 H CITIGROUP 175
905 C ADM 3


TOTAL: 417 417 

JPMORGAN STOPPED  104/417

GOLD: NUMBER OF NOTICES FILED FOR NOV. CONTRACT:    417 NOTICES FOR 41,700  OZ  or 1.2970 TONNES

total notices so far: 5315 contracts for 531500 oz (16.531 tonnes) 

SILVER NOTICES: 58 NOTICE(S) FILED FOR 290,000 OZ/

 

total number of notices filed so far this month  345 :  for 1,725,000  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 UP $43.75

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD//BIG CHANGES IN GOLD INVENTORY AT THE GLD: /////NO CHANGES IN GLD INVENTORY:

INVENTORY RESTS AT 908.38 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $0.39

AT THE SLV// :/SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF OF .368 MILLION OZ INTO THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 472.476 MILLION OZ (THIS IS ALSO A CRIME SCENE@!!!!

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A GIGANTIC SIZED 2024 CONTRACTS TO 138,363 AND FURTHER FROM  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE HUGE LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR SMALL $0.10 FALL  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR SHORTERS/HFT WERE BASICALLY UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY ONLY $0.10)., AND WERE SUCCESSFUL IN KNOCKING OFF MINOR SPEC LONGS, AS WE HAD AN HUGE SIZED LOSS IN OUR TWO EXCHANGES OF 1083 CONTRACTS.  WE HAD A SOME ATTEMPTED SPEC SHORT COVERINGS OF  THEIR SHORTFALLS .WE HAD SOME MINOR SPEC SHORT ADDITIONS AS THE PRICE FELL SLIGHTLY AWAY . // 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) SOME ATTEMPTED  SPECULATOR SHORT COVERINGS WITH MINOR 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 225,000 QUEUE JUMP//NEW STANDING:2,195,000 MILLION OZ/    / //  V)   HUGE SIZED COMEX OI LOSS/ 

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: +84

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 8 days, total 17,825 contracts: 89.125 million oz  OR 11.140MILLION OZ PER DAY. (2228 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 89.125 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: 89.125 MILLION

RESULT: WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2024 WITH OUR SMALL  $0.10 LOSS IN SILVER PRICING AT THE COMEX// WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A GIGANTIC SIZED EFP ISSUANCE  CONTRACTS: 1025 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 225,000 QUEUE JUMP/  .. WE HAVE A HUGE SIZED LOSS OF 999 OI CONTRACTS ON THE TWO EXCHANGES FOR 4.995MILLION  OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS DESPITE WITH THE SMALL LOSS IN PRICE ON WEDNESDAY.

 WE HAD 58  NOTICE(S) FILED TODAY FOR  290,000  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 FAIR SIZED 2786 CONTRACTS  TO 491,257 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 -232  CONTRACTS.

.

THE FAIR SIZED INCREASE  IN COMEX OI CAME WITH OUR SMALL FALL IN PRICE OF $2.00//COMEX GOLD TRADING/WEDNESDAY //  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 5800 OZ QUEUE JUMP //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S WILL CONTINUE UNTIL MONTH’S END)

YET ALL OF..THIS HAPPENED WITH OUR SMALL FALL IN PRICE OF  $2.00 WITH RESPECT TO TUESDAY’S TRADING

WE HAD A STRONG SIZED GAIN OF 6808 OI CONTRACTS (21.89 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4022 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 491,257

IN ESSENCE WE HAVE A STRONG  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6808 CONTRACTS  WITH 2786 CONTRACTS INCREASED AT THE COMEX (SHORT SPECULATORS FAILING TO GET OUT OF THEIR MESS) AND 4022 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 6808 CONTRACTS OR 21.17 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4022) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2786): TOTAL GAIN IN THE TWO EXCHANGES 6808 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 5800 OZ //NEW STANDING 20.479 TONNES///3) ZERO LONG LIQUIDATION //// //.,4)   FAIR 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. :

35,420 CONTRACTS OR 3,542,000 OZ OR 110.17 TONNES 8 TRADING DAY(S) AND THUS AVERAGING: 4428 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8  TRADING DAY(S) IN  TONNES: 110.17 TONNES

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

THUS EFP TRANSFERS REPRESENTS  110.17/3550 x 100% TONNES  3.09% 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.  110.17 TONNES//INITIAL ( SO FAR MUCH LARGER THAN PREVIOUS MONTHS)

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, FELL BY A GIGANTIC SIZED  2024 CONTRACT OI TO  138,363 AND FURTHER FROM  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 1025 CONTRACTS

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

DEC 1025  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1025 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI  LOSS OF 2108  CONTRACTS AND ADD TO THE 1025  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED GAIN  OF 999  OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 4.995MILLION OZ//

OCCURRED WITH OUR SLIGHT FALL IN PRICE OF  $0.10….. 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)THURSDAY MORNING// WEDNESDAY  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 

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 FAIR SIZED 2786  CONTRACTS TO 491,257 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 DESPITE OUR  FALL IN PRICE OF $2.00  IN GOLD PRICING WEDNESDAY’S COMEX TRADING. WE ALSO HAD A STRONG SIZED EFP (4022 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 4022 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :  4022  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4022 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED  TOTAL OF 6808  CONTRACTS IN THAT 4771 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR  SIZED  COMEX OI GAIN OF 2786   CONTRACTS..AND  THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR SMALL DROP IN PRICE OF GOLD $2.00//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   (20.489),

 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 20.489 TONNES/INITIAL (TOTAL SO FAR THIS YEAR 564.435 TONNES)

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $2.00) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS AS WE HAD A STRONG GAIN OF 6808 CONTRACTS ON OUR TWO EXCHANGES.  WE DID HAVE ATTEMPTED SPECULATOR SHORTS COVERING  THEIR SHORTFALL WITH LITTLE SUCCESS. WE HAD  ZERO SPEC SHORT ADDITIONS..  WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7040 CONTRACTS.//    WE HAVE GAINED A TOTAL OI  OF 21.89 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR NOV. (20.489 TONNES)…THIS WAS ACCOMPLISHED DESPITE OUR SMALL FALL IN PRICE OF $2.00 

WE HAD -232  CONTRACTS  COMEX TRADES REMOVED. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 6808 CONTRACTS OR 680,800  OZ OR  21.17 TONNES

Estimated gold volume 356,745//  very good//

final gold volumes/yesterday  298,675/  good

INITIAL STANDINGS FOR  NOVEMBER 2022 COMEX GOLD //NOV 10

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz 64.300oz

Brinks
2 KILOBARS

 









 
Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz
NIL oz
No of oz served (contracts) today417   notice(s)
41700  OZ
1.2970 TONNES
No of oz to be served (notices)1269 contracts 
126,900 oz
3.947 TONNES

 
Total monthly oz gold served (contracts) so far this month5315 notices
531500
16.531TONNES
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:1

i) Out of Brinks:  64.300 o (2 kilobars)

total:  64,300  oz

total in tonnes: 0.00199 tonnes

Adjustments: 0//  

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOVEMBER.

For the front month of NOV. we have an oi of 1686 contracts having GAINED 42 contracts.   We had  16 notices served on WEDNESDAY so we gained a strong 58

or an additional 5800 OZ (0.1804 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 15,423 contracts DOWN to 292,366. DEC WILL BE A DILLY OF A DELIVERY MONTH.

JANUARY  GAINED 10 contract to stand at 193.

February gained 17,640 contacts up to 155,466.

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


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  98  notices were issued from their client or customer account. The total of all issuance by all participants equate to 417 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 104 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 (5315) x 100 oz , to which we add the difference between the open interest for the front month of  (NOV 1686 CONTRACTS)  minus the number of notices served upon today 417 x 100 oz per contract equals 658,400 OZ  OR 20.479 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 (5315) x 100 oz+   (1686)  OI for the front month minus the number of notices served upon today (417} x 100 oz} which equals 658,400 oz standing OR 20.489  TONNES in this NON active delivery month of NOV..

TOTAL COMEX GOLD STANDING:  20.489 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:  1,974,293.362 OZ   61.40 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  24,290,747,054 OZ  

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

TOTAL OF ALL ELIGIBLE GOLD: 13,102,526.606 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,213927OZ (REG GOLD- PLEDGED GOLD) 286,59 tonnes//rapidly declining 

END

SILVER/COMEX

NOV 10//INITIAL NOV. SILVER CONTRACT

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,313,279.961 oz
CNT
JPMorgan
Manfra


 










 
Deposits to the Dealer Inventory273,968.230 OZ
Manfra
Deposits to the Customer Inventorynil oz



 











 
No of oz served today (contracts)58  CONTRACT(S)  
 (290,000 OZ)
No of oz to be served (notices)94 contracts 
(470,000 oz)
Total monthly oz silver served (contracts)345 contracts
 (1,725,000 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:  273,968.230 oz

total dealer deposits:  273,968.230   oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have  3 withdrawals out of the customer account

i) Out of CNT:  657,161.068 oz

ii) Out of JPMorgan:  582,794.800 oz

iii) Out of Manfra:  73,374.092 oz

Total withdrawals:   1,313,279.968 oz

JPMorgan has a total silver weight: 153.534million oz/298.715 million =51.51% of comex .//dropping fast

 Comex deposits: 

 adjustments: 0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 35,697 MILLION OZ (declining rapidly)

TOTAL REG + ELIG. 298.715 MILLION OZ (also declining)

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF NOV OI: 152 CONTRACTS HAVING LOST 81 CONTRACT(S.) 

WE HAD 126 NOTICES FILED ON WEDNESDAY, SO WE GAINED 45 CONTRACTS OR AN ADDITIONAL 225,000 OZ WILL STAND

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

DECEMBER SAW A LOSS OF 8142 CONTRACTS DOWN TO 82,493

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

JANUARY SAW A LOSS OF 52 CONTRACTS DOWN TO 1399 CONTACTS.

.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY:58 for 290,000   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  345 x 5,000 oz = 1,725,000 oz 

to which we add the difference between the open interest for the front month of NOV(152) and the number of notices served upon today 58 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the NOV../2022 contract month: 345 (notices served so far) x 5000 oz + OI for front month of NOV (152)  – number of notices served upon today (58) x 5000 oz of silver standing for the NOV. contract month equates 2,195,000 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:49,371// est. volume today//    poor

Comex volume: confirmed yesterday: 101,267 contracts ( huge)

END

GLD AND SLV INVENTORY LEVELS

NOV 10/WITH GOLD UP $40.75: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 908.38 TONNES

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 10/WITH SILVER UP 39 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 368,000 OZ INTO THE SLV///INVENTORY RESTS AT 472.476 MILLION OZ//

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 472.476 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff  

Not good for the uSA economy

(Schiff Gold)

Auto Loan Delinquencies Hit 10-Year Highs

THURSDAY, NOV 10, 2022 – 09:19 AM

Via SchiffGold.com,

With prices rising and real wages falling, many Americans are struggling to make ends meet. They are increasingly turning to credit cards and other debt to fill the gap. But that creates other problems. Debt has to be repaid and a growing number of Americans are struggling to keep up with payments.

Auto loan delinquencies have risen to the highest level in over 10 years, according to TransUnion.

TransUnion tracks more than 81 million auto loans in the United States. According to the consumer credit reporting agency, 1.65% of auto loans were at least 60 days delinquent in the third quarter. That is the highest rate for 60-day-plus delinquencies in more than a decade.

TransUnion senior vice-president Satyan Merchant told CNBC inflation was making it difficult for people to keep up with their car payments.

Consumers still want to stay current as best that they can. It’s just this inflationary environment is making it challenging. It leaves fewer dollars in their pocket to make the auto loan payment, because they’ve got to pay more for eggs and milk and other things.”

Unsurprisingly, subprime borrowers are having the most difficult time keeping up with their payments.

With loan-accommodation programs implemented during the pandemic, some borrowers managed to avoid delinquency. As those programs have ended, delinquencies have spiked. Merchant told CNBC that these programs pushed some delinquencies into the future.

According to TransUnion, 200,000 borrowers who took advantage of the pandemic-era auto loan accommodation programs are now listed as 60 days delinquent.

Like mortgage rates, auto loan rates have increased significantly since the Fed started pushing up rates to battle inflation. The average interest rate on new-vehicle loans rose to 5.2% in Q3. Interest rates on used vehicle loans average 9.7%. Combined with the rising cost of both new and used vehicles, along with rising fuel prices, the cost of owning a car continues to rise dramatically.

Merchant told CNBC that a rise in unemployment would create a bigger jump in auto loan delinquencies.

If we get into a position where employment starts to be a challenge in the United States and unemployment increases, that is when the industry will really start to be concerned about a consumer’s ability to pay their auto loans.”

The Federal Reserve blew up an auto bubble with years of artificially low interest rates after the 2008 financial crisis. The air was coming out of that bubble as the Fed tightened interest rates in 2018. The Fed pivot in 2019 and then the return to zero percent interest rates during the pandemic gave pumped air back into the deflating bubble, but with the Fed now tightening monetary policy once again, the air appears to be seeping out.

This is another example of how the combination of inflation, rising interest rates, and a deteriorating economy is negatively impacting average Americans. We see the same dynamics popping up in other sectors, including housing. This flashes warning signals that things in the economy could deteriorate very quickly in the near future as this deterioration compounds and snowballs.

For now, American consumers are managing to limp along using credit and savings accumulated during the pandemic. But savings are quickly being depleted and debt has limits.

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

LAWRIE WILLIAMS: CPI and Midterms boost gold, equities and bitcoin

The combination of the initial midterm U.S. election projections, which showed that the anticipated big surge to the Republican Party had not materialised, closely followed by the October Consumer Price Index (CPI) data which suggested that inflation levels may have peaked, generated some huge swings for U.S. markets – and not least for gold and silver. Gold which had been managing to hold on to the plus $1,700 figure it had attained a couple of days earlier shot up by over $40, at one time breaching the $1,750 level, before, at the time of writing, seemingly consolidating in the mid to high $1,740s. Silver was doing even better in percentage terms peaking at over $21.80, before settling back in the $21.50s. The pgms were trending around 5% higher too.

In other asset classes, bitcoin, which had been having a couple of horrendous days with BTC falling at one time below $16,000, was also making a very strong recovery and there has also been a decisively more than positive showing from U.S. equities once markets opened. This is despite a still pretty uncertain short to medium term future for the U.S. economy which should ultimately put something of a dampener on equity and bitcoin prices going forwards, but probably not on safe haven counters like gold and silver.

The change in investor sentiment has primarily come from today’s CPI readings which are taken as suggesting that the Fed may bring its promised less aggressive approach to interest rate rises forward to the December FOMC meeting. This has become immediately apparent in the Chicago Mercantile Exchange’s Fedwatch projection of the odds for the likely interest rate rise which will be announced then. This has now moved to 80.6% in favour of only a 50 basis point rise as against 19.4% for the originally favoured 75 basis point rise. It should be remembered that the Fed has imposed 75 basis point rate rises at each of the last four FOMC meetings.

To put this in context though, only a few months ago 50 basis point interest rate rises might have been considered excessive and rocked the markets. Now such an increase is seen as a relief and markets which, in our opinion, should be much more focused on the tough economic conditions that undoubtedly lie ahead, seem to benefiting. Once saner heads look at the true state of the U.S. economy, which is almost certainly heading for troubled waters for the foreseeable future, these market gains may well be sharply reversed again.

As we have pointed out here before, as the U.S. leads, so the rest of the world tends to follow. Thus we expect stock markets elsewhere to show some substantial gains heading into the weekend, but probably there will be corresponding falls beginning right from the start of next week.

The U.S. midterm elections may not have seen the big Republican surge that had been anticipated, but at the moment it looks like the Democrats will lose their control of the House of Representatives, while the Senate remains touch-and-go with the final oucome perhaps not becoming known until next month. Even losing control of the lower House will adversely affect the Biden Administration’s legislative power which will likely weaken the U.S. dollar, a factor which will be positive for gold.

Inflation may be peaking, but still remains at a disturbingly high level in the U.S. and globally which is bound to affect world economies in a negative manner for some time to come. The war in Ukraine seems to be developing into something of an impasse with both sides seemingly intransigent in their ultimate aims, despite what appears to be a significant Ukrainian gain in Kherson. This will continue to negatively impact Eurozone economies in particular and perhaps give the U.S. one a boost in terms of continuing natural gas export sales, as well as supplementing the earnings of its military industrial complex through continuing arms sales.

We are rapidly approaching 2023 without any real end in sight to any of the major geopolitical or geo-economic difficulties that 2022 has brought us. The prospects for a better year ahead do not look particularly bright at the moment. But for the time being at least, life goes on. The world has a propensity for muddling through crises of our own making. Let us hope that 2023 at least brings an end to some of these current problems and doesn’t come up with too many new ones to replace them.

10 Nov 2022

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

It is too bad that the coin is pretty worn, otherwise it would fetch a pretty penny. The coin looks like it was minted during the reign of Henry IV (Bolingbroke)

and it was dubbed a “noble”.  The very first gold coins form England started during the reign of Richard ii (1377-1399)

(Cdn Press/Toronto)

600-year-old gold coin discovered in Newfoundland could be oldest discovered in Canada

Submitted by admin on Wed, 2022-11-09 22:22Section: Daily Dispatches

From the Canadian Press
via CTV Television, Toronto
Wednesday, November 9, 2022

ST. JOHN’S, Newfoundland — A history enthusiast in Newfoundland has discovered what may be the oldest known English coin ever found in Canada.

Provincial archeologist Jamie Brake said today he knew he was looking at something very special when Edward Hynes sent him photos of a gold coin he’d found this past summer. The coin has since been determined to be about 600 years old, which predates the first documented European contact with North America since the Vikings.

It’s surprisingly old,” Brake said in an interview. “It’s a pretty big deal.”

How, when, and why the coin wound up on the island of Newfoundland is still a mystery.

Hynes found the artifact at an undisclosed archeological site somewhere along Newfoundland’s south coast. The exact location is being kept quiet, Brake said, so as not to attract treasure seekers. …

… For the remainder of the report:

https://atlantic.ctvnews.ca/600-year-old-gold-coin-discovered-in-newfoundland-could-be-oldest-found-in-canada-1.6145827

end

Jan believes as do I that gold is at a turning point in this manipulation scheme of central bankers

(Jan Nieuwenhuyijs)

Jan Nieuwenhuijs: Is gold at a turning point?

Submitted by admin on Wed, 2022-11-09 22:01Section: Daily Dispatches

By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Wednesday, November 9, 2022

Gold is in a transition phase. In the past nine months two key developments — war and inflation — have made gold trade much stronger than how it was priced from 2006 through 2021. 

Both developments are likely to stick around in the coming years and will prove a tailwind for gold. Moreover, the current monetary environment is adding support to the gold market as governments and central banks risk insolvency.

For the medium- and long-term I’m therefore optimistic on gold. In the short term gold still has downside risk due to rising interest rates and the possibility of collapsing asset markets triggering a liquidation event. …

… For the remainder of the analysis:

https://www.gainesvillecoins.com/blog/is-gold-price-at-turning-point

end

An excellent and a must view tape of Chris Powell being interviewedby Patrick Vierra of Silver Bullion TV

(GATA)

Silver Bullion TV interviews GATA secretary about gold’s prospects

Submitted by admin on Wed, 2022-11-09 23:04Section: Daily Dispatches

11:08p ET Wednesday, November 9, 2022

Dear Friend of GATA and Gold:

Your secretary/treasurer, interviewed this week by Patrick Vierra for Silver Bullion TV in Singapore, discussed indications that the trade in “paper gold” is being wound down even as the U.S. government seems to have succeeded in persuading financial markets that gold is no longer a good hedge against currency debasement. Foremost aAlso discussed is evidence that the Federal Reserve has intervened in the gold market via gold swaps and the extreme dichotomy between the prices of “paper” gold and real metal.

The interview also covers the steady flow of gold from West to East, the knowledge of the Chinese and Russian governments of U.S. gold price suppression policy, and the possibility of an international gold revaluation that reliquefies central banks while devaluing government debt.  

The interview is a half hour long and can be viewed at YouTube here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

CPowell@GATA.orgmong those indications is the sharp decline this year in gold swaps undertaken by the Bank for International Settlements, the gold broker for major central banks.

end

Brien Lundin on gold/silver

(Brien Lundin/GATA)

Brien Lundin: The new, old safe haven

Submitted by admin on Wed, 2022-11-09 23:26Section: Daily Dispatches

By Brien Lundin
Gold Newsletter / Golden Opportunities
Metairie, Louisiana
Wednesday, November 9, 2022

It’s been an interesting ride for investors over the past week — and an exhilarating one for gold and silver investors.

First we had the Fed meeting last week, with Fed Chairman Jerome Powell essentially doubling down on his commitment to continue tightening in the fight to rein in inflation with little regard for the consequences.

In fact, he noted, the Fed always had the tools of renewed easing to repair any damage to the economy or fix whatever they broke in the financial system.

As I put it in an alert to our subscribers at the time, “So, back to the boom-bust roller-coaster ride of managed monetary policy, in which every course correction is an over-steer that leads to the necessity of another.”

In reaction to the Fed’s hawkishness last Wednesday, U.S. stocks sold off severely, while gold and silver suffered relatively less damage. The next day, gold dropped a bit again, but silver actually rose.

Then came the fireworks.

On Friday gold soared in a fashion that we’ve rarely seen, leaping $52, or over 3%, while silver catapulted over 7% and the mining stock indices gained over 10%. …

END

THIS IS WHAT WE HAVE BEEN WAITING FOR:

Robert Lambourne: BIS is nearly out of its gold swap business

By Robert Lambourne
Thursday, November 10, 2022

After 12 years in the gold swap business, the Bank for International Settlements seems to have just about gotten out.

The bank’s October statement of account, just published —

https://www.bis.org/banking/balsheet/statofa cc221031.pdf

— shows that the bank’s gold swaps, which totaled 501 tonnes in January and have been falling sharply throughout the year, have crashed to only 7 tonnes as of October.

The bank’s gold swaps outstanding at September 30 were estimated to be 57 tonnes versus 75 tonnes and 56 tonnes as at August 31 and July 29 respectively. 

As is clear from Table B below, the level of swaps had been significantly higher in the first half of the year and the October total is easily the lowest in more than four years.

Table A below highlights the level of gold swaps reported in the annual reports of the BIS all the way back to 2010, when the bank’s use of gold swaps appears to have begun. At only one year-end since then, in March 2016, has the swap level been lower than it is as of October 2022.

The BIS has been an active trader of significant volumes of gold swaps on a regular basis, and the recent data indicates that there is a distinct possibility that its trading in gold swaps soon will end entirely.

The BIS half-year report to September 30, 2022, has also just been published and while it offers no direct comment on the use of gold swaps, its disclosures include confirmation that the BIS still holds 102 tonnes of its own gold and that very little of its activities in derivatives are with central banks. 

This latter disclosure offers support for the assumption that the bank’s gold swaps, being derivatives, are with bullion banks rather than central banks.

The reduction in the BIS’ gold swaps could be due to the application of Basel III regulations to bullion  banks. As is usually the case with the BIS, it seems unlikely that more information about the swaps will be released.

… Historical context

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

The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were carried out with commercial banks and so did not involve central banks. It also seems highly likely that the BIS’ remaining swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.

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

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

http://www.bis.org/publ/arpdf/archive/ar1931 _en.pdf

A June 2008 presentation made by the BIS to poten tial central bank members at its headquarters in Basel, Switzerland, noted that the bank’s services to its members include secret interventions in the gold and foreign exchange markets:

https://www.gata.org/node/11012

The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks doesnt appear ever to have been as large a part of the BIS gold banking business as it has been in recent years, although the recent declines suggest this is changing.

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

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

A review of Table B below highlights recent BIS activity with gold swaps, and despite the recent declines, the recent positions estimated from the BIS monthly statements remain large especially in early 2022 and the volume of trading has been significant.

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

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

The reasons for this activity have never been fully explained by the BIS and various conjectures have been made as to why the BIS is facilt. One conjecture is that the swaps are a mechanism for gold secretly supplied by central banks to cover shortfalls in the gold markets to be returned to the central banks. The use of the BIS to facilitate this trade suggests of a desire to conceal the rationale for the transactions.

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

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

—–

Table A Swaps reported in BIS annual reports

March 2 010: 346 tonnes.
March 2011: 409 tonnes.
March 2012: 355 tonnes.
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes
March 2020: 326 tonnes
March 2021: 490 tonnes
March 2022: 358 tonnes

—–

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

—–

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

Month .. Swaps
& year in tonnes

Oct-22 ….. /7
Sep-22 …../57
Aug -22 ….. /75
Jul-22 ….. /56
Jun-22 ….. /202
May-22 ….. /270
Apr-22 ….. /315
Mar-22 …. /358
Feb-22 …. /472
Jan-22 ….. /501
Dec-21…. /4 14
Nov- 21…. /451
Oct-21…. /414
Sep-21 …. /438
Aug-21 …. /464
Jul-21 …. /502
Jun-21 …./471
May-21 …./517
Apr-21 …. /472
Mar-21…. /490
Feb-21 …../552
Jan-21 …. /523
Dec-20 …. /545
Nov-20 …. /520
Oct-20 …. /519
Sep-20…../ 520
Aug-20…../ 484
Jul-20 ….. / 474
Jun-20 …. / 391
May-20 …. / 412
Apr-20 …. / 328
Mar-20 …. / 326*
Feb-20 …. / 326
Jan-20 …. / 320
Dec-19 …. / 313
Nov-19 …. / 250
Oct-19 …. / 186
Sep-19 …. / 128
Aug-19 …. / 162
Jul-19 ….. / 95
Jun-19 …. / 126
May-19 …. / 78
Apr- 19 ….. / 88
Mar-19 …. / 175
Feb-19 …. / 303
Jan-19 …. / 247
Dec-18 …. / 275
Nov- 18 …. / 308
Oct-18 …. / 372
Sep-18 …. / 238
Aug-18 …. / 370

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

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

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

—–

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

https://www.gata.org/node/17793

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

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

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

—–

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

.-END-

4.  OTHER PHYSICAL SILVER/GOLD COMMENTARIES

5.OTHER COMMODITIES:

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

To all our Cdn friends out there:  Even our Ontario Pension Fund invested in this garbage of a company:  FTX

(zerohedge)

Sequoia Writes Off Entire $210MM FTX Investment; Here Are All The Other Funds That Are Losing Billions In FTX

WEDNESDAY, NOV 09, 2022 – 09:44 PM

(Update: 9:00pm ET): Slowly but surely, the humiliated “investors” who do zero homework and merely look at who else has coinvested before they sign the check, are coming out admitting that it’s gone… al gone.

In a tweet late on Wednesday, venture capital giant Sequoia Capital said had written down the entire value of its stake in FTX, a little over $210 million.

“We are in the business of taking risk,” Sequoia wrote in a message to investors seen by Bloomberg. “Some investments will surprise to the upside, and some will surprise to the downside.”

A smaller venture fund, Multicoin, told investors Wednesday that about 10% of its assets under management were affected.

“Unfortunately, we were not able to withdraw all of the Fund’s assets on FTX,” Multicoin wrote in a letter reviewed by Bloomberg.
A sudden loss of confidence in FTX among customers exposed deep problems with the cryptocurrency exchange. People

withdrew money and sold off tokens associated with the company, causing a liquidity crunch. A rival, Binance, agreed to buy FTX and then pulled out over concerns with FTX’s financial health.

* * *

Now that the world’s largest crypto exchange, Binance, has walked away from a bailout of world’s second-largest crypto exchange, FTX, but biggest ever crypto fraud – far bigger than MtGOX ever was, here is a list of all the “luminary” investors whose money in FTX is now gone… all gone.

We start at the top, where we find the “who is who” of clueless momentum chasers, who over the years somehow got confused with credible, diligent investors: we are talking of course about Tiger Global, which is down 55% this year (and is about to be down a whole lot more) and of course the fund that we once dubbed the bubble era’s “short of the century“, SoftBank.

One wonders how much of today’s widespread selling across various asset classes was due to Tiger Global getting margin called and dumping what it can?

There are more funds, of course: Third Point and Altimeter Capital Management are among hedge funds that recently participated in funding rounds for Sam Bankman-Fried’s once-high-flying crypto exchange. Brevan Howard Asset Management’s Alan Howard, the family office of Paul Tudor Jones and Millennium Management founder Izzy Englander also chipped in as angel investors, alongside celebrities including Gisele Bundchen and Tom Brady.

There were many others: FTX also attracted capital from the Ontario Teachers’ Pension Plan, Sequoia Capital, Lightspeed Venture Partners, Iconiq Capital, Insight Partners, Thoma Bravo and Masayoshi Son’s SoftBank.

Tiger Global and Ontario Teachers’ first invested in FTX in December 2019 in a funding round that valued the company at $8 billion, according to PitchBook data. Both topped up their wagers in October 2021, giving FTX a $25 billion valuation, and did so again in January, the data show. Some of the other firms and individuals backed FTX in July 2021, paying cash to participate in a $1 billion funding round that valued the crypto exchange at $18 billion.

Prefer bullets? Here is a list of the most prominent investors in FTX courtesy of The Block’s Frank Chaparro:

  • BlackRock
  • Ontario Pension Fund
  • Sequoia
  • Paradigm
  • Tiger Global
  • SoftBank
  • Circle
  • Ribbit
  • Alan Howard
  • Multicoin
  • VanEck
  • Temasek

Remarkably, as ever more clueless pedigreed investors piled up to fund this fraud of epic proportions, the valuation went super parabolic, and after two early rounds in 2019 and 2020, FTX got its first real outside funding in July 2021 when it pocketed $900MM at a valuation of $18 billion in its Series B round; this was followed by two more rounds, the most notable of which was Series C when ts valuation exploded to a staggering $32 billion. It was around this time that Scam Bankrupt-Fraud started naming sports stadiums, and imagined a world in which FTX would buy Goldman.

The chart below is the definitive proof that even (or rather especially) the smartest investor do no homework before allocating huge amounts of capital.

All that seems so long ago now that regulators are investigating whether FTX properly handled customer funds – translation: the firm probably used client funds from its exchange to funds its trading shop, Alameda Research – and the firm’s relationship with other entities Bankman-Fried controls, and concerns raised by Binance executives during their due diligence process could torpedo the deal.

As a result of FTX collapse, all of the abovenamed investors, among others, are set to lose all of their invested cash, especially with news such as this hitting the tape:

  • *BANKMAN-FRIED TOLD INVESTORS FTX HAS SHORTFALL OF UP TO $8 BLN

Still, while billions will be lost, nobody will be crushed as much as Bankman-Fried himself, whose personal wealth has collapsed from $16 billion to what may now be a negative number when accounting for his personal debt. Of course, it’s all downhill from there especially once SBF is thrown in prison from stealing billions in client funds in his exchange and using them not even to buy yachts but to make catastrophically bad investments.

end

Sam Bankman-Fried Issues Mea Culpa: “I’m Sorry… I F**ked Up”

THURSDAY, NOV 10, 2022 – 09:27 AM

In his first words since the ponzi fraud of FTX was exposed yesterday, Sam Bankman-Fried, CEO and founder of FTX, has issued a lengthy tweet-thread to try to explain himself.

He begins: “I’m sorry. That’s the biggest thing… I fucked up, and should have done better.”

And then goes on…

I also should have been communicating more very recently.

Transparently–my hands were tied during the duration of the possible Binance deal; I wasn’t particularly allowed to say much publicly. But of course it’s on me that we ended up there in the first place. 

So here’s an update on where things are.

[THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!]

[TREAT ALL OF THESE NUMBERS AS ROUGH. THERE ARE APPROXIMATIONS HERE.] 

FTX International currently has a total market value of assets/collateral higher than client deposits (moves with prices!).

But that’s different from liquidity for delivery–as you can tell from the state of withdrawals. The liquidity varies widely, from very to very little. 

The full story here is one I’m still fleshing out every detail of, but as a very high level, I fucked up twice.

The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users’ margin. I thought it was way lower. 

My sense before:

Leverage: 0x
USD liquidity ready to deliver: 24x average daily withdrawals

Actual:

Leverage: 1.7x
Liquidity: 0.8x Sunday’s withdrawals

Because, of course, when it rains, it pours. We saw roughly $5b of withdrawals on Sunday–the largest by a huge margin. 

And so I was off twice.

Which tells me a lot of things, both specifically and generally, that I was shit at.

And a third time, in not communicating enough. I should have said more. I’m sorry–I was slammed with things to do and didn’t give updates to you all. 

And so we are where we are. Which sucks, and that’s on me.

I’m sorry. 

Anyway: right now, my #1 priority–by far–is doing right by users.

And I’m going to do everything I can to do that. To take responsibility, and do what I can. 

So, right now, we’re spending the week doing everything we can to raise liquidity.

I can’t make any promises about that. But I’m going to try. And give anything I have to if that will make it work. 

There are a number of players who we are in talks with, LOIs, term sheets, etc.

We’ll see how that ends up. 

Every penny of that–and of the existing collateral–will go straight to users, unless or until we’ve done right by them.

After that, investors–old and new–and employees who have fought for what’s right for their career, and who weren’t responsible for any of the fuck ups. 

Because at the end of the day, I was CEO, which means that *I* was responsible for making sure that things went well. *I*, ultimately, should have been on top of everything.

I clearly failed in that. I’m sorry. 

So, what does this mean going forward?

I’m not sure–that depends on what happens over the next week.

But here are some things I know. 

First, one way or another, Alameda Research is winding down trading.

They aren’t doing any of the weird things that I see on Twitter–and nothing large at all. And one way or another, soon they won’t be trading on FTX anymore. 

Second, in any scenario in which FTX continues operating, its first priority will be radical transparency–transparency it probably always should have been giving.

Giving as close to on-chain transparency as it can: so that people know *exactly* what is happening on it. 

All of the stakeholders would have a hard look at FTX governance. I will not be around if I’m not wanted.

All of the stakeholders–investors, regulators, users–would have a large part to play in how it would be run.

Solely trust. 

But all of that isn’t what matters right now–what matters right now is trying to do right by customers. That’s it. 

A few other assorted comments:

This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow.

It’s 100% liquid. Every user could fully withdraw (modulo gas fees etc).

Updates on its future coming. 

At some point I might have more to say about a particular sparring partner, so to speak.

But you know, glass houses. So for now, all I’ll say is:

well played; you won. 

NOT ADVICE, OF ANY KIND, IN ANY WAY

I WAS NOT VERY CAREFUL WITH MY WORDS HERE, AND DO NOT MEAN ANY OF THEM IN A TECHNICAL OR LEGAL SENSE; I MAY WELL HAVE NOT DESCRIBED THINGS RIGHT though I’m trying to be transparent. I’M NOT A GOOD DEV AND PROBABLY MISDESCRIBED SOMETHING. 

And, finally:

I sincerely apologize.

We’ll keep sharing updates as we have them. 

We are sure the likes of Tom Brady and Sequoia will forgive and forget this outright fraud… and we are also sure that all the Democrats who received funds from this man will return those fraudulently obtained funds to bear their ‘fair share’ for all Americans caught up in this scheme.

end

My goodness: how on earth was this allowed!

(Bix Weir)

Roota’s YouTube Comment Section is BACK After 3 Years!

Bix Weir support@roadtoroota.com via aweber.com 1:22 PM (5 minutes ago)
to me
 Here we go…I turned the Comment section of my Youtube channel back on after 3 years!  Careful..there are trolls in the comment section trying to steal all your cryptos so be safe!!  But it’s time to get the whole world involved in Roota’s Battle! You can start chiming in on this one as is was just announced that FTX  was using customer assets along with derivatives and leverage to trade massively through Alameda Research! Yes, the same Alameda Research run by Caroline Ellison, the daughter of Gary Gensler’s MIT boss Glenn Ellison…IT WAS A SET UP!! https://youtu.be/VMWbE69swG8 CRAZY DAYZ! Bix
end  

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7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 7.2537 

OFFSHORE YUAN: 7.2625

SHANGHAI CLOSED DOWN 12.63 PTS OR  0.39%

HANG SENG CLOSED DOWN 277.48 OR 1.70% 

2. Nikkei closed DOWN 277.48 PTS OR 1.70%

3. Europe stocks   SO FAR:  MOSTLY  RED

USA dollar INDEX UP TO  110.81/Euro FALLS TO 0.99442

3b Japan 10 YR bond yield: FALLS TO. +.245!!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 146.46/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 DOWN 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 +2.173%***/Italian 10 Yr bond yield FALLS to 4.294%*** /SPAIN 10 YR BOND YIELD FALLS TO 3.222%…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 4.618//

3j Gold at $1709.05//silver at: 21.15  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND 22/100        roubles/dollar; ROUBLE AT 61.08//

3m oil into the 88 dollar handle for WTI and  92 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 146.46DESTROYING 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 0.9888– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9832well 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: 4.094% DOWN 5 BASIS PTS…GETTING DANGEROUS

USA 30 YR BOND YIELD: 4.266% DOWN 5 BASIS PTS//

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

GREAT BRITAIN/10 YEAR YIELD: 3.464%

end

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Futures Rise Ahead Of Critical CPI Print

THURSDAY, NOV 10, 2022 – 08:07 AM

After yesterday’s cryptoquake shook all capital markets, sending global stocks tumbling, on Thursday morning US equity futures are steady as traders brace for an inflation print which will determine not only the December Fed rate hike but set the pace for Fed tightening over the next quarter. Nasdaq 100 and S&P 500 futures both edged modestly higher, rising 0.2% at 7:30 a.m. ET after underlying indexes plunged on Wednesday as the sweeping Republican Congressional victories that Wall Street traders bet on failed to materialize. Treasuries fell, with yield curves bear-flattening. The dollar advanced, while oil extended its slide to a fourth day.

In premarket trading, Coinbase led cryptocurrency-exposed stocks higher as Bitcoin rallied following Wednesday’s rout fueled by the withdrawal of Binance’s offer to buy FTX.com. Gen Digital Inc. jumped as its earnings matched estimates. Here are the other notable premarket movers:

  • Rivian shares gained 6.7% in US premarket trading after the electric-vehicle maker confirmed its guidance and a plan to build 25,000 EVs this year, even in the face of supply- chain issues weighing on its manufacturing operations. Analysts welcomed its third-quarter results as positive.
  • Coupang shares jump as much as 14% in US premarket trading after the South Korean e-commerce firm reported earnings that exceeded expectations, with Morgan Stanley calling it a “breakthrough” quarter.
  • Altria Group drops 1.9% in premarket trading as UBS downgrades it to a sell from neutral, saying in a note that the market appears to be pricing in too favorable an outlook for the company as consumers go for cheaper products.
  • Coinbase shares gain ~2% in premarket trading as Bitcoin rose following Wednesday’s rout fueled by the withdrawal of Binance’s offer to buy FTX.com.
  • Digital Turbine shares surged as much as 24% in US premarket trading, putting the stock on track for its biggest gain since August 2020, after the mobile phone software maker posted 2Q profit and adjusted Ebitda that beat estimates.
  • RingCentral’s guidance on improving margins addresses a key investor concern and will be welcomed, analysts say. Shares in the cloud communications software firm rose 13% in extended trading.
  • Bumble’s quarterly results and guidance are disappointing and will leave investors with concerns over its underlying performance and execution, analysts say. The stock fell 15% in after-hours trading after the report.

As we previewed earlier, the CPI for October is expected to have climbed 7.9% from a year ago, only a slight slowing from the 8.2% recorded in September. Investors will be closely assessing whether the Fed’s interest-rate increases are reining in prices and what a potential miss or beat would mean for the US central bank’s policy. A preview by a Goldman trader shared the following trading framework:

  • >8.2% S&P loses 3+%
  • 8 – 8.2% S&P loses 1-2%
  • 7.8 – 7.9% S&P gains 0 – 1%
  • <7.8% S&P gains 2+%

Meanwhile, according to a scenario analysis by JPMorgan, the S&P 500 could rally more than 5% if the reading falls to 7.6% or below, but a higher-than-estimated figure would spark a 6% slump.

“The consumer price index is the center of attention,” Stephen Innes, managing partner at SPI Asset Management, wrote in a note. “An upside surprise could be temporarily painful given the current risk-off momentum. Investors are still incredibly jittery due to the crypto train wreck, US election bets that failed to materialize, and the seemingly never-ending Covid malaise in China.”

“We expect the Fed will continue to increase interest rates and we see peak rates in March 2023, reaching 5.25%,” Frederique Carrier, head of investment strategy at RBC Wealth Management, said on Bloomberg TV. “The Fed seems to be standing out from other central banks in terms of its hawkishness. Having said that, the labor market is starting to show some cracks and we think that while the Fed is being quite hawkish now, it might reverse path quite quickly.”

Among midterm updates, Republicans are inching toward control of the House. Still, Democrats delivered a better-than-expected performance in the elections, defying predictions of a conservative red wave sweeping the nation. Wall Street was looking forward to a period of divided government, promising to prevent any major policy changes that could worsen inflation or just make the economic or corporate outlook more uncertain. It will still get it but in a more modest version.

European stocks pared losses with risk sentiment recovering slightly ahead of key US inflation data later. Euro Stoxx 50 falls 0.2%. FTSE MIB outperforms peers, adding 0.2%, CAC 40 lags, dropping 0.6%. Real estate, retail and miners lag while utilities and healthcare outperform. Here are some of the biggest movers in Europe:

  • AstraZeneca shares rise as much as 2.5% as the pharmaceuticals firm raises guidance after a 3Q beat helped by strong performance for key drugs such as Calquence and Imfinzi.
  • Allianz gains as much as 2.6% after 3Q earnings showed a stronger-than- expected capital position, modestly uplifted earnings guidance and the German insurer announced a EU1b buyback, according to Jefferies.
  • Engie rises as much as 6.1%, hitting the highest since February, with analysts saying the French energy group’s new guidance is comfortably ahead of expectations.
  • Delivery Hero jumps as much as 12% after the food delivery firm increased its Ebitda margin target, despite guiding gross merchandise value for the year to the lower end of its outlook range. The results offer “more to cheer than fear,” according to Jefferies.
  • Teleperformance tumbles as much as 38% as Colombia’s Ministry of Labor started an investigation into the French call center operator. The probe is related to “alleged union-busting, traumatic working conditions and low pay,” according to a Time Magazine report on Wednesday.
  • B&M drops as much as 7.8% after the UK discount retailer reported 1H adjusted Ebitda fell 18% from a year earlier. RBC expects FY24 consensus estimates to be cut, given that margins are likely to come under more pressure from the stronger dollar and more discounting.
  • ALK-Abello falls as much as 13% after slowing sales for the Danish allergy drugmaker’s key tablet products cast doubt on the company’s growth going ahead, analysts say.
  • Luxury stocks including Italian brand Moncler, Danish jeweler Pandora and Cartier-owner Richemont slip after China stepped up Covid-related restrictions across some of its biggest cities, including Beijing.

Earlier in the session, Asian equities dropped for a second day, as the turmoil in the crypto market and China’s Covid restrictions prompted a selloff ahead of key US Inflation data. The MSCI Asia Pacific Index fell more than 1%, with gauges in Hong Kong among the biggest decliners in the region. Consumer discretionary and tech shares fell the most. Shares linked to the crypto industry fell after Binance dropped its bid for FTX.com, while China’s heavyweights face dwindling Singles Day sales.  Risk-off sentiment prevailed in Asia trading on Thursday as investors awaited data on price increases in the US to gauge the Fed’s next policy move. Chinese stocks dropped as the nation strengthened Covid restrictions to curb an outbreak in a key manufacturing hub, dampening hopes of a reopening that triggered a rally this month. 

“I believe weak sentiment from the US and crypto is spilling over into Asia today with broad regional declines,” said Marvin Chen, a Bloomberg Intelligence strategist. “We expect volatility to continue until we get a catalyst on policy direction, which may be coming as attention turns to 2023.” Vietnam stocks tumbled as leveraged traders exited positions on concerns about liquidity shortages spreading in the property sector. The Asia benchmark is still poised for back-to-back weekly gains as traders piled into beaten-down Chinese shares on Monday. But with optimism over a potential China reopening losing momentum and the jury out on US inflation, investors remain on edge

Japanese stocks declined for a second day following US peers lower, as risk appetite decreased.  A deepening slump in cryptocurrencies hurt sentiment, as investors also parsed US midterm election results ahead of key inflation data due later Thursday. The Topix fell 0.7% to close at 1,936.66, while the Nikkei declined 1% to 27,446.10. Toyota Motor Corp. contributed the most to the Topix decline, decreasing 2.9%. Out of 2,165 stocks in the index, 708 rose and 1,347 fell, while 110 were unchanged. “If the CPI numbers come out higher than estimates, the Fed will likely tighten further,” said Tomo Kinoshita, a global market strategist at Invesco Asset Management. “This is a risk factor that might cause Japanese stocks to decline further.”

Australian stocks halted a four-day winning streak, weighed by declines in mining and financial shares. The S&P/ASX 200 index fell 0.5% to close at 6,964.00 with Origin Energy the top performer, surging 35% after it received a takeover offer from a group led by Canadian private equity giant Brookfield. Xero was among the worst decliners after the enterprise software firm’s EBITDA result missed analyst estimates, according to Jefferies.   In New Zealand, the S&P/NZX 50 index fell 0.5% to 11,091.93

In FX, the Bloomberg Dollar Spot Index advanced 0.3%, adding to the 0.6% advance on Wednesday, and the greenback strengthened against most of its Group-of-10 peers. The euro was among the worst performers and fell to a low of $0.9937. Treasuries bear- flattened, with yields rising by 1-4bps. Bunds fell in line with Treasuries while Italian bonds underperformed. The pound was the best G-10 performer, after dropping 1.6% against the dollar on Wednesday. Options have been bearish the euro ever since the US warned in early February that Russia could take offensive military action or attempt to spark a conflict inside Ukraine. A soft US CPI print could be the stimulus for a new era in its volatility skew. Gilts slipped, sending yields up by around 4bps across the curve. The yen was steady within recent narrow ranges against the greenback while implied volatility rose across the curve, led by shorter-term tenors, as investors geared up for upcoming US inflation data.

In rates, Treasuries were narrowly mixed across the curve into early US session with front-end and belly yields higher, flattening 2s10s, 5s30s spreads from Wednesday’s highs. Yields were cheaper by ~2bp across front-end of the curve with 2s10s, 5s30s spreads flatter by ~3bp and ~1bp on the day; 10- year yields around 4.095% are little changed vs Wednesday’s close with gilts outperforming by ~2bp in the sector.  Price action muted ahead of October CPI data, 30-year bond auction and several Fed speakers. Fed speaker slate follows early comments from Minneapolis Fed’s Kashkari, who said that any talk of a Fed pivot is “entirely premature”; Harker, Logan, Daly, Mester and George are scheduled to speak during the US session. US auction cycle concludes with $21b 30- year bond sale at 1pm; Wednesday’s 10-year tailed by 3.4bp. WI 30- year yield at 4.23% is above auction stops since 2011 and ~30bp cheaper than October’s, which tailed by 1bp. Bunds 10-year yields rise about 1.5bps, each within Wednesday’s range; gilts underperform, with the 10-year yield adding 5bps to above 3.5%.

WTI drifts 0.5% lower to trade around $85 intraday as the mood remains cautious and the Dollar picks up. Base metals are also lower across the board amid the cautious risk tone and firmer Dollar, with 3M LME copper back under USD 8,000/t (vs high USD 8,100/t). Spot gold has adopted a mild downside bias as the Dollar gained in recent trade, with the 100 DMA at USD 1,714.55/oz and yesterday’s low at USD 1,701.20/oz.

Bitcoin extended gains, advancing about 6% after earlier hitting a fresh low for the year at $15,574.

FTX’s downfall was rooted in poorly performing investments made during the crypto rout and the FTX owner used customer deposits to partially finance his trading firm earlier this year, according to Reuters sources. It was also separately reported that FTX is seeking emergency funding to meet withdrawal requests and without funding would result in bankruptcy, according to Bloomberg.

To the day ahead now, and the main highlight will be the US CPI release for October. Other data releases include the US weekly initial jobless claims and Italian industrial production for September. From central banks, speakers include the Fed’s Waller, Harker, Daly, Mester and George, as well as the ECB’s Schnabel, Kazimir, Vasle and de Cos, along with the BoE’s Ramsden.

Market Snapshot

  • S&P 500 futures up 0.3% to 3,766.25
  • STOXX Europe 600 down 0.1% to 419.75
  • MXAP down 1.2% to 141.77
  • MXAPJ down 1.4% to 455.83
  • Nikkei down 1.0% to 27,446.10
  • Topix down 0.7% to 1,936.66
  • Hang Seng Index down 1.7% to 16,081.04
  • Shanghai Composite down 0.4% to 3,036.13
  • Sensex down 0.7% to 60,593.48
  • Australia S&P/ASX 200 down 0.5% to 6,964.02
  • Kospi down 0.9% to 2,402.23
  • German 10Y yield up 0.6% at 2.19%
  • Euro down 0.5% to $0.9966
  • Brent Futures down 0.2% at $92.45/bbl
  • Gold spot up 0.1% to $1,707.72
  • U.S. Dollar Index little changed at 110.63

Top Overnight News from Bloomberg

  • While an expected fall in US CPI will likely be welcomed by investors, Friday’s University of Michigan 5-10 year inflation expectations will resonate with Federal Reserve officials fearful of price rises becoming entrenched
  • Federal Reserve Bank of Minneapolis President Neel Kashkari said policymakers were trying hard to achieve a soft landing for the US economy but will not flinch from curbing high inflation
  • The ECB has increased the amount of securities that central banks in the euro area can lend out against cash collateral, a bid to satisfy demand for high-quality liquid assets around year-end
  • Norway’s inflation unexpectedly accelerated to 7.5% in October, the fastest pace since 1987, while economists in a Bloomberg survey had expected an increase to 7.1%. Price growth in Denmark rose to 10.1% in September — a 40-year high
  • Japan is enjoying some success in its battle with speculators targeting the enfeebled yen and the central bank’s stubborn grip on yields, but more tests lie ahead

A more detailed look at global markets courtesy of newsquawk

APAC stocks traded negatively as the region followed suit to the losses stateside where the major indices were pressured amid a firmer dollar and contagion from further crypto turmoil as Binance pulled out of the FTX buyout deal. ASX 200 was subdued by underperformance in the tech and commodity-related sectors although losses in the index were cushioned by M&A-related news with Origin Energy shares up by more than 30% following a buyout offer from a Brookfield consortium and with Perpetual underpinned after it rejected a revised non-binding indicative proposal. Nikkei 225 declined as participants digested a slew of earnings releases and with Honda amongst the worst performers after its H1 net fell and cut its vehicle sales forecast due to the chip shortage. Hang Seng and Shanghai Comp retreated amid ongoing COVID woes in China after Guangzhou locked down another district on Wednesday, while two districts in Chongqing also raised COVID restrictions and halted schools.

Top Asian News

  • US President Biden said he is not willing to make any fundamental concessions when he meets with Chinese President Xi and he wants them to lay out what each of their red lines are when they meet. Biden added that they will discuss Taiwan and will discuss fair trade with Xi, as well as relationships with other countries, according to Reuters.
  • China Politburo Standing Committee hosted its first meeting; top leadership was urged to stick with COVID zero policy, state media reports; urges more precise COVID control, stressed the need to minimise impacts on economy.
  • Two districts in China’s Chongqing were said to have raised COVID restrictions and halted schools.
  • BoJ Governor Kuroda said they are not at the stage where they can debate an exit and that raising interest rates now would hurt the economy still in the midst of recovering from the pandemic’s impact, so is undesirable. BoJ Governor Kuroda said they will maintain easy monetary policy to sustainably and stably achieve 2% inflation accompanied by wage growth, while he also stated that deepening the negative rate is among the policy options if needed, according to Reuters.
  • RBA Deputy Governor Bullock said they are seeing more broad-based CPI pressure in the economy and need to raise interest rates to influence demand, although she separately commented that they are getting closer to the point where they might be able to pause and take a look, while she is hoping demand in the economy is slowing but needs more evidence, according to Reuters.
  • BoJ Governor Kuroda said he told PM Kishida that the BoJ will continue with monetary easing to achieve the price target in tandem with wage growth, via Reuters.
  • Japanese government has asked residents to stay at home in the event that localities request stronger measures during a future COVID wave, according to NHK.

Major bourses mostly hold a downward bias following weak handovers from Wall Street and then APAC in the run-up to US CPI later today. Sectors in Europe are mostly in the red, although to a lesser extent than at the cash open, with no overarching theme aside from earnings. US equity futures are trading sideways with modest gains and relatively broad-based performance thus far.

Top European News

  • UK Chancellor Hunt is reportedly looking to cut the surcharge on UK bank profits to 3% from 8% which would effectively shield UK banks from the bulk of a corporate tax rise, according to Bloomberg.
  • What to Expect in UK Chancellor’s Plan to Fix Fiscal Hole
  • UK Has Frozen Over £18 Billion in Russian Assets On Sanctions
  • Paris, London Commuters Hit by Strike Chaos on Thursday
  • Teleperformance Slumps 38% on Report of Colombian Labor Probe
  • Inflation Jump in Norway, Denmark Adds Woes for Nordic Economies
  • Credit Agricole ‘Very Confident’ on Banco BPM Talks

FX

  • DXY managed to fend off further downside pressure and form a base just above 110.000 before rebounding towards 111.00.
  • AUD, NZD, CHF, and EUR are the major laggards as the Buck bounced and sentiment soured.
  • GBP stands as the g10 outperformer as Cable held around 1.1350 and above the 50 DMA.

Fixed Income

  • Bonds appear to have hit the buffers for little apparent reason other than corrective price action and positioning for US CPI.
  • US Treasuries touched 110-25+ overnight compared to its 109-14 w-t-d trough.
  • Gilts peaked at 103.70 on Liffe yesterday vs 99.92 the day before.
  • Bunds reached 138.74 earlier having been down at 135.76 at one stage on Tuesday.

Commodities

  • WTI and Brent futures trade with mild losses intraday as the mood remains cautious and the Dollar picks up.
  • Spot gold has adopted a mild downside bias as the Dollar gained in recent trade, with the 100 DMA at USD 1,714.55/oz and yesterday’s low at USD 1,701.20/oz.
  • Base metals are also lower across the board amid the cautious risk tone and firmer Dollar, with 3M LME copper back under USD 8,000/t (vs high USD 8,100/t).

Geopolitics

  • US President Biden said Russia’s evacuation of Kherson shows that they have real problems and he hopes that Russian President Putin will discuss more seriously a prisoner exchange for Brittney Griner.
  • US will not give advanced drones to Ukraine to avoid escalation with Russia, according to WSJ.
  • Top US general sees a relatively static front line in Ukraine during the winter and said opportunities to negotiate must be seized, according to Reuters.
  • Indonesian government confirmed that Russian President Putin will not attend the G20 summit in Bali but said he is scheduled to participate in one session at the G20 summit virtually, while Russia is to send Foreign Minister Lavrov instead, according to Reuters.
  • Russia’s Kremlin said Foreign Minister Sergei Lavrov will represent Russia at the G20 summit in Indonesia, according to Al Jazeera.

US Event Calendar

  • 08:30: Oct. CPI MoM, est. 0.6%, prior 0.4%
    • CPI YoY, est. 7.9%, prior 8.2%
    • CPI Ex Food and Energy YoY, est. 6.5%, prior 6.6%
    • CPI Ex Food and Energy MoM, est. 0.5%, prior 0.6%
    • Real Avg Hourly Earning YoY, prior -3.0%
  • 08:30: Nov. Initial Jobless Claims, est. 220,000, prior 217,000
    • Continuing Claims, est. 1.49m, prior 1.49m
  • 08:30: Oct. Real Avg Weekly Earnings YoY, prior -3.8%
  • 14:00: Oct. Monthly Budget Statement, est. -$90b, prior -$165.1b

Central bank speakers

  • 09:00: Fed’s Harker Discusses The Economic Outlook
  • 09:35: Fed’s Logan Speaks at Energy and the Economy Conference
  • 11:00: Fed’s Daly Speaks with European Economics & Financial Center
  • 12:30: Fed’s Mester Discusses the Economic Outlook
  • 13:30: Fed’s George Speaks at Energy and the Economy Conference

DB’s Jim Reid concludes the overnight wrap

As we wake up two days after the midterm elections, we still don’t have much more certainty to offer you this morning on which party has won either chamber of Congress. Based on the results we have so far, the most likely outcome appears to be that the Republicans will retake the House with a narrow majority, and the Democrats will maintain control of the Senate narrowly as well. But we should caveat that there’s still a margin of error around both those outcomes, with a non-zero chance that the Republicans could still end up with a majority in the Senate, or that the Democrats end up just about maintaining their control of the House.

Ultimately, the outcome is going to hinge on a small handful of tight races, which could take days or even weeks to resolve. That’s particularly the case in the Senate, where the CNN count now stands at 49 seats for the Republicans and 48 for the Democrats, with 3 races still outstanding. Both sides need to pick up 2 of those 3 to win the chamber, since in the event of a 50-50 split, it would go to the Democrats with Vice President Harris’ tie-breaking vote. One of those 3 outstanding races is in Georgia, which is heading to a runoff election on December 6, as no candidate received the 50% necessary to win under state law. That means that if the other two races in Nevada and Arizona aren’t won by the same party, control of the entire Senate will hinge on that runoff result next month, just as happened two years ago.

When it comes to the House of Representatives, CNN’s count is now at 209 for the Republicans and 191 for the Democrats, with 218 needed for the majority. So far, the Republicans have gained a net 12 seats from the Democrats, which is above the net gain of 5 they require to retake the House. There are still some outstanding races, but as it stands the Republicans are ahead in the vote count in enough seats to just about give them a majority, albeit a very narrow one.

Whilst the range of outcomes is still open, the results we have make clear it was a much better outcome for the Democrats than generally expected beforehand. Indeed, whereas the Republicans lost -42 House seats in 2018 at President Trump’s first midterm election, and the Democrats lost -63 House seats in 2010 at President Obama’s first midterm election, today’s vote count suggests that the Democrat’s House losses could be in the single-digits, if you look at who’s ahead in each district as it stands. One Republican who did perform strongly however was Florida’s Governor Ron DeSantis, who won re-election by nearly 20 points and strengthened his position as a potential challenger for the Republican presidential nomination in 2024.

US equities have historically done very well in the year following the midterm elections, but day one got off to a bad start yesterday, with the S&P 500 (-2.08%) ending its run of three consecutive gains with a sharp move lower. That was driven by losses among the more cyclical sectors, with tech stocks in particular suffering losses, which left the NASDAQ (-2.48%) and the FANG+ Index (-3.44%) noticeably lower on the day. Weak earnings didn’t help matters either, with Disney (-13.16%) ending up as the worst performer in the entire S&P after falling short of analysts’ estimates.

That decline in risk appetite comes ahead of the latest US CPI data for October, which is out at 13:30 London time. This is one of the most important variables for the Fed as they consider whether to slow down their pace of rate hikes next month, although it’s worth bearing in mind that there’s still another CPI report after this one before their next meeting. In terms of what to expect, our US economists see energy boosting the monthly headline CPI print to +0.62%, which would be the fastest pace since June. However, they see core CPI stepping down a bit to +0.46%, and think that should draw the most focus, especially given the upside surprise in that measure last month. In turn, those monthly numbers should see the year-on-year CPI tick down to +8.0%, whilst year-on-year core CPI should also see a modest fall to +6.5%.

Ahead of the CPI release, investors moved to take out some of the monetary tightening they’d been expecting over the months ahead, with the futures-implied rate for December 2023 down -7.5bps to 4.70%. In turn, that helped Treasuries at the front-end of the curve to rally, with the 2yr yield coming down -7.1bps to 4.58%, while 10yr yields fell -3.1bps to 4.09%. That downward trend in yields has continued in overnight trading, with 10yr yields (-3.0 bps) trading at 4.06% as we go to print.

Whilst US assets struggled, European ones put in a relatively better performance yesterday, aided by the news that Russia had ordered its troops to leave the city of Kherson in Ukraine. To date, markets have generally taken news of Russian losses as a positive, as it’s seen as raising the chances of them negotiating, even if recent months haven’t exactly borne out that thesis. Nevertheless, sovereign bonds in Europe rallied on the back of the news, with yields on 10yr bunds (-11.2bps), OATs (-10.9bps) and gilts (-9.7bps) all ending the day lower. When it came to equities, the major indices did decline, although significantly less than their US counterparts, with the STOXX 600 down -0.30%.

Those losses for US equities have been echoed in Asia this morning, with indices including the Hang Seng (-1.77%), Nikkei (-0.96%), the CSI (-1.09%), the Shanghai Composite (-0.59%) and the KOSPI (-0.61%) all trading in negative territory. In the meantime, there’ve also been sharp losses in crypto markets, with Bitcoin slumping -15.87% yesterday to $15,731, which is its lowest closing level in nearly two years, although this morning it’s since rebounded +5.80% to $16,644. That came as Binance walked away from plans to acquire the FTX.com exchange. Bloomberg reported that FTX’s CEO told investors yesterday that the company would need to file for bankruptcy without a cash injection. Looking forward however, US equity futures are pointing to a modest rebound today, with those on the S&P 500 (+0.23%) and the NASDAQ 100 (+0.43%) moving higher.

To the day ahead now, and the main highlight will be the US CPI release for October. Other data releases include the US weekly initial jobless claims and Italian industrial production for September. From central banks, speakers include the Fed’s Waller, Harker, Daly, Mester and George, as well as the ECB’s Schnabel, Kazimir, Vasle and de Cos, along with the BoE’s Ramsden.

end

AND NOW NEWSQUAWK (EUROPE/REPORT)

Pre-CPI lull seen across markets, while crypto attempt to claw back recent losses – Newsquawk US Market Open

Newsquawk Logo

THURSDAY, NOV 10, 2022 – 06:41 AM

Listen to the Market Open

  • Major European bourses mostly hold a downward bias following weak handovers from Wall Street and then APAC; US futures are flat
  • In FX, DXY found a base just above 110.00 before making its way to 111.00; GBP outperforms and the EUR lags
  • Fed’s Kashkari said any talk of a pivot is premature and added that they will do what is needed to bring inflation back down
  • FTX is seeking emergency funding to meet withdrawal requests and without funding would result in bankruptcy, according to Bloomberg
  • Looking ahead, highlights include US CPI, IJC, Speeches from Fed’s Harker, Logan, Daly, Mester, George & Williams, BoE’s Tenreyro, ECB’s Schnabel, SNB’s Maechler, Supply from the US

View the full premarket movers and news report. 

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

10th November 2022

  • Click here for the Week Ahead preview
  • Click here for the US CPI primer

EUROPEAN TRADE

EQUITIES

  • Major bourses mostly hold a downward bias following weak handovers from Wall Street and then APAC in the run-up to US CPI later today.
  • Sectors in Europe are mostly in the red, although to a lesser extent than at the cash open, with no overarching theme aside from earnings.
  • US equity futures are trading sideways with modest gains and relatively broad-based performance thus far.
  • Click here for more detail.

FX

  • DXY managed to fend off further downside pressure and form a base just above 110.000 before rebounding towards 111.00.
  • AUDNZDCHF, and EUR are the major laggards as the Buck bounced and sentiment soured.
  • GBP stands as the g10 outperformer as Cable held around 1.1350 and above the 50 DMA.
  • Click here for more detail.

FIXED INCOME

  • Bonds appear to have hit the buffers for little apparent reason other than corrective price action and positioning for US CPI.
  • US Treasuries touched 110-25+ overnight compared to its 109-14 w-t-d trough.
  • Gilts peaked at 103.70 on Liffe yesterday vs 99.92 the day before.
  • Bunds reached 138.74 earlier having been down at 135.76 at one stage on Tuesday.
  • Click here for more detail.

COMMODITIES

  • WTI and Brent futures trade with mild losses intraday as the mood remains cautious and the Dollar picks up.
  • Spot gold has adopted a mild downside bias as the Dollar gained in recent trade, with the 100 DMA at USD 1,714.55/oz and yesterday’s low at USD 1,701.20/oz.
  • Base metals are also lower across the board amid the cautious risk tone and firmer Dollar, with 3M LME copper back under USD 8,000/t (vs high USD 8,100/t).
  • Click here for more detail.

CRYPTO

  • Bitcoin trades with intraday gains on either side of USD 16,500 whilst Ethereum remains under 1,200
  • FTX’s downfall was rooted in poorly performing investments made during the crypto rout and the FTX owner used customer deposits to partially finance his trading firm earlier this year, according to Reuters sources. It was also separately reported that FTX is seeking emergency funding to meet withdrawal requests and without funding would result in bankruptcy, according to Bloomberg.

NOTABLE EUROPEAN HEADLINES

  • UK Chancellor Hunt is reportedly looking to cut the surcharge on UK bank profits to 3% from 8% which would effectively shield UK banks from the bulk of a corporate tax rise, according to Bloomberg.

NOTABLE US HEADLINES

  • US House Democrats to hold leadership election on November 30th, Punchbowl reports citing sources.
  • Fed’s Kashkari (2023 voter) said inflation is not being driven by wages and is being caused by supply chain challenges, stimulus and Russia’s invasion of Ukraine, while he added that they will do what is needed to bring inflation back down and once it is done, he would expect interest rates to normalise. Kashkari said any talk of a pivot is premature and he doesn’t know what the Fed will do at the December meeting but thinks they are on a good path now.
  • Fed’s Evans (departing) said he is hopeful inflation will start slowing soon and commented that it’s time to slow the pace of rate hikes.
  • US President Biden said he cannot guarantee that they are going to be able to get rid of inflation but thinks that they can, while he also thinks the economy will have a soft landing.
  • Edison Research projected that Republicans have picked up a net 12 US House seats previously held by Democrats with 39 of 435 races not yet called.
  • Edison Research projected no candidate will receive 50% of first choice votes for the Senate seat race in Alaska, and the winner between Republican incumbent Murkowski and Trump-backed Republican Tshibaka will be decided by ranked-choice voting on November 23rd.

GEOPOLITICS

RUSSIA-UKRAINE

  • US President Biden said Russia’s evacuation of Kherson shows that they have real problems and he hopes that Russian President Putin will discuss more seriously a prisoner exchange for Brittney Griner.
  • US will not give advanced drones to Ukraine to avoid escalation with Russia, according to WSJ.
  • Top US general sees a relatively static front line in Ukraine during the winter and said opportunities to negotiate must be seized, according to Reuters.
  • Indonesian government confirmed that Russian President Putin will not attend the G20 summit in Bali but said he is scheduled to participate in one session at the G20 summit virtually, while Russia is to send Foreign Minister Lavrov instead, according to Reuters.
  • Russia’s Kremlin said Foreign Minister Sergei Lavrov will represent Russia at the G20 summit in Indonesia, according to Al Jazeera.

OTHER

  • Iranian Revolutionary Guards said “we have built a supersonic ballistic missile capable of targeting enemy anti-missile systems”, according to Al Jazeera.
  • Chinese Foreign Ministry said China is committed to realise peaceful co-existence with the US but Taiwan question remains at the core of China’s interest; US needs to stop weaponizing trade issue, via Reuters.

APAC TRADE

EQUITIES

  • APAC stocks traded negatively as the region followed suit to the losses stateside where the major indices were pressured amid a firmer dollar and contagion from further crypto turmoil as Binance pulled out of the FTX buyout deal.
  • ASX 200 was subdued by underperformance in the tech and commodity-related sectors although losses in the index were cushioned by M&A-related news with Origin Energy shares up by more than 30% following a buyout offer from a Brookfield consortium and with Perpetual underpinned after it rejected a revised non-binding indicative proposal.
  • Nikkei 225 declined as participants digested a slew of earnings releases and with Honda amongst the worst performers after its H1 net fell and cut its vehicle sales forecast due to the chip shortage.
  • Hang Seng and Shanghai Comp retreated amid ongoing COVID woes in China after Guangzhou locked down another district on Wednesday, while two districts in Chongqing also raised COVID restrictions and halted schools.

NOTABLE ASIA-PAC HEADLINES

  • US President Biden said he is not willing to make any fundamental concessions when he meets with Chinese President Xi and he wants them to lay out what each of their red lines are when they meet. Biden added that they will discuss Taiwan and will discuss fair trade with Xi, as well as relationships with other countries, according to Reuters.
  • China Politburo Standing Committee hosted its first meeting; top leadership was urged to stick with COVID zero policy, state media reports; urges more precise COVID control, stressed the need to minimise impacts on economy.
  • Two districts in China’s Chongqing were said to have raised COVID restrictions and halted schools.
  • BoJ Governor Kuroda said they are not at the stage where they can debate an exit and that raising interest rates now would hurt the economy still in the midst of recovering from the pandemic’s impact, so is undesirable. BoJ Governor Kuroda said they will maintain easy monetary policy to sustainably and stably achieve 2% inflation accompanied by wage growth, while he also stated that deepening the negative rate is among the policy options if needed, according to Reuters.
  • RBA Deputy Governor Bullock said they are seeing more broad-based CPI pressure in the economy and need to raise interest rates to influence demand, although she separately commented that they are getting closer to the point where they might be able to pause and take a look, while she is hoping demand in the economy is slowing but needs more evidence, according to Reuters.
  • BoJ Governor Kuroda said he told PM Kishida that the BoJ will continue with monetary easing to achieve the price target in tandem with wage growth, via Reuters.
  • Japanese government has asked residents to stay at home in the event that localities request stronger measures during a future COVID wave, according to NHK.

DATA RECAP

  • Chinese (Oct) M2 Money Supply 11.8% (Exp. 12.0%)
  • Chinese (Oct) New Yuan Loans (CNY): 615.2B (Exp. 800B)
  • Chinese (Oct) Total Social Financing (CNY): 907.9B (Exp. 1.60T)

i)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 12.63 PTS OR 0.39%   //Hang Seng CLOSED DOWN 277,48 OR  1.70%    /The Nikkei closed DOWN 270.33 OR 0.98%          //Australia’s all ordinaires CLOSED DOWN  0.58%   /Chinese yuan (ONSHORE) closed DOWN TO 7.2539 //OFFSHORE CHINESE YUAN DOWN 7.2625//    /Oil DOWN TO 85.32 dollars per barrel for WTI and BRENT AT 92.13    / 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/COVID

China’s crazy zero COVID policy is creating havoc with their economy. Now Beijing blames local governments for excessive measures

(zerohedge)

Beijing Insists On Zero-COVID Policy But Blames Local Governments For Excessive Measures

WEDNESDAY, NOV 09, 2022 – 05:40 PM

Authored by Mary Hong via The Epoch Times,

In a press conference on Friday, the Chinese Health Commission insisted the country’s zero-COVID policy is an effective and economic measure for pandemic containment.

The officials also blamed local governments such as Zhengzhou for unscientific measures that hurt the economy and frustrated the public.

On Nov. 5, the Health Commission emphasized sticking with the policy to prevent imported cases and recurrence of the domestic cases, and claimed the policy is the “accurate” way to deal with the pandemic.

Blaming Local Governments

In answering press questions on complaints posed by the populace during the implementation of the zero-COVID policy, the officials named Zhengzhou, in central China Henan Province, as the city that received the most criticism for its arbitrary travel restrictions and lockdowns.

Consequently, Zhengzhou officials held a press conference on Nov. 6, apologizing to the public and promising to rectify its measures in containing the virus.

The manufacturing sector in China has seen the disastrous impact of the arbitrary lockdown imposed by the authorities.

A resident undergoes a nucleic acid test for COVID-19 in Anyang in central China’s Henan Province on Jan. 26, 2022. (STR/AFP via Getty Images)

On Nov. 2, Zhengzhou imposed a seven-day lockdown for the industrial park where the manufacturer Foxconn is housed.

Since September, Zhengzhou has been one of the epicenters of viral infection. Positive cases were also reported in the Foxconn factory starting in October.

Recently, a large number of Foxconn employees fled the factory for fear of infection and a shortage of food and medicine on the factory premises due to the lockdown.

The Zhengzhou Foxconn location is Apple’s largest iPhone assembly factory in the world.

According to the 2020 China Top 500 Foreign Trade Research Report by the Statistical Society for Foreign Economic Relations & Trade of China, Zhengzhou Foxconn contributed to 82 percent of Zhengzhou’s total export value in 2019; Zhengzhou Foxconn’s total export volume reached $31.6 billion, the largest contributor to Chinese foreign trade export in 2019; and the import and export volume was second only to two state-owned enterprises, China Petrochemical Corporation and China National Petroleum Corporation.

On Nov. 6, Apple released a statement saying that the primary iPhone 14 Pro and iPhone 14 Pro Max assembly facility located in Zhengzhou is currently “operating at significantly reduced capacity.”

end

CHINA/REAL ESTATE

China trying to fix their real estate mess to no avail

(zerohedge)

New Chinese Property Support No Match For $456 Billion Hole

WEDNESDAY, NOV 09, 2022 – 11:00 PM

By Ye Xie, Bloomberg markets live reporter and analyst

Another day, another measure to support the beleaguered Chinese property sector. Developers rallied Wednesday after Beijing expanded a funding program to support debt sales by private companies, including builders.

It’s a positive that the authorities are doing more to bolster the housing sector. But it’s another bandage that’s unlikely to turn around the market.

Stocks of developers such as Country Garden Holdings and CIFI Holdings surged after the National Association of Financial Market Institutional Investors widened the bond financing program to about 250 billion yuan ($35 billion) for private companies, including developers.

The program, first introduced in late-2018, is one of the “three arrows” that the People’s Bank of China uses to help private companies raise capital. The other two channels include bank loans and equity financing.

In September, Bloomberg reported that policymakers have asked state banks to increase lending to developers to ease their liquidity crunch. After firing the first arrow, Beijing is now pulling the trigger on the second one.

But as Nomura’s economist Lu Ting pointed out, there are reasons to question the effectiveness of the program. First, new home sales revenue is the largest funding source for developers, far more than any other channels. It accounted for 53% of overall funding for developers last year, compared with 12% from bank loans.

In the first nine months, new home sales contracted 31%. At this rate, developers’ funding from home sales will fall by 3.3 trillion yuan ($456 billion) this year, according to Nomura’s estimate. That’s too big of a funding hole.

Secondly, the $35 billion bond financing quota is for all private companies, not just for developers. Builders accounted for 15% of all private bond issuance between 2018 and 2020, before falling to around 9% in 2021, according to Nomura.

Lastly, developers still need to pay off a large amount of maturing bonds in coming months, with about 30 billion yuan worth of onshore debt due by March. The implication is that even if they can access the bond market, the net fundraising would be limited after paying off the debt.

All in all, the second arrow is literally more like an arrow, not a bazooka.

end

4.EUROPEAN AFFAIRS//UK AFFAIRS

EUROPE

Europe’s energy bils are now 90% higher than last year creating huge problems for citizens as they are having trouble paying them

(Slav/OilPrice.com)

Energy Bills In Europe Are 90% Higher Than Last Year

THURSDAY, NOV 10, 2022 – 06:30 AM

Authored by Irina Slav via OilPrice.com,

Electricity and gas prices are soaring across Europe, with bills close to double from last year in most European capitals, according to new data from the Household Energy Price Index – a monthly tracker of energy prices for households across 33 European capitals, including the 27 EU member states and several non-members.

According to the data collected for the HEPI, natural gas bills in Europe have gone up by as much as 111 percent over the past year, with electricity prices up by an average of 69 percent. Taken together, Euronews calculates these two make for a total 90-percent increase in household energy bills over the past year.

“Significantly higher [energy prices] compared to one year ago … can be attributed to a combination of factors, such as increased demand connected to post-pandemic economic recovery and extraordinary weather conditions, the record-high prices for natural gas, and high CO2 emissions allowances,” the authors of the latest HEPI report noted.

The high energy bills are creating headaches for European governments: strikes and protests are multiplying and disgruntlement with energy policies is growing.

The cost of living in most of Europe is already exorbitant because of the energy crisis and this crisis is only going to get worse after the EU embargoes on Russian oil and then fuels come into effect.

In some parts of Europe, according to the latest HEPI report, energy prices have reached record highs but in others, prices have actually fallen, at least in October. The news is not as good as it looks at first glance: the decline was a result of government intervention, i.e. energy subsidies.

There have been a lot of subsidies as European governments try to alleviate the financial pain on households and businesses to avoid further disgruntlement. Germany alone will be spending some $200 billion on such coping measures, including a cap on energy prices up to a certain level of consumption.

end

UK

UK Nurses go on strike over their pay as much higher energy costs are creating much havoc.

(zerohedge)

UK Nurses To Strike Over Pay For First Time Ever

THURSDAY, NOV 10, 2022 – 02:45 AM

10s of 1000s of nurses across the majority of National Health Service trusts and health boards in the UK have voted to strike over pay for the first time ever in an action that threatens major disruption to an already strained health system.

The Royal College of Nursing (RCN), which has more than 300,000 members, said industrial action would begin before the end of the year following the first ever strike vote in its 106-year-old history.

Many of the biggest hospitals in England, all NHS employers in Northern Ireland and Scotland, and all but one NHS employer in Wales voted to join the action while some hospitals in England “narrowly missed the legal turnout thresholds to qualify,” the nurse union said.

The RCN said experienced nurses’ salaries are 20 percent worse off in real terms compared to ten years earlier, demanding a pay rise of 5 percent above inflation.

“Anger has become action — our members are saying enough is enough,” RCN General Secretary Pat Cullen said in a statement.

“This action will be as much for patients as it is for nurses. Standards are falling too low.”

The RCN’s demands would amount to combined pay rises costing £9 billion ($10.25 billion) which would be “simply not deliverable,” the spokesperson said, adding there were contingency plans in place for any “staff impact.”

As Lily Zhou reports at The Epoch Times, the union said the government must “signal a new direction” in its autumn budget announcement scheduled for Nov. 17.

Health Secretary Steve Barclay expressed disappointment in the union’s announcement, saying the nurses’ demands are “out of step” with the current economic circumstances the UK faces.

“We accepted the recommendations of the independent NHS Pay Review Body in full and have given over one million NHS workers a pay rise of at least £1,400 this year on top of a 3 [percent] rise last year,” the minister wrote on Twitter.

Barclay said he is “hugely grateful” for the hard work and dedication of NHS staff, including nurses, but said the “union demands for a 17.6% pay settlement are around three times what millions of people outside the public sector will typically receive and simply aren’t reasonable or affordable,” adding, “Labour have also refused to back this.”

Speaking to Sky News earlier, Education Secretary Gillian Keegan said another problem with ”massive above-inflation rises” is that it would in turn fuel inflation.

Shadow health secretary Wes Streeting accused the government of “unacceptable negligence,” saying Labour would have been “talking with the RCN and doing everything we can to prevent these strikes going ahead” if they were in government.

But he told BBC Radio 4’s “PM” programme he wouldn’t be able to meet the nurses’ demands either in current circumstances, saying, “the Conservatives [have] crashed the economy.”

Barclay, who got the job for the second time on Oct. 25 after being put in the role between July 4 and Sept. 6 owning to the recent shuffling of prime ministers, told broadcasters that he offered a meeting during his first week on the job.

RCN Scotland Board formally rejected an offer from the Scottish Government to give lower-earning nurses an 11 percent pay rise.

Britain has seen a wave of industrial unrest this year across a range of professions as pay hikes fail to keep up with inflation running at 10%.

end

UK

UK’s Sunak is under pressure as a key cabinet minister Sir Gavin Williamson was forced to quit over allegations of abusinve behaviour towards colleagues.

(Zhou.EpochTimes)

UK’s Sunak Under Pressure As Minister Quits Following Bullying Allegation

THURSDAY, NOV 10, 2022 – 05:00 AM

Authored by Lily Zhou via The Epoch Times,

British Prime Minister Rishi Sunak faced pressure in Parliament on Wednesday after Cabinet minister Sir Gavin Williamson was forced to quit over allegations of abusive behaviour towards colleagues.

Sunak defended giving Williamson a seat at the Cabinet table, saying he was not aware of “any of the specific concerns” about Williamson’s past conduct.

Opposition leader Sir Keir Starmer accused Sunak of hiding behind bullies because he’s “too weak” to take them on, saying Sunak gave Williamson a job “precisely” because he’s a bully.

Williamson, who was appointed the Minister without Portfolio two weeks ago, resigned on Tuesday saying the allegations had “become a distraction” from the government’s “good work.”

He also said he refutes “the characterisation of these claims” and that he will comply with the parliamentary investigation process and clear his name.

In a separate Twitter post, Williamson said he will not take severance payment.

Britain’s Education Secretary Gavin Williamson speaks during a virtual press conference inside 10 Downing Street in central London on Feb. 24, 2021. (John Sibley/ Pool/via Getty Images)

Allegations against the former minister first emerged on Saturday when The Sunday Times reported that he had sent expletive-laden messages to former Conservative Party Chief Whip Wendy Morton.

Williamson, who spearheaded Rishi Sunak’s failed bid to become the prime minister during the summer, accused Morton of punishing rivals by excluding them from Queen Elizabeth II’s funeral, according to The Times.

The report also said former Conservative Party chairman Sir Jake Berry said he had told Sunak that Morton was submitting a complaint against Williamson on Oct. 24, the day before Sunak became the prime minister and gave Williamson a seat at the Cabinet table.

The Independent reported on Tuesday that Morton also submitted a complaint to Parliament’s Independent Complaints and Grievance Scheme.

The Guardian on Monday said Williamson was abusive to civil servants when he was the Defence Secretary, telling them to “slit your throat” and “jump out of the window” on separate occasions, citing an unnamed former senior official from the Ministry of Defence.

Williamson told the publication that he strongly rejects the allegation and had enjoyed “good working relationships” with officials during his previous cabinet jobs, adding, “No specific allegations have ever been brought to my attention.”

Anne Milton, who was the deputy chief whip when Williamson was the chief whip, on Tuesday told Channel 4 News that he would use “salacious gossip” as “leverage against MPs if the need arose.”

Williamson announced his resignation on Twitter on Tuesday night, posting his resignation letter that said he refutes “the characterisation of these claims” but recognises they are “becoming a distraction” from the government’s “good work.”

“I have therefore decided to step back from government so that I can comply fully with the complaints process that is underway and clear my name of any wrongdoing,” he wrote.

Williamson also said he’s complying with the bullying watchdog’s complaint process.

Facing Starmer at Prime Minister’s Questions on Wednesday, Sunak told MPs that Williamson’s alleged behaviour was “unacceptable” and that his resignation was “absolutely right.”

Sunak said he didn’t know about “any of the specific concerns relating to his conduct as Secretary of State or chief whip, which date back some years.”

“I believe that people in public life should treat others with consideration and respect. And those are the principles that this government will stand by,” he said.

Asked if he regrets appointing Williamson, Sunak said he regrets “appointing someone who has had to resign in these circumstances” and that it’s “absolutely right” that “there is an investigation to look into these matters properly.”

“I said my government will be characterized by integrity, professionalism, and accountability, and it will,” the prime minister added, referring to his first speech on the job.

Sunak resigned as the chancellor of Boris Johnson’s government in July after the former prime minister admitted it was a “mistake” to keep Chris Pincher in government despite sexual misconduct allegations against him, having previously denied knowledge of specific allegations.

END

UK

UK food inflation hits record highs.  Discretionary income of citizens evaporates

(zerohedge)

UK Food Inflation Hits Record High As Discretionary Income Evaporates Ahead Of Dark Winter

THURSDAY, NOV 10, 2022 – 04:15 AM

Brits have watched double-digit inflation wipe out any wage gains in one of the worst cost-of-living crises in a generation. Many have gone into debt, paying for things such as food, energy, and shelter. Others have been left with little or no discretionary income ahead of a very dark and cold winter.

Research company Kantar published a new survey Tuesday that revealed startling food inflation numbers for October that soared at the fastest pace in 14 years. 

Kantar said annual grocery prices rose to 14.7% last month, the fastest since the research firm began tracking prices.

Consumers are expected to pay an additional £682 in their annual grocery bill if they continue buying the same items. 

The survey found that 27% of all households are “struggling financially,” double the amount from last November. Nine in ten respondents said food inflation is a top concern, while energy bills were second. 

“So it’s clear just how much grocery inflation is hitting people’s wallets and adding to their domestic worries,” Kantar said. 

Kantar revealed consumers are switching from name-brand items to cheap private-label store brands to save money:  

Own label sales have jumped again by 10.3% over the latest four weeks, as shoppers adopt different strategies to manage their budgets. The branded goods market grew far slower at 0.4%.

In a separate study, the Joseph Rowntree Foundation found a whopping 7 million families have given up on heating, showers, and toiletries this year due to the cost-of-living crisis squeezing discretionary income.

The Centre for Economics and Business Research, which publishes the Asda tracker, found that after paying taxes for housing, heating, and food, 20% of earners in the second lowest income have nothing left to spend, according to Bloomberg.  

Asda income tracker found poorer households are hit the hardest by inflation. 

Middle earners are also experiencing a decline in discretionary income. 

Regionally, Brits in the South East have experienced inflation rates nearly doubled than those in the North East. 

Walid Koudmani, the chief market analyst at online investment platform XTB online trading, told Financial Times:

“[Food price inflation] when compounded with the massive energy spending increases has been seen by many as a significant risk to the economic stability of the UK.

“It is likely that food inflation will continue to increase as macroeconomic indicators have shown little sign of a slowing down in price growth while consumers continue to struggle with the ongoing cost of living crisis.”

Socioeconomic turmoil is only growing in the UK as it morphed into a political crisis. Government handouts might not cushion all households as inflation remains sticky at four-decade highs. 

Uk’s new Prime Minister, Rishi Sunak, has a lot on his plate as he must suppress inflation while preventing social unrest, which will be a tricky balancing act as the cold season begins.

END 

FRANCE

France is forced to accept our migrants after Meloni refuses to back down in a call from Macron

Brooke/Remixnews)

France Forced To Accept NGO Migrant Boat After Italian PM Meloni Refuses To Back-Down In Call With Macron

THURSDAY, NOV 10, 2022 – 02:00 AM

Authored by Thomas Brooke via Remix News,

The 234 people on board the Ocean Viking vessel have been granted permission to disembark in Marseille…

An NGO humanitarian vessel carrying hundreds of migrants picked up in the Mediterranean has been granted permission to dock in the French port of Marseille after the newly elected Italian government repeatedly refused it permission to offload passengers in Sicily.

A call took place on Tuesday between Italian Prime Minister Giorgia Meloni and French President Emmanuel Macron where the former emphasized the Italian government’s hard-line approach to immigration in no uncertain terms; this prompted the French president to authorize the docking of the Ocean Viking, operated by the SOS Méditerranée NGO, in France.

There are currently 234 migrants on board the vessel, which has been anchored off the Italian coast for over two weeks awaiting a safe place to dock.

The Italian government has in recent days allowed the docking of humanitarian vessels in Italian ports in order to allow vulnerable people, namely women, children, and those with medical conditions, to disembark. Italian authorities have then ordered the captains to leave Italian territory with a number of adult males still onboard, urging the ships to port in the countries responsible for operating the vessels, including Germany and Norway.

In a press release on Tuesday, the SOS Méditerranée NGO criticized the Italian government’s new approach, claiming “maritime and humanitarian laws were blatantly violated in Sicily, with the implementation of selective and discriminatory disembarkation processes of people rescued by the NGO vessels Humanity 1 and Geo Barents.

“Such a measure is not in line with the provisions outlined by the applicable international maritime and humanitarian conventions and resolutions,” said Nicola Stalla, Search and Rescue coordinator on board Ocean Viking.

Meloni, however, did not appear apologetic in a Facebook post published late on Tuesday.

“In terms of security and the fight against illegal immigration, Italians have expressed themselves at the ballot box, choosing our program and our vision,” the Italian prime minister wrote.

“Our goal is to defend the legality, security, and dignity of each person. This is why we want to put an end to illegal immigration, prevent further deaths at sea, and fight human traffickers. The citizens asked us to defend Italy’s borders, and this government will not betray its promise,” she added.

Conversations were held between Meloni and Macron, as well as between French Interior Minister Gérald Darmanin and his Italian counterpart Matteo Piantedosi, during which “Italy remained firm on its position,” according to the Ansa news agency.

According to the French television channel BFMTV, Paris denounced what it perceived to be “unacceptable behavior” by the Italian authorities and eventually offered the port of Marseille for the NGO vessel to offload those on board.

.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE//RUSSIA/KHERSON

END

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

Vaccine//Covid issues: Injuries

GLOBAL ISSUES:  FOOD INFLATION//SHORTAGES IN GENERAL

A deep understanding as to what we are up against

A good read…

(Brandon Smith)

The WEF’s Stakeholder Capitalism Is Just Global Fascism By Another Name

https://WWW.ZEROHEDGE.COM/GEOPOLITICAL/WEFS-STAKEHOLDER-CAPITALISM-JUST-GLOBAL-FASCISM-ANOTHER-NAME

WEDNESDAY, NOV 09, 2022 – 11:40 PM

Authored by Brandon Smith via Alt-Market.us

The concept of “fascism” was originally entered into the Encyclopedia Italiana by Italian philosopher Giovanni Gentile, who stated that “Fascism should more appropriately be called corporatism because it is a merger of state and corporate power.” Benito Mussolini would later take credit for the quote as if he had written it himself, but it’s important to note because it outlines the primary purpose of the ideology rather than simply throwing the label around at people we don’t like as a dishonest means to undermine their legitimacy.

Despite the fact that leftists today often attack conservatives as “fascists” because of our desire to protect national boundaries and western heritage, the truth is that all fascism is deeply rooted in leftist philosophies and thinkers.

Mussolini was a long time socialist, a member of the party who greatly admired Karl Marx. He deviated from the socialists over their desire to remain neutral during WWI, and went on to champion a combination of socialism and nationalism, what we now know as fascism. Adolph Hitler was also a socialist and admirer of Karl Marx, much like Mussolini. It is actually hard to find where Marx, the communists and the fascists actually differ from each other – A deeper sense of nationalism seems to be one of the few points of contention.

Though Marx saw the existence of nation states as temporary to the proletariat and to the ruling class, he noted that the industrialists were erasing national boundaries anyway. Marx argues in the Communist Manifesto with some optimism:

“National differences and antagonisms between peoples are already tending to disappear more and more, owing to the development of the bourgeoisie, the growth of free trade and a world market, and the increasing uniformity of industrial processes and of corresponding conditions of life.”

Marx saw the development of corporate power as useful and the next necessary step towards socialism, noting that joint-stock companies (corporations) and the credit system are:

The abolition of the capitalist mode of production within the capitalist mode of production itself.”

In other words, corporations are viewed as a tool for the eventual transition to a socialist “Utopia” and the death of free markets. Once again, we see there is very little difference in motive between the political left and the fascists. The natural progression of every form of Marxism, communism, socialism, fascism etc. all ultimately lead to a kind of globalist ideology and erasure of cultural separation. The methods might differ slightly but the end result is the same. Some think this is a good thing, but it is actually quite poisonous.

Globalism requires an overarching social dynamic, a single hive mind, otherwise it cannot survive. If people have the ability to choose or create better options (or different options) for living then globalism loses significance. The existence of choice has to be erased. This is a behavior that the political left has fully embraced and they are more than happy to work hand-in-hand with corporate oligarchs to make their ideal system a reality. Long gone are the days of the anti-corporate progressive – They LOVE corporate dominance, but only if those companies promote and enforce leftist models for society.

Mussolini’s fascism is at the root of the very corporate governance that leftists applaud and lust after today. They have far more in common with fascists than they realize.

The new fascism is a re-branded philosophy best represented by something called “Stakeholder Capitalism.” It is a term often used by globalists at the World Economic Forum and the head of the WEF, Klaus Schwab. The media friendly definition of Stakeholder Capitalism is:

A form of capitalism in which companies do not only optimize short-term profits for shareholders, but seek long term value creation, by taking into account the needs of all their stakeholders, and society at large.

But who are “all stakeholders” in the opinion of the WEF?

Well, according to Klaus Schwab they are all of human civilization, now and in the future. In other words, the goal of SHC is for corporate leaders and globalist bureaucracy to take responsibility for the entire world, not just their own employees, shareholders and profits. And such leaders would not be acting as individuals, they would be acting as a collective. In other words, SHC requires all major corporations to act as a single unit with a single purpose and a unified collectivist ideology – An ideological monopoly.

As Klaus Schwab states:

The most important characteristic of the stakeholder model today is that the stakes of our system are now more clearly global. Economies, societies, and the environment are more closely linked to each other now than 50 years ago. The model we present here is therefore fundamentally global in nature, and the two primary stakeholders are as well.

…What was once seen as externalities in national economic policy making and individual corporate decision making will now need to be incorporated or internalized in the operations of every government, company, community, and individual. The planet is thus the center of the global economic system, and its health should be optimized in the decisions made by all other stakeholders.”

The SHC concept is deceptive on its very face because it pretends as if corporations will be held accountable by the public within some form of “business democracy,” as if the public will have a vote on what the corporations do. In reality, it will be corporations telling the public what is acceptable to think and do and corporations in conjunction with governments using their power to punish people who do not agree.

The great magic trick is that these same unified corporations use the shield of “private property” and business rights as a means to control society without repercussions. After all, a primary principle of conservatism and the US constitution is private property rights. So, stepping in to disrupt corporate governance would be violating one of our own beloved ideals. It sounds like a Catch-22, but it’s really not.

As mentioned above, corporations are at their very core a socialist concept: They are created through government charter, handed legal personhood and given special protections from government. They are NOT free market entities, and Adam Smith, the originator of most free market ideals, stood against corporations as destructive and prone to monopoly.

As long as they receive protections from government including monetary stimulus and bailouts, corporations should not enjoy the same private property protections as regular businesses do. They are parasitic creations, alien to the natural business world. In a freedom-based society they would be dismantled to prevent authoritarian outcomes.

Stakeholder Capitalism is also an incredibly arrogant premise because it assumes that corporate leaders have the wisdom or objective intelligence to expand their role beyond business and into social and political spheres. This has already happened in many respects with much chaos created, but open corporate governance is the end game and it is anything but objective or benevolent.

What are some examples of this kind of corporate/political governance (fascism) in action?

How about Big Tech social media censorship leaning HEAVILY against conservatives and liberty activists? How about evidence of collusion between Big Tech companies and government, such as the Biden Administration and the DHS working closely with Twitter and Facebook to actively remove voices and viewpoints they don’t like? How about corporate leaders colluding to destroy conservative based social media competitors like Parler?

How about ESG loans funded by corporate backers such as Blackrock or globalist non-profits like the Rockefeller Foundation?

If all corporate lenders applied ESG(Environment Social Goverance) to their loan practices, all individuals and businesses would have to adopt leftist social ideologies and dubious environmental claims in order to have access to credit. ESG is a monetary incentive created by corporate elites to keep all other businesses in line. If it continues, ESG could wipe out political opposition to globalism in the span of a single generation.

And, what about the Council For Inclusive Capitalism? This is the most blatant expression of open global fascism I have ever seen, with money elites and politicians working in concert with the UN and even religious leaders like Pope Francis. Their goal is to institute a single centralized world governing platform built around the same agendas outlined in ESG and SHC, making corporations members of a new global council which they refer to as “The Guardians.” They aren’t even trying to hide the conspiracy anymore, it’s right out in the open.

Klaus Schwab takes special care to mention often that global crisis events are the “opportunity” that is needed to push the public into the arms of Stakeholder Capitalism through a nexus point called “The Great Reset.” Meaning, he thinks that widespread fear and desperation must exist (or be engineered) to perpetuate the SHC framework quickly.

Obviously, the globalists are on a shrinking timeline, though it’s hard to say why. They are tearing off the mask faster in the past two years than they have in the previous decade. More than likely they understand to some degree that if they go too slow the public will have time to mount a defense against them.

They will conjure all kinds of distractions and scapegoats to prevent liberty minded people from hitting them back. They’ll aim us at Russia, they’ll aim us at China, they’ll aim us at useful idiots among the leftists. They’ll aim Russia, China and the leftists at us. They will try to send us to war, they will call us insurrectionists, they will call us terrorists, they will say we started the whole collapse and that we are to blame for the world’s ills. None of this matters. What matters is that the globalists at the top pay the price for the harm they cause.

When the head of the snake is removed, only then can we sort out who is to blame; who were the heroes, who were the villains, and who were the idiots. Only then can we rebuild with true freedom in mind.

end

PAUL ALEXANDER

This is an extremely important interview that I need everyone to pay attention to

Dr McCullough interviews Ms Latypova.

Here she describes that the hot lots are not random but due to chemicals not “gelling” together.  The lots separate out and the bottom part 

becomes inert and harmless to you, but the upper parts leathal to those that receive them. The entire program was officially under the full direction of DARPA (Minisitry of Defence)

and not Pfizer and Moderna.

Dr Paul Alexander./Dr Paul McCullough

 you can skip the first 10 minutes.

Open in app or online

STARTLING interview with Dr. Peter McCullough: “Department of Defense (DoD) Driving Mass Vaccination While FDA and Vaccine Companies are Powerless to Stop It”

Ms. Alexandria (Sasha) Latypova: deaths reported in VAERS after COVID-19 vaccination are not random but due to ‘hot lots’; What is the role of the FDA?2 Latypova points out it is largely “theatre”.

DR. PAUL ALEXANDERNOV 9
 
SAVE▷  LISTEN
 

What does Sasha say?

The lot sizes became larger, and the rushed nature of vaccine manufacturing invariable loads specific lots with more viable intact mRNA, while others have considerably less genetic material and or broken fragments of mRNA.Under the existing government contracts, there is no FDA or third-party inspection of the products for safety, quality, or purity. Because the US Department of Defense, under the Emergency Use Authorization countermeasures program, is the ”developer” of the vaccines, there is a complex array of biological defense contractors that make the components of the vaccines.

Specifically, private contractors do the fill-and-finish manufacturing, and the DOD or its designees has material possession of the products until delivery at a vaccine center. At this stage, the vaccine companies (Pfizer, Moderna, JNJ, Novavax) are largely marketing shields for the military program. Ms. Latypova makes it clear, by the US EUA regulations, COVID-19 mass vaccination is a DOD operation, and the signal to “go” is given by the US Secretary of Health and Human Services (HHS). Under Trump, it was Alex Azar, and now with Biden, it’s Xavier Becerra. Essentially if the HHS Secretary believes a national medical emergency exists, then DARPA, the branch of the military dealing with biological threats, is activated, and the process starts.

Here is a quote from the DARPA website:

“As part of the ADEPT program in 2011, DARPA began investing in nucleic acid vaccines. The hypothesis was that rather than delivering antigens to the immune system, we could deliver genes that encode the antigen and allow the human body to produce the antigen from its own cells, triggering a protective immune response. In December 2020, former ADEPT performer Moderna’s RNA vaccine received FDA Emergency Use Authorization (EUA) approval for the prevention of COVID-19.”1

So, it is fully disclosed that the genetic vaccines were not a product of Operation Warp Speed and developed in just a few months, as portrayed by the White House. In truth, DARPA has been working on genetic vaccines with companies such as Moderna since 2011. What is the role of the FDA?2 Latypova points out it is largely “theatre”. In other words, the FDA is giving sham approvals to versions of the vaccines as they move forward since they are powerless to stop it. This interview is gripping and a must-listen for those trying to comprehend the mild-blowing reality of forced vaccination resulting in record injuries, disabilities, and death.’

SOURCE:

https://www.americaoutloud.com/department-of-defense-driving-mass-vaccination-while-fda-and-vaccine-companies-are-powerless-to-stop-it/

end

Open in app or onlineBritish Medical Journal’s editor Dr. Peter Doshi raises alarming questions About COVID-19 Vaccine Safety Concerns; BY ARJUN WALIA NOVEMBER 2, 2022
DR. PAUL ALEXANDERNOV 10 SAVE▷  LISTEN
The Facts:In a recent interview with German TV, senior editor at the British Medical Journal Dr. Peter Doshi expressed that that “Our legacy media has not done a good job in providing balanced coverage about the vaccines.”He emphasized how “we’re not getting the information we need to make better choices and to have a more informed understanding of risk and benefit.”Reflect On:With so many scientists, doctors and published peer-reviewed science raising concerns, why haven’t these concerns been properly communicated to the citizenry?Why has there been such a big campaign to censor these concerns and deem them a “conspiracy theory?”Why have pharmaceutical companies not released all the data they accumulated during their clinical trials for COVID-19 vaccines?Doshi was part of an international group of eminent academics and physicians who went back and analyzed safety data from the original clinical trials that were the backbone of the FDA’s decision to authorize the mRNA vaccines in December 2020.  It was published in the peer-reviewed journalVaccine in September 2022.The analysis showed that mRNA vaccines were associated with 1 additional serious adverse event for every 800 people vaccinated. This would normally have a vaccine taken off the market, and is in sharp contrast to the idea that serious adverse events are extremely rare as federal health regulatory agencies have commonly claimed with regards to COVID-19 vaccines. The authors also found that the trial data showed that the increase in serious adverse events following mRNA vaccination surpassed the reduction in risk of ending up hospitalized with COVID-19.’
“It was very unfortunate, that from the beginning, what was presented to us by public health officials was a picture of great certainty…but the reality was that there were extremely important unknowns. We entered a situation where essentially the stakes became too high to later present that uncertainty to people…I think that’s what set us off on the wrong foot. Public officials should have been a lot more forthright about the gaps in our knowledge.”SOURCE:
https://thepulse.one/2022/11/02/senior-editor-of-british-medical-journal-speaks-out-about-covid-19-vaccine-safety-concerns/endOpen in app or onlineMedical Profession urged to tell Women the truth about Dangers of Covid Vaccination during Pregnancy (RHODA WILSON); The EXPOSE

it appears all pregnant women receiving these vaccinations are actually vaccine trial participants.”DR. PAUL ALEXANDERNOV 10 
SAVE▷  LISTEN SOURCE:https://expose-news.com/2022/11/05/nzdsos-calls-on-medical-profession-to-first-do-no-harm/Alexander 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.Upgrade to paid

The modern-day miracle mRNA vaccines which were created in record time are firmly under the global microscope as experts analyse data which challenges the efficacy and safety profile of the vaccines, especially regarding reproduction and whether it is a risk or reward to pregnant and fertile women. 
New Zealand Doctors Speaking Out with Science
 
(“NZDSOS”) has significant concerns with the lack of trial data in pregnant women and a spokesperson for the group stated, “it appears all pregnant women receiving these vaccinations are actually vaccine trial participants.”
The vaccination rollout continued around the world while adverse event reports began flooding into the United States VAERS database – and likewise to other databases from many other countries – which generated especially severe safety signals for pregnancy, reproduction and menstruation. However, these women’s health issues remain universally ignored and dismissed by health authorities, along with many other serious adverse events.In a press release, NZDSOS called upon the medical fraternity to stand by the Hippocratic Oath to “first do no harm” and uphold fully informed consent when advising women who are wanting to become pregnant, or who are already.

end

Open in app or online

“Propaganda Exposed [UNCENSORED]”-Paul Alexander; Blows the Lid off Collusion, Corruption, and Conspiracy between Government, Tech & Pharma, written By Ty & Charlene Bollinger

Docu-series “Propaganda Exposed [UNCENSORED]”; November 5, 2022; brilliant 9 part documentary series

DR. PAUL ALEXANDERNOV 9
 
SAVE▷  LISTEN
 

end

Chin et al.: “Protection against Omicron from Vaccination and Previous Infection in a Prison System”; look at table S4, see no (zero) risk, deaths in natural immune prisoners, not championed by author

Why have journal editors, researchers, still write fraud lies they do, why give an interpretation that does not fit the data? why did they not mention the potency of prisoner natural immunity here?

DR. PAUL ALEXANDERNOV 9
 
SAVE▷  LISTEN
 

Yes, do not pay attention to the conclusion section of any of these studies, nothing in LANCET, or NEJM, or JAMA etc., all fraud; you draw your own conclusion after you read the methods section and first judge that the methods are trustworthy and high-quality and can stand to scientific scrutiny and as unbiased as possible, then you deal with the results and you make your own interpretation. Methods and data/results, no ‘background’ or even ‘discussion’ or ‘conclusion’, toss that in the toilet. It WILL BE biased.

Ask yourself, where is the data on how fast any vaccine protection wanes and commented upon relative to natural immunity?

The key question is, if there are zero deaths in the unvaccinated as per S4 table during Omicron, then what does the vaccine, 1, 2, 3 doses etc. add? What additional protection? How do you get less than zero deaths? You cannot have less than zero deaths and certainly this vaccine does not stop transmission. So what is the value? None! This closed tightly juxtaposed population show you this clearly.

Just to know how ridiculous the interpretation was, in that they disregarded natural immunity which had zero deaths, and spoke of the 2 and 3 doses. Yet what do they add? Why not just allow people to remain unvaccinated? Death is the worse outcome and it does not stop infection, replication, or transmission. So again, what is the value added? See this in conclusion and ask what is missing in their bogus interpretation:

“Our findings in two high-risk populations suggest that mRNA vaccination and previous infection were effective against omicron infection, with lower estimates among those infected before the period of delta predominance. Three vaccine doses offered significantly more protection than two doses, including among previously infected persons.”

But with just pure risk of infection and no vaccination as per S4, there were no deaths. What did the vaccine add?

Why did they exclude those with one shot? We know you are vaccinated and thus did those people have elevated hospitalizations and deaths and so were excluded to make the vaccine data more attractive and less devastating? It seems they used tortured methods to make the vaccine group look more favorable. See this in the ‘methods’: “Next, residents and staff who met the above criteria were excluded if they had received the adenovirus vector–based vaccine Ad26.COV2.S (Johnson & Johnson–Janssen), if they had received only one mRNA vaccine dose, if they had received an unknown vaccine”. So they went on an exclusion jihad to fix the vaccine group outcome data? The death data???

This prison type population (as in this NEJM biasedly interpreted study) is key (no doubt there will be the impact of confounding so caution in interpretation) and confined and clean and allows as natural a setting to study the impact of an intervention and disease course. I am focused on S 4 in supplementary tables (teed up by McCullough).

Yet this is often covered up and not showcased by CDC or NIH etc. because it shows what they do not want shown. If you ever wanted to know the potency of natural immunity, it is shown here for confined even in a closed population where the risk of transmission is greatest e.g. such as seen in our elderly nursing homes, the risk of infection or death is near zero or zero.

Natural immunity confers not just reduced risk of re-infection but also the type of sterilizing immunity that is protective. Bullet-proof protection and yes, there is with omicron sub-variants and clades, a breach of the first line innate and an immune re-challenge. But natural acquired adaptive immunity (2nd line immune memory) will mop up and you will recover. Even if there is some antigenic drift (small changes) even though we can argue with all the mutation on spike in omicron it is more akin to antigenic shift (large variation).

SOURCE:

VACCINE IMPACT

Crypto Currency Billionaire Loses Fortune Almost Overnight as Crypto Ponzi Business Exposed – The Beginning of the Great Reset?

November 9, 2022 4:38 pm

November 8, 2022 will obviously be remembered in history as the day of the U.S. mid-term elections, but could another event that happened yesterday eclipse even the national elections? Earlier this year I warned that cryptocurrencies were NOT safe havens to protect financial wealth, when Coinbase, the largest US crypto exchange service, announced that they had cut off 25,000 Russian wallets. As I noted then, I have never felt comfortable putting major resources into cryptocurrencies for several reasons, the most obvious one being that it is dependent upon “the system,” which requires, among other things, electricity and a working Internet. New problems with cryptocurrencies were exposed yesterday, when the equivalent of a “bank run” happened when crypto exchange FTX saw $6 billion of withdrawals in a 72-hour span, resulting in them reportedly stopping the process of withdrawals yesterday.  Some big investors, including Blackrock and celebrity athletes including Stephen Curry and Tom Brady, were heavily invested in FTX. Sam Bankman-Fried, once featured on the cover of Fortune Magazine as potentially the next “Warren Buffet,” and has now reportedly lost 94% of his $16 billion fortune, may be better compared to Bernie Madoff, as ZeroHedge News found an interview he did a few months ago where he admitted that crypto yield farming is basically a Ponzi business. The big question now is when will the other big Ponzi scheme rupture, the New York Stock Exchange, sending the U.S. and probably the rest of the world into financial ruins and usher in the Great Reset?

Read More…


Here Are All The Funds That Are About To Lose $BILLIONS In FTX

November 9, 2022 8:16 pm

Now that the world’s largest crypto exchange, Binance, has walked away from a bailout of world’s second-largest crypto exchange, FTX, but biggest ever crypto fraud – far bigger than MtGOX ever was, here is a list of all the “luminary” investors whose money in FTX is now gone… all gone.

Read More…

VACCINE INJURY/

Dr. Lee Merritt & Karen Kingston – It’s All Parasites: Cancer, Vaccines, Remedies (Video) | Alternative

hryniak@me.com

Perhaps why ivermectin works so well

https://beforeitsnews.com/alternative/2022/11/dr-lee-merritt-karen-kingston-its-all-parasites-cancer-vaccines-remedies-video-3783284.html
end

Detox and viral load removal is kept

endRobert Hryniak9:27 AM (1 minute ago)toIf taking multiple jabs then detox and reduction of the spike proteins is needed to counter then impact on health. It is why everything from NAC to ivermectin is being used by people.
Sadly the creditability of big pharma is in the toilet.https://www.theepochtimes.com/health/where-spike-protein-deposits-in-the-body-after-covid-or-vaccine-full-chart_4844954.html

end

SLAY NEWS//

MICHAEL EVERY/RABOBANK

Michael Every on the day’s most important events:

Nobody Knows What They Should Be Doing About The Mess We Are In Now

THURSDAY, NOV 10, 2022 – 08:26 AM

By Michael Every of Rabobank

A Plague on Both Your Houses

It’s Tybalt today, and for more than one reason. First, the midterm election results continue to dribble in. And dribble is the operative world. There was no Red Tsunami and no Red Wave. Moreover, once again many key races are again failing to be able to count small pieces of paper. Nevada says it might take until the end of NEXT week to be able to do so; Georgia will need to go through the whole thing again, again.

As things stand at the moment, the Republicans look set to take a very slight House majority, and have a reasonable chance of taking a slim Senate majority too. That would seem to deliver the gridlock markets were hoping to see, on the view that this means less fiscal policy and so less aggressive rates policy. However, it means much more than that.

If there was a key message from the election results it is that the US remains deeply divided, and yet very closely so, which is why so many races right across its huge geography were so tight. The second message is that everyone seems to be united in being unhappy with BOTH parties. Nobody is enthused about President Biden, who of course is now running again in 2024 (though of course we don’t mean literally given his age); or Trump and his oddballs; or the mainstream Republican sweater-vest wearers; or bland mainstream Democrats; or new Progressives. Many votes were cast ‘against’ rather than ‘for’. The only major exception was Florida’s Ron DeVictorius and his growing base of voters, who outperformed the Moist Red Sponge wiped across Congress.

Now wait until 2024 on the other side of more high inflation –it’s US CPI today– and high unemployment, and a recession – that will be a doozy. Indeed, that economic dynamic is starting to unfold even before the 2022 vote is in.

Crypto firm FTX may go under after fellow crypto firm Binance walked away from saving it. Owner Sam Bankman-Fried’s $16bn fortune was no bank, man, and is fried. He is ironically on the public record talking about how much safer and more transparent crypto is than banks. Now the public sees this nebbish talks rubbish, and crypto can be crapto. Yes, Cryptonites can rail all they like about fiat and ‘The System’, but humans are humans. Unless you build your own server and run your own crypto exchange just for yourself –in which case what’s the point?– you are going to get episodes like this, until crypto is regulated like banks – and then what’s the point?

Swathes of the market have no idea what just happened even as hedge funds reel: but the US Justice Department does, especially if the funds FTX donated heavily to the Democrats might have to be returned. Expect this to be the ammunition needed to bring the hammer down on the whole sector. (And Biden is implying Elon Musk might separately be in the firing line for his relationships with other countries / slash buying Twitter.)

What FTX shows is that when you raise rates towards 5%, lots of stupid stuff stops happening. Like $16bn fortunes created by allegedly playing ‘League of Legends’ through meetings which wax lyrical about being much more than a bank while not being regulated like one. Indeed, add the ‘Bankman fried’ story to job losses at Twitter and Meta –whose employees can go live in the metaverse, so I don’t know what they are complaining about– and you have the start of a serious tech downturn, to match a housing downturn. On top of that you can add a logistics downturn, as that sector goes from feast to famine, according to FreightWaves.

Like I said, wait for 2024. Nobody seems to know what they should be doing about the mess we are in now, let alone one where we have high unemployment and blowing out budget deficits alongside blowing up digital rivals to the US dollar.

Which is a segue to the geopolitical space, where Kevin Rudd has another double-barrelled piece in Foreign Affairs (‘The Return of Red China’), which makes clear if you want to talk about a Red Wave, it is not the US you should be looking at:

“That means foreigners must set aside the comfortable analytical frameworks many of them have used to analyse China for the last two generations. Most countries, including many in the West, are predisposed to think that when China’s leaders speak in ideological terms, it is not to be taken seriously (or that if it is, the ideology purely applies to the party’s domestic politics). But that is no longer the case. As I wrote in Foreign Affairs shortly before the party congress, “Under Xi, ideology drives policy more often than the other way around.” He is a true believer in Marxism-Leninism; his rise represents the return to the world stage of Ideological Man. This Marxist-Nationalist ideological framework drives Beijing’s return to party control over politics and society with contracting space for private dissent and personal freedoms. It also drives Beijing’s born-again statist approach to economic management, and its increasingly assertive foreign and security policies aimed at changing the international status quo…

He is also intent on pushing China’s economy away from market-based capitalism and back toward statism by rehabilitating state-owned enterprises and designating the state as the primary driver of technological innovation… Party members are now required to “grasp both the worldview and the methodology of Marxism-Leninism” and apply the “analytical tools of dialectical and historical materialism” to understand “the great challenges of the time.” In reinforcing once again this traditional Marxist ontological and  epistemological framework for understanding and responding to the world, Xi has also called on the party to “develop a new form of human civilization.” This now extends to Chinese foreign policy, where Beijing is increasingly comfortable using pressure, leverage, and force.“  

Rudd concludes this is generating a Western backlash, yet “as a practicing Marxist dialectician, Xi Jinping is probably already anticipating that response – and preparing whatever countermeasures may then be warranted.” For those who *still* haven’t read any Marx, i.e., everyone who thinks talking about CNY fixing or Chinese stocks makes them an expert on the place, Rudd is saying Marxism is all about projecting action and counteraction. Hence Xi knows what he’s doing will drive a response, but he’s assuming it’s a positive one somehow.

Relatedly, Biden, with a newfound spring in his step, and Xi, with the same, will now meet next week in Bali at the G20. The former is quoted as saying, “I’m not willing to make any fundamental concessions,“ and instead wants to “lay out what each of our red lines are,” and “how to work it out,” as well as underlining his commitment to defend Taiwan. That’s just after Xi told his military to prepare for war. (Which, to be fair, is what militaries do.)

Very high stakes stuff. Many in markets, including many purported US allies, will be averting their eyes, saying “A plague on both your houses.”

 .

END

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

Russia’s oil output is set to fall by a huge 1.5 million barrels per day down to 9 million barrels.  This is hurt Russia quite a bit

(Kern/OilPrice.com)

Russia’s Oil Output Set To Fall By 1.5 Million Bpd In December To 9 Million Barrels

WEDNESDAY, NOV 09, 2022 – 10:20 PM

By Michael Kern of OilPrice.com

Russia’s oil production could drop to as low as 9 million barrels per day (bpd) in December when the EU embargo on imports of Russian crude oil enters into force, Russian news agency TASS reported on Wednesday, citing analysts at the Energy Development Center. “We expect that production in December will fall by 1.5-1.7 mln barrels per day compared to the June-October average, or 14%,” according to a report from the Energy Development Center cited by TASS.

The expected sharp drop in Russia’s oil production will lead to a spike in international oil prices, also considering that the OPEC+ group is reducing the target production as of November, the experts said.  

Russia’s oil production, excluding condensate, for October came in well below its production quota for the month, at just 9.9 million bpd, Russian Deputy Prime Minister Alexander Novak said earlier this month.

Russia’s October production was 1.1 million bpd below its quota of 11 million bpd assigned under the OPEC+ agreement, but mostly in line with Novak’s estimates made last month. 

For November, Russia’s oil production quota under the OPEC+ pact will drop from 11 million bpd to 10.5 million bpd.

In October, Russian oil production, including condensate, was 1.47 million tons of oil per day, or 10.78 million bpd. The October production was slightly down from the 10.8 million bpd reported for September 

However, the production decline could accelerate from November as the EU prepares to introduce an embargo on imports of Russian crude from December 5, Russian business daily Kommersant reported at the end of October, quoting sources familiar with the situation.

Analysts have estimated that around 2 million bpd-3 million bpd of Russian oil and products may have to find new homes after the EU embargo enters into force. Russia has redirected a large part of its flows eastwards to Asia, but it may not be able to accommodate immediately and find willing buyers for the trade flows previously going to Europe, especially with the ban on services handling Russian oil cargoes unless the oil is sold at or below a certain price cap.  

end

Oil tankers are seeing its biggest demand surge in decades

(Geiger/OilPrice.com)

Oil Tankers To See Biggest Demand Surge In Decades

THURSDAY, NOV 10, 2022 – 03:30 AM

By Julianne Geiger of OilPrice.com

Demand for oil tankers carrying oil products is set to soar next year to heights not seen in three decades, according to new research from Clarkson Research Services, Ltd., cited by Bloomberg.

The research organization is forecasting that the number of ton-miles will increase next year by 9.5%–the largest annual increase since 1993.

Ton miles—the volume of cargo multiplied by the distance that cargo traverses—is a common gauge that the shipping industry uses.

Part of the reason behind the anticipated demand surge for ton miles for oil products is the change in routes due to Russia’s soon-to-be restrictions on exports. Russia will need to redirect crude product flows to buyers not involved in price capping or sanctions, such as Asia—but this rerouting is expected to increase the distance that Russian cargos are shipping.

“It could easily be five or six times the distance and that means that you’ll need much more ships to transport the same volume that you imported previously,” said Anders Redigh Karlsen, an analyst at Kepler Cheuvreux, told Bloomberg.

“That is going to drive demand for product tankers.”

In September, Danish shipping company Torm told Bloomberg that “The EU ban on Russian oil products from February 2023 will spark a recalibration of the oil trade ecosystem. Some of this trade recalibration has already started.”

Another factor are new refineries in Asia and the Middle East, which are expected to begin to exporting.

The oil tanker market is already having a good year earnings-wise, as rates for carrying refined fuels on medium-range voyages increase to levels not seen since 2008.

Demand for tankers has been on the rise ever since the EU sanctioned Russia, and shipping companies were left scrambling to get ahold of ice-class tankers ahead of the embargo. Few tankers have been built in the past few years, and since this is not something the industry can reverse overnight, supply will probably remain tight, pushing the cost of transporting oil and fuels higher.

end

LNG is hot in demand.  However surprisingly steep discounts on Russian LNG has disappeared.

(Paraskova/OilPrice.com)

Steep Discount On Russian LNG Disap

pears

THURSDAY, NOV 10, 2022 – 01:20 PM

Authored by Tsvetana Paraskova via OilPrice.com,

Russian LNG suppliers have recently sold LNG cargoes in Asia at close to the prevailing spot market prices, suggesting that fears of sanctions on Russia’s LNG exports have nearly disappeared, traders familiar with the recent deals told Bloomberg on Thursday.

Earlier this year, buyers in Asia were purchasing LNG from Russia at heavy discounts amid concerns about potential sanctions or price caps on Russian LNG. Russia’s gas exports are not under any sanctions, but buyers in the West have largely preferred to source LNG from other providers if given a choice.

The recent sales at roughly market prices indicate that buyers’ fears of sanctions or reputational damage have significantly subsided since the start of the Russian invasion of Ukraine.

Over the past week, Sakhalin Energy sold three LNG cargoes to Asia for loading in December at close to market prices, and one was even sold at a premium, Bloomberg’s sources said.

This compares with several LNG cargoes that were offloaded in September in Asia and were paid at hefty discounts to the spot LNG price at the time of the purchase, the traders told Bloomberg. 

Russia has recently ramped up its LNG exports to a six-month high. Russian exports of LNG rose in October to their highest level since Marchvessel-tracking data compiled by Bloomberg showed last week. In October, Russia’s LNG exports increased by 1.1% compared to October 2021 to the level last seen in March, just after the Russian invasion of Ukraine. 

The top importers of the cargoes—although nearly half of them are still en route to their final destinations—were France, China, and Japan, according to the data compiled by Bloomberg.

Traders have told Bloomberg that China is buying a lot of Russian LNG to take advantage of a discount for Russian cargoes.

In September, Chinese imports of LNG from Russia rose by one-third compared to the same month in 2021, according to Chinese customs data cited by Bloomberg. All imports of LNG into China were down by 12% in September.

end

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

BRAZIL

INTERESTING!!!

This is Brazil .. you might conclude the people action their voice and vote .. attend one of their soccer games and you will understand .. they have passion

Robert Hryniak9:18 AM (4 minutes ago)
to

This is just one image that summarises all the millions others that could be sent.

On the 7 september (our national day) Lula (the leftist) was in São Paulo, and Bolsonaro was in Brasilia. Above is an image of Lula’s rally, with his red dressed supporters, and below is a view of the Bolsonaro rally, with his supporters using yellow and green (the national colors).

Over both images are the final official percentage of valid votes that gave the “victory” to Lula.

Just impossible.

But the left-controlled election court was not shy to try. 
Since sunday there are non stop huge demonstrations all over Brazil not accepting such result,

END

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

Euro/USA 0.99442 DOWN    0.0075 /EUROPE BOURSES // MOSTLY RED (EXCEPT ITALY)

USA/ YEN 146.46   UP  0.253 /NOW TARGETS INTEREST RATE AT .25% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES//

GBP/USA 1.1387 UP   0.0019

 Last night Shanghai COMPOSITE CLOSED DOWN 12.63 PTS OR 0.39% 

 Hang Seng CLOSED DOWN 277,48 POINTS OR  1.70% 

AUSTRALIA CLOSED DOWN 0.58%    // EUROPEAN BOURSE: MOSTLY  RED (EXCEPT ITALY)

Trading from Europe and ASIA

I) EUROPEAN BOURSES  MOSTLY RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 277.48 PTS OR 1.70%

/SHANGHAI CLOSED DOWN 12.63 PTS OR 0.39%

AUSTRALIA BOURSE CLOSED UP  0.58% 

(Nikkei (Japan) CLOSED DOWN 270.33 OR  0.98%

INDIA’S SENSEX  IN THE DOWN

Gold very early morning trading: 1707.40

silver:$21.11

USA dollar index early THURSDAY morning: 110.81 UP  0 .35 POINTS from WEDNESDAY’s close.

 THURSDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.95% DOWN 18  in basis point(s) yield

JAPANESE BOND YIELD: +0.245% DOWN 0 AND 7/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.04%// DOWN 18 in basis points yield 

ITALIAN 10 YR BOND YIELD 4.03  DOWN 24   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: FALLS TO +2.0195%  DOWN 15 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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 7.1870

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 7.1937

TURKISH LIRA:  18.50  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.245

Your closing 10 yr US bond yield DOWN 28 IN basis points from WEDNESDAY at  3.865% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   4.138  DOWN 18  in basis points 

Your closing USA dollar index, 108.53 DOWN 1.93 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  THURSDAY: 12:00 PM

London: CLOSED DOWN 6.82 PTS OR  0.09%

German Dax :  CLOSED UP 479.77 POINTS OR 3.51%

Paris CAC CLOSED UP 126.26 PTS OR 1.96% 

Spain IBEX CLOSED UP 92.80 OR  1.15%

Italian MIB: CLOSED UP 614.21 PTS OR  2.58%

WTI Oil price 86.68 12: EST

Brent Oil:  93.67   12:00 EST

USA /RUSSIAN ///   DOWN TO:  60.53// ROUBLE UP 0  AND 78/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.027

UK 10 YR YIELD: 3.3115

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.01870 UP .0168    OR  169  BASIS POINTS

British Pound: 1.17050 UP  .03371 or  337 basis pts

BRITISH 10 YR GILT BOND YIELD:  3.311% 

USA dollar vs Japanese Yen: 141.593 DOWN 4.609//YEN UP 461 BASIS PTS//

USA dollar vs Canadian dollar: 1.3341 DOWN 0.01853  (CDN dollar, UP 185 basis pts)

West Texas intermediate oil: 86.38

Brent OIL:  93.52

USA 10 yr bond yield DOWN 32 BASIS pts to 3.827%

USA 30 yr bond yield DOWN 25 BASIS PTS to 4.070%

USA dollar index:108.00 DOWN 2.46 POINTS

USA DOLLAR VS TURKISH LIRA: 18.49

USA DOLLAR VS RUSSIA//// ROUBLE:  60.51  UP 0 AND  76/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 1201.43 PTS OR 3.70 % 

NASDAQ 100 UP 808.40 PTS OR 7.49%

VOLATILITY INDEX: 23,36 DOWN 2.73 PTS (10.46)%

GLD: $163.46 UP 4.79 OR 3.42%

SLV/ $19.97  UP $0.61 OR 3.15%

end)

USA trading day in Graph Form

CPI Miss Sparks 3rd Biggest Short Squeeze Ever: Stocks, Bonds, Gold Soar As Dollar Crashes

THURSDAY, NOV 10, 2022 – 04:01 PM

A very, very, very, very slightly softer than expected Core CPI print combined with broadly less-hawkish FedSpeak sparked the biggest rally in stocks since April 2020 and the biggest collapse in TSY yields since March 2020.

The massive rally in stocks and bonds sent the 60/40 portfolio up 3.4% today. Since 1988, there have been only seven other sessions when the portfolio jumped more than 3%, all happening during the 2020 and 2008 recessions.

Source: Bloomberg

Keep in mind, though, that the forward returns after these big rallies have been poor.

So CPI stoked the market’s rally then Dallas Fed’s Lorie Logan pured gasoline on that fire by signaling The Fed would soon slow its pace of tightening…

“This morning’s CPI data were a welcome relief, but there is still a long way to go,”

“While I believe it may soon be appropriate to slow the pace of rate increases so we can better assess how financial and economic conditions are evolving, I also believe a slower pace should not be taken to represent easier policy.”

Basically echoing the FOMC statement and trying to position herself a little towards Powell’s comments. Fed’s Harker and Daly also reiterated the same comments, specifically citing “the effect of cumulative tightening,” but noting that there is a need to tighten further and that 50bps is still a significant rate hike.

However, Fed’s Mester appeared to push back a little, arguing that “the risk of tightening too little outweighs the risk of tightening too much…”

And Fed’s Esther George warned that “monetary policy has more work to do,” but did bring up the risk of financial market instability.

So, all 5 Fed speakers confirmed higher rates from here, 3 signaled somewhat less hawkishly, 1 signaled a slight fear of overtightening, and 1 was full-hawktard.

The result of all that was a dovish collapse in rate-trajectory expectations. Terminal Fed rate expectations tumbled back below 5.00% (meaning there are 100bps of hiking left in the cycle) – back below post-FOMC statement spike lows. At the same time, rate-cut expectations for after the peak in H2 2023 surged to almost 50bps (adding an tire 25bps rate-cut today). We note that realistically the only way The Fed is cutting that aggressively is if the US economy is in recession, and that is hardly a positive for stocks…

Source: Bloomberg

And a collapse in December’s rate-hike expectations (pricing out a 75bps hike completely and locking in 50bps)…

Source: Bloomberg

Stocks soared on all of this. around 1200ET, some additional FTX/SBF headlines on the size of the shortfall spooked cryptos and that weighed on stocks, but nothing was going to stop stonks today and they all surged to highs on the day. Nasdaq’s massive 7.3% rise today was the 3rd best day since Oct 2008 (Lehman crisis bear market bounce ahead of Fed meeting) – the other two were in March 2020. The Dow was ‘only’ up 3.6%, S&P up 5.4% and Small Caps surged over 6%…

Meanwhile…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D&frame=false&hideCard=false&hideThread=false&id=1590805524383076352&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Ffading-cpi-fedspeak-spark-panic-bid-stocks-bonds-bullion-dollar-crashes&sessionId=2a5e0f81fbbe98a0606af4e4542d3bad225f4e0a&siteScreenName=zerohedge&theme=light&widgetsVersion=a3525f077c700%3A1667415560940&width=550px

When the Nasdaq did this in 2008, it did not end well…

This was the biggest daily short-squeeze (+10%) since April 2020’s Fed-fueled melt-up from the COVID lockdown crisis lows… This was actually the 3rd biggest short squeeze on record (since before the GFC)… We do suggest some caution since the squeeze stalled out at the close from last Friday’s Payrolls puke…

Source: Bloomberg

Tech outperformed (the lonbgest-duration stocks) while energy lagged but every sector was up large today…

Source: Bloomberg

Also of note is that this massive short-cover occurred right as ‘most shorted’ stocks broke below the pre-COVID peak…

Source: Bloomberg

Treasuries were just as insanely bid today. The short-end outperformed with 3Y yields collapsing 30bps, 30Y yields plunged ‘only’ 20bps…

Source: Bloomberg

The 10Y yield crashed over 26bps, back below 4.00% to 5-wek lows – its second largest daily yield drop since March 2009…

Source: Bloomberg

The 30bps collapse in 3Y yields is the largest since Nov 2008…

Source: Bloomberg

The DXY Dollar Index crashed over 2% today to 2-month lows – its biggest daily drop since Dec 2015 (ECB cut less than expected against Yellen hawkishness on strong jobs). The Dollar Index has now erased all of the gains since September’s hotter-than-expected CPI print…

Source: Bloomberg

The Bloomberg Dollar Index (a broader measure than DXY) saw its biggest daily drop since March 2009…

Source: Bloomberg

The Offshore Yuan exploded higher today, hitting a one-month high…

Source: Bloomberg

Today also saw a massive surge stronger in the JPY back up at its strongest US session close against the dollar in over 2 months. USDJPY basically closed at the peak of its September BoJ intervention spike…

Source: Bloomberg

Cryptos actually managed gains today, despite some more painful realities from FTX. Bitcoin bounced off a $15k handle overnight and rallied back up to $18k at its highs today…

Source: Bloomberg

Gold’s recent spike accelerated up to almost $1760 – its highest since August…

Oil rallied on the day, after 3 straight down days, with WTI chopping around between $85 and $87 (we note that the 50DMA is at $86)…

Finally, after today’s exuberance, some context. If you’re pricing in a ‘pause’/’slowdown’ by The Fed, you’re overdoing it in stocks

Source: Bloomberg

One more thing – we’ve seen this before…

Source: Bloomberg

Don’t forget, bonds are closed tomorrow for Veterans Day, so there won’t be the same long-duration amplifier for stock gains as today.

END

USA ELECTION RESULTS:

Walker-Warnock Race In Georgia Headed To Dec. 6 Runoff

WEDNESDAY, NOV 09, 2022 – 01:03 PM

The Georgia Senate race between Democratic Sen. Raphael Warnock and Republican challenger Herschel Walker is headed to a runoffNBC News projected on Wednesday, as neither candidate has achieved the 50% required under state law to win the ballot.

According to the Georgia Secretary of State, the runoff will take place on Dec. 6.

Tuesday’s election pitted Warnock – who was elected in a 2020 special election, against the former NFL star, who was supported by former President Donald Trump. This is Walker’s first foray into politics.

Walker trailed in the polls for months, dogged by revelations about his turbulent past. In the final month, he faced allegations from two women who claimed he pressured them to have an abortion years ago. He denied the accusations and accused the women of lying. But he gained ground in the run-up to Election Day as he sought to rally the GOP base on cultural issues and tie Warnock to President Joe Biden, blaming the two Democrats for rising inflation and crime. –NBC News

Warnock, meanwhile, campaigned on previous victories in lowering the cost of prescription drugs and insulin prices, as well as forging alliances with Republican senators to expand highway infrastructure in the South, as well as helping peanut farmers. 

He painted Walker as a scandal-plagued opponent who is unfit to be a US senator.

As NBC News notes, given the chart above (with NV leaning right and AZ leaning left) it’s entirely possible that this Georgia run-off race could decide which party controls the Senate.

END

USA MORNING//CPI RESULTS/TRADING

Core CPI Inches Lower From 40-Year-Highs, Real Wages Tumble For 19th Straight Month

THURSDAY, NOV 10, 2022 – 08:36 AM

It’s that time of the month again. The ‘most important’ CPI print in history, since the last ‘most important’ CPI print, is expected to show some moderation in October data (but remains at extremely high historical levels in both headline and core).

The headline CPI printed cooler than expected at +7.7% YoY (vs 7.9% exp) and down from the +8.2% in Sept. That is the lowest since January…

Source: Bloomberg

Core CPI rose for the 29th straight month (on a MoM basis) but inched back off 40 year highs on a YoY basis (+6.3% vs +6.5% exp)…

Source: Bloomberg

Services CPI is now at its highest since 1982, rising faster than Goods CPI…

Source: Bloomberg

On a MoM basis, Goods costs fell, Services rose along with Food costs…

Source: Bloomberg

On a YoY basis, Services inflation is countering any improvement in Goods costs…

Source: Bloomberg

Breaking down the CPI shift, Energy Services and Used Car costs fell significantly…

Source: Bloomberg

Rent/Shelter inflation continues to soar…

  • Rent Inflation 6.92%, highest on record, up from 6.59%
  • Shelter inflation 7.52%, highest on record, up from 7.21%

Before the CPI print, the market was pricing a 30% chance of 75bps hike in Dec.

Finally, for the 19th straight month Americans cost of living increased as real wages tumbled…

Source: Bloomberg

Which is odd because President Biden proclaimed earlier in the week that real wages in America are rising?

END

EARLY MORNING TRADING

‘Cool’ CPI Print Sparks Massive Dovish Repricing In Rate Expectations, Bonds & Stocks Soar

THURSDAY, NOV 10, 2022 – 09:01 AM

The cooler than expected CPI print sparked the somewhat expected chaos in markets as Fed rate trajectory expectations puked dovishly. Fed terminal rate has plunged back below 5.00% and subsequent rate-cut expectations are soaring…

December has now priced out any chance of a 75bps hike (50bps locked in)…

This fits the narrative…

Stocks immediately exploded higher. Nasdaq is up over 4%…

Bond yields puked (10Y back below 4.00%)…

And the dollar plunged…

Which helped send Gold futures surging up to $1740 – its highest in 2 months…

Some are arguing this is the start of The Fed ‘pivot’…

However, we are reminded of Powell’s press conference reversal and wonder how long before The Fed jawbones this financial condition easing impulse away?

END

III) USA ECONOMIC STORIES.

Fed speakers always hint as to where they are heading with respect to interest rates.  It seems the Fed is ready to pivot as they hint at slowing rate hikes as they focus on price stability.

(zerohedge)

Fed Speakers, Timiraos Pour Gasoline On Dovish Market Fire, Hint At Slowing Hikes, Focus On Price Stability

THURSDAY, NOV 10, 2022 – 10:42 AM

It’s not just today’s cooler than expected CPI print that is sending stocks soaring, the S&P up 4.2% at last check, its biggest increase since April 2020: amid today’s barrage of Fed speakers.

  • 09:00: Fed’s Harker Discusses The Economic Outlook
  • 09:35: Fed’s Logan Speaks at Energy and the Economy Conference
  • 11:00: Fed’s Daly Speaks with European Economics & Financial Center
  • 12:30: Fed’s Mester Discusses the Economic Outlook
  • 13:30: Fed’s George Speaks at Energy and the Economy Conference

… the first two have already come out with decidedly more dovish jawboning, echoing last week’s Fed statement (if not Powell’s far more hawkish presser).

The first was Philly Fed president Patrick Harker who said Thursday that the U.S. central bank is approaching a point where it may be able to moderate the pace of its rate rise campaign aimed at lowering too high levels of inflation.

“In the upcoming months, in light of the cumulative tightening we have achieved, I expect we will slow the pace of our rate hikes as we approach a sufficiently restrictive stance,” Harker said in a speech text. But he added that moving from what had been 75 basis point increases to something like a half percentage point rise would still be significant action.

Harker added, “at some point next year, I expect we will hold at a restrictive rate for a while to let monetary policy do its work” as more expensive borrowing costs impact the economy. The central banker said what happens after that will be driven by the data and added “if we have to, we can always tighten further, based on the data.” Or, alternatively, the Fed will have just another 100bps more of rate hikes because as shown earlier, the terminal rate had slumped below 5% and now anticipates about 1% more in rate hikes before the Fed ends its tightening campaign.

Harker, who doesn’t hold a vote on the FOMC this year but will in 2023, laid out what it will take for him to call for a shift in monetary policy. “What we really need to see is a sustained decline in a number of inflation indicators before we let up on tightening monetary policy,” he said, adding “we need to make sure inflation expectations don’t become unanchored.”

To be sure, the Philly Fed president offered the token dose of hawkishness, but nothing the market hasn’t heard a thousand times already: in his remarks, Harker said there are signs the economy is slowing but he added “the job market continues to run extremely hot” and inflation “remains far, far too high.” Well, check back next month on the employment number – with midterms over, the BLS can finally tell the truth.

Harker said in his speech that he believes the U.S. GDP will be flat for this year, rise by 1.5% next year and 2% in 2024. Unemployment should rise from its current 3.7% level to 4.5% next year before falling to 4% in 2024. He said there’s evidence the Fed can lower inflation “without doing unnecessary damage to the labor market.”

As for inflation, he said inflation as measured by the core personal consumption expenditures price index, which stood at 5.1% in September, should ease to 4.8% this year, 3.5% next year and 2.5% in 2024. The Fed’s target is 2%.

But far more important that non-voter Harker’s speech is what the former head of the PPT and current Dallas Fed president, Lorie Logan said after today’s CPI: speaking at a conference hosted by her bank in Houston on Thursday, she said that the Federal Reserve looked closer to moderating aggressive interest-rate increases after welcome news on inflation. More importantly, she emphasized that the Fed should start looking at financial conditions, a clear sign that the Fed is starting to pay attention not just to inflation and employment but how it’s actions are breaking the market. 

“While I believe it may soon be appropriate to slow the pace of rate increases so we can better assess how financial and economic conditions are evolving, I also believe a slower pace should not be taken to represent easier policy,” Logan said adding that “this morning’s CPI data were a welcome relief, but there is still a long way to go,” she said. Not only is inflation far above the Fed’s 2% target, “but with aggregate demand continuing to outstrip supply, inflation has repeatedly come in higher than forecasters expected.”

“I believe it may soon be appropriate to slow the pace of rate increases so we can better assess how financial and economic conditions are evolving,” Logan added even as she warned markets not to confuse a slower pace of monetary policy tightening with easier policy.

Last but not least, Powell’s own mouthpiece, WSJ’s Nick Timiraos said that “the October inflation report is likely to keep the Fed on track to approve a 50-basis-point interest-rate increase next month. Officials had already signaled they wanted to slow the pace of rises and were somewhat insensitive to near-term inflation data.”

And in a subsequent tweet, Timiraos confirmed that the Fed’s attention is now turning to financial conditions:

News of the better-than-expected CPI report sent bond yields plummeting and saw investors harden bets that the Fed would scale back the size of its next rate increase in December to 50 basis points, with rates peaking around 4.8% next year. And sure enough, odds of the December rate hike have collapsed to 0% after the CPI, while odds of a 50bps hike are now 100%.

What happens after December, will depend on next month’s jobs report. And if recent mass layoffs are any indication, not to mention that the midterms are now history, we are looking at a deeply payrolls negative number next month.

END

Musk bans remote work in his first email to Twitter staff.

(zerohedge)

Musk Bans Remote Work In First Email To Twitter Staff As The “Road Ahead Is Arduous”

THURSDAY, NOV 10, 2022 – 07:02 AM

Before Elon Musk changed his Twitter bio to “Chief Twit,” Twitter established a permanent work-from-anywhere arrangement for employees. But with half the employees fired, in a move to reduce costs due to advertising revenue declines, Musk sent an email to all remaining employees to report to the office immediately. 

On Wednesday evening, Musk sent out the first email to employees about “difficult times ahead” and the end of remote working unless he approved it, according to Bloomberg. The new rules were enacted immediately, requiring employees to be in the office for at least 40 hours per week. 

Musk’s leadership is in the second week. Last week, he fired half the workforce, or about 3,700 jobs, to drive down costs following his $44 billion acquisition. The billionaire has launched an $8 subscription for Twitter Blue and attached user verification to it to drive higher revenues. He told employees his goal is for subscriptions to make up at least half of Twitter’s revenue. 

The move to a subscription model comes as advertisers, including General Mills Inc., Pfizer Inc., Mondelez International Inc., and General Motors Co., have paused their advertising spending on the social media platform. Musk tweeted last Friday there has been a “massive drop in revenue.” 

On Wednesday, market research firm Insider Intelligence slashed its annual revenue outlook for the company by 40%.

“The road ahead is arduous and will require intense work to succeed,” Musk told his employees. In another email, he added, “over the next few days, the absolute top priority is finding and suspending any verified bots/trolls/spam.”

Musk announced earlier this year at Tesla Motors that working from home was not an option. 

Musk’s attempt to transition Twitter from an ad-powered business to a subscription-based model will have its challenges. 

end

Amazon now makes history losing $1 trillion in market value amid the tech collapse 

(Roberts//EpochTimes)

Amazon Makes History After Losing $1 Trillion In Market Value Amid Tech Stock Rout

THURSDAY, NOV 10, 2022 – 12:39 PM

Authored by Katabella Roberts via The Epoch Times,

Amazon has become the first publicly traded company in history to lose $1 trillion in market valuation amid a volatile economy that has sparked a broad tech selloff.

The Jeff Bezos-founded company, valued close to $1.88 trillion on July 2021, saw its shares fall 4.3 percent on Wednesday, pushing its market value down to $878 billion. Amazon stock has lost nearly 50 percent of its value this year alone (before today’s meltup).

The loss comes shortly after Amazon’s market value fell below $1 trillion on Nov. 1 after the company posted disappointing results in its third-quarter earnings and predicted less than spectacular sales for the upcoming important holiday shopping season.

Amazon reported revenue of $127.1 billion in the third quarter, narrowly missing out on analysts’ forecasts of $127.5 billion, while net income fell to $2.9 billion, or $0.28 per share, down about 9 percent from the third quarter a year prior.

The e-commerce giant also projected the company’s slowest fourth-quarter growth ever, with between 2 percent and 8 percent growth compared with the fourth quarter of 2021.

Fears of Recession Grow

The pessimistic outlook comes as fears of a recession grow amid sky-high inflation that many believe will result in weaker sales this year as consumers cut back on spending and tighten their budgets.

“There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets,” Andy Jassy, Amazon’s chief executive, said following the third quarter earnings report.

“What won’t change is our maniacal focus on the customer experience, and we feel confident that we’re ready to deliver a great experience for customers this holiday shopping season.”

Amazon saw its business boom during the COVID-19 pandemic amid a surge in online shopping but has now joined other tech giants like Google and Microsoft who have seen their stock price plunge this year amid a widespread stock market sell-off.

Combined, the top five U.S. technology companies by revenue have lost nearly $4 trillion in market value his year, according to Bloomberg.

Brian Olsavsky, Amazon’s chief financial officer, said on a reporters’ call following the most recent results, that the company would be “taking actions to tighten our belt, including pausing hiring in certain businesses and winding down products and services.”

Facebook Cuts Workforce

The latest loss to Amazon comes just a day after Facebook parent company Meta announced it will slash more than 11,000 jobs, reducing the size of its team by about 13 percent, in what CEO Mark Zuckerberg called “some of the most difficult changes we’ve made in Meta’s history.”

Facebook will also be taking a number of additional steps to become a “leaner and more efficient company by cutting discretionary spending” and extending its hiring freeze through the first quarter of 2023.

Zuckerberg said the decision came after a macroeconomic downturn, increased competition, and a pullback in advertising dollars resulted in lower-than-expected revenue.

“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” Zuckerberg said in a blog post announcing the cuts. “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.”

END

This company is a disaster losing money from the beginning. After a collapse in valuation, they went public and their shares are now down another 70%

and losing money hand over fist

(zerohedge)

WeWork Will Close 40 US Locations In Struggle To Fill Offices

THURSDAY, NOV 10, 2022 – 01:40 PM

Office-leasing company, WeWork Inc., which still manages to survive, after a failed 2019 IPO and then a collapse in valuation, went public via a SPAC merger with BowX Acquisition last year. Shares in the company are down more than 70% on the year. With the latest news, the company struggles to fill office spaces. 

On Thursday, WeWork announced 40 US “underperforming” office locations, or approximately 41,000 workstations, will be mostly closed by the end of the month.  

The closures come as the co-working company missed Wall Street’s expectations in the third quarter. The company is miserably failing at the return-to-office push. 

It reported $817 million in sales for the quarter, missing Bloomberg analysts’ estimates. The company is a money pit, losing $629 million, compared with an average estimate of $367 million. 

WeWork is still trying to shrink its real estate footprint and cut headcount as it grapples with long-term lease obligations of $15.57 billion as of September. 

“These closures are expected to reduce top-line revenue; however, they are expected to also reduce rent, tenancy and building operating expenses, and, once fully implemented, are expected to contribute approximately $140 million to annual Adjusted EBITDA,” the company said. 

WeWork shares are down more than 15% on the session, honing in on a new all-time-low. 

The company did not disclose which US office buildings it would exit. 

END

US Consumers Will Be Spending Much Less This Holiday Season Because Many Of Them Are Already Tapped-Out

THURSDAY, NOV 10, 2022 – 04:20 PM

Authored by Michael Snyder via The Economic Collapse blog,

This holiday season is certainly going to be far less jolly for millions of Americans.  Yesterday, I detailed 11 signs that economic activity in the U.S. is rapidly declining.  Well, today we have gotten even more bad news. 

Thanks to deteriorating economic conditions, Americans plan to buy a lot less stuff this holiday season. 

In fact, one survey that was just released has discovered that approximately half the country plans to “buy fewer things” this year…

Inflation is weighing heavily on the holidays this year.

Roughly half of shoppers will buy fewer things due to higher prices, and more than one-third said they will rely on coupons to cut down on the cost, according to a recent survey of more than 1,000 adults by RetailMeNot.

Normally, if cash is tight Americans will just load up their credit cards during the holiday season.

But for many people that simply won’t be possible this year.

Millions upon millions of us are already completely tapped out, and credit card balances have surged to a brand new record high

Credit card and personal loan balances have reached record highs in recent months as an increasing number of consumers lean on such means to combat growing financial pressures caused by sky-high inflation.

According to TransUnion’s Quarterly Credit Industry Insights Report (CIIR), bankcard balances rose 19% during the third quarter from a year ago, reaching a record $866 billion. This was driven heavily by a growth in Gen Z and Millennial borrowers whose balances increased 72% and 32%, respectively, according to the report.

A lot of Americans have already been heavily leaning on their credit cards just to survive from month to month in this harsh economic environment.

Now that balances are so high, there simply is not a lot of room for additional spending.

Women usually do a great deal of the holiday shopping, and another recent survey discovered that they are even more concerned about inflation than men are…

Rising prices are taking a toll on everyone right now, but a new study shows women are feeling the pain more than men – and it is the primary money woe keeping ladies up at night.

Research from Fidelity Investments found that inflation is currently the top financial concern for U.S. women, with upwards of 70% citing it as their main worry. Respondents listed the costs of essentials as the second-biggest stressor (65%), and another 58% expressed worries about not having enough saved for emergencies.

The cost of living has become extremely oppressive, and this has greatly reduced the amount of money that Americans have available for discretionary spending.

As a result, businesses all over the nation are struggling.

The NFIB’s Small Business Optimism Index just dropped again, and inflation continues to rank as the number one concern

According to the National Federation of Independent Business, 33% of small business owners cited inflation as their most important problem in October. That number is three points higher than was reported in September.

The NFIB’s Small Business Optimism Index dropped 0.8% to 91.3 in October, marking 10 consecutive months it has remained under the 49-year average of 98.

As I discussed yesterday, 37 percent of all small business owners in the entire country were not able to pay rent last month.

That is a disastrous number.

Of course many large businesses are experiencing major problems as well.

Just look at Carvana.  Just a couple of years ago Carvana was really flying high, but now it is literally on the verge of collapse

In total, Carvana’s shares have plummeted 96% this year after hitting an all-time intraday high of $376.83 per share in August 2021. According to CNBC, the stock’s all-time low of $8.14 per share occurred less than a week after it started trading publicly on April 28, 2017. The company’s previous worst day of trading was a 26.4% decline on March 18, 2020.

As a result, Morgan Stanley pulled its rating on Carvana, saying its stock could be worth as little as $1 to $40. Analyst Adam Jonas blamed the decrease in used car sales and an uncertain funding environment for the change. “While the company is continuing to pursue cost-cutting actions, we believe a deterioration in the used car market combined with a volatile interest rate adds material risk to the outlook,” he said via CNBC. These factors contribute to a wide range of positive and negative outcomes.

One of the biggest factors that is depressing sales for the auto industry right now is rapidly rising interest rates

The average interest rate for a new-vehicle loan climbed to 5.2% in the third quarter, while the average rate for a used vehicle loan hit 9.7%, according to TransUnion. Both are up more than one percentage point compared with the year-earlier period.

The Federal Reserve should not be aggressively hiking rates just as we are entering a major economic slowdown.

It is an incredibly foolish thing to do.

The Fed’s policies have been absolutely eviscerating the housing industry, and now it has become clear that the same thing is starting to happen to the auto industry.

But they are going to keep raising rates anyway.

As Americans went to the polls on Tuesday, the economy was the number one issue on their minds, and that does not appear to be good news for the Democrats

A report released Friday outlined the problem for Washington’s current ruling party. The University of Michigan, which releases a closely watched sentiment survey each month, asked respondents who they trusted more when it came to the economy and which would better for personal finances.

The result: overwhelmingly Republican.

The survey of 1,201 respondents saw Republicans with a 37%-21% edge on the question of which party is better for the economy. While that left a wide swath — 37% — of consumers who don’t think it makes a difference, the disparity of those with a preference is huge.

At this moment, Joe Biden’s approval rating with independents is the lowest that it has ever been.

*  *  *

It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.

III B    USA COMMODITY PROBLEMS////INFLATION WATCH

SWAMP STORIES

Pennsylvania has the proud distinction of  electing one dead democrat , De Luca who died in Oct

and one brain dead senator, John Fetterman

(zerohedge)

Pennsylvania Reelects Dead Democrat

WEDNESDAY, NOV 09, 2022 – 07:20 PM

A Pennsylvania state representative who died in October was reelected during yesterday’s midterm elections, according to the Pennsylvania House Democratic Caucus.

Anthony “Tony” DeLuca, 85, died Oct. 9 “after a brief battle with lymphoma, a disease he twice previously beat,” the Caucus said in a statement.

“While we’re incredibly saddened by the loss of Representative Tony DeLuca, we are proud to see the voters continue to show their confidence in him and his commitment to Democratic values by re-electing him posthumously. A special election will follow soon,” said PA House Democrats in a tweet, Fox News reports.

Challenger Queonia “Zarah” Livingston, who is living, ran a far-left campaign, with her top three priorities listed on her website as; environmental justice, ending the war on drugs and reducing gun violence.

DeLuca was a resident of Penn Hills for over 60 years. He got his start in politics serving on the Penn Hills Government Study Commission, then five years as a Penn Hills Councilman, followed by two years as Penn Hills Deputy Mayor before running for his legislative seat and defeating the Republican incumbent. -Fox News

DeLuca had four children, nine grandchildren and three great-grandchildren

end

Watch: Victorious Rand Paul Vows To “Subpoena Every Last Document Of Dr. Fauci”

THURSDAY, NOV 10, 2022 – 09:46 AM

Authored by Steve Watson via Summit News,

After winning a decisive victory to secure his third term as Kentucky Senator, Rand Paul promised to end the “COVID cover up,” by forcing Anthony Fauci into court.

Paul told supporters that he intends to focus on uncovering the evidence for COVID emerging from a lab, and whether it was manipulated with funding from Fauci’s NIH.

“Thanks for coming out to Dr. Fauci’s retirement party!” Paul joked.

“I promise you this: the COVID cover-up will end,” the Senator urged, adding “I will not only hold Dr. Fauci accountable, we will finally investigate why your tax dollars were sent to fund dangerous research in Wuhan.”

In a broader message during the speech Paul focused on freedom, declaring that “Liberty should bring people together because each and every citizen is left alone to enjoy their own personal freedoms.”

“Liberty is that great harmonizer that allows us to live together despite our differences,” the Senator added.

“We don’t come together to rejoice in the dissipation of power. We come together to reaffirm our support for the 10th Amendment — that powers not explicitly granted to the federal government are retained by the states and the people,” Paul further proclaimed.

The Senator continued, “We come together under the belief that government is instituted among men and women to preserve our God-given liberty — period! Our desire is not to rule over others but to largely leave people alone. It is this system of constitutional checks on power that has allowed America to become the free-est nation ever known.”

“With freedom has come great prosperity. But we do not choose freedom because it makes us rich. We choose freedom because it is part of our very nature,” Paul said.

“Liberty, or the absence of government intrusion, should allow people of widely differing beliefs to live together, each according to their own beliefs,” Paul further urged, adding “To preserve this liberty, we must especially defend the freedoms our Founding Fathers chose to put first in the Bill of Rights: the freedom of speech, the freedom of religion, the freedom to associate with whomever you choose.”

Paul also called for an end to censorship, noting that “While the First Amendment does not prohibit private censorship, our founders certainly prized free speech.”

“One can only imagine our founder’s reaction to see government actively engaged with private enterprise to censor speech. To protect free speech, Congress must, absolutely must, prohibit government’s collusion with Big Tech,” the Senator averted, adding “The greatest originator of misinformation, the government, cannot be the arbiter of truth.”

“Both Left and Right need to wake up and acknowledge that government — should never be allowed to create any entity that even resembles a Ministry of Truth,” Paul warned.

Watch:https://www.zerohedge.com/political/watch-victorious-rand-paul-vows-subpoena-every-last-document-dr-fauci

KING REPORT

The King Report for November 10, 2022 Issue 6884Independent View of the News
US stocks and bonds sank early on Wednesday after bulls’ latest hope & hype (Red Wave) evaporated.  However, Street Shills and permabulls quickly shifted to a new hope & hype notion: Divided government is good for stocks.  Long-time readers might recall that we have stated more than once that divided government is good for stocks when the economy are doing well – Congress cannot screw it up.  But when things are bad, divided government is a huge negative for the country.
 
ESZs hit their first daily low of 3788.25 at 10:55 ET.  A 29-handle ESZ (A-B-C) rally ended at 11:44 ET. ESZs and stocks then eased on down the road until they bottomed at 14:00 ET (3768.50 daily low).  The ensuing rebound was modest and short-lived.  ESZs hit a new low at 14:50 ET.
 
The final hour ESZ rally commenced on schedule. It ended at 15:09 ET; new lows appeared.
 
USZs hit a daily low of 119 5/32 at 8:24 ET.  They then zoomed to 120 15/32 at 11:26 ET, possibly on fear that divided government cannot prevent the gestating recession.  After a slow roll over, USZs tumbled at 13:00 ET, hitting 119 15/32 at 13:05 ET.  A poor US 10-year note auction ($25B), 4.14% vs. 4.1006% WI, the biggest tail since 2016.  The 2.23 bid to cover was the lowest since August 2019.
 
USZs then traded sideways, now an afternoon staple, until a rabid rally began after 15:20 ET on this:
 
Chicago Fed’s Evans Says It’s Time to Slow Pace of Rate Hikes
Outgoing Chicago Fed President Charlie Evans says it’s time for the central bank to slow down if it wants to mitigate recession risk, and warns that overly-aggressive tightening could find it stuck below its 2% inflation target once again
https://www.bloomberg.com/news/articles/2022-11-09/evans-in-exit-interview-says-it-s-time-for-fed-to-slow-down
 
Positive aspects of previous session
Political polling has been further debased
 
Negative aspects of previous session
Stocks tumbled; bonds declined early; and the dollar soared
Crypto got hammered again.  Who is in trouble?
 
Ambiguous aspects of previous session
How much collateral damage will the crypto carnage produce?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3770.36
Previous session High/Low3818.20; 3744.20
 
@binance after the close: As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of http://FTX.com.
 
FTX Faces Liquidity Shortfall of Up to $8 Billion, Sam Bankman-Fried Told Investors Wednesday, Sources Say – WSJ
 
Reportedly, Sam is the second largest Dem donor behind Soros and was an influence in the crafting of cryptocurrency legislation.  The SEC and DoJ are investigating FTX.  Will the GOP House get involved!
 
Here Are All the Funds That Are About to Lose Billions in FTX
https://www.zerohedge.com/markets/here-are-all-funds-are-about-lose-billions-ftx
 
Today – ESZs are +10.00 at 20:20 ET because the market expects a good October CPI Report.  The Cleveland Fed CPI model shows October CPI of 8.09% y/y.  The consensus forecast is 7.9%; but traders expect a lower CPI on declining rents.  However, services inflation appears firm to slightly higher.
 
Given the technical damage and profound change in psychology, a good CPI is likely to have a transitory effect.  A bad inflation number will be harmful to financial assets.  Uncertainty over the scope and the breadth from the demise of FTX is probably impacting equities.
 
The GOP is projected to take 224 House seats (218 majority).  The control of the Senate won’t be known for a few days at the least and might take until sometime after the Georgia runoff on December 6.
 
Expected economic data: Oct CPI 0.6% m/m, 7.9% y/y; Core CPI 0.5% m/m, 6.5% y/y; Initial Jobless Claims 220k, Continuing Claims 1.487m; Richmond Fed Pres Barkin 11:00 ET
 
S&P 500 Index 50-day MA: 3791; 100-day MA: 3900; 150-day MA: 3973; 200-day MA: 4085
DJIA 50-day MA: 30,897; 100-day MA: 31,506; 150-day MA: 31,940; 200-day MA: 32,546
 
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 and MACD are negative – a close above 3812.88 triggers a buy signal
 
Ex-Bush II speech writer Marc Theissen: “We have the worst inflation in 4 decades, the worst collapse in real wages in 40yrs, the worst crime wave since the 1990s, the worst border crisis in US history, we have Joe Biden who is the least popular president since Harry Truman, when presidential polling happened and there wasn’t a red wave.  That is a stirring indictment of the Republic Party.  That is a stirring indictment of the message we have been sending to voters.  They looked at all of that and looked at the Republican alternatives and said no thanks.”  https://twitter.com/IvoryHecker/status/1590231928019775488
 
Fox’s @JacquiHeinrich: GOP source: “… We have a Trump problem.”
 
Real Clear News’ @PhilipWegmann: GOP Source tells me after tonight, with Trump candidates underperforming and DeSantis winning by double digits, 2024 is a “free for all.”  “Everybody in the water. If you want to take on Trump, he’s never been weaker.”
 
Conservatives point finger at Trump after GOP’s underwhelming election results: ‘He’s never been weaker’ – Many conservatives say Tuesday’s election results show it’s ‘time to move on’ from Trump
“‘The one guy he attacked before Election Day was DeSantis — the clear winner, meanwhile, all his guys are sh***ing the bed.'”…
https://www.foxnews.com/politics/conservatives-point-finger-trump-gops-underwhelming-election-results-never-been-weaker
 
Trump blasted across media spectrum over Republicans’ midterms performance: ‘Biggest loser tonight’ – MSNBC’s Chris Hayes says Trump ‘screwed’ Republicans
https://www.foxnews.com/media/trump-blasted-across-media-spectrum-over-republicans-midterms-performance-biggest-loser-tonight
 
‘Donald is in the rear-view mirror, it’s time to move on’: GOP Lt. Gov of Georgia blames lackluster midterms on ex-President and his ‘flawed’ candidates – as Republicans put the boot into ‘toxic Trump’… while frenemy DeSantis cruises to victory
    Trump endorsed some 300 candidates, held 30 rallies and raised millions of dollars for his ‘army’ of candidates. It was supposed to be the amuse-bouche for a Presidential run, intended to set him up for a sweeping 2024 success.  But overnight, many of Trump’s chosen candidates crashed and burned…
     Early analysis also shows that in counties with Trump-backed candidates, the Republican vote share increased by just 1.3 percent compared with 6.9 percent in counties where he wasn’t involved in the race. Republican candidates who defied him, like Ron DeSantis and Brian Kemp, stormed to victory…
https://www.dailymail.co.uk/news/article-11407245/Will-Republicans-dump-Trump-endorsed-candidates-lose.html
 
CNN Exit Poll: 73% of Americans are either “angry” or “dissatisfied” with the way things are going under Joe Biden.
 
Exit polls: Voter views on Trump are even more negative than on Biden
Only about 37% of voters in this year’s midterms expressed a favorable view of former President Donald Trump…    https://www.cnn.com/politics/live-news/midterm-election-results-livestream-voting-11-08-2022/h_88ec8178c0eb92befac5bdd8d65c50d8
 
@nypost: Today’s cover: Ron DeSantis shows he’s future of the GOP https://trib.al/BDMYIxP
 
Democrats got their base to vote (notably among 18 to 29-year-olds) by making Trump an issue.  Whether they are right or not, the perception is that Trump hate overrode inflation, crime, the border crisis, and Biden.  Trump injected himself into the Midterms repeatedly over the last few months and stridently indicated that he would run for the presidency in 2024.  Trump made himself a huge issue in the Midterms when historically the seated president is the issue (Referendum on president).
 
The internecine fight between Trump and the GOP Establishment, notably McConnell, costs the GOP Senate seats in New Hampshire, Pennsylvania, possibly Georgia and Arizona.  Trump inhibited GOP turnout with his venomous attacks on McConnell during the final weeks of the campaign.  This served no possible benefit to the GOP and was solely an ego trip for Trump.  DJT was trying to show the world that he was the GOP leader.  Ergo, he must now should beaucoup blame for the GOP’s poor showing.
 
The GOP lost a Senate seat in Pennsylvania to a guy that had a stroke, is noticeably impaired, and had a dreadful debate performance.  An estimated 635,000 people voted in PA before the debate.  Nevertheless, Trump supported Dr. Oz, a carpetbagger from New Jersey that has a history of advocating for leftist causes.  Furthermore, Oz did little campaigning until the final weeks.
 
NR’s @McCormackJohn: February Dem poll showed Fetterman leading Oz but trailing McCormick. Oz beat McCormick by 0.1 points in the GOP primary.  Trump’s endorsement of Oz was decisive.
 
Trump also endorsed Mastriano for Governor in PA.  He was a disaster, capturing only 42.5% of the vote. Mastriano weighed down the GOP ballot in PA.  The GOP did NOT capture any of the four House seats that it was expected to take.  Oz outperformed Mastriano by about 6 percentage points.
 
Fox’s Brit Hume noted that Trump raised over $100m this campaign cycle and spent very little to support GOP candidates, including candidates (Oz, Walker, Bolduc) he supported.  Anti-Trump GOP governors in bellwether states (Georgia, Ohio, Florida) won big.
 
Mitch McConnell allocated money to buddies in safe or relatively safe races that could have been better utilized elsewhere.  Mitch’s feud with Trump divided the GOP at a time when they should have had a wave election over an historically unpopular president.  Senate seats where the DJT-McConnell feud was intense saw GOP candidates greatly underperform polling.  This implies GOP voters stayed home.
 
In Colorado, vehemently anti-Trump Senate candidate O’Dea got crushed when polling showed him within the margin of error.
 
GOP pundits rightfully proclaimed that the GOP needs new leadership and should look to governors that won big (DeSantis, DeWine, Kemp).  It is crystal clear that the GOP needs better candidates.
 
Babylon Bee: Republican Party Staves Off Red Wave!
Trump further angered GOP voters when he posted this on election night: 174 wins and 9 losses (His endorsees), A GREAT EVENING, and the Fake News Media, together with their partner in crime, the Democrats, are doing everything possible to play it down. Amazing job by some really fantastic candidates!  https://truthsocial.com/@realDonaldTrump/posts/109312374867693228
 
@jmhorp: DeSantis is now the frontrunner for 2024, with Trump’s odds plummeting over night
https://electionbettingodds.com/President2024
 
Trump Threatens to Reveal Unflattering Information About DeSantis if He Runs – NYT
“If he did run, I will tell you things about him that won’t be very flattering. I know more about him than anybody other than perhaps his wife, who is really running his campaign.”…
  Mr. Trump had to be talked out of announcing his own presidential campaign on Monday night by advisers, family members and Republican leaders, according to several people briefed on the discussions…  https://www.nytimes.com/2022/11/08/us/politics/trump-desantis-2024.html
 
@realDonaldTrump: Now that the Election in Florida is over, and everything went quite well, shouldn’t it be said that in 2020, I got 1.1 Million more votes in Florida than Ron D got this year, 5.7 Million to 4.6 Million? Just asking?  Nov 09, 2022, 3:51 PM ET (General Elections have greater voter participation.)
    Newsweek’s @josh_hammer: Why do this? Why?
 
‘Toxic’ Trump hits back: Ex-President claims he got ‘more votes in Florida in 2020 than Ron DeSantis did last night’ and brushes off Republican criticism by saying midterm election ‘from a personal standpoint, was a very big victory’
https://www.dailymail.co.uk/news/article-11409459/Trump-claims-big-personal-victory-despite-key-candidates-losing-Dems.html
 
Donald Trump is ‘livid and screaming at everybody’ this morning after lackluster midterms results…as Republicans say it’s ‘time to move on’ and throw their weight behind Ron DeSantis…
https://www.dailymail.co.uk/news/article-11407245/Will-Republicans-dump-Trump-endorsed-candidates-lose.html
 
@maggieNYT: Trump is indeed furious this morning, particularly about Mehmet Oz, and is blaming everyone who advised him to back Oz — including his wife, describing it as not her best decision, according to people close to him. (Trump has a history of communicating with Maggie Haberman.)
 
Trump blames his obeisance to Jared on his daughter and his Oz support on his wife.  Disqualifying!
 
JD Vance, endorsed by Trump, doesn’t mention him in Ohio Senate victory speech
https://www.foxnews.com/politics/jd-vance-endorsed-trump-snubs-him-ohio-senate-victory-speech
 
Vance won by 6.6 percentage points; GOP Governor DeWine won reelection by 25.6 percentage points.
 
A CBS exit polls shows 90% of Dem said one reason for their vote was to oppose Trump.  95% of GOP voters said opposing Biden was one reason for voting.  Opposing Trump should NOT have been a big factor in a Midterm Election that is typically a referendum on the president.
https://twitter.com/julie_kelly2/status/1590377261647429637
 
Trump rips losing GOP (NH) candidate Don Bolduc after endorsing him https://trib.al/YVa3aY7
 
Trump, as titular leader of the GOP, has engineered three straight poor elections: Lost House in 2018, lost Senate and presidency in 2020, and greatly underperformed in 2022.
 
@joelpollak: After tonight, it’s slightly more likely (but not *likely*) that Biden is the 2024 nominee for Democrats, and slightly less likely (but not *unlikely*) that Trump is the 2024 nominee for Republicans.
 
Blue states got blue; red stated got redder.  The exodus from blue states to red states is a factor.
 
CNN: “This will be the first time since Reconstruction that Florida won’t have any Democrats in state-wide office.
 
@kylenabecker: “This may be the strangest election I’ve ever seen.”  Steven Moore nailed it on Fox News. Despite 75% of voters saying country is on ‘wrong track’ and majority ‘angry’ about inflation/economy, not a single incumbent governor or senator gets flipped?
 
Mail-in voting was a huge factor in the Midterms.  ‘Tis why the 2022 results are a near replication of the 2020 election.  The GOP must match Dems in this dark art.  Millions of mail-in votes are harvested or created prior to debates and voting day.  PA begins early voting 50 days before an election.  Campaigning and issues have less importance.  Now, it’s all about procuring the early/mail-in vote!
 
@justin_hart: When early voting became the norm, the GOP didn’t really change anything. When Covid became an excuse to upend everything about elections, the GOP did little to adapt. Republicans need to shift their GOTV mentality from 72 hours to 72 days. Dems won on 25% fewer voters in booths.
 
@JackPosobiec: In state after state, we are seeing a shift away from an election day to an election season. Ballot harvesting, drop boxes, and early voting are here to stay as we move toward systems of on-demand voting. GenZ / TikTok using to great effect. The final stage will be digital voting
 
@EndWokeness: Candidate quality matters, but only for Republicans.  The left will literally vote for a stalk of celery if it has a D by its name.
 
Illinois Democrats say they’ve held onto big legislative majorities
An indicted Democratic senator won reelection without opposition. And a House Democrat under federal investigation led overwhelmingly as unofficial results rolled in Tuesday night…
https://www.chicagotribune.com/politics/elections/ct-illinois-general-assembly-elections-20221109-z6rahegztvhovj2pvbze6yccta-story.html
 
Democratic Pennsylvania state representative reelected despite having died in October
https://notthebee.com/article/democratic-pennsylvania-state-representative-reelected-despite-having-died-in-october
 
People dependent on government (entitlements, government jobs, or do business with government) or who have family members dependent on government overwhelmingly vote Democratic.  PS – Government is the biggest employer in the State of Illinois – and huge business is done with government.
 
‘Actual Threat to Democracy’: Tucker Carlson Calls for End to Electronic Voting Machines
People have to have confidence that those results are real, that they can trust the mechanics of the election. And what happened today in Maricopa County, where some huge percentage of voting machines, electronic voting machines, according to The Arizona Republic, 30 percent, they claim these are Dominion voting machines, but it almost doesn’t matter.”…
   “Electronic voting machines… whatever you think of it, the cause of it, it shakes people’s faith in the system. That is an actual threat to democracy,” Carlson continued… “We’re not really very serious about democracy if we’re using electronic voting machines, or for not requiring photo ID to vote. We could have secure elections, we don’t because a small number of people don’t want them,” Carlson said. “But until we do, you’re going to have these moments where everybody in the country fears volatility, because one side doesn’t believe the result is real. And you’ve seen it on both sides…” https://dailycaller.com/2022/11/08/tucker-carlson-voting-machines-democracy/
 
Maricopa County, Arizona officials apologize for vote tabulator problems, say 7% of ballots affected https://fxn.ws/3UFkVIr
 
GOP Sen. @marcorubio: If Florida can count 7.5 million ballots in 5 hours how can it take days for some states to count less than 2 million?
 
@ggreenwald: It’s not a question of party or ideology *at all*. It is by definition a broken system – one that will inevitably foster pervasive distrust – if votes can’t be counted in one day but rather many days or even weeks Of course, this can be fixed and everyone has an interest in it: It makes it so much worse when it seems huge numbers of votes just start appearing out of the blue from all different corners: early voting, absentee voting, provisional votes, mailed votes, etc.  Even with zero fraud, a system like this will never be trusted. It’s insanity.
 
A reason that polling was amiss for the Midterms is probably due to voter turnout.  Dems correctly, with the help of Trump’s narcissism, turned the Midterm referendum on the president into an anti-DJT vote.  Trump and McConnell’s civil war suppressed the GOP vote.  Dems were unified; the GOP was not.
 
Ironically, the Red Wave that wasn’t significantly increases the odds that the GOP takes the White House and a solid Senate majority (Dems have tough seats to defend) in 2024.
 
In hindsight, is it possible that 2016 was referendum on the immensely unlikeable Hillary Clinton?
 
@benshapiro: Latest Trump email: (Fund raising raffle to win the opportunity to meet him on Nov. 14!
https://twitter.com/benshapiro/status/1590379036706234371
 
Incumbent Raphael Warnock (D) and Herschel Walker (R) advance to a runoff for a US Senate seat from Georgia on December 6.  A Libertarian candidate took 2.1% of the vote.  As of now, the GOP has 49 Senate seats; Dems have 48.  AZ and Nevada are still undecided.  Laxalt is ahead in Nevada, but state officials say it will take days to count mail in votes.
 
Why Trump May Want to Announce His Run for President Soon
There is a runoff election in Georgia, this time on December 6. Once again, if Adam Laxalt holds out in Nevada, that runoff election would decide control of the Senate. Trump’s favorite weapon to protect himself from criticism within the party is to say, in essence, “If you take me on, I will take this election down.”… That’s the maximum moment of leverage, and it’s how Trump has acted before, always placing his own hold on power within the party above the good of the party.  That’s why, at least if Laxalt wins, you should expect a Trump announcement before December 6.
https://www.nationalreview.com/corner/why-trump-may-want-to-announce-his-run-for-president-soon/
 
Sean Maloney of NY is the first DCCC (Dem Congress Campaign Com.) Chair to an election since 1980.
 
@BradWilcoxIFS: Married men broke Republican by 20 pts. Married women broke R by 14 pts. Unmarried men broke R by 7 pts. But *unmarried women* broke D “by whopping 37 pts”
 
President Biden: “We had an election yesterday. It was a good day I think for democracy. And I think it was a good day for America…While the press and the pundits are predicting a giant red wave, it didn’t happen.”  https://twitter.com/cspan/status/1590455291107328000
 
Fox’s @ChadPergram: Biden says he will invite Congressional leaders to the WH to discuss ways to boost the economy. Says he won’t support things which may increase inflation. And he won’t stand for GOP ideas which would harm the climate.
 
@RNCResearch: BIDEN: “Now I’ve been given a list of ten people that I’m supposed to call on and you’re all supposed to ask me one question.” https://twitter.com/RNCResearch/status/1590457676663730176
 
@charliespiering: Joe Biden on Hunter Biden investigations: “Lots of luck in your senior year, as my coach used to say…”
 
@ChadPergram: When asked about potential GOP investigations into his administration or son, Biden says “I think people want us to move on… the American people will look at all of that for what it is. It’s almost comedy.”
 
@greg_price11: Reporter: “75% of people say the country is heading in the wrong direction. What do you intend to do differently?” Biden: “Nothing because they’re just finding out what we’re doing.”
https://twitter.com/greg_price11/status/1590457234055921665
 
@greg_price11: Biden: “The overwhelming majority of the American people support my economic agenda… I’m confident these policies are working.”  https://twitter.com/greg_price11/status/1590456194740924416
 
@townhallcom: BIDEN: “I can’t guarantee that we’re gonna be able to get rid of inflation.”
https://twitter.com/townhallcom/status/1590462418605735936
 
@greg_price11: Reporter: “Do you think @elonmusk is a threat to national security?” Biden: “It’s worthy of being looked at.”   https://twitter.com/greg_price11/status/1590464989705703426
 
Joe Biden says he intends to run in 2024 and vows to stop Trump being re-elected https://trib.al/sgjTgEb
 
@townhallcom: REPORTER: “Two-thirds of Americans…say that they don’t think you should run for reelection…How does that factor into your decision…?” BIDEN: “It doesn’t.” “What’s your message to them?”  “Watch me.”  https://twitter.com/townhallcom/status/1590466215830753280
 
@NewsBecker: Joe Biden on Trump: “We just have to demonstrate that he will not take power if he does run, making sure he under legitimate efforts of our constitution does not become the next president again.”   https://twitter.com/NewsBecker/status/1590465798401036290
 
A Biden moment: https://twitter.com/RNCResearch/status/1590467220819148800
 
@RNCResearch: Biden: “Whether or not [the Russians are] pulling back from Fallujah and the, I mean…”  Reporter: “Kherson.”  Biden: “Kherson, the city of Kherson.”
https://twitter.com/RNCResearch/status/1590468294502649856
 
@NileGardiner: Joe Biden declaring his intention to run again as US president at his White House press conference. He can barely pronounce the names and publications of the journalists asking the questions.
    Joe Biden delivering an arrogant and delusional press conference from the White House. No humility from a president whose party is on course to lose control of the House of Representatives and possibly the Senate too. This man is completely tone deaf.
 
@BP_Rising: Last few years will likely go down in history books as most idiotic time in U.S. history. The average empire lasts about 250 years. America was founded in 1776, so it’s about there. Recently, you’ve witnessed what could be 

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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