NOV 15/GOLD CLOSED UP $.50 TO $1673.50//SILVER WAS DOWN 56 CENTS AT $21.49//PLATINUM WAS DOWN $16.50 TO $1011.15//PALLADIUM WAS UP $31.60 TO $$2075.75//COVID UPDATES//VACCINE INJURY/VACCINE IMPACT//DR PAUL ALEXANDER// EXTREMELY POOR CHINESE ECONOMIC NUMBERS AS CHINA SPIRALS SOUTHBOUND AMID THEIR ZERO COVID POLICY//POLAND WILL NATIONALIZE GAZPROM ASSETS INSIDE POLAND//GOP ONE SEAT AWAY FROM MAJORITY//SWAMP STORIES FOR YOU TONIGHT///

November 15, 2022 · by · in Uncategorized · 3 Comments

November 15, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSE: UP  $0,15 to $1773.50

SILVER PRICE CLOSE: DOWN $0.56  to $21.65

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1778.45

Silver ACCESS CLOSE: 21.58

New: early yesterday morning//

Bitcoin morning price: $16,844 UP 590

Bitcoin: afternoon price: $16,816 UP 562

Platinum price closing  DOWN $0.35  AT  $1027.65

Palladium price; closing UP $6.35  at $2044.05

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: 2360.41 DOLLARS UP 2.62 CDN DOLLARS PER OZ

BRITISH GOLD: 1498.22 POUNDS PER OZ DOWN 7,32 POUNDS PER OZ

EURO GOLD: 1718.17 EUROS PER OZ UP 3.57 EUROS PER OZ.

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,773.600000000 USD
INTENT DATE: 11/14/2022 DELIVERY DATE: 11/16/2022
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUT 38
132 C SG AMERICAS 50 1
190 H BMO CAPITAL 5
435 H SCOTIA CAPITAL 53
661 C JP MORGAN 33
737 C ADVANTAGE 14 18
800 C MAREX SPEC 4 3
880 C CITIGROUP 2
880 H CITIGROUP 21

TOTAL: 121 121
MONTH TO DATE: 6,242

TOTAL: 220 220
MONTH TO DATE: 6,12

JPMORGAN STOPPED  85/220

GOLD: NUMBER OF NOTICES FILED FOR NOV. CONTRACT:    121 NOTICES FOR 12,100  OZ  or 0.3763 TONNES

total notices so far: 6242 contracts for 624,200 oz (19.415 tonnes) 

SILVER NOTICES: 17 NOTICE(S) FILED FOR 85,000 OZ/

 

total number of notices filed so far this month  374 :  for 1,870,000  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 $0.05

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD//BIG CHANGES IN GOLD INVENTORY AT THE GLD: /////TINY CHANGES IN GLD INVENTORY: A DEPOSIT OF 0.29 TONNES INTO THE GLD//

INVENTORY RESTS AT 910.41 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $.56

AT THE SLV// :/SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF OF 1.286 MILLION OZ INTO THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 470.634 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A GIGANTIC SIZED 2214 CONTRACTS TO 144,108 AND CLOSER TO  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE HUGE GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR STRONG GAIN OF $0.41  IN SILVER PRICING AT THE COMEX ON MONDAY.  OUR SHORTERS/HFT WERE  UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY   $0.41)., AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPEC LONGS, AS WE HAD AN ATMOSPHERIC SIZED GAIN IN OUR TWO EXCHANGES OF 3594 CONTRACTS.  WE HAD A SOME ATTEMPTED SPEC SHORT COVERINGS OF  THEIR SHORTFALLS WITH MINOR SUCCESS .WE HAD MINIMAL  SPEC SHORT ADDITIONS AS THE PRICE OF THE METAL REMAINED FLAT . // OUR  BANKERS CONTINUE TO BE PURCHASERS OF NET COMEX LONGS. HUGE NUMBER OF NEWBIE SPEC LONGS ADDED TO THEIR POSITIONS CAUSING ADDITIONAL MISERY TO OUR SHORTERS. 

WE  MUST HAVE HAD: 
I) SOME ATTEMPTED (WITH MINIMAL SUCCESS)  SPECULATOR SHORT COVERINGS WITH ZERO SHORT ADDITIONS ////CONTINUED BANKER OI COMEX ADDITIONS /// HUGE NEWBIE SPEC LONG ADDITIONS. II)  WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A GIGANTIC ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.045 MILLION OZ FOLLOWED BY TODAY’S 50,000 QUEUE JUMP//NEW STANDING:2,575,000 MILLION OZ/    / //  V)   GIGANTIC SIZED COMEX OI GAIN/ 

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: +100

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 11 days, total 22,555 contracts: 112.775 million oz  OR 10.252MILLION OZ PER DAY. (2050 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 112.775 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: 112.755 MILLION

RESULT: WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2214 WITH OUR  $0.41 GAIN IN SILVER PRICING AT THE COMEX// MONDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE  CONTRACTS: 1380 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 50,000 QUEUE JUMP/  .. WE HAVE AN ATMOSPHERIC SIZED GAIN OF 3494 OI CONTRACTS ON THE TWO EXCHANGES FOR 17.470MILLION  OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS D WITH THE HUGE GAIN IN PRICE ON THURSDAY.

 WE HAD 17  NOTICE(S) FILED TODAY FOR  85,000  OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL  BY A GOOD SIZED 5983 CONTRACTS  TO 502,424 AND FURTHER FROM  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 -683 CONTRACTS.

.

THE GOOD SIZED DECREASE  IN COMEX OI CAME DESPITE OUR  GAIN IN PRICE OF $7.30//COMEX GOLD TRADING/MONDAY //  CONSIDERABLE ATTEMPTED SPECULATOR SHORT  COVERINGS TO NO AVAIL//(MAYBE SOME SPEC SHORT ADDITIONS IF THEY ARE STUPID ENOUGH), ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION  WITH CONTINUED ADDITIONS FROM 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 GIGANTIC 21,000 OZ QUEUE JUMP //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S WILL CONTINUE UNTIL MONTH’S END)

YET ALL OF..THIS HAPPENED WITH OUR STRONG GAIN IN PRICE OF  $7.30 WITH RESPECT TO MONDAY’S TRADING

WE HAD A FAIR SIZED GAIN OF 1195 OI CONTRACTS (3.717 PAPER TONNES) ON OUR TWO EXCHANGES..

(THE COMEX LOSS WAS ALL TAKEN UP THROUGH EFP’S.  THESE WILL CIRCLE BACK TO COMEX ON EXERCISING OF DELIVERY CONTRACTS).

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 7178 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 502,224

IN ESSENCE WE HAVE A FAIR  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1195 CONTRACTS  WITH 5983 CONTRACTS DECREASED AT THE COMEX (SHORT SPECULATORS FAILING TO GET OUT OF THEIR MESS) AND 7178 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON(AND THESE EFP’S WILL CIRCLE BACK AND EXERCISE FOR DELIVERABLE GOLD. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 1878 CONTRACTS OR 5.841 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (7178) ACCOMPANYING THE GOOD SIZED LOSS IN COMEX OI (5983): TOTAL GAIN IN THE TWO EXCHANGES 1195 CONTRACTS. WE NO DOUBT HAD 1) CONSIDERABLE ATTEMPTED BUT FAILED SPECULATOR SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS.  WE  HAD ZERO SHORT SPEC ADDITIONS/// // SOME 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 35,600 OZ //NEW STANDING 23.808 TONNES///3) ZERO LONG LIQUIDATION //// //.,4)   GOOD SIZED COMEX OPEN INTEREST LOSS 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. :

49,561 CONTRACTS OR 4,956,100 OZ OR 154.16 TONNES 11 TRADING DAY(S) AND THUS AVERAGING: 4505EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 11  TRADING DAY(S) IN  TONNES: 154.16TONNES

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

THUS EFP TRANSFERS REPRESENTS  154.16/3550 x 100% TONNES  4.33% 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.  154.16 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, ROSE BY A GIGANTIC SIZED 2214 CONTRACT OI TO  144,108 AND CLOSER TO  OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 1380 CONTRACTS

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

DEC 1380  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1380 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI  GAIN OF 2241  CONTRACTS AND ADD TO THE 1380  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED GAIN  OF 3594  OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 17.970MILLION OZ//

OCCURRED WITH OUR RISE IN PRICE OF  $0.41….. 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)TUESDAY MORNING//MONDAY  NIGHT

SHANGHAI CLOSED UP 50.68 PTS OR 1.64%   //Hang Seng CLOSED UP 723.41 OR  4.11%    /The Nikkei closed UP 26.70 OR 0.10%          //Australia’s all ordinaires CLOSED DOWN  0.07%   /Chinese yuan (ONSHORE) closed UP TO 7.0460 //OFFSHORE CHINESE YUAN UP 7.0457//    /Oil DOWN TO 85.24 dollars per barrel for WTI and BRENT AT 92.68    / Stocks in Europe OPENED ALL MIXED.        ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 5983  CONTRACTS TO 502,224 AND FURTHER FROM 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 RISE IN PRICE OF $7.30  IN GOLD PRICING MONDAY’S COMEX TRADING. WE ALSO HAD A STRONG SIZED EFP (7178 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 7178 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :  7178  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 7178 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 fair SIZED  TOTAL OF 1,195  CONTRACTS IN THAT 7178 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A good  SIZED  COMEX OI GAIN OF5983   CONTRACTS..AND  THIS FAIR SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR  RISE IN PRICE OF GOLD $7.30//WE ARE FINALLY WITNESSING 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   (22.834 TONNES),

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

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $7.30) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS AS WE HAD A FAIR GAIN OF 1195 CONTRACTS ON OUR TWO EXCHANGES. WE HAD  ZERO SPEC SHORT ADDITIONS AND MINIMAL SPEC SHORT COVERINGS..  WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 1878 CONTRACTS.//    WE HAVE GAINED A TOTAL OI  OF 3.717 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR NOV. (22.834 TONNES)…THIS WAS ACCOMPLISHED WITH OUR  GAIN IN PRICE OF $7.30 

WE HAD -683  CONTRACTS  COMEX TRADES REMOVED. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 1195 CONTRACTS OR 119,500  OZ OR  3.717 TONNES

Estimated gold volume 346,777//  very good//

final gold volumes/yesterday  227,682/  fair 

INITIAL STANDINGS FOR  NOVEMBER 2022 COMEX GOLD //NOV 15

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz 140,660.630oz

Brinks
HSBC (390 kilobars)
JPMorgan
(3,000 kilobars)


 









 
Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz
197.803 oz
HSBC
No of oz served (contracts) today121   notice(s)
12,100  OZ
0.37636 TONNES
No of oz to be served (notices)1099 contracts 
109,900 oz
3.418 TONNES

 
Total monthly oz gold served (contracts) so far this month6242 notices
624200
19.415TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

total dealer deposit  0

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits: 1

i) Into HSBC:  197.803 oz

total deposits  197,803. oz

 customer withdrawals:3

i) Out of Brinks:  31,668.740 oz

ii) Out of JPMorgan:  96,453.000 oz (3,000 kilobars)

iii) Out of HSBC:  12,538.890 oz (390 kilobars)

total:  140,660.630  oz

total in tonnes: 4.3749 tonnes

Adjustments: 0//  

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOVEMBER.

For the front month of NOV. we have an oi of 1220 contracts having GAINED 144 contracts.   We had  220 notices served on MONDAY so we gained a WHOPPING 364

or an additional 36,400 OZ (1.132 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 A FAIR 15,748 contracts DOWN to 254,273.  AS INDICATED ABOVE MUCH OF THE COMEX LOSS ENDS UP AS EFP’S TO LONDON AND THESE WILL CIRCLE BACK.   DEC WILL BE A DILLY OF A DELIVERY MONTH.

JANUARY  LOST 17 contract to stand at 222.

February gained 7991 contacts up to 201,698.

We had 121 notice(s) filed today for 12100 oz 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0  notices were issued from their client or customer account. The total of all issuance by all participants equate to 121 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 33 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 (6242) x 100 oz , to which we add the difference between the open interest for the front month of  (NOV 1220 CONTRACTS)  minus the number of notices served upon today 121 x 100 oz per contract equals 734,100 OZ  OR 22.834 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 (6242) x 100 oz+   (1220)  OI for the front month minus the number of notices served upon today (121} x 100 oz} which equals 734,100 oz standing OR 22.808  TONNES in this NON active delivery month of NOV..

TOTAL COMEX GOLD STANDING:  22.834 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:  1,930,287.070 OZ   60.04 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  23,971,924.047 OZ  

TOTAL REGISTERED GOLD: 11,142,699.707  OZ (346,58 tonnes)..dropping fast

TOTAL OF ALL ELIGIBLE GOLD: 12,829,224.300 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,212,412OZ (REG GOLD- PLEDGED GOLD) 286.54 tonnes//rapidly declining 

END

SILVER/COMEX

NOV 15//INITIAL NOV. SILVER CONTRACT

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory610,574.949 oz
Brinks
CNT
Manfra




 










 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory184,973.900 oz
Delaware



 











 
No of oz served today (contracts)17  CONTRACT(S)  
 (85,000 OZ)
No of oz to be served (notices)141 contracts 
(705,000 oz)
Total monthly oz silver served (contracts)374 contracts
 (1,870,000 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)  0 dealer deposit

total dealer deposits:  nil   oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have  3 withdrawals out of the customer account

i) Out of Brinks:  973.400 oz

ii) Out of CNT:  8712.600 oz

iii) Out of Manfra: 600,889.349 oz

Total withdrawals:   610,574.949 oz

JPMorgan has a total silver weight: 153.534million oz/296.596 million =51.77% of comex .//dropping fast

 Comex deposits: 

 adjustments: 0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 35,322 MILLION OZ (declining rapidly)

TOTAL REG + ELIG. 296.586MILLION OZ (also declining)

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF NOV OI: 158 CONTRACTS HAVING GAINED 8 CONTRACT(S.) 

WE HAD 2 NOTICES FILED ON MONDAY, SO WE GAINED 10 CONTRACTS OR AN ADDITIONAL 50,000 OZ WILL STAND

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

DECEMBER SAW A LOSS OF 2515 CONTRACTS DOWN TO 69,055

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

JANUARY SAW A LOSS OF 15 CONTRACTS UP TO 1372 CONTACTS.

.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY:17 for 85,000   oz

Comex volumes:105,928// est. volume today// huge   

Comex volume: confirmed yesterday: 74,920 contracts ( fair)

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  374 x 5,000 oz = 1,870,000 oz 

to which we add the difference between the open interest for the front month of NOV(158) and the number of notices served upon today 17 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the NOV../2022 contract month: 747 (notices served so far) x 5000 oz + OI for front month of NOV (158)  – number of notices served upon today (17) x 5000 oz of silver standing for the NOV. contract month equates 2,575,000 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 15/WITH GOLD UP $.05: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 29 TONNES INTO THE GLD////INVENTORY RESTS AT 910.41 TONNES

NOV 14/WITH GOLD UP $7.30: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 910.12 TONNES

NOV 11/WITH GOLD UP $15.25//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.19 TONNES INTO THE GLD////INVENTORY RESTS AT 911.57 TONNES

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: 910.41  TONNES

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

NOV 15/WITH SILVER DOWN $.56 TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.286 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 470.634 MILLION OZ..

NOV 14/WITH SILVER UP 41 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 471.923 MILLION OZ//

NOV 11/WITH SILVER DOWN 2 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 553,000 OZ FROM THE SLV///INVENTORY RESTS AT 471.923 MILLION OZ//

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 470.634 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff  .

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

14 Nov 2022

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

4.  OTHER PHYSICAL SILVER/GOLD COMMENTARIES

5.OTHER COMMODITIES: NICKEL

Nickel Jumps As Tesla-Backed Miner Sparks Supply Fears

TUESDAY, NOV 15, 2022 – 03:15 PM

Nickel prices jumped Tuesday on the news of production setbacks at the troubled Goro nickel mine, which has one of the world’s largest deposits and is partially owned by Trafigura Group and backed by Tesla Motors, reported Bloomberg.

Goro is located in the South Pacific island French territory of New Caledonia. The mine has been forced to curtail production following a leak from its tailings dam — an earth-fill embankment dam used to store byproducts after separating the ore from mining waste. 

A spokesperson from owner Prony Resources said the Goro Mine reported a “limited release of salt-laden liquid” following torrential rains in August. Corrective measures required by local authorities reveal nickel output would be reduced in the fourth quarter. 

The nickel market has seen wild price swings in the last two sessions following reports of an explosion at a nickel factory in Indonesia on Monday, which sent prices skyrocketing 15%, though prices retreated after the owner of the operation denied reports. 

Prices on the London Metal Exchange jumped as high as 7.5% to $31k per ton on Tuesday, hitting the highest level since May. 

Nickel prices trading on the LME have seen increased volatility. In March, the LME halted trading for a week after prices soared 250% in two sessions. 

Brazilian miner Vale SA previously owned Goro. It was sold last year to Prony — a group comprising Trafigura, Agio Global, and the New Caledonian government.

The good news is that “minimum quantities required by our customer contracts will be met, and we expect to be at full capacity again shortly,” Prony said. 

Global supply tightness for the battery-critical making metal comes as electric-vehicle demand soars. This will undoubtedly keep the costs of EVs out of reach for the average person. 

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

Bankman-Fried Trying To Raise Fresh Capital As Bankruptcy Lawyers Reveal More Than One Million Creditors

TUESDAY, NOV 15, 2022 – 11:10 AM

We have been waiting for the FTX bankruptcy docket to add anything more than merely procedural filings (or any filings for that matter), and certainly the so-called First Day filings which should lay out what really happened at the now bankrupt exchange-cum-hedge fund, but the only thing we have gotten so far is this: just two entries in the docket for a case which the entire world is closely following.

And while the criminal mastermind behind FTX, Bankman-Fried, should at least be doing everything he can to explain where the billion in client funds vaporized to, as he promised…

… at least until such time as he is finally arrested (which Elon Musk said will never happen because he is such a prominent Democratic donor), he appears to have little desire to do the right thing, and instead has been trying to salvage an unfixable situation and according to the WSJ, the 2nd largest democrat donor still thinks that he can raise enough money to make users whole.

Bankman-Fried, alongside a few remaining employees, spent the past weekend calling around in search of commitments from investors to plug a shortfall of up to $8 billion in the hopes of repaying FTX’s customers, the WSJ sources said. It wasn’t clear if any proceeds from such fundraising would go into his personal bank account, nor was it clear if he was merely calling other fugitive criminals such as Jho Low who made billions by robbing Malaysia blind with the help of Goldman Sachs, or is simply hoping to find even bigger idiots than his current roster of “erudite” investors.

The WSJ goes on to redundantly notes that the “efforts to cover that shortfall have so far been unsuccessful.” The paper also couldn’t determine what SBF is offering in return for any potential cash infusion, or whether any investors have committed. To be sure, the last thing on SBF’s mind is to transfer some of his well-hidden offshore funds to make those customers who trusted him whole.

Before the chapter 11 filing, Bankman-Fried had spoken to companies including rival crypto exchanges Coinbase and Kraken, plus hedge funds and venture capital investors in the hope of a bailout, according to people familiar with those talks. His largest rival, Binance, agreed briefly to buy FTX, before backing out.

The amount needed to make FTX solvent would likely be multiples of the $1.9 billion the company raised during its existence. FTX’s most recent funding round was in January, when it raised $400 million from a long list of Silicon Valley and Wall Street names, including Tiger Global and SoftBank Group Corp.

In separate news, FTX’s bankruptcy lawyers said the case could involve more than one million creditors: that means there will be a lot of angry people when the Democrat-controlled DOJ announces it has no plans to press charges against one of the most generous (and criminal of course) Democrat donors in history. Because the last thing anyone wants is to tie the money laundering loose ends between Democrats, Ukraine and crypto fund flows over the past year.

END

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED UP 7.0460

OFFSHORE YUAN: 7.0457

SHANGHAI CLOSED UP 50.68 PTS OR  1.64%

HANG SENG CLOSED UP 723.41 OR 4.11% 

2. Nikkei closedUPN 26.70  PTS OR 0.10%

3. Europe stocks   SO FAR:  ALL MIXED

USA dollar INDEX DOWN TO  105.98/Euro RISES TO 1.0405

3b Japan 10 YR bond yield: FALLS TO. +.239!!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 139,24/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 UP /JAPANESE Yen DOWN CHINESE YUAN:   UP-//  OFF- SHORE: UP

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 +2.083%***/Italian 10 Yr bond yield FALLS to 4.058%*** /SPAIN 10 YR BOND YIELD FALLS TO 3.109%…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 4.252//

3j Gold at $1785.65//silver at: 21.90  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND 35/100        roubles/dollar; ROUBLE AT 60.21//

3m oil into the 85 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 139.24DESTROYING 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 0.9408– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9789well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 3.801% DOWN 7 BASIS PTS…GETTING DANGEROUS

USA 30 YR BOND YIELD: 3.998% DOWN 6 BASIS PTS//

USA DOLLAR VS TURKISH LIRA: 18,61…

GREAT BRITAIN/10 YEAR YIELD: 3.405%

end

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Futures Surge Over 4,000 As Yields And Dollar Slide On Positive US-China Sentiment, Solid Earnings

TUESDAY, NOV 15, 2022 – 07:47 AM

US futures jumped from Monday’s shallow dip, which in turn followed the S&P 500’s best week since June, boosted by a triple-whammy of positive news out of China, including the Xi-Biden meeting which pointed to easing tensions between Washington and Beijing, China’s Covid pivot and property measures, and solid earnings from Walmart which boosted guidance and announced a new $20BN buyback. Contracts on the Nasdaq 100 extended earlier gains and were up 1.1% as of 7:1 a.m. ET while S&P 500 futures surged above 4000, rising almost 1.0%. Treasury yields and the dollar slipped while bitcoin resumed its modest rise. At 8:30am we get another inflation read in the form of the latest PPI Print, which is also expected to ease modestly.

In premarket trading, chipmakers AMD, Nvidia and Intel Corp. rose between 1.3%-2% while Tesla Inc., Amazon.com Inc., Apple Inc., and Alphabet Inc. all added about 1% each. Coinbase and Marathon Digital led cryptocurrency-linked stocks higher as Bitcoin extended gains with investors waiting for more details about an industry-recovery fund promised by Binance Holdings Chief Executive Officer Changpeng ‘CZ’ Zhao. Chinese stocks listed in the US were set to rise for a fourth day, after a triple-whammy of positive news including Xi-Biden meeting, Covid pivot and property measures. Alibaba (BABA US) soared 11% in premarket trading. Lithium-exposed stocks edged lower following a selloff in Asian peers amid worries over potentially weaker demand from Chinese firms. Here are the other notable premarket movers:

  • Getty Images (GETY US) falls 12% in US premarket trading, after the media company reported third quarter earnings that missed the average analyst estimate.
  • Ginkgo Bioworks (DNA US) shares slip as much as 2.6% in US premarket trading as the cell-programming platform provider’s revenue beat was eclipsed by worries over how a tougher economic environment could impact prospects.
  • Harley-Davidson (HOG US) is initiated with an underperform rating, its only sell-equivalent recommendation, and a $39 PT at Jefferies, which says the strength in the motorcycle maker’s shares is overdone.
  • Lithium-exposed stocks edged lower in US premarket trading following a selloff in Asian peers amid worries over potentially weaker demand from Chinese firms.
  • Nubank (NU US) shares jump 15% in premarket trading after the Brazilian digital bank’s third-quarter results. Morgan Stanley said the lender delivered a strong print, showing beats for client net adds, revenue, gross profit and adjusted net income.
  • Shoals Technologies (SHLS US) shares soar as much as 22% in US premarket trading, on track for its biggest rise in five months, as analysts nudged their price targets higher after the solar energy products supplier narrowed its revenue forecast for the full year. Brokers said that the firm’s rising backlog and awarded orders bode well for the future and increase visibility for next year

Markets have turned risk-on in recent days, trading off a softer-than-expected US data print that many reckon will allow the Fed to raise rates in 50 basis-point increment, after consecutive 75 basis-point hikes. That view was encouraged by dovish comments from Vice Chair Lael Brainard who said on Monday it would probably be “appropriate soon to move to a slower pace of increases.”

“The issue the market has to wrestle with is how long is the Fed going to keep rates at that level and I think there is some positive sentiment out there that the Fed is going to pivot sometime in 2023,” Peter Kraus, Chairman and CEO at Aperture Investors, told Bloomberg Television.

Sentiment also got a solid boost overnight following signs of easing tensions between the US and China (even if Xi probably does not see it that way, and instead he delivered a speech at the G20 summit in Bali, Indonesia, in which he urged against politicizing food and energy issues, and called for scrapping unilateral sanctions and restrictions on technology cooperation in this area, something which won’t happen). In any case, after the meeting between Joe Biden and Xi Jinping on Monday, Washington said the two sides would resume cooperation on issues including climate change and food security, and that Biden and Xi jointly chastised the Kremlin for loose talk of nuclear war over Ukraine.

Investors also remain focused on central banks: Swissquote analyst Ipek Ozkardeskaya said equity markets are in “a vicious circle” as “investors want to feel better, but the Fed can’t let them feel much better as a market rally would play against its inflation fight.” Last week’s rebound was a “flash in the pan, but the downside risks have certainly eased,” she said.

Meanwhile, markets are watching growing risks to earnings following corporate America’s weakest reporting season since the first quarter of 2020, and the outlook for stock markets in 2023. “The equity market will continue to rally until the end of the year with some volatility, but once you get to 2023 there will be some realization that interest rates will actually start to slow economic activity,” said Peter Kraus, chief executive officer at Aperture Investors. “In 2023, you will have more volatility and you’ll have a decline in equity markets,” Kraus said on Bloomberg TV.

The latest Bank of America’s global fund manager survey for November showed sentiment remains “uber-bearish,” with investors still crowded into the dollar and cash, while tech stocks remain unpopular. “My biggest concern is the market gets ahead of itself and we get into a situation where the Fed feels it needs to rein in, and tighten more than it otherwise would have, as markets became too frothy,” Kristina Hooper, chief global strategist at Invesco said on Bloomberg Radio.

In Europe the Stoxx 600 index swung between losses and gains, though the market is close to a three-month high and Germany’s Dax index is on the cusp of a technical bull-market, having narrowly missed that milestone on Monday. The Euro Stoxx 50 rises 0.1%. CAC 40 outperforms peers, adding 0.3%, FTSE MIB lags, dropping 0.3%. Utilities, food & beverages outperformed while retail and telecoms underperform as more sectors turn negative on the day. Here are some of the biggest European movers today:

  • Teleperformance shares rise as much as 9.4%, the third session of gains in a recovery from a recent drop suffered by the customer relationship management services firm following a report related to its content moderation business in Colombia.
  • UK utilities and energy firms advance after reports that UK’s Chancellor Jeremy Hunt is considering a new 40% windfall tax on the “excess returns” of electricity generators.
  • Drax rises 4.0%, Centrica +5.0%
  • BAE Systems shares gain as much as 4.1% after a trading update from the defense contractor that analysts said shows trading momentum remains solid.
  • Ambu falls as much as 16%, the most since May, after the Danish medical technology firm’s latest earnings and outlook disappointed, according to analysts.
  • Ocado shares plunge as much as 13% in Tuesday morning trading, paring the 30% rally in the previous two sessions after last week’s softer-than-expected US inflation data provided a boost to growth stocks.
  • Nexi shares fall as much as 11%, the most intraday since March 2020, after holder Intesa Sanpaolo sold its stake in the payment services firm.
  • Vodafone shares slump as much as 9.2% and are on track for their lowest close in 25 years after the telecom operator trimmed its outlook for Ebitda after- leases to the lower end of its previous range, citing higher energy costs.
  • Cellnex slides as much as 6.5% after a share placement of 25.6m shares at EU33.50/share.

Earlier in the session, Asian stocks rallied as China led the region higher, buoyed by more property easing measures and signs of reduced US-China tensions. The MSCI Asia Pacific Index rose as much as 1.9% to a two-month high, lifted by technology shares. Chinese stocks in the sector helped pace the benchmark’s gain as investors bet the worst may be over for some of the major players. Meanwhile, Taiwan’s TSMC surged after a filing showed Warren Buffett recently bought a stake of about $5 billion in the chipmaker. China and Hong Kong benchmarks extended their recent rebounds, with the Hang Seng Index entering a bull market, gaining as much as 4.2% as regulators moved to further ease a liquidity crunch faced by real estate developers. Sentiment was also lifted by Monday’s meeting between Joe Biden and Xi Jinping that generated hopes of warmer ties between the two superpowers. That encounter offset the weak retail sales data that underscored the impact of Covid lockdowns on China’s economy. There’s “some easing of bilateral tensions from the Xi-Biden meeting,” said Marvin Chen, a Bloomberg Intelligence analyst, who added that China’s macro data, which came in below expectations, could “boost the probability of more easing measures in the near term.” 

Japanese equities erased earlier losses, as investors weighed Fed comments for clues on where rate hikes might go and as improvement in US-China ties lifted sentiment across Asia.  The Topix Index rose 0.4% to 1,964.22 as of market close Tokyo time, while the Nikkei advanced 0.1% to 27,990.17. Sumitomo Mitsui Financial Group Inc. contributed the most to the Topix Index gain, increasing 4.2% as the company raised its key profit forecast and announced a share buyback plan. Out of 2,165 stocks in the index, 1,308 rose and 766 fell, while 91 were unchanged. “The financial results are almost all done as of yesterday and the stock market is running out of materials,” said Hideyuki Suzuki, general manager at SBI Securities. “All the important indicators from the FOMC, US CPI data, and earnings are over. The question is what the future holds from here.”

Stocks in India advanced as easing inflation boosted investors’ sentiment while the country’s corporate earnings season ended. A rally in lenders boosted the benchmark Sensex to a new high while pushing the NSE Nifty 50 Index near its record level. The S&P BSE Sensex rose 0.4% to 61,872.99 in Mumbai, while the NSE Nifty 50 Index advanced by an similar measure. Thirteen of the 19 sector sub-indexes advanced, led by oil and gas and telecom companies.    ICICI Bank contributed the most to the index gain, increasing 1.9%. Out of 30 shares in the Sensex index, 19 rose and 10 fell, while 1 was unchanged. The consumer-price index for October rose 6.77%, easing from the 7.4% rise in September, which was the highest level in nearly two years, while the pace of wholesale inflation slowed to 8.4%, its first single digit reading in 19 months.

In FX, the dollar resumed its decline, giving G-10 FX some relief. The yen trades at around the level of 139/USD, while pound rises to $1.18.  The Bloomberg Dollar Spot Index swung to a loss early in the European session as the greenback weakened against all of its Group-of-10 peers. Treasury yields fell, led by the belly of the curve. The five-year yield was down around 5bps.

  • The euro rose to a four-month high of $1.0437. Most European bond yields fell, led by the long end of the curve; Italy’s 10-year yield fell by 10bps and Germany’s by 4bps. Germany Nov. ZEW investor expectations rise to -36.7; est. -51.0
  • The pound rose against both the dollar and the euro after UK wages grew at the fastest pace in more than a year. Investors will also be watching inflation data Wednesday and the UK’s fiscal announcement Thursday
  • UK investors are facing the biggest glut of gilts in nearly a decade. Government bond sales will hit £185 billion ($217 billion) for this fiscal year to April, according to the median estimate of 10 banks surveyed by Bloomberg. The bid-to- cover on a UK 10-year gilt sale fell to its lowest level since Oct. 2019 at 2.11, according to data compiled by Bloomberg
  • The Aussie and Kiwi touched fresh two-month highs. RBA minutes showed policy makers were prepared to return to larger rate hikes if needed. Australia’s bond curve twist-flattened.
  • The yen rebounded on broad-based dollar weakness. The Japanese currency earlier dropped after data showed Japan’s economy unexpectedly shrank in the third quarter.

In rates, Treasury and bunds 10-year yields are about 1.5bps lower, gilts 10-year yield little changed. Treasury futures topped Monday’s highs in early US trading, led by bunds after ECB’s Villeroy said a slower pace of hikes is likely after next month’s meeting. Into the move 10-year yields drop below 50-DMA for the first time since August.  The US Treasuries’ advance was led by the belly, with 5-year yields richer by nearly 6bp on the day, steepening 5s30s spread by ~3bp; 10-year, lower by 4.5bp at ~3.81%, trails bunds by more than 2bp.US auctions resume Wednesday with $15b 20-year bonds, followed by $15b 10-year TIPS Thursday.

In commodities, WTI crude futures ease to below $85; as benchmarks are pressured with the overarching COVID headwind weighing on the demand side and overshadowing any potential upside from the USD & G20. Currently, WTI Dec’22 and Brent Jan’23 are lower by just over USD 1/bbl and have printed fresh November troughs of USD 84.06/bbl and USD 91.52/bbl respectively. Precious metals have lost their initial shine but spot gold remains in proximity to yesterday’s USD 1775/oz high. Ags. are in focus on the above reports, though initial pressure has eased a touch as Russia says it will make a decision at an appropriate time.

To the day ahead now, and data releases from the US include October’s PPI reading and the Empire state manufacturing survey for November, while in Europe there’s UK employment data for October and the German ZEW survey for November. Central bank speakers include the Fed’s Harker, Cook, Barr and the ECB’s Elderson. Finally, earnings releases include Walmart and Home Depot.

Market Snapshot

  • S&P 500 futures up 0.6% to 3,990.50
  • STOXX Europe 600 little changed at 432.94
  • MXAP up 1.9% to 154.34
  • MXAPJ up 2.3% to 500.95
  • Nikkei little changed at 27,990.17
  • Topix up 0.4% to 1,964.22
  • Hang Seng Index up 4.1% to 18,343.12
  • Shanghai Composite up 1.6% to 3,134.08
  • Sensex up 0.3% to 61,785.91
  • Australia S&P/ASX 200 little changed at 7,141.63
  • Kospi up 0.2% to 2,480.33
  • German 10Y yield down 2.1% to 2.13%
  • Euro up 0.6% to $1.0394
  • Brent Futures down 1.3% to $91.89/bbl
  • Gold spot up 0.2% to $1,774.81
  • U.S. Dollar Index down 0.35% to 106.29

Top Overnight News from Bloomberg

  • Signs of inflation peaking in the US are a relief for policy makers around the world who’ve been raising interest rates at a record pace to combat price pressures, ECB Governing Council member Francois Villeroy de Galhau said
  • UK Chancellor Jeremy Hunt is considering a new 40% windfall tax on the “excess returns” of electricity generators as part of his sprawling package of tax rises and spending cuts this week, according to a person familiar with the proposal
  • Oil inventories in developed nations have sunk to the lowest since 2004, leaving global markets vulnerable as sanctions on Russian exports take effect, according to the International Energy Agency
  • Global investors reduced their holdings of China government bonds in the onshore market for a ninth-month running in October amid concerns over policy uncertainty spurred by President Xi Jinping’s consolidation of power

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed following a weak lead from Wall Street with newsflow also quiet overnight. ASX 200 saw pressure from its Metals & Mining sector, whilst the RBA minutes provided little in terms of hints for the upcoming meeting and left all options open. Nikkei 225 saw some downside after Q3 Japanese GDP unexpectedly fell into contraction, but losses were trimmed as the JPY weakened. KOSPI was contained whilst Taiwan’s Taiex outperformed as TSMC was boosted by a Berkshire Hathaway stake in the name. Hang Seng and Shanghai Comp cheered the meeting between US President Biden and Chinese President Xi, which was telegraphed as candid, whilst Chinese stocks saw little action to the Retail Sales contraction and sub-forecast IP metrics.

Top Asian News

  • China reports 1,661 new confirmed COVID cases in mainland (prev. 1,794 a day earlier), via Reuters.
  • PBoC injected CNY 850bln via 1yr MLF at a maintained rate of 2.75%; PBoC injected CNY 172bln via 7-day reverse repos with the rate at 2.00% for a CNY 170bln net injection.
  • PBoC said longer-term fund injection exceeds Nov MLF maturities, according to Bloomberg.
  • Chinese Vice President Wang said China will maintain strong policy continuity, according to Bloomberg.
  • China’s Stats Bureau said will actively expand demand, stabilise employment and prices; will consolidate the foundation of economic recovery; economic recovery slows due to COVID flare-ups, via Reuters.
  • China’s stats bureau spokesman said the property market shows some positive changes but the downward trend continues; expects China’s CPI to remain benign, via Reuters.

European bourses are mixed overall, Euro Stoxx 50 +0.2%, as opening gains scale back after a mostly constructive APAC session. Stateside, US futures are firmer across the board with Tech leading after strong APAC tech trade and in wake of Fed’s Brainard, ES +0.7%. Home Depot Inc (HD) Q1 2023 (USD): EPS 4.24 (exp. 4.12), Revenue38.9bln (exp. 37.95bln); Comps sales +4.3% (exp. 3.1%); reaffirms FY22 guidance.

Top European News

  • UK PM Sunak will accept an official recommendation to increase the living wage from GBP 9.50 an hour to about GBP 10.40 an hour — a rise of nearly 10%, according to The Times.
  • UK Chancellor Hunt is considering a 40% windfall tax on “excess returns” made by electricity generators as part of his Autumn Statement, according to Bloomberg sources.
  • ECB’s Villeroy said ECB will probably continue to hike rates but may do so in a more flexible and less rapid manner; jumbo hikes will not become a new habit. We are clearly approaching the normalisation range of around 2%, via Reuters.
  • EU Parliament and member states agreed on an EU budget for 2023, according to dpa.
  • G20 draft declaration noted that central banks will continue to appropriately calibrate the pace of monetary policy tightening, via Reuters.

FX

  • DXY continues to slip after a pronounced move which occurred prior to the European cash open, currently near sub-106.00 lows to the broad benefit of peers.
  • USD/JPY has been touted by some as a key driver of the above move given its quick move from above-140.00 to sub 139.00.
  • GBP benefits from the USD weakness and perhaps firm wage metrics though this was accompanied by an unexpected unemployment uptick, ahead of Wednesday’s CPI and Thursday’s fiscal update.
  • Yuan remains in keen focus as it moves comparatively closer to the 7.00 handle, though proved resilient to soft overnight data with focus firmly on the broader USD move.
  • SEK was unfased by soft-headline but hot-core vs exp. CPIF metrics, though this has prompted SEB to raise the risk of a 100bp Riksbank hike.

Fixed Income

  • BTPs are leading the fixed income complex with upside in excess of a point to a session peak of 117.26 vs trough 116.04 on supply-side dynamics.
  • Bunds are similarly bid though to a lesser extent than periphery counterparts, having incrementally surpassed yesterday’s 139.26 peak.
  • Well-received German 7yr supply sparked limited upside while a softer UK outing caused Gilts to temporarily pullback to near-unchanged.
  • USTs move in tandem with EGBs with yields lower as such in wake of Fed’s Brainard, who backed the FOMC downshifting to a lower increment of rate hikes in December.
  • Retail orders for the November 2028 BTP Italia reach EUR 4bln, via Reuters citing Bourse data.

Commodities

  • Crude benchmarks are pressured with the overarching COVID headwind weighing on the demand side and overshadowing any potential upside from the USD & G20.
  • Currently, WTI Dec’22 and Brent Jan’23 are lower by just over USD 1/bbl and have printed fresh November troughs of USD 84.06/bbl and USD 91.52/bbl respectively.
  • IEA Monthly Oil Market Report: 2023 global oil output is to grow 740k BPD to 100.7mln BPD. Demand growth will slow to 1.6 mb/d in 2023, down from 2.1 mb/d this year, as mounting economic headwinds impede gains.
  • Russia is reportedly expected to agree to extend the Black Sea grain-export deal, via Bloomberg. Subsequently, Russia says it will announce its decision on extension of Black Sea grains deal in an appropriate time, TASS reports.
  • Precious metals have lost their initial shine but spot gold remains in proximity to yesterday’s USD 1775/oz high.
  • Ags. are in focus on the above reports, though initial pressure has eased a touch as Russia says it will make a decision at an appropriate time.

G20

  • Australian PM says there were positive discussions on trade embargoes levelled on Australia by China. Adds, the meeting with Chinese President Xi was another important step towards stabilising the relationship, will cooperate where possible with China. Many steps yet to take.
  • Chinese President Xi says Sino-Australian relations have encountered difficulties in recent years and this is not what we wanted to see, according to State Media
  • Russian Foreign Minister Lavrov says he has proposed to the G20 the removal of discriminatory barriers on energy markets; UN will deal with the removal of barriers for Russian grain and fertilizers; the G20 draft declaration has reference to an exchange of views re. Ukraine, West added phrase that many delegations condemned Russia. Russia highlighted alterative points of view.

Geopolitics

  • Chinese President Xi said China advocates a ceasefire in the Ukraine crisis and calls for peace talks, via state media.
  • Chinese President Xi told US President Biden that China will make all efforts for peaceful “reunification” with Taiwan, according to the Chinese Foreign Minister. China upholds the “one country, two systems” proposal for Taiwan, according to Reuters
  • Chinese President Xi told French President Macron that China and Europe should expand two-way trade and investments, via state media.

US Event Calendar

  • 08:30: Oct. PPI Final Demand YoY, est. 8.3%, prior 8.5%
    • Oct. PPI Final Demand MoM, est. 0.4%, prior 0.4%
    • Oct. PPI Ex Food and Energy YoY, est. 7.2%, prior 7.2%
    • Oct. PPI Ex Food and Energy MoM, est. 0.3%, prior 0.3%
    • Oct. PPI Ex Food, Energy, Trade YoY, est. 5.6%, prior 5.6%
    • Oct. PPI Ex Food, Energy, Trade MoM, est. 0.3%, prior 0.4%
  • 08:30: Nov. Empire Manufacturing, est. -6.0, prior -9.1

Central Banks

  • 09:00: Fed’s Harker Discusses the Economic Outlook
  • 09:00: Fed’s Cook Discusses Post-Covid Challenges Facing Women
  • 10:00: Fed Vice Chair for Supervision Barr Speaks Before Senate Panel

DB’s Jim Reid concludes the overnight wrap

I appreciate the EMR is often a medical bulletin as well as a market report and today’s there’s a new entry on the former. It looks like I’m going to have a back operation in the next few weeks. My sciatic nerve has no room to move and while I’m not in pain at the moment (unlike earlier this year) due to two injections in recent months, I have constant tingling and pins and needles down my leg. All conservative approaches have hit the end of the road and the worry is that if I leave it too long I’ll do permanent damage to the nerve. If anyone wants to make a late intervention to help sway me one way or the other in terms of back surgery feel free to do so. I think my mind is made up though as I don’t see an alternative. All a bit scary but all with the aim of getting me 30 more years (minimum) on the golf course and the chance to reach my goal of getting to scratch before the ageing process prevents that!!

The injection of optimism inserted into the limbs of the financial market after last week’s US CPI report showed some signs of fading yesterday although there’s been a recovery in Asia as China continues to support the economy and the interpretation of Biden/Xi meeting yesterday is spun a bit more positively in Asia.

Yields have risen across the Treasury curve to start the week as investors moved to dial back some of their more dovish post-CPI expectations for next year. In part, that was prompted by some pretty hawkish comments from Fed Governor Waller on Sunday night that we mentioned in yesterday’s edition. But that trade was then given further momentum by the New York Fed’s latest Survey of Consumer Expectations, which showed inflation expectations moving higher across all horizons, and echoes the uptick we saw in the University of Michigan’s reading last Friday as well. Consistent with that, our US economist’s composite measure of inflation expectations has increased. They’ve published their latest series in a full update, available here.

Diving into those inflation expectations from yesterday, the New York Fed’s latest survey showed the 1yr expectation moving up half a point to 5.9%, 3yr expectations rising two-tenths to 3.1%, and 5yr expectations up two-tenths as well to 2.4%. To be fair, all those measures are still below their levels as recently as Q2, but the upticks over the last couple of months will raise some fears that the longer inflation remains elevated, the more difficult it’ll be to keep expectations anchored around target levels. For now you would have to say that long-run expectations have held in remarkably well in the face of 40-yr highs in actual inflation. October’s US PPI will be an important release today, especially the health care component that feeds directly into core PCE – the Fed’s preferred gauge.

A notable push back on the slightly more hawkish momentum to start the week were comments as Europe closed from Fed Vice Chair Brainard, who struck a far less hawkish tone than Governor Waller had the previous day. For instance, Brainard said that it would “probably be appropriate soon to move to a slower pace of increases”, which gave further support to the idea the Fed will slow down its hikes to a 50bp pace next month (fully priced now though). That wasn’t too out of line with the rest of Fed speakers since the November meeting, but where the Vice Chair did separate herself was by noting the step down in pace need not be explicitly tied to a higher terminal rate, something Chair Powell argued during his Press Conference, and she did not explicitly rule out interest rate cuts next year, which would be more of a ‘pivot’ rather than the recently communicated ‘pause’ for the Fed. That gave risk assets a bit of support, but it appears she is out of consensus from the rest of the Committee, so the gains were not sustained.

With all said and done, investors ended the day expecting a slightly more aggressive Fed, with the rate priced in by Fed funds futures for end-2023 up +6.2bps to 4.46%. As a result, US Treasury yields rose across the board as trading resumed after Friday’s Veterans’ Day holiday. The 10yr yield was up +4.1bps to 3.85% (3.87% in Asia), and the more policy-sensitive 2yr yield saw an even larger move of +5.7bps to 4.39%. Those moves were driven by real yields, with the 10yr real yield up +8.4bps on the day to 1.49%. As you’ll see from my CoTD yesterday, 10yr US real yields had their second largest fall since the GFC on Thursday (link here). Only the intitial covid related fall in March 2020 beats it.

Against that backdrop, US equities struggled for momentum too, with the S&P 500 (-0.89%) losing ground after its massive +6.52% surge over the previous two sessions. The more cyclical sectors led the declines, and the NASDAQ (-1.12%) lost even more ground on the day. However in Europe there was a much more positive story, with the STOXX 600 up +0.14% to its highest level in over two months, alongside gains for the FTSE 100 (+0.92%), the CAC 40 (+0.22%) and the DAX (+0.62%). This European strength was evident in sovereign bond markets too, where yields on 10yr bunds (-1.5bps), OATs (-1.2bps) and BTPs (-3.0bps) all ended the day lower.

Asian equity markets are mostly trading higher this morning with the Hang Seng (+3.62%) sharply higher lifted by the outperformance of the Hang Seng Tech index (+6.81%) as Chinese listed tech stocks rose significantly. Stocks in mainland China are also up with the CSI (+1.47%) and the Shanghai Composite (+1.27%) extending their previous session gains despite a slew of disappointing economic data. As discussed at the top, the Asian interpretation is that we saw a slight easing of China-US tensions following the Biden-Xi meeting on the sidelines of the G20 summit in Indonesia (more below). Elsewhere, the Nikkei (+0.10%) is modestly higher with the KOSPI (-0.11%) bucking the trend in early trade.

In overnight trading, US stock futures are pointing to a positive start with contracts on the S&P 500 (+0.52%) and the NASDAQ 100 (+0.74%) both rising.

Coming back to China, early morning data revealed that industrial production rose +5.0% y/y in October, lower than the market expected rise of +5.3% and much slower than September’s +6.3% increase indicating a further loss of momentum in the world’s second biggest economy. At the same time, retail sales unexpectedly contracted -0.5% y/y (v/s +0.7% expected), down from +2.5% growth in September as strict Covid restrictions along with a downturn in property markets pushed consumers to tighten their belts. Markets are largely ignoring this data as covid and property restrictions have subsequently been eased so the direction of travel should get more positive from here.

Elsewhere, Japan’s economy unexpectedly shrank for the first time in four quarters as Q3 GDP fell -0.3% q/q (v/s +0.3% expected) compared to an upwardly revised growth of +1.1% in the prior quarter as inflation and the weak yen hit the country.

In the geopolitical sphere, let’s now recap US President Biden and Chinese President Xi’s first meeting in person as the leaders of their respective countries yesterday. That took place on the sidelines of the G20 summit in Indonesia, and the White House said afterwards that US Secretary of State Blinken would visit China to follow up on the discussions, which was taken by many as a positive sign towards de-escalating tensions. However, there were some points of tension, with the White House statement saying that Biden had “raised U.S. objections to the PRC’s coercive and increasingly aggressive actions towards Taiwan, and China’s statement said that “anyone that seeks to split Taiwan from China will be violating the fundamental interests of the Chinese nation”. So something for the hawks and doves but the conclusion might be that the summit beat low expectations coming into it.

Staying on politics, it’s now been a week since the midterm elections and we still don’t know which party will control the House of Representatives following the weekend confirmation that the Democrats took the Senate. It’s looking increasingly likely it will go to the Republicans, who currently have a lead in the vote count across enough of the outstanding districts to win a majority, and NBC’s forecast points to a narrow 220-215 Republican majority based on what we currently have as well. As we go to press, the current tally stands at 217 Republicans and 204 Democrats with Republicans just 1 win away from taking the House.

Tonight however, attention will turn towards the 2024 presidential contest, since former President Trump has said he’ll be making an announcement at 9pm EST, and speculation has centred around a potential 2024 announcement. Normally, the presidential announcements from the top-tier contenders happen around Q1 or Q2 of the year after the midterms. But if today does mark an announcement, the rationale for going early will be to clear the field of other potential contenders, with Trump hoping that the Republican primary is effectively uncontested like normally happens for sitting presidents. As it stands, Trump’s biggest rival for the nomination is widely considered to be Florida Governor Ron DeSantis, who was re-elected Governor last week with lead of almost 20 points over his Democratic opponent. He was seen to be the Republican’s big success story of the night.

The crypto saga continues, but there was some stabilisation in Bitcoin prices, which retreated just -0.57% after bouncing around all day. There’s certainly still more to come on the story as it becomes clear who was exposed to failed exchanges and funds, but Marion Laboure on my team has already contextualised the episode and looks ahead about what it implies in her piece out yesterday. Link here

To the day ahead now, and data releases from the US include October’s PPI reading and the Empire state manufacturing survey for November, while in Europe there’s UK employment data for October and the German ZEW survey for November. Central bank speakers include the Fed’s Harker, Cook, Barr and the ECB’s Elderson. Finally, earnings releases include Walmart and Home Depot.

end

AND NOW NEWSQUAWK (EUROPE/REPORT)

BTPs bolstered, USD slips and US equity futures firmer; Fed speak ahead – Newsquawk US Market Open

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TUESDAY, NOV 15, 2022 – 06:45 AM

  • European bourses are mixed overall, Euro Stoxx 50 +0.2%, as opening gains scale back after a mostly constructive APAC session.
  • Stateside, US futures are firmer across the board with Tech leading after strong APAC tech trade and in wake of Fed’s Brainard, ES +0.7%.
  • DXY continues to slip after a pronounced move which occurred prior to the European cash open, currently near sub-106.00 lows to the broad benefit of peers.
  • BTPs are leading the fixed income complex with upside in excess of a point, Bunds are similarly bid though to a lesser extent
  • USTs move in tandem with EGBs with yields lower as such in wake of Fed’s Brainard, who backed the FOMC downshifting to a lower increment of rate hikes in December.
  • Crude benchmarks are pressured with the overarching COVID headwind weighing on the demand side and overshadowing any potential upside from the USD & G20.
  • Looking ahead, highlights include US PPI, Speeches from Fed’s Harker, Cook, Barr, ECB’s Villeroy, Elderson.
  • Click here for the Week Ahead preview

View the full premarket movers and news report.

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

EUROPEAN TRADE

EQUITIES

  • European bourses are mixed overall, Euro Stoxx 50 +0.2%, as opening gains scale back after a mostly constructive APAC session.
  • Stateside, US futures are firmer across the board with Tech leading after strong APAC tech trade and in wake of Fed’s Brainard, ES +0.7%.
  • Home Depot Inc (HD) Q1 2023 (USD): EPS 4.24 (exp. 4.12), Revenue38.9bln (exp. 37.95bln); Comps sales +4.3% (exp. 3.1%); reaffirms FY22 guidance.
  • Click here for more detail.

FX

  • DXY continues to slip after a pronounced move which occurred prior to the European cash open, currently near sub-106.00 lows to the broad benefit of peers.
  • USD/JPY has been touted by some as a key driver of the above move given its quick move from above-140.00 to sub 139.00.
  • GBP benefits from the USD weakness and perhaps firm wage metrics though this was accompanied by an unexpected unemployment uptick, ahead of Wednesday’s CPI and Thursday’s fiscal update.
  • Yuan remains in keen focus as it moves comparatively closer to the 7.00 handle, though proved resilient to soft overnight data with focus firmly on the broader USD move.
  • SEK was unfased by soft-headline but hot-core vs exp. CPIF metrics, though this has prompted SEB to raise the risk of a 100bp Riksbank hike.
  • Click here for more detail.

Notable FX Expiries, NY Cut:

  • Click here for more detail.

FIXED INCOME

  • BTPs are leading the fixed income complex with upside in excess of a point to a session peak of 117.26 vs trough 116.04 on supply-side dynamics.
  • Bunds are similarly bid though to a lesser extent than periphery counterparts, having incrementally surpassed yesterday’s 139.26 peak.
  • Well-received German 7yr supply sparked limited upside while a softer UK outing caused Gilts to temporarily pullback to near-unchanged.
  • USTs move in tandem with EGBs with yields lower as such in wake of Fed’s Brainard, who backed the FOMC downshifting to a lower increment of rate hikes in December.
  • Retail orders for the November 2028 BTP Italia reach EUR 4bln, via Reuters citing Bourse data.
  • Click here for more detail.

COMMODITIES

  • Crude benchmarks are pressured with the overarching COVID headwind weighing on the demand side and overshadowing any potential upside from the USD & G20.
  • Currently, WTI Dec’22 and Brent Jan’23 are lower by just over USD 1/bbl and have printed fresh November troughs of USD 84.06/bbl and USD 91.52/bbl respectively.
  • IEA Monthly Oil Market Report: 2023 global oil output is to grow 740k BPD to 100.7mln BPD. Demand growth will slow to 1.6 mb/d in 2023, down from 2.1 mb/d this year, as mounting economic headwinds impede gains.
  • Russia is reportedly expected to agree to extend the Black Sea grain-export deal, via Bloomberg. Subsequently, Russia says it will announce its decision on extension of Black Sea grains deal in an appropriate time, TASS reports.
  • Precious metals have lost their initial shine but spot gold remains in proximity to yesterday’s USD 1775/oz high.
  • Ags. are in focus on the above reports, though initial pressure has eased a touch as Russia says it will make a decision at an appropriate time.
  • Click here for more detail.

CRYPTO

  • BlockFi denied rumours that all or a majority of its assets are custodied at FTX. Most activity at the crypto lender remains halted and withdrawals are still on pause, according to CoinDesk.

NOTABLE EUROPEAN HEADLINES

  • UK PM Sunak will accept an official recommendation to increase the living wage from GBP 9.50 an hour to about GBP 10.40 an hour — a rise of nearly 10%, according to The Times.
  • UK Chancellor Hunt is considering a 40% windfall tax on “excess returns” made by electricity generators as part of his Autumn Statement, according to Bloomberg sources.
  • ECB’s Villeroy said ECB will probably continue to hike rates but may do so in a more flexible and less rapid manner; jumbo hikes will not become a new habit. We are clearly approaching the normalisation range of around 2%, via Reuters.
  • EU Parliament and member states agreed on an EU budget for 2023, according to dpa.
  • G20 draft declaration noted that central banks will continue to appropriately calibrate the pace of monetary policy tightening, via Reuters.

NOTABLE EUROPEAN DATA

  • UK ILO Unemployment Rate (Sep) 3.6% vs. Exp. 3.5% (Prev. 3.5%); Employment Change (Sep): -52k vs Exp. -25k (prev. -109k)
  • UK Average Earnings (Ex-Bonus) (Sep) 5.7% vs. Exp. 5.5% (Prev. 5.4%); Average Week Earnings 3M YY (Sep) 6.0% vs. Exp. 5.9% (Prev. 6.0%)
  • German ZEW Economic Sentiment (Nov) -36.7 vs. Exp. -50.0 (Prev. -59.2); Current Conditions (Nov) -64.5 vs. Exp. -68.4 (Prev. -72.2)

NOTABLE US HEADLINE

  • Fed’s Barr (voter) said inflation is far too high, the Fed is heightening its focus on liquidity, credit, and interest rate risks. Barr said the US economic outlook has weakened amid tighter financial conditions and added that the Fed is reviewing the stance of banking mergers to see if any adjustments to the Fed approach are appropriate.
  • Click here for the US Early Morning note.

G20

  • Australian PM says there were positive discussions on trade embargoes levelled on Australia by China. Adds, the meeting with Chinese President Xi was another important step towards stabilising the relationship, will cooperate where possible with China. Many steps yet to take.
  • Chinese President Xi says Sino-Australian relations have encountered difficulties in recent years and this is not what we wanted to see, according to State Media
  • Russian Foreign Minister Lavrov says he has proposed to the G20 the removal of discriminatory barriers on energy markets; UN will deal with the removal of barriers for Russian grain and fertilizers; the G20 draft declaration has reference to an exchange of views re. Ukraine, West added phrase that many delegations condemned Russia. Russia highlighted alterative points of view.

GEOPOLITICS

RUSSIA-UKRAINE

  • Chinese President Xi said China advocates a ceasefire in the Ukraine crisis and calls for peace talks, via state media.

OTHER

  • Chinese President Xi told US President Biden that China will make all efforts for peaceful “reunification” with Taiwan, according to the Chinese Foreign Minister. China upholds the “one country, two systems” proposal for Taiwan, according to Reuters
  • Chinese President Xi told French President Macron that China and Europe should expand two-way trade and investments, via state media.

APAC TRADE

EQUITIES

  • APAC stocks traded mixed following a weak lead from Wall Street with newsflow also quiet overnight.
  • ASX 200 saw pressure from its Metals & Mining sector, whilst the RBA minutes provided little in terms of hints for the upcoming meeting and left all options open.
  • Nikkei 225 saw some downside after Q3 Japanese GDP unexpectedly fell into contraction, but losses were trimmed as the JPY weakened.
  • KOSPI was contained whilst Taiwan’s Taiex outperformed as TSMC was boosted by a Berkshire Hathaway stake in the name.
  • Hang Seng and Shanghai Comp cheered the meeting between US President Biden and Chinese President Xi, which was telegraphed as candid, whilst Chinese stocks saw little action to the Retail Sales contraction and sub-forecast IP metrics.

NOTABLE ASIA-PAC HEADLINES

  • China reports 1,661 new confirmed COVID cases in mainland (prev. 1,794 a day earlier), via Reuters.
  • PBoC injected CNY 850bln via 1yr MLF at a maintained rate of 2.75%; PBoC injected CNY 172bln via 7-day reverse repos with the rate at 2.00% for a CNY 170bln net injection.
  • PBoC said longer-term fund injection exceeds Nov MLF maturities, according to Bloomberg.
  • Chinese Vice President Wang said China will maintain strong policy continuity, according to Bloomberg.
  • China’s Stats Bureau said will actively expand demand, stabilise employment and prices; will consolidate the foundation of economic recovery; economic recovery slows due to COVID flare-ups, via Reuters.
  • China’s stats bureau spokesman said the property market shows some positive changes but the downward trend continues; expects China’s CPI to remain benign, via Reuters.
  • RBA Minutes said the board expects to increase interest rates further over the period ahead. Members did not rule out returning to larger increases if the situation warranted. Conversely, the Board is prepared to keep rates unchanged for a period while it assesses the state of the economy and the inflation outlook. The minutes suggested interest rates are not on a pre-set path. Expects to increase interest rates further over the period ahead, and the size and timing of future interest rate increases will continue to be determined by the incoming data. The board also conducted a forward guidance review in which forward guidance will generally be flexible and conditionality will likely focus on the Board’s policy objectives – namely, inflation and unemployment – rather than the drivers of these variables (e.g. wages). Forward guidance on interest rates will not always be provided, the Board does not intend to publish its own forecasts of the expected policy path. When policy rates are at, or near, the effective lower bound, a stronger form of forward guidance will be considered, via the RBA.
  • JP Morgan lowers its 2023 FY Chinese growth forecast to 4% from 4.5%.

APAC DATA

  • Chinese Retail Sales YY (Oct) -0.5% vs. Exp. 1.0% (Prev. 2.5%); Industrial Output YY (Oct) 5.0% vs. Exp. 5.2% (Prev. 6.3%)
  • Chinese Urban Investment (YTD)YY (Oct) 5.8% vs. Exp. 5.9% (Prev. 5.9%)
  • Japanese GDP QQ (Q3) -0.3% vs. Exp. 0.3% (Prev. 0.9%, Rev. 1.1%); Annualised (Q3) -1.2% vs. Exp. 1.1% (Prev. 3.5%, Rev. 4.6%)
  • Japanese GDP QQ External Demand (Q3) -0.7% vs. Exp. -0.2% (Prev. 0.1%, Rev. 0.2%)
  • Japanese GDP QQ Private Consumption Prelim. (Q3) 0.3% vs. Exp. 0.2% (Prev. 1.2%)
  • Japanese GDP QQ Capital Expenditure (Q3) 1.5% vs. Exp. 2.1% (Prev. 2.0%, Rev. 2.4%)

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED UP 50.68 PTS OR 1.64%   //Hang Seng CLOSED UP 723.41 OR  4.11%    /The Nikkei closed UP 26.70 OR 0.10%          //Australia’s all ordinaires CLOSED DOWN  0.07%   /Chinese yuan (ONSHORE) closed UP TO 7.0460 //OFFSHORE CHINESE YUAN UP 7.0457//    /Oil DOWN TO 85.24 dollars per barrel for WTI and BRENT AT 92.68    / Stocks in Europe OPENED ALL MIXED.        ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

end

2B JAPAN

JAPAN

END

3c CHINA

CHINA/ECONOMY

Ugly Chinese Data Dump Misses Across The Board, Pushing Futures Higher On Stimmy Hopes

MONDAY, NOV 14, 2022 – 09:31 PM

Instead of delaying the largely meaningless GDP print, maybe Xi should have instructed his henchmen to push back on the latest retail sales/industrial production data dump which was once again confirmed that China’s economy is a walking, tocking timebomb.

In short, everything missed:

  • October Retail sales -0.5% Y/Y, missing exp. +0.7%
  • October Industrial Output +5.0% Y/Y, missing exp. +5.3%
  • Jan-Oct Fixed Investment 5.8%, missing exp. 5.9%
  • Jan-Oct. residential property sales -28.2% y/y vs -28.6% in Jan.-Sept.
  • Oct jobless rate 5.5% vs 5.5% in Sept.

And visually:

Some more details: retail sales missed by 1.1 standard deviations, and industrial production by 0.6 standard deviations; fixed asset investment which reflects government efforts to stimulate the economy was the closest to consensus. Property investment missed by 0.9 standard deviations, and remains in deep contraction for the year. Unemployment met consensus for 5.5%.

While stocks initially slid on the news, futures traded up to session highs as the across the board miss – similar to last week’s US CPI – was seen as encouraging for equities and negative for yuan on the expectation that these numbers could spark further easing. Also, recall that the latest Chinese CPI and PPI data showed that China is now in outright deflation, meaning the bar for further easing is getting lower by the day, especially since the post congress environment seems focused on economic revival.

To be sure, as Bloomberg notes, policy, especially monetary, still has a lot to do — note that the total social financing data last week registered a 2.5 standard deviation miss versus consensus, the biggest shortfall since April.

One final quick note: Beijing was quick to blame the dismal economic data on the latest round of covid outbreaks and resulting lockdowns, which is precisely why Xi continues to use Covid Zero as a “justification” for every economic miss, and why as long as China’s economy continues to stagnate – mostly due to the ongoing collapse in housing and property markets – the covid zero scapegoat will remain to divert attention from the real source of economic devastation – the bursting of the housing bubble.

And yet, with China’s massive population becoming increasingly angry at the relentless lockdowns, the latest property “rescue package” which just passed this weekend, was right in time to allow China to miraculously exit its “national covid nightmare” some time in Q1 2023.

end

CHINA/COVID

end

4.EUROPEAN AFFAIRS//UK AFFAIRS

UK

Unbelievable: one of England’s largest solar farms goes bankrupt just after borrowing L 655 million

(zerohedge)

One Of England’s Largest Solar Farms Goes Bust After Borrowing £655 Million

TUESDAY, NOV 15, 2022 – 06:00 AM

Believe it or not, another solar energy company has gone bust. This time, it was one of the largest in England. 

Toucan Energy Holdings 1 Ltd., based in Essex, Southern England, has gone into administration after racking up a whopping half a billion pounds in debt, according to a new Bloomberg report. 

The company owns 53 solar farms across the country and had borrowed £655 million from Thurrock Council over the course of four years to try and finance its expansion, the report notes.

The investments are now being called “a scandal of huge proportions” by the council’s opposition. Thurrock Council has since appointed administrators to try and sell off the farms and return some cash to the council. The liquidation is supposed to “maximize recovery” for taxpayers, the current leader of the council said. 

Administrators at Interpath Advisory have been appointed to the company to help it manage, and liquidate, its portfolio. 

“As Leader of the Council the political buck stops with me and as such it would only be right, and expected, that I resign as Leader of the Council,” the outgoing former leader of the council said in September upon his resignation. 

Ultimately, his investments could wind up causing taxpayers £200m, according to follow up reporting by The Guardian. There was also the issue of a “£138m payment that reportedly never reached the scheme’s management company” that is being investigated. 

The council’s current leader stated: “This is a positive move forward in enabling Thurrock council to resolve its financial position and maximise recovery for Thurrock residents. The solar farms held by Toucan continue to generate income and as the primary creditor Thurrock council will be able to seek to recover the value of investment.”

He continued: “I am confident that the decision to place Toucan into administration is a significant step to reducing our overall debt.”

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

POLAND/RUSSIA

We must wait for two things:

1/ the story is real

2. the rockets fired were Russian

until then, sit tight.

(zerohedge)

Futures Tumble After Report “Stray” Rockets Hit Polish Town Near Ukraine, Killing Two

TUESDAY, NOV 15, 2022 – 01:37 PM

Are we about to test Art Cashin’s thesis that you should never bet on the end of the world (i.e. sell stocks as the ICBMs start flying). As a reminder:

Art Cashin, the dean of the NYSE floor, told a story on Tuesday at Barry Ritholtz’s Big Picture conference in midtown that illustrated this point perfectly. It was in the days before the Cuban missile crisis. Mr. Cashin was a young trader. One day a rumor mushroomed that the Russians had launched their missiles. World War III was starting. Mr. Cashin ran across the street to find the best trader he knew – who was in a bar having a drink. Mr. Cashin ran in breathlessly, hardly able to talk.

“Stop,” the trader said. “Have a drink. Explain everything.” After hearing all the information, the trader had one order: “Buy. Don’t sell. Buy.”

“Why?” Mr. Cashin wondered.

“Because if you’re wrong, the trade’ll never clear. We’ll all be dead.”

Well, moments ago futures ignored the venerable market strategist’s words and tumbled after a report from Polish Radio ZET according to which two stray rockets fell in the town of Przewodów on the border of NATO-member Poland with Ukraine (while unreported, the prevailing assumption is that the rockets are Russian).

The Associated Press is also confirming, citing a senior US intelligence official who says two people were killed by the missiles. And Polish sources are reporting – albeit emphasizing the report is still unofficial – that Polish military planes have been scrambled out of the airport near Tomaszów Lubelski. “The Polish Air Force took fighter jets into the air from the Tomaszow-Lubelski airfield in the Lublin Voivodeship,” the local reports say.

The rockets reportedly hit the grain dryers, leading to two casualties. The police, the prosecutor’s office and the army are on site.

And as Bloomberg also confirms, Polish Prime Minister Morawiecki has convened an urgent meeting of the Committee of the Council of Ministers for National Security. Hungarian PM Viktor Orban has also reportedly convened a national defense council meeting.

The news has sent futures tumbling.

And further on the news: 

US DEFENSE STOCKS JUMP TO SESSION HIGHS; NORTHROP UP 5%

It will be amusing when reputable news sources deny the whole thing but for now, stocks are dumping and are red on the day after soaring more than 2% earlier.

Hours earlier in the day Ukrainian authorities were reporting a series of fresh missile attack on the capital, and rare airstrikes in Western regions as well, including the city of Lviv. 

This resulted in new emergency power outages across various cities effected. 

Meanwhile, NATO’s collective defense article is trending on Twitter, which is never a good sign…

developing

END

Russia Rejects Allegations Of Missile Attack On Poland, Slamming “Deliberate Provocation”

TUESDAY, NOV 15, 2022 – 02:00 PM

Update(1500ET): Russia has issued its first statements in the wake of conflicting reporting concerning the suspected missile attack on Polish territory, just across the border with Ukraine. Russia is calling the reports a “deliberate provocation” and is denying that its forces have aimed any missiles near the Ukraine-Poland border, per Interfax news. 

The Russian Defense Ministry issued a statement saying it has not taken part in “strikes against targets near the Ukrainian-Polish border” using “Russian weapons” – as is being alleged by Polish sources. The Russian statement further said it’s Warsaw’s attempt to escalate the situation. The Pentagon has meanwhile said it can’t corroborate the reports at this early stage but is gathering more information. A Pentagon spokesman vowed the US stands ready to “defend every inch of NATO territory.”

According to Polish radio broadcaster Radio Zet, local reports have said what hit Przewowo is most likely the remains of a rocket shot down by Ukraine’s armed forces. But there are conflicting and many unconfirmed claims still circulating. The US State Dept. said, “We are working with the Polish government to collect information and assess what happened.” It also called the reports “incredibly concerning.” 

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Below is the full Russian statement in response: 

Russia’s defence ministry has denied reports that Russian missiles hit Polish territory, describing them as “a deliberate provocation aimed at escalating the situation”.

“No strikes on targets near the Ukrainian-Polish state border were made by Russian means of destruction,” it said in a statement.

Wreckage reportedly found at the scene “has nothing to do with Russian weapons”, it added.

Meanwhile “Article 5” is trending on Twitter.

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* * *

Are we about to test Art Cashin’s thesis that you should never bet on the end of the world (i.e. sell stocks as the ICBMs start flying). As a reminder:

Art Cashin, the dean of the NYSE floor, told a story on Tuesday at Barry Ritholtz’s Big Picture conference in midtown that illustrated this point perfectly. It was in the days before the Cuban missile crisis. Mr. Cashin was a young trader. One day a rumor mushroomed that the Russians had launched their missiles. World War III was starting. Mr. Cashin ran across the street to find the best trader he knew – who was in a bar having a drink. Mr. Cashin ran in breathlessly, hardly able to talk.

“Stop,” the trader said. “Have a drink. Explain everything.” After hearing all the information, the trader had one order: “Buy. Don’t sell. Buy.”

“Why?” Mr. Cashin wondered.

“Because if you’re wrong, the trade’ll never clear. We’ll all be dead.”

Well, moments ago futures ignored the venerable market strategist’s words and tumbled after a report from Polish Radio ZET according to which two stray rockets fell in the town of Przewodów on the border of NATO-member Poland with Ukraine (while unreported, the prevailing assumption is that the rockets are Russian).

The Associated Press is also confirming, citing a senior US intelligence official who says two people were killed by the missiles. However, the Pentagon followed by saying it cannot corroborate the reports at this time. Stocks quickly reversed higher on the headline.

And Polish sources are reporting – albeit emphasizing the report is still unofficial – that Polish military planes have been scrambled out of the airport near Tomaszów Lubelski. “The Polish Air Force took fighter jets into the air from the Tomaszow-Lubelski airfield in the Lublin Voivodeship,” the local reports say.

The rockets reportedly hit the grain dryers, leading to two casualties. The police, the prosecutor’s office and the army are on site.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=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&frame=false&hideCard=false&hideThread=false&id=1592580235274629120&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Ffutures-tumble-after-report-stray-rockets-hit-polish-town-near-ukraine-killing-two&partner=tweetdeck&sessionId=5b2dc0bc6d79003b97b56c93be79bc197f638006&siteScreenName=zerohedge&theme=light&widgetsVersion=a3525f077c700%3A1667415560940&width=550px

And as Bloomberg also confirms, Polish Prime Minister Morawiecki has convened an urgent meeting of the Committee of the Council of Ministers for National Security. Hungarian PM Viktor Orban has also reportedly convened a national defense council meeting.

Estonia has meanwhile issued a statement saying it is “ready to defend every inch of NATO territory, We’re in full solidarity with our close ally Poland,” according to its ministry of foreign affairs.

The news has sent futures tumbling.

And further on the news: 

US DEFENSE STOCKS JUMP TO SESSION HIGHS; NORTHROP UP 5%

It will be amusing when reputable news sources deny the whole thing but for now, stocks are dumping and are red on the day after soaring more than 2% earlier.

Hours earlier in the day Ukrainian authorities were reporting a series of fresh missile attack on the capital, and rare airstrikes in Western regions as well, including the city of Lviv. 

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-3&features=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&frame=false&hideCard=false&hideThread=false&id=1592512093684912133&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Ffutures-tumble-after-report-stray-rockets-hit-polish-town-near-ukraine-killing-two&sessionId=5b2dc0bc6d79003b97b56c93be79bc197f638006&siteScreenName=zerohedge&theme=light&widgetsVersion=a3525f077c700%3A1667415560940&width=550px

This resulted in new emergency power outages across various cities effected. 

Meanwhile, NATO’s collective defense article is trending on Twitter, which is never a good sign…

developing

UKRAINE//RUSSIA/USA

a good read..

(courtesy Robert H)

US has opened several back channels to talk to Russia

Robert Hryniak5:43 PM (5 hours ago)
to

Today is a bad day for Ramzan Akhmatovich Kadyrov–he was removed from the State Department’s sanctions list. He can no longer publicly claim the privilege of being sanctioned. It happened for a reason. This will be more apparent in coming days. 

Reports have circulated in Russian media about secret US-Russian talks hosted by Turkey. The Kommersant daily reported, citing anonymous sources, that the un-announced meeting is allegedly being held on Monday in the Turkish capital Ankara. The outlet reports that Moscow has sent Sergey Naryshkin, director of Russia’s Foreign Intelligence Service, or SVR, to the talks. Kremlin spokesperson Dmitry Peskov later confirmed to Russian media that bilateral talks had taken place in Ankara, adding that they were held at the US’ initiative. Apparently Burns from the CIA is the American counter-party. Earlier this month, Western media reported that top Russian and US officials were engaging in undeclared contacts. According to the Wall Street Journal, US national-security adviser Jake Sullivan has been engaged with Yury Ushakov, a senior foreign policy aide to President Vladimir Putin, and with Nikolay Patrushev, Sullivan’s counterpart in the Russian government.

I have been telling you the back channels are now getting very active, because the US can continue with optics only for so long. The US needs a “deal”, because after the hysteria with Kherson settles, anyone who ever studied even WW II history can see what happened, as the only advance the Ukrainians made was when the Russians left. America needs a off ramp sooner than later. Especially as the scandal of the Ukraine being the “ washing machine” for USD being washed back into US elections and other related payoffs. This FTX fiasco is far wider than what people know. 

What is truly sad is that economies have been sacrificed for an unclean agenda that has nothing to do with the Ukraine itself. Frankly in this parade no one cares including the Zelensky show. In Europe, Ukrainian flags are no longer in vogue as ordinary people figure out  the cost and the reality that many Ukrainians who left were not really true refugees as ordinary people are always the last to leave as they have so little. Refugees leave with nothing and not in German cars. And when you see German companies like BASF choose China over Germany to survive; it is dark day of confidence in Europe and a statement about where they see America headed. Meanwhile we can only guess what happens to all those employees of BASF who will be left to ponder where to work. 

END

UKRAINE/RUSSIA/ISRAEL

We have an expression in Yiddish to describe what is below:  CHUTZPAH!

(ZEROHEDGE)

Ukraine Backs UN Vote To Send Israel To International Court While Begging For Arms

MONDAY, NOV 14, 2022 – 06:05 PM

Despite Ukraine for months essentially begging the Israeli government to supply it with lethal weapons amid the Russian invasion, Ukraine voted at the UN to send Israel to the Hague-based International Court of Justice (ICJ).

The UN resolution was voted on in the General Assembly on Friday, and it urged an international investigation into Israel’s occupation of Palestinian lands, as well as “annexation” activities and alleged human rights abuses against Palestinians. Ukraine’s representative registered a “yes” vote, and the resolution will now proceed to the next stage (a Generally Assembly plenary, likely next month), given it passed with 98 countries in favor, 17 countries opposed and 52 abstentions.

Israel was livid following the vote, and summoned the Ukrainian ambassador to issue a formal rebuke and reprimand.

“Ukraine’s support of the UN resolution ‘Israeli Practices’, denying Jewish ties to Temple Mount and calling for ICJ advisory opinion is extremely disappointing,” Israeli envoy Michael Brodsky stated. “Supporting anti-Israeli initiatives in the UN doesn’t help to build trust”.

The United States of course voted against the draft resolution, while interestingly both Russia and Ukraine voted in favor. 

The UN vote is deeply awkward and somewhat embarrassing timing for Ukraine given President Zelensky has recently lashed out publicly against Israel for refusing to send its Iron Dome anti-air defense system.

In October, Zelensky said in a virtual speech to a conference organized by the Israeli newspaper Haaretz, “Isn’t it time for your state to choose who you are with as well?” In addressing Israeli decision-makers, he then charged that in refusing to send arms Israel is turning “a blind eye to Russian terror”.

Interestingly, some top officials within the Ukrainian government are also expressing their embarrassment: 

Ukrainian president Volodymyr Zelensky’s personal aide, Alexey Arestovych, said Sunday that Ukraine’s recent support of a United Nations resolution against Israel was “a grave mistake.”

In an online livestream, the close aide to the Ukrainian premier said “Ukraine’s foreign ministry’s position was illogical and unacceptable.”

“We’re teaming up with Russia and Iran who are attacking us, and distancing ourselves from Israel — which we want as an ally,” Aristovich said.

“Ukraine must at least abstain from such votes,” he added.

Certainly Israel is now going to be much less willing to even contemplate sending lethal arms to the Ukrainians, even despite pressure from the White House to do more than just humanitarian or non-lethal aid.

end

POLAND/RUSSIA/GAZPROM

Russia is not a happy camper on this;

(courtesy HalTurner/Robert H)

Hal Turner Radio Show – Poland to “Nationalize” Russia’s GAZPROM Assets – Grab pipelines

Robert Hryniak6:27 AM (1 hour ago)
to

This is beyond stupid. While one might fault Russia for the conflict in the Ukraine the West does not have clean hands at all. Over 30 countries have mercenary troops there and the US involvement is approaching Afghanistan scale.
Stealing Russian assets is a escalation that will only hurt more in the future. Europe will find itself thrown back 50 years before this is finished if not worse. This adds new meaning  to the phrase Alberta had for Easterners in Canada .. “ let the bastards freeze in the dark”.

https://halturnerradioshow.com/index.php/en/news-page/world/poland-to-nationalize-russia-s-gazprom-assets-grab-pipelines

END

TURKEY/USA

My goodness: Turkey has chutzpah as well: they state that the USA is complicit in the Istanbul bombing

(zerohedge)

Turkey Says US Complicit In Istanbul Bombing, Rejects Condolence Message

TUESDAY, NOV 15, 2022 – 04:00 AM

We reported earlier on Monday that Turkey has made an arrest for the terror bombing of a busy tourist hub in central Istanbul which left six people dead and dozens more injured. 

But soon after the rare deadly attack which Turkey quickly blamed on the outlawed Kurdistan Workers Party (PKK) – and despite no official initial claims of responsibility – Ankara officials used the incident to air broader geopolitical grievances. 

Turkey lashed out at Washington, going so far as to suggest the Untied States was to blame the blast. “Turkey’s interior minister accused the U.S. of being complicit in a recent bombing in the city of Istanbul on Sunday that left at least six people dead and dozens of others injured,” The Hill reports.

The accusation was prompted by an official condolence statement from the US Embassy in Ankara. Interior Minister Suleyman Soylu in a dramatic press conference said that Turkey has rejected the condolence statement from Washington. 

“I emphasize once again that we do not accept, and reject the condolences of the US Embassy,” Soylu said, according to Turkish state media publication Anadolu Agency.

Soylu slammed the US statement as being akin to “a killer being first to show up at a crime scene.” The allegation was hurled due to America’s well known longtime support of Syrian Kurds, which form the core of the US-trained Syrian Democratic Forces (SDF). Ankara has long alleged that Washington is giving aid to “terrorists”.

The hugely provocative Turkish reaction to the US condolence message came despite the White House saying it stands “shoulder-to-shoulder” with its NATO ally Turkey.

Turkey will likely hold this against NATO applicants Finland and Sweden as well, given it has been blocking their membership to the Western military alliance based on accusations that they harbor Kurdish terrorists and entities linked to the outlawed PKK. 

Turkey says it has a Syrian woman linked to the PKK in custody. However, both the PKK and Syrian YPG (as well as SDF) have issued official statements denying their involvement. 

END

To see tomorrow is to know yesterday

Robert Hryniak11:21 AM (1 hour ago)
to

If you have read “war and Peace “ then some things about history become clear, knowing that history and its’ events repeat more times than not, as nations commit errors having no insight of the past.

While there are many opinions to the Ukrainian conflict the most recent Russian approach to war opened up an entirely new option: for “the destiny of nations” to depend “not in conquerors, not even in armies and battles, but in something else.” That “something else” Tolstoy explains, was in fact the spirit of the people and of the army, that made them burn their land rather than give it to the French. Some people may recall this is exactly what Russia did during WWII retreating to regroup while luring Germany in further stretching supply lines and waiting for time. During WWI while the Tzar was still in power and on the front lines, men would wait patiently for ones before them to die so they would have a gun to shoot and walk in the shoes of the dead. During WWII, Germans learnt from the mistakes of Napoleon and in certain parts of what today is Belarus and Poland they eagerly paid for food and clothing from locals as opposed to starving and freezing. Even little children learnt quickly to knit socks and mittens and Germans appreciated it to the extent villagers were spared some of horrors of war. 

The highest qualities of a human being, according to Tolstoy, are: simplicity, kindness and truth. Morality, according to the Tolstoy, is the ability to feel one’s “I” as a part of the universal “we”. And Tolstoy’s heroes are simple and natural, kind and warm-hearted, honest before people and before their conscience. Compare that to the current crop of so called Political Leadership hell bent on national destruction in a clear conflict where there are only 2 sides. 

Tolstoy notes that, whatever the faith may be, it “gives to the finite existence of man an infinite meaning, a meaning not destroyed by sufferings, deprivations, or death”. … “I understood that faith is a knowledge of the meaning of human life in consequence of which man does not destroy himself but lives. Faith is the strength of life. If a man lives he believes in something. If he did not believe that one must live for something, he would not live. If he does not see and recognize the illusory nature of the finite, he believes in the finite; if he understands the illusory nature of the finite, he must believe in the infinite. Without faith he cannot live… For man to be able to live he must either not see the infinite, or have such an explanation of the meaning of life as will connect the finite with the infinite.”

“I understood that if I wish to understand life and its meaning, I must not live the life of a parasite, but must live a real life, and – taking the meaning given to live by real humanity and merging myself in that life – verify it.” 

Understanding this, is it not time to think about rebuilding nations and cultures and families to preserve the unique nature of historical accomplishment and diversity that so many people have suffered for as opposed to wanton destruction to create a socialist nightmare? 

As i watch the snowflakes fall covering the ground with the crisp white blanket of snow, nature paints a landscape that no human can paint to watch, while one does wonder who still has heart to build tomorrow to connect the “finite with the infinite”. Because tomorrow depends on having the courage and heart to try. 

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

Vaccine//Covid issues: Injuries

The fox guarding the hen house?

(zerohedge)

Pfizer And Moderna To Investigate Their Own Vaccines For Myocarditis Risks

TUESDAY, NOV 15, 2022 – 02:00 AM

Why is Big Pharma investigating their own covid vaccines for myocarditis side effects if the vaccines were already supposedly tested and proven safe and effective?

Both Pfizer and Moderna have announced that they will be undertaking studies to determine the longer term risks of Myocarditis (an inflammatory condition of the heart which can lead to death) for people who have been injected with the mRNA based covid vaccines.  The decision comes after the release of multiple medical studies which show a correlation and causation between the vaccines and an exponential increase in heart problems, specifically among men 40 years old and younger.  Only a year ago the link between covid vaccinations and myocarditis was widely denied. 

Studies also show that myocarditis risk increases with the number of boosters a person has taken.

Before the year 2020, the average vaccine was tested and re-tested by pharmaceutical companies and the FDA for 10 to 15 years before it could be released to the public.  This was done not only because testing is a complex process with a lot of red tape involved, but also because it is the only way to discover any long term side-effects that might be associated with a particular immunization product.  If you read any medical journal or scientific outline on vaccine development published before 2020, they all agree that long term testing is necessary for public safety.

Suddenly, after 2020 and the advent of public activism against the covid mandates, a host of medical “professionals” and bureaucrats began arguing that the mRNA vaccines do not need the same lengthy testing time frame because government funding allowed for everything to be accomplished much faster.  This is a lie.  

What really happened?  Governments fast tracked approval using national emergency measures allowing Big Pharma to skip necessary tests and trials.  Example:  Pfizer representatives recently admitted under oath that they never tested the covid vaccine to see if it actually prevented transmission of the virus.  They simply claimed that it did without verification.  And governments began trying to enforce vaccines requirements on the populace based on the false claim that vaccination stops the spread.  

Mainstream media “fact checkers” insist that the covid vaccines were “initially effective” in preventing transmission of the original strains of the virus.  There is no concrete evidence to confirm this.  In fact, covid cases of the original variants began to plunge in the US and in other countries before the vaccines were widely distributed.  This is a fact, and the incredible drop in cases was likely due to an increase in natural immunity within the population.  

Some government and Big Pharma funded scientists also argue that mRNA technology as a whole has been tested for many years.  This is a dishonest misdirection.  The technology and concept might have been tested in various experiments for years, but the specific covid vaccines were not, and this matters.  Any scientist that says this claim is a foundation for safety confirmation for the vaccines should be ashamed of themselves.  

Studies which take natural immunity and asymptomatic reactions into account when studying vaccine efficacy are highly limited.  There is no way to know if a person survived covid or avoided infection because they were vaccinated, or because they already had the virus, experienced minor symptoms or no symptoms, and developed natural immunity.  Government paid virologists and scientists don’t seem to care about testing the distinction.  What we do know from various studies is that natural immunity is far superior in every way to mRNA vaccination.

The dangers of releasing a pharmaceutical cocktail for mass consumption or even forced mass consumption without long term study cannot be overstated.  The bottom line?  Given the current information, no one knows for sure what will happen in terms of vaccine effects over a long timeline (several years).  Pharma companies don’t know and governments don’t know (if we take their production claims for the vaccines as accurate).

In all likelihood, Pfizer and Moderna are trying to get out ahead of burgeoning side effects with their own studies as a means to spin or mitigate bad press in the future.  The chances of these studies providing honest data driven assessments are low.  

It’s been less than two years since widespread distribution of the covid vaccines and we are already seeing signs of negative health issues through myocarditis and blood clotting disorders.  One has to wonder what further terrible developments will unfold for vaccinated people in another two years. 

GLOBAL ISSUES:  FOOD INFLATION//SHORTAGES IN GENERAL

end

end 

PAUL ALEXANDER

Open in app or online

Wot’s in the shots? Graphene oxide? Nanobots? Author Rebecca Weisser; Spectator Australia; What is in the Pfizer vaccines? Recently, Dr David Nixon, a Brisbane GP, decided to find out, putting…

droplets of vaccine and the blood of vaccinated patients under a dark-field microscope. So is there graphene oxide in the Pfizer shots? What Nixon found, and filmed, is bizarre to say the least.

DR. PAUL ALEXANDERNOV 14
 
SAVE▷  LISTEN
 

‘Inside a droplet of vaccine are strange mechanical structures. They seem motionless at first but when Nixon used time-lapse photography to condense 48 hours of footage into two minutes, it showed what appear to be mechanical arms assembling and disassembling glowing rectangular structures that look like circuitry and micro chips.’

‘What is in the Pfizer vaccines? Recently, Dr David Nixon, a Brisbane GP, decided to find out, putting droplets of vaccine and the blood of vaccinated patients under a dark-field microscope.

END

Open in app or onlineLockdowns & School closures denied children exposure to environmental pathogen & as such limited optimal training of their innate immune system antibodies & natural killer cells (NK); risk to RSV etc.
By locking down & closing schools & the ridiculous specious non-scientific masking, we have damaged the immune system of children & now they are at risk of RSV & a host of other pathogen, no VAX
DR. PAUL ALEXANDERNOV 14 SAVE▷  LISTEN 
Parents should understand that giving your child the COVID gene vaccine will make things far worse. They have to ‘not’ be vaccinated with these fraud failed COVID gene injections for the vaccine induced antibodies (high affinity for the target antigen) will bind to the virus (spike epitopes) but not properly neutralize the virus as they are largely non-neutralizing. This blocks the innate antibodies children have (first line of defense) that cannot bind and which would usually sterilize the virus.The innate antibodies must be trained as the maternal antibodies wane and will be subverted by the vaccinal antibodies and will:
i)not be able to handle (eliminate) the pathogen confronted with now e.g. COVID virusii)not be able to be trained to handle a broad range of other glycosylated pathogeniii) will not be trained to recognize ‘self’ from ‘non-self’ (belonging or not belonging to the child) and so the child will be at risk for auto-immune disease.Parents must understand, do not take the reports of elevated RSV as a means or driver to vaccinate your child with these gene injections that are harmful and that will subvert the normal innate immune system training that will protect the child long-term.
END
The following is very important: just look at the data!

Open in app or onlineIndia and South Africa? My, what a tale these 2 nations tell, as you can see both were low vaccine uptake, South Africa especially, look at the flat 5th wave/curve; Japan?

India’s lack of a 5th wave coincides with their heavy use of early and chemoprophylactic treatment, young population, low vax uptake, both nations allowed young to train their innate immune systems
DR. PAUL ALEXANDERNOV 13
 SAVE▷  LISTEN 
Africa will win and have won! India hurt itself a bit with higher vax uptake but have weathered the storm nicely.As one of the globe’s highest vaccinated nations, we see the waves are not coming back to baseline (herd immunity) and massive infection hanging out in the environment (infectious pressure on the population).Deaths in South Africa have remained flat with infections/cases for the 5th wave. Why? I think you already know. Beginning to creep up in Japan.

VACCINE IMPACT

The U.S. Medical System is Collapsing after Mass Exodus of Doctors and Nurses

November 14, 2022 2:41 pm

The fact that there is a crisis in the U.S. medical system is not in dispute, as even the corporate media has been covering this since 2021, as many hospital Emergency Rooms across the U.S. have either closed down completely, or reduced their hours, due to lack of staffing. Earlier this month (November 2022) a group of medical organizations that include the American Medical Association and American Psychiatric Association warned President Biden that hospital emergency departments were reaching a “breaking point” as they deal with influxes of patients seeking beds that are not available. A report from commercial intelligence company Definitive Healthcare earlier this month stated that 334,000 physicians, nurse practitioners, physician assistants and other clinicians left the workforce in 2021. While statistics for 2022 are not available yet as the year has not yet finished, a survey conducted back in March this year revealed that one third of the nation’s nurses were planning on leaving their jobs in 2022. These are facts that nobody is disputing. However, when we look at the reasons why these medical staff have left their jobs, there appear to be certain reasons that are not allowed to be mentioned or discussed in the corporate news media. What is never addressed is how many of these medical professionals, most of whom were mandated to take the experimental COVID-19 vaccines, have died or were disabled following the COVID-19 shots. The other reason that is never reported in the corporate news, is the emotional and mental state of medical professionals who still work in the system, and who have come to realize what these deadly shots actually do, but are too afraid to speak out. There are no political or judicial solutions to this problem, as both the Democrats and the Republicans are pro-vaccine, as is the U.S. Supreme Court. You will not find relief there. The only option left is to stop using the medical system.

Read More…

Big Tech Crash 2022: Amazon Fires 10,000 Employees, Largest Layoff In Company History

November 14, 2022 4:22 pm

Over the past month, technology companies have laid off tens of thousands of employees. And the momentum in layoffs only appears to be worsening. According to a new report via NYTimes this morning, Amazon could add to the count this week as approximately 10,000 people in corporate and technology jobs will be slashed, in what could be the most significant job cut in the company’s history. Amazon would become the latest tech company to reduce headcount. Just in the last few months, Twitter, Facebook parent Meta, ride-hailing company Lyft, software service firm Salesforce, payment platform Stripe, and a growing list of tech companies have announced layoffs of engineers, salespeople, and support staff.

Read More…

Read More…

VACCINE INJURY/

PfizerGate: Official EU Data proves Thousands are dying every week due to COVID Vaccination with Europe suffering 300k Excess Deaths in 2022, making it a record-breaking year in terms of Deaths – The Expose

Robert Hryniak12:12 PM (28 minutes ago)
to
PfizerGate: Official EU Data proves Thousands are dying every week due to COVID Vaccination with Europe suffering 300k Excess Deaths in 2022, making it a record-breaking year in terms of Deaths

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Chris Wallace Attacks ‘Loser’ Trump and GOP, Trey Gowdy Shuts Him DownCNN anchor Chris Wallace trashed President Donald Trump and the Republican Party on his new network while mocking the results of the midterm elections.READ MORE
Think Tank Calls for Conservatives to Set ‘New Direction’ after MidtermsA Washington D.C. think tank is calling on conservatives to set a “new direction” following the midterms.READ MORE
Alec Baldwin Makes Desperate Move before Criminal Charges, Files Lawsuit against ‘Rust’ Crew MembersEmbattled Hollywood actor Alec Baldwin made a desperate move as he faces possible criminal charges for the fatal shooting on the set of his movie “Rust.”READ MORE
Maricopa County Supervisor: It’s ‘Offensive’ to Expect Votes Counted on TimeMaricopa County Supervisor Bill Gates has blasted critics by arguing that it’s “offensive” to expect votes to be counted on time.READ MORE
Elon Musk Attacked by ‘Woke’ Mob for Vowing to Protect Children from PedophilesTwitter’s new boss Elon Musk has come under attack from the “woke” mob after he vowed to introduce measures to better protect children from pedophiles online.READ MORE
Texas Gov Abbott: 300th Busload of Migrants on Way to ‘Sanctuary City’ ChicagoThe Republican Governor of Texas Greg Abbott has announced that his administration is celebrating a landmark as the 300th busload of migrants is now on its way to “woke” Democrat Mayor Lori Lightfoot’s “sanctuary city” of Chicago.READ MORE
Josh Hawley & Ted Cruz Revolt Against Mitch McConnell, Call for Leadership Vote to Be PostponedRepublican Senators Ted Cruz (R-TX) and Josh Hawley (R-MO) are revolting against Senate GOP Leader Mitch McConnell (R-KY) and are calling for the leadership vote to be postponed.READ MORE
Lauren Boebert Breaks Silence, Warns Democrats She’ll ‘Be There to Help Fire Pelosi as Speaker’Republican Rep. Lauren Boebert (R-CO) has broken her silence after taking the lead in her surprisingly close race for re-election.READ MORE
Matt Gaetz Puts Kevin McCarthy on Notice, Endorses ‘Star Player’ Jim Jordan for SpeakerRepublican Rep. Matt Gaetz (R-FL) put House GOP Leader Kevin McCarthy (R-CA) on notice and endorsed Rep. Jim Jordan (R-OH) for speaker.READ MORE
FTX Laundered Billions Through Ukraine, Funneled Funds to U.S DemocratsNew details are emerging to reveal that recently imploded cryptocurrency exchange FTX was laundering tens of billions of dollars through Ukraine and funneling funds back to Democrats in the United States.

MICHAEL EVERY/RABOBANK

Michael Every on the day’s most important events:

END

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

The Russian sanctioned oil price cap could very well threaten India’s oil supplies

(John Kemp/Reuters)

Russia Price Cap Could Threaten India’s Oil Supplies

MONDAY, NOV 14, 2022 – 05:40 PM

By John Kemp, senior market analyst at Reuters

India would be one of the countries most exposed if Russia refuses to sell crude oil at the capped price under proposed sanctions to be imposed by the United States and the European Union.  In 2021, India was the world’s third-largest crude importer (214 million tonnes) after China (526 million tonnes) and the United States (305 million tonnes) (“Statistical review of world energy”, BP, 2022).

India and China rely on imports by tanker from the Middle East, Russia and other regions, in contrast to the United States, which receives most of its imports by pipeline from neighbouring Canada.

India’s domestic crude and condensate production has been stuck at 30-40 million tonnes per year for the last two decades, data from India’s Ministry of Petroleum and Natural Gas shows.

By contrast, domestic petroleum consumption has doubled to 202 million tonnes in 2021 from 103 million tonnes in 2002 (“Snapshot of India’s oil and gas data”, Petroleum Planning and Analysis Cell, Nov. 10).

In the first ten months of 2022, India consumed a seasonal record 182 million tonnes, surpassing the previous peak of 178 million in 2019, before the pandemic.

As a lower-middle income country experiencing rapid industrialisation and urbanisation, India’s consumption is growing fast but its consumers are very sensitive to both price changes and the economic cycle.

Consumption has been growing by around 7% per year in the last 12 months, though there were signs of a possible slowdown to around half that rate in October.

Voracious Oil Intake

India’s refinery crude processing capacity increased to 251 million tonnes per year in 2021 from 115 million tonnes per year in 2002, and the country has emerged as a major exporter of refined products.

In 2022, India has become a big buyer of Russia’s crude following that country’s invasion of Ukraine and sanctions imposed on its exports in response by the United States, European Union and their allies.

India and China have absorbed additional crude and products imports from Russia, allowing the United States and the European Union to take more crude and fuels from non-sanctioned sources.

Because of its import dependence and price-sensitive consumers, India would be extremely vulnerable should Russia retaliate by refusing to sell crude and fuels at the capped price.

The resulting shortfall in physical crude supplies and surge in prices for both crude and fuels would hit refiners and domestic consumers hard.

Selling the Price Cap

U.S. and EU policymakers have said repeatedly they will set the cap at a level to ensure Russia continues exporting and any halt or reduction to exports would be irrational.

In remarks on Nov. 11 on a a visit to New Delhi, U.S. Treasury Secretary Janet Yellen said the price cap would work in India’s interest by giving it extra leverage to purchase Russian crude at deep discounts.

Russian oil “is going to be selling at bargain prices and we’re happy to have India get that bargain”, Yellen told reporters (“India can buy as much Russian oil as it wants, outside price cap, Yellen says”, Reuters, Nov.11).

Yellen has become the chief advocate for the price cap concept as the Biden administration attempts to sell the idea to sceptical oil buyers and governments in Asia.

India is also an increasingly important diplomatic partner as the United States develops an “Indo-Pacific strategy” to counter China, so the U.S. administration has been anxious to allay fears about the price cap’s impact.

In recent months, the U.S. administration has walked back plans for an ambitious and strictly enforced price cap given concerns about the impact on prices, inflation and the economy at home and in importers like India.

Remarks in the last few weeks have suggested the administration will declare the cap a success if there is any reduction in oil prices received by Russia, whether deals are done under the cap or not.

Further SPR Releases

In contrast to the United States and China, India has limited strategic oil reserves to protect itself from any interruption of imports.

Ultimately, if there is any disruption to Russia’s petroleum exports, the United States will have to ensure India’s refineries remain supplied by releasing more barrels from its own Strategic Petroleum Reserve (SPR).

Even after recent drawdowns, the SPR contains 396 million barrels of crude, according to the U.S. Energy Information Administration, equivalent to roughly 50-55 million tonnes, at standard conversion rates.

The reserve is a fixed stock so it cannot replace the flow of Russia petroleum exports indefinitely, and the crude left in the reserve is not a particularly good match for Russia’s export grades.

But further SPR releases could buy policymakers and India’s refiners time and are likely in the event Russia retaliates against the price cap.

end

A good indicator of global demand for goods and services;  OPEC cuts oil demand growth again

Paraskova/OilPrice.com

OPEC Cuts Oil Demand Growth Estimates Yet Again

TUESDAY, NOV 15, 2022 – 05:00 AM

By Tsvetana Paraskeva of Oilprice.com

Significant global economic uncertainties in the coming months made OPEC cut on Monday its estimate of global oil demand growth for this year and next, in the fifth reduction of consumption forecasts since April.

OPEC revised down each of its 2022 and 2023 oil demand growth forecasts by 100,000 barrels per day (bpd) from last month’s estimates due to China’s still-strict Covid policy and economic challenges in Europe, the organization said in its Monthly Oil Market Report (MOMR) out on Monday.  

“The significant uncertainty regarding the global economy, accompanied by fears of a global recession contributes to the downside risk for lowering global oil demand growth. In addition, China’s strict adherence to the ‘zero COVID-19 policy’ adds to this uncertainty, making the country’s recovery path even more unpredictable,” OPEC said.  

In October, a week after announcing a 2-million-bpd headline cut to its collective oil production target, OPEC slashed its global oil demand growth estimates for both 2022 and 2023. 

Those estimates are now further revised down by 100,000 bpd each.

OPEC now sees global oil demand growth at 2.5 million bpd in 2022 after slashing the fourth-quarter demand projections by nearly 400,000 bpd.

Global oil demand is projected to average 99.6 million bpd this year, with developed economies in the Americas seeing the highest rise in demand, led by the U.S. on the back of recovering gasoline and diesel demand, the cartel said. Light distillates are also projected to support demand growth this year, OPEC added.

For 2023, OPEC now sees oil demand growth at 2.2 million bpd, down by 100,000 bpd from the growth expected in the October report. World oil demand is set to average 101.8 million bpd, “supported by expected geopolitical improvements and the containment of COVID-19 in China,” according to OPEC. Next year, U.S. demand is expected to exceed 2019 levels, thanks to a recovery in transportation fuels and light distillate demand. However, OECD Europe and the Asia Pacific are not expected to rise above 2019 consumption levels, the cartel said.

“While risks are skewed to the downside, there exists some upside potential for the global economic growth forecast. This may come from a variety of sources. Predominantly, inflation could be positively impacted by any resolution of the geopolitical situation in Eastern Europe, allowing for less hawkish monetary policies,” OPEC noted.

end

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

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

Euro/USA 1.04050 UP    0.0086 /EUROPE BOURSES // ALL MIXED

USA/ YEN 139.28  DOWN  0.850 /NOW TARGETS INTEREST RATE AT .25% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES//

GBP/USA 1.1896 UP   0.01447

 Last night Shanghai COMPOSITE CLOSED UP 50.68 PTS OR 1/64% 

 Hang Seng CLOSED UP 723.41 POINTS OR 4.11% 

AUSTRALIA CLOSED DOWN 0.07%    // EUROPEAN BOURSE: ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 294.05 PTS OR 1.70%

/SHANGHAI CLOSED UP 50.69 PTS OR 1/64%

AUSTRALIA BOURSE CLOSED DOWN  0.07% 

(Nikkei (Japan) CLOSED UP 26.70 OR  0.10%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1777.95

silver:$21.96

USA dollar index early TUESDAY morning: 105.98 DOWN .56 POINTS from MONDAY’s close.

 TUESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 3.04% DOWN 10  in basis point(s) yield

JAPANESE BOND YIELD: +0.236% UP 0AND 0/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.13%// DOWN 7 in basis points yield 

ITALIAN 10 YR BOND YIELD 4.04  DOWN 12   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: FALLS TO +2.108%  DOWN 4 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY  

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

Euro/USA 1.0372  UP  .0052   or 52 basis points//

USA/Japan: 139.41 DOWN 0.680 OR YEN UP 68 basis points/

Great Britain/USA 1.1879 UP .0127 OR  127 BASIS POINTS //

Canadian dollar  UP .0039 OR 39 BASIS pts  to 1.3286

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP) AT 7.0445

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. 7.0529

TURKISH LIRA:  18.61  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.236

Your closing 10 yr US bond yield DOWN 4 IN basis points from MONDAY at  3.824% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield  3.996  DOWN 6  in basis points 

Your closing USA dollar index, 106.28 UP .25 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  TUESDAY: 12:00 PM

London: CLOSED DOWN 15.73 PTS OR  0.46%

German Dax :  CLOSED UP 65.21 POINTS OR 0.62%

Paris CAC CLOSED UP 32.49PTS OR 0.49% 

Spain IBEX CLOSED UP 21.90 OR  0.27%

Italian MIB: CLOSED UP 103.06 PTS OR  0.42%

WTI Oil price 85.88 12: EST

Brent Oil:  93,34   12:00 EST

USA /RUSSIAN ///   UP TO:  60.40// ROUBLE UP 0  AND 15/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.108

UK 10 YR YIELD: 3.3115

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0367 UP .0046    OR  46  BASIS POINTS

British Pound: 1.1870 UP  .01183 or  118 basis pts

BRITISH 10 YR GILT BOND YIELD:  3.3165% 

USA dollar vs Japanese Yen: 139.05     DOWN 1.038//YEN UP 104 BASIS PTS//

USA dollar vs Canadian dollar: 1.3266 UP 0.0058  (CDN dollar, UP 58 basis pts)

West Texas intermediate oil: 86.79

Brent OIL:  93.67

USA 10 yr bond yield DOWN 7 BASIS pts to 3.796%

USA 30 yr bond yield DOWN 9 BASIS PTS to 4.068%

USA dollar index:106.26 DOWN 28 POINTS

USA DOLLAR VS TURKISH LIRA: 18.61

USA DOLLAR VS RUSSIA//// ROUBLE:  60.40  UP 0 AND  15/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 56.22 PTS OR 0.17 % 

NASDAQ 100 UP 170.21 PTS OR 1.45%

VOLATILITY INDEX: 24.30 UP 0.57 PTS (2.40)%

GLD: $165.50 UP 0.58 OR 0.35%

SLV/ $19.88  DOWN $0.236OR 1.18%

end)

USA trading day in Graph Form

Spoos Shake Off Rollercoaster Session, “Article 5” Panic, Close Above 4000

TUESDAY, NOV 15, 2022 – 04:07 PM

The past 24 hours have bee a rollercoaster session of sheer chaos and illiquidity. It all started one hour before the close on Monday when futures unexpectedly tumbled, wiping out all of the session’s gains as a result of what JPM said was “selling by vol-targeting funds”, before an overnight meltup driven by a triple whammy of good news out of China (reportedly positive read on the Xi-Biden meeting, China’s covid pivot and property bailout measures) culminated with an explosion higher thanks to a PPI number which missed across the board, and where the service PPI print came in negative for the first time since 2020…

… although all of this was wiped out in seconds following reports that two Russian missiles had hit a Polish town near the Ukraine border sparking speculation of an “Article 5” response (i.e., NATO vs Russia all out war). In the end however, we closed more or less where we started, just around 4000, after Russia denied that it was behind the rocket and blamed Ukraine and the west for another provocation.

Was it all just an attempt to shake out weak hands? It remains to be seen if we are headed for another world war, but judging by the pump and dump in the VIX, the market has already moved on.

Despite the rollercoaster action at the index level, all sectors were in the green with just banks briefly dipping in the red before bouncing.

Meanwhile, the most shorted names continued their ascent, rising 2.7% on Tuesday and bringing the 4-day gain to a stunning 18%.

While attention was focused on every market twist and turn, Bloomberg pointed out something new: after months with barely any capital moving in or out, the Broker-Dealers & Securities Exchanges ETF (ticker IAI) added $211 million on Monday, the second-best influx since the product launched in 2006, and one of only two inflows of more than $100 million in well over a decade.

Away from stocks, the dollar descent continued, and not even the modest bounce on the back of the Russian missiles news was able to dent the market’s conviction that the Fed’s peak tightening is now behind us.

Likewise in bonds, yields drifted all day, and after a modest shakeout around the time of the Polish news, closed near session lows.

Cryptos tried to extend their modest rebound from Monday’s collapse, with Bitcoin briefly rising above $17K before the Poland news sent them tumbling. While one can debate if cryptos are a store of value, it is quite clear that any news – both positive and negative – sends digital tokens tumbling as the shakeout of weak hands refuses to go away.

Finally, bitcoin’s loss is gold’s win, and as cryptos are unable to find a footing, it is gold that has rediscovered its role as the other sound money, and after trading in the mid-1600s as recently as a weeks ago is this close from rising above $1800

END

USA ELECTION RESULTS:

GOP One Seat Away From House Control: Bidens, Fauci, FDA Brace For Investigations

TUESDAY, NOV 15, 2022 – 01:10 PM

While Democrats are assured of extending their control of the U.S. Senate for two more years, on Monday the Republican Party moved within just one seat of flipping control of the House of Representatives — which has big implications for a variety of investigations . 

It takes 218 seats to control the chamber. With key victories in California, Arizona and New York, Republicans have now secured 217, according to the Associated Press, compared to 205 for the Democrats. There are 13 races still uncalled, and Republicans are currently leading four of them.   

So far, Republicans have posted an 11-seat pickup from the current legislative session, well short of expectations. After hopes of routing the Democrats, Republicans may wind up with the slimmest majority of the 21st century. In 2001, Republicans had a 221-212 edge.  

That slim majority promises to make current House Minority Leader Kevin McCarthy’s quest for the House speakership interesting. On Tuesday, the House Republican conference will take a vote to select the party’s nominee for the speakership. For that, McCarthy only needs a simple majority. 

California Rep. Kevin McCarthy is likely to ascend from Minority Leader to Speaker (Amanda Andrade-Rhoades/AP via Sacramento Bee) 

In January, however, the vote goes to the full House of Representatives. Assuming no Democrat votes for McCarthy, that means he’ll need nearly every Republican’s vote to become speaker. 

So far, one representative has announced his intention to challenge McCarthy. Late on Monday, Arizona’s Andy Biggs threw his name in the hat. Appearing on Newsmax, Biggs, a former chairman of the House Freedom Caucus, said: 

“We have a new paradigm here, and I think the country wants a different direction from the House of Representatives. And it’s a new world, and, yes, I’m going to be nominated tomorrow to — to the position of Speaker of the House.”  

Arizona Rep. Andy Biggs is challenging McCarthy for the speakership (David Wallace/The Republic)

If nothing else, Biggs challenge may help the Freedom Caucus and its 30-some members extract concessions from McCarthy on how the House would be run in the next session. Among their demands: Broader membership in the group that doles out committee assignments, allowing committee members to choose their own chairs, allowing amendments from the floor, and being given five days to review legislation before voting. 

Perhaps the most tantalizing aspect of the Republicans’ pending control of the House is the various investigations that are sure to commence as Democrats relinquish chairmanship of every committee. Subjects of those investigations are likely to include: 

  • Hunter Biden‘s alleged influence-peddling in China, Ukraine and elsewhere; lying about his drug use when he completed a federal gun-purchase form; alleged tax crimes
  • Joe Biden’s knowledge of Hunter’s business dealings — knowledge he’s denied having
  • Federal decision-making about everything from mask and vaccine mandates to school closures
  • The origins of the Covid-19 virus, and the extent to which federal funds have been used to pursue dangerous gain-of-function research at the Wuhan Institute of Virology and other institutions
  • The bungled withdrawal of U.S. forces from Afghanistan
  • The politicization of the Department of Justice
  • A deeper look into federal agencies’ activities leading up to and on the day of the Jan. 6 riots, which is likely to include scrutiny of the mysterious Ray Epps — who was captured on multiple videos fomenting the riot but who has somehow evaded criminal charges  

Anticipating a GOP takeover, Republican representatives and their staffs have already been laying the groundwork for those investigations, says Rep. James Comer, who’s expected to chair the House Committee on Oversight and Reform:   

With Democrats having set a precedent of referring subpoena-refusers for criminal prosecution, things should be entertaining…

EARLY MORNING TRADING

ii) USA DATA

PPI misses and this is a forerunner of future inflation:  futures explode

(zerohedge)

Futures Explode After PPI Misses Across The Board, Drops To Lowest In Over A Year As Service PPI Now Deflating

TUESDAY, NOV 15, 2022 – 08:54 AM

Just days after the CPI missed across the board sparking a record surge in stocks, moments ago the PPI followed suit when the BLS reported that in October wholesale inflation not only eased across the board but missed every single forecast, with the highlight being the unchanged print in core PPI, a sharp drop from last month’s 0.2% increase and far below the 0.3% forecast. Here is the breadown:

  • PPI 0.2% M/M, Exp. 0.4%
  • PPI 8.0% M/M, Exp. 8.3%
  • PPI Core 0.0% M/M, Exp. 0.3%
  • PPI Core 6.7% Y/Y, Exp. 7.2%

The YoY increase in headline PPI of 8.0% was the lowest since July 2021, the lowest in over a year.

The energy contribution to PPI continues to shrink, and while services was clearly a major contributor on q YoY basis…

… the services PPI actually posted its first decline since Nov 2020, even as final demand goods rose sequentially.

The index for final demand goods moved up 0.6% in October, the largest advance since a 2.2% rise in June. Most of the October increase can be traced to a 2.7-percent jump in prices for final demand energy. The index for final demand foods advanced 0.5 percent. Conversely, prices for final demand goods less foods and energy decreased 0.1 percent.

According to the report, more than 60% of the increase in prices for final demand goods is attributable to the index for gasoline, which rose 5.7%. Prices for diesel fuel, fresh and dry vegetables, residential electric power, chicken eggs, and oil field and gas field machinery also advanced. In contrast, the index for passenger cars declined 1.5 percent, while prices for gas fuels and for processed young chickens also fell.

But the big surprise in today’s report was the drop in final demand services fell 0.1% in October, the first decline since moving down 0.2 percent in November 2020. Leading the October decrease, margins for final demand trade services fell 0.5 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.) Prices for final demand transportation and warehousing services moved down 0.2 percent. Conversely, the index for final demand services less trade, transportation, and warehousing increased 0.2 percent.

According to the report, a major factor in the October decrease in prices for final demand services was the index for fuels and lubricants retailing, which fell 7.7%. The indexes for portfolio management, long-distance motor carrying, automobile retailing (partial), and professional and commercial equipment wholesaling also moved lower. In contrast, prices for hospital inpatient care increased 0.8 percent. The indexes for services related to securities brokerage and dealing (partial), apparel wholesaling, and airline passenger services also rose. 

Finally, we note that the pipeline of PPI pain is easing further as intermediate goods inflation eased further, and is about to overtake final demand PPI to the downside, a clear indicator of much more weakness to come.

The data was so bad that, when combined with last week’s CPI, traders are increasingly wondering if after December’s 50bps rate hike (and upcoming dismal NFP report) that will be it from the Fed. Naturally, futures soared on the big PPI miss.

END

III) USA ECONOMIC STORIES.

SWAMP STORIES

J//G0Ξ 👁️《TYR》 on Twitter: “Did you know: Alameda CEO @carolinecapital’s Dad, Glenn Ellison is the Department Head of Economics at @MIT? And… Prior to getting appointed to the SEC, @GaryGensler was a Professor for the Practice of Global Economics & Management at @MIT… So essentially: Gary 🤝 Glenn 🤯 https://t.co/rrxzQsPVGN” / Twitter

Robert Hryniak7:32 AM (34 minutes ago)
to

The whole mess smells bad …

KING REPORT



 

GREG HUNTER REPORT/INTERVIEWING 

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

from writing my blogs, starting on the 16th 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. 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 WHEN I CAN.

3 comments

  1. David Levin · · Reply→

    The above cites Dr David Nixon’s microscopic examination of the Pfizer vaccine. There actually have been many similar investigations, one of which from more than 12 months ago is described in detail at

    https://rivercitymalone.com/health/pathologists-investigate-deaths-after-covid-vaccination/

    Like

  2. R. Japp · · Reply→

    Inside a droplet of vaccine are strange mechanical structures. They seem motionless at first but when Nixon used time-lapse photography to condense 48 hours of footage into two minutes, it showed what appear to be mechanical arms assembling and disassembling glowing rectangular structures that look like circuitry and micro chips.’

    Harvey do you even bother to read and think over any off this bulllshit you are publishing from this fictitious idiot Dr.
    ,Paul Alexander. Give us a break. Do yourself a big favor and dont publish this paranoid science fiction

    Like

  3. POLAND WILL NATIONALIZE GAZPROM ASSETS INSIDE POLAND – altnews.org · · Reply→

    […] by Harvey Organ, Harvey Organ Blog: […]

    Like

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