NOV 17.//COMEX DATA COMPLETE//CURRENCY CLOSES FOR TODAY//EUROPE CLOSES FOR TODAY//BIG NEW DEVELOPMENTS IN THE FTX SCANDAL//OTHER IMPT NEWS EVENTS// SWAMP STORIES//

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

Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSE: Down $12.75$1760.45

SILVER PRICE CLOSE: DOWN $0.52 to $20.92

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1771.33

Silver ACCESS CLOSE: 21.99

New: early yesterday morning//

Bitcoin morning price: $16,664

Bitcoin: afternoon price: $16,664

Platinum price closing  xx

Palladium price; closing xxx

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: xxxDOLLARS UP xx CDN DOLLARS PER OZ

BRITISH GOLD: xx POUNDS PER OZ UP 1xxPOUNDS PER OZ

EURO GOLD: xxEUROS PER OZ UP xxEUROS PER OZ.

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EXCHANGE: COMEX

XCHANGE: COMEX
CONTRACT: NOVEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,773.000000000 USD
INTENT DATE: 11/16/2022 DELIVERY DATE: 11/18/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 17
190 H BMO CAPITAL 2
435 H SCOTIA CAPITAL 2
661 C JP MORGAN 9
737 C ADVANTAGE 37 6
880 H CITIGROUP 1


TOTAL: 37 37
MONTH TO DATE: 6,318

TOTAL: 220 220
MONTH TO DATE: 6,12

JPMORGAN STOPPED  85/220

GOLD: NUMBER OF NOTICES FILED FOR NOV. CONTRACT:    37 NOTICES FOR 3700  OZ  or 0.1150 TONNES

total notices so far: 6318 contracts for 631800 oz (19.632 tonnes) 

SILVER NOTICES: 11 NOTICE(S) FILED FOR 55,000 OZ/

 

total number of notices filed so far this month  402 :  for 2,010,000  oz



END

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

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

GLD

WITH GOLD DOWN $12,75

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD//BIG CHANGES IN GOLD INVENTORY AT THE GLD: /////HUGE CHANGES IN GLD INVENTORY: A WITHDRAWAL OF 3,77 TONNES INTO THE GLD//

INVENTORY RESTS AT 906,35TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $.52

AT THE SLV// :/SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF OF 1.842 MILLION OZ INTO THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 473.965 MILLION OZ (THIS IS ALSO A CRIME SCENE@!!!!

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A GIGANTIC SIZED 2716CONTRACTS TO 138,907 AND FURTHER FROM  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE HUGE LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $0.18 IN SILVER PRICING AT THE COMEX ON TUESDAY.  OUR SHORTERS/HFT WERE  SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY   $0.18)., AND WERE SUCCESSFUL IN KNOCKING OFF SOME SPEC LONGS, AS WE HAD AN STRONG SIZED LOSS IN OUR TWO EXCHANGES OF 2001 CONTRACTS.  WE HAD  CONSIDERABLE SPEC SHORT COVERINGS OF  THEIR SHORTFALLS . WE HAD  SPEC SHORT ADDITIONS AS THE PRICE OF THE METAL FELL . // OUR  BANKERS CONTINUE TO BE PURCHASERS OF NET COMEX LONGS. A FEW NEWBIE SPEC LONGS ADDED TO THEIR POSITIONS CAUSING ADDITIONAL MISERY TO OUR SHORTERS. 

WE  MUST HAVE HAD: 
I) CONSIDERABLE  SPECULATOR SHORT COVERINGS WITH SOME SHORT ADDITIONS ////CONTINUED BANKER OI COMEX ADDITIONS /// SOME NEWBIE SPEC LONG ADDITIONS. II)  WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.045 MILLION OZ FOLLOWED BY TODAY’S 65,000 QUEUE JUMP//NEW STANDING:2,760,000 MILLION OZ/    / //  V)   GIGANTIC SIZED COMEX OI LOSS/ 

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

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 13days, total 23,270contracts: 116,350million oz  OR 8.95MILLION OZ PER DAY. (1790CONTRACTS 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: 116,35MILLION

RESULT: WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2716 WITH OUR  $0.18 LOSSIN SILVER PRICING AT THE COMEX// TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE  CONTRACTS: 715CONTRACTS 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 10.005MILLION  OZ  FOLLOWED BY TODAY’S 65,000 QUEUE JUMP/  .. WE HAVE A GIGANTIC SIZED LOSS OF 2001 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 11  NOTICE(S) FILED TODAY FOR  55000  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 GIGANTIC SIZED 17,387 CONTRACTS  TO 477,724 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 -xx CONTRACTS.

.

THE HUGE SIZED DECREASE  IN COMEX OI CAME DESPITE OUR  TINY LOSS IN PRICE OF $0.30//COMEX GOLD TRADING/WEDNESDAY //  CONSIDERABLE  SPECULATOR SHORT  COVERINGS TO NO AVAIL//(MAYBE SOME SPEC SHORT ADDITIONS , ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD  SOME 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 10,400OZ QUEUE JUMP //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S WILL CONTINUE UNTIL MONTH’S END)

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF  $0.30 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A STRONG SIZED LOSS OF 9529 OI CONTRACTS (29.635PAPER TONNES) ON OUR TWO EXCHANGES..

(SOME OF THE COMEX LOSS WAS ALL TAKEN UP THROUGH EFP’S.  THESE WILL CIRCLE BACK TO COMEX ON EXERCISING OF DELIVERY CONTRACTS). THE OTHER HALF OF THE LOSS WAS DUE TO SPECULATOR SHORT COVERING

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 7858 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 477,724

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 9529CONTRACTS  WITH 7858 CONTRACTS DECREASED AT THE COMEX (SHORT SPECULATORS  GETTING OUT OF THEIR MESS) AND 7858EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON(AND THESE EFP’S WILL CIRCLE BACK AND EXERCISE FOR DELIVERABLE GOLD. THUS  TOTAL OI loss ON THE TWO EXCHANGES OF 9529 CONTRACTS OR 29.631TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (7858) ACCOMPANYING THE HUGE SIZED LOSS IN COMEX OI (17,387): TOTAL LOSS IN THE TWO EXCHANGES 9529CONTRACTS. WE NO DOUBT HAD 1) CONSIDERABLE  SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS.  WE  HAD SOME 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 10,400OZ //NEW STANDING 23.33TONNES///3) ZERO LONG LIQUIDATION //// //.,4)   HUGE 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. :

57,419CONTRACTS OR 5,741,900 OZ OR 178.59TONNES 13TRADING DAY(S) AND THUS AVERAGING: 4416EFP CONTRACTS PER TRADING DAY TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 12  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  178.59 //3550 x 100% TONNES  5.04% 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.  178.59TONNES//INITIAL ( SO FAR MUCH LARGER THAN PREVIOUS MONTHS)

SPREADING OPERATIONS

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

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

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

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

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A GIGANTIC SIZED 2716 CONTRACT OI TO  138,907 AND further from OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 715 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:  715 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI  LOSS OF 2716 CONTRACTS AND ADD TO THE 715 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED LOSS  OF 2001  OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES 10.005MILLION OZ//

OCCURRED WITH OUR FALL IN PRICE OF  $0.18….. 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)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN  4.54 PTS OR 0.13%   //Hang Seng CLOSED DOWN 74.80 OR  0.47%    /The Nikkei closed DOWN 99.73 OR 0.35%          //Australia’s all ordinaires CLOSED DOWN  %   /Chinese yuan (ONSHORE) closed down TO 7.1574//OFFSHORE CHINESE YUAN DOWN 7.1544//    /Oil DOWN TO 81.67 dollars per barrel for WTI and BRENT AT 89.76   / Stocks in Europe OPENED ALL red.        ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING weaker AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GIGANTIC SIZED 17,387  CONTRACTS TO 477,724 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 DECREASE OCCURRED DESPITE OUR TINY FALL IN PRICE OF $0.30  IN GOLD PRICING WEDNESDAY’S COMEX TRADING. WE ALSO HAD A STRONG SIZED EFP (7858 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 7858 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :  7858  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 7858 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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED  TOTAL OF 9529 CONTRACTS IN THAT 7858 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A HUGE SIZED  COMEX OI LOSS OF 17,387  CONTRACTS..AND  THIS STRONG SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR  FALL IN PRICE OF GOLD $0.30//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   (23.33 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 23.33TONNES/INITIAL (TOTAL SO FAR THIS YEAR 564.435 TONNES)

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL$0.30) AND WERE SUCCESSFUL IN KNOCKING OFF SOME  SPECULATOR LONGS AS WE HAD A STRONG LOSS OF 9529CONTRACTS ON OUR TWO EXCHANGES. WE HAD  ZERO SPEC SHORT ADDITIONS AND CONSIDERABLE SPEC SHORT COVERINGS..  WE HAD A STRONG SIZED LOSSON OUR TWO EXCHANGES OF 9529 CONTRACTS.//    WE HAVE LOST A TOTAL OI  OF 29.639PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR NOV. (23.33 TONNES)…THIS WAS ACCOMPLISHED WITH OUR  LOSS IN PRICE OF $0.30 

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

NET LOSS ON THE TWO EXCHANGES 9529CONTRACTS OR 9529,00  OZ OR  29.639TONNES

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 578.719oz

Brinks


JPMorgan
(



 









 
Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz
197.803 oz
HSBC
No of oz served (contracts) today37  notice(s)
3700  OZ
0.37636 TONNES
No of oz to be served (notices)1185 contracts 
118,500 oz
3.685 TONNES

 
Total monthly oz gold served (contracts) so far this month6318notices
631800
19.652TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

total dealer deposit  0

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits: 0

total deposits  nil oz

 customer withdrawals:2

i) Out of Brinks:  289.36 oz 9 kilobars

ii) Out of JPMorgan:  289.239  9 kilobars

total:  578.719  oz

total in tonnes: 0.014 tonnes

Adjustments: 2//   dealer to customer  20,267.414 oz  JPM

and 9645,314 oz  Manfra

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOVEMBER.

For the front month of NOV. we have an oi of 1222 contracts having GAINED 87 contracts.   We had  17 notices served on WEDNESDAY so we gained a WHOPPING 104

or an additional 10,400OZ (0.3233TONNES) 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 STRONG 27,307contracts DOWN to 198,613 

It sure looks like Dec will be a dilly of a delivery month.

JANUARY  gained 257 contract to stand at 477

February gained 8,343 contacts up to 230,419

We had 37 notice(s) filed today for 3700 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 37 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 11 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 (6318) x 100 oz , to which we add the difference between the open interest for the front month of  (NOV 1222 CONTRACTS)  minus the number of notices served upon today 37 x 100 oz per contract equals 750,300OZ  OR 23.33 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 (6318 x 100 oz+   (1222)  OI for the front month minus the number of notices served upon today (37} x 100 oz} which equals 750,300oz standing OR 23.33 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:  1,910,019.656 OZ   59.40 tonnes

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

TOTAL REGISTERED GOLD: 11,077,289.12 OZ (344.55 tonnes)..dropping fast

TOTAL OF ALL ELIGIBLE GOLD: 12,846,389 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,167,270OZ (REG GOLD- PLEDGED GOLD) 285.14 tonnes//rapidly declining 

END

SILVER/COMEX

NOV 15//INITIAL NOV. SILVER CONTRACT

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory2,256,870.97 oz
Brinks
CNT
Manfra
HSBC
JPMorgan




 










 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory709,560.87-0 oz
Delaware
Manfra



 











 
No of oz served today (contracts)11 CONTRACT(S)  
 (55,00OZ)
No of oz to be served (notices)150 contracts 
(750,000 oz)
Total monthly oz silver served (contracts)402 contracts
 (2,010,000oz)
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  5 withdrawals out of the customer account

i) Out of Brinks:  462,173.280 oz

ii) Out of CNT:  592,776,900 oz

iii) Out of Manfra: 20,150.210 oz

iv) Out of HSBC  593,743/480 oz

v0 Out of jPMorgan:  583,026.40o oz

Total withdrawals:   2,235,870.97oz

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: 161 CONTRACTS HAVING LOST 4CONTRACT(S.) 

WE HAD 17 NOTICES FILED ON WEDNESDAY, SO WE GAINED 13 CONTRACTS OR AN ADDITIONAL 65,000 OZ WILL STAND

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

DECEMBER SAW A LOSS OF 6844CONTRACTS DOWN TO 56,630.  

 (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:11 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  402x 5,000 oz = 2,010,000 oz 

to which we add the difference between the open interest for the front month of NOV(161 and the number of notices served upon today 11 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the NOV../2022 contract month: 402 (notices served so far) x 5000 oz + OI for front month of NOV (x161  – number of notices served upon today (11) x 5000 oz of silver standing for the NOV. contract month equates 2,760,000 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 !7. WITH GOLD DOWN $12,65 TODAY: A HUGE WITHDRAWAL OF 3.77 TONNES FROM THE GLD//INVENTORY RESTS AT 906.35 TONNES

NOV 15/WITH GOLD UP $.05: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 910.12 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: 906.35 TONNES

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

NOV !7/A DEPOSIT OF 1.842 MILLION OZ INTO THE SLV..INVENTORY RESTS AT 473.965 MILLION OZ

NOV 15/WITH SILVER DOWN $.56 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 471.923 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 FROM THE 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 473.965 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:

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

From Crypto Carnage To A Financial Crash?

THURSDAY, NOV 17, 2022 – 04:25 PM

Authored by Tuomas Malinen via The Epoch Times,

Cryptocurrencies have been on the doldrums since the ‘Crypto Carnage’ of Spring 2021. Over the weekend, a Bahama-based crypto exchange FTX Exchange collapsed. It will probably not be the last one.

Due to the massive financial speculation, induced by the credit (QE) programs of central banks, the crypto market grew into a hub of speculation. During their first global crash in spring 2021, it was rumored that some players had been engaged in speculation with leverage of 100x. That is, by borrowing 100 times the value of the underlying asset (cryptocurrency) and investing it back into the market. I have to admit that I had never heard of anything similar. In standard economic thinking, leverage of 12x was considered extreme. That “rule of thumb” was shattered in the crypto markets.

Now, the situation is a bit similar but different. Leverage used in the crypto market has most likely fallen from the previous extremes, but now the ‘Ponzi schemes’ are starting to reveal themselves in the crypto markets. Some crypto exchanges seem to have used the money invested there to speculate on assets or to other suspicious activities.

FTX Exchange

To top of it all, the now defunct FTX Exchange released a note on Saturday stating that it had been hacked and hundreds of millions of dollars removed from its accounts. So, the situation with FTX Exchange looks like fraud. It has also been rumored to have dubious connections to the Democratic Party, but that may just be a political gimmick.

The FTX logo is seen on a computer in Atlanta, Ga. on Nov.10, 2022. (Michael M. Santiago/Getty Images)

I and the company I am running, GnS Economics, have warned about the instability of cryptocurrencies for some years. In a special report published in June 2021, we concluded that:

“While the technology itself is promising and even “revolutionary”, its application alone does not add a tremendous amount of value. Nobody owns blockchain technology and anyone can make a new cryptocurrency, and many have done just that. While artificial scarcity is induced by design for particular cryptocurrencies, there is no limit to the potential number of different cryptocurrencies. As a result, new competing cryptocurrencies are popping up with no end in sight. Which—if any—will survive in the medium or long run?”

Controlling Money

When the current carnage in the crypto markets is over, and the dust settles, they are likely to face another existential threat from central banks and governments who want to control money. They may try to regulate the cryptocurrencies that survive the crash to death. Cryptocurrencies have thus, most likely, entered a battle from which only few will survive.

However, I don’t consider the all-but-necessary reshuffling of the cryptocurrency scene as the main foretelling of the current crypto carnage. This is because the collapse of the crypto scene implies that speculation and leverage are being pulled from the financial system, starting from the most-speculative end, i.e., the crypto market.

There are three reasons for this: monetary tightening by the central banks, approaching recession, and the coming winter in Europe.

The last time central banks tried to diminish their global balance sheet, first asset and credit markets nearly crashed (in the turn of 2018/2019), and then the repurchase or repo markets imploded (September 2019). This event ended the global quantitative tightening. Now the central banks are trying to diminish their balance sheets from a much higher level. I wish them the best of luck, but I fear the worst.

A figure presenting the combined balance sheet of the Bank of Japan, European Central Bank, the Federal Reserve, the Fed Funds rate, and the major market events from Jan. 2018 to Dec. 2019. (GnS Economics, BoJ, ECB, Fed)

A figure of the balance sheets of the Bank of Japan, European Central Bank, the Federal Reserve, and the Peoples Bank of China in U.S. dollars. (GnS Economics, BoJ, ECB, Fed, PBoC)

I have been warning about the approaching recession for months. The European Commission now expects the Eurozone to fall into recession by the year-end, and it appears recession is also finally reaching the United States. Recently, FedEx, the global logistic giant, announced it would start furloughing the workforce due to “current business conditions impacting volumes.” There probably cannot be a clearer sign of impending recession that a logistics company announcing workforce diminution during the main holiday season of the year.

According to the forecasts, winter will arrive in Europe (it has been long overdue) this week. It will most likely lead to another spike in energy prices and, in the worst case, to rolling blackouts or even energy lockdowns down the line. An energy crisis is likely (it has already) hit the industrial mainland of Europe, Germany, hard and it will continue to reverberate across our continent.

It is questionable will the financial sector be able to handle yet another series of shocks just three months apart. My fear is that the hit may start the next stage of the economic collapse that began already in 2020.

The fact is that the global financial sector is in dire straits, which is visible when one analyzes the sources of global liquidity (credit). I will return to these issues in more detail in my following posts.

In the meantime, I am urging everyone to continue preparing for the winter, which may be the darkest we have seen for a very long time.

END

“This Is Unprecedented”: Enron Liquidator Overseeing FTX Bankruptcy Speechless: “I Have Never Seen Anything Like This”

THURSDAY, NOV 17, 2022 – 05:10 PM

A few days ago we asked how much longer do we have to wait for the “first-day affidavit” in the FTX bankruptcy, traditionally the most detailed and comprehensive summary of how any given company collapsed into Chapter 11 (and in FTX’s case, Chapter 7 soon, as this will soon become a full-blown liquidation)…

… and this morning we finally got our answer when it hit the docket (22-11068, U.S. Bankruptcy Court for the District of Delaware), almost a full week after FTX filed on Nov 11… and boy is it a doozy.

Because how else would one describe it when FTX’s new CEO and liquidator, John Ray III,  who also oversaw the unwinding and liquidation of Enron, admits that “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

And just in case his shock at FTX’s fraud of epic proportions was not quite clear enough, he adds that “from compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

Courtesy of the affidavit, here is what the company’s org chart looks like as of Nov 17:

According to Ray, he has located “only a fraction” of the digital assets of the FTX Group that they hope recover during the Chapter 11 bankruptcy. They’ve so far secured about $740 million of cryptocurrency in offline cold wallets, a storage method designed to prevent hacks. This is just a fraction of the $10-$50 billion in liabilities the company disclosed in its bankruptcy filing.

How do we know it’s a fraud: as Ray writes on page 24, although the investigation has only begun and must run its course, it is my view based on the information obtained to date, “that many of the employees of the FTX Group, including some of its senior executives, were not aware of the shortfalls or potential commingling of digital assets.” Many maybe not, but some – and certainly SBF himself – did.

It gets better: Ray said that company’s audited financial statements should not be trusted, Ray said, adding that liquidators are working to rebuild balance sheets for FTX entities from the bottom up.

FTX “did not maintain centralized control of its cash” and failed to keep an accurate list of bank accounts and account signatories, or pay sufficient attention to the creditworthiness of banking partners, according to Ray. Advisers don’t yet know how much cash FTX Group had when it filed for bankruptcy, but has found about $560 million attributable to various FTX entities so far.

Although restructuring advisers have been in control of FTX for less than a week, they’ve seen enough to depict the crypto company as a deeply flawed enterprise. Lasting records of decision making are hard to come by: Bankman-Fried often communicated through applications that auto-deleted in short order and asked employees to do the same, according to Ray.
Corporate funds of FTX Group were used to buy homes and other personal items for employees, Ray said.

Corporate funds were also used to buy homes and other personal items for employees and advisers, sometimes in their personal names.

“In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. I understand that there does not appear to be documentation for certain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas,” Ray said, who also noted that the company didn’t have appropriate corporate governance and never held board meetings. There was no accurate list of bank accounts and account signatories, as well as insufficient attention paid to the creditworthiness of banking partners.

Ray said the company did not have “an accurate list” of its own bank accounts, or even a complete record of the people who worked for FTX (see below). He added that FTX used “an unsecured group email account” to manage the security keys for its digital assets.

The filing sheds light on the sloppy business practices, such as FTX employees asking to be paid through an online “chat” platform “where a disparate group of supervisors approved disbursements by responding with personalized emojis.”

Below we excerpt some of the most notable highlights from the affidavit, which we embed at the bottom of the post and which everyone should read to get a sense of just how massive Sam Bankman-Fried’s fraud was.

  • I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity.
  • Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.
  • For purposes of managing the Debtors’ affairs, I have identified four groups of businesses, which I refer to as “Silos.” These Silos include:
    • (a) a group composed of Debtor West Realm Shires Inc. and its Debtor and non-Debtor subsidiaries (the “WRS Silo”), which includes the businesses known as “FTX US,” “LedgerX,” “FTX US Derivatives,” “FTX US Capital Markets,” and “Embed Clearing,” among other businesses;
    • (b) a group composed of Debtor Alameda Research LLC and its Debtor subsidiaries (the “Alameda Silo”);
    • (c) a group composed of Debtor Clifton Bay Investments LLC, Debtor Clifton Bay Investments Ltd., Debtor Island Bay Ventures Inc. and Debtor FTX Ventures Ltd. (the “Ventures Silo”);
    • (d) a group composed of Debtor FTX Trading Ltd. and its Debtor and non-Debtor subsidiaries (the “Dotcom Silo”), including the exchanges doing business as “FTX.com” and similar exchanges in non-U.S. jurisdictions. These Silos together are referred to by me as the “FTX Group.
  • Each of the Silos was controlled by Mr. Bankman-Fried.2 Minority equity interests in the Silos were held by Zixiao “Gary” Wang and Nishad Singh, the co-founders of the business along with Mr. Bankman-Fried. The WRS Silo and Dotcom Silo also have third party equity investors, including investment funds, endowments, sovereign wealth funds  and families. To my knowledge, no single investor other than the co-founders owns more than 2% of the
    equity of any Silo.
  • The diagram attached as Exhibit A provides a visual summary of the Silos and the indicative assets in each Silo. Exhibit B contains a preliminary corporate structure chart. These materials were prepared at my direction based on information available at this time and are subject to revision as our investigation into the affairs of the FTX Group continues.

          

There is much more information on each of these silos in the affidavit at the bottom of this post, but what we are curious about at this stage is what the Alameda balance sheet looks like: after all, that’s what started this whole avalanche in the first place. Here are the details:

The parent company and primary operating company in the Alameda Silo is Alameda Research LLC, which is organized in the State of Delaware. Before the Petition Date (as defined below), the Alameda Silo operated quantitative trading funds specializing in crypto assets. Strategies included arbitrage, market making, yield farming and trading volatility. The Alameda Silo also offered over-the-counter trading services, and made and managed other debt and equity investments. In short, the Alameda Silo was a “crypto hedge fund” with a diversified business trading and speculating in digital assets and related loans and securities for the account of its owners, Messrs. Bankman-Fried (90%) and Wang (10%).

Alameda Research LLC prepared consolidated financial statements on a quarterly basis. To my knowledge, none of these financial statements have been audited. The September 30, 2022 balance sheet for the Alameda Silo shows $13.46 billion in total assets as of its date. However, because this balance sheet was unaudited and produced while the Debtors were controlled by Mr. Bankman-Fried, I do not have confidence in it and the information therein may not be correct as of the date stated.

Remarkably, among the assets listed in the document was $4.1bn of related party loans extended by Alameda, $3.3bn of which was to Bankman-Fried both personally and to an entity he controlled. Bankman-Fried previously said that FTX had “accidentally” given $8bn of FTX customer funds to Alameda.

The highlighted “related party receivable” is notable because as footnote 3 to the table reveals, it consisted of a loan by “Euclid Way Ltd. to Paper Bird Inc. (a Debtor) of $2.3 billion” and three loans by Alameda Research Ltd.: one to Mr. Bankman-Fried, of $1 billion; one to Mr. Singh, of $543 million; and one to Ryan Salame, of $55 million.

The liabilities as of September 30, 2022 were manageable. Unfortunately, the reality is that the asset and liability numbers at the consolidated level were flipped resulting in an $8 billion hole.

The problem, as we now know, is that the value of the assets was woefully overrepresented. But we’ll get to that.

First, let’s look at the immediate history that led to the bankruptcy filing:

EVENTS LEADING TO CHAPTER 11 FILING

The Debtors faced a severe liquidity crisis that necessitated the filing of these Chapter 11 Cases on an emergency basis on November 11, 2022, and in the case of Debtor West Realm Shires Inc., on November 14, 2022 (collectively, the “Petition Date”). In the days leading up to the Petition Date, certain of the circumstances described in Part III below became known to a broader set of executives of the FTX Group beyond Mr. Bankman-Fried and members of his inner circle. Questions arose about Mr. Bankman-Fried’s leadership and the handling of the Debtors’ complex array of assets and businesses.

As the situation became increasingly dire, Sullivan & Cromwell and Alvarez & Marsal were engaged to provide restructuring advice and services to the Debtors.

On November 10, 2022, the Securities Commission of the Bahamas (the “SCB”) took action to freeze assets of non-Debtor FTX Digital Markets Ltd., a service provider to FTX Trading Ltd. and the employer of certain current and former executives and staff in the Bahamas. Mr. Brian Simms, K.C. was appointed as provisional liquidator of FTX Digital Markets Ltd. on a sealed record. The provisional liquidator for this Bahamas subsidiary has filed a chapter 15 petition seeking recognition of the provisional liquidation proceeding in the Bankruptcy Court for the Southern District of New York.

In addition, in the first hours of November 11, 2022 EST, the directors of non-Debtors FTX Express Pty Ltd and FTX Australia Pty Ltd., both Australian entities, appointed Messrs. Scott Langdon, John Mouawad and Rahul Goyal of Korda Mentha Restructuring as voluntary administrators.

At the same time, negotiations were being held between certain senior individuals of the FTX Group and Mr. Bankman-Fried concerning the resignation of Mr. Bankman-Fried and the commencement of these Chapter 11 Cases. Mr. Bankman-Fried consulted with numerous lawyers, including lawyers at Paul, Weiss, Rifkind, Wharton & Garrison LLP, other legal counsel and his father, Professor Joseph Bankman of Stanford Law School. A document effecting a relinquishment of control was prepared and comments from Mr. Bankman-Fried’s team incorporated. At approximately 4:30 a.m. EST on Friday, November 11, 2022, after further consultation with his legal counsel, Mr. Bankman-Fried ultimately agreed to resign, resulting in my appointment as the Debtors’ CEO. I was delegated all corporate powers and authority under applicable law, including the power to appoint independent directors and commence these Chapter 11 Cases on an emergency basis.

Cash management… or lack thereof:

The FTX Group did not maintain centralized control of its cash. Cash management procedural failures included the absence of an accurate list of bank accounts and account signatories, as well as insufficient attention to the creditworthiness of banking partner around the world. Under my direction, the Debtors are establishing a centralized cash management system with proper controls and reporting mechanisms.

During these Chapter 11 Cases, cash that the Debtors are able to locate and transfer to the United States without adverse consequences, including substantially all proceeds of the global reorganization effort, will be deposited into financial institutions in the United States that are approved depository institutions in accordance with the U.S. Trustee Guidelines. Each Silo will have a centralized cash pool, and the Debtors will implement appropriate arrangements for allocating costs across the various Silos and Debtors. The Debtors expect to file promptly a Cash Management Motion that will describe the new cash management system in more detail.

Because of historical cash management failures, the Debtors do not yet know the exact amount of cash that the FTX Group held as of the Petition Date. The Debtors are working with Alvarez & Marsal to verify all cash positions. To date, it has been possible to approximate the following balances as of the Petition Date based on available books and records:

The Debtors have been in contact with banking institutions that they believe hold or may hold Debtor cash. These banking institutions have been instructed to freeze withdrawals and alerted not to accept instructions from Mr. Bankman-Fried or other signatories. Proper signature authority and reporting systems are expected to be arranged shortly.

Effective cash management also requires liquidity forecasting, which I understand was also generally absent from the FTX Group historically. The Debtors are putting in place the systems and processes necessary for Alvarez & Marsal to produce a reliable cash forecast as well as the cash reporting required for Monthly Operating Reports under the Bankruptcy Code.

And now it gets really good: read this section on the company’s “Financial Reporting”

The FTX Group received audit opinions on consolidated financial statements for two of the Silos – the WRS Silo and the Dotcom Silo – for the period ended December 31, 2021. The audit firm for the WRS Silo, Armanino LLP, was a firm with which I am professionally familiar. The audit firm for the Dotcom Silo was Prager Metis, a firm with which I am not familiar and whose website indicates that they are the “first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform  Decentraland.

 have substantial concerns as to the information presented in these audited financial statements, especially with respect to the Dotcom Silo. As a practical matter, I do not believe it appropriate for stakeholders or the Court to rely on the audited financial statements as a reliable indication of the financial circumstances of these Silos.

The Debtors have not yet been able to locate any audited financial statements with respect to the Alameda Silo or the Ventures Silo.

Next, human resources: even more insanity here.

he FTX Group’s approach to human resources combined employees of various entities and outside contractors, with unclear records and lines of responsibility. At this time, the Debtors have been unable to prepare a complete list of who worked for the FTX Group as of the Petition Date, or the terms of their employment. Repeated attempts to locate certain presumed employees to confirm their status have been unsuccessful to date.

Nevertheless, there is a core team of dedicated employees at the FTX Group who have stayed focused on their jobs during this crisis and with whom I have established appropriate lines of authority and working relationships. The Debtors continue to review personnel issues but I expect, based on my experience and the nature of the Debtors’ business, that a large number of employees of the Debtors will need to continue to work for the Debtors for the foreseeable future in order to establish accountability, preserve value and maximize stakeholder recoveries after the departure of Mr. Bankman-Fried. As Chief Executive Officer, I am thankful for the extraordinary efforts of this group of employees, who despite difficult personal circumstances, have risen to the occasion and demonstrated their critical importance to the Debtors.

… and better: here are FTX’s “Disbursement Controls”

The Debtors did not have the type of disbursement controls that I believe are appropriate for a business enterprise. For example, employees of the FTX Group submitted payment requests through an on-line ‘chat’ platform where a disparate group of  supervisors  approved disbursements by responding with personalized emojis.

Digital Asset Custody… and the “use of software to conceal the misuse of customer funds.”

The FTX Group did not keep appropriate books and records, or security controls, with respect to its digital assets. Mr. Bankman-Fried and Mr. Wang controlled access to digital assets of the main businesses in the FTX Group (with the exception of LedgerX, regulated by the CFTC, and certain other regulated and/or licensed subsidiaries). Unacceptable management practices included the use of an unsecured group email account as the root user to access confidential private keys and critically sensitive data for the FTX Group companies around the world, the absence of daily reconciliation of positions on the blockchain, the use of software to conceal the misuse of customer fundsthe secret exemption of Alameda from certain aspects of FTX.com’s auto-liquidation protocol, and the absence of independent governance as between Alameda (owned 90% by Mr. Bankman-Fried and 10% by Mr. Wang) and the Dotcom Silo (in which third parties had invested.

The Debtors have located and secured only a fraction of the digital assets of the FTX Group that they hope to recover in these Chapter 11 Cases. The Debtors have secured in new cold wallets approximately $740 million of cryptocurrency that the Debtors believe is attributable to either the WRS, Alameda and/or Dotcom Silos. The Debtors have not yet been able to determine how much of this cryptocurrency is allocable to each Silo, or even if such an allocation can be determined. These balances exclude cryptocurrency not currently under the Debtors’ control as a result of (a) at least $372 million of unauthorized transfers initiated on the Petition Date, during which time the Debtors immediately began moving cryptocurrency into cold storage to mitigate the risk to the remaining cryptocurrency that was accessible at the time, (b) the dilutive ‘minting’ of approximately $300 million in FTT tokens by an unauthorized source after the Petition Date and (c) the failure of the co-founders and potentially others to identify additional wallets believed to contain Debtor assets.

In response, the Debtors have engaged forensic analysts to identify potential Debtor assets on the blockchain, cybersecurity professionals to identify the parties responsible for the unauthorized transactions on and after the Petition Date and investigators to begin the process of identifying what may be very substantial transfers of Debtor property in the days, weeks and months prior to the Petition Date. The Debtors’ team includes business, accounting, forensic, technical and legal resources that I believe are among the best in the world at these activities. It is my expectation that the Debtors will require assistance from the Court with respect to these matters as the investigation and these Chapter 11 Cases continue.

Additionally, Ray notes that the fair value of the crypto assets held by the FTX International exchange was just $659,000 as of September 30. As a reminder, SBF made this sound to be as large as $5.5bn just a few days ago. While the filing does not include an estimate of crypto assets owed to customers, but says they are expected to be “significant”.

As the FT notes, amid Ray’s first statements on the collapse of FTX, a jurisdictional fight over the company’s legal proceedings has emerged. Earlier in the week, Bahamian officials filed a Chapter 15 bankruptcy in a New York federal court asking a judge there to respect a liquidation effort that had commenced in the island nation.

At issue is an FTX subsidiary known as “FTX Digital” not involved in the US Chapter 11 case in which the Bahamas says significant customer assets reside. Ray on Thursday wrote in a court filing that the Chapter 15 case should be consolidated in the Delaware bankruptcy court.

The punchline, however, was Ray’s final paragraph, a tangent on corporate communications which hardly needs discussion:

Finally, and critically, the Debtors have made clear to employees and the public that Mr. Bankman-Fried is not employed by the Debtors and does not speak for them. Mr. Bankman-Fried, currently in the Bahamas, continues to make erratic and misleading public statements. Mr. Bankman-Fried, whose connections and financial holdings in the Bahamas remain unclear to me, recently stated to a reporter on Twitter: “F*** regulators they make everything worse” and suggested the next step for him was to “win a jurisdictional battle vs. Delaware”.

To summarize:

  • No record of any bank accounts
  • No record of any cash accounts
  • No record of any signatories
  • No record of any employees
  • No record of any payables or receivables
  • No record of any investments
  • No record of any decision-making
  • No record of any board meetings
  • No record of anything

And, as Bryce Weiner adds, there was also no record of any chats which were set to auto-delete, so there is no record of any internal communications.

Translation: if SBF avoids prison it is only because his tens of millions in (stolen) “donations” to Democrats have bought him a get out of jail for life card.

The full affidavit is below.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 Sink To Session Lows As Sentiment Sours

Tyler Durden's Photo

BY TYLER DURDEN

THURSDAY, NOV 17, 2022 – 03:02 PM

US equity futures dropped to session lows, and surrendered earlier gains of as much as 0.2%, setting up Wall Street stocks to extend Wednesday’s weakness, with traders assessing comments from Fed officials about the path of rate hikes amid earnings reports (such as those from Target) confirming that the US consumer is hunkering down for a recession.  S&P 500 futures were 0.8% lower and those on the Nasdaq 100 dropped 0.6% at 7:30 a.m. in New York, with treasury yields bouncing after yesterday’s decline.  10-year Treasury yields rose, following indications from Fed officials on Wednesday that policy would tighten further. The dollar rallied half a percent against a basket of currencies.

Traders got mixed signals from policy makers, with Fed hawk Christopher Waller saying recent data have made him more comfortable with a moderate interest-rate increase of 50 basis points next month, but left the door open to a sequence of such increases if needed to curb inflation. Meanwhile, San Francisco Fed President Mary Daly said a pause in rate hikes was “off the table,” and New York Fed President John Williams said the central bank should avoid incorporating financial stability risks into its considerations.

“All this Fed talk in recent weeks starting with Powell’s press conference after the last meeting, they are indicating they are going to slow the pace of hikes,” Patrick Armstrong, CEO at Plurimi Wealth told Bloomberg TV, adding that he expected a 50 basis-point increase at the next meeting.

In premarket trading, Cisco Systems rose after the communications equipment company reported first-quarter results that beat expectations and raised its full-year forecast. Nvidia was also on the rise after topping estimates, lifting semiconductor peers AMD and Marvell. NetEase shares fell as the video game maker plans to end a 14-year partnership with Blizzard Entertainment. Bath & Body Works shares jumped the company boosted its full-year profit forecast. Here are the other notable premarket movers:

  • Ardelyx soars ~77% in premarket trading after its kidney disease therapy won the backing of a majority of a panel of FDA advisers. The response from analysts was mostly positive, with Piper Sandler upgrading the stock to overweight, saying it will be hard for the Food and Drug Administration to justify a rejection of the drug based on the advisory committee’s positive feedback.
  • Bath & Body Works shares jump ~21% in premarket trading after boosting its full-year profit forecast due to a focus on innovation and cost control. Analysts found the results to be impressive overall, noting the print was “strong” with the company reporting beats across the top line.
  • Elevate shares rise ~67% in premarket trading to ~$1.77 after it entered into a definitive agreement to be acquired by an affiliate of Park Cities Asset Management LLC for $1.87/share in cash, implying value of $67m.
  • NetEase shares fall in US premarket trading as the video game maker plans to end a 14-year partnership with Blizzard Entertainment after January, suspending services to licensed games that represented low-single-digit percentage of its revenue and net income in 2021.
  • Norwegian Cruise Line is double- downgraded to underperform from outperform at Credit Suisse, with the broker seeing downside risk to estimates and preferring the firm’s peers. Norwegian Cruise shares fall ~4% in US premarket trading.
  • Principal Financial drops ~2.4% in premarket trading after both Evercore and Morgan Stanley downgrade the stock, citing its high valuation.
  • Robinhood Markets shares gain ~1.4% in US premarket trading after the broker gave an operating update for October, with analysts positive on the company’s better performance during the month and early indications of stronger trading volumes for November.
  • Sonos jumped in postmarket trading after the speaker company reported fourth-quarter revenue that beat expectations and gave a full-year revenue forecast that is ahead of the analyst consensus.

US equities have marked a pause this week after the S&P 500 rallied 10.5% over the past month, while the Nasdaq 100 rose about 9.4% during the same period, with slowing inflation weighed against stronger-than-expected US economic data. “The market is likely to experience quite a few false bottoms” as seen in the IT sector at the moment, Jefferies strategists led by Sean Darby wrote in a note.

“We are cognizant that each time global markets attempt to rally on the back of speculation that the end of the Fed’s tightening intentions may be in sight, FOMC officials come out with a new paragraph of hawkish narrative, to tamp down any prospect of irrational exuberance,” Simon Ballard, chief economist at First Abu Dhabi Bank, wrote in a note to investors.

In Europe, the Stoxx 600 also erased gains to trade lower 0.4%. Basic resources and utilities underperformed, while food and consumer product stocks rose. The Dax outperformed while the FTSE 100 underperformed regional peers, while gilts 2-year yields rise above 3% and 10-year yields trade around 3.15%, both within Wednesday’s range. Investors braced for the release of the UK budget later in the day, while European Central Bank policy makers were said to consider a slowdown in interest-rate hikes, with only a 50 basis-point increase next month. Here are the biggest European movers”

  • Siemens jumps as much as 8.9% on the European engineering giant’s robust order books and outlook, which Jefferies says were well ahead of expectations and mainly driven by its division that makes factory automation software.
  • Chipmakers may be in focus after Nvidia posted quarterly sales that topped analysts’ estimates and Micron Technology said it was reducing production of chips due to weakening market conditions. ASML shares rose as much as 1.2%.
  • Subsea 7 gains as much as 7.7%, the most since March 7, after the Norwegian offshore energy firm published better-than-expected 3Q results, driven by higher margins and solid performance, Citi says.
  • Ocado drops as much as 9.4% after Kintbury Capital chief investment officer Chris Dale said even its bull case is for 50% downside in the stock, on expectations the UK company will struggle to finance itself.
  • Alstom declines as much as 6.1% — paring some of its post-earnings gains — after Morgan Stanley slashed its price target on worries about the French rail equipment maker’s balance sheet and record-low cash-flow guidance.
  • NN Group drops as much as 8.6%, the most since mid-August, after the insurer set new 2025 targets which Citi says may disappoint because of their “conservatism.”
  • Bouygues falls as much as 5.2% in Paris trading as a warning on margins at the Colas constructions unit overshadowed nine-month results from the French conglomerate that beat consensus estimates for operating income.
  • Embracer slides as much as 21%, the biggest intraday decline on record, after the Swedish video-game maker reduced its fiscal 2023 adjusted Ebit target, citing a delay in its Dead Island 2 game, a more challenging macro environment and a mixed reception to some of its key releases.

Earlier in the session, Asian stocks declined amid fears that Federal Reserve’s tightening still has further go to curb inflation after strong US retail sales print.  The MSCI Asia Pacific Index declined as much as 1.3%, its biggest drop in a week before paring losses. Tech drove losses with Meituan, Samsung and Netease leading the gauge lower.   Benchmarks in Hong Kong were notable losers in the region, with the Hang Seng Tech Index sliding as much as 5.6% before reducing the loss. They were down for a second day following rapid gains that put the gauges there into bull market territory. Equities in mainland China and South Korea also dropped while those in Japan, Australia and Singapore were slightly higher.  Tencent Holdings Ltd.’s plan to pay out $20b of stock in Meituan sparked a broad selloff of Chinese internet stocks on Thursday as investors fear more divestments by the online gaming company are on the cards.

The People’s Bank of China warned inflation may accelerate as overall demand in the economy picks up, suggesting it may refrain from adding more long-term stimulus. It did still doubled short-term cash injection Thursday to ease a selloff in sovereign debt. In the US, San Francisco Fed President Mary Daly said the central bank should keep hiking, while New York Fed President John Williams said it should focus on the economy rather than financial risks as it raises rates.  “The hotter-than-expected US retail sales data and hawkish leaning comments from Fed officials weighed on equities,” Saxo Capital Markets strategists including Redmond Wong wrote in a note. US retail sales posted the biggest increase in eight months in October

Japanese stocks traded range-bound as investors worried about further US interest rate hikes after San Francisco Federal Reserve President Mary Daly said that “pausing is off the table.” The Topix Index rose 0.2% to 1,966.28 as of market close Tokyo time, while the Nikkei declined 0.4% to 27,930.57. Sumitomo Mitsui Financial Group Inc. contributed the most to the Topix Index gain, increasing 2.1%. Out of 2,165 stocks in the index, 1,512 rose and 551 fell, while 102 were unchanged. “The US retail sales numbers came out higher than expected, also signaling that inflationary factors remain strong,” said Takeru Ogihara, chief strategist at Asset Management One.

Australian stocks snapped a 3-day losing streak as the S&P/ASX 200 index rose 0.2% to close at 7,135.70, boosted by strength in healthcare shares and banks.  Australia’s jobless rate unexpectedly fell in October as a surge in full-time employment underpinned strong hiring, reinforcing the Reserve Bank’s arguments for further interest-rate increases. In New Zealand, the S&P/NZX 50 index rose 0.6% to 11,294.52.

Stocks in India declined, in line with global peers, as investors sought clarity over the Federal Reserve’s future policy moves and their impact on growth.  Expiry of weekly derivative contracts also weighed on local shares as investors continued taking profits from recent gainers such as banks after conclusion of quarterly results season.  The S&P BSE Sensex fell to close at 0.4%, its biggest drop since Nov. 10, to 61,750.60 in Mumbai, while the NSE Nifty 50 Index declined by an equal measure. For the week, the Sensex and Nifty are little changed. “With the result season now over, we expect the market to track global developments in the near term,” Motilal Oswal Financial Services analyst Siddhartha Khemka said. Mortgage lender HDFC and its banking unit provided the biggest drag to the Sensex. Out of 30 shares in the Sensex index, only eight rose and the rest fell. All but three of BSE Ltd.’s 19 sector sub-gauges closed lower, led by consumer durables stocks.

In rates, 10-year yields TSY yield add 3bps to 3.7%, while bunds 10-year yields drop 2bps to below 2%. Treasuries were cheaper by as much as 2.4bp across 10-year sector, with 3.714% yield vs session high 3.74%, following a more aggressive bear-flattening move in gilts after the UK government released its latest fiscal statement. Bunds outperform by 5bp in the sector while gilts lag by 2bp. UK curve sharply bear- flattens on the day with 2-year yield cheaper by 10bp, back above 3% level.

In commodities, crude benchmarks are under modest pressure given the USD recovery throughout the morning, generally softer APAC tone and a continuing deterioration to the China COVID case count weighing.
Ags. in focus and pressured following a as-expected extension to the Black Sea grain deal.
Currently, the yellow metal is holding around the lower-end of USD 1761-1774/oz parameters, and is thus a similar distance from the WTD peak of USD 1786/oz and the 10-DMA at USD 1738/oz.

WTI falls below $85. Spot gold falls roughly $8 to trade near $1,766/oz

To the day ahead now, and a key highlight will be the UK government’s autumn statement. Otherwise, data releases include US housing starts and building permits for October, the Philadelphia Fed’s business outlook index and the Kansas City Fed manufacturing index for November, and the weekly initial jobless claims. Finally, central bank speakers include the Fed’s Bullard, Bowman, Mester, Jefferson and Kashkari, the ECB’s Villeroy, and the BoE’s Pill and Tenreyro.

Market Snapshot

  • S&P 500 futures down 0.2% to 3,960.25
  • STOXX Europe 600 down 0.2% to 429.39
  • MXAP down 0.7% to 152.94
  • MXAPJ down 1.0% to 494.58
  • Nikkei down 0.3% to 27,930.57
  • Topix up 0.2% to 1,966.28
  • Hang Seng Index down 1.2% to 18,045.66
  • Shanghai Composite down 0.1% to 3,115.44
  • Sensex down 0.1% to 61,897.84
  • Australia S&P/ASX 200 up 0.2% to 7,135.65
  • Kospi down 1.4% to 2,442.90
  • German 10Y yield down 0.5% to 1.99%
  • Euro down 0.2% to $1.0378
  • Brent Futures down 0.5% to $92.39/bbl
  • Gold spot down 0.5% to $1,765.56
  • U.S. Dollar Index up 0.27% to 106.57

Top Overnight News from Bloomberg

  • Bank customers are the most enthusiastic about using the British pound for global payments since mid-2016, around the same time the UK voted to quit the European Union
  • President Joe Biden rejected Ukrainian President Volodymyr Zelenskiy‘s assertion that Russia fired a missile that landed in Poland — continuing efforts by the US and allies to de-escalate the deadly episode
  • Chinese regulators asked banks to report on their ability to meet short-term obligations after a rapid selloff in bonds triggered a flood of investor withdrawals from fixed-income products, according to people familiar with the matter
  • China will well implement agreements made by Chinese President Xi Jinping and US President Joe Biden at G-20 summit over economic policy and trade negotiations, Ministry of Commerce says
  • Turns out Chinese President Xi Jinping’s partnership with Vladimir Putin has limits after all: He doesn’t want to follow the Russian leader into diplomatic isolation
  • Brazil President-elect Luiz Inacio Lula da Silva will ask congress to circumvent a key fiscal safeguard by excluding the country’s most important social program from a public spending cap to pay for his campaign pledges

A more detailed look at global market courtesy of Newsquawk

APAC stocks traded mostly lower throughout the session following the downbeat lead from Wall Street. ASX 200 was the relative outperformer with gains lead but the Consumer Staples and IT sector, with no reaction seen in wake of the Aussie jobs data. Nikkei 225 traded on either side of the 28k mark before stabilising under the round figure, with losses modest during the session. KOSPI gave up earlier gains and drifted lower throughout the session with losses led by the chip and IT sectors, whilst sentiment in the region was soured by North Korea firing a short-range ballistic missile. Hang Seng and Shanghai Comp opened with and then extended on losses with the former seeing downside in Meituan, which fell around 6% after Tencent announced a special dividend in the form of Meituan shares, whilst People’s Daily also suggested China is able to achieve COVID Zero as mainland cases roses at the fastest pace since April.

Top Asian News

  • China reported 2,388 (prev. 1,623) new confirmed coronavirus cases in the mainland on Nov 16th, via Reuters
  • China is able to achieve COVID Zero, according to People’s Daily.
  • China has asked banks to report on liquidity following the sudden bond rout, according to Bloomberg.
  • PBoC injected CNY 132bln via 7-day reverse repos with the rate at 2.00% for a CNY 123bln net injection.
  • Tokyo to raise COVID alert level by one notch amid the recent rise in COVID cases, according to NTV.
  • BoJ Governor Kuroda said it is important to continue monetary easing to support the economy. Kuroda said recent price hikes are due to cost-push factors, according to Reuters. Kuroda said BoJ will closely coordinate with the government to conduct appropriate policy.
  • Senior BoJ official Uchida said it is too early to discuss the exit from monetary stimulus, via Reuters.
  • Saudi Arabia signed USD 30bln worth of investment agreements with South Korean firms, covering clean energy and medical tech, according to the Saudi Investment Minister
  • China’s Commerce Ministry, on China-US economic & trade dialogue, says will implement the key consensus reached by leaders, domestic exports/imports will see greater pressure.

Stocks in Europe, Eurostoxx 50 -0.2%, are on a mixed footing after scaling back opening gains with no clear fundamental catalyst driving price action thus far ahead of numerous events. Stateside, futures have similarly pared back initial upside and are near the unchanged mark/marginally lower with the ES back below the 4k figure ahead of data, Fed speak and a few corporate updates.

Top European News

  • COP27 Set for Showdown After Draft Leaves Out Fossil Fuel Pledge
  • China’s Forgotten Covid Zero Lockdown Has Just Hit 100 Days
  • Where European Energy Infrastructure Is Vulnerable to Attack
  • Rusal Asks LME to Disclose Origin of All Metal, Not Russian Only
  • European Stocks Steady as Investors Assess Policy, Growth Risks

FX

  • DXY has seen a intra-day recovery from a 106.08 low to a 106.68 peak, with G10 peers now all pressured vs initial modest upside against the Greenback.
  • Fundamental driver(s) behind the move have been limited, with the sessions main events yet to come in the form of the UK budget and Central Bank speak thereafter.
  • Cable has, given the USD’s recovery, experienced a marked pullback from 1.1950+ best to back below the figure and almost a full point lower.
  • Similarly, EUR has moved into the red though this is comparably more contained given its initial upside was capped by EUR/GBP action, action which is now marginally EUR-favourable.
  • USD/CNY has reverted back to initial 7.14+ best levels after pulling back towards the figure, with the region focused on fresh COVID commentary.
  • PBoC sets USD/CNY mid-point at 7.0655 vs exp. 7.0479 (prev. 7.0363)

Fixed Income

  • Gilts unchanged ahead of significant fiscal changes from the UK, USTs await Fed speak post-Waller.
  • Currently, the UK benchmark resides at the lower-end of 106.32-107.17 parameters with the associated 10yr yield at 3.15%; a figure that is only 15bp above the current BoE base rate and significantly shy of the 4.632% peak seen in wake of the former PM/Chancellor’s ‘mini-Budget’.
  • EGBs and USTs are holding in similarly contained ranges around the unchanged mark; currently, +14 and -9 ticks respectively, with focus on the hefty Central Bank docket.
  • Italy maintains the new BTP Italia bond real annual coupon at 1.6%.

Commodities

  • Crude benchmarks are under modest pressure given the USD recovery throughout the morning, generally softer APAC tone and a continuing deterioration to the China COVID case count weighing.
  • Ags. in focus and pressured following a as-expected extension to the Black Sea grain deal.
  • Currently, the yellow metal is holding around the lower-end of USD 1761-1774/oz parameters, and is thus a similar distance from the WTD peak of USD 1786/oz and the 10-DMA at USD 1738/oz.
  • TC Energy’s Keystone oil pipeline issues were resolved after force majeure, but TC Energy will reduce injections for the rest of November, according to Reuters sources.
  • Ukrainian Infrastructure Minister says the Black Sea grain initiative will be extended for 120-days, via Reuters; Russia will not cut off the Black Sea grain deal, via Tass citing the Deputy Foreign Minister.

Geopolitics

  • Chinese President Xi may visit Russia in 2023; government heads could have call in December, according to Tass.
  • North Korea fired an unspecified ballistic missile toward East Sea, according to the South Korean military cited by Yonhap.
  • North Korea said the recent South Korea, US, and Japan summit would lead the Korean peninsula to an even more unpredictable situation, according to KCNA.
  • South Korean and US militaries conducted missile defence drills following the North Korean missile launch, according to the South Korean military.
  • UK blocked Chinese takeover of Newport chip plant, ordering Chinese-owned Nexperia to sell at least 86% of the factory in order to mitigate risk to national security, according to FT.
  • China’s President Xi said China is willing to increase imports from Italy, according to CCTV.
  • Turkish President Erdogan expects issues around the US F-16 jet purchases to resolve soon, via Reuters.

US Event Calendar

  • 08:30: Nov. Initial Jobless Claims, est. 228,000, prior 225,000
    • Nov. Continuing Claims, est. 1.51m, prior 1.49m
  • 08:30: Oct. Housing Starts, est. 1.41m, prior 1.44m
    • Oct. Housing Starts MoM, est. -2.0%, prior -8.1%
    • Oct. Building Permits, est. 1.51m, prior 1.56m
    • Oct. Building Permits MoM, est. -3.2%, prior 1.4%
  • 08:30: Nov. Philadelphia Fed Business Outl, est. -6.0, prior -8.7
  • 11:00: Nov. Kansas City Fed Manf. Activity, est. -8, prior -7

Central bank speakers

  • 08:00: Fed’s Bullard Discussed the Economy and Monetary Policy
  • 09:15: Fed’s Bowman Discusses Financial Literacy and Inclusion
  • 09:40: Fed’s Mester Speaks at Financial Stability Conference
  • 10:40: Fed’s Jefferson and Kashkari Take Part in Panel Discussion
  • 13:45: Fed’s Kashkari Takes Part in Moderated Q&A
  • 20:05: Powell, Williams and Daly Honor Chicago Fed’s Evans

DB’s Jim Reid concludes the overnight wrap

After a strong rebound over recent days, the momentum behind risk assets started to peter out yesterday thanks to some hawkish comments from Fed officials, weak corporate earnings, as well as strong retail sales numbers that dampened hopes about a dovish pivot from the Fed. To be fair it wasn’t all bad news, and fears of a military escalation subsided after NATO leaders said the missile that hit Polish territory on Tuesday evening wasn’t the result of an intentional Russian attack. However, apart from specific assets like the Polish Zloty, that wasn’t enough to boost sentiment more broadly, and the S&P 500 (-0.83%) ended the day noticeably lower.

Running through those specific factors, a key one behind yesterday’s market moves were some fairly hawkish comments from Fed officials. For instance, Kansas City Fed President George cautioned about prematurely ending rate hikes in a WSJ interview, saying that “the more important question for this committee, looking out over next year, is being careful not to stop too soon”. Later on we then heard from San Francisco Fed President Daly , who said that she thought that “somewhere between 4.75 and 5.25 seems a reasonable place to think about” in terms of how high rates could go. Bear in mind that the peak rate priced in by futures is still at 4.92%, so the bulk of Daly’s range is above where pricing currently is. And finally we heard from Governor Waller, who said he was “more comfortable considering stepping down to a 50 basis-point hike” based on the data of recent weeks, but also said that “we still have a ways to go” and that “policy is barely in restrictive territory today”.

Those comments came against the backdrop of some decent retail sales numbers for October, with headline growth up by +1.3% (vs. +1.0% expected). That was the fastest pace of monthly growth since February, and the details looked pretty strong as well, with the measure excluding autos and gasoline up by +0.9% (vs. +0.2% expected). On one level that’s good news of course, but the report was seen as showcasing the strength of the US consumer amidst the ongoing rate hikes from the Fed, which should give them more space to keep hiking over the next few meetings.

With investors pricing in a slightly more hawkish Fed on the day, the 2yr Treasury yield ticked up +1.7bps to 4.35%. However, the broader risk-off tone meant there was a large decline in longer-dated yields on both sides of the Atlantic. In the US, the 10yr yield came down -8.0bps to 3.69%, and yields on 10yr bunds (-10.9bps), OATs (-12.0bps) and gilts (-14.9bps) all saw sharp declines as well. In turn, those moves pushed several yield curves even deeper into inversion territory, with the 2s10s yield curve closing beneath -60bps for the first time since 1982, which is concerning when you consider its historic accuracy as a leading indicator of recessions. Other yield curves also inverted by even more, with the 3m10yr curve down -6.6bps to -54.2bps. And even the Fed’s preferred yield curve (18m forward 3m yield minus the spot 3m yield) has now spent a full week in inversion territory, closing yesterday at -15.3bps, which is the lowest since March 2020. Overnight in Asia, yields on 10yr USTs (+2.8bps) have slightly retraced their moves yesterday, trading at 3.72% as we go to print.

Growing speculation about a recession proved bad news for equities, and the mood was further hit by a weak earnings release from Target (-13.14%), who cut their outlook and saw earnings miss expectations. By the close, that had seen the S&P 500 shed -0.83%, with the losses driven by the more cyclical sectors. Tech was impacted in particular, with the NASDAQ down -1.54% and the FANG+ index down -2.10%. For Europe it was much the same story, with the STOXX 600 (-0.98%) and the DAX (-1.00%) both losing ground on the day, and after the close we then heard a Bloomberg report that suggested ECB policymakers would slow down their rate hikes to a 50bp move next month.

In more positive news, there were strong signs that a military escalation had been avoided after a missile struck Polish territory on Tuesday evening, after both NATO and Poland’s leaders said that it did not look to have resulted from an intentional Russian attack. Polish President Duda said that “most likely, this was an unfortunate accident”, and NATO Secretary General Stoltenberg said that their view was it resulted from a Ukrainian air defence missile that was fired in defence against Russian attacks. The news helped Poland’s Zloty to regain its position prior to the attack, strengthening +1.14% against the US Dollar yesterday.

Looking forward now, attention will be on the UK today as the government delivers their Autumn Statement. That’s set to outline their fiscal consolidation plans for the years ahead, which is part of their plan to regain market confidence following the turmoil in late September and early October. Our UK economist published an update earlier this week on what to look out for (link here) but a key one will be the overall scale of the package, as well as how that’s distributed between spending cuts and tax rises. Keep an eye out as well on what’s announced on energy prices, since the current Energy Price Guarantee is only confirmed until the end of March. Ahead of the statement, data yesterday showed consumer price inflation surprised on the upside in October, coming in at +11.1%. That’s the highest reading since 1981, and is above the consensus estimate of +10.7%, as well as the Bank of England’s projection at +10.9%. Interestingly, the ONS said that without the government’s Energy Price Guarantee, CPI would have been around +13.8%, rather than +11.1%.

Overnight in Asia, the major equity markets are trading lower this morning, including the Hang Seng (-1.49%), the Shanghai Composite (-0.63%), the CSI (-1.01%), the Nikkei (-0.35%) and the KOSPI (-1.10%). Tech stocks are under pressure again as well, with the Hang Seng Tech index (-3.48%) on track for its biggest decline in a couple of weeks. That follows an announcement from Tencent that they’d be distributing $20bn of shares in Meituan. In the meantime, Bloomberg reported that regulators in China had asked banks about their ability to meet short-term obligations, following a bond selloff that triggered investor withdrawals.

Elsewhere overnight, US equity futures are pointing towards gains at today’s open with contracts on the S&P 500 (+0.21%) and NASDAQ 100 (+0.29%) both higher. And we also had an employment report from Australia showing that the unemployment rate fell to a 48-year low of 3.4% in October (vs. 3.5% expected).

Back in the US, we finally got confirmation overnight that the Republicans had gained control of the House of Representatives following last week’s midterm elections. The Associated Press’ count now puts the Republicans at the 218 mark needed for the majority, whilst the Democrats have 211 seats with only 6 districts now outstanding. So that means from January the Democrats will require at least some Republican support to pass legislation.

When it came to yesterday’s other data from the US, it wasn’t as strong as the retail sales numbers, with industrial production contracting by -0.1% in October (vs. +0.1% expected). We also got the latest NAHB housing market index for November, which fell to 33 (vs. 36 expected). If you exclude the pandemic month of April 2020, that’s the lowest reading for that index in over a decade.

To the day ahead now, and a key highlight will be the UK government’s autumn statement. Otherwise, data releases include US housing starts and building permits for October, the Philadelphia Fed’s business outlook index and the Kansas City Fed manufacturing index for November, and the weekly initial jobless claims. Finally, central bank speakers include the Fed’s Bullard, Bowman, Mester, Jefferson and Kashkari, the ECB’s Villeroy, and the BoE’s Pill and Tenreyro.

end

AND NOW NEWSQUAWK (EUROPE/REPORT)

i)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN  4.54 PTS OR 0.13%   //Hang Seng CLOSED DOWN 74.80 OR  0.47%    /The Nikkei closed DOWN 99.73 OR 0.35%          //Australia’s all ordinaires CLOSED DOWN  %   /Chinese yuan (ONSHORE) closed down TO 7.1574//OFFSHORE CHINESE YUAN DOWN 7.1544//    /Oil DOWN TO 81.67 dollars per barrel for WTI and BRENT AT 89.76   / Stocks in Europe OPENED ALL red.        ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING weaker AGAINST US DOLLAR/OFFSHORE WEAKER

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

end

2B JAPAN

JAPAN

END

3c CHINA

CHINA/ECONOMY

end

CHINA/COVID

end

4.EUROPEAN AFFAIRS//UK AFFAIRS

EU

EU NatGas Drops As Warmer Weather Staves Off Worst Of Energy Crisis

THURSDAY, NOV 17, 2022 – 04:47 PM

Europe could end winter with better-than-expected natural gas storage levels because of unseasonably warm weather across the energy-stricken continent in October and November. Traditionally the heating season should be well underway, but above-trend temperatures have allowed NatGas storage facilities to be near full without any significant draws. 

At one point this morning, front-month Dutch TTF futures slid as much as 10.2%, compounded with an 8.2% decline on Wednesday, following a new report from Maxar that forecasted above-normal temperatures in Scandinavia and southwest Europe next week. 

Northwest Europe is expected to see above-average temperatures through the end of the month.

As well as South East Europe. 

Germany, the EU’s largest economy and most addicted to NatGas, will also see above-average temperatures through the end of the month. 

France has the second-largest economy in the EU and will experience similar warmer weather patterns. 

“Traders are keeping a close eye on weather trends as Europe’s gas storage is almost full, which should serve as a buffer for the winter,” Bloomberg said. 

Seasonally, EU NatGas storage is well above a 12-year trend. 

But as we all know, it’ll take one cold snap to boost heating demand which would mean inventories would start drawing down. 

Countries across Europe have been preparing for possible blackouts and energy rationing this winter. The energy crisis has yet to be resolved because no new supplies have been able to offset what was lost from Russia. EU countries have only been able to reduce energy consumption among households and businesses. 

Russian energy Gazprom PJSC warned last month that “whole towns and lands, god forbid, will freeze” if Europe is hit with one week or more of abnormally cold temperatures.

END

UK

UK’S Hunt Hikes Taxes, Slashes Spending To Tackle “Cost-Of-Living Crisis”

THURSDAY, NOV 17, 2022 – 05:45 PM

One month after stepping into his new role as UK Chancellor for the Exchequer, Jeremy Hunt has raised taxes on the UK’s top earners and tightened spending in an effort he says was needed to repair the country’s public finances amid a predicted 1.4% contraction in 2023.

Hunt is also lowering the threshold for paying the top 45% rate from £150,000 ($176,000) to £125,140 ($150,000). Those who earn at least £150,000 per year will pay an additional £1,200 as well in order to help pensioners and low-income households, Bloomberg reports.

There will also be a significant increase in the energy and windfall taxes.

Hunt has been tasked with stabilizing the country’s finances following ‘one of the most chaotic periods in British history,’ when his predecessor, Kwasi Kwarteng (and short-lived PM Liz Truss) pushed for unfunded tax cuts – resulting in a run on the pound.

Since taking office last month, he’s been warning the British public — and the Tory backbenchers who’d cheered on the tax cutting plan — that he would have to take “difficult decisions” to win back the confidence of investors. -Bloomberg

Today we deliver a plan to tackle the cost-of-living crisis and rebuild our economy,” Hunt said in a Tuesday statement to the House of Commons. “We also protect the vulnerable because to be British is to be compassionate and this is a compassionate Conservative government.”

Ironically, Cable is lower on Hunt’s Austere budget…

Hunt’s plan should provide an annual cost saving of £55 billion in 2027-28 (around 2.5% of GDP), according to Goldman.

Here are five key takeaways from Bloomberg:

  • The outlook is grim: the country is already in recession and households face the biggest hit to disposable incomes ever as the government seeks £55 billion of fiscal consolidation
  • Tories will hate this, because the government is taxing the rich to help the poor. That’s the opposite of the Liz Truss plan they were cheering a couple of months ago
  • The poorest will get some protection, with pensions and benefits to rise in line with inflation. The energy aid is also extended, albeit with a higher cap on prices
  • Energy firms are in the firing line with a new windfall tax on low-carbon generators and an extension to the raid on oil and gas companies
  • The pound and bonds were lower, but market reaction was generally muted when compared to the fallout from the Kwasi Kwarteng budget

What won’t change? Thresholds for paying into the national insurance system, and the inheritance tax – at least until 2028.

State pensions and benefits were raised by 10.1%, in line with inflation, while the minimum wage was boosted 9.7% to £10.42. Rent hikes for social housing have been capped at 7%.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE//RUSSIA/uUSA

a good read..

(courtesy Robert H)

end

POLAND/RUSSIA/GAZPROM

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 grievancesPolice investigate the bombing scene, via Reuters.

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 VAXDR. 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 systemsDR. 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

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Vaccine Impact


Who Do You Trust for Your Food? REAL Food is Created by God – Biotech Food is Polluted and PoisonousNovember 16, 2022 12:24 pmAs the techno-prophecies today are being proven to be mostly pure fantasy not based on anything real, and as we face the imminent collapse of our financial system drawing closer each day to the Great Reset, it is important that we learn from the mistakes these false beliefs that have propped up modern society have made, so that those who survive the difficult times we are now heading into, can begin to rebuild society on things that are true and lasting. And one of the most pressing needs is to decentralize food production, breaking our society’s slavery to Big Food and their technology where just a handful of technocrats among the Billionaires and Bankers control most of the world’s food today, food that is contaminated and poisonous. What I am going to cover in this article today are solutions to the problem of having so few people control most of the world’s food, by first properly defining just what food is and where REAL food comes from, so we can break the monopolies of Big Food and their slavery over the world’s population, and return to time-proven methods of food production that bring about health and food security. Most of this is information I have previously published over the past 20 years, but it is more important than ever to define real food, as we have entire generations now who have no clue as to where their food comes from, and how mass-produced biotech food affects our health.Read More…FTX Created Money Out of Thin Air Like the Federal Reserve – NYSE Crash Will be Next After U.S. Banks FailNovember 16, 2022 4:06 pmPam Martens of Wall Street On Parade exposed in her column today how the FTX crypto exchange, which is now bankrupt because too many people tried to withdraw their funds at the same time exposing how it was all a big Ponzi scheme, operated the same way as the Federal Reserve does in printing money out of thin air. What does this mean? It means that U.S. banks are just as guilty in running a fraudulent Ponzi scheme as FTX, and that we are just one bank run away where too many people try to withdraw their funds all at the same time where the entire U.S. financial system will collapse. Meanwhile, across the pond over in Europe, German authorities are actually planning for bank runs and social unrest as they face blackouts this winter, which would prevent people from being able to withdraw their money in a society that values cash and privacy. The entire world is about to find out just how fragile the technology is, where all it takes to bring down the entire system is to pull the plug on its energy source, electricity. 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

end

The slippery slope of medical murder in Canada

Robert Hryniak4:21 PM (6 hours ago)
to

This is quite dangerous. This is especially true as the economy enters recession. And in reality those folks at the bottom working in menial jobs taken for granted are first ones to be told they are expendable. So is it any wonder that today in Canada there is shortage of people in every lower paying occupation. Even skilled tradesmen making $35 -40 are in short supply with many folks making that, that do not deserve $20, however the dire shortages of people drives compensation.
So is difficult to imagine that in countries like Canada,  being a burden or simply a dissenter is not reason enough to kill you? As a society we really need to wake up and address this before it is too late. As it is we seemingly have lost our appreciation of helping those less fortunate to rise up, and that is shame.  Perhaps that is why tolerance is exhibited for old age homes that are really kennels. And great intolerance is shown towards the unvaxxed to point where now such folks are tested and vaccinated when they go for a procedure without consent as it is implied consent when a procedure occurs as the doctor knows best. Is this medicine for health or medicine for profit?
And it begs the question why anyone should have loyalty to countries who have no loyalty to their citizens? Because human nature is such that a helping hand goes to those who appreciate and not to those who do not. And that brings into question the actual moral solvency of governments, because historically this is why they fail.

Cheers
Robert

SLAY NEWS

The latest reports from Slay News
Brazil’s Military Warns of ‘Possible Fraud’ in Presidential ElectionBrazil’s military has warned that “possible fraud” may have influenced the country’s controversial presidential election.READ MORE
Kari Lake Tells America to ‘Buckle Up’ as New Data Emerges from Election ExpertArizona’s gubernatorial candidate Kari Lake has urged America to “buckle up” after receiving new information from an election data expert.READ MORE
Democrats Float Plan to Make Liz Cheney Speaker If House Margin Is SlimDemocrats are floating plans to make outgoing Rep. Liz Cheney (R-WY) speaker if the margin in the House is slim once the results are all in.READ MORE
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

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 1.0364 DOWN   0.0029 /EUROPE BOURSES // ALL RED

USA/ YEN 140.26 UP  0.930 /NOW TARGETS INTEREST RATE AT .25% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES//

GBP/USA 1.1851 DOWN   0.0056

 Last night Shanghai COMPOSITE CLOSED DOWN 4.54PTS OR 0.18% 

 Hang Seng CLOSED UP 723.41 POINTS OR 4.11% 

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

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL RED

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 THURSDAY  

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

Euro/USA 1.0364  DOWN .0029  or 29 basis points//

USA/Japan: 140,26 UP 0.930OR YEN down 93basis points/

Great Britain/USA 1.1851DOWN .0063OR  63BASIS POINTS //

Canadian dollar  UP .0009 OR 3 BASIS pts  to 1.3326

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..down) AT 7.1574

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (down)…. 7.1544

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

the 10 yr Japanese bond yield  at +0.239

Your closing 10 yr US bond yield UP 9 IN basis points from WEDNESDAY at  3.779% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield  3.894 UP 3 in basis points 

Your closing USA dollar index, 106.28 UP .12 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 4,68 PTS OR  0.06%

German Dax :  CLOSED UP 38.35 POINTS OR 0.23%

Paris CAC CLOSED DOWN 31.12 POINTS OR 0.47% 

Spain IBEX CLOSED DOWN 60,70 OR  0.75%

Italian MIB: CLOSED DOWN 191.60  PTS OR  0.78%

WTI Oil price 81.67 12: EST

Brent Oil:  89,76  12:00 EST

USA /RUSSIAN ///   UP TO:  60.53// ROUBLE DOWN AND 158100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.017

UK 10 YR YIELD: 3.218

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: DOWN 7.51 PTS OR 0.02 % 

NASDAQ 100 DOWN 22.93 DOWN .18 PTS OR 0.75%

VOLATILITY INDEX: 23.75 UP 1.23 PTS (5.46)%

GLD: $164392 DOWN 1.20OR 0.73%

SLV/ $19.29 DOWN $0.45 OR 2.28%

end)

USA trading day in Graph Form

USA ELECTION RESULTS:

EARLY MORNING TRADING

Stocks & Bonds Tumble After Fed’s Bullard Comments

Tyler Durden's Photo

BY TYLER DURDEN

THURSDAY, NOV 17, 2022 – 03:17 PM

St. Louis Fed President James Bullard did what he does and unleashed another barrage of hawkish torment for the believers in a pause or pivot.

And while several other Fed speakers have said similar things this week, Bullard turned the dial up to ’11’.

“Even under these generous assumptions, the policy rate is not yet in a zone that may be considered sufficiently restrictive,” Bullard said Thursday in Louisville, Kentucky at an event hosted by Greater Louisville Inc.

“To attain a sufficiently restrictive level, the policy rate will need to be increased further.

Bullard presented charts showing a sufficiently restrictive rate might be between about 5% and 7%, though he didn’t spell out in his prepared remarks what rate level he favored…

His comments shifted rate-trajectory expectations hawkishly higher…

The reaction is notable as stocks are getting slammed…

Treasury yields spiked (especially at the short-end)…

And the dollar is spiking…

Bullard closed by saying: “It is possible that increased financial stress could develop,” but offered no ‘…and then what’…

ii)USA DATA

END

III) USA ECONOMIC STORIES.

SWAMP STORIES

The FTX story explained

obert Hryniak1:15 AM (21 hours ago)
to

It was always going to fail

KING REPORT

The King Report for November 17, 2022 Issue 6889Independent View of the News
Tuesday 20:55 ET, 9:55 AM Wed. Bali time: “Mr. President, is it too early to say whether this missile was fired from Russia?”  BIDEN: “There is preliminary information that contests that.  I don’t want to say that until we completely investigate.  It’s unlikely in the minds of the trajectory that it was fired from Russia.  But we’ll see.”  https://twitter.com/RNCResearch/status/1592700332496523264
 
@AP: Three U.S. officials told the @AP that preliminary assessments indicate the missile that struck Poland had been fired by Ukrainian forces at an incoming Russian missile.  The new assessment contradicts information earlier Tuesday from a senior U.S. intelligence official who told the AP that Russian missiles crossed into Poland. https://twitter.com/AP/status/1592747393442713600?s=02
 
@Euan_MacDonald: Poles/NATO/US would have been able to track any missile within 500 km of Polish border…
 
ESZs quickly rallied 12 handles on Biden’s comment.  They then moved a tad higher over 30 minutes but remained negative for the day.  ESZs then retreated on a report that Poland confirmed that it was Russian missiles that struck its territory.
 
US Oct Retail Sales +1.3% m/m, +1.0% expected; September revised to 0.1% from 0.4%; Ex-Autos +0.9%, +0.2% consensus, Ex-Autos & Gas 0.7%, 0.3% expected. 
 
US Oct Industrial Production -0.1% m/m, +0.1% exp; Manufacturing Production 0.1%, +0.2% exp, Sept revised to 0.2% from 0.4%; Capacity Utilization 79.9%, 80.4% exp, Sept revised to 80.1% from 80.3%
Utility output -1.5%, +0.2% was expected; mining -0.4%, oil & gas well drilling +0.8%
 
US Stocks Drop After Latest Retail Data, FedspeakRetail sales rise by most in eight months in broad increaseUS stocks dropped after strong retail sales recast bets that the Federal Reserve’s policy tightening regime is nearing an end… “The Fed’s job is not being made any easier by all of this different data,” Oksana Aronov, alternative fixed income head of markets strategy at JPMorgan Asset Management, said on Bloomberg TV. “The stronger retail numbers today give them more cover to be aggressive, which is what they have consistently telegraphed.”…
    Target Corp.’s shares plunged after it warned that US shoppers are pulling back…
https://www.yahoo.com/now/asian-stocks-signal-caution-rocky-230218130.html
 
A pause is off the table, says San Francisco Fed President Mary Daly (one of the biggest liberals)
“Pausing is not part of the discussion, now the focus is on level of rates.”
“Discussion now is how high we have to go, then will be, how long do we need to hold it.”
“A range of 4.75% – 5.25% is reasonable for policy rate end-point.”
“Consumers are preparing for slower economy, that’s a good start.”
“We want to see economy slow.”  “We want to get inflation down”
“Global conditions are a headwind on US growth.”
“I’m 100% determined to slow the economy effectively, gently.”
https://www.cnbc.com/video/2022/11/16/a-pause-is-off-the-table-says-san-francisco-fed-president-mary-daly.html
https://www.fxstreet.com/news/feds-daly-range-of-475-525-is-reasonable-for-policy-rate-end-point-202211161535
 
(NY Fed Pres) Williams Says Financial Risks Shouldn’t Shape Fed Rate Decisions
“Using monetary policy to mitigate financial stability vulnerabilities can lead to unfavorable outcomes for the economy,” Williams said Wednesday in remarks prepared for a Treasury market conference at the New York Fed. “Monetary policy should not try to be a jack of all trades and a master of none.”…
https://www.bnnbloomberg.ca/financial-risks-shouldn-t-shape-fed-rate-decisions-williams-says-1.1847304
 
WSJ’s @NickTimiraos: New York Fed President John Williams: Monetary policy works best when it isn’t being asked to do many things.  That means taking all available steps now to avoid potential tradeoffs between raising rates to fight inflation and avoid market instability (Speech link) https://t.co/WwIcNLhULS
 
Target shares plunge after retailer reports profit decline, warns of soft holiday quarterEarnings per share: $1.54 vs. $2.13 expectedRevenue: $26.52 billion vs. $26.38 billion expectedThey are buying fewer full-priced items and holding out for promotions instead. To stretch their dollars, they are choosing smaller items, value packs or the retailers’ own, less-expensive brands.  People are spending less on discretionary merchandise, too. Walmart on Tuesday also spoke of a pullback in spending on apparel, electronics and similar items. But the discounter beat Wall Street’s expectations as it attracted shoppers with its low-priced groceries… (Food inflation boosted Walmart sales.)
https://www.cnbc.com/2022/11/16/target-will-report-earnings-before-the-bell-heres-what-to-expect.html
 
Target: ‘Organized retail crime’ has driven $400 million in extra profit loss this year
https://www.aol.com/finance/target-organized-retail-crime-drove-113006767.html
 
Credit card balances jump 15%, highest leap in over 20 years, as Americans fall deeper in debt
To $930 billion in the third quarter, just shy of the all-time record… With prices more than 8% higher than they were a year ago, it is perhaps unsurprising that balances are increasing… The real test, of course, will be to follow whether these borrowers will be able to continue to make the payments on their credit cards.”… https://www.cnbc.com/2022/11/16/credit-card-balances-jump-15percent-as-americans-fall-deeper-in-debt.html
 
NY Fed: Balances Are on the Rise—So Who Is Taking on More Credit Card Debt?
Delinquency rates have begun increasing, albeit from the unusually low levels that we saw through the pandemic recession… Is this simply a reversion to earlier levels, with forbearances ending and stimulus savings drying up, or is this a sign of trouble ahead?…
https://libertystreeteconomics.newyorkfed.org/2022/11/balances-are-on-the-rise-so-who-is-taking-on-more-credit-card-debt/
 
@zerohedge: Retail sales beat = California “anti-inflation” stimulus checks (CA retail sales surged)
https://twitter.com/zerohedge/status/1592873815918485510
 
The NAHB Housing Market Index of builder sentiment declined to 33 for November from 38 in October.  36 was consensus.  This is the 11th consecutive monthly decline and the lowest reading since April 2020.  The Single-Family Sales gauge sank to 31 from 35, the lowest level since 2012.
 
ESZs double topped (4015.75 top) near the European open and 5:19 ET.  They then methodically declined until they bottomed (3966.25) at 10:51 ET.  The rally for the European close eventually extended into a modest Noon Balloon.  The rally ended at 12:43 ET.  ESZs and stocks then sank to new daily lows at 14:00 ET.  The rally for the VIX Fix settlement at 14:15 ET was miniscule.  ESZ and stocks fell to new lows.  The rally for the expected last-hour manipulation began near 14:40 ET.
 
When the final hour arrived, ESZs and stocks fell to new lows and then went inert.  USZs hit +2 1/32 at 15:30 ET.  Recession was in the air and defensive asset allocators were in the market.
 
A late, modest ESZ rally ended at 15:50 ET.   ESZs and stocks retreated into the close.
 
Positive aspects of previous session
The DJIA declined only 39.09 points
 
Negative aspects of previous session
Bonds rallied sharply on recession angst and defensive asset allocation
The DJTA, Nasdaq, the Nasdaq 100, and Fangs got clobbered
 
Ambiguous aspects of previous session
Can bonds keep rallying on recession angst if the Fed hikes rates a few more times?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3965.44
Previous session High/Low4015.75; 3962.00
 
@bennyjohnson: Ukrainian President Volodymyr Zelenskyy claimed that Russian Missiles hit Poland and called for “the terrorist” to be put in their place.  Three U.S. officials say that preliminary assessments indicate the Missile that struck Poland was fired by Ukrainian forces…
https://twitter.com/bennyjohnson/status/1592890546120314880
 
Ukraine Tried to Trick NATO Into Starting World War III After It Accidentally Bombed Poland
The Ukrainian leadership was well aware of what happened but decided to propagate the most dangerous conspiracy theory in history in an attempt to literally spark World War III. Zelensky lied to the world by describing his forces’ accidental bombing of Poland as “a Russian missile strike on collective security” and telling NATO that “We need to act.”…   http://ronpaulinstitute.org/archives/featured-articles/2022/november/16/ukraine-tried-to-trick-nato-into-starting-world-war-iii-after-it-accidentally-bombed-poland/
 
The FT’s @ChristopherJM: Responding to Zelensky’s remarks tonight, a NATO country diplomat told me: “This is getting ridiculous. The Ukrainians are destroying [our] confidence in them. Nobody is blaming Ukraine and they are openly lying. This is more destructive than the missile.”
 
@JackPosobiec: Now that Kevin McCarthy is the Speaker-elect, we must have accountability for the fact that Ukrainian officials spent the entire day lying to the world about the missiles that hit Poland
 
@ggreenwald: US funding for war in Ukraine in 9 months: Mar: $13.6 billion; May: $40b; Nov: $37.7b: Biden’s new request.  That $91.3 billion is 33% more than Russia’s *total military spending for the year* It’s *double* the US’s average annual expenditure for its own war in Afghanistan
 
@TPostMillennial: Trudeau: “One thing that’s certain is that the loss of life in Poland is a consequence of Russia’s latest indiscriminate attacks on Ukrainians.”
https://twitter.com/TPostMillennial/status/1592898303716659200
 
Yesterday, NATO Secretary General Jens Stoltenberg and Italy PM Giorgia Meloni publicly blamed Russia for the Ukrainian missile that killed Polish citizens on Tuesday.
 
@JackPosobiec: Chairman Xi dresses down Justin Trudeau like a junior employee for leaking their private conversation to the media. Trudeau can barely walk after https://t.co/QlRtbiBSIg
 
The Constitution gives Congress the power over the currency of the United States including the power to coin money and regulate its value. Congress also has the power to charter banks to circulate money…
https://constitution.findlaw.com/article1/annotation37.html
 
Because Article I, Section 10, Clause 1 of the Constitution prohibits the states from coining money,1 the Supreme Court has recognized Congress’s coinage power to be exclusive…
https://constitution.congress.gov/browse/essay/artI-S8-C5-1/ALDE_00001066/
 
Why hasn’t there been a crackdown on crypto currencies?  Most likely because the NSA and CIA are tracking illicit activity in the crypto market.  Was FTX a money laundering and intel operation?  If so, who was involved?
 
Today – Due to recession angst, there was no Weird Wednesday or VIX Fix settlement squeeze.  A big key for today will be the presence or absence of defensive asset allocators.  Normally during the session before expiration there is usually a late equity rally.  Barring news, traders will force a rally.
 
ESZs are +11.00 at 20:15 ET on buying for the expected expiry upward manipulation. 
 
Expected economic data: Initial Jobless Claims 228k, Continuing Claims 1.51m; Oct Housing Starts 1.439m, Permits 1.515m; Nov Phil Fed Business Outlook -6.0; KC Fed Mfg Activity -8; St. Louis Fed Pres Bullard 8 ET, Fed Gov Bowman 9:15 ET, Cleveland Fed Pres Mester 9:40 ET, Fed Gov Jefferson and Minn Fed Pres Kashkari 10:40 ET, Minn Fed Pres Kashkari 13:45 ET
 
S&P 500 Index 50-day MA: 3794; 100-day MA: 3908; 150-day MA: 3957; 200-day MA: 4073
DJIA 50-day MA: 31,116; 100-day MA: 31,642; 150-day MA: 31,912; 200-day MA: 32,518
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4522.12 triggers a buy signal
WeeklyTrender and MACD are positive – a close below 3865.80 triggers a sell signal
DailyTrender and MACD are positive – a close below 3792.78 triggers a sell signal
Hourly: Trender is positive; MACD is negative – a close below 3953.66 triggers a sell signal
 
Trump ignores GOP rivals and stolen election claims in 2024 presidential announcement
Trump’s speech, in a tone subdued compared to his traditional campaign rallies, avoided intra-party sniping and denials of the President Biden’s 2020 election victory…Instead, he largely focused on touting himself as the person to fix problems plaguing the U.S. under Biden…
    He attacked Christopher Steele and his discredited dossier, slammed the FBI raid of his home and complained about subpoenas for members of his family.
    However, Trump generally spent just a few seconds on those issues before getting back on message. He also attacked the use of mail-in ballots but skipped the false stolen election claims that often come when he addresses the topic… https://t.co/GIZqBpgkpQ
 
@cspan: Former President Trump: “To eliminate cheating, I will immediately demand voter ID, same day voting and only paper ballots.” https://t.co/o0UNSIeR9v
 
@Rothbard1776: Trump voices his support for a lifetime ban on lobbying for former members of Congress and Cabinet members, a constitutional amendment for Congressional term limits, a permanent ban on tax-payer funded campaigns and banning members of Congress from trading stock on inside info.
 
Ivanka Trump says she loves her father but does ‘not plan to be involved in politics’
https://www.foxnews.com/politics/ivanka-trump-says-she-loves-her-father-does-not-plan-involved-politics
 
Ivanka’s vow was timed to coincide with daddy’s presidential bid announcement.  It was intended to remove a huge negative hovering over Donald: Jared and Ivanka’s Svengali-like control of DJT.
 
@bonchieredstate: Announcing this early still makes no sense. Primary season doesn’t start for seven months. He can’t get this moment back so what’s next? Rallies in February that no one will air?
Objectively, he could have made a huge splash June 2023. He’s gonna be stagnating for half a year.
 
Trump’s announcing of his 2024 candidacy so early is very risky – unless he’s trying to avoid indictment.  Many people already have Trump Fatigue due to his unending histrionics and high drama since his campaign began in 2015.  Another two years of fatigue before the 2024 Election will harm DJT.
 
Two-term presidents produce party fatigue – unless the POTUS is extremely popular ala Reagan.  Since FDR, when a party held the presidency for two consecutive terms (accounting for Kennedy-Johnson), except for Reagan, the other party won the White House in the ensuing election.
 
The New Hampshire Primary and the Iowa Caucuses in February 2024 commence the GOP Primary season.  DeSantis is far more popular currently in New Hampshire and Iowa to a slightly lesser degree than DJT.  DeSantis could win the first few primaries and create decisive momentum.  If this occurs, there is no telling how Trump would respond.
 
Also, Trump just reacquired the bullseye for regime media opprobrium.  This is great news for DeSantis.  It will be very difficult for da Donald to alter Americans’ perception of him.  How many voters that rejected DJT in 2020 that will vote for him in 2024?  It cannot be a significant amount.
 
Trump 2024? 60% of Voters Say ‘No’ – just 32% of Likely U.S. voters believe Trump should run for president in 2024… https://www.rasmussenreports.com/public_content/politics/biden_administration/trump_2024_60_of_voters_say_no
 
CNN’s @GabbyOrr_: A lot of Trump allies who long expected him to run again privately admitted in recent months that he planned to do so even though they said his heart isn’t in it. I’m reminded of those convos as Trump delivers a strangely subdued announcement speech tonight.
 
@hellofasandwich: Kern County (CA) Clerk Mary Bedard says it may take “weeks” for them to count their ~70,000 outstanding ballots because they only have one sorting machine.  https://kget.com/news/politics/your-local-elections/with-more-than-70000-ballots-left-to-count-when-can-kern-county-expect-election-results/
 
@RNCResearch: Chuck Schumer says Democrats want to pass an immigration bill because “we have a population that is not reproducing on its own with the same level that it used to.”  Schumer then calls for amnesty for “all 11 million or however many” illegal immigrants in the U.S.
https://twitter.com/RNCResearch/status/1592927534403923968
 
@greg_price11: Schumer: “We have a population that is not reproducing on its own with the same level that it used to. The only way we’re going to have a great future is if we welcome immigrants… get a path to citizenship for all 11 million [illegal immigrants].” https://twitter.com/greg_price11/status/1592928904112922625
 
Schumer verified the “Great Replacement Theory”.  Chuckie didn’t promote this scheme before the election.  Dems and the regime media have labeled this actual practice ‘a conspiracy theory.’
 
@RyanGirdusky: Is Schumer saying we’re going to replace Americans with immigrants… because the media said that’s not happening
 
@StephenM: Does Senate GOP leadership have a rebuttal to the top Dem detailing plans to replace higher-paid US workers w/lower-paid illegal workers? In the middle of history’s worst border disaster? With record #’s outside labor force? Or are we too busy planning the next codel to Ukraine?
 
The GOP and Walker should make Schumer and his amnesty scheme major issues in the GA runoff.
 
Mitch McConnell has been reelected as Senate GOP Leader.
 
Wall Street firms, not Kentuckians, are leading Mitch McConnell’s campaign donations 7/17/19
https://www.courier-journal.com/story/news/politics/2019/07/17/mitch-mcconnell-reelection-campaign-wall-street-firms-donate-money/1745611001/
 
@marklevinshow: 1. McConnell is bought and paid for by DC. This is why his PAC is always flush with money. This is the power he holds over his feckless caucus. This is why he has so many media surrogates. 2. This is why he fought Reagan, the Tea Party, Trump, and it’s why he will always undermine real conservative progress.  And this is why he’s despised by conservatives and Republicans nationwide more than any other Republican.
 
Fetterman adviser tells reporters ‘yelling questions’ at the senator-elect ‘will not work’ due to stroke  https://www.foxnews.com/media/fetterman-advisor-tells-reporter-yelling-questions-senator-elect-will-not-work-here
 
@charliekirk11: The Rubicon has been crossed. I don’t like it, but it’s time to win. We will build the most sophisticated and aggressive legal ballot harvesting operation in America and never let this garbage happen again.
 
Robert Clary, ‘Hogan’s Heroes’ star and Auschwitz survivor, dead at 96
The “Hogan’s Heroes” star, who played Corporal LeBeau on the World War II-set sitcom, passed away on Tuesday… When he was 16, he and his family were sent to Auschwitz, where his parents were murdered in the gas chamber… Clary was the only one from his captured family to survive…
https://nypost.com/2022/11/16/robert-clary-hogans-heroes-star-and-auschwitz-survivor-dead-at-96/
 
About 24 hours after election results showed the GOP had captured the House, regime media is now reporting that the GOP has captured the House.
 
Republicans take control of the HouseNBC News projects (221-214)  https://cnb.cx/3EBa0dI
 
@lazlototh67: R control of the house thanks to 1.  FL/DeSantis; 2. Zeldin for getting so much R vote out in NY; 3. The Rs in Ca who mastered ballot harvesting in 2000 so Ds would be neutralized, and repeated it this time.  Wasn’t that driven in large part by lawyers from the Dhillon firm?
 
2022 was a tough Senate cycle for the GOP.  They had to defend 21 seats, the Dems 14.  The GOP lost one, PA.  In 2024, the Dems have a very difficult Senate cycle.  Dems must defend 23 seats while the GOP must defend only 11 seats.  Dems must defend seats in deep red West Virginia (Manchin) and very red Ohio and Montana.  Dems will also be vulnerable in Arizona, Nevada, Wisconsin, and maybe PA.
 
The House GOP should keep passes bills that forces Senate Dems to choose between their special/leftist interests and working-class interests. 


 

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 SOON

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

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