OCT 3//LOOKS LIKE THE SPECS ARE GETTING NERVOUS AS THEY TRY AND COVER THEIR HUGE SHORTS: GOLD CLOSED DOWN $6.90 TO $1825.10//SILVER WAS DOWN ONLY 2 CENTS TO $21.20//PLATINUM WAS DOWN $7.20 TO $875.00 WHILE PALLADIUM WAS DOWN $20.25//MCCARTHY OUT AS SPEAKER: MAYBE THEY CAN VOTE IN TRUMP?//IMPORTANT VIDEOS FOR YOU TO SEE: VICTOR DAVIS HANSON ON THE STATE OF THE USA ECONOMY AND RICK SANTELLI ON THE STATE OF INTEREST RATES//MASSIVE INTERVENTION BY THE BANK OF JAPAN TRYING TO STOP THE RUN ON THE YEN//IT WILL NOT WORK//COVID UPDATES//VACCINE UPDATES/DR PAUL ALEXANDER/SLAY NEWS/EVOL NEWS/NEWS ADDICTS//LOOKS LIKE EGYPT IS ABOUT TO DEFAULT//HUGE CRE STORIES TONIGHT: LOOKS LIKE A CRASH//ALSO WE WORK SET FOR BANKRUPTCY PROTECTION AGAIN//MASSIVE REDEMPTIONS AT THE HUGE BLACKROCK PROPERTY REIT//GOOD EDITORIAL TODAY FROM MATT GAETZ//SWAMP STORIES FOR YOU TONIGHT//

October 3, 2023 · by · in Uncategorized · Leave a comment

GOLD PRICE CLOSED:  DOWN $6.90 TO $1825.10

SILVER PRICE CLOSED: DOWN $0.02   AT $21.20

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1824.00.

Silver ACCESS CLOSE: 21.20

SEPT 27//SHANGHAI GOLD

Shanghai Gold Benchmark Price

USD  oz    PopupAM2014.57

PM1985.03

Historical SGE Fix

premium  $122,00

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Bitcoin morning price:, $27,505 DOWN 299  Dollars 

Bitcoin: afternoon price: $27,257 DOWN 547 dollars

Platinum price closing  $875.00 DOWN  $7.20

Palladium price;     $1187.90 DOWN $20.25

END

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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: $2,501.42 UP 1.40 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1509.98 DOWN 3.02 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1742.36 DOWN 2.80 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

JPMorgan stopped 399/2499 contracts.

FOR OCT.:

GOLD: NUMBER OF NOTICES FILED FOR OCT/2023. CONTRACT:  2572 NOTICES FOR 257,200 OZ  or  8.0000 TONNES

total notices so far: 8408 contracts for 840,800 oz (26.152 tonnes)


FOR  OCT:

SILVER NOTICES:133 NOTICE(S) FILED FOR 665,000 OZ/

total number of notices filed so far this month : 283 for 1,415,000 oz

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END

GLD

WITH GOLD DOWN $6.90

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / HUGE CHANGES IN GOLD INVENTORY AT THE GLD// A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD.

INVENTORY RESTS AT 875.08 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 2 CENTS  AT  THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV: :

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 441.883 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY STRONG  SIZED 850 CONTRACTS TO 128,732 AND CLOSER TO  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR  $0.98 LOSS  IN SILVER PRICING AT THE COMEX ON MONDAY. TAS ISSUANCE WAS A GIGANTIC SIZED 1399 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT: 1399 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.98). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A GIGANTIC SIZED GAIN OF 3972 OI CONTRACTS ON OUR TWO EXCHANGES. 

WE  MUST HAVE HAD: 


A HUGE  ISSUANCE OF EXCHANGE FOR PHYSICALS( 2825 CONTRACTS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.530 MILLION OZ (FIRST DAY NOTICE)  FOLLOWED BY TODAY’S 35,000 OZ QUEUE JUMP//NEW STANDING 1.575 MILLION O///HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 1399 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  297   CONTRACTS

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

TOTAL CONTRACTS for 2 days, total 3600 contracts:   OR 18.000 MILLION OZ  (1800 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  18.000 MILLION OZ 

LAST 23 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

YEAR 2022:

 JAN 2022-DEC 2022

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

MARCH 2022: 207.140  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: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)

JAN 2023///   53.070 MILLION OZ //FINAL

FEB: 2023:       100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.

MARCH 2023:  112.58 MILLION OZ//FINAL//STRONG ISSUANCE 

APRIL  118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)  

JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH

JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)

AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD

SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)

OCT: 18.00 MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 850  CONTRACTS DESPITE OUR HUGE  LOSS IN PRICE OF  $0.98 IN SILVER PRICING AT THE COMEX//MONDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE  CONTRACTS: 2825  ISSUED FOR OCT AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS./ WE HAVE A SMALL INITIAL SILVER OZ STANDING FOR SEPT OF  1.532 MILLION  OZ FOLLOWED BY TODAY’S 35,000 OZ QUEUE JUMP:NEW TOTAL STANDING 1.575 MILLION OZ  /// WE HAVE A GIGANTIC SIZED GAIN OF 3675 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY:  A  GIGANTIC SIZED 1399  CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED  DURING THE MONDAY COMEX SESSION.   THE NEW TAS ISSUANCE MONDAY NIGHT (1399) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 133  NOTICE(S) FILED TODAY FOR 665,000  OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR  SIZED 513 CONTRACTS  TO 433,033 AND CLOSER TO  THE RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  – REMOVED: –780 CONTRACTS

WE HAD A GOOD SIZED INCREASE  IN COMEX OI ( 5521 CONTRACTS) DESPITE OUR  $19.35 LOSS IN PRICE//MONDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR SEPT. AT 16.562 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S HUGE 200200 OZ QUEUE JUMP/NEW STANDING 26.452 TONNES/   + /A STRONG (AND CRIMINAL) ISSUANCE OF 3220 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $19.35 LOSS IN PRICE  WITH RESPECT TO MONDAY’S TRADING.WE HAD A  STRONG SIZED GAIN  OF 5521  OI CONTRACTS (17.17 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 5008 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 433,003

IN ESSENCE WE HAVE A  STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5521 CONTRACTS  WITH 513 CONTRACTS INCREASED AT THE COMEX// AND A  STRONG SIZED 5008 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 5521 CONTRACTS OR 17.17 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED):  A STRONG 3220 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A  STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5008 CONTRACTS) ACCOMPANYING THE SMALL  SIZED GAIN IN COMEX OI (513) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5521 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT  ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR OCT. AT 16.562 TONNES FOLLOWED BY TODAY’S 200,200 OZ QUEUE JUMP//NEW STANDING 26.452 TONNES// /// 3) ZERO LONG LIQUIDATION BUT CONSIDERABLE  TAS LIQUIDATION AND HUGE SPEC SHORT ADDITIONS  DURING THE COMEX SESSION //4)  FAIR SIZED COMEX OPEN INTEREST GAIN/ 5)  STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  STRONG T.A.S.  ISSUANCE: 3220 CONTRACTS 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

OCT

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

TOTAL EFP CONTRACTS ISSUED:  10,172 CONTRACTS OR 1,017,200 OZ OR 31.639 TONNES IN 2TRADING DAY(S) AND THUS AVERAGING: 5086 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAY(S) IN  TONNES  31.639 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  31.639/3550 x 100% TONNES  0.902% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023 

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// 

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH/2022:  409.30 TONNES //FINAL( 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.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL 

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES 

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:  151.69 TONNES (WEAKER THAN LAST MONTH)

AUGUST:  195.28 TONNES (A STRONGER MONTH)//FINAL

SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)

OCT. 32.639 TONNES

SPREADING OPERATIONS

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

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW  ACTIVE FRONT MONTH OF SEPT. WE ARE NOW INTO THE SPREADING OPERATION OF  GOLD 

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 MAY HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:

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 (SEPT), 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. 

The crooks also use the spread in the TAS  account  (trade at settlement).  They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle  of the  front delivery month cycle. They unload the sell side of the equation, two months down the road.  The crooks violate position limits as the OCC refuse to hear our complaints.

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

1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE  SIZED 850  CONTRACTS OI TO  128,732 AND CLOSER TO  OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE  A HUGE 3825  CONTRACTS 

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

DEC  2825  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  2825  CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN  OF 850 CONTRACTS AND ADD TO THE 2825  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3675   CONTRACTS 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES  TOTAL 17.17 MILLION OZ  

OCCURRED DESPITE  OUR HUGE    $0.98 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

 2.ASIAN AFFAIRS//

 

TUESDAY MORNING//MONDAY  NIGHT

SHANGHAI CLOSED  //Hang Seng CLOSED DOWN 478.44 PTS OR 2.69%          /The Nikkei CLOSED DOWN 521.94 PTS OR 1.64%  //Australia’s all ordinaries CLOSED DOWN 1.31 %   /Chinese yuan (ONSHORE) closed  /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.3280 /Oil DOWN TO 88,36 dollars per barrel for WTI and BRENT  DOWN AT 90.04 / Stocks in Europe OPENED  ALL RED// ONSHORE YUAN TRADING XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING XXX AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3  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

9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A FAIR SIZED 1293 CONTRACTS  TO 433,863 DESPITE OUR STRONG LOSS IN PRICE OF $19.35 ON MONDAY.  

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF OCT..…  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 5008  EFP CONTRACTS WERE ISSUED: :  DEC 5008 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5008 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A   STRONG SIZED TOTAL OF 5,521  CONTRACTS IN THAT 5008 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED GAIN OF 513 COMEX  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR  LOSS IN PRICE OF $19.35//MONDAY COMEX.   AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT WAS A STRONG 3220 CONTRACTS.  THROUGHOUT THE PAST WEEKS, THE BANKERS SOLD OFF THE LONG SIDE OF THE SPREAD WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR SPREAD WHICH WILL BE LIQUIDATED TWO MONTHS HENCE)//

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:   OCT  (26.432) (  ACTIVE MONTH)

 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 27.110 TONNES/FINAL 

Dec. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.676  tonnes

MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk =  20.338

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)

SEPT: 15.281 TONNES FINAL

OCT.26.452 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $19.35) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS STRANGELY WE HAD A  STRONG GAIN OF 6301 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A CONSIDERABLE T.A.S. LIQUIDATION ON THE FRONT END OF MONDAY’S TRADING.  THE T.A.S. ISSUED ON MONDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. 

WE HAVE GAINED A TOTAL OI OF 17.17 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR OCT. (16.562 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 200,200 OZ QUEUE JUMP//NEW TOTALS STANDING:26.452 TONNES      ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE  TO THE TUNE OF $19.35.  FOR THE PAST WEEK, THE SPECULATORS HAVE GONE MASSIVELY SHORT WITH OUR BANKERS NET LONG.  THE BIG QUESTION IS WHEN WILL THE BANKERS PULL THE PLUG ON OUR SPECS. 

WE HAD  – REMOVED 780   CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 5521  CONTRACTS OR 552,100 OZ OR 17.17 TONNES.

Estimated gold volume today:// 210,536  fair

final gold volumes/yesterday   213,821 fair/raid

//speculators have left the gold arena

//OCT 3/ /// THE OCT.  2023 GOLD CONTRACT

GoldOunces
Withdrawals from Dealers Inventory in oz
 nil
Withdrawals from Customer Inventory in oz160.755.
 OZ
Brinks 
5 kilobars


















 




















   






 







 




.

 








 









 
Deposit to the Dealer Inventory in oz
nil




 
Deposits to the Customer Inventory, in oznil oz
No of oz served (contracts) today2572  notice(s)
257200 OZ
8.0000 TONNES
No of oz to be served (notices)  90  contracts 
  9000 oz
0.2799 TONNES

 
Total monthly oz gold served (contracts) so far this month8408 notices
840800  OZ
26.152 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthx

0 dealer deposit:

total dealer deposits:  0 oz

customer deposits: 0

total customer deposits:  0 oz

we had  1 customer withdrawal

i) Out of Brinks: 160.755 oz (5 kilobars)

total withdrawals 160.755. oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR OCT.

For the front month of OCTOBER we have an oi of 2662  contracts having LOST 447 contracts. We had 2449 contracts filed on Monday, so we gained a whopping 2002 contracts or an additional 200,200 oz will stand for delivery in this active delivery month of October. Somebody, for the second day in a row, was in urgent need of a huge supply of physical gold over here.

NOV GAINED 179 CONTRACTS  to stand at 1240

December LOST 751  contracts down to 375,053 contracts.

We had  2572 contracts filed for today representing 257,200    oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer account and  100  notices were issued from their client or customer account. The total of all issuance by all participants equate to 2572   contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and  29  notice(s) was (were) stopped   received by J.P.Morgan//customer account   and 0 notice(s) received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the OCT. /2023. contract month, we take the total number of notices filed so far for the month (8408 x 100 oz ), to which we add the difference between the open interest for the front month of  OCT. (2662  CONTRACTS)  minus the number of notices served upon today  2572 x 100 oz per contract equals 849,800 OZ  OR 26.432 TONNES the number of TONNES standing in this active month of OCT.  

thus the INITIAL standings for gold for the OCT. contract month:  No of notices filed so far (8408) x 100 oz +  (2662) {OI for the front month} minus the number of notices served upon today (2572)  x 100 oz) which equals  849,800 oz standing OR 26.432 TONNES 

TOTAL COMEX GOLD STANDING: 26.432 TONNES WHICH IS HUGE FOR AN ACTIVE BUT GENERALLY WEAK DELIVERY MONTH. (OCT). Somebody is after a considerable amount of gold from the comex. 

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 oz

total pledged gold: 2,009,719.720  OZ   62.51 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  20,911,922.886 OZ  

TOTAL REGISTERED GOLD 10,310,605.883   (320.0703  tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,601,317.003 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 8,300,886 OZ (REG GOLD- PLEDGED GOLD) 258,192 tonnes//dropping like a stone

END

SILVER/COMEX

OCT 3

//2023// THE OCT 2023 SILVER CONTRACT

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory
36,964.689 oz
Brinks
Delaware



















































.














































 










 
Deposits to the Dealer Inventory594,581.604 oz ASAHI
Deposits to the Customer Inventory1,250,468.500 oz
CNT
Loomis





 











































 











 
No of oz served today (contracts)2133  CONTRACT(S)  
 (665,000  OZ)
No of oz to be served (notices)32 contracts 
(160,000 oz)
Total monthly oz silver served (contracts)283 Contracts
 (1,415,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

i)  0 dealer  deposit

total dealer deposit: 1

i) Into ASAHI:  594,581.604 oz

total: 593,581.604 o

i) We had  0 dealer withdrawal

total dealer withdrawals: 0 oz

We had  2 deposit customer account:

i) Into CNT:  607,423.160 oz

ii) Into Loomis  643,045.340 o

total customer deposit 1,250,468.500 oz

JPMorgan has a total silver weight: 136.236  million oz/272.134 million  or 50.00%

Comex withdrawals  2

i) Out of Brinks 7919.650 o

ii) Out of Delaware:  29,045.039 oz

total: 36,964.688 oz

adjustments: 0

TOTAL REGISTERED SILVER: 37.638 MILLION OZ//.TOTAL REG + ELIGIBLE. 272.134 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF OCT /2023 OI: 165   CONTRACTS HAVING LOST 19  CONTRACT(S). WE HAD 26 NOTICES FILED 

ON MONDAY, SO WE GAINED 7 CONTRACTS AS WE HAD A QUEUE JUMP OF 35,000 OZ

NOVEMBER GAINED 19 CONTRACTS TO STAND AT 549

DEC.GAINED 47 CONTRACTS TO STAND AT 113,108 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 133 for 665,000  oz

Comex volumes// est. volume today 79,977 //strong

Comex volume: confirmed yesterday 104,305  huge raid//

To calculate the number of silver ounces that will stand for delivery in OCT. we take the total number of notices filed for the month so far at 283 x  5,000 oz = 1,415,000 oz 

to which we add the difference between the open interest for the front month of OCT (165) and the number of notices served upon today 133 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the OCT/2023 contract month:  283 (notices served so far) x 5000 oz + OI for the front month of OCT (165) – number of notices served upon today (133 )x 500 oz of silver standing for the OCT contract month equates to 1.575 million oz.   

There are 37.638 million oz of registered silver.

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

END

GLD AND SLV INVENTORY LEVELS

OCT 3/WITH GOLD DOWN $6.90 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.44 TONNES OF GOLDINTO THE GLD/// : // //INVENTORY RESTS AT 875.08 TONNES

OCT 2/WITH GOLD DOWN $19.35 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: LD/ : // //INVENTORY RESTS AT 873,64 TONNES

SEPT 29/WITH GOLD DOWN $11.15 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: LD/ : // //INVENTORY RESTS AT 873,64 TONNES

SEPT 28/WITH GOLD DOWN $13.45 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE WITHDRAWAL OF 4.88 TONNES OF GOLD OUT OF THE GLD/ : // //INVENTORY RESTS AT 873,64 TONNES

SEPT 26/WITH GOLD DOWN $XXX TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD OUT 05 THE GLD/ : // //INVENTORY RESTS AT 878.52 TONNES

SEPT 26/WITH GOLD DOWN $13.40 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD OUT 05 THE GLD/ : // //INVENTORY RESTS AT 878.52 TONNES

SEPT 22/WITH GOLD UP $5.70 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD DEPOSIT OF 0.58 TONNES OF GOLD INTO THE GLD/ : // //INVENTORY RESTS AT 878.83 TONNES

SEPT 21/WITH GOLD DOWN $25.60 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 0.58 TONNES OF GOLD FROM THE GLD/ : // //INVENTORY RESTS AT 878.25 TONNES

SEPT 19/WITH GOLD UP $0.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD : // //INVENTORY RESTS AT 880.217 TONNES

SEPT 18/WITH GOLD UP $8.40 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD : A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD// //INVENTORY RESTS AT 880.217 TONNES

SEPT 15/WITH GOLD UP $13.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD : A WITHDRAWAL OF 1.055 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 879.70 TONNES

SEPT 14/WITH GOLD UP $1.00 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD : A WITHDRAWAL OF 4.63 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 882.01 TONNES

SEPT 13/WITH GOLD DOWN $2.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

SEPT 12/WITH GOLD DOWN $11.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

SEPT 11/WITH GOLD UP $4.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

SEPT 8/WITH GOLD UP $0.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

SEPT 7/WITH GOLD DOWN $0.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 3.22 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 886.69 TONNES

SEPT 6/WITH GOLD DOWN $8.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.16 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 889.81 TONNES

SEPT 5/WITH GOLD DOWN $13.50 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.97 TONNES

SEPT 1/WITH GOLD UP $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.10 TONNES

AUGUST 31/WITH GOLD DOWN $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.10 TONNES

AUGUST 30/WITH GOLD UP $8.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.59 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 889.23 TONNES

AUGUST 29/WITH GOLD UP 17.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.6 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 886.64 TONNES

AUGUST 28/WITH GOLD UP $6.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: / //INVENTORY RESTS AT 884.04 TONNES

AUGUST 25/WITH GOLD DOWN $6.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 884.04 TONNES

AUGUST 24/WITH GOLD UP $0.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD //INVENTORY RESTS AT 884.91 TONNES

AUGUST 23/WITH GOLD UP $21.35 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 4.32 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 884.91 TONNES

AUGUST 22/WITH GOLD UP $2.95 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 0.87 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 889.23 TONNES

AUGUST 21/WITH GOLD UP $7.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.60 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 890.10 TONNES

AUGUST 18/WITH GOLD UP $1.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 6.92 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 887.50 TONNES

AUGUST 17/WITH GOLD DOWN $12.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: //: /// //INVENTORY RESTS AT 894.42 TONNES

GLD INVENTORY: 875.08 TONNES

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

OCT 2/WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 441.883 MILLION OZ

OCT 2/WITH SILVER DOWN 98 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 441.883 MILLION OZ

SEPT 29/WITH SILVER DOWN 28 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF 0.183 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 441.883 MILLION OZ

SEPT 28/WITH SILVER DOWN 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF 4.88 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 442.066 MILLION OZ

SEPT 27/WITH SILVER DOWN 20 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF .641 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 448.392 MILLION OZ

SEPT 26/WITH SILVER DOWN 20 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF .641 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 448.392 MILLION OZ

SEPT 22/WITH SILVER UP 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 449.492 MILLION OZ

SEPT 21/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 449,033 MILLION OZ

SEPT 19/WITH SILVER UP 0 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL  OF 1.1 MILLION OZ INTO THE SLV. : // /.////INVENTORY RESTS AT 449.033 MILLION OZ

SEPT 18/WITH SILVER UP 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT  OF 1.651 MILLION OZ INTO THE SLV. : // /.////INVENTORY RESTS AT 441.332 MILLION OZ

SEPT 15/WITH SILVER UP 37 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 2.31 MILLION OZ FROM THE SLV. : // /.////INVENTORY RESTS AT 439.681 MILLION OZ

SEPT 14/WITH SILVER DOWN 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: : // /.////INVENTORY RESTS AT 440.736 MILLION OZ

SEPT 13/WITH SILVER DOWN 23 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1,009 MILLION OZ INTO THE SLV//: // /.////INVENTORY RESTS AT 440.736 MILLION OZ

SEPT 12/WITH SILVER UP 1 CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.209 MILLION OZ INTO TEH SLV//: // /.////INVENTORY RESTS AT 439.727 MILLION OZ

SEPT 11/WITH SILVER UP 19 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.209 MILLION OZ INTO TEH SLV//: // /.////INVENTORY RESTS AT 439.727 MILLION OZ

SEPT 8/WITH SILVER DOWN 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // /.////INVENTORY RESTS AT 436.518 MILLION OZ

SEPT 7/WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // /.////INVENTORY RESTS AT 436.518 MILLION OZ

SEPT 6/WITH SILVER DOWN 36 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.373 OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 436.518 MILLION OZ

SEPT 5/WITH SILVER DOWN 69 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 734,000 OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 437.891 MILLION OZ

SEPT 1/WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.375 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 440.00 MILLION OZ

AUGUST 31/WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.375 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 438.625 MILLION OZ

AUGUST 30/WITH SILVER DOWN 2 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.834 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 443.210 MILLION OZ

AUGUST 29/WITH SILVER UP 49 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 183,000 OF SILVER INTO THE THE SLV// /.////INVENTORY RESTS AT 445.044 MILLION OZ

AUGUST 28/WITH SILVER UP 3 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.281 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 444.861 MILLION OZ

AUGUST 25/WITH SILVER UP ONE CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.751 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 446.145 MILLION OZ

AUGUST 24/WITH SILVER DOWN 16 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.651 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 448.896 MILLION OZ

AUGUST 23/WITH SILVER UP 94 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 826,000 OZ FROM THE SLV// /.////INVENTORY RESTS AT 450.547 MILLION OZ

AUGUST 22/WITH SILVER UP 12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: /.////INVENTORY RESTS AT 451.373 MILLION OZ

AUGUST 21/WITH SILVER UP 59 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 917,0000 OZ FROM THE SLV//.////INVENTORY RESTS AT 451.373 MILLION OZ

AUGUST 18/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//.////INVENTORY RESTS AT 452.290 MILLION OZ

AUGUST 17/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//.////INVENTORY RESTS AT 452.290 MILLION OZ

CLOSING INVENTORY 441.883 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

Peter Schiff: Banks Have A Bigger Real Estate Problem Today Than They Did in 2007

TUESDAY, OCT 03, 2023 – 07:20 AM

Via SchiffGold.com

Banks are more vulnerable to the housing market now than they were in 2007.

Most people in the mainstream will scoff at that statement. They’ll tell you that the situation is very different today. After all, we don’t have a big problem in the subprime mortgage market. We’re not seeing a big spike in defaults. That’s true. The problem is different this time. And it’s actually worse.

Most people will acknowledge that there are problems in the real estate market. Home sales continue to decline as mortgage rates climb. Pending home sales fell more than expected in August, with the National Association of Realtors’ Pending Home Sales Index falling to the lowest level since September 2022.

Meanwhile, home prices have fallen off the peak we saw in 2021, but they haven’t declined as much as you might expect because housing inventory remains tight.

So, what’s the problem?

As Peter Schiff explained in a recent podcast, the problem this time is the mortgages themselves.

The banks are in worse shape and more vulnerable to the housing market now than they were in 2007 when everything collapsed and we had the financial crisis.”

The problem in 2007 and 2008 was defaults. As interest rates rose, people couldn’t afford to pay their mortgages. That forced banks to foreclose. With the real estate bubble deflating, banks couldn’t recoup their loans by selling the houses.

The problem was the banks had loaned out a lot of money with zero down or negative AM, and then housing prices went down, and then people started defaulting. Because of the defaults, the banks lost money. But the vast majority of mortgages didn’t default. It was just a large enough percentage that it caused insolvency at these banks.”

Because we have a fractional reserve system, banks don’t have nearly enough reserves to cover even a small number of their loans.

Today we have a much different scenario. Peter says it’s worse.

It’s not about default now. In fact, defaults would actually help. The banks would actually be better off if people defaulted on the mortgages. The problem is the mortgage itself. The banks are losing money on the mortgage.”

Banks wrote these mortgages when interest rates were extremely low. A 3% mortgage wasn’t uncommon a few years ago. Now mortgage rates are above 7%.

The banks are losing money on every mortgage that’s outstanding. So, even though people are still paying their mortgages, the bank is still losing.”

In 2009, the Fed slashed interest rates. That meant all the mortgages the banks owned that didn’t default went up in value. Those mortgages appreciated because the Fed slashed interest rates.

So, even though some mortgages that went bad, the mortgages that didn’t go bad, which were the vast majority, appreciated in value. Even with that, we still had the financial crisis.”

Today, there aren’t a lot of defaults. People aren’t struggling to pay a 3% mortgage. And while home prices have declined, most homeowners aren’t currently underwater. Even if they are, people aren’t selling. They don’t want to give up a 3% mortgage for a 7%-plus mortgage. That’s why inventory remains tight and that is holding prices up.

As Peter points out, a 3% mortgage is a huge asset for the borrower. But it’s a huge liability for the lender. So, defaults would benefit the banks. They could theoretically repossess the home and resell it to somebody else and write a mortgage at a much higher rate.

So, this is a very different crisis. But it’s worse because they’re losing money on every single mortgage they have whether or not they go into default. … So, this is bigger. It is a bigger problem for the banks. They’re losing more money, and they will lose more money now than they did in 2008. That means we’ll need an even bigger bailout. All these ‘too big to fail’ banks have an even bigger problem now than they did then, and it’s going to take an even bigger round of QE to bail them out. The problem is how’s the Fed going to do that when inflation is as high as it is and going higher?”

Banks face another problem in this high interest rate environment. They’re losing depositors. Investors want yield. They can pull their money out of the bank and put it in money markets with a 5.5% yield. Peter said this is “the ultimate in crowding out.”

Everybody wants to take their money out of the banks, and the banks in theory could loan that money to the private sector, but they want to take that money out of the banks and put it in a money market that’s loaning the money to the government. … So, private businesses can’t get credit because all the credit is going to the government to finance these massive deficits.”

The fact that banks continue to borrow money from the Fed’s bailout program reveals the problems bubbling below the surface.

As Peter put it, the crisis is easy to see. But most people in the mainstream don’t see it.

end

2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO

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

a total joke!

(Pam and Russ Martens)

Pam and Russ Martens: JPMorgan Chase gets another fine, for 40 million derivative violations

Submitted by admin on Mon, 2023-10-02 11:58Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Monday, October 2, 2023

In the eyes of Wall Street veterans who are paying close attention to what’s going down at the mega banks on Wall Street, federal regulators are making the crime wave at these banks worse, not better. The federal fines for egregious behavior at these banks are getting smaller and more meaningless by the day.

Take what happened on Friday. The Commodity Futures Trading Commission fined three of the largest trading houses on Wall Street a combined $53 million for derivative reporting violations. Those trading houses were units of Goldman Sachs, Bank of America, and JPMorgan Chase.

But what was particularly tone-deaf about the CFTC’s settlement with JPMorgan Chase was the tiny amount of the monetary fine and the praise heaped on the five-count felon bank for its “cooperation” with the federal regulator.

According to the CFTC, over a period of five years, spanning 2017 to 2022, JPMorgan Chase Bank and two of its units “failed to report, or failed to correctly report, more than 40 million swap transactions.” The fine was a pathetic $15 million in total for the three JPMorgan units, meaning it cost this global behemoth just 37½ cents per violation.

Last year JPMorgan Chase reported $37.7 billion in net income. A fine of $15 million for 40 million violations of law is something that traders will make jokes about around the water cooler. …

… For the remainder of the commentary:

Five-Count Felon JPMorgan Chase Gets Hit with Another Federal Fine for 40 Million Derivative Violations; Pays 37 1/2 Cents Per Violation

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:ORANGE JUICE

END

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

 1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED 

OFFSHORE YUAN: DOWN TO 7.3280

SHANGHAI CLOSED  

HANG SENG CLOSED DOWN 478.44 PTS OR 2.69% 

2. Nikkei closed  DOWN 521.94 PTS OR 1.64 % 

3. Europe stocks   SO FAR:   ALL RED

USA dollar INDEX UP  TO  106.85 EURO FALLS TO 1.0473 DOWN 7 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.750 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 149.97/JAPANESE YEN FALLING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now  ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen UP  CHINESE ONSHORE YUAN: XX//  OFFSHORE: DOWN

3f Japan is to buy INFINITE  TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese 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 UP TO +2.9535***/Italian 10 Yr bond yield UP to 4.890*** /SPAIN 10 YR BOND YIELD UP TO 4.044…** 

3i Greek 10 year bond yield RISES TO 4.366

3j Gold at $1826.00 silver at: 21.10 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND  58 /100        roubles/dollar; ROUBLE AT 99.18//

3m oil into the  88  dollar handle for WTI and 90  handle for Brent/

3n Higher foreign deposits moving out of China//  huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 149.97//  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.750% STILL ON CENTRAL BANK (JAPAN) INTERVENTION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.9231 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9667 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc. 

USA 10 YR BOND YIELD: 4.741 UP 5 BASIS PTS…

USA 30 YR BOND YIELD: 4.862  UP 7 BASIS PTS/

USA 2 YR BOND YIELD:  5.127  UP  2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 27.50…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 11  BASIS PTS AT 4.6250

end

2.a  Overnight:  Newsquawk and Zero hedge:

USA EARLY MORNING REPORT.

It’s Deja Vu All Over Again: Futures Tumble As Yields Surge

TUESDAY, OCT 03, 2023 – 08:14 AM

In a deja vu repeat of Monday’s open, and really a carbon copy of most mornings in the past month, what was a modest attempt to push futures higher has crashed and burned with US equity futures sliding to session lows as yields resumed their surge once again, the 10Y rising up to a new 16 year high of 4.74%, with 30Ys also rising to the highest since 2007, hitting 4.856%.

As a result what was a modest 0.3% gain in spoos turned into a 0.4% loss as S&P futures dropped to session lows of 4,307 as of 7:35am with Nasdaq futures dragged 0.5% lower. The Bloomberg Dollar Spot Index followed yields tick for tick and rose to an 10-month high, pressuring most Group-of-10 currencies. The selloff rippled across equity and commodity markets, with Europe’s Stoxx 600 sliding to a six-month low as WTI traded near $89 a barrel and gold and Bitcoin fell.

In US premarket trading, HP gained after BofA double upgraded its rating on the PC maker to buy from underperform, with positive commentary expected at next week’s analyst day. MSP Recovery rose as much as 26% in premarket trading on Tuesday as its Chief Legal Officer Frank Carlos Quesada reported a purchase of stock to the US Securities and Exchange Commission. Here are some other notable premarket movers:

  • ALX Oncology surges as much as 149% in premarket trading Tuesday, erasing an earlier drop, after reporting interim mid-stage data from a trial of its drug evorpacept for the treatment of advanced gastric cancer.
  • McCormick slides 3% in premarket trading, after the spice maker reported net sales that trailed the average analyst estimate and a larger-than-expected decline in product volume. Sales in the consumer segment in the Asia-Pacific region were particularly weak, which the company attributed to a slower-than-expected economic recovery in China.
  • Oddity Tech Ltd. rallied 18% in premarket trading after Truist Securities analyst Youssef Squali raised the recommendation to buy from hold based on the firm’s preliminary third quarter results and its “compelling” valuation.
  • Point Biopharma surges 85% in premarket trading Tuesday after Eli Lilly & Co. agreed to buy the biotech firm for $12.50 per share in cash in a bid to expand its oncology capabilities into radioligand therapies.

Wall Street strategists are warning about the impact that elevated interest rates on equities, with Goldman Sachs, Morgan Stanley and JPMorgan all saying there’s a risk of further stock-market declines. Currently, traders are pricing roughly a one-in-three chance of a rate hike in November.

“We had not anticipated such an increase in rates,” said Vincent Juvyns, global market strategist at JPMorgan Asset Management. “This is something which will at least slow down, or even reverse the progress of equity markets.”

And indeed all eyes are on rates this morning, as Treasury yields extend to fresh cycle highs in 5-year out to long-end of the curve, as the selloff gathers pace in early US session. Futures volumes pick up as 10-year tenor breaks through earlier session lows and through the 107-00 level. In the long-end of the curve 30-year yields breach 4.855% and onto highest levels since 2007.

  • In Treasury options demand seen for bearish plays targeting higher yields, matching the early price action.
  • US yields cheaper by up to 6.5bp on the day across long-end of the curve; breaking through 4.856% in 30-year tenor and onto highest yield to highest since 2007
  • Selloff extended as 10-year futures breached 107-00 level to the downside reaching as low as 106-30+; into the move around 22,000 Dec23 contracts traded over a one-minute period, highest volumes of the session
  • In Treasury options early demand seen for downside protection as yields continue to climb higher; flows have included TY Nov23 107.00/106.00 put spread bought in 3,500 at 24 ticks says London trader
  • Some information comes from rates traders familiar with the transactions, who asked not to be identified because they are not authorized to speak publicly

This week’s Treasury selloff came after US lawmakers managed to avert a government shutdown, prompting traders to increase bets that the Fed could raise rates in November. Comments from two Fed policymakers reinforced that view, with Cleveland Fed president Loretta Mester saying on Monday that one more rate hike was likely needed and Governor Michelle Bowman urging multiple increases.

“The market is probably evenly split on whether central banks will need to continue raising rates or not so the bond marker is testing investors,” said Brian O’Reilly, head of market strategy at Mediolanum International Funds. “With 10-year yields around 4.6%, the asset allocation decision for equities is getting quite difficult.” 

European stocks were also lower, spooked by the surge in rates. The Stoxx 600 is down 0.7% at session lows, led by declines in the utility sector; retail stocks were dragged down on a warning from online retailer Boohoo Group Plc, which fell 10%. Here are the biggest European movers:

  • AstraZeneca shares rise as much as 1.1% after the drugmaker agreed to pay $425 million to settle US product liability lawsuits related to heartburn and stomach acid treatments Nexium and Prilosec
  • Novo Nordisk shares rise as much as 2.8% after the drugmaker won denial of a challenge to two US patents backing semaglutide
  • Sika shares gain as much as 1.1% after Swiss chemicals company raised its annual sales growth and Ebitda margin targets for medium term
  • Burberry falls as much as 4.7% in London to hit the lowest level since Nov. 2022, after the luxury stock was cut to sell from neutral at UBS
  • Greggs shares slip as much as 3.2% after Tuesday’s third-quarter trading statement, with analysts taking an overall positive view but noting the lack of any guidance upgrade
  • Eramet lost as much as 4.5% in early Paris trading on Tuesday after AlphaValue/Baader cut its rating for the French mining group, arguing there is further downward potential for the stock
  • Boohoo shares tumble as much as 11%, to the lowest since August 2015, after the online fast fashion retailer cut its revenue forecast for the year
  • Aker Carbon Capture drops as much as 7%, to lowest in almost five months, after Citi cuts to neutral due to perceived risks

Earlier in the session, Asian stocks declined as hawkish signals from the Federal Reserve spurred risk-off sentiment, while losses in Hong Kong intensified as traders returned from a holiday. The MSCI Asia Pacific Index fell as much as 1.6% to reach its lowest since late December. The Hang Seng China Enterprises Index fell more than 3% in the region’s worst performance among major gauges, dragged lower by tech stocks Meituan and Alibaba. Mainland China remains shut for Golden Week holiday, while South Korean markets are also closed. The broad selloff came as the latest commentary from Fed officials stirred concerns that the central bank will continue to raise interest rates. Traders boosted bets on a November rate hike to a roughly one-in-three chance, up from the 25% likelihood priced on Friday. Positive Chinese travel data did little to lift sentiment as investors focus on uncertainties lingering in the world’s second-largest economy. 

  • Hang Seng was the worst hit on return from holiday amid losses in property, tech and energy with developers suffering despite an early spike in Evergrande shares by around 35% on resumption of trade.
  • Nikkei 225 weakened with all industries pressured and energy firms leading the broad declines.
  • ASX 200 was dragged lower by underperformance in the mining-related sectors due to the recent declines in commodity prices and with headwinds from the rising yields after Australia’s 10yr yield rose to its highest since 2011, while the RBA decision to keep rates steady provided no major fireworks.
  • In India, key stock gauges in India slid, tracking weakness in regional peers, with lenders and energy sector companies leading the selloff. The S&P BSE Sensex fell 0.5% to 65,512.10 in Mumbai, while the NSE Nifty 50 Index declined 0.6% to 19,528.75. The MSCI Asia Pacific Index was down 1.5%. Banks, energy and automakers were among the worst sectoral performers during the session. HDFC Bank contributed the most to the Sensex’s decline, decreasing 1.2%. Out of 30 shares in the Sensex index, 11 climbed, while 19 fell.

In FX, the Bloomberg Dollar Spot Index rises 0.1%, hitting a fresh 10-month high and the euro falling to its lowest against the dollar since last December at 1.049.

  • The Australian dollar extended declines after the Reserve Bank of Australia held its cash rate; AUD/USD dropped as much as 0.9% to 0.6306, weakest since November
  • The euro and the pound were also little changed after erasing earlier losses against the greenback
  • The yen swung between gains and losses, staying near cycle lows amid intervention speculation
  • USD/JPY is hovering just below 150.

In rates, Treasuries are trading at the lows of the day, with 10-year yields rising 6bps to 4.74%, while gilts outperform their German counterparts after data showed UK shop price-inflation fell to a one-year low in September. UK two-year yields fall 3bps to 4.95%. Treasury yields once again rose to session highs across the curve with futures under or near Monday’s lows; 10- to 30-year yields reached fresh multiyear highs. Gilts outperform Treasuries on the back of supportive food inflation data. US 10-year yields around 4.75%, cheaper by ~5bps on the day near session high; gilts outperform by nearly 5bp in the sector as they unwind a portion of Monday’s losses. US 2s10s curve steeper by 4bp on the day with front-end slightly outperforming; spread breached -41bp, least inverted since May 5. Fed-dated OIS continues to price around 35% odds of a 25bp rate hike for the November policy meeting; Cleveland Fed President Loretta Mester said late Monday that one more rate hike may be needed this year. Dollar IG issuance slate empty so far after five names priced $5b Monday; a slow week is expected with many companies entering earnings blackout periods. US session highlights include August JOLTS job openings data and comments from Fed’s Bostic.

In commodities, crude futures are little changed with WTI trading near $88.90. Spot gold falls 0.1%.

Bitcoin is under pressure after experiencing a marked upside in recent sessions, which took BTC to near USD 29k. Currently, residing around the USD 27.5k mark but well within recent ranges.

Looking to the day ahead now, and the main data highlight will be the US JOLTS release of job openings for August. Otherwise, central bank speakers include the ECB’s Simkus, Lane and Villeroy, along with the Fed’s Bostic.

Market Snapshot

  • S&P 500 futures up 0.2% to 4,332.75
  • MXAP down 1.4% to 154.63
  • MXAPJ down 1.3% to 485.09
  • Nikkei down 1.6% to 31,237.94
  • Topix down 1.7% to 2,275.47
  • Hang Seng Index down 2.7% to 17,331.22
  • Shanghai Composite up 0.1% to 3,110.48
  • Sensex down 0.4% to 65,585.91
  • Australia S&P/ASX 200 down 1.3% to 6,943.42
  • Kospi little changed at 2,465.07
  • STOXX Europe 600 up 0.1% to 446.12
  • German 10Y yield little changed at 2.90%
  • Euro little changed at $1.0485
  • Brent Futures down 0.3% to $90.45/bbl
  • Gold spot up 0.0% to $1,828.42
  • U.S. Dollar Index little changed at 106.99

 Top Overnight News

  • Several Taiwanese companies are helping Huawei build infrastructure for a secret network of chip plants across southern China, a Bloomberg investigation found. At a time when China regularly threatens Taiwan with military action, the island’s tech firms risk spurring a backlash by potentially helping US-sanctioned Huawei effectively break an American blockade. BBG
  • India has told Canada to withdraw dozens of diplomats from the country, in an escalation of the crisis that erupted when Prime Minister Justin Trudeau said New Delhi may have been linked to the murder of a Canadian Sikh. FT
  • ECB’s Chief Economist Philip Lane warned that there is still work needed to be done to fully tackle the EU’s inflation problem. BBG
  • Switzerland’s core CPI for Sept dips to +1.3%, down from +1.5% in Aug and below the Street’s +1.5% forecast (headline inflation ticked up to +2% from +1.9% in Aug. BBG
  • British shoppers enjoyed the first monthly drop in food prices in more than two years as retailers cut the cost of dairy products, fish and vegetables amid “fierce competition” between stores, a survey found. BBG
  • Federal Reserve Bank of Cleveland President Loretta Mester said the US central bank will likely need to raise rates once more this year and then hold them at higher levels for some time to get inflation back to its 2% target. BBG
  • Rep. Matt Gaetz (R-Fla.) on Monday night filed a formal motion to eject the speaker Kevin McCarthy, a maneuver last attempted in 1910 and never successfully completed. The House must act by Wednesday on the matter — and while McCarthy may yet survive depending on how Democrats vote, even a failed challenge to his speakership weakens him going forward. Politico
  • The slide in Treasuries has been excessive given recent economic data and Federal Reserve policy, suggesting it’s instead being driven by fears over the swelling US deficit. BBG
  • America’s shale pioneers have vowed to keep a lid on drilling even if oil hits $100 a barrel, citing a need to maintain capital discipline and what they claim is a “war” on fossil fuels waged by the Joe Biden administration. FT
  • In the new ‘higher for longer’ rates environment, the key risk for S&P 500 ROE will be higher interest expenses and lower leverage. Our rates strategists recently raised their forecast for the nominal 10Y UST and now expect rates to end 2023 at 4.3% and then rise to 4.6% in 1H 2024 before receding back to 4.3% at the end of 2024. Although the long-maturity, fixed-rate debt structures of S&P 500 companies generally insulate them from higher rates, borrow costs for S&P 500 companies have ticked up on a year/year basis by the largest amount in nearly two decades. GIR

A more detailed look at global markets courtesy of Newsquawk

APAC stocks declined amid the rising global yield environment and the continued absence of some key markets, while the focus turned to central bank announcements beginning with the RBA. ASX 200 was dragged lower by underperformance in the mining-related sectors due to the recent declines in commodity prices and with headwinds from the rising yields after Australia’s 10yr yield rose to its highest since 2011, while the RBA decision to keep rates steady provided no major fireworks. Nikkei 225 weakened with all industries pressured and energy firms leading the broad declines. Hang Seng was the worst hit on return from holiday amid losses in property, tech and energy with developers suffering despite an early spike in Evergrande shares by around 35% on resumption of trade.

Top Asian News

  • RBA kept the Cash Rate Target unchanged at 4.10%, as expected, while it reiterated that some further tightening of monetary policy may be required and that the Board remains resolute in its determination to return inflation to the target. Furthermore, it stated that returning inflation to the target within a reasonable timeframe remains the Board’s priority and recent data are consistent with inflation returning to the 2–3% target range over the forecast period but also noted significant uncertainties around the outlook..
  • “(China) has seen a recovery in consumer spending in terms of trips and transportation, with market confidence and vitality both on the continuous rise” following the first four days of the Chinese holiday, according to Global Times.

European bourses have been mixed but are currently a touch softer, Euro Stoxx 50 -0.2%; newsflow is relatively light and markets remain focused on yields. Sectors are similarly mixed, featuring outperformance in Banks and Insurance names while Utilities and Basic Resources are the relative laggards. Stateside, futures are modestly firmer, ES +0.2%, with recent pressure being attributed to yields but action comparably more contained thus far in today’s session ahead of JOLTS and Fed’s Bostic & Mester. For reference, APAC trade remains limited given mass holiday closures though the return of the Hang Seng saw it experience marked pressure and close with downside of circa. 3.0%, with the move similarly attributed to recent yield action.

Top European News

  • EU is to assess risks of four critical technologies being used by third countries such as semiconductors, AI, quantum technologies and biotechnologies, while the EU aims to take measures next year to mitigate risks to these technologies, according to an EU official cited by Reuters.
  • Brussels will unfreeze about EUR 13bln in EU funding to Hungary as it seeks help for Ukraine, according to FT.
  • ECB’s Lane says they have reached the interest rate level that will help tame inflation; the key is to maintain this rate level for as long as needed; seeing wage data coming in lower is very important. Would not focus on December as a critical decision; December is not the end of the inflation challenge. Says he welcomes September inflation data, but we need to see further progress.
  • ECB’s Valimaki (sitting in for ECB’s Rehn) says further rate hikes cannot be ruled out, appears as if a wage-price spiral can be avoided.
  • ECB’s Simkus says rates need to stay restrictive to tame prices; prompt response of monetary policy was effective; inflation still faces many lines of resistance; inflation shock is not over.

FX

  • Dollar resumes bull run before running into chart and round number resistance, DXY probes Fib at 107.170 and fades within 107.210-106.930 range.
  • Yen continues to defend 150.00 vs. Buck, but barely and with 1.1bln option expiries helping, Euro eyes expiry interest at 1.0495 against Greenback after a bounce from 1.0461 and Sterling pivots Fib retracement between 1.2062-96 parameters.
  • Aussie lags post-on hold RBA and Kiwi down in sympathy awaiting RBNZ to follow suit, AUSD/USD and NZD/USD cling to 0.6300 and 0.5900 handles respectively.
  • Franc deflated after softer than forecast Swiss CPI, USD/CHF hovers above 0.9200.
  • Japanese Finance Minister Suzuki said it is important for currencies to move in a stable manner reflecting fundamentals and they will take appropriate steps on FX moves with a sense of urgency, while he added that they will stand ready to respond while closely watching FX moves. Furthermore, he said currency interventions are not targeting FX levels and whether to carry out FX intervention is determined by volatility, according to Reuters.

Fixed Income

  • EGB underperformance gradually spills over as Bunds retreat from 127.95 to 127.45 and BTPs reverse through 109.00 within a 109.49-108.86 range.
  • Gilts and T-note suffer contagion between 93.18-92.68 and 107-14/06 respective parameters ahead of Fed’s Bostic and JOLTS US job openings.
  • Orders for the new 5-year BTP Valore have reached EUR 5bln since the beginning of the offer, via Reuters citing Bourse data.

Commodities

  • Crude benchmarks are little changed overall having lifted incrementally off initial lows as the USD moves below the 107.00 mark while crude specifics have been light as attention turns to this week’s JMMC.
  • Currently, WTI and Brent are trading in USD 87.76-88.71/bbl and USD 89.50-90.46/bbl respective ranges.
  • Spot gold is essentially flat intraday with the yellow metal holding around USD 1825/oz while spot silver is a touch firmer after Monday’s pronounced pressure, finally base metals have seen similar directional action to crude with the metals off lows as the USD eases a touch.
  • Spain’s Energy Minister showed support for the Dutch call to phase out fossil fuel subsidies.
  • India’s petroleum minister says an oil price above USD 100/bbl is not going to be in anyone’s interest.
  • Poland and Ukraine announced a breakthrough on Ukrainian grain transit, according to AFP.

Geopolitics

  • Israel carried out an air attack on Syrian armed forces positions in the vicinity of Deir al Zor, according to Syrian state media.
  • India told Canada to withdraw dozens of diplomatic staff whereby it must repatriate around 40 diplomats by October 10th, according to FT.

US Event Calendar

  • Sept. Wards Total Vehicle Sales, est. 15.4m, prior 15m
  • 10:00: Aug. JOLTs Job Openings, est. 8.82m, prior 8.83m

Central bank speakers

  • 08:00: Fed’s Bostic Speaks on Economic Outlook, Inflation

DB’s Jim Reid concludes the overnight wrap

It might have been a brand new quarter, but yesterday was another challenging day for markets, especially with the bond sell-off showing no sign of letting up. In fact, the 10yr Treasury yield (+10.8bps) closed at a post-2007 high of 4.68%, whilst the 10yr real yield (+9.7bps) closed at a post-GFC high of 2.33%. And despite some better-than-expected data, risk assets came under pressure alongside WTI crude (-2.17%) falling back beneath $90/bbl. Equities were weak in Europe and down for much of the day in the US but a late rally left the S&P 500 (+0.01%) flat by the close. Europe’s STOXX 600 (-1.03%) fell to a 6-month low, and the German 10yr real yield (+12.1bps) hit a post-2011 high of 0.58%. The main event today is the US JOLTS data as we see how tight the labour market still is under the surface.

Starting with markets and there were several factors driving the latest sell-off. First up, the lack of a US government shutdown over the weekend was seen in a more bearish light as the day progressed, as it removed a tangible risk for the economy and was seen as raising the likelihood of more rate hikes. For instance, futures raised the likelihood of a hike at the next meeting in November from 19% on Friday to 28% yesterday. And looking at the prospect of a hike by December, the likelihood rose from 39% last Friday to 51% by yesterday’s close.

Second, the sell-off then got added fuel from the latest ISM manufacturing print for September, which was notably better than expected. The headline print came in at 49.0 (vs. 47.6 expected), which was the highest since November 2022. And there was lots of good news at the component level as well, with new orders (49.2) at a 13-month high and employment (51.2) back in expansionary territory. That was echoed by the final manufacturing PMI as well, where the final reading was revised up to 49.8 (vs. flash 48.9). So there were several signs that the economy was proving more resilient than expected.

Third, comments from numerous Fed speakers reiterated the higher-for-longer narrative. Governor Bowman, one of the more hawkish FOMC members, suggested that multiple further rate hikes may be needed while Cleveland Fed President Mester saw another hike this year as likely. Comments from Vice Chair of Supervision Barr erred on the more cautious side, saying that the more important question was “how long we will need to hold rates at a sufficiently restrictive level”. Overall, despite the more encouraging recent inflation data, the latest Fed commentary shows no signs of a downshift from the September median dot plot view of another rate hike by year-end.

Speaking of US economic resilience, our own US economists have just released an updated set of forecasts overnight. Their baseline still sees a recession taking place, but they now see that starting a bit later in Q1 2024, and only lasting two quarters. Their view is that the soft landing case has strengthened over recent months, but there are still plenty of headwinds, including depleted savings, tightening credit conditions, and a return of student debt payments. For the Fed, they continue to see the tightening cycle as over now, albeit with the risk of another hike. And they now expect the Fed to start cutting rates from June 2024, with 175bps of cuts next year. See their full update here.

With some more positivity about the economy, bonds continued to sell off throughout the day, with yields on 10yr Treasuries up +10.8bps to a post-2007 high of 4.68%. The 30yr yield (+8.9bps) also pushed higher to close at 4.79%. It was real yields that drove the increase in rates, with the 2yr real yield (+7.3bps) at a new post-GFC high of 3.07%, and the 10yr real yield (+9.7bps) at 2.33%. At the same time, the 2s10s curve continued to steepen, with a +4.9bps increase to -42.8bps. On one level, that might be seen as a positive sign given the 2s10s is a classic recessionary indicator, but then again, the last 4 cycles saw it move out of inversion territory just before the recession began.

Over in Europe, there was a similarly strong bond sell-off, with yields on 10yr bunds (+8.2bps), OATs (+7.8bps) and BTPs (+2.6bps) all moving higher. But it was gilts that led the moves, with the 10yr yield up +12.7bps to 4.56%, whilst the 30yr gilt yield (+11.4bps) surpassed its mini-budget peak yesterday to close above 5% for the first time since 2002. Similarly to the US, it was real yields that led those moves, and the German 10yr real yield (+12.1bps) hit a post-2011 high of 0.58%.

The bond sell-off created a tough backdrop for equities. The S&P 500 traded around half a percent lower for most of the day, but a rally in the last hour of the US session left it flat on the day (+0.01%). Tech stocks were a big winner though, with the FANG+ Index (+1.38%) going against the broader trend to advance for a 4th consecutive session. The breadth of losses outside of tech was highlighted by the equal weight index declining -1.11% with only 22% of the S&P 500 constituents up on the day despite its flat headline performance. Small caps also underperformed with the Russell 2000 index down -1.58%. Back in Europe there were larger losses, leaving the STOXX 600 (-1.03%), the DAX (-0.91%), the CAC 40 (-0.94%) and FTSE 100 (-1.28%) lower on the day.

Across other asset classes, the dollar was a key beneficiary, with the broad index (+0.69%) rising to a 10-month high and the euro falling to its lowest against the dollar since last December at 1.049. Meanwhile, oil declined for third day in a row, with WTI crude falling back below $90/bl (-2.17% to $88.82/bl). Both WTI (-5%) and Brent (-6%) have seen their sharpest 3-day decline since the oil price rally started in June. So some evidence that uncertainty over the demand outlook is weighing on the strong recent oil rally.

Overnight in Asia, regional equities are also selling off with the Nikkei 225 down -1.43%. The Hang Seng is down -2.98% after reopening post Monday’s holiday. Many other markets remain closed in this holiday week. There was also an RBA decision overnight, with the central bank keeping rates at 4.10% with much of the statement identical to the last one. S&P 500 futures are almost unchanged (-0.06%), with Treasury yields up less than a basis point across the curve.

Elsewhere yesterday, the main data highlight came from the final manufacturing PMIs, although they mostly echoed the initial impressions from the flash reading. Indeed, the Euro Area PMI was exactly in line with the flash print at 43.4, and Germany’s was revised down slightly to 39.6 (vs. flash 39.8). Otherwise, the Euro Area unemployment rate was back at its recent low of 6.4% in August, which is its joint-lowest level since the formation of the single currency.

To the day ahead now, and the main data highlight will be the US JOLTS release of job openings for August. Otherwise, central bank speakers include the ECB’s Simkus, Lane and Villeroy, along with the Fed’s Bostic.

2 B) NOW NEWSQUAWK (EUROPE/REPORT)

European bourses weaker & US equities tentative ahead of US JOLTS; Fed’s Bostic due – Newsquawk US Market Open

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TUESDAY, OCT 03, 2023 – 06:04 AM

  • European bourses are a touch softer with yields in focus, US futures slightly firmer ahead of data & Fed speak
  • DXY ran into resistance and has faded from a 107.21 best, but does remain incrementally firmer; Antipodeans lag post on-hold RBA
  • EGBs pressured with BTPs seemingly leading and pulling Gilts and USTs lower in sympathy
  • Crude benchmarks and precious metals little changed overall with the USD dictating
  • Looking ahead, highlights include US IBD/TIPP & JOLTS, Australian PMI (Final), Fed’s Bostic. Earnings from McCormick & Company

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EUROPEAN TRADE

EQUITIES

  • European bourses have been mixed but are currently a touch softer, Euro Stoxx 50 -0.2%; newsflow is relatively light and markets remain focused on yields.
  • Sectors are similarly mixed, featuring outperformance in Banks and Insurance names while Utilities and Basic Resources are the relative laggards.
  • Stateside, futures are modestly firmer, ES +0.2%, with recent pressure being attributed to yields but action comparably more contained thus far in today’s session ahead of JOLTS and Fed’s Bostic & Mester.
  • For reference, APAC trade remains limited given mass holiday closures though the return of the Hang Seng saw it experience marked pressure and close with downside of circa. 3.0%, with the move similarly attributed to recent yield action.
  • Click here for more details.

FX

  • Dollar resumes bull run before running into chart and round number resistance, DXY probes Fib at 107.170 and fades within 107.210-106.930 range.
  • Yen continues to defend 150.00 vs. Buck, but barely and with 1.1bln option expiries helping, Euro eyes expiry interest at 1.0495 against Greenback after a bounce from 1.0461 and Sterling pivots Fib retracement between 1.2062-96 parameters.
  • Aussie lags post-on hold RBA and Kiwi down in sympathy awaiting RBNZ to follow suit, AUSD/USD and NZD/USD cling to 0.6300 and 0.5900 handles respectively.
  • Franc deflated after softer than forecast Swiss CPI, USD/CHF hovers above 0.9200.
  • Japanese Finance Minister Suzuki said it is important for currencies to move in a stable manner reflecting fundamentals and they will take appropriate steps on FX moves with a sense of urgency, while he added that they will stand ready to respond while closely watching FX moves. Furthermore, he said currency interventions are not targeting FX levels and whether to carry out FX intervention is determined by volatility, according to Reuters.
  • Click here for more details.
  • Click here for the Option Expires for the NY Cut.

FIXED INCOME

  • EGB underperformance gradually spills over as Bunds retreat from 127.95 to 127.45 and BTPs reverse through 109.00 within a 109.49-108.86 range.
  • Gilts and T-note suffer contagion between 93.18-92.68 and 107-14/06 respective parameters ahead of Fed’s Bostic and JOLTS US job openings.
  • Orders for the new 5-year BTP Valore have reached EUR 5bln since the beginning of the offer, via Reuters citing Bourse data.
  • Click here for more details.

COMMODITIES

  • Crude benchmarks are little changed overall having lifted incrementally off initial lows as the USD moves below the 107.00 mark while crude specifics have been light as attention turns to this week’s JMMC.
  • Currently, WTI and Brent are trading in USD 87.76-88.71/bbl and USD 89.50-90.46/bbl respective ranges.
  • Spot gold is essentially flat intraday with the yellow metal holding around USD 1825/oz while spot silver is a touch firmer after Monday’s pronounced pressure, finally base metals have seen similar directional action to crude with the metals off lows as the USD eases a touch.
  • Spain’s Energy Minister showed support for the Dutch call to phase out fossil fuel subsidies.
  • India’s petroleum minister says an oil price above USD 100/bbl is not going to be in anyone’s interest.
  • Poland and Ukraine announced a breakthrough on Ukrainian grain transit, according to AFP.
  • Click here for the October 4th JMMC primer.
  • Click here for more details.

EUROPEAN DATA RECAP

  • UK BRC Retail Shop Price Index YY (Sep) 6.2% (Prev. 6.9%)
  • Swiss CPI YY (Sep 2023) 1.7% vs. Exp. 1.8% (Prev. 1.6%); MM -0.1% vs Exp. 0.0% (Prev. 0.2%)

NOTABLE EUROPEAN HEADLINES

  • EU is to assess risks of four critical technologies being used by third countries such as semiconductors, AI, quantum technologies and biotechnologies, while the EU aims to take measures next year to mitigate risks to these technologies, according to an EU official cited by Reuters.
  • Brussels will unfreeze about EUR 13bln in EU funding to Hungary as it seeks help for Ukraine, according to FT.
  • ECB’s Lane says they have reached the interest rate level that will help tame inflation; the key is to maintain this rate level for as long as needed; seeing wage data coming in lower is very important. Would not focus on December as a critical decision; December is not the end of the inflation challenge. Says he welcomes September inflation data, but we need to see further progress.
  • ECB’s Valimaki (sitting in for ECB’s Rehn) says further rate hikes cannot be ruled out, appears as if a wage-price spiral can be avoided.
  • ECB’s Simkus says rates need to stay restrictive to tame prices; prompt response of monetary policy was effective; inflation still faces many lines of resistance; inflation shock is not over.

NOTABLE US HEADLINES

  • Fed’s Mester (non-voter) said the monetary policy path depends on how the economy performs and the Fed will likely need to hike rates one more time this year. Mester stated that inflation is too high but she sees welcome signs of progress in lowering price pressures, while she also commented that the Fed will keep rates restrictive to get inflation down and higher rates are needed to make sure the disinflation process continues.
  • US GOP Rep. Gaetz moved to oust House Speaker McCarthy, while McCarthy said ‘bring it on’ in response to the move, according to Reuters.
  • Click here for the US Early Morning Note.

GEOPOLITICS

  • Israel carried out an air attack on Syrian armed forces positions in the vicinity of Deir al Zor, according to Syrian state media.
  • India told Canada to withdraw dozens of diplomatic staff whereby it must repatriate around 40 diplomats by October 10th, according to FT.

CRYPTO

  • Bitcoin is under pressure after experiencing a marked upside in recent sessions, which took BTC to near USD 29k. Currently, residing around the USD 27.5k mark but well within recent ranges.

APAC TRADE

  • APAC stocks declined amid the rising global yield environment and the continued absence of some key markets, while the focus turned to central bank announcements beginning with the RBA.
  • ASX 200 was dragged lower by underperformance in the mining-related sectors due to the recent declines in commodity prices and with headwinds from the rising yields after Australia’s 10yr yield rose to its highest since 2011, while the RBA decision to keep rates steady provided no major fireworks.
  • Nikkei 225 weakened with all industries pressured and energy firms leading the broad declines.
  • Hang Seng was the worst hit on return from holiday amid losses in property, tech and energy with developers suffering despite an early spike in Evergrande shares by around 35% on resumption of trade.

NOTABLE ASIA-PAC HEADLINES

  • RBA kept the Cash Rate Target unchanged at 4.10%, as expected, while it reiterated that some further tightening of monetary policy may be required and that the Board remains resolute in its determination to return inflation to the target. Furthermore, it stated that returning inflation to the target within a reasonable timeframe remains the Board’s priority and recent data are consistent with inflation returning to the 2–3% target range over the forecast period but also noted significant uncertainties around the outlook..
  • “(China) has seen a recovery in consumer spending in terms of trips and transportation, with market confidence and vitality both on the continuous rise” following the first four days of the Chinese holiday, according to Global Times.

DATA RECAP

  • Australian Building Approvals MM (Aug) 7.0% vs. Exp. 2.5% (Prev. -8.1%, Rev. -7.4%); YY (Aug) -6.7% vs Exp. -6.4% (Prev. -7.0%)

2 c. ASIAN AFFAIRS

TUESDAY MORNING/MONDAY NIGHT

SHANGHAI CLOSED  //Hang Seng CLOSED DOWN 478.44 PTS OR 2.69%          /The Nikkei CLOSED DOWN 521.94 PTS OR 1.64%  //Australia’s all ordinaries CLOSED DOWN 1.31 %   /Chinese yuan (ONSHORE) closed  /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.3280 /Oil DOWN TO 88,36 dollars per barrel for WTI and BRENT  DOWN AT 90.04 / Stocks in Europe OPENED  ALL RED// ONSHORE YUAN TRADING XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING XXX AGAINST US DOLLAR/OFFSHORE WEAKER

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/

END

2e) JAPAN

JAPAN/

Massive intervention by the BOJ

(zerohedge)

Japanese Yen JOLTed Higher – Is The MoF In The Market?

TUESDAY, OCT 03, 2023 – 10:22 AM

This morning’s hotter-than-expected JOLTS print initially sparked a hawkish response across markets, pressing the USD higher against its fiat peers.

The JPY slipped back above 150/USD on the move – the weakest since October last year, and is trading in an area where authorities stepped in with purchases to support the yen last year for the first time since 1998.

As a reminder, the first intervention by Japan last year came when the yen weakened to 145.90 in September. The country spent around $65 billion in total to support the yen in three occasions in September to October.image.png

Did we just see the Ministry of Finance intervene?

As Bloomberg reports, Masato Kanda, the top currency official at the Ministry of Finance, has said he’s keeping in close contact with his US counterparts, with both sides in agreement that excessive currency moves are unwelcome.

Finance Minister Shunichi Suzuki warned about the currency fluctuations for six days in a row through Tuesday. He said on Tuesday he won’t judge the possibility of FX intervention on currency levels but through volatility.

Is the old Gold-Yen trade back?

… something it did for much of the previous decade.

We suspect this ‘volatility’ is Suzuki’s signature now.

end

3 CHINA /

CHINA/

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

SWEDEN

end

UK/GERMANY/RUSSIA /UKRAINE

EUROPE/

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE

UKRAINE/RUSSIA

END

6.GLOBAL ISSUES AND VACCINE/COVID ISSUES

GLOBAL ISSUES

GLOBAL VACCINE/COVID ISSUES

end

DR PAUL ALEXANDER

mRNA technology, NONE of it is safe! What don’t these malfeasants at Yale (Suberi et al.) NOT understand? Now they are encapsulating mRNAs of interest within optimized poly(amine-co-ester) polyplexes.

For use as an intranasal (inhalable) vaccine with direct delivery into the lungs for ‘mucosal’ vaccination (Clancy: the immune response actually begins in the gut then back to lungs); a DISASTER!

DR. PAUL ALEXANDEROCT 2
 
READ IN APP
 

https://www.science.org/doi/10.1126/scitranslmed.abq0603

Yale researchers argue that an ‘inhalable platform for messenger RNA (mRNA) therapeutics would enable minimally invasive and lung-targeted delivery for a host of pulmonary diseases.’

end

Warning to MALONE by judge as his lawsuit case dismissed! Excellent substack by Breggins, the right touch as they relay the news! Judge warns MALONE about his repeated law suits; Criticizes and Warns

Criticizes and Warns Malone About Further Defamation Suits and Dismisses Robert Malone Vs. Washington Post Defamation Lawsuit; IMO, this holds promise for Breggins & Ruby et al. (same judge)

DR. PAUL ALEXANDEROCT 2
 
READ IN APP
 

This is great news for Dr. Peter Breggin and his warrior wife Ginger Breggin who have been leading the COVID fight day one and for decades have helped inform and educate America and the world. I am hoping this dismissal is followed by this sensible judge doing same for the Breggins and Ruby et al.

I now appeal to Dr. Malone to step back, and rejoin the army of COVID contrarians and dissidents (us, me included, the Breggins) yet as a team member, shed your idiot moronic stupid lawyer Bliss, shed the combative manner, understand we are in a battle to save lives and not sue each other each time our feelings are hurt. You Dr. Malone have lots of exposure and people have not sued you out of resources issues but if you persist, I am afraid some may. Please take a pause, withdraw your Breggin and Ruby suit et al. and let us move on. The battle goes on. Take this dismissal and use it as a teachable moment. Learn from it. Show some compassion and show some gracious mercy and step back. I would welcome you openly and still do, but you must cease against Breggin, Ruby, cease this incessant relentless hammering of The Wellness Company and Mr. Coulson etc. Just stop this, there are enough problems for all of us to have a role and make a difference. Also, shed some of the morons you have around you, some of those stupid doctors and scientists who just like to see the ‘action’ and ‘mayhem’…IMO not worth it….they egg you on and drive you. You need to get back to first principles and come join us but as a friend and compadre. Be the man you are. You make up your own mind no doubt but I think this is your exit ramp, this judge has helped you and given you the exit ramp.

Take it! Come back to the fold as a team member.

Peter and Ginger Breggin Exposing the Global Predators

Judge Dismisses Robert Malone Vs. Washington Post Defamation Lawsuit

Judge Norman K. Moon—who is also presiding over Malone’s case against Dr. Peter and Ginger Breggin and Dr. Jane Ruby—ordered the dismissal of Dr. Robert Malone’s defamation lawsuit against The Washington Post on September 28, 2023. Specifically, Judge Moon directed the clerk of the court to …

Read more

end

Artificial sweetener erythritol in STEVIA and cardiovascular event risk? major adverse cardiovascular events (MACE; includes death, nonfatal myocardial infarction, stroke) atherothrombotic disease

atherothrombotic disease risk; (adjusted hazard ratio (95% confidence interval), 1.80 (1.18–2.77) and 2.21 (1.20–4.07), respectively); erythritol enhanced platelet reactivity in vitro and thrombosis

DR. PAUL ALEXANDERSEP 30
 
READ IN APP
 
https://www.nature.com/articles/s41591-023-02223-9.epdf?sharing_token=OPTyazxQdZdXsHvnVfy71dRgN0jAjWel9jnR3ZoTv0MTnVt_Yzm2YDkmKtSZJOysYZlROr0ymfAdj9yPHH8bMbP0djhtBJSsEWwB14X1uRmRIkjrCWE10oC-1WmhkYkIvDc2nPleIgMHxf1mT2nI4RRiBKE3TfZCXKPiH90CvmCYAZlu2xzi6S713Ta4VwBol3byuUKfPpnAsNZCFFMnxcxMXqVAmslNo7xvPzbz02c%3D&tracking_referrer=edition.cnn.com

‘In initial untargeted metabolomics studies in patients undergoing cardiac risk assessment (n = 1,157; discovery cohort, NCT00590200), circulating levels of multiple polyol sweeteners, especially erythritol, were associated with incident (3 year) risk for major adverse cardiovascular events (MACE; includes death or nonfatal myocardial infarction or stroke).

end

SLAY NEWS

The latest reports from Slay News
Excess Cardiovascular Deaths Soar 44% in Teens & Young Adults, Official Data ShowsThe number of excess deaths related to cardiovascular disease in teens and young adults has skyrocketed since last year, official government data has revealed.READ MORE
Canadian Province Brings Back Mask Mandates for HospitalsThe Canadian province of British Columbia is bringing back mask mandates in all hospitals and healthcare settings, a leaked government memo has revealed.READ MORE
Bill Clinton Demands Change to Law So Illegal Migrants Can ‘Begin Working’ in New York CityFormer President Bill Clinton is demanding changes to the law so that the tens of thousands of illegal migrants that have arrived in New York City can “begin working.”READ MORE
Biden Admin Bans Official Travel to Fossil Fuel Conferences, Leaked Memo ShowsA leaked internal memo has revealed that Democrat President Joe Biden’s White House has banned senior administration officials from attending conferences that promote the use of fossil fuels.READ MORE
Democrat Rep Jamaal Bowman Says He Was Confused by Sign That Reads ‘Push Until Alarm Sounds’Radical Democrat Rep. Jamaal Bowman’s (D-NY) excuse for setting off the fire alarm in Congress has become even harder to believe after images of the red warning signs emerged on social media.READ MORE
Gavin Newsom Appoints Radical Leftist to Dianne Feinstein’s Senate SeatCalifornia’s Democrat Governor Gavin Newsom has just appointed a radical leftist to the U.S. Senate seat vacated by the passing of Sen. Dianne Feinstein (D-CA).READ MORE
NY Gov Kathy Hochul Calls on Congress to ‘Limit’ Migrant Flood: Border ‘Is Too Open Right Now’New York Governor Kathy Hochul has become the latest high-profile Democrat to call out President Joe Biden’s disastrous open border policy.READ MORE

EVOL NEWS

House Republicans Move to Expel Matt Gaetz from CongressREAD MORE… 
LATEST NEWS:
U.S Food Supply to Be Spiked with mRNA VaccinesRead more…Police are searching for 9-year-old girl abducted from a New York campgroundRead more…Beer Can With Trump’s Mugshot Hits Major Milestone: CEORead more…Iran official admits country’s role in terror bombing that killed 241 US military members: reportRead more…Federal student loan payments begin for first time since pandemicRead more…What’s the endgame on Ukraine aid?Read more…Newsom picks Laphonza Butler as Feinstein replacementRead more…NY Gov. Kathy Hochul Regrets Welcoming Illegal Migrants, Pushes Back on Biden’s Open Border PolicyRead more…

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES
U.S Food Supply to Be Spiked with mRNA VaccinesAmericans will soon be consuming meat products that have been spiked with experimental mRNA vaccines.READ THE FULL REPORT
House Republicans Move to Expel Matt Gaetz from CongressA group of House Republicans has been working behind the scenes on a plan to expel Rep. Matt Gaetz (R-FL) from Congress.READ THE FULL REPORT
74% of Triple-Vaxxed Canadians Now Have VAIDS, Government Data ShowsOfficial data released by Canada’s government shows that 74% of triple-vaxxed Canadians now have Vaccine Acquired Immune Deficiency Syndrome (VAIDS).READ THE FULL REPORT

END

MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK

end 

7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//

EGYPT

Egypt’s pound is now trading at 30 to the dollar down from 20 to the dollar last year and pundits believe that it is the second most likely nation to default after Ukraine

(Middle East Eye)

Sisi Tells Egyptians ‘Hunger A Price Worth Paying For Progress’ In Bizarre Speech

MONDAY, OCT 02, 2023 – 06:20 PM

Via Middle East Eye

In a widely condemned televised speech, Egyptian President Abdel Fattah el-Sisi has said his people should accept the prospect of going hungry as the price of the country’s success.

In the remarks on Saturday, Sisi also called his opponents “liars, saboteurs and wicked”, as critics questioned the billions spent on infrastructure projects that he has undertaken as many Egyptians struggle to make ends meet. AFP: Egypt’s President Abdel Fattah al-Sisi at a meeting with the French foreign minister in Cairo on 14 September 2023

“Don’t you Egyptians dare say you would rather eat than build and progress,” Sisi said. “If the price of the nation’s progress and prosperity is to go hungry and thirsty, then let us not eat or drink,” he added.

“Don’t undermine the cause of our nation and make us the world’s laughing stock. Stand fast and transform the cruel circumstances we are going through into a gift. The harder you stand fast, the sooner it [the economic crises] will pass.”

In a meandering and times informal dialogue, the Egyptian president suggested ways in which he could “destroy” Egypt, if he were so inclined, by distributing pills to foster chaos in the country. 

Sisi said that he spoke with the Supreme Judicial Council regarding how easy the country would be to destroy and had concluded that giving 100,000 people in “difficult circumstances” tramadol, a strong opioid, would do the trick at a cost of no more than $30m. It is unclear why he publicized such remarks but his comments were widely condemned online.

Ahmed Tantawi, who is positioning himself as Sisi’s main opponent in the country’s upcoming election, condemned the president’s speech in a statement posted on X, formerly known as Twitter. Directly addressing Sisi, he wrote: “Egyptians actually starved during your rule because of your administration. They did not see any of the development that was promised.”

Tantawi further accused Sisi of spreading lies and accumulating “high-rise buildings, cities and palaces built in deserts, even if it is at the expense of [the ordinary] man and his right to a decent life and education”. “[The government] has stripped citizens of social protection, leaving two-thirds of Egyptians living below and around the poverty line, while the conditions of most of the remaining third has deteriorated dangerously,” he said.

Other users on the platform said that Sisi represented the “cartoon of a madman” while another social media user said that the president’s comments could technically land him in jail. As Sisi faces a deepening economic crisis, his reaction to criticism has become increasingly erratic. 

Egypt will hold a presidential election between 10 and 12 December, brought forward from the original date in 2024, with Sisi widely expected to win a third term.

Looming economic crises

Analysts have predicted that Egypt is the country second most at risk of a debt crisis, coming just after war-torn Ukraine. 

Nevertheless, Sisi, who was undaunted about the mounting economic problems, asked the country: “What kind of country do you want to live in? Do you want to build Egypt and make it a nation of note, or not? Do you consider building an adventure? Do you consider reform an adventure?”

Egypt has been gripped by an economic crisis for years, a situation exacerbated by the war in Ukraine which has severely affected food prices in the country.

Official figures showed annual inflation in Egypt reached a new record 39.7 percent in August, while the Egyptian pound has been on a dramatic slide against the dollar. A dollar buys 30 Egyptian pounds today compared to just under 20 exactly a year ago.

Egypt has been dependent on bailouts from its wealthier allies in the Gulf and the International Monetary Fund (IMF) in recent years, as investors pull billions out of the country.

While the financial crisis has a range of causes, many opposition figures have pointed fingers at the increasing grip the military has held over the economy following the 2013 coup that ousted the elected government of Mohamed Morsi.

END

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 7;30AM//OPENING AND CLOSINGS 

EURO VS USA DOLLAR:  1.0473 DOWN  0.0007

USA/ YEN 149.97 UP .109  NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2065 DOWN    0.0023

USA/CAN DOLLAR:  1.3722 UP .0046 (CDN DOLLAR DOWN 48 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED 

 Hang Seng CLOSED DOWN 478.44 PTS OR 2.69% 

AUSTRALIA CLOSED DOWN 1.31%  // EUROPEAN BOURSE:  ALL  RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES:   ALL  RED  

2/ CHINESE BOURSES / :Hang SENG DOWN 478.44 PETS OR 2.69%  

/SHANGHAI CLOSED 

AUSTRALIA BOURSE CLOSED DOWN 1.31% 

(Nikkei (Japan) CLOSED DOWN 521.94 PTS OR 1.64% 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1825.75

silver:$21.00

USA dollar index early TUESDAY  morning: 106,85 UP 25 BASIS POINTS FROM MONDAY’s CLOSE.

TUESDAY  MORNING NUMBERS ENDS

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And now your closing TUESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.677%  UP 5  in basis point(s) yield

JAPANESE BOND YIELD: +0.749% DOWN 1 AND  1//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 4.065 UP 7  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.932 UP 12  points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.963 UP 4  BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY  

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

Euro/USA 1.0458 DOWN  0.0021 or 21  basis points 

USA/Japan: 149.13 DOWN 0.735 OR YEN UP 74 basis points/

Great Britain/USA 1.2068  DOWN   0.0021 OR 21  BASIS POINTS //

Canadian dollar DOWN  .0055 OR 55 BASIS pts  to 1.3729

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The USA/Yuan,  CNY: closed    ON SHORE  CLOSED    (UP) …XXX

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. (7.3234)

TURKISH LIRA:  27.54 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.749…VERY DANGEROUS

Your closing 10 yr US bond yield UP 11 in basis points from MONDAY at  4.793% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield  4.908 UP 12  in basis points   ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 5.140 UP 3 BASIS PTS.

Your  12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:  TUESDAY: CLOSING TIME 12:00 PM

London: CLOSED DOWN 35.33  POINTS or 0.47%

German Dax :  CLOSED DOWN 153.49 PTS OR 1.01%

Paris CAC CLOSED DOWN 68,94 PTS OR 0.98%

Spain IBEX DOWN 150.50 PTS OR 1.82%

Italian MIB: CLOSED DOWN 352.67 PTS OR 1.27%

WTI Oil price  89..42  12: EST

Brent Oil:  91.08   12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  99.52;   ROUBLE UP 0 AND  25//100       

GERMAN 10 YR BOND YIELD; +2.963 UP 4 BASIS PTS

UK 10 YR YIELD: 4.648  UP 4  BASIS PTS

CLOSING NUMBERS: 4 PM 

Euro vs USA: 1.0469  DOWN   0.0010   OR 10 BASIS POINTS

British Pound: 1.2078 DOWN   .0012 or 12 basis pts 

BRITISH 10 YR GILT BOND YIELD:  4.6465%  UP 4 BASIS PTS//

JAPAN 10 YR YIELD: .750%

USA dollar vs Japanese Yen: 148.79 DOWN   1.075 //YEN  UP 108  BASIS PTS//

USA dollar vs Canadian dollar: 1.3710 UP .0034 CDN dollar DOWN 34  basis pts)

West Texas intermediate oil: 89.57

Brent OIL:  91.09

USA 10 yr bond yield UP 12 BASIS pts to 4.810%  

USA 30 yr bond yield UP 14   BASIS PTS to 4.936% 

USA 2 YR BOND:  UP 4  PTS AT 5.150 % 

USA dollar index: 106.75 UP 14  BASIS POINTS 

USA DOLLAR VS TURKISH LIRA: 27.51 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  99.62  UP 0   AND  15/100 roubles

GOLD  1824.55

SILVER: 21.20

DOW JONES INDUSTRIAL AVERAGE:  DOWN 430.97 PTS OR 1.29% 

NASDAQ DOWN 271.95 PTS OR 1.83%

VOLATILITY INDEX: 20.00 UP 2.39 PTS (13.57)%

GLD: $169.16 DOWN 0.49 OR 0.24%

SLV/ $19.45 UP 0.03 OR 0.102%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM

Juicy Jobs Data Slams Stocks, Sparks Bond Bloodbath & VIXplosion

TUESDAY, OCT 03, 2023 – 04:00 PM

A slightly-more-dovish-than-normal Atlanta Fed president did nothing to stop the ‘good’ jobs data sparking a pukefest across bonds and stocks. Crypto was lower, gold and the dollar were only marginally changed (as it looked like Japan’s MoF stepped in to save the yen). VIX topped 20, and Treasury yields all soared to multi-decade highs.

The survey-driven JOLTS data sent ‘soft’ data to a new cycle high while ‘hard’ data is at its lowest since April…

Source: Bloomberg

But, Financial Conditions are tightening aggressively…

Source: Bloomberg

Goldman warns that the ‘good news’ faces a few headwinds may impact growth soon, including the end of the student loan moratorium, a potential slowdown in consumer spending after a very strong summer, and higher oil prices among others – all of which could weigh on at least the willingness if not just the ability of the consumer to spend.

How bad could it get? Goldman estimates that real GDP growth will slow from 3.5% in Q3 to 0.7% in Q4

Futures were drifting lower into the cash open, saw the ubiquitous opening pump, but soon after came the JOLTS data which sent everything lower with Nasdaq leading the plunge…

The S&P is falling close to its 200DMA…

After its collapse yesterday, Utilities were the only sector green today. Energy almost got back to even on the day but Consumer Discretionary was the ugliest horse in the glue factory…

Source: Bloomberg

Banks continue to be a shitshow (should not be surprising given the $108BN hole in their balance sheets… that is getting worse with every tick higher in yields)…

Further to fall…

Selling was focused on unprofitable tech…

Source: Bloomberg

And “most shorted” stocks are now in the red for the year after today’s puke…

Source: Bloomberg

…oh and don’t forget the recent IPOs – CART’d out!

0-DTE traders bought the f**king dip early on (heavy call-buying) but it didn’t work to spark any real positive momentum and the unwind dragged stocks to the lows of the day…

Source: SpotGamma

Treasuries were clubbed like a baby seal… again… with the long-end absolutely hammered (30Y +16bps, 2Y +4bps)…

Source: Bloomberg

30Y neared 4.95% (2007 highs) as the yield curve (2s30s) bear-steepened dramatically…

Source: Bloomberg

The dollar ended higher – but not much so – thanks in large part to JPY’s move…

Source: Bloomberg

What looked like an intervention by Japan’s MoF saved the day’s volatility in the FX market. JPY’s break above 150/USD seemed to trigger a massive wave of yen-buying…

Source: Bloomberg

Gold ended the day only marginally lower

Source: Bloomberg

Crude managed gains on the day, with WTI bouncing back above $90 briefly intraday…

Finally, we just tumbled into ‘Extreme Fear’ levels…

Source: CNN

And the other fear index – VIX – soared back above 20 – its first time since May…

..which perfectly fits with the seasonals…

Source: Bloomberg

…but are we done now?

TUCKER CARLSON..

“We’re In The Middle Of A Revolution” – Victor Davis Hanson Warns Tucker: “The Next 12 Months Will Be The Most Explosive In History”

TUESDAY, OCT 03, 2023 – 08:45 AM

Historian Victor Davis Hanson sat down with Tucker Carlson to discuss his perspective on the current political climate in the US, asserting that American liberalism is characterized by dishonesty, and warning about what he sees as liberal efforts to introduce a highly intolerant age.

“It’s hard for most Americans to comprehend the total dishonesty of American liberalism.”

VDH says Trump represents a significant threat to the specific vision held by liberals, who are employing a “critical legal theory,” in which traditional moral values are abandoned in favor of whatever gains power.

“Liberals are now telling us they plan to protect American democracy and that’s the clearest possible sign that they intend to end it.”

Most specifically, Hanson told Carlson that:

“I think they’ve come to the conclusion that Trump is an existential threat and by association, half the country is to their vision of what they want to transform us into, and so they feel that whatever means necessary are justified.”

And this is an issue since Hanson pointed out that while some conservatives were speaking up, they are also fighting a culture in the Republican Party that preferred to “lose nobly” as opposed to winning elections in an “ugly” manner.

Hanson emphasizes that the traditional boundaries and norms are being renegotiated, from the Senate filibuster and the Electoral College to societal understandings of gender and language, raising concerns that:

“We’re in the middle of a cultural, economic, political revolution,” but “we think that we’re still playing within the same sidelines or parameters, and we’re not. Everything’s under negotiation.”

Hanson argues that the legal actions against Trump are politically motivated and biased and designed to send a message to the half of America that will not simple ‘comply’:

“The idea is now that we now have the power to do this, and because we have the power to do it, it’s moral and right, and if you don’t like it, what are you doing to do about it?”

Finally, Hanson issues a call to action of sorts, noting that “There are legitimate efforts to rectify and stop this madness and let’s see what happens in 2024.”

“You need leaders who will tell people we are in a Jacobin takeover of this country, and the old get along at any cost does not work,” Hanson said.

“I hope everybody can keep their head because I think the next 12 to 18 months are going to be the most explosive in our history since the Great Depression.”

Watch the full interview below:

https://www.zerohedge.com/political/were-middle-revolution-victor-davis-hanson-warns-tucker-next-12-months-will-be-most

end

II USA DATA

This is a must view:  Rick Santelli suggests in the coming years the 10 yr rate can go to 13%. If this happens, the entire financial system blows up

(zerohedge)

30 Year Yields Hit Highest Since 2007 One Day After CNBC’s Santelli Suggests 10 Year Could Go To 13%

TUESDAY, OCT 03, 2023 – 09:45 AM

This morning yields are once again rising, with the Treasury 30 year hitting highs of 4.856%, a level it hasn’t touched since 2007.

The move sure seems to support a notion Rick Santelli laid out yesterday on Fast Money that bond vigilantes are back in full force. Santelli even predicted that 10 year yields could touch as high as 13%.

“In the grand scheme of things I think rates are going higher,” Santelli says.

“We have a lot of potential room to the upside,” he says, drawing a chart of bond technicals. “Worst case scenario, where are Treasury rates going to go? 10 year I’d say in the next seven years you should be able to see 13.5% or 14%.”

“If you want to know where inflation is taking markets and why, just look at government spending. Vigilantes have new horses and they are riding and I really do think that is the answer. We are spending too much, we are not learning to cut back.”

“I think we’re out of control as we approach a $2 trillion deficit and this is the market’s way to get Washington’s attention,” Santelli adds.

[ZH: Food for thought if, as Santelli warns, we are entering a new cycle…]

When Melissa Lee asks about whether or not the Fed would then engage in yield curve control (because that is, of course, the first line of thinking on a CNBC desk), Santelli responds: “You can squeeze a water balloon seven ways from Sunday but eventually it pops out somewhere. They are running out of little tricks to pull out of their bag.”

“Quantitative easing removed many signals from the market that now it’s trying to put back in place. And they can do as they wish. If they keep tinkering with this, the problem is there are too many large economies in the same boat. And who’s going to end up buying this paper?”

Anchor Tim Seymour then asks about the BOJ losing control of the bond market (an idea he openly mocked on-air in 2016). He calls the BOJ “the biggest wild card” and suggests that yield curve control could be over. Santelli responds: “Bank of Japan could actually pull the plug that drains the water on everybody’s bathtub.”

Here’s the full video:

https://www.zerohedge.com/markets/30-year-yields-hit-highest-2007-one-day-after-cnbcs-santelli-suggests-10-year-could-go-13

Said one astute viewer…

piker

@somniummortus

Gotta love how

@CNBC

allows him to talk about this so long as he frames it with yields “burning to the upside” and not frame it as most people would, bonds are crashing in price.

6:59 PM · Oct 2, 2023

·

5,064 View

end

III) USA ECONOMIC STORIES

Real trouble looms for CRE and according to Bloomberg it will last years

(zerohedge)

“Severe Crash” Looms For CRE Office Towers, Turmoil Lasting Years, Bloomberg Survey Finds

MONDAY, OCT 02, 2023 – 10:00 PM

About seven months ago, panic gripped financial markets over the regional bank meltdown, primarily due to exposure to the commercial real estate space, specifically office towers. Since then, many market participants have forgotten the turmoil, but not all have done so. 

A new weekly survey of Terminal users by Bloomberg’s Markets Live team finds two-thirds of the 919 respondents believe the office tower market needs to crash before a rebound can be seen. 

Nearly half (44%) of respondents said tower prices will trough in the second half of 2024. About 29% believe 2025 or later. 

Terminal users likely understand what Morgan Stanley pointed out earlier this year: a staggering $2.5 trillion in debt maturities and rollovers at much higher rates over the next five years:

Last month, Kyle Bass told Bloomberg TV that the US banking industry will lose hundreds of billions of dollars from exposure to the office market amid shifting workplace trends and elevated interest rates.

“Banks in the US will lose $200, $250 billion in office over time here,” Bass, founder of Hayman Capital Management, best known for correctly predicting and profiting from the bursting of the subprime housing bubble. He noted, “And there’s about $2 trillion of equity in the banks so it’s like a 10% hit to US banking equity.”

What’s clear is that refinancing won’t be pretty for building owners. A Green Street commercial property index shows towers have already fallen 16% from a peak in March 2022. 

“Nobody wants to sell at a huge loss,” said Lea Overby, an analyst at Barclays Plc. “These are properties that don’t need to be sold for long periods of time, and that means holders are likely to delay a sale as long as they can.”

According to a March report from Goldman Sachs, regional banks hold about 30% of office tower debt as of 2022. Small banks have seen deposits shrink 2% over the last 12 months ending August. That means less funding. 

Bloomberg noted it could take several years for some building owners to experience pressure from higher rates:

Pain from higher interest rates can take years to filter through to owners of the US commercial real estate, which Morgan Stanley values at $11 trillion in total. Investors in office buildings, for example, often have long-term fixed-rate financing in place, and their tenants can be subject to long- term leases as well.

It will take until 2027 for leases that are in place today to roll over to lower revenue expectations, according to research by Moody’s Investors Service published in March. If current trends hold, then revenues by then will be 10% lower than today.

Barclays’s Overby said the office tower market “will take a long time to work out,” adding she isn’t too worried about the threat of the overall CRE market because “debt is spread across a wide enough array of investors to absorb losses.” 

Meanwhile, a recent report from the Morgan Stanley team expects CRE prices to be down 27.4% from peak to trough in 18 to 24 months this cycle, not that far off from the -34.9% during the GFC in 34 months, which will range from a decline of 15% for apartments to a stunning plunge of 40% for office. 

In places like San Francisco and Baltimore, some office tower prices have already crashed:

While progressive corporate media outlets tend to attribute the decline of office towers in metro areas to Covid and the rise of remote work, there’s another seldom-discussed factor at play: disastrous social justice reforms that have triggered lawlessness, forcing companies to move to the suburbs or even to states that embrace law and order. 

To sum up, office districts in Democrat cities will be dead for years. This will have significant impacts on recovery and taxes. 

END

It begins!! We Work on the brink of bankruptcy. Negotiation with lenders to restructure debt will now be on.

(zerohedge)

WeWork On Brink Of Default As $95 Million In Interest Payments Skipped 

TUESDAY, OCT 03, 2023 – 07:45 AM

WeWork Inc. skipped interest payments totaling $95 million due on Monday on five of its bonds, triggering a 30-day grace period. This comes two months after the struggling co-working start-up warned that “substantial doubt exists” about staying in business and one month after WeWork CEO David Tolley said the company “will seek to negotiate terms with our landlords” for underperforming locations.  

“As such, today we entered into the 30-day grace period provided to us under our secured notes’ indentures and withheld the associated interest payments,” WeWork wrote in a press release on its website on Monday. 

A regulatory filing shows the co-working firm withheld $37.3 million of cash and $57.9 million of interest payments on the following notes, all due in 2027:

  • 15.000% First Lien Senior Secured PIK Notes due 2027;
  • 11.000% Second Lien Senior Secured PIK Notes due 2027;
  • 11.000% Second Lien Exchangeable Senior Secured PIK Notes due 2027;
  • 12.000% Third Lien Senior Secured PIK Notes due 2027; and
  • 12.000% Third Lien Exchangeable Senior Secured PIK Notes due 2027.

The filing continued, “The Company has a 30-day grace period to make the Interest Payments before such non-payment constitutes an “event of default” with respect to the Notes.” 

It added: “The Company has the liquidity to make the Interest Payments, and may in the future decide to do so.” 

If WeWork has enough liquidity to service its debt, why would it miss payments?

Perhaps a conversation the WeWork CEO had with The New York Times can shed some light on this question:

“I believe they will absolutely understand our decision to enter into the grace period,” WeWork’s interim chief executive, David Tolley, said in an interview. He called the move “typical” as a “precursor to a conversation.”

“Skipping an interest payment is not necessary to negotiate with lenders. But it is a move sometimes used by indebted companies to put pressure on lenders to restrike deals under more favorable terms,” NYTimes noted. 

In early September, Tolley said the co-working start-up “will seek to negotiate terms with our landlords” and “part of these negotiations, we expect to exit unfit and underperforming locations and to reinvest in our strongest assets as we continuously improve our product.”

A month before that, WeWork shares crashed after the company stated in a filing:

…as a result of the Company’s losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the Company’s ability to continue as a going concern.

The Company’s ability to continue as a going concern is contingent upon successful execution of management’s plan to improve liquidity and profitability over the next 12 months, which includes, without limitation:

  • Reducing rent and tenancy costs via restructuring actions and negotiation of more favorable lease terms;
  • Increasing revenue by reducing member churn and increasing new sales;
  • Controlling expenses and limiting capital expenditures; and
  • Seeking additional capital via issuance of debt or equity securities or asset sales.

WeWork shares have been in freefall for most of the year. 

Covid killed the flexible office industry. WeWork might be on its last leg. 

end

Blackstone shows 11 straight months of outflows

(zerohedge)

Blackstone’s Massive CRE REIT Records Eleven Months Of Outflows 

TUESDAY, OCT 03, 2023 – 06:55 AM

Blackstone has limited investor redemption requests from its $68 billion real estate trust for high-net wealth investors for the eleventh consecutive month while the Federal Reserve pushes interest rates to two-decade highs, which has only sparked turmoil in regional banks earlier this year and an ongoing commercial real estate crisis. 

According to a letter obtained by Bloomberg, Blackstone Real Estate Income Trust (BREIT) recorded investor outflows for September at $2.1 billion, or 28% less than what was requested to withdraw in August. The good news is that withdrawal requests are the lowest since October 2022. 

However, BREIT only returned $625 million, or about 34% of what was requested – as the massive real estate trust continues to gate redemptions to prevent outflows. Last month was the 11th straight month of restrictions for BREIT.

About 80% of the BREIT fund has exposure to rental housing, industrial, and data centers. 

We were the first to publish an investor letter by BREIT urging money managers with wealthy clients in the fund to keep clients calm (view letter here). 

In March, we pointed out (“New “Big Short” Hits Record Low As Focus Turns To $400 Billion CRE Debt Maturity Wall“) that the regional banking crisis kick-started CRE turmoil. JPM, Morgan Stanley, and Goldman Sachs have all joined the CRE gloom parade. 

A more recent note from Morgan Stanley expects CRE office prices to slide 27.4% from peak to trough in 18 to 24 months this cycle, not that far off from the -34.9% during the GFC in 34 months, which will range from a decline of 15% for apartments to a stunning plunge of 40% for office. 

REIT indexes via Bloomberg show how high-interest rates pressure the CRE space. 

Meanwhile, Barclays’s analyst Lea Overby said the office tower market “will take a long time to work out,” adding she isn’t too worried about the threat of the overall CRE market because “debt is spread across a wide enough array of investors to absorb losses.” 

BREIT concluded in the letter: “A shareholder who began submitting repurchase requests when proration began has received approximately 97% of their money back and the semi-liquid structure is working as intended.” 

end

Strong indicator that the economy is faltering: Port of New York and New Jersey cargo volumes dorp 21% in August

(zerohedge)

Port Of New York And New Jersey Cargo Volumes Drop 21% In August

TUESDAY, OCT 03, 2023 – 06:30 AM

By Alejandra Salgado of SupplyChainDive

Cargo volumes at the Port of New York and New Jersey fell 21% YoY to 662,740 TEUs in August as the seaport adjusts to lower retail volumes.

“Ahead of preparation for the holiday shopping season, U.S. retailers continued to draw from their overstock of inventory that was delivered during the record cargo surge over the past two years,” the port said in a press release.Shipping containers lie stacked on a ship docked at the Port Newark Container Terminal

The port also saw cargo activity drop 8.6% compared to July 2023 figures, when volumes reached 725,479 total TEUs. Compared to pre-pandemic figures, the East Coast port saw volumes fall 3% compared to August 2019.

Despite the comparative declines, the port authority said the seaport had handled 2.7% more volumes year-to-date by August than it did in 2019.

Cargo volumes by the numbers

Container volumes processed at the Port of New York and New Jersey in August 2023

Trump Lead Widens After Second GOP Presidential Debate: Poll

MONDAY, OCT 02, 2023 – 10:20 PM

Authored by Frank Fang via The Epoch Times (emphasis ours)

Former President Donald Trump has further solidified his lead in the Republican presidential primary, following the second GOP debate at the Ronald Reagan Presidential Foundation and Institute in Simi Valley, California.Former President Donald Trump speaks to a crowd during a campaign rally in Summerville, S.C., on Sept. 25, 2023. (Sean Rayford/Getty Images)

“63% of potential Republican primary voters support Donald Trump for the GOP’s 2024 presidential nomination, up from 58% in our survey released Monday ahead of the latest primary debate,” Morning Consult said in its survey released on Sept. 29.

In comparison, Florida Gov. Ron DeSantis, seen as Mr. Trump’s biggest rival, saw his support dip from 15 percent to 12 percent after the second debate, though the Florida governor is still in second place.

[ZH: According to PredictIt, the figures look even worse for DeSantis…]

The survey, which polled 1,183 potential GOP primary voters, was conducted on Sept. 28, one day after the second debate, which Trump didn’t attend. Instead, he spent the debate night in battleground Michigan, delivering a speech to striking auto workers.

Entrepreneur Vivek Ramaswamy and former South Carolina Governor Nikki Haley both lost 2 percentage points since the debate. Mr. Ramaswamy is at 9 percent and Ms. Haley is at 5 percent.

Former Vice President Mike Pence lost one percentage point and is at 5 percent. Meanwhile, Sen. Tim Scott (R-S.C.) did not see any change after the debate, remaining at 2 percent.

“This data reinforces our view that Trump is in the driver’s seat of the Republican primary, and that Trump-less debates aren’t having much of an impact on the other candidates’ national support, and may in fact be helping the former president,” the survey concludes.

In August, Morning Consult found that the support for President Trump went unchanged at 58 percent after he skipped the first GOP presidential debate in Milwaukee. Instead of attending the debate, the former president aired a pre-recorded interview he did with former Fox News host Tucker Carlson.

The second debate, which was aired on Fox News Channel and Fox Business, drew 3.5 million fewer viewers than the first debate.

Even with the absence of President Trump, the seven GOP presidential contenders did not make a breakthrough in the second debate, as they argued over topics including China, the border crisis, crime, fentanyl, and education.(L–R) North Dakota Gov. Doug Burgum, former New Jersey Gov. Chris Christie, former South Carolina Gov. and U.N. ambassador Nikki Haley, Florida Gov. Ron DeSantis, entrepreneur Vivek Ramaswamy, South Carolina Sen. Tim Scott, and former Vice President Mike Pence at the second Republican presidential primary debate at the Ronald Reagan Presidential Library in Simi Valley, Calif. on Sept. 27, 2023. (Pedro Ugarte /AFP via Getty Images)

Mr. Ramaswamy finished third with 18 percent saying they were more likely to support him, ahead of Mr. Pence with 16 percent, former New Jersey Gov. Chris Christie with 15 percent, and Mr. Scott with 14 percent.

Following the second debate, Chris LaCivita, a senior adviser to President Trump’s 2024 campaign, urged the Republican National Committee (RNC) to cancel future debates.

“Tonight’s GOP debate was as boring and inconsequential as the first debate, and nothing that was said will change the dynamics of the primary contest being dominated by President Trump,” Mr. LaCivita said on Sept. 27.

Mr. LaCivita added, “The RNC should immediately put an end to any further primary debates so we can train our fire on Crooked Joe Biden and quit wasting time and money that could be going to evicting Biden from the White House.”

According to Mr. LaCivita, Mr. Trump has no plans to attend future GOP presidential debates, after skipping the first two. The third debate is set to take place in Miami on Nov. 8.

The former president is scheduled to host the Iowa Commit to Caucus event in Ottumwa, Iowa, on Oct. 1.

“Just landed in the Great State of Iowa,” President Trump wrote on his Truth Social account on early Sunday. “Remember, I got the farmers 28 Billion Dollars from China. Nobody else would have even thought of doing that, and if they did, wouldn’t have been able to get it done!”

The former president was also in Iowa on Sept. 20, when he told supporters in Dubuque that he would use troops to secure the southern border if reelected.

end

Matt Gaetz….

I’m Fighting For Taxpayers: Gaetz

MONDAY, OCT 02, 2023 – 09:00 PM

Op-Ed authored by Rep. Matt Gaetz (R-FL) via RealClear Wire,

I know who my bosses are. They aren’t the special interests in Washington, it isn’t party leadership, it’s my voters in Florida.

Earlier this month, I sat down with some of my bosses in Destin, Florida for a podcast they host in their driveway. I was there to be held accountable. Congress has yet to achieve the things voters are asking for like term limits and a balanced budget.

That’s what this fight in Congress is all about. It’s about making sure the promises we’ve made to voters are fulfilled. The Speaker made promises to me and other lawmakers in January, and I want to hold him to account. To be specific, that agreement includes a vote on term limits, a vote on a balanced budget amendment, single subject spending bills, and the full release of the January 6 tapes.

This isn’t about politics or personality. It’s about sticking to our word, and getting our nation back on track.

In Joe Biden’s America, families are having to pinch pennies, so Congress should too. Politicians that have spent decades running up America’s deficit are taking this personally.

Rep. John Carter, who has been on the appropriations committee since 2005, recently attacked me as an “idiot” to a reporter. Okay. What’s idiotic is that our nation’s national debt has increased more than $25 trillion since 2005.

Some people are desperate to make a policy battle personal, because their policy failures are personally embarrassing.

We have to stop the fiscal insanity in Washington and get our spending under control. I’m not voting for a continuing resolution that funds Jack Smith’s election interference, dangerous chaos on the southern border, and money for the endless war in Ukraine.

Just think about what it means for Congress to govern by Continuing Resolution. Every time we vote for a continuing resolution, we make no changes in policy or spending. It’s a vote to continue the status quo. If that’s all Congress is going to do, just replace us with AI bots, because we aren’t doing anything. The hearings are fun, but it’s the budgets where real policy changes are made.

Moody’s chief economist recently said that the typical American household is spending $709 a month more than they were two years ago just to buy the same goods and services. That’s nearly $9,000 per year being stolen from Americans through the hidden tax of inflation.

Americans literally cannot afford Washington’s reckless spending. Politicians in Washington DC – on both sides of the aisle – are robbing the American people and their grandchildren to pay for war in Ukraine, drag queen shows in Ecuador, an open border, free stuff for illegal immigrants, and the Biden Department of Justice’s illegal election interference.

I came to Washington to be a voice for my voters and fix this once great nation. I’m not here to empower the Democrats’ radical agenda. I’ll be damned if I’m going to sit by and do nothing while greed and corruption destroys our great nation.

Congressman Matt Gaetz (R) represents the 1st Congressional District of Florida. He is a member of the 117th Congress currently serving his third term in the U.S. House of Representatives. 

end

VICTOR DAVIS HANSON…

Victor Davis Hanson: California, The Great Destroyer

MONDAY, OCT 02, 2023 – 08:20 PM

Authored by Victor Davis Hanson via American Greatness,

In 1996, the California legislature created the high speed rail authority.

In 2008, voters passed a $33 billion bond to build an envisioned 800 mile project eventually to link Sacramento with San Diego.

Fifteen years later, a scaled-down plan from Bakersfield to Merced remains not even half finished. Yet the envisioned costs will exceed that of the original estimate for the entire project.

The rail authority now estimates that just the modest 178 mile route—only about a fifth of the authorized distance—will not be completed at least until 2030. Past high speed estimates of both time and cost targets have been widely wrong and perhaps deliberately misleading.

Total costs for the entire project are now estimated at nearly $130 billion.

Many expect that figure to double in the next quarter-century.

Planners also concede there will likely not be much high speed rider demand from San Joaquin Valley residents willing to pay $86 to travel at a supposed 200 mph from Bakersfield to Merced.

Nine years ago voters amid drought and water shortages also passed a state water bond, authorizing $7.5 billion in new water projects and initiatives.

Some $2.7 billion was targeted for new dams and reservoirs. The current water storage system had not been enlarged since the early 1980s, when the state population was 15 million fewer residents.

So far not a single dam or new reservoir has been built.

And Californians expect more water rationing statewide anytime the state experiences a modest drought.

In 2017, a $15 billion bond authorized a complete remodeling of Los Angeles International Airport—recognized as one of the more congested, disorganized, and unpleasant airports in America.

Now the cost to complete the project has grown to an estimated $30 billion, with a proposed finish date of 2028—11 years after the project was authorized.

And the ongoing LAX remake is considered one of California’s more successful public construction projects.

In 2002, California began construction on the eastern span replacement of the iconic San Francisco–Oakland Bay Bridge—less than half of the bridge’s total length.

It was scheduled to be finished in five years at a cost of $250 million.

The job in fact took 11 years. And it cost $6.5 billion—a 2,500 percent increase over the estimate.

In contrast, original construction of the entire Bay Bridge began in 1933, at the height of the Great Depression. Yet the job was completed in a little  more than three years.

The list of such delayed, canceled, or prolonged projects could be expanded, from the proposed widening of the state’s overcrowded, antiquated, and dangerous north-to-south “freeways” to the now inert Peripheral Canal project that would have allowed the California aqueduct to transfer needed water southward by precluding the present inefficient pumping into and out of the San Francisco delta.

So what happened to the can-do California of former governors Pat Brown, Ronald Reagan, George Deukmejian, and Pete Wilson? They had bequeathed to the Baby Boomer generation a well-run state, renowned for its state-of-the-art infrastructure.

All four governors, a Democrat and Republicans, had ensured the nation’s most sophisticated higher education system, iconic freeways, and model water transference systems.

The current disaster has many parents.

A coastal culture of globally rich elites began passing some of the most stringent environmental and zoning regulations in the nation. Such Byzantine roadblocks deliberately stalled construction and skyrocketed costs—all of little concern to the “not-in-my-backyard” wealthy in their secluded coastal enclaves who had ensured the virtual end of infrastructure investments.

The state’s public unions and bloated bureaucracies guaranteed Soviet-style overhead, incompetence, and unaccountability. The more California raised its income taxes—currently the nation’s highest topping out at 13.3 percent—the more it borrowed, spent, and ran up huge annual budget deficits.

The nation’s highest gasoline taxes along with steep sales and property taxes—coupled with unaffordable fuel and housing, a homeless epidemic, dismal public schools, out-of-control crime, and mass, illegal immigration—soon all led to a bifurcated state of rich and poor.

The middle class either became poor or fled.

Indeed, businesses and millions of the middle class hightailed it out of California over the last three decades in one of the greatest state population exoduses in our nation’s history. But they also took with them the very prior experience, expertise, and capital that had once made California the nation’s envy.

In contrast, millions of impoverished illegal immigrants arrived over the last 30 years without legality, English, or high school diplomas.

And thus millions were immediately in dire need of costly state-supplied health, education, housing, and food subsidies. Currently well over half of all California births are paid for by Medi-Cal. Well over a third of the resident population depends on the state to provide all their health care needs.

Twenty-seven percent of California’s resident population was not born in the United States. That reality created a vast challenge of civic education to ensure assimilation and integration. Unfortunately, millions entered California at precisely the time of a new tribalism and racial essentialism that has taken hold of the state’s government, media, schools, and universities. Tribalism, not the melting-pot, is California’s paradigm.

California is a one-party state.

There are no statewide Republican elected officeholders. Progressive Democrats also enjoy a supermajority in both houses of the legislature. Only 12 of 52 congressional seats are held by Republicans. And almost all of California leftwing politicians are funded or influenced by Silicon Valley—the richest corridor in civilizational history, with $9 trillion in market capitalization.

In sum, a now broke California became a medieval society of Leftwing ultra-rich and Leftwing ultra-poor.

On one end, there was no longer the skill or expertise to modernize the state.

And on the other, an elite became more interested in dreaming of heaven on earth for itself as it ensured a veritable hell for others.

There is one thing, however, that California does quite well: demolition.

Currently it is destroying four dams on the Klamath River that had provided clean hydroelectrical power, water storage, flood control, and recreation. The media, the bureaucracy, and the politicians acted with unaccustomed dispatch to obliterate the dams and thus supposedly to liberate salmon to swim better upstream.

And the state is blowing up these dams partly by directing hundreds of millions of dollars voters had allotted for reservoir construction—adding insult to the injury of state voters.

A haughty green California also regulated timber companies out of business. It ceased traditional selective logging and clearing of brush from its forests.

It also limited cattle grazing of grasses and shrubs. And it embraced  new “natural” forestry initiatives that postulated that rotting dead trees, dense brush, and tall summer grasses—dry kindling for devastating forest fires—created a rich “sustainable” ecosystem for wildlife. Letting nature be would prompt occasional “natural” corrective fires as in the nineteenth-century past.

The predictable results were massive, destructive—and once preventable—forest fires in the Sierra Nevada mountains and foothills. During California summers, their vast plumes of soot and smoke have polluted the skies for months and sickened residents, destroyed hundreds of homes and businesses, and wiped out billions of dollars in valuable timber even as lumber prices soared.

And California’s lesson for the nation?

If you want to topple a statue, re-label an historically named street, burn up millions of pine and fir trees, blow up a dam, turn parks and the public square into dangerous and toxic squatter cities, then the state can do all of that and in record time.

But try building something to ensure Californians can travel quickly and in safety, or have affordable power, homes, and fuel, and assured water?

All that is simply beyond the current state’s comprehension, ability, and desire. So like modern Vandals or Goths, contemporary Californians are far better destroying the work of others than creating anything of their own.

And what is next? We await the 2024 national elections, when a few California politicians may run for our highest offices, no doubt with the campaign promise, “I can do to America what I did to California.”

end

USA// COVID//VACCINE/

end

SWAMP STORIES.

Gaetz Moves To Formally Remove McCarthy As Speaker

MONDAY, OCT 02, 2023 – 07:30 PM

Rep. Matt Gaetz (R-FL) on Monday moved to force a vote to oust Speaker Kevin McCarthy (R-CA) after McCarthy enlisted Democrats to pass a Continuing Resolution to keep the government funded through mid-November, and cut a secret side-deal for Ukraine funding.

A vote on the motion will now be brought up within two legislative days, however the chamber can first use legislative maneuvering to kill or delay it, such as voting to table the resolution.

Gaetz says he’ll try to oust McCarthy repeatedly, saying “Real chaos is when the American people have to go through the austerity that is coming.“

On Sunday, Gaetz appeared on ABC‘s “This Week” to say that McCarthy will get his wish, and that he was going to file the motion this week.

In a Monday op-ed, Gaetz wrote:

We have to stop the fiscal insanity in Washington and get our spending under control. I’m not voting for a continuing resolution that funds Jack Smith’s election interference, dangerous chaos on the southern border, and money for the endless war in Ukraine.

Just think about what it means for Congress to govern by Continuing Resolution. Every time we vote for a continuing resolution, we make no changes in policy or spending. It’s a vote to continue the status quo. If that’s all Congress is going to do, just replace us with AI bots, because we aren’t doing anything. The hearings are fun, but it’s the budgets where real policy changes are made.

Of course, there’s no Republican in the House who both wants the job and could get the votes, after Rep. Jim Jordan (R-OH) said he’s out.

end

A good start:maybe they should put Trump as speaker and that will get the house is big bang!

The speaker does not need to be an elected congressman!

McCarthy Out As Speaker

TUESDAY, OCT 03, 2023 – 04:35 PM

Update (1635ET): After eight tumultuous months of pandering and lies (according to Rep. Matt Gaetz), Kevin McCarthy has been removed as Speaker of the House.

The chamber will now commence rounds of voting to elect a new Speaker.

*  *  *

Update (1630ET): The House is now voting on the motion to remove McCarthy, and – unless Democrats intervene, Gaetz has enough votes to vacate him as Speaker after six Republicans voted ‘aye’ (Biggs, Buck, Burchett, Crane, Gaetz and Good).

Watch Live:

https://youtube.com/watch?v=bGsRkZh_RJQ%3Fsi%3DrsaHEYkNxnD6tWSx

*  *  *

Update (1435ET): The House is now voting on whether to move forward with the ouster vote, or to ‘table’ it – which would save McCarthy.

Update: The ‘motion to table’ has failed, and the House will now move forward with debate ahead of a vote on Gaetz’s effort to remove McCarthy.

*  *  *

Update (1323ET): It appears that House Speaker Kevin McCarthy may actually be out of a job, just eight months after he bent over backwards (and forward?) to land it.

In a ‘Dear Colleage’ letter, House Minority Leader Hakeem Jeffries tells his ‘troops’ that “House Democratic leadership will vote yes on the pending Republican motion to vacate the chair.“

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DEAR COLLEAGUE from Jeffries

Given their unwillingness to break from MAGA extremism in an authentic and comprehensive manner, House Democratic leadership will vote yes on the pending Republican Motion to Vacate the Chair. pic.twitter.com/Mp11qFPPaJ— Jake Sherman (@JakeSherman) October 3, 2023

House Dems are falling in line.

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House Dems all falling in line behind Jeffries https://t.co/Vk6glRC7pe— Jake Sherman (@JakeSherman) October 3, 2023

*  *  *

Days after narrowly averting a government shutdown by striking a secret side-deal with Democrats over Ukraine funding, Rep. Kevin McCarthy (R-CA) faces the biggest challenge to his Speakership by the same group of House conservatives who delayed his rise to power eight months ago.

On Monday night, Rep. Matt Gaetz (R-FL) filed a motion to formally remove McCarthy from his role as speaker – a vote for which McCarthy says he’ll get out of the way first thing today, while CNBC says the vote should begin at 2pm ET.

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🚨BREAKING … MCCARTHY SAID HE WILL BRING THE MOTION TO VACATE VOTE UP IN THE FIRST VOTE SERIES— Jake Sherman (@JakeSherman) October 3, 2023

In short, only Democrats may be able to save McCarthy – who says he hasn’t made any deals with the Democrats who he says “haven’t asked for anything,” following a Monday night call with House Minority leader Hakeem Jeffries (D-NY) – who will ultimately decide McCarthy’s fate.

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“They haven’t asked for anything. I’m not going to provide anything” — McCarthy on CNBC on what Dems want in order to help him stay speaker pic.twitter.com/P8oDhkZyAk— Aaron Rupar (@atrupar) October 3, 2023

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McCarthy: “If 5 Republicans go with Democrats, then i’m out.”@rachelvscott: “That looks likely.”
McCarthy: “Probably so.”— Jake Sherman (@JakeSherman) October 3, 2023

While the minority party in the House typically doesn’t support the majority’s choice for speaker, motions to vacate are rare – and this situation hasn’t been seen in more than a century.

According to the Guardian, Gaetz and his allies have the votes to remove McCarthy.

In a notice to lawmakers, Democratic whip Katherine Clark’s office said votes on the motion to vacate Kevin McCarthy from his position as speaker of the House could take place “at any time after the House convenes at 12:00 p.m. today.”

Before voting on the motion itself, McCarthy’s allies may move to table the proposal, which, if successful, would block the motion to vacate, and save McCarthy’s speakership. That would need a simply majority to pass, and, the way the numbers are looking now, can’t be achieved without Democratic help.

“Members should keep their schedules flexible and be prepared to vote at the appropriate time,” reads the notice.

Gaetz and his Freedom Caucus allies were livid on Sunday after it emerged that McCarthy had made a secret side-deal with Democrats for more Ukraine funding, in exchange for passage of a continuing resolution that will keep the government running through mid-November.

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Wow.@SpeakerMcCarthy made a side Ukraine deal with Democrats and didn’t tell House Republicans until after his Continuing Resolution passed.

More deceit. https://t.co/LC91laLyTp— Matt Gaetz (@mattgaetz) October 1, 2023

Developing…

END

NY Gov. Hochul Suddenly Shifts Gears On Illegal Immigration As Her State Is Overrun

MONDAY, OCT 02, 2023 – 07:20 PM

Only a year ago NY Governor Kathy Hochul adamantly supported illegal immigration, and some argue she encouraged it by stating publicly that New York was “desperate for workers” and that the migrant were “good for the economy.”  However, as NYC and the state in general is being overrun with hundred of thousands of illegals, suddenly the governor has changed her tune – Now she believes at least “some restrictions” should be put in place to limit the number of people who enter the country. 

The abrupt change of heart follows a swiftly derailing situation in the sanctuary state, as local governments struggle to house and feed the surging invasion of asylum seekers demanding access to welfare services.  Reports from a year ago should have made the outcome obvious, with Illegals canvassing door-to-door in NYC asking for handouts and homeless shelters packed to capacity.  At the time, Hochul was more concerned with wristbands put on migrants bussed from Texas that had barcodes designed to show that they arrived safely to New York, calling the practice inhumane. 

Today, Democrats from Washington DC to New York to Chicago are finally getting a taste of their own Robitussin and they really don’t like it.  The concept of open borders and sanctuary cities was perfectly acceptable to them, as long as they never had to deal with the direct consequences.  How quickly people adjust their thinking when the crisis they caused is on their doorstep.

END

Defund Police Backfires: Democrat Congressman Carjacked At Gunpoint In DC As Crime Chaos Spreads

TUESDAY, OCT 03, 2023 – 11:00 AM

Late Monday night, Rep. Henry Cuellar, Democrat of Texas, was carjacked in the Navy Yard neighborhood, about a mile from the United States Capitol Complex, according to CBS News.  

“As Congressman Cuellar was parking his car this evening, three armed assailants approached the Congressman and stole his vehicle,” Cuellar’s chief of staff, Jacob Hochberg, said in a statement.

Hochberg continued, “Luckily, Cuellar was not harmed and is working with local law enforcement.”

Metropolitan Police said the carjacking occurred around 2130 ET near New Jersey Avenue and K Street in a redeveloped area that includes residential housing and a Marriott hotel. 

Bloomberg noted, “Dozens of lawmakers, Republicans and Democrats alike, live in the apartment and condominium buildings within the block of Monday night’s attack.” 

An aide to Cuellar said police recovered the car, but no arrests have been made. Police say they’re looking for three male suspects wearing all black. 

The carjacking comes after a chaotic weekend across the nation’s capital as failed progressive policies continued to transform city streets into a third-world-like country.  

Weeks ago, DC Mayor Muriel Bowser, a former supporter of the ‘defund the police’ movement, requested increased policing due to a murder crisis. 

“What I can say is this: To me, numbers are just numbers. When we lose one person — whether it’s one or 200 — that’s too many,” Bowser said at a press conference in late September. 

Of course, Bowser, like many Democrat mayors, blames firearms as the issue, deflecting any possibility her disastrous social justice reforms only embolden criminals – while punishing law-abiding taxpayers across the imploding metro area. 

Directly north of DC lies another crime-ridden liberal metro: Baltimore City. 

… and then there’s this. 

It’s time for law-abiding taxpayers to demand radical leftists who run many major cities to reinstate law and order. 

END

THE KING REPORT

The King Report for October 3, 2023 Issue 7088Independent View of the News
On Sunday night, equity traders got jiggy for the Monday Rally, start-of-October buying, and more fiscal spending from the US Uniparty.  But Mr. Bond was not pleased; he sank while ESZs rallied.  ESZs hit a daily high of 4355.50, 23 minutes after the 3 ET European opening.  After a moderate A-B-C decline, ESZs commenced a sharper decline near 5 ET.  ESZs hit 4309.25 at 9:06 ET.  Buying for the NYSE opening Pump & Dump halted the decline.
 
At 9 ET, Tesla reported a Q3 delivery miss: 435,059 vehicles, 456,722 expected.  Tesla sank 4% in pre-NYSE trading.  Gasoline rallied sharply; oil rose modestly during early European trading.
 
USZs hit a low of 112 27/32, -30/32, at 8:56 ET.  USZs and ESZs then rallied; but USZs quickly sank back to a new daily low (112 23/32, -1 2/32).  ESZs also sank, on the dump, but after approaching the daily low at 9:53 ET, rebounded to 4332.25 at 10:03 ET, but the bond decline halted the rally.
 
Dolts in the financial media, sorry for the redundancy, attributed the bond decline to concern that the Fed will hike rates at its November meeting.  NO, NO, NO!  It’s the US debt & spending bubbles, stupid!
 
After a modest rebound, USZs headed south again.  They hit 112 12/32, -1 13/32, near 11:00 ET.  ESZs rolled over but stayed 4 handles above their low.  Equity types labored to ignore Mr. Bond because they were determined to play for the Monday Rally and start-of-October buying.
 
The rally for the European close took ESZs to 4337.75 at 11:30 ET.  ESZs immediately sank after the European close.   USZs rallied to 112 21/32 at 11:20 ET, but selling pushed USZs to a new daily low of 112 1/32, -1 24/32.  Equity traders capitulated to Mr. Bond; ESZs sank to 4300.50 at 12:10 ET; USZs hit 11 31/32, -1 26/32.  USZs then had a modest bounce; but ESZs fell to a new low of 4295.50 at 12:51 ET.
 
USZs rebounded to 112 18/32 at 13:18 ET.  ESZs had a less robust bounce, to 4309.00, at the time.  USZs and ESZs then went inert until they both spiked higher near 14:04 ET.  Each rally lasted only a few minutes.  USZs and ESZs were back near the lows by 14:40 ET and bottom bumped until the final hour.  It was time to get long stuff for the expected start-of-the-month buying at or near the NYSE close.
 
ESZs plodded to 4315.50 at 15:44 ET.  From 15:54 ET to 15:56 ET, someone juiced ESZs 11 handles higher.  ESZs rallied another 6 handles by the close.  Thank God, the SEC allows upside manipulation!
 
USZs rebounded to 112 22/32 at 14:11 ET. They then rolled over to 112 11/32 and then went flat.
 
The US 30-year continuous future contract hit a peak of 191 22/32 in March 2020 on Covid panic.  It hit a low of 111 31/32 yesterday.  There has been an enormous loss of capital for many entities.  Who are they?
 
The US 10-year continuous future contract hit a peak of 140 24/32 in March 2020.  It registered a low of 107 7/32 yesterday.  This too, represents a large loss of capital to beaucoup entities.  Who are they?  How low can they go?  The 10-year low was 68 1/32 in Q2 1982; the 30-year was 55 5/32 in Q3 1981.
 
@CNBCFastMoney: Could 10-year Treasury rates hit 13%? @RickSantelli charts the path to much, much higher yields, and warns that the Fed is running out of tricks. https://twitter.com/CNBCFastMoney/status/1708955044064673885
 
Fed’s Bowman Again Urges Multiple Rate Hikes to Curb Inflation – BBG 10:30 ETGovernor sees risk energy prices hurt price-growth progressShe repeats ball for independent review of bank failureshttps://finance.yahoo.com/news/fed-bowman-again-urges-multiple-143020659.html
 
Positive aspects of previous session.
An increasing number of people realize that US debt is infuriating Mr. Bond and harming the USA.
A blatant late manipulation truncated stock losses
 
Negative aspects of previous session
Bonds got hammered, again, and eventually took stocks lower
Gasoline rallied sharply during early European trading
 
Ambiguous aspects of previous session
How long can equity bulls ignore the exasperated Mr. Bond?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4283.06
Previous session S&P 500 Index High/Low: 4300.58; 4260.21
 
Harald Malmgren @Halsrethink: Having[been] personally close with every Fed Chairman from Bill Martin up to Bernanke’s entry, they all took shots at Treasury & Congress for lack of fiscal discipline. Ben and Janet were reticent, Powell reluctant, but Biden’s picket line (UAW) stunt needed Fed show of inflation fight harm.
 
Cleveland Fed President Loretta Mester, released at 19:30 ET: A Timely Journey Back to Price Stability: Are We There Yet? No. Will We Get There? Yes.
   Despite the progress, inflation remains too high… we also need to see more progress on inflation in the prices of services. Inflation in housing services, measured by rents and the imputed rents for owner-occupied housing, remains elevated but has begun to slow, reflecting moderating rent inflation in new leases. But inflation in core services excluding housing has shown little improvement over time.
    Moreover, the risks to the inflation forecast remain tilted to the upside… oil prices are now increasing… At this point, I suspect we may well need to raise the fed funds rate once more this year and then hold it there for some time as we accumulate more information on economic developments and assess the effects of the tightening in financial conditions that has already occurred. But whether the fed funds rate needs to go higher than its current level and for how long policy needs to remain restrictive will depend on how the economy evolves relative to the outlook…
https://www.clevelandfed.org/collections/speeches/2023/sp-20231002-a-timely-journey-back-to-price-stability
  
Today – Mr. Bond rudely usurped equity bulls’ seasonal trading schemes on Monday.  Equity bulls will play for a Turnaround Tuesday to the upside.  Will Mr. Bond take a respite from his US debt tantrums and allow the usual suspects to push ESZs and stocks higher?   How much of Tuesday’s turnaround potential did the blatant late ESZs manipulation appropriate?  ESZs are -6.50 and USZs are -5/32, at 20:10 ET.  Both opened higher but have retreated after Mester’s remarks.
 
The S&P 500 Index must get decisively above Monday’s 4300.58 high to entice suckers to buy.
 
Expected econ data: Aug JOLTS Job Openings 8.83m; Sept Wards Total Vehicle Sales 15.35m Atlanta Fed Pres (and dove) Bostic speaks on the US Economic Outlook and Inflation 8 ET
 
S&P 500 Index 50-day MA: 4448; 100-day MA: 4388; 150-day MA: 4275; 200-day MA: 4201
DJIA 50-day MA: 34,695; 100-day MA: 34,275; 150-day MA: 33,888; 200-day MA: 33,804
(Green is positive slope; Red is negative slope)
 
S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 3828.58 triggers a sell signal
Weekly: Trender and MACD are negative – a close above 4523.92 triggers a buy signal
Daily: Trender and MACD are negative – a close above 4361.42 triggers a buy signal
Hourly: Trender and MACD are negative – a close above 4304.38 triggers a buy signal
 
On Monday night, GOP Rep. Matt Gaetz filed a motion to vacate the chair, Speaker Kevin McCarthy.  A vote to remove Speaker McCarthy must occur within 48 hours.
 
@NEWSMAX: GOP Rep. Matt Gaetz wants House Speaker Kevin McCarthy, R-Calif., to answer about his alleged “secret side deal” with President Joe Biden on Ukraine aid before he follows through on his vow to bring a notice to vacate against him “later this week.”
 
ABC’s @rachelvscott: McCarthy just told me he made no side deal with President Biden on Ukraine.
It comes after President Biden was asked if he could trust Speaker McCarthy on the next deal, Biden said: “We just made one about Ukraine. So, we’ll find out.”
 
Security experts fume over report linking Pentagon official to covert Iranian influence unit
Ariane Tabatabai currently serves as the chief of staff to the Assistant Secretary of Defense for Special Operations and Low Intensity Conflict. Critics say that Iran’s insertion of influencers into the State Department undercut American interests by, in effect, negotiating with itself by influencing key decision makers… https://t.co/blOkPbu7Lx
 
Biden shows off what appears to be a bruise as he invites Selma Blair to the White House to discuss her battle with MS with her service dog Scout
https://www.dailymail.co.uk/news/article-12586139/Biden-face-bruise-selma-blair-battle-MS-service-dog-Scout.html
 
Joe Biden Tells Democrats to Treat Future White Minority ‘with Respect’ (NOT a parody!)
“We’re going to be — very shortly — a minority-white European country, and sometimes my [Democrat] colleagues don’t speak enough to make it clear that that is not going to change how we operate,” he told the progressive billionaire-funded ProPublica website …
https://www.breitbart.com/2024-election/2023/10/02/joe-biden-tells-democrats-treat-future-white-minority-respect/
 
Hunter Biden was suspected of hiring prostitutes from ‘Eastern European sex trafficking ring’ during drug binges and falsifying checks to pay the women, Treasury documents reveal
https://www.dailymail.co.uk/news/article-12572883/Hunter-Biden-suspected-hiring-prostitutes-Eastern-European-sex-trafficking-ring-drug-binges-falsifying-checks-pay-women-Treasury-documents-reveal.html
 
To fulfill his pledge to appoint a black woman to Sen. Feinstein’s seat, Gavin Newsom picked a Maryland resident to replace the late Dianne Feinstein.  Why not a black woman from California?
 
Newsom picks Laphonza Butler as Feinstein replacement
Elevating the head of a fundraising juggernaut that works to elect Democratic women who support abortion rights…Butler is registered to vote in Maryland but will switch her registration to California…
https://www.politico.com/news/2023/10/01/newsom-senate-pick-butler-00119360
 
@ggreenwald: Once they pressured Newsom not to select Barbara Lee, nothing is more irrelevant than who he chose to replace Feinstein.  Dems don’t have internal dissent. She’ll vote how she’s told: exactly the way that Nancy Pelosi’s daughter moved Feinstein’s hands to vote.
 
GOP lawmaker Issa demands answers from Newsom, Senate leaders on Laphonza Butler’s Maryland residency – Issa says Butler’s appointment a potential violation of California constitution
    “It’s not that he couldn’t find somebody,” he continued. “Instead, [Newsom] chose the most progressive African American woman he could find, seemingly for political purposes.”… According to California law, to be eligible for a Senate bid, a person must be a U.S. citizen, a resident of California, and a registered voter in the state…
https://www.foxnews.com/politics/gop-lawmaker-issa-demands-answers-newsom-senate-leaders-laphonza-butlers-maryland-residency
 
Democratic Illinois Gov. JB Pritzker demands Biden do something about migrant ‘crisis’ in the state https://trib.al/25yvVN1
 
Daily Mail: Michelle Obama dries herself on deck of Steven Spielberg’s $250M megayacht off coast of Portofino as she vacations with Tom Hanks and his wife Rita Wilson – while husband Barack chills in California (It appears the Obamas spend more time apart than the Clintons!) https://t.co/e7bJP9eplf
 
@seanmdav: Two days after mocking @ScottAdamsSays for predicting a violent crime surge in the U.S., a left-wing Philadelphia journalist was shot and killed.
https://twitter.com/seanmdav/status/1708908386719285487
 
Dem Rep. Jamaal Bowman’s Latest Defense: Republicans Are ‘Nazis’
Rep. Jamaal Bowman (D-NY) has tried and so far largely failed to explain or justify his decision to pull a fire alarm in a Capitol Hill office building as Congress rushed to avert a federal government shutdown.
   So scrambling to take the heat off of himself, Bowman’s office suggested Democrats in Congress asked about the situation choose from a list of “suggested talking points” to back up their colleague-under-fire ranging from the literally unbelievable to the utterly absurd.
        “Itʼs clear my colleague Congressman Bowman was simply rushing to the floor to cast his vote to prevent a shutdown and support working class families.”
    “House Republicans are obviously trying to distract from the fact they cannot govern and that they nearly shut down the federal government for no reason.”
    “I believe Congressman Bowman when he says this was an accident. Republicans need to instead focus their energy on the Nazi members of their party before anything else.”
    “There are multiple insurrectionist supporters in Congress and more who supported a coup and support Trump’s Big Lie. That’s what they should be focused on. Instead their focus on Rep. Bowman is an attempt to minimize January 6th.”…
https://townhall.com/tipsheet/spencerbrown/2023/10/02/bowmans-latest-defense-republicans-are-nazis-n2629215
 
@RepBowman: I just became aware that in our messaging guidance, there was inappropriate use of the term Nazi without my consent. I condemn the use of the term Nazi out of its precise definition… (Sgt. Schultz defense: “I know nothing!”)
 
@TheBabylonBee: Rep. Bowman Pulls Fire Alarm Again While Trying to Flush Urinal https://buff.ly/46sFRIo
 
GOP @RepMTG: Let me show you how easy it is to exit the Cannon building if doors are closed for the weekend. No need to pull a fire alarm, you simply have to walk down some steps. Jamaal Bowman knew what he was doing. He was trying to interrupt the vote. Bowman needs to be arrested and prosecuted on the same charges being used to imprison J6ers.  https://twitter.com/RepMTG/status/1708928278747074624
 
@bennyjohnson: Watch Democrat Judge Arthur Engoron laugh, smile and smirk as Donald Trump appears in court.  These people are openly celebrating what they’re doing. Disgusting.
https://twitter.com/bennyjohnson/status/1708938582377799855
 
@bennyjohnson: Donald Trump says that the judge has conceded that the statute of limitations are in effect on transactions that have closed prior to 2014, which he says makes up 80%, are now out of the case.  https://twitter.com/bennyjohnson/status/1708951291051798741
 
NYC professor who threatened Post reporter with a machete avoids jail with wrist-slap therapy plea deal – Shellyne Rodriguez, 46, will dodge jail time and won’t even have a criminal record if she makes it through as little as six months in therapy under the terms of her sweetheart deal with Bronx prosecutors… https://nypost.com/2023/10/02/nyc-college-professor-who-threatened-post-reporter-gets-off-with-counseling-in-plea-deal/
 
‘Swift effect’ prompts viewership spike for Chiefs-Jets game
Viewership among teen girls aged 12-17 spiked 53% from the season-to-date average for Sunday Night Football, part of an approximate increase of more than 2 million female viewers, according to an NBC Sports release. The audience among women aged 18-24 was up 24%… http://reut.rs/48waXAZ
 
Taylor Swift: Barstool Sports founder Dave Portnoy says NFL was ‘SIMPING’ for pop superstar during Jets vs Chiefs amid fury over coverage
    Swift was frequently shown on television while at MetLife Stadium on Sunday
    Portnoy was one of many fans who took issue with heavy coverage of the singer
A number of diehard football fans took to social media to hit out at the frequent cutaways of Swift…
   The NFL sparked controversy by changing their header on X to three images of Swift at MetLife…
https://www.dailymail.co.uk/sport/nfl/article-12585405/Taylor-Swift-Barstool-Sports-Dave-Portnoy-NFL-Jets-Chiefs.html
 
The media and NFL is overindulging in the Taylor Swift-Travis Kelce romance.  During the terrifically entertaining Jets-Chiefs game on Sunday night, the NBC broadcast repeatedly cut to Swift in Giants owner Mara’s suite.  One observer said this occurred 17 times.  The excessive Swift fawning soured NFL fans.  However, what upset NFL fans far more, including those without a vested interest in the Jets, was the uneven/inconsistent NFL refereeing, a festering problem, that bestowed the game to the Chiefs.
 
@Rate_the_Refs: Crazy how the ref didn’t throw his flag until he saw the Jets intercept the ball. Weak holding call. #Rigged #KCvsNYJ https://t.co/8rKjitkP1n
 
@ChampionPicks: That was holding… but not THIS??? NFL helping the Taylor Swift hype.
https://t.co/u1Nhf7JUd0
 
@kylenabecker: The NFL has become the pro wrestling equivalent of football. I’m done with this @NFLOfficiating
 
@LedyardNFLDraft: Refs missed one of the more egregious holds you will ever see by Donny Smith on that Pacheco TD run lol. 2 holdings in one play, one of which trips the guy to the ground, and they still missed it. https://twitter.com/LedyardNFLDraft/status/1708857839526019145

GREG HUNTER 

see you on WEDNESDAY

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