GOLD PRICE CLOSED: UP $11.20 TO $1873,20
SILVER PRICE CLOSED: UP $0.17 AT $21.99
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1874.00.
Silver ACCESS CLOSE: 22.05
Shanghai Gold Benchmark Price
Shanghai Gold Benchmark Price
USD
oz
Oct 09, 2023
AM1936.50
PM1939.93
Historical SGE Fix
premium $79,00
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Bitcoin morning price:, 27,213 DOWN 190 DOLLARS
Bitcoin: afternoon price: $26,642 DOWN 761 dollars
Platinum price closing $888,80 UP $5,15
Palladium price; $1167.35 DOWN $ 6.05
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: $2,547.98 UP 21.00 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1521.88 UP 8.70 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1764.86 UP 11.24 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: OCTOBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,861.000000000 USD
INTENT DATE: 10/10/2023 DELIVERY DATE: 10/12/2023
FIRM ORG FIRM NAME ISSUED STOPPED
190 H BMO CAPITAL 84
323 C HSBC 102
363 H WELLS FARGO SEC 8
435 H SCOTIA CAPITAL 203
661 C JP MORGAN 6
690 C ABN AMRO 1
737 C ADVANTAGE 2 4
TOTAL: 205 205
MONTH TO DATE: 9,611
JPMorgan stopped 6/205 contracts.
FOR OCT.:
GOLD: NUMBER OF NOTICES FILED FOR OCT/2023. CONTRACT: 205 NOTICES FOR 20,500 OZ or .6376 TONNES
total notices so far: 9611 contracts for 961,100 oz (29.894 tonnes)
FOR OCT:
SILVER NOTICES:9 NOTICE(S) FILED FOR 45,000 OZ/
total number of notices filed so far this month : 470 for 2,350,000 oz
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END
GLD
WITH GOLD UP $11.20
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / NO CHANGES IN GOLD INVENTORY AT THE GLD// FROM THE GLD.
INVENTORY RESTS AT 861.51 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER UP 17 CENTS AT THE SLV// A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .366 MILLION SILVER OZ FROM THE SLV
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 452.594 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY HUGE SIZED 860 CONTRACTS TO 126,971 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 STRONG $0.25 GAIN IN SILVER PRICING AT THE COMEX ON TUESDAY. TAS ISSUANCE WAS A MEGA HUGE SIZED 802 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 TUESDAY NIGHT: 802 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 UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.25). AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A HUMONGOUS SIZED GAIN OF 1633 OI CONTRACTS ON OUR TWO EXCHANGES.
AGAIN, FOR THE 7TH DAY IN A ROW WE HAVE WITNESSED A GOOD EFP ISSUANCE FOR THE COMEX SILVER CONTRACTS TO GO ALONG WITH OUR HUGE GAIN AT COMEX. OUR SHORT SPECULATORS HAVE BEEN MET WITH PHYSICAL DELIVERY DEMANDS BY THE BANK. THE ONLY WAY THEY CAN OBTAIN GOLD IS THROUGH THESE EFP’S WHERE DELIVERY IS TAKEN IN LONDON ON A T +2 BASIS.
WE MUST HAVE HAD:
A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS( 436 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.530 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 95,000 OZ QUEUE JUMP + 0 CONTRACTS OF EXCHANGE FOR RISK FOR 0 MILLION OZ: TOTAL EXCHANGE FOR RISK: 2.0 MILLION OZ //NEW STANDING 2.455 MILLION OZ NORMAL SILVER DELIVERY + 2.0 EXCHANGE FOR RISK PRIOR = 4.455 MILLION OZ/////HUGE SIZED COMEX OI GAIN/ GOOD SIZED EFP ISSUANCE/VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 802 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – REMOVED 310 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 7 days, total 11,649 contracts: OR 58.245 MILLION OZ (1664 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 58.245 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: 58.245 MILLION OZ (THIS IS GOING TO BE A STRONG MONTH FOR EFP ISSUANCE//
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 860 CONTRACTS WITH OUR GAIN IN PRICE OF $0.25 IN SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD EFP ISSUANCE CONTRACTS: 463 ISSUED FOR OCT AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. THIS IS THE 7TH DAY IN A ROW FOR STRONG E.F.P. ISSUANCES. OUR LONG BANKERS ARE SERVING THE SHORT SPECS WITH NOTICES TO DELIVER PHYSICAL SILVER. THEY ONLY WAY THAT THEY CAN OBTAIN HUGE QUANTITIES OF SILVER IS THROUGH THE PURCHASE OF SILVER CONTRACTS AND IMMEDIATELY TRANSFER THESE CONTRACTS OVER TO LONDON FOR DELIVERY ON A T+ 2 BASIS. WE HAVE A SMALL INITIAL SILVER OZ STANDING FOR SEPT OF 1.532 MILLION OZ FOLLOWED BY TODAY’S 95,000 OZ QUEUE JUMP:NEW TOTAL STANDING 2.445 MILLION OZ + A NEW ISSUANCE OF 0 CONTRACTS OF EXCHANGE FOR RISK FOR 0 MILLION OZ. THUS NEW TOTAL OF SILVER STANDING: 4.445 MILLION OZ// /// WE HAVE A HUMONGOUS SIZED GAIN OF 1323 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 802 CONTRACTS//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION. THE NEW TAS ISSUANCE TUESDAY NIGHT A HUGE (802) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .
WE HAD 9 NOTICE(S) FILED TODAY FOR 45,000 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 3327 CONTRACTS TO 436,499 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 328 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI ( 3651 CONTRACTS) DESPITE OUR STRONG $30.60 GAIN IN PRICE//TUESDAY. 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 STRONG 23,800 OZ QUEUE JUMP/NEW STANDING 31.069 TONNES/ + /A STRONG (AND CRIMINAL) ISSUANCE OF 2480 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $30.60 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING.WE HAD A GOOD SIZED GAIN OF 5004 OI CONTRACTS (15,56 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 1681 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 436,499
IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5004 CONTRACTS WITH 3323 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 1681 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5004 CONTRACTS OR 15,56 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG 2480 CONTRACTS)
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1681 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (3327) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5004 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 23,800 OZ QUEUE JUMP//NEW STANDING 31.069 TONNES// /// 3) ZERO LONG LIQUIDATION AND LITTLE TAS LIQUIDATION AND CONSIDERABLE SPEC SHORT COVERINGS 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: 2480 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: 31,784 CONTRACTS OR 3,178,400 OZ OR 98.86 TONNES IN 7 TRADING DAY(S) AND THUS AVERAGING: 4540 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 7 TRADING DAY(S) IN TONNES 98.96 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 98.96/3550 x 100% TONNES 2.78% 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. 98.96 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
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 860 CONTRACTS OI TO 126,971 AND FURTHER FROM OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE A GOOD 463 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 463 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 463 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 860 CONTRACTS AND ADD TO THE 463 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1323 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 6.616 MILLION OZ
OCCURRED DESPITE OUR HUGE $0.25 GAIN 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//
WEDNESDAY MORNING//TUESDAY NIGHT
SHANGHAI CLOSED UP 3.72 PTS OR .12% //Hang Seng CLOSED UP 228.37 PTS OR 1.29% /The Nikkei CLOSED UP 189.98 PTS OR 0.60% //Australia’s all ordinaries CLOSED UP 0.70 % /Chinese yuan (ONSHORE) closed DOWN AT 7.3024 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2979 /Oil DOWN TO 85.24 dollars per barrel for WTI and BRENT DOWN AT 87.06 / Stocks in Europe OPENED MOSTLY GREEN// ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 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 3323 CONTRACTS TO 436,499 DESPITE OUR STRONG GAIN IN PRICE OF $30.60 ON TUESDAY.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF OCT..… THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 1651 EFP CONTRACTS WERE ISSUED: : DEC 1651 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1651 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 5004 CONTRACTS IN THAT 1681 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 3323 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $30.60//TUESDAY 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 TUESDAY NIGHT WAS A FAIR 2480 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 (31.069) ( 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. 31.069 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $30.60) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG GAIN OF 5332 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A CONSIDERABLE T.A.S. LIQUIDATION ON THE FRONT END OF TUESDAY’S TRADING. THE T.A.S. ISSUED ON TUESDAY 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 15.56 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 23,800 OZ QUEUE JUMP//NEW TOTALS STANDING:31.067 TONNES ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $30.60. FOR THE PAST FEW WEEKS, THE SPECULATORS HAVE GONE MASSIVELY SHORT WITH OUR BANKERS NET LONG. THE BIG QUESTION IS NOW HOW MUCH GOLD WILL THE BANKERS PULL FROM OUR SHORT SPECULATORS.
WE HAD REMOVED 328 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST
NET GAIN ON THE TWO EXCHANGES 5004 CONTRACTS OR 500400 OZ OR 15.56 TONNES.
Estimated gold volume today:// 167,095 poor
final gold volumes/yesterday 179,234 poor/
//speculators have left the gold arena
//OCT 11/ /// THE OCT. 2023 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 61,269.419 oz OZ JPM BRINKS INCLUDES 1202 kilobars . |
| Deposit to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | nil oz |
| No of oz served (contracts) today | 205 notice(s) 20,500 OZ .6376 TONNES |
| No of oz to be served (notices) | 378 contracts 37,800 oz 1.1757 TONNES |
| Total monthly oz gold served (contracts) so far this month | 9611 notices 961,100 OZ 29.894 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposit:
total dealer deposits: 0 oz
customer deposits: 0
total customer deposits: 0 oz
we had 2 customer withdrawals
i) Out of JPMorgan: 22,623.919 oz
ii) Out of Brinks 38,645.500 oz (1202 kilobars)
total withdrawals 61,269.419 oz
Adjustments; 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR OCT.
For the front month of OCTOBER we have an oi of 583 contracts having GAINED 56 contracts. We had 182 contracts filed on Tuesday, so we gained another whopping 238 contracts or an additional 23,800 oz will stand for delivery in this active delivery month of October. Somebody, for the 7th day in a row, was in urgent need of a huge supply of physical gold over here. Also please note the large EFP issuances for the comex gold contracts. Our short speculators have been met with physical delivery demands by the bank. The only way they can obtain gold is through these EFP’s where delivery is taken in London on a T + 2 basis.
NOV GAINED 36 CONTRACTS to stand at 1531
December gained 628 contracts up to 364,394 contracts.
We had 205 contracts filed for today representing 20,500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 205 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 6 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 (9611 x 100 oz ), to which we add the difference between the open interest for the front month of OCT. (583 CONTRACTS) minus the number of notices served upon today 205 x 100 oz per contract equals 998,900 OZ OR 31.069 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 (9611) x 100 oz + (583) {OI for the front month} minus the number of notices served upon today (205) x 100 oz) which equals 998,900 oz standing OR 31.069 TONNES
TOTAL COMEX GOLD STANDING: 31.069 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: 2,023,223.140 OZ 62.93 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 20,399,197.361 OZ
TOTAL REGISTERED GOLD 10,067,513.609 (313,14 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 10,331,683.652 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 8,044,290 (REG GOLD- PLEDGED GOLD) 250.211 tonnes//dropping like a stone
END
SILVER/COMEX
OCT 11
//2023// THE OCT 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 165,874.113oz Brinks Delaware . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | 485,565.070 oz HSBC |
| No of oz served today (contracts) | 9 CONTRACT(S) (45,000 OZ) |
| No of oz to be served (notices) | 21 contracts (105,000 oz) |
| Total monthly oz silver served (contracts) | 470 Contracts (2,350,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit
total dealer deposit: 0
total: nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 0 deposits customer account:
total customer deposit 0 oz
JPMorgan has a total silver weight: 136.236 million oz/272.952 million or 49.89%
Comex withdrawals 3
i) Out of Brinks 100,463.700 oz
ii)out of Delaware 7,038.669 oz
iii) Out of CNT 20,057.355 oz
total: 127,559.669 oz
adjustments: 0
TOTAL REGISTERED SILVER: 37.678 MILLION OZ//.TOTAL REG + ELIGIBLE. 272.952 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:
silver open interest data:
FRONT MONTH OF OCT /2023 OI: 30 CONTRACTS HAVING GAINED 10 CONTRACT(S). WE HAD 9 NOTICES FILED
ON TUESDAY, SO WE GAINED 19 CONTRACTS AS WE HAD A QUEUE JUMP OF 95,000 OZ
NOVEMBER LOST 0 CONTRACTS TO STAND AT 409
DEC. LOST 574 CONTRACTS TO STAND AT 104,646 .
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 9 for 45,000 oz
Comex volumes// est. volume today 45,260 //weak
Comex volume: confirmed yesterday 49,669// weak
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 470 x 5,000 oz = 2,350,000 oz
to which we add the difference between the open interest for the front month of OCT (30) and the number of notices served upon today 9 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the OCT/2023 contract month: 470 (notices served so far) x 5000 oz + OI for the front month of OCT (30) – number of notices served upon today (9 )x 500 oz of silver standing for the OCT contract month equates to 2.455 million oz + 2.0 MILLION oz of exchange for risk prior//new totals: 4.455 million oz.
There are 37.678 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 11/WITH GOLD UP $11.20 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:HUGE CHANGES: / /// // INVENTORY RESTS AT 861.51 TONNES
OCT 10/WITH GOLD UP $30.60 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:HUGE CHANGES: A WITHDRAWAL OF 5.77 TONNES OF GOLD FROM THE GLD// /// // INVENTORY RESTS AT 861.81 TONNES
OCT 6/WITH GOLD UP $13.05 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:HUGE CHANGES: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD// /// // INVENTORY RESTS AT 867.58 TONNES
OCT 5/WITH GOLD DOWN $1.35 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:HUGE CHANGES: A MASSIVE WITHDRAWAL OF 5.77 TONNES OF GOLD FROM THE GLD// /// // INVENTORY RESTS AT 869.31 TONNES
OCT 4/WITH GOLD DOWN $7.40 TODAY: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
OCT 3/WITH GOLD DOWN $6.90 TODAY: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
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
GLD INVENTORY: 861.51 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
OCT 11/WITH SILVER UP 17 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV:. : //A WITHDRAWAL OF .366 MILLION OZ OUT OF THE SLV// /.////INVENTORY RESTS AT 452.594 MILLION OZ
OCT 10/WITH SILVER UP 25 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:. : //A DEPOSIT OF 1.833 MILLION OZ INTO THE SLV// /.////INVENTORY RESTS AT 452.960 MILLION OZ
OCT 6/WITH SILVER UP 69 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:. : //A DEPOSIT OF 0.916 MILLION OZ INTO THE SLV// /.////INVENTORY RESTS AT 451.127 MILLION OZ
OCT 5/WITH SILVER DOWN 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : //A MASSIVE DEPOSIT OF 8.328 MILLION OZ INTO THE SLV// /.////INVENTORY RESTS AT 450.211 MILLION OZ
OCT 4/WITH SILVER DOWN 34 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 441.883 MILLION OZ
OCT 3/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 THE 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
CLOSING INVENTORY 452.594 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
Resumption Of Student Loan Repayments Stressing Already Stressed American Consumers
WEDNESDAY, OCT 11, 2023 – 03:45 PM
Authored by Michael Maharrey via SchiffGold.com,
After a more than 3-year pause, government student loan repayments started again this month and it’s already putting the squeeze on borrower’s wallets. This is bad news for an economy already strained by massive levels of debt and rising interest rates.
Interest accrual on student loans resumed on September 1 with the first payments coming due in October.
According to a recent survey reported by Yahoo Finance, about 40% of people with student loans expect to cut spending in order to make payments. Consumers planning to tighten their belts to cover student loan payments said they would likely cut back spending on restaurants, apparel, and electronics.
A separate Morgan Stanley survey found that only 24% of student borrowers can make monthly student loan payments in full without reducing spending. That was down from 29% just three months ago, indicating growing financial stress on consumers.
The Trump administration paused student loan repayment for the first time in March 2020 as governments began locking people down due to COVID-19. The Biden administration extended the pause eight times. Nearly three and a half years later, borrowers must start paying again and that’s a big shock to many budgets.
Even with loan payments paused, many student loan borrowers said they are struggling to keep up with expenses. In a survey earlier this year, 53% of borrowers said they were struggling to pay other bills (e.g. auto loan, mortgage, credit card), even though they have not been making their student loan payments.
Around 43 million Americans have outstanding student loans totaling $1.8 trillion, according to the most recent data from the Federal Reserve. Student loan debt has tripled since 2008.
When the US government stopped defaults and allowed borrowers to pause payments due to the COVID-19 pandemic, 11.1% of student loans were 90 days or more delinquent or were in default. This didn’t include the people who were in various deferment programs and were not counted as delinquent.
Wedbush analyst Tom Nikic crunched Fed numbers and concluded that the typical student loan payment ranges between $200 and $299 per month. That means some 43 million Americans just had their discretionary spending budget cut by at least that amount. This comes to about $120 billion annually.
Nikic estimates that if consumers incrementally spend $120 billion annually on student loan payments, it could wipe out 2.5% of the total $5 trillion in annual discretionary spending.
He called that “brutal news” for retailers.
With consumers now needing to divert some of their monthly income towards student loan payments, there is risk that this could ‘crowd out’ other spending items. Furthermore, this comes at a time when US consumers are increasingly feeling pressures from a variety of sources, including waning pandemic savings, rising gas prices, record-high credit card debt, and a continued normalization of spending on services vs. goods. Thus, these factors could combine to weigh on a variety of companies, including retailers of discretionary goods.”
There is some indication retailers are already feeling the effects. Macy’s reported a 36% reduction in credit card sales year-on-year in the second quarter. Nordstrom reported a similar trend.
Meanwhile, it appears that some student loan borrowers started making payments early to avoid accruing interest. While credit card debt spiked by over 13% in August, non-revolving credit, which includes student loans, fell by 9.8%. This is a sign of a strained consumer trying to make ends meet by charging everyday purchases on credit cards.
“The unexpected contraction in consumer credit in August appears to have been driven by the one-off jump in voluntary repayments of student loans early ahead of the October resumption deadline,” Oxford Economics lead US economist Michael Pearce told MarketWatch.
The resumption of student loan payments will reverberate through the economy. Consumer spending primarily drives economic growth in the US. As spending shifts from buying goods and services to paying student loans, it will add to recessionary pressures.
This is yet another reason to question the “soft landing” narrative. Despite all the rosy economic narratives out there, Americans are under a tremendous amount of financial stress.
On Aug. 22, the Biden administration announced the “Saving on a Valuable Education” (SAVE), a new repayment program that will reportedly lower or eliminate monthly payments for more than 20 million borrowers.
The plan might take the weight off some student loan borrowers, but in effect, it just shifts that burden to the taxpayer.
Nothing the government does is free. Ultimately, student loan debt relief will add to the already massive budget deficits. That means Uncle Sam will have to borrow more money that taxpayers will have to repay, either in higher taxes or the inflation tax.
This is yet another example of government trying to fix a problem it created in the first place.
The widespread availability of student loans drove up college tuition in the first place. Studies have shown the influx of government-backed student loan money into the university system is directly linked to the surging cost of a college education.
end
2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO
Mathew Piepenburg
The Economic Future is Sad, Simple and Already Obvious
Matthew Piepenburg
October 8, 2023
The foregoing title may seem a bit sensational, no?
With all the recent hype about a gold-backed BRICS currency emerging from this summer’s South African meet-and-greet vanishing like oar swirls, one can understand the argument that many gold bugs chase (and create) click-bait like teenage bloggers.
And the precious metals space is no stranger to being labeled perma “doom-and-gloomers” to keep the retail trade forever moving.
Fine. Understood. Yep. I get it. We are all “just selling our book.”
The Current Facts are Sensational Enough
But here’s the rub: One doesn’t need to be a doomer or a gloomer to interpret bond signals, basic math, historical lessons, current geopolitics, or openly obvious energy and precious metal flows with common sense.
If so, one sees the writing on the wall of nations going broke, currencies losing faith and sovereign bonds falling like rocks.
In short, one doesn’t need to sensationalize headlines or forecast doom when the current facts and numbers are more than sensational enough.
USTs: Crying Alone in the Corner
Foreigners hold about $18T worth of US assets, of which $7.5T are Uncle Sam’s increasingly embarrassing and unloved IOUs.
But those IOUs are looking a lot less attractive as an increasingly debt-soaked USA ($33T and counting of public debt) seeks to borrow an additional $1.9T (net) into the back-end of 2023 and issue another $5T of USTs into the next year, all of which has even Jamie Dimon pulling at his hair.
But who will buy those IOUs? Be honest.
And if foreigners start simultaneously dumping existing USTs into an already obvious US debt crisis, subsequent pain levels here and abroad, already felt, will only rise exponentially.
This is not fable but fact.
Even American banks, traditionally the biggest buyers of USTs, are now cutting back rather than ramping up their purchases…
And hedge funds, currently marginal buyers of USTs, could easily face liquidity scenarios where they will soon be massive sellers of these unloved IOUs.
Basic Math, Basic Liquidity
Meanwhile, as Powell’s higher-for-longer and (in my opinion) bogus war on inflation pushes the Dollar higher at the same time oil prices are inflating (shale production declining in the Permian, Russia cutting oil exports while US makes deals with Iran?), those foreigners currently holding that $7.5T worth of USTs will need liquidity to buy higher oil and pay-down increasingly more expensive (USD-denominated) debts.
This liquidity crisis mathematically means more dumping (rather than buying) of American sovereign bonds and hence more shark-fin rising yields (as bond prices fall), which, mathematically, will send debt costs fatally higher for companies, individuals, home owners and, yes, governments, already way over their skis in debt.
This is important, because, well… the bond market is important, a theme I’ve been hitting week after week, month after month, and year after year…
Gold Bulls Crying Wolf?
Again, some will still say that such basic math and blunt warnings from boring credit markets are little more than gold bulls crying wolf.
Unfortunately, history confirms that nations spiraling into a debt whirlpool always end with a currency crisis followed by a social crisis followed by increased centralization and less personal and financial freedoms.
Do such centralization trends feel familiar to anyone with their pulse on the current Zeitgeist?
So yeah, desperate bond markets matter, especially when measured in a world reserve currency which, like all currencies marked by unpayable debts, will be the final bubble to pop.
A Broken America Going Broke
The simple, empirical and now increasingly undeniable fact is this: America is writing checks its body can’t cash.
Even the US government is cracking/splitting under the pressure of its debt burdens, as anyone tracking the soap-opera with Kevin McCarthy can attest.
And whatever one thinks of Florida’s Eddie Munster Congressman, Matt Gaetz, it’s hard to disagree with his blunt declaration before a row of cameras outside the nation’s Capital– namely that America, already reeling under de-dollarization and debt woes, is now, as he puts it: “F—ing broke.”
Is he too just crying wolf, or should we consider the foregoing math? You know, basic facts…
No Good Scenarios Left
There are no good scenarios left for a country, currency and sovereign bond which has replaced productivity, balanced budgets, trade surpluses and national income with historically unprecedented debt, twin deficits and a central bank which has become the un-natural and de-facto (yet busted) portfolio manager over our shattered economy and totally centralized markets.
As I’ve been saying/asking for years during this slow and openly-ignored frog-boil toward credit implosion (nod to any lobby-bought politician near you), who will be the final buyer of our fatal debts in a world where no private sector entities have the balance sheets to do so?
The answer is sad, simple and already obvious: The Fed.
And where will the Fed find the money to pay for those increasingly more expensive debts (nod to Powell)?
The answer is sad, simple and already obvious: Out of thin air.
The Inflationary End-Game
Such inevitable monetization (i.e., QE + Yield Curve Controls) of historically unprecedented and drunkenly managed debt levels will, of course, be inherently inflationary despite intermediary disinflationary events (i.e., falling credit and equity markets).
All of this makes me repeat the ironic conclusion (shared by even the St. Louis Fed’s June white paper on Fiscal Dominance) that Powell’s so-called war on inflation (QT + rising rates) will end in historically inevitable inflation in the form of mouse-clicked trillions to “save” our system at the expense of our currency.
Already, the US Treasury Dept (See Josh Frost) is telegraphing its plan to make US bonds more “resilient” (i.e., liquid) via a not-so-clever plan to buy-back its own IOUs.
In other words, the Treasury Dept will be drinking its own (poisoned) Kool Aide with increasingly debased (yet relatively strong) USDs mouse-clicked out of, again…nowhere.
Does this seem like a good plan to any of you already feeling the daily decline of the inherent purchasing power of your greenback?
For Now, The Dumb Gains in Consensus
Yet despite such clear and common-sense signals from the simple math of debt gone wild, consensus still favors the long-duration UST as the relatively safest harbor in an admittedly broken global ocean.
Faith in the TLT today is almost as desperate as faith in Captain John Smith of the unsinkable Titanic.
But if math and history are not altogether ignored, cancelled or forgotten, a 15-point fall in the TLT and subsequent spike in already fatally high rates seems the most probable outcome.
Why? Because there just aren’t enough natural buyers of Uncle Sam’s criminally negligent bar tab other than a magical (and inflationary) money printer.
That’s just how we see it.
Soft Landing? It’s Already Hard
Meanwhile the Pravda-like efforts by policy makers (and the infantry and artillery support from their vertically integrated media platforms) are still pushing the “soft-landing” narrative despite nearly every indicator (bankruptcies, layoffs, yield-curves, YoY M2 growth, Fitch downgrades, Conference Board of Leading Economic Indicators and Oliver Anthony cries) making it painfully obvious that we are ALREADY in a hard-landing.
(And weren’t these the same soft “experts” who told us inflation was “transitory”?)
Folks: Things are already hard, not soft.
August in America lost 4.1 million days of work due to strikes (think Ford, GM etc.) as the West tries to tell us in one headline after the next that China (with 7 of the world’s 10 largest shipping ports) is the real problem and hence the least investable.
Hmmm.
A Global Problem
If anything, China and the USA suffering together will eventually make 2008 seem like a decent year for capital markets and global economies…
The hard reality is this: All western sovereign bonds are in historically deep trouble at the same time that China is facing real estate and debt bubbles on top of geopolitical shifts and hence supply-chain disruptions which are neon-flashing tailwinds for even greater price inflation in all those American products made in, well: China…
For all of these reasons, we favor assets best positioned to play where the inflationary hockey puck (or polo ball) is heading, not just where it sits today.
China: Changing the Gold Price
One of these assets, of course, is physical gold.
Speaking of China, what it has been doing with this asset is nothing short of extraordinary and foretells a great deal of what we can expect in the months and years ahead in the West when it comes to debt, inflation, rates, currencies and gold.
Or to put it even more simply: China is repricing the gold trade.
Unbeknownst to most who get their market data (and interpretations) from the legacy financial media, China has been quietly evidencing a clear intent (as well as ability) to weaponize gold against a now weaponized USD.
In particular, China’s central bank recently lifted limits on gold imports, whose temporary imposition, according to the Western press, was a failed effort to defend its currency and to curb USD outflows.
But as with most things legacy press-related, the real story is about 180 degrees opposite…
That is, our Google-searching, 30-something “investigative journalists” ignored the fact that: A) gold in China is bought in Yuan not Dollars and B) and that gold premiums in China jumped back to 5%.
In short, it seems that China did not fail to defend their currency but just succeeded in showing the world that their domestic policies can impact gold pricing.
In fact, the import restrictions only caused the gold price to rise within China’s boarders by a spread of over $120 per ounce over London spot.
However, once the import limits ended, the price spread fell to $76/ounce.
Stated more simply, China just proved that it can control gold, and by extension inflation expectations, rates, and even the USD.
This is because there is a clear and obvious correlation between gold flows (West to East) and gold pricing.
In the past, those flows (from London) were greatest when gold was sinking in price. But now, and for the first time in decades, the flow East is happening even as gold is rising.
Why?
The Natural Flow from Worthless Paper to Precious (Monetary) Metals
It was my consistent belief that despite no official gold-backed BRICS currency or explicit arbitrage of gold for oil, gas or other real assets, a more natural and expected trade would be unfolding with nearly the same intent and result, all of which will spur further Chinese gold buying (and Dollar dumping) over time.
Net result? Western gold pricing will be chasing/rising to the levels of domestic Chinese gold.
As the Chairman of the Shanghai Gold Exchange, Xu Luode, said in 2014:
“Shanghai Gold will change the current gold market with its ‘consumed in the East but priced in the West’ arrangement. When China has the right to speak in the international gold market, the true price of gold will be revealed.”
Please read that last line again.
As we warned literally from day-1 of the suicidally myopic sanctionsagainst Russia, the net result would be tighter relations between Russia and China, two countries already openly tired of the USD being the tail that wags the global dog.
If you haven’t noticed, Russia is selling much-needed oil to an openly oil-thirsty China in CNY rather than USD.
As gold, priced in CNY, buys more energy in China than in the west, more of that monetary metal will flow toward Shanghai, whose power over the London pricing of gold is about to ratchet upwards.
This was so easy to foresee, but the Western media likes to hide such foreseeable facts. After all, one of their greatest sins is the sin of omission.
When weaponizing the world reserve currency against Russia, the US-lead West forgot to mention what Luke Gromen described as its “Achilles Heel”—namely, the unallocated gold markets based out of London.
Changing Battle Tactics
By changing the trench lines of the gold-for-energy battlefield, China and Russia are slowly, but predictably, weaponizing gold and energy commodities against a weaponized USD.
In the long run, my bet is on gold and I’m not alone.
Just ask all those central banks stacking the physical metal and dumping America’s paper debt at record levels.
Like an army amassing troops, cannons, horses and supply wagons at the boarder, these central bank gold movements are obvious signs of a coming battle for a new trading system with less focus on Uncle Sam’s debt-based trading model and debt-soaked currency.
Needless to say, this is bullish for gold, which unlike the US markets and economy, is the true “resilient” asset, holding its price power despite positive (though manipulated) real rates and spiking UST yields.
This may further explain why the downside volatility for long-duration USTs is now higher than the downside for physical gold, something not seen in almost half a century.
Just saying…
END
3,Chris Powell of GATA provides to us very important physical commentaries
Nigeria has over 27 official tonnes of gold. It is Africa’s powerhouse in gold
(Forbes)
Nigeria can be another African gold powerhouse
Submitted by admin on Tue, 2023-10-10 23:28Section: Daily Dispatches
By Oluwatomisin Amokeoja
Forbes / Forbes Africa, Jersey City, New Jersey
Tuesday, October 10, 2023
According to Statista’s second-quarter report, Nigeria has secured the sixth spot among the top 10 African countries with the most substantial gold reserves.
At the forefront of West Africa, Nigeria boasts of 21.37 metric tons of gold reserves, valued at $1 billion — resources considered by analysts as part of Nigeria’s broader economic strategy to fortify foreign exchange reserves and decrease dependence on oil exports.
In recent years, Nigeria has actively increased its gold reserves, signaling a proactive approach to diversify its economic portfolio and navigate the complexities of the global market.
Nigeria’s ascent in the gold reserves ranking reflects a broader trend across the continent, as several African nations seek to capitalize on their natural resources to drive economic growth and reduce dependence on volatile commodities.
As Nigeria celebrates this milestone, there is a growing optimism among citizens and investors alike. Analysts note that the challenge now lies in leveraging these gold reserves to stimulate economic development, create jobs, and foster sustainable growth. …
… For the remainder of the report:
end
end
4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//
5 a. IMPORTANT COMMENTARIES ON COMMODITIES:ALUMINUM AND ZINC
Citigroup Takes Delivery Of 100,000 Tons Of Aluminum And 40,000 Tons Of Zinc
WEDNESDAY, OCT 11, 2023 – 09:30 AM
Authored by Mike Shedlock via MishTalk.com,
Citigroup is one of the world’s largest metal speculators. Hello Fed, FDIC, am I the only one who thinks banks should be banks, not hedge funds?
Citi’s Mega Metals Trade Shows Global Markets Turning to Glut
Bloomberg reports Citi’s Mega Metals Trade Shows Global Markets Turning to Glut
Citigroup Inc. has been buying large volumes of physical aluminum and zinc on the London Metal Exchange, in a bold metal-financing trade that’s made it one of the biggest players in the market in recent months.
In the last few months, Citi requested delivery of about 100,000 tons of aluminum and 40,000 tons of zinc — worth over $300 million, according to people familiar with the matter. The purchases are for Citi’s own trading book and are part of a metal financing play, said the people, who asked not to be identified discussing private information.
Citi has struck a rent agreement with at least one warehousing company to store metal in Taiwan’s coastal city of Kaohsiung, and intends to ship metal there from LME warehouses in Korea and Singapore, the people said, although they cautioned that its plans could still change. Citi may ultimately decide to deliver the metal back on to the LME, one of the people said.
Much if not most of these metals are of Russia origin. But that’s OK because the Biden administration placed no bans on Russian aluminum or zinc.
Financing plays were a dominant theme of the LME’s market in the years after the global financial crisis, when banks and traders bought up warehousing companies and engaged in battles to control and profit from a critical mass of inventory in a period known as the “warehouse wars.”
The trade has thrust Citi into the spotlight at a time of upheaval for some of its biggest rivals in metals trading. JPMorgan has pulled back from parts of its metals business after playing a central role in the nickel crisis on the LME last year,
Too Big to Fail
I would not give a rat’s ass what Citi did with its own money.
But as long as it is deemed too big to fail, it should not act like a hedge fund.
Banks Should Be Banks, Not Hedge Funds
Citi is now one of the biggest players is metals speculation.
In practice, I doubt this position is big enough to matter, but it’s another example of the willingness of banks to make speculative bets.
Silicon Valley Bank Speculation
Earlier this year, Silicon Valley Bank blew up by making speculative bets on interest rates.
The 2023 bank failures arose from what the banks did with uninsured deposits, not the fact that the deposits were uninsured.
Banks could easily have parked the money back at the Fed collecting generous amounts of free money because the Fed pays interest on reserves.
Instead, the banks made enormous bets that interest rates would not rise rapidly. When rates rose, paper losses soared, and the banks became capital impaired.
Fed Admits Mistake
The Fed even admitted a mistake. For discussion, please see The Fed Admits a Mistake in Collapse of SVB, Seeks More Power Anyway
This borrow-short, lend-long issue applies to all banks, not just the troubled banks that failed.
And the Fed has done virtually nothing to address speculative risk seeking.
Dear FDIC and Fed, We Need a Genuine Safekeeping Bank, Not Band-Aids
On June 18, I commented Dear FDIC and Fed, We Need a Genuine Safekeeping Bank, Not Band-Aids
I offered a 10-pronged solution to what caused the failure of Silicon Valley Bank. Please check it out.
Today, I will add another idea. Break Citigroup in two. Create a safekeeping bank and a hedge fund.
Let the hedge fund do whatever the hell it wants as long as there is no chance of any bailout ever. Let the bank be a bank.
END
BRILLIANT !
Janet Yellen’s Treasury Department Hires 5-Count Felon JPMorgan Chase to Look for Fraud
By Pam Martens and Russ Martens: October 11, 2023 ~
Immediately upon departing her post as Chair of the Federal Reserve, but prior to getting the nod from the Biden administration to become U.S. Treasury Secretary, Janet Yellen engaged in what the courageous reporter at ProPublica, Jesse Eisinger, called a “two-fisted money grab from banks.” Yellen raked in more than $7 million in speaking fees with the bulk of that coming from Wall Street banks and trading houses, including JPMorgan Chase. In a Tweet, Eisinger said: “This is corruption, but isn’t called that because it’s so quotidian.”
Now there is the appearance that a quid pro quo is coming full circle.
According to a press release posted on JPMorgan Chase’s website, “it has been designated by the United States Treasury Department under a financial agency agreement to provide account validation services for federal government agencies” in order to ensure “Treasury’s commitment to payment integrity and the reduction of improper payments.”
Hiring JPMorgan Chase to ensure “payment integrity” is like the U.S. Treasury hiring Allen Weisselberg as its accountant. Since 2014, JPMorgan Chase has admitted to five separate criminal felony charges brought by the U.S. Department of Justice. The first two of those felony charges related to the bank ignoring brazen red flags as Ponzi kingpin, Bernie Madoff, laundered billions of dollars through the bank for years.
At the time of the Madoff charges in 2014, FBI Assistant Director-in-Charge George Venizelos said this:
“J.P. Morgan failed to carry out its legal obligations while Bernard Madoff built his massive house of cards. Today, J.P. Morgan finds itself criminally charged as a consequence. But it took until after the arrest of Madoff, one of the worst crooks this office has ever seen, for J.P. Morgan to alert authorities to what the world already knew. In order to avoid these types of disasters in the future – we all need to be invested in making our markets safer and more equitable. The FBI can’t do it alone. Traders, compliance officers, analysts, bankers, and executives are the gatekeepers of the financial industry. We need their help protecting our markets.”
JPMorgan Chase and its predecessor banks handled the primary business account for Madoff for decades. Despite billions of dollars in check-kiting occurring between Madoff and one of his largest clients, Norman F. Levy, the bank never filed the legally-required Suspicious Activity Reports (SARs).
JPMorgan Chase and its predecessor banks also extended tens of millions of dollars in loans to Levy and his family so they could invest with the insolvent Madoff. According to Irving Picard, the Trustee of the Madoff Victims Fund, Levy had $188 million in outstanding loans in 1996, which he used to funnel money into Madoff investments. Picard’s lawyers wrote in court filings that JPMorgan Chase (JPMC) “referred to these investments as ‘special deals.’ Indeed, these deals were special for all involved: (a) Levy enjoyed Madoff’s inflated return rates of up to 40% on the money he invested with Madoff; (b) Madoff enjoyed the benefits of large amounts of cash to perpetuate his fraud without being subject to JPMC’s due diligence processes; and (c) JPMC earned fees on the loan amounts and watched the ‘special deals’ from afar, escaping responsibility for any due diligence on Madoff’s operation.”
The final insult from JPMorgan Chase to the integrity of the U.S. financial system came when it notified U.K. financial authorities that it thought Madoff was running a Ponzi scheme but skipped the pesky detail of sharing that information with U.S. authorities.
In case you think the bank’s long-term relationship with Madoff was a one-off failure of prudent management, think again.
Since June, JPMorgan Chase has agreed to pay $365 million to rid itself of two federal lawsuits that charged it with looking the other way for 15 years as Jeffrey Epstein laundered over $1 billion through the bank in a sex trafficking of minors enterprise. Once again, no Suspicious Activity Reports were filed by the bank until after Epstein was arrested by federal prosecutors in 2019 according to the lawsuit brought by the Attorney General of the U.S. Virgin Islands. (The other lawsuit was brought by Epstein victims.) See our report: JPMorgan’s Settlements Reach $365 Million Over Civil Claims It Banked Jeffrey Epstein’s Sex Trafficking of Minors; Criminal Charges Could Lie Ahead.
Another reason that the U.S. Treasury might want to select a more appropriate vendor to ensure its “payment integrity” is that just three years ago the U.S. Department of Justice criminally charged JPMorgan Chase with rigging the market for the very securities issued by the U.S. Treasury in order to pay the U.S. government’s bills. The Justice Department wrote that the bank had engaged in “thousands of instances of unlawful trading in U.S. Treasury futures contracts and in U.S. Treasury notes and bonds…” The bank was simultaneously charged with a criminal count for rigging the precious metals market.
Making the vetting of JPMorgan Chase conducted by the U.S. Treasury Department look even more bogus, a former JPMorgan Chase attorney whistleblower charged in a federal lawsuit in 2021 that the bank was making improper payments to politically-connected parties and hiding the payments through dodgy accounting.
The plaintiff in the case was Shaquala Williams, an attorney and financial crimes compliance professional with more than a decade of experience at multiple global banks.
Williams charged in her lawsuit that JPMorgan Chase was keeping two sets of books and effectively making a monkey out of the U.S. Department of Justice by brazenly flouting the non-prosecution agreement it had signed with the Justice Department in a previous case. It came out in Williams’ deposition testimony, which is part of the court record, that one of the people being paid under her allegation of the bank keeping two sets of books was Tony Blair, the former Prime Minister of the U.K. (See our report: JPMorgan Whistleblower Names Former U.K. Prime Minister Tony Blair in Court Documents as Receiving “Emergency” Payments from Bank.)
In 2016 the Justice Department had charged that JPMorgan’s Asia subsidiary engaged in quid pro quo agreements with Chinese officials to obtain investment- banking business and had falsified internal documents to cover up the activities. The quid pro quo agreements involved the bank putting the children of high-ranking Chinese government officials on its payroll in order to enhance its business interests in China. In exchange for avoiding prosecution by receiving a non-prosecution agreement, the Justice Department required the bank to put in place compliance controls around third-party payments. Williams alleges, among other serious charges, that the so- called third-party payment controls were a sham and that when she blew the whistle to her superiors at the bank, JPMorgan Chase retaliated against her by firing her in October 2019.
Williams’ case was quietly settled by the bank for an undisclosed sum just 10 days before the trial was to begin.
Both Reuters and Dow Jones MarketWatch previously reported on this contract between the U.S. Treasury and JPMorgan Chase. Neither respected financial news outlet saw fit to provide one scintilla of information to their readers on the ludicrous nature of this contract award.
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 WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.3024
OFFSHORE YUAN: UP TO 7.2979
SHANGHAI CLOSED UP 3.72 PTS OR .12%
HANG SENG CLOSED UP 228.37 PTS OR 1.29%
2. Nikkei closed UP 189.98 PTS OR 0.60 %
3. Europe stocks SO FAR: MOSTLY GREEN
USA dollar INDEX DOWN TO 105.54 EURO FALLS TO 1.0603 DOWN 8 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.752 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 148.79/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 UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN// 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 DOWN TO +2.7110***/Italian 10 Yr bond yield DOWN to 4.676*** /SPAIN 10 YR BOND YIELD DOWN TO 3.813…**
3i Greek 10 year bond yield FALLS TO 4.161
3j Gold at $1872.20 silver at: 22.05 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 26 /100 roubles/dollar; ROUBLE AT 100.05//
3m oil into the 85 dollar handle for WTI and 87 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 148.79// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.751% 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 0.9031 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9576 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: 4.565 DOWN 9 BASIS PTS…
USA 30 YR BOND YIELD: 4.721 DOWN 11 BASIS PTS/
USA 2 YR BOND YIELD: 4.959 DOWN 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 27.73…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: DOWN 6 BASIS PTS AT 4.369
end
2.a Overnight: Newsquawk and Zero hedge:
Futures Rise, Yields Drop Amid Escalating Israel Violence
WEDNESDAY, OCT 11, 2023 – 08:06 AM
US equity-index futures gained for a 4th day, rising above 4,400 and benefiting from a fall in Treasury yields which slipped as much as 10bps to 4.54%, the lowest since Sept 29, in a flight to safety move following a report that missiles were fired from Lebanon toward Israel; sentiment was also on edge ahead of the latest US PPI data that could show if investors are right to dial back bets on further policy tightening. As of 7:30am, S&P 500 futures rose 0.3% to 4,405 while Nasdaq futures rose 0.4%. The escalating conflict in Israel meant Treasuries held gains even after Federal Reserve Governor Michelle Bowman said higher rates may be needed to curb inflation. Germany’s 10-year yield dropped six basis points. The Bloomberg dollar index was little changed after five straight days of declines. Luxury giant LVMH dragged European luxury stocks lower.
In premarket trading, energy giant dropped 2% after the company confirmed earlier reports that it will acquire shale giant Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion, or $253 per share, based on ExxonMobil’s closing price on October 5. Pioneer holders will get 2.3234 shares of Exxon for each Pioneer share at closing. Total enterprise value of the transaction, including net debt, is about $64.5 billion. The Premium about 18% to Pioneer’s undisturbed closing price on October 5. Some other notable premarket movers:
- Cava Group gained 4.5% after Morgan Stanley upgraded the fast-casual Mediterranean restaurant chain to overweight from equal-weight, expressing confidence in the company’s catalysts and near-term estimates.
- Shares in dialysis providers DaVita and Baxter International slide, after Novo Nordisk said a kidney-outcomes trial of its blockbuster Ozempic medication is being stopped early after the drug showed surprisingly early effectiveness in a kidney-failure study, sending shares of the world’s biggest dialysis providers tumbling.
- Fresenius Medical Care AG & Co. KGaA both plunged more than 20% on the Novo Nordisk news. Novo shares rose as much as 4.4% in Copenhagen, its biggest one-day move in two months.
Israel said an anti-tank missile fired from Lebanon hit one of its military posts near the border, news that saw investors seek haven assets like US Treasuries. Hezbollah, the Iran-funded group that operates from Lebanon, has expressed solidarity with Hamas and fired several rockets at Israel. Some say a ground invasion of Gaza by Israel is all but inevitable after Prime Minister Benjamin Netanyahu promised that “what we will do to our enemies in the coming days will reverberate with them for generations.” But a ground invasion would be complicated by Gaza’s dense population, its complex underground network of tunnels and the danger it would pose to hostages.
Investors are wary of an escalation of the conflict which would create ripple effects through the Middle East, endangering Israel’s fragile rapprochement with its Arab neighbors and increasing the risks that hostilities spiral into a broader regional war with implications for crude oil supplies.
“A rallying bond market when faced with higher political risk is a kind of positive development,” said Sunil Krishnan, head of multi asset funds at Aviva Investors. “One thing investors have been trying to call this year without much success is when bonds go back to their traditional role of hedging against decline in risk appetite.”
Separately, ahead of the release of the September FOMC Minutes later today, San Francisco Fed President Mary Daly said tighter financial conditions may mean the central bank “doesn’t have to do as much,” the latest in a string of softer commentary that raised hopes interest-rate hikes may be done for now. Investors will be watching for any hints in the Fed minutes that the central bank may not follow through with the last hike indicated in its economic projections. Producer inflation data later Wednesday will add to the picture.
“Policymakers have begun to acknowledge a lesser need for further policy action given financial conditions have tightened considerably after the recent surge in Treasury yields,” said Ben Jeffery at BMO Capital Markets. “This acknowledgment may have reduced angst around the need for additional rate increases.”
Meanwhile, a rally in European stocks stalled as disappointing corporate news tempered optimism about the outlook for interest rates and economic stimulus from China. The Stoxx Europe 600 index fluctuated after clocking its biggest gain of the year on Tuesday. The French CAC was the worst performer, down 0.5% with LVMH slumping as much as 8.5% after reporting softening sales, a signal that the post-pandemic luxury boom is waning. That weighed on the luxury-goods sector, with losses for peers including Richemont, Christian Dior SE and Burberry Group Plc. Here are the biggest European movers:
- GSK shares rise as much as 2.5% after the British pharmaceutical company settled another US lawsuit over its blockbuster heartburn drug Zantac
- LVMH shares dropped as much as 8.5%, erasing their gains for the year, after the French luxury group published disappointing third-quarter sales in fashion and leather goods as well as beverages
- Fresenius Medical Care, an operator kidney-dialysis clinics, tumbled as much as 24% after Novo Nordisk said a kidney-outcomes trial of its blockbuster Ozempic drug showed effectiveness surprisingly early
- Hexpol shares rise as much as 4.2% in Stockholm after DNB Markets upgraded the Swedish plastics and polymers firm to buy from hold
- Siltronic shares soar as much as 10%, the most since March 2022, after Citi upgrades its rating on the German silicon wafer manufacturer to buy from neutral, saying it is at an inflection point
- Befesa shares rise as much as 7.7%, the most intraday since March 2022, as Jefferies initiates coverage of the recycling-services group with a buy rating
- FirstGroup shares rise as much as 5.7%, posting their biggest gain since June, after the UK bus and rail operator said it sees FY profit coming in ahead of previous expectations
- ADES gains 21% in Riyadh debut after raising $1.2 billion in Saudi Arabia’s largest initial public offering this year
- SBB, the landlord at the center of Sweden’s property crisis, fell as much as 10% in Stockholm after analysts at Goldman Sachs slashed their target price on the company
- Pagegroup drops as much as 7.9% to the lowest in a year after the recruitment firm’s net fee growth came in slightly light of analysts’ expectations in the third quarter
- Komax shares fall as much as 5.5%, touching the lowest level since January 2021, after ZKB cut its recommendation on the Swiss machinery manufacturer to underperform
- U-Blox shares fall as much as 3.7% after the Swiss semiconductor company’s 9M revenue slipped more than 8% from a year earlier to CHF436 million, while the firm said its expectations for 2023 remain unchanged
Asian stocks rose, heading for a fifth day of gains, as expectations of further China stimulus add to hopes for a rate hike pause by the Federal Reserve to drive sentiment. The MSCI Asia Pacific Index advanced as much as 1%, with Samsung Electronics among the biggest boosts as its better-than-feared results fueled expectations for a chip recovery. South Korea’s Kospi gained more than 2% after nearly entering a correction Tuesday, while benchmarks in Hong Kong and Taiwan also posted notable gains.
- China mainland stocks advanced after Bloomberg reported that Beijing is planning additional sovereign debt for spending on infrastructure in a bid to shore up economic growth. Chinese stocks have declined and dragged on regional and global equity gauges this year on concerns over its flagging recovery.
- Australia’s ASX 200 was led by outperformance in tech and mining-related industries, while the index was unfazed by comments from RBA’s Kent who reiterated some further policy tightening may be required.
- Japan’s Nikkei 225 advanced and briefly breached the 32,000 level to the upside.
- KOSPI was the biggest gainer as shares in index heavyweight Samsung Electronics were boosted after its preliminary Q3 results which showed oper. profit topped forecasts despite declining by 78% Y/Y.
In FX, the Bloomberg Dollar index was little changed after a fifth straight session of declines. Asia’s emerging market currencies gained, with the Korean won and Thai baht leading the advance. The Swiss franc is the best performer among the G-10’s, rising 0.2% versus the greenback.
In rates, Treasuries held earlier gains amassed during the London session on report missiles were fired from Lebanon toward Israel in latest act of war against the state. US yields are richer by 1bp-11bp across the curve in bull-flattening move that’s narrowed 2s10s, 5s30s spreads by ~8bp and ~5bp on the day; 10-year yields around 4.56% are lower by 9bp, adding to Tuesday’s rally; bunds lag by 3.5bp in the sector while gilts keep pace. Similar bull-flattening moves occured in core European rates, where 30-year gilts trade richer by almost 13bp on the day. The US Treasury auction cycle resumes with $35b 10-year reopening at 1pm; 30-year reopening Thursday concludes this week’s cycle. WI 10-year yield around 4.555% is ~26.5bp cheaper than result of September auction, which stopped on the screws; Tuesday’s 3-year note sale was soft, tailing the WI by 1.7bp. US session includes PPI data, 10-year note auction and several Fed speakers.
In commodities, oil declined following a surge earlier this week as Saudi Arabia pledged to help ensure market stability. WTI falling 0.6% to trade near $85.50. Spot gold rises 0.5%. Gold rose to the the highest this month.
Bitcoin remain pressured after briefly dipping under USD 27,000 in APAC hours before reclaiming the handle.
To the day ahead, and data releases include US PPI inflation for September. From central banks, we’ll get the minutes from the FOMC’s September meeting, and remarks from the Fed’s Bowman, Waller, Bostic and Collins. From the ECB, we’ll get their Consumer Expectation Survey for August, and hear from the ECB’s Knot, de Cos and Villeroy.
Market Snapshot
- S&P 500 futures little changed at 4,391.75
- MXAP up 0.8% to 158.02
- MXAPJ up 1.2% to 495.61
- Nikkei up 0.6% to 31,936.51
- Topix down 0.2% to 2,307.84
- Hang Seng Index up 1.3% to 17,893.10
- Shanghai Composite up 0.1% to 3,078.96
- Sensex up 0.5% to 66,415.50
- Australia S&P/ASX 200 up 0.7% to 7,088.41
- Kospi up 2.0% to 2,450.08
- Brent Futures little changed at $87.66/bbl
- STOXX Europe 600 down 0.1% to 451.93
- German 10Y yield little changed at 2.73%
- Euro little changed at $1.0601
- Brent Futures little changed at $87.66/bbl
- Gold spot up 0.4% to $1,868.39
- U.S. Dollar Index little changed at 105.83
Top Overnight News
Asia-Pacific stocks were higher after the positive momentum rolled over from global peers owing to the latest bout of dovish Fed rhetoric and amid China stimulus hopes. ASX 200 was led by outperformance in tech and mining-related industries, while the index was unfazed by comments from RBA’s Kent who reiterated some further policy tightening may be required. Nikkei 225 advanced and briefly breached the 32,000 level to the upside. KOSPI was the biggest gainer as shares in index heavyweight Samsung Electronics were boosted after its preliminary Q3 results which showed oper. profit topped forecasts despite declining by 78% Y/Y. Hang Seng and Shanghai Comp. conformed to the broad constructive mood amid stimulus hopes with China to boost financial assistance to expand consumption and is weighing new stimulus, as well as a higher budget deficit this year to meet its growth target.
Asian News
- China will hold the Belt and Road Forum on October 17th-18th with President Xi to attend the opening ceremony and will deliver a keynote speech, according to Reuters citing state media.
- RBA Assistant Governor Kent said monetary policy is slowing the growth of demand and inflation, while he added that policy lags mean some further effects of past rate hikes are still to be felt through the economy and repeated that some further policy tightening may be required.
- PBoC set USD/CNY mid-point at 7.1779 vs exp. 7.2842 (prev. 7.1781)
European bourses have held onto the mixed theme seen at the cash open with underperformance seen in the CAC 40 and Euro Stoxx 50 on the back of disappointing earnings from heavyweight LVMH. Sectors in Europe are mixed with Utilities, Energy and Healthcare towards the top of the pile, while the Luxury sector drags Consumer Products and Services, which resides as the marked laggard. US futures are flat with a mild upward tilt and confined to tight ranges, with the ES still under the 4,400 mark.
European News
- ECB’s Centeno said overtightening is not desirable and risk of overtightening must be monitored, via CNBC.
- ECB’s Knot said the effects of inflation shocks are waning; inflation is still too high and a slowdown clearly spilling over into services. He added the economy cooling is desirable to tame inflation, and said the ECB has a long road ahead on disinflation. He added restrictive policies will be needed for some time and policy is in a good place now, and stand ready to adjust rates further if disinflation falls, according to Reuters.
- ECB Consumer Inflation Expectations survey (Aug): 12-month ahead 3.5% (prev. 3.4%); 3-year ahead 2.5% (prev. 2.4%). Economic growth expectations for the next 12 months -0.8% (prev. -0.7%).
FX
- DXY grounded ahead of US PPI data as DXY hovers above a minor new October low within 105.600-890 range.
- The Pound probes 1.2300 vs Buck before fading amidst a deeper retreat in UK yields.
- Euro and Yen firmer vs Dollar, but contained around 1.0600 and between 149.00-148.50 respectively.
- Franc outperforms as bonds soar and the Middle East conflict underpins the safe haven; USD/CHF sub-0.9050.
Fixed Income
- Bonds are back in vogue as duration and safe haven demand propel prices higher amidst long end outperformance.
- Bunds up to 129.95 from 129.03, Gilts over 100 ticks above low within 93.95-95.08 range and T-note towards top of 108-11/107-21 band, at the time of writing.
- UK supply snapped up, German issuance meets mixed reception and 10 year US offering due post-PPI data.
- UK sells GBP 3.75bln vs exp. GBP 3.75bln 4.625% 2034 Gilt: 3.12x b/c, 4.444% average yield & tail 0.5bps
- Germany sells EUR 0.806mln vs exp. EUR 1bln 1.25% 2048 and EUR 1.226bln vs exp. EUR 1.5bln 0.00% 2052 Bund.
Commodities
- Crude front-month futures are now softer intraday after trading with mild gains throughout APAC hours.
- Dutch TTF is taking a breather and trades softer around 4% at EUR 47.50/MWh at the time of writing, after rising some 12% yesterday to levels a whisker away from EUR 50/MWh.
- Spot gold and silver are marching higher, potentially amid haven flows as the Israeli war rages on with Lebanon and Syria also said to be involved.
- Russian Deputy PM Novak said he discussed the oil market and OPEC+ cooperation with the Saudi delegation, according to Ifx. Deputy PM Novak said Russia is ready to raise oil product shipment to Saudi Arabia, via Tass.
- Russian Deputy PM Novak said the government not planning to raise taxes for oil companies, via Ria. He added that the Israeli-Palestinian conflict could affect the oil market.
- India government approved royalty rates for lithium, niobium and rare earths; sets lithium royalty at 3% of LME price, according to Reuters.
- QatarEnergy signed a 27-year LNG supply deal with France; to supply up to 3.5 MTPA to France from Qatar, via Bloomberg.
- The US is reportedly mulling dropping sanctions against an Israeli mining magnate accused of corruption in a bid for American firms to receive EV metals, according to WSJ sources.
Geopolitics
- NATO Secretary General Stoltenberg said if it is proven there was an attack on the Baltic Sea gas pipeline, it will be met by a united and determined response from NATO, according to Reuters.
- US Defence Secretary Austin spoke to his Israeli counterpart and reaffirmed US’ commitment to expedite air defence capabilities, according to the Pentagon.
US Event Calendar
- 07:00: Oct. MBA Mortgage Applications, prior -6.0%
- 08:30: Sept. PPI Final Demand MoM, est. 0.3%, prior 0.7%
- Sept. PPI Final Demand YoY, est. 1.6%, prior 1.6%
- Sept. PPI Ex Food and Energy MoM, est. 0.2%, prior 0.2%
- Sept. PPI Ex Food and Energy YoY, est. 2.3%, prior 2.2%
- 14:00: Sept. FOMC Meeting Minutes
Central Bank Speakers
- 04:15: Fed’s Bowman Speaks in Morocco
- 10:15: Fed’s Waller Holds Fireside Chat
- 12:15: Fed’s Bostic Speaks to the Metro Atlanta Chamber
- 14:00: Sept. FOMC Meeting Minutes
- 16:30: Fed’s Collins Speaks at Wellesley College
DB’s Jim Reid concludes the overnight wrap
Despite the ongoing geopolitical turmoil, markets have surged so far this week with European stocks having their best day of 2023 yesterday, and with the S&P 500 (+0.52%) now 3.29% above where it was at the lows early on Friday, around 90 minutes after payrolls came out. The fact that 10yr US yields are -23bps lower than their peak early on Friday (-14.9bps yesterday) is undoubtedly helping. There is a 10yr Treasury auction today so that will be a good test of the lower yield environment. Another positive driver was a Bloomberg report that China was considering a higher deficit for 2023, suggesting that there could be more stimulus in the pipeline. Meanwhile, Brent Crude oil prices (-0.57%) pared back some of their gains from Monday with the lack of upward price momentum after the weekend’s events a positive for risk.
Going through things in a little more detail let’s start with bonds. The -14.9bps decline in 10yr US yields to 4.65% was their biggest daily decline since March at the height of the banking turmoil. The move was entirely driven by real yields, which fell -15.7bps. That direction of travel was cemented by various Fed speakers as well. That included Atlanta Fed President Bostic, who said “I actually don’t think we need to increase rates anymore .” Minneapolis Fed President Kashkari, one of the more hawkish FOMC members, struck a more ambivalent tone, saying that it’s “possible that higher yields may do some of the work” in bringing inflation down but that the Fed may still need to hike further if the economy is resilient. Later on, San Francisco Fed President Daly reiterated her recent comment that recent tightening in financial conditions “could be equivalent to another rate hike”. 10yr USTs have edged down a further -1.2bps overnight, trading at around 4.64% as we go to print. 2yr yields are +2.7bps at a whisker under 5% leaving the curve at around -36bps, off last week’s near 12-month intra-day highs of -25.7bps .
Just as Treasuries were rallying, there was also a strong performance for equities on both sides of the Atlantic. In Europe, the STOXX 600 (+1.96%) posted its best performance of 2023 so far, with gains across every sector group. There was a smaller advance in the US, but the S&P 500 still ended the day up +0.52% (despite falling by 0.6% from intra-day highs). Utilities (+1.36%) and banks (+1.41%) were outperformers within the S&P 500, while the NASDAQ gained +0.58%. Small-cap stocks were a particular outperformer as well, with the Russell 2000 (+1.14%) posting a 5th consecutive advance.
One area of concern came from European natural gas prices, which posted another +14.9% gain yesterday that leaves them at a 6-month high of €49.40/MWh. In part, that follows the shutdown of the Tamar gas field due to the situation in Israel, but there’ve also been separate supply concerns, and prices moved higher after Bloomberg reported yesterday that Finland suspected a gas pipeline leak in the Baltic sea was down to sabotage. Fortunately for Europe, natural gas prices are still less than half their levels from this time a year ago, and gas storage is above its levels at this point in 2021 and 2022. Nevertheless, the upward movement will be concerning for policymakers as they approach the winter months.
Elsewhere, sovereign bonds in Europe had a more mixed performance, with yields on 2yr (+3.1bps) and 10yr (+0.3bps) German debt both rising on the day. 10yr yields in other countries did fall back, however, including for French OATs (-3.0bps) and UK gilts (-5.0bps). 10yr BTPs led the way though, falling -11.4bps and came in from 9-month spread highs to bunds .
This morning in Asia equity markets are extending a global markets rally on easing US rate worries and stability in crude oil prices. The KOSPI (+2.35%) is trading sharply higher, hitting a two-week high and is leading gains across the region after the index heavyweight, Samsung Electronics, surged over +3.0% as it reported a more modest decline in quarterly profit than expected. Meanwhile, the Hang Seng (+1.50%), the Nikkei (+0.54%), the CSI (+0.38%) and the Shanghai Composite (+0.19%) are also trading higher as China’s fiscal stimulus speculation improved risk appetite. US stock futures are fairly flat.
The risk on yesterday did help Israeli assets recover some of the recent losses. For instance, the TA-35 equity index was up +1.20%, and now ‘only’ down -4.45% since the attacks. We also saw the Israeli shekel (+0.03%) remain steady against the US Dollar, having weakened by -2.70% since the attacks.
In other news, the IMF published their latest World Economic Outlook yesterday, which showed a very modest downgrade for global growth relative to July. They kept their expectations for 2023 at 3.0%, but lowered the 2024 projection a tenth to 2.9%. There were some regional divergences within that, however, and the US forecast for next year was upgraded half a point to 1.5%, whereas Germany’s growth was downgraded four-tenths to 0.9%.
Looking at yesterday’s other data, the US NFIB’s small business optimism index fell to a 4-month low of 90.8 in September (vs. 91.0 expected). There were also fresh signs that the rise in borrowing costs was filtering through to the real economy, with the actual interest rate paid on short-term loans by borrowers up to 9.8%, which is its highest since December 2006. Elsewhere, the New York Fed released their latest Survey of Consumer Expectations, which showed a modest uptick in near-term inflation expectations. At the 1yr horizon, median expectations were up a tenth to 3.7%, and at the 3yr horizon they were up two-tenths to 3.0% .
To the day ahead, and data releases include US PPI inflation for September. From central banks, we’ll get the minutes from the FOMC’s September meeting, and remarks from the Fed’s Bowman, Waller, Bostic and Collins. From the ECB, we’ll get their Consumer Expectation Survey for August, and hear from the ECB’s Knot, de Cos and Villeroy.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Equities mixed, luxury names lower on LVMH results & Fixed soars; FOMC Minutes due – Newsquawk US Market Open
WEDNESDAY, OCT 11, 2023 – 06:12 AM
- European bourses have held onto the mixed theme seen at the cash open with underperformance seen in the CAC 40 and Euro Stoxx 50 on the back of disappointing earnings from heavyweight LVMH.
- Bonds are back in vogue as duration and safe haven demand propel prices higher amidst long-end outperformance; UK supply was snapped up and German issuance meets mixed reception.
- Spot gold and silver are marching higher, potentially amid haven flows as the Israeli war rages on with Lebanon and Syria also said to be involved.
- Fed’s Bowman said the US policy rate may need to rise further, according to Reuters; Fed’s Daly said they have more work to do and inflation is still high but noted that if bond yields are tight.
- Looking ahead, highlights include US MBA & PPI, FOMC Minutes, Fed’s Waller, Collins & Bostic, and supply from the US.
11th October 2023
- Click here for the Newsquawk Week Ahead summary.
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EUROPEAN TRADE
EQUITIES
- European bourses have held onto the mixed theme seen at the cash open with underperformance seen in the CAC 40 and Euro Stoxx 50 on the back of disappointing earnings from heavyweight LVMH.
- Sectors in Europe are mixed with Utilities, Energy and Healthcare towards the top of the pile, while the Luxury sector drags Consumer Products and Services, which resides as the marked laggard.
- US futures are flat with a mild upward tilt and confined to tight ranges, with the ES still under the 4,400 mark.
- Click here for more details.
FX
- DXY grounded ahead of US PPI data as DXY hovers above a minor new October low within 105.600-890 range.
- The Pound probes 1.2300 vs Buck before fading amidst a deeper retreat in UK yields.
- Euro and Yen firmer vs Dollar, but contained around 1.0600 and between 149.00-148.50 respectively.
- Franc outperforms as bonds soar and the Middle East conflict underpins the safe haven; USD/CHF sub-0.9050.
- Click here for more details.
- Click here for the Option Expires for the NY Cut.
FIXED INCOME
- Bonds are back in vogue as duration and safe haven demand propel prices higher amidst long end outperformance.
- Bunds up to 129.95 from 129.03, Gilts over 100 ticks above low within 93.95-95.08 range and T-note towards top of 108-11/107-21 band, at the time of writing.
- UK supply snapped up, German issuance meets mixed reception and 10 year US offering due post-PPI data.
- UK sells GBP 3.75bln vs exp. GBP 3.75bln 4.625% 2034 Gilt: 3.12x b/c, 4.444% average yield & tail 0.5bps
- Germany sells EUR 0.806mln vs exp. EUR 1bln 1.25% 2048 and EUR 1.226bln vs exp. EUR 1.5bln 0.00% 2052 Bund.
- Click here for more details.
COMMODITIES
- Crude front-month futures are now softer intraday after trading with mild gains throughout APAC hours.
- Dutch TTF is taking a breather and trades softer around 4% at EUR 47.50/MWh at the time of writing, after rising some 12% yesterday to levels a whisker away from EUR 50/MWh.
- Spot gold and silver are marching higher, potentially amid haven flows as the Israeli war rages on with Lebanon and Syria also said to be involved.
- Russian Deputy PM Novak said he discussed the oil market and OPEC+ cooperation with the Saudi delegation, according to Ifx. Deputy PM Novak said Russia is ready to raise oil product shipment to Saudi Arabia, via Tass.
- Russian Deputy PM Novak said the government not planning to raise taxes for oil companies, via Ria. He added that the Israeli-Palestinian conflict could affect the oil market.
- India government approved royalty rates for lithium, niobium and rare earths; sets lithium royalty at 3% of LME price, according to Reuters.
- QatarEnergy signed a 27-year LNG supply deal with France; to supply up to 3.5 MTPA to France from Qatar, via Bloomberg.
- The US is reportedly mulling dropping sanctions against an Israeli mining magnate accused of corruption in a bid for American firms to receive EV metals, according to WSJ sources.
- Click here for more details.
NOTABLE EUROPEAN HEADLINES
- ECB’s Centeno said overtightening is not desirable and risk of overtightening must be monitored, via CNBC.
- ECB’s Knot said the effects of inflation shocks are waning; inflation is still too high and a slowdown clearly spilling over into services. He added the economy cooling is desirable to tame inflation, and said the ECB has a long road ahead on disinflation. He added restrictive policies will be needed for some time and policy is in a good place now, and stand ready to adjust rates further if disinflation falls, according to Reuters.
- ECB Consumer Inflation Expectations survey (Aug): 12-month ahead 3.5% (prev. 3.4%); 3-year ahead 2.5% (prev. 2.4%). Economic growth expectations for the next 12 months -0.8% (prev. -0.7%).
EUROPEAN DATA RECAP
- German CPI Final YY* (Sep 2023) 4.5% vs. Exp. 4.5% (Prev. 4.5%)
- German CPI Final MM* (Sep 2023) 0.3% vs. Exp. 0.3% (Prev. 0.3%)
- German HICP Final YY* (Sep 2023) 4.3% vs. Exp. 4.3% (Prev. 4.3%)
- German HICP Final MM* (Sep 2023) 0.2% vs. Exp. 0.2% (Prev. 0.2%)
NOTABLE US HEADLINES
- Fed’s Bowman said the US policy rate may need to rise further, according to Reuters.
- Fed’s Daly (non-voter) said the decline in goods inflation has been an easy win and is not largely due to the Fed’s rate hikes, while she said they are just starting to see an improvement in non-housing services inflation and need more of it. Daly also commented that they have more work to do and inflation is still high but noted that if bond yields are tight, it could be equivalent to another rate hike.
- US Treasury Secretary Yellen said the global economy is in a better place than expected and monitoring downside risks; will meet with China’s top banker Pan in Morocco this week, according to Reuters. US Treasury Yellen expects to discuss debt issues with the PBoC Governor and progress has been slow but has seen some progress. Treasury Secretary Yellen said the US has not in any way relaxed its sanctions on Iranian oil.
- Click here for the US Early Morning Note.
GEOPOLITICS
- NATO Secretary General Stoltenberg said if it is proven there was an attack on the Baltic Sea gas pipeline, it will be met by a united and determined response from NATO, according to Reuters.
- US Defence Secretary Austin spoke to his Israeli counterpart and reaffirmed US’ commitment to expedite air defence capabilities, according to the Pentagon.
CRYPTO
- Bitcoin remain pressured after briefly dipping under USD 27,000 in APAC hours before reclaiming the handle.
APAC TRADE
- APAC stocks were higher after the positive momentum rolled over from global peers owing to the latest bout of dovish Fed rhetoric and amid China stimulus hopes.
- ASX 200 was led by outperformance in tech and mining-related industries, while the index was unfazed by comments from RBA’s Kent who reiterated some further policy tightening may be required.
- Nikkei 225 advanced and briefly breached the 32,000 level to the upside.
- KOSPI was the biggest gainer as shares in index heavyweight Samsung Electronics were boosted after its preliminary Q3 results which showed oper. profit topped forecasts despite declining by 78% Y/Y.
- Hang Seng and Shanghai Comp. conformed to the broad constructive mood amid stimulus hopes with China to boost financial assistance to expand consumption and is weighing new stimulus, as well as a higher budget deficit this year to meet its growth target.
NOTABLE ASIA-PAC HEADLINES
- China will hold the Belt and Road Forum on October 17th-18th with President Xi to attend the opening ceremony and will deliver a keynote speech, according to Reuters citing state media.
- RBA Assistant Governor Kent said monetary policy is slowing the growth of demand and inflation, while he added that policy lags mean some further effects of past rate hikes are still to be felt through the economy and repeated that some further policy tightening may be required.
- PBoC set USD/CNY mid-point at 7.1779 vs exp. 7.2842 (prev. 7.1781)
2 c. ASIAN AFFAIRS
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 3.72 PTS OR .12% //Hang Seng CLOSED UP 228.37 PTS OR 1.29% /The Nikkei CLOSED UP 189.98 PTS OR 0.60% //Australia’s all ordinaries CLOSED UP 0.70 % /Chinese yuan (ONSHORE) closed DOWN AT 7.3024 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2979 /Oil DOWN TO 85.24 dollars per barrel for WTI and BRENT DOWN AT 87.06 / Stocks in Europe OPENED MOSTLY GREEN// ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
//NORTH KOREA/
END
2e) JAPAN
JAPAN/
end
JAPAN
end
3 CHINA /
CHINA/
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
EUROPE/LUXURY GOOD
LVMH shares tumble as luxury bubbles bursts in Europe
(zerohedge)
‘It Ain’t Gucci’: LVMH Shares Tumble As Luxury Bubble Unravels
WEDNESDAY, OCT 11, 2023 – 07:20 AM
We asked in May Did Europe’s Luxury Bubble Just Burst?
By June, we pointed out Luxury Recession: Diamond Prices Crash, Rolex Downturn Persists.
On Tuesday, we said First Rolexes, Then Diamonds, Now Consumers Revolt Against Mercedes S-Class As Luxury Bust Worsens.
Reconfirming our thoughts about the deflating luxury bubble is news that luxury conglomerate LVMH reported slowing sales growth, sending shares down 6% and tumbling into a bear market.
The French group, controlled by billionaire Bernard Arnault, has faced sliding demand for high-quality products, such as leather goods, perfumes, watches, and wine, in China, Europe, and the US amid a soaring interest rate environment.
LVMH, whose brands include Louis Vuitton, Tiffany & Co., Christian Dior, Fendi, and others, reported sales in the third quarter grew 9% to €19.9 billion, down from +17% in the second quarter, reflecting softer luxury sales worldwide. Sales at the wines and spirits unit plunged 14%, much worse than estimates. The watches and jewelry unit was also under pressure, as well as the fashion and leather goods unit and perfumes and cosmetics. Selective retailing remained robust in the quarter.
“After three roaring years and outstanding years, growth is converging toward numbers that are more in line with the historical average,” LVMH CFO Jean-Jacques Guiony told investors during a quarterly presentation.
LVMH shares in Paris stumbled more than 6% on the news.
“In an uncertain economic and geopolitical environment, the group is confident in its continued growth . . . LVMH is counting on the dynamism of its brands and the talent of its teams to further strengthen its lead in the global luxury market in 2023,” LVMH said.
Citigroup analysts said LVMH’s “limited outlook comment” would be “unhelpful for a sector remaining out of favor and having underperformed in the last six months.”
Here’s what investors are saying (list courtesy of Bloomberg):
Swiss Life Gestion Privee
- “All eyes are now on Hermes which is likely to see some consensus downgrades as it will most likely be affected by a similar foreign exchange impact than the one suffered by LVMH”, said Head of Equities Eric Bleines
- Hermes reports 3Q sales on Oct. 24
- For companies that are exposed to wine and spirits, this confirms that destocking is taking place and one should be careful since it could take a bit longer than expected
- “The luxury sector is resilient but perhaps this has been overestimated: there remains a cyclical component to it which can’t be ignored”
- “This is a miss sure but this is not such a big deal; one has to look at the bigger picture, these are not bad figures”
Meeschaert Asset Management
- One big takeaway is the miss of the wine and spirits division
- “This does not bode well for companies such as Remy Cointreau or Pernod Ricard,” said Harry Wolhandler, head of equities management
- Profit warnings are to be expected in the alcoholic beverage sector
- One positive development is the good sales dynamic in China, the stabilization in the US but there is also some deceleration in Europe
- Against this backdrop it is better to favor best-in-class stocks with pricing power and profit growth visibility and stay away from restructuring equity stories such as Kering, Wolhandler argued
Banque Eric Sturdza
- “It’s not that bad really, but in terms or perception, this is their first miss in three years,” said portfolio manager Ludovic Labal
- The slowdown of European consumers is the main concerning development in the trading update
- Overall, it confirms that the luxury sector is slowing down but the impact will be less severe for top stocks like LVMH or Hermes than for laggards and stocks perceived as being in the “value” segment of the sector
Palatine Asset Management
- “I used to say that I liked LVMH because they typically do better than expected but it’s the first time in a while that they disappoint,” said senior portfolio manager Bruno Vacossin
- The big miss of the trading update is on wine and spirits
- One has to put today’s share price fall in perspective with the 3% gain made
And comments from big banks:
RBC (outperform)
- The 2024 outlook remains uncertain and negative earnings revisions are likely not over, analysts led by Piral Dadhania wrote
- Revenue miss is likely to add further pressure to the broader luxury sector in the near term
- Key Fashion & Leather division missed expectations for the first time in a number of years
- Trends are moderating across the board, LVMH management told analysts
- Price target lowered to €800 from €810
Barclays (equal-weight)
- Lower consumption from the European local consumer was the main changing factor
- CFO didn’t comment on the earnings outlook but said FX would be a headwind for margins
- Analysts led by Carole Madjo see “risk of earnings pressure in the short term and weaker top-line growth in 2024”
- Equal-weight rating confirmed
Barclays (equal-weight)
- Lower consumption from the European local consumer was the main changing factor * CFO didn’t comment on the earnings outlook but said FX would be a headwind for margins * Analysts led by Carole Madjo see “risk of earnings pressure in the short term and weaker top-line growth in 2024”
- Equal-weight rating confirmed
Morgan Stanley (overweight)
- “Overall, while today’s miss is not extremely material in magnitude, and market expectations had been lowered in recent weeks, today’s release will nevertheless be taken negatively for LVMH and the broader luxury good sector,” analysts led by Edouard Aubin wrote
- Four divisions out of five came below expectations with the largest miss coming from Wines & Spirits
- All regions decelerated but this was more pronounced in Europe
AlphaValue (add)
- Softer pace was mainly due to moderated growth in Asia, especially in China and the normalization of both local and tourist demand in Europe
- “The uncertain macro environment in the Western world and the challenging consumer environment in China have weighed on the demand for luxury goods,” analyst Jie Zhang wrote
LVMH is a bellwether for luxury. And with JPM Markets Desk’s latest warning, “Sentiment is quickly turning very negative across US consumer,” and another from several other banks that show credit card spending unexpectedly cratered in September – this doesn’t bode well for the strong consumer narrative into a US presidential election cycle in 2024.
end
GERMANY
This is a huge story!! German government forecasts that the country’s economy will shrink by a huge .4% this year
(German Government)
German Government Forecasts That the Country’s Economy Will Shrink by 0.4% This Year
BERLIN (AP) — Germany’s government said Wednesday that it expects the country’s economy to shrink by 0.4% this year, joining a string of other forecasters in revising sharply downward its outlook for Europe’s biggest economy.
The revised forecast contrasted with the 0.4% growth that the government predicted in late April. The Economy Ministry said in a statement that “the effects of the energy price crisis in combination with global economic weakness are weighing down the German economy more persistently than was assumed in the spring.”
On Tuesday, the International Monetary Fund forecast that the German economy will shrink by 0.5%. A group of leading German economic think tanks last month predicted a 0.6% contraction.
The government predicted that gross domestic product will increase by 1.3% next year and 1.5% in 2025, helped by a decline in inflation. That is expected to average 6.1% this year, but drop to 2.6% next year and 2% in 2025.
The Economy Ministry said it expects the economy to pick up around the turn of the year and then accelerate, helped by recovering consumer demand. It acknowledged that the “necessary fighting of inflation” by the European Central Bank, which has resulted in higher borrowing costs, has been a factor in Germany’s difficulties.
Germany has also been grappling with other issues such as an aging population, lagging use of digital technology in business and government, excessive red tape that holds back business launches and public construction projects, and a shortage of skilled labor.
Last month, Chancellor Olaf Scholz, whose government is grappling with poor poll ratings and a reputation for infighting, urged Germany’s opposition and regional governments to help slash a “thicket of bureaucracy.”
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
ISRAEL/HAMAS/GAZA
ISRAEL/HAMAS GAZA
3 PM
Hal Turner Radio Show – UPDATED 1:41 PM EDT — DRONE STRIKE; DIMONA NUCLEAR PLANT! Israeli Defense Minister: “We have abolished all the rules of war. Our soldiers will not be held responsible for anything. There will be no military courts”
A world that has lost its mind
https://halturnerradioshow.com/index.php/en/news-page/world/israeli-defense-minister-we-have-abolished-all-the-rules-of-war-our-soldiers-will-not-be-held-responsible-for-anything-there-will-be-no-military-courts
LANNY DAVIS
The following is a must read for those that wish to understand the conflict in the Middle East. Lanny Davis is a Democrat. The key here is that Hamas never wants a two state Palestine. Their only wish is to drive the Jews into the sea.
(Lanny Davis/Real Clear Politics).
Hamas’ Terrorist War Against Israel: There Is No “On The Other Hand”
TUESDAY, OCT 10, 2023 – 06:20 PM
Authored by Lanny Davis via RealClearPolitics.com,
I spent the weekend and most of Monday engaging in back-and-forth with fellow progressive Democrats who were trying to change the subject on the clear black-and-white facts about Hamas’ terrorist war against Israel.
I kept reminding them of four indisputable facts.
Fact one: Hamas openly declares it hates Jews.
It is an openly bigoted, anti-Semitic organization. Its public charter, which it calls its “Covenant,” states: “Our struggle against the Jews is very great and very serious.” The Covenant actually endorses the notorious fraudulent anti-Semitic rant, used in part by Hitler to justify the Holocaust, the “Protocols of the Elders of Zion.”
Fact two: Hamas’ invasion is not about supporting an independent Palestinian state.
Hamas denies Israel’s right to exist. It rejects a two-state solution. The head of its political bureau, Khaled Meshal, stated this plainly at a 2012 rally in Gaza: “Palestine is ours from the river to the sea and from the south to the north. There will be no concession on any inch of land.”
Some commentators, attempting to explain the Hamas invasion over the weekend, blamed the establishment of the state of Israel as the reason why there is still no independent Palestinian state. That is false and contradicted by undeniable historical facts. For example:
- For 19 years, between 1948-1967, Arab countries controlled East Jerusalem and all the land of the West Bank all the way to the Jordan River. They could have established a Palestinian nation, with Israel left with a fraction of territory compared to today’s Israel. So why didn’t they?
- In 2000, at Camp David, Israel’s Prime Minister Ehud Barak offered to create a Palestinian state in all of Gaza and 97% of the West Bank. The answer was no.
- In 2008, Prime Minister Ehud Ohmert offered to withdraw from almost the entire West Bank and to partition Jerusalem on a demographic basis – in addition to all of Gaza still being without Israeli soldiers or civilians. Still the answer was no.
Fact three: Hamas doesn’t care about an independent, democratic Gaza for the well-being or social justice of Gazans.
To the contrary. Since Gaza threw out the official government of the Palestinian Authority, it has not invested in food, education, or jobs. Instead, it has used millions of dollars from Iran to build bombs and rockets to be aimed at Israeli civilians, and has lined its own pockets with 15% of substantial funds from Qatar aimed at the poor. It is simply beyond dispute that Hamas has established a corrupt terrorist dictatorship, with some leaders living in luxury abroad. In the summer of 2023, Gazans defied their overlords and held rallies throughout the area. Some chanted: “Where is the electricity and where is the gas?” – and burned Hamas flags.
Nor is Hamas reacting to Israeli occupation of Gaza.
In 2005, Israel withdrew its citizens (about 8,000) and soliders from Gaza and from four settlements in the West Bank. In 2007, Hamas ousted the Palestinian Authority and took over dictatorial control of Gaza. But it opposed the Authority’s negotiations to establish an independent Palestinian state and does so to this day.
Fact four: Hamas is and continues to be a terrorist organization – which meets the universal definition as dedicated to intentionally murdering civilians for political purposes.
Hamas does not deny that. It brags about it. Just this last weekend, Hamas terrorists intentionally killed 260 young civilians attending a music festival in the desert near Gaza during the first moments of its murderous invasion.
No, it is not the same thing when Israel is forced to respond to defend itself from rockets aimed at civilians and, tragically and unintentionally, innocent Gazans civilians are killed – often because Hamas chooses to launch its rockets intentionally aimed at civilians from schools and hospitals (a double war crime). Those who make the false equivalence between intentional murder and self-defense with tragic and unintentional deaths of innocents ignore the facts.
I have always been a supporter of a two-state solution. Since I was very young, I believed in justice for the Palestinians and argued with my father that they deserved their own nation. But I also now remember the famous line of Tevye from “Fiddler on the Roof” when he argued with himself by saying, “On the one hand,” and then countered with, “but on the other hand.” However, on one issue on which he could never compromise, Tevye said: “There is no other hand.”
So regarding the Hamas terroristic attack on Israel in the last several days, I can only say – based on indisputable facts – “There is no other hand.”
* * *
Lanny Davis is the founder of the Washington, D.C., law firm, Lanny J. Davis & Associates. He is one of the first to use the concept of legal crisis management to solve client problems – operating at the intersection of law, media, and politics. He is a former special counsel to President Bill Clinton in 1996-98 and served on a privacy and civil liberties panel appointed by President George W. Bush. He has been writing his “Purple Nation” column for more than 13 years.
END
LINDSAY GRAHAM/ISRAEL/HAMAS/
Lindsay Graham goes on the war path: he wants the bombing of Iran’s oil fields
(zerohedge)
Lindsey Graham Says “Only Way” To Keep Hamas-Israel From Escalating Is To Attack Iran’s Oil
TUESDAY, OCT 10, 2023 – 10:40 PM
Republican Senator Lindsey Graham apparently isn’t worried about the price of oil.
The hawkish Senator took to Fox News earlier this week, amidst the Hamas attacks on Israel, and immediately called for the U.S. to strike Iran and, specifically, the country’s oil refineries. Graham said on the air that Iran “planned” the attack on Israel.
“Well, for every Israeli or American hostage executed by Hamas, we should take down an Iranian oil refinery. The only way you’re going to keep this war from escalating is to hold Iran accountable,” Graham said on Fox News.
He continued: “How much more death and destruction do we have to take from the Iranian regime? I am confident this was planned and funded by the Iranians. Hamas is a bunch of animals who deserve to be treated like animals. So if I was Israel, I would go in on the ground. There is no truce to be had here. I would dismantle Hamas. This is the best opportunity Israel has to destroy Hamas. Take it to the Iranians.”
He concluded: “If you harm one American in Syria by using your Iranian militia against us in Syria, if you escalate the war by urging Hezbollah to attack Israel in the north, if Hamas kills one American Israeli hostage, we’re going to blow up your oil refineries and put you out of business. It is now time to take the war to the Ayatollah’s backyard.”
Graham also later said that the U.S. could “reset the world” by saying to Iran “if you escalate any more attacks coming from Iran, we’re coming after you,” according to Newsweek.
“If there is an escalation in this conflict, if hostages start getting killed, if Hezbollah in the north attacks Israel in strength, we should tell the Ayatollah we will destroy your oil refineries and your oil infrastructure,” he reiterated in a subsequent interview on Monday, according to The Hill. “We will put you out of business. Without money coming from Iran and weapons coming from the Iranians, Hamas will be nothing. Hezbollah will be nothing.”
On The Hill’s NewsNation on Monday, he added: “This is an Israeli ‘9/11,’ it couldn’t have happened without a lot of money and technology and weapons. So it’s time to hold them accountable. The escalation of the conflict should result in a joint attack on the Iranian oil infrastructure to put them out of business.”
“They [Iran] are religious Nazis. Listen to the language coming from the Ayatollah and his henchmen. They want to purify Islam in their own image. Saudi Arabia is at risk here. They want to destroy the Jewish state. They want to kill all of the Jews and come after us.”
END
SYRIA/HAMAS/ISRAEL/GOLAN HEIGHTS/LEBANON/HEZBOLLAH
Syria launches missiles on the Golan Heights hitting open fields.
(zero hedge)
Syria Launches Missiles On Golan Heights As US Begins ‘Surging’ Defense Aid To Israel
WEDNESDAY, OCT 11, 2023 – 04:12 AM
Update(1612ET): The Syrian Army has fired missiles toward the Israeli-occupied Golan Heights Tuesday evening (local), breaking reports indicate. The Israeli Defense Force have confirmed the attack:
This raises the risk of a broader conflict which spirals, given the earlier exchange of fire in northern Lebanon between Israel and likely Hezbollah positions. Al Jazeera senior correspondent Zeina Khodr writes on the significance of the Golan mortar fire from Syria:
Rocket from Syria lands in Israel occupied Golan Heights- it was a matter of time before a message is sent to Israel from this front … “multi front assault possible”.
This came within an hour of President Biden in a speech confirming that the US will begin ‘surging’ defense aid to Israel.
And the Pentagon too confirmed:
A senior defense official said the Pentagon was “surging support” to its closest Middle Eastern ally in response to what U.S. officials have said are the brutal new tactics that characterized the weekend assault byHamas militants into southern Israel. With the combined death toll exceeding 1,500, Israel’s government on Monday ordered a full-scale siege of the Gaza Strip, setting the stage for what could be a prolonged and bloody offensive in the small, densely populated Palestinian enclave.
This has already begun, says Boeing:
Meanwhile, various countries have begun evacuation efforts of their citizens from Tel Aviv:
LUFTHANSA TO CONDUCT EVACUATION FLIGHTS FROM ISRAEL: SPIEGEL
* * *
Update(1310ET): The Israeli army has reportedly issued an order for citizens to evacuate the Metula settlement, which lies just along the northern border with Lebanon. This after a salvo of some 15 rockets was fired from southern Lebanon in a suspected Hezbollah operation. “In response to the launches identified from Lebanese territory toward Israeli territory, IDF soldiers are currently responding with artillery fire,” regional sources report. The IDF said it intercepted several of them, while most landed in open fields. Things are steadily escalating there:
A senior Israeli officer was killed in a confrontation with militants on the frontier with Lebanon on Monday, Israel’s military has confirmed.
The [Israeli] military said troops and aircraft killed two “terrorist infiltrators” who had crossed into Israeli territory. Palestinian Islamic Jihad claimed that they were its members.
Later, at least three militants from Lebanon’s Hezbollah movement were killed as the military attacked sites in Lebanon in response to mortar fire.
Still, both Israel and Iran-backed Hezbollah have thus far narrowly avoided a spiral into all-out war at the Israel-Lebanon border. “What’s happening here seems to be a kind of contained tension. Lebanon is not yet a war zone. However, it’s an area of operation. But it seems it’s also a space for both sides to exchange messages,” an Al Jazeera’s correspondent, Ali Hashem, has observed.
Iran, meanwhile, has been on the defensive after major US media, especially the Wall Street Journal, cited US sources who alleged Tehran supported, funded and helped plan Hamas’ deadly rampage across southern Israel on Saturday. There’s speculation that the Iranians fear Israel’s Netanyahu government could begin targeting sites inside Iran. A regional source reports Tuesday on the unprecedented softening of rhetoric from Iran’s leadership, related to Hamas and Israel as follows:
Iran’s supreme leader has strongly rejected any involvement in the Hamas movement’s surprise attack on Israel. The public maneuvering, which involved Ayatollah Ali Khamenei strikingly repeating his rejection of an Iranian role three times in a 90-second span, follows controversial claims in US media that Tehran helped plan the Oct. 7 blitz.
Speaking on condition of anonymity, a high-ranking Iranian source told Amwaj.media that Khamenei’s remarks—his first since the Hamas offensive—may have been sparked by “him seeing the direction of the Israeli public diplomacy campaign.” Rejecting concerns of an impending Israeli attack as Khamenei’s underlying motive, the source said the supreme leader’s comments are “pre-emptive” as opposed to reactive.
Addressing the rare decision by Khamenei to be so vocal in his rejection of an Iranian role in the Palestinian blitz, a second senior source in Tehran told Amwaj.media, “Give me one reason why he should do otherwise.” Also speaking anonymously given the sensitivity of the matter, he continued, “Why should one give them the perfect justification they need for an attack?” At the same time, the source dismissed the notion that being so explicit in rejecting a role in the Hamas attack indicates a sense of weakness on the part of Iran.
The Pentagon has meanwhile warned both Iran and Hezbollah against jumping into the conflict in a fresh statement:
The senior US official said Iran, Hezbollah and other groups backed by Iran’s Islamic Revolutionary Guard Corps (IRGC) “should think twice” before joining in the war.
“Iran-backed adversaries like Lebanese Hezbollah should not question the commitment of the US government to support the defense of Israel,” the official added.
“We believe that the folks in the region understand what those capabilities are,” the White House’s National Security Council coordinator John Kirby, a former US Navy rear admiral, told reporters Monday evening.
This as the following just came across the news wires:
US MAY DEPLOY A SECOND AIRCRAFT CARRIER NEAR ISRAEL: WSJ
While there are yet no indicators that the US will conduct anything other than a “show of support” with the naval hardware dispatched near Israel, it will certainly be in a position to conduct some level of active intervention on Israel’s side if ordered by the White House:
The IDF said it had mobilized 300,000 troops and declared a full siege halting the flow of water, food and electricity into Gaza on Monday.
The arrival of the USS Ford – which is carrying an air wing and is accompanied by the guided-missile cruiser USS Normandy and four US Navy Arleigh Burke-class guided-missile destroyers – is intended to send an unmistakable warning to Iran and the militant groups it backs throughout the region not to join in the conflict by launching their own attacks against Israel, Biden administration officials said.
The strike group led by the Ford is capable of intelligence collection and “long-range strikes,” a senior US defense official told reporters on Monday, noting its arrival signals “the United States is postured to respond to any contingencies and minimize the risk of a wider conflict.”
Republicans in Congress continue to question Biden’s unfreezing of the $6 billion for Iran. Some are calling for a refreeze in light of the Hamas attack. According to The Hill:
Blackburn and other Republican senators wrote a letter to Biden dated Oct. 9 calling on him to stop the flow of the $6 billion into Iran, even though the funds are only supposed to be used for humanitarian purposes.
“Your administration claims these funds are only available for humanitarian use, but money is fungible, and there is significant risk they could be used to further efforts by Iran or Hamas against Israel,” they wrote.
“Moreover, allowing $6 billion to flow into Iran’s economy, even if the purpose is for humanitarian aid, allows the Iranian regime to reallocate even more funds to supporting terrorism,” they argued.
* * *
The Israel Defense Forces (IDF) have announced they have completely sealed the border with Gaza amid continued body recovery operations and assessment of damage. This as Israel has newly announced that over 1,000 Israelis have been killed.
The IDF and Israeli officials are also for the first time taking foreign journalists to the scenes where the armed raids out of Gaza took place on Sunday, including to Kfar Azza, a kibbutz near the border where some 70 Jewish residents were killed. The IDF has denounced the “massacre” while giving foreign press a tour of the empties out settlement.
“It’s not a war, it’s not a battlefield, it’s a massacre,” IDF Major General Itai Veruv was quoted as saying. “You see the babies, their mothers and their fathers, in their bedrooms, and in their protected rooms, and how the terrorists killed them — it’s not a war.”
“It’s something that I never saw in my life,” he said. “We used to imagine our grandmothers and grandfathers during the pogroms in Europe. It’s not something that we have seen in recent history.”
Another one, Kibbutz Be’eri, was the gruesome scene of the recovery of at least 108 bodies, while the music festival in the desert where footage of the initial Hamas invasion was captured had at least 260 bodies.
Among the Hamas and Palestinian Islamic Jihad (PIJ), the IDF said it had killed some 1,500 in Israeli territory, and these bodies are being collected too.
In Israel, at 1,008 people have died and over 2,600 others have been injured, but assessing total casualties and also identifying the deceased has been a long, difficult process – also under war conditions as missiles fly above. One top Netanyahu aide, Yossi Shelley, is under fire for some controversial statements to the press:
Responding to questions during an interview on Channel 12 about the government’s reaction time, Shelley said that “the party made a not insubstantial contribution to the chaos,” adding “I’m not casting blame but sometimes there are cumulative conditions, this is a situation which no one planned.”
Shelley said the process of identifying the fatalities and the hostages was like “standing in line at the supermarket, it doesn’t matter how many shop assistants there are, sometimes it’s impossible to deal with everyone.”
On Tuesday he tried to clarify the statements amid anger from victims’ families. Shelley said, “I never in any way intended to say that the partygoers contributed to the results of the tragic event. The youngsters who were celebrating, including my beloved cousin Lori who was murdered, celebrate like the people of Israel should do on their festivals.”
Warning – graphic content below:
Video from the aftermath of an ambush by Hamas terrorists on an Israeli family’s vehicle in the area of Kibbutz Reim. Blood everywhere.
A baby seat full of blood, the Evil murderers did not spare the baby.
It is impossible to describe in words the dimensions of the massacre. pic.twitter.com/Wi7fpRO1ta— InDigit (@InDigit1) October 10, 2023
In Gaza, the death toll continues to mount amid constant Israeli airstrikes and shelling, with Al Jazeera reporting that the dead have reached 770.
While a horrific massacre by Islamic terrorists infiltrating southern Israel played out over the weekend, a massacre of mostly civilians by the overwhelming airpower of Israel’s air force is ongoing in the Gaza Strip. Nearly 200,000 Gazans have been displaced at this point…
On social media, there are graphic scenes of death, violence, and suffering widely circulating.
Politico has decided to go after Elon Musk and X for lack of censorship related to some of these videos:
Videos and images of mass shootings, kidnapped civilians and soldiers and other violence linked with Hamas’ attack on Israel are being widely shared on X, formerly known as Twitter, in violation of the company’s own rules against inciting violence.
POLITICO’s review of Elon Musk’s social media platform in the wake of Hamas’ attacks, which began on October 7, discovered scores of videos that allegedly showed militants murdering civilians and Israeli soldiers; viral hashtags associated with the ongoing violence that praised Hamas’ activities; and social media posts that included graphic pictures of those killed and antisemitic hate speech.
However, platforms like X are in part helping people to track missing persons, or to identify the deceased, as well as in some cases their killers.
Meanwhile, even though the situation in southern Israel is largely pacified under the IDF, Israel’s military still believes some terrorist infiltrators are present, but are hiding. A search operation by Israeli forces is still active after the majority of civilian residents from communities near Gaza have been evacuated:
Hamas fighters are believed to be “still hiding” in some communities in southern Israel even after the Israeli military took back control, according to Israel Defense Forces spokesman Maj. Doron Spielman.
“We are in control of the communities, but we actually assume that there are Hamas terrorists that are still hiding in these areas, including in the road where we are now,” Spielman told ABC News during an interview Monday in Sderot, Israel. “In all these communities, we’ve seen terrorist come out of hiding. Just yesterday, they took over an ambulance.”
“We’re still being very, very careful,” he added. “This is a war zone with active terrorists that are operating here.”
Videos have emerged showing highway shootouts between Israeli forces and Hamas which happened Saturday into Sunday:
There are also many videos documenting kidnappings which unfolded in real-time:
Hamas commandos, clearly well-armed and well prepared, filmed themselves breaching Israeli settlements and setting fire to the dwellings…
Graphic: The below shows the killing of a man who tried to flee (just off-scene)…
IDF reinforcements have continued to muster at the border. While the ground invasion has yet to start, it is expected and likely imminent, given Israeli Prime Minister Netanyahu told President Biden on Sunday that “We have to go in,” in reference to a ground operation. He further conceded this will be a “long and difficult war.”
* * *
END
ISRAEL/NORTHERN FRONT/HEZBOLLAH
this morning!!
Worst fears: a secondary front on the Northern border opens with Hezbollah fires anti tank missiles
(zerohedge)
Israel Actively Fighting A Secondary Front On Northern Border With Hezbollah: IDF
WEDNESDAY, OCT 11, 2023 – 09:50 AM
A worst-case scenario for Israel is emerging: the dreaded multi-front war involving Hezbollah, which is a much more formidable and better equipped paramilitary force than Hamas.
Israel Defense Forces (IDF) spokesman Lt. Col. Jonathan Conricus has confirmed Wednesday Israel fired rockets into southern Lebanon for at least a second straight day, striking Hezbollah positions after the Iran-backed group struck Israeli soldiers with anti-tank missiles fired from across the border.
Bloomberg has also confirmed in a note, “Israel said an anti-tank missile fired from Lebanon hit one of its military posts near the border, news that saw investors seek haven assets like US Treasuries.” This as an Israeli ground invasion into the Gaza Strip, which is sure to be a bloody campaign, appears imminent after PM Netanyahu told Biden in a Tuesday phone call, “We have to go in. We can’t negotiate now.”
Netanyahu also previously vowed in public statements that “what we will do to our enemies in the coming days will reverberate with them for generations.”
Citing IDF spokesman Conricus further, Fox News underscores that Israeli is now “actively fighting a secondary front” in the north and is surging troops toward that end:
…the Israeli army shelled the Lebanese border town of Duhaira and the surrounding area where the missile attack came from. He also said Israel was actively fighting a secondary front along Israel’s northern border with Hezbollah in Lebanon, in addition to the counteroffensive the IDF is launching in the Gaza Strip.
“We have deployed tens of thousands of additional units along the northern border,” Conricus said, including infantry, special forces, armored forces, artillery, air forces, and “additional assets including intelligence and logistics.”
Cross-border shelling has occurred since Sunday, leading to multiple casualties among Hezbollah members and possibly other Islamic factions. Palestinian Islamic Jihad (PIJ) has also had a presence there and has taken casualties. The IDF said, “The message to Hezbollah is very clear: ‘If they try to attack, we are ready and we are vigilant on our border.’”
At least one “Israeli senior officer” has been killed at the northern border since the exchange of fire has increased. Another two Israeli troops have also been confirmed killed. Hezbollah has claimed to have wounded and killed a “large number” of Israeli troops.
Al Jazeera wrote Tuesday that “At least three Hezbollah members, an Israeli senior officer and two Palestinian fighters have been killed so far in the cross-border fighting.”
And the IDF has confirmed: “In Southern Lebanon, Hezbollah have already fired anti-tank missiles and rockets at our positions and soldiers, fortunately without any significant casualties,” Conricus said. “There has already been an attempt of Islamic jihad terrorists infiltrating into Israel. That attempt was successfully thwarted by the IDF, sadly at the cost of a senior [IDF] officer and two other soldiers.”
Hezbollah has meanwhile issued a fresh statement saying it sees the United States as a direct accomplice in Israel’s killing of Gazans, as the Israeli air war continues, with Palestinian deaths on Wednesday approaching 1,000 after four straight nights of unprecedented bombardment.
“At least 950 people, including at least 140 children, have been killed in the Gaza Strip by Israel’s retaliatory airstrikes, according to the Gaza Health Ministry,” CBS reports. ‘The ministry said in a social media post that at least 5,000 more people in the blockaded Palestinian territory were wounded, most of them women and children.”
Dangerously, and amid fears of a broader regional conflagration, Syria launched missiles on the Israeli-occupied Golan Heights, which didn’t appear to do significant damage. However, Israel has reportedly released an emergency statement for settlements in the area: “Instructions have been given to residents of the Golan to stay near shelters.” Israel says it is forming an emergency war-time government.
ISRAEL PLANS TO ANNOUNCE EMERGENCY GOVT TONIGHT: ISRAEL RADIO
Iran’s Supreme Leaders has issued fresh threats, even while asserting it didn’t have a direct hand in the Saturday Hamas terror rampage into Southern Israel:
Complicating matters and sending regional tensions soaring further at a moment of fresh Iran threats, a US carrier group will soon cross the Atlantic to park in waters off Israel as part of “support” operations. A second carrier could also be on its way:
The US might deploy a second aircraft carrier to the Eastern Mediterranean Sea to support Israel’s attack on Gaza, two Pentagon officials told POLITICO on Tuesday.
In the wake of the Hamas attack on southern Israel, the US announced that it was deploying the aircraft carrier USS Gerald R. Ford and its strike group, which arrived in the Eastern Mediterranean on Tuesday.
The Pentagon officials said that the aircraft carrier USS Dwight D. Eisenhower and its strike group, which includes several other warships, were already scheduled to leave Norfolk, Virginia, this week and that it might be ordered to also deploy near Israel. The Pentagon said that the Eisenhower could leave on Friday and arrive in the Eastern Mediterranean at the end of October.
A double aircraft carrier deployment would be a massive show of force in the region and could risk escalating the situation. Some Shia factions in Iraq have threatened attacks on US bases in the country if the US “intervenes” to support Israel against Hamas.
Hezbollah has issued a statement directly responding to this possibility, saying, “Sending aircraft carriers to the region with the aim of raising enemy morale reveals the weakness of the Zionist military machine.”
More images have begun to emerge of the ratcheting conflict along the Israel-Lebanese border…
In Israel, the death toll from the weekend attack has risen to 1,200 – according to new official statements. The Biden administration has also confirmed that at least 14 of these were US citizens.
END
NORTHERN BORDER OF ISRAEL/HEZBOLLAH
THIS AFTERNOON
Clashes with Hezbollah grow but still Hezbollah has not used its long range missiles
Now 22 confirmed American dead. It is now the USA’s war as well.
(zerohedge)
Israel’s Northern Towns Told To Shelter As Clashes With Hezbollah Grow; 22 Americans Now Confirmed Dead
WEDNESDAY, OCT 11, 2023 – 01:04 PM
Update(1304ET): The IDF has revised its earlier alert as follows, downplaying the severity of the northern infiltration alert:
IDF spokesperson: Further to the reports of intrusion from the Lebanese border into Israel’s airspace, as of now fear of intrusion has been ruled out.
An updated headline from Times of Israel: IDF says no drone infiltration in north after scares send millions into shelters
An emergency war-time government has been formally announced in Israel:
* * *
Update(1250ET): Israeli emergency authorities, specifically the Israeli Homefront Command, has ordered residents in the far northern town of Ma’alot-Tarshiha to stay in their homes and lock their doors, warning of possible infiltration of militants from Lebanon. The alert stayed active for a brief period Wednesday. There are current official reports of an airspace breach from Lebanon, possibly drones sent by Hezbollah: (Harvey: false)
The current top headline at The Times of Israel reads:
Residents across north told to shelter as several aircraft appear to infiltrate Israel
On the other side of the border, Lebanese residents are scrambling for exit as fighting grows, and as evidence of damaged and burning homes and buildings begins to circulate:
Cross-border violence between Lebanon and Israel has escalated into a fourth day, pushing many Lebanese in southern towns to leave as Hezbollah and the Israeli military continue to trade fire.
Hezbollah said it fired precision missiles on an Israeli position across from the Lebanese town of Dharya on Wednesday, drawing retaliatory Israeli shelling that has left a number of houses damaged.
Tensions have been boiling along the Israeli-Lebanese border since Palestinian fighters launched a surprise multi-front assault on Saturday morning. The Israeli military has been heavily bombarding the Gaza Strip since, while Palestinian groups have continued to fire thousands of rockets towards Israel. At least 1,055 Palestinians and 1,200 Israelis have been killed.
Sirens are reportedly going off across northern Israel, amid unverified reports of major drone action:
Amid the escalating and highly dangerous (for the prospect of major, broader war) tit-for-tat Israel-Hezbollah escalation, both sides are vowing “decisive” response to deadly attacks.
News wires are now reporting that 22 Americans have been confirmed killed after the weekend Hamas terror rampage in southern Israel.
The US Embassy in Beirut is meanwhile refuting reports that it is evacuating, but is it a sign of things to come as the south Lebanon situation slides?
A below review of the last hours via journalist Joyce Karam. UPDATE:
- Lebanon front, Israel- Hamas war
- Drones, infiltration from Lebanon
- Israel fired flares
- Residents in N Israel to enter shelter
- Gaza hospitals full capacity
- Israel gets war cabinet
- Evacuations from Israel
- 200,000 Gazans displaced
* * *
END
Gaza Doctors Issue ‘SOS To Whole World’ As US Proposes Evacuation Corridor To Egypt
WEDNESDAY, OCT 11, 2023 – 01:45 PM
Doctors in Gaza have sent out an “SOS message” to the world, saying that after four straight nights of the biggest Israeli air campaign in years (or perhaps history), all civil services including electricity, fuel and water are suffering collapse.
Officials at Shifa Hospital in Gaza City have further claimed the Israelis are targeting first responders, as the death toll among Palestinians has soared passed 940, with at least 140 children among the dead. An estimated 263,000 Palestinians have been displaced thus far.
Israel has also revised its numbers, announcing the gruesome Hamas attack on Saturday into Sunday killed over 1,200 Israelis. Among these were at least 22 Americans and many other foreign citizens.
A Gaza health official announced Wednesday, “We are suffering … and the world is not moving a finger. This is an SOS to the whole world… you must help us,” and further confirmed Gaza’s sole power plant has run out of fuel. Israel had already cut all external electricity and water supply sources.
Al Jazeera has cited its correspondent to say Gaza residents are “trapped in a cage” with nowhere to exit amid the unrelenting Israeli airstrikes:
Gaza has been completely locked up by Israel, and it was already in a deteriorating humanitarian condition for many years because of a long-lasting blockade.
But these five days have been extraordinary. A complete blockade, no power, no water, no food supply, no medical supply and on top of all of that, continuous bombardment.
All supplies are running out since there are no open emergency or humanitarian corridors for any kind of aid to enter the Gaza Strip. The people are trapped in a cage with no access to help from the outside.
Reports of Palestinian medics killed…
Controversially, the Biden administration says it is in talks with the Egyptian government and regional officials to establish a humanitarian corridor through which Palestinian civilians, particularly American citizens and passport holders still stuck in the strip, could evacuate.
“President Joe Biden’s administration began coordinating with other countries to set up a humanitarian passage through Egypt to evacuate Palestinians and citizens holding American nationality, Kan reported,” regional sources say. “The Israeli channel did not provide further details regarding which Palestinians would be allowed to leave the heavily bombarded enclave, or where they would be settled upon reaching Egyptian territory.”
But skeptics of the humanitarian corridor plan have presented the following key questions:
- How would Gazans actually make it to the ‘humanitarian corridor’ exit amid the constant bombs?
- How can Egypt, itself suffering economically and with lack of infrastructure, hope to resettle all these refugees?
- Would this be facilitating a massive demographic ’emptying out’ of Gaza by encouraging the population to leave, instead of world powers pursuing a ceasefire deal?
On Tuesday, Israel bombed the lone border crossing between Gaza and Egypt. There are over 2 million Palestinians in the Gaza Strip packed into an area just a few square miles in size. The Rafah crossing is essentially the only possibility of escape for Gaza civilians. The Washington Post has noted, “the Gaza Strip is just over twice the size of Washington, D.C., but has triple the population” – at around 2.3 million people.
And now the population is dealing with a total blackout and lack of communications, also as an Israeli ground incursion is looming:
“The situation is exceptional and horrible on the ground”, Ziad Shehadah, general manager from Humanitarian Care Malaysia, has told Al Jazeera as humanitarian workers attempt to deliver aid in Gaza.
“We are trying to provide them [people who fled from their houses to UNRWA schools] with food packs, pillows, blankets and so on, but we are facing two problems. First, most of the supplies are stored near the border, so it’s unreachable. The second point is that most of the products are about to finish,” Shehadah said.
While the US and West has focused on the horrific images and reporting to come out of the terror massacre of Israelis that happened over the weekend, Palestinian officials have accused the West of dehumanizing Gazan civilians.
This was on full display during the following heated exchange at the State Department on Tuesday:
The US has repeatedly asserted the right of Israel to defend itself against the heinous terror attacks of Hamas and Palestinian Islamic Jihad (PIJ), also at a moment hundreds of rockets continue to be fired from Gaza, but at the same time the majority of Palestinian victims from the Israeli bombing campaign are civilians, including women and children.
Israel has countered that Hamas hides among civilian residences and facilities, making ‘collateral damage’ all but impossible to avoid.
Critics have said that Israel’s military disregards civilians, and that recent statements of Israeli officials point to a genocide in progress. Israel has said it is Hamas terrorists committing genocide against Jews.
END
ISRAEL
The carnage!
Israel Festival Attack Survivors Describe ‘Hell On Earth’ As Detailed Testimonies Emerge
WEDNESDAY, OCT 11, 2023 – 12:25 PM
Civilian survivors of Hamas-led attacks on a music festival and kibbutzim close to Israel’s border fence with Gaza have been speaking to Hebrew media about their experiences.
At the Supernova festival, which took place in the woods next to Reim, a secular kibbutz in southern Israel, witnesses spoke of Hamas fighters on motorcycles opening fire on hundreds of people, who had already begun fleeing the party because of rocket fire launched from the besieged Gaza Strip.
Two-hundred and sixty people have been reported dead following the attack, which began at 6.30am on Saturday morning.
“Suddenly a van with terrorists arrived in front of us and they started shooting us,” one survivor told Haaretz. “They came from all directions, people went like sheep to the slaughter.”
The Israeli army took five hours to arrive on the scene, eyewitnesses said, as those present hid in the undergrowth and police officers present acted as security forces. Others said that dozens of people had hid in ditches and orchards, begging for help as Hamas fighters swept through the area.
Michal, an Israeli survivor, told Kan News that she ran into a small cabin, which had about 50 people in it. The Hamas fighters shot at those in the cabin, she said, and in a brief moment of quiet an Israeli policewoman present told the group that if they wanted to survive they should run.
But, Michal said, the route out was blocked and she was confronted by five Hamas pick-up trucks. She lay under a tank for six hours and then, “at some point, they threw a grenade at us”. Michal said she was hit by a bullet in the leg.
“It was hell on earth,” another survivor told the Israeli broadcaster. Survivors have spoken of their shock at the response from the Israeli army. “They told us that the army was guarding us,” one festival-goer told Israel’s Channel 13 News, “we didn’t want to go home.”
The outlet reported that the young men and women “simply had no chance against dozens of armed terrorists, who were spread out along all the access roads to the party”.
One attendee, Omer, told Haaretz he had seen gunfire coming from all directions. People ran, looking to get into vehicles to escape the attack. Omer escaped with some others but found the road leading out littered with burnt-out cars. He said gunmen opened fire on his group: “It was a battlefield.”
“It was mayhem,” another witness said. “They came from everywhere.” Michael Zrihan, the uncle of festival-goer Shahar Mantsur, told Haaretz that after he reached his nephew’s girlfriend over the phone, she told him Mantsur had “gotten a bullet in the neck, and she was hiding in the car”.
Two hours later, they spoke again. “She was screaming, ‘I’m being shot at, I don’t know what to do’, and we’ve lost contact since then.”
Following the attack, the area the festival took place in was strewn with bodies, burnt-out cars, bullets and ammunition casings. The Zaka rescue organization told Hebrew media that at least 250 bodies had been removed from the scene.
Kibbutz attacks
Elsewhere, Israel Hayom reported that the granddaughter of former Israeli national football team coach Shlomo Sharaf was killed in one of the attacks on communities close to Gaza. According to the family’s testimony, 22-year-old Mai Naim fled to a shelter in the area of the settlement of Be’eri, when Hamas fighters found and killed her.
The Hamas attack on the kibbutz began at 6am on Saturday, according to Israel’s Yedioth Ahronot newspaper. On the community’s WhatsApp group, messages relaying the murder of loved ones began to appear.
One kibbutz resident, born in Costa Rica, “wielded a machete” he had got in the Central American country, but said he knew it wouldn’t help him against the Hamas fighters, and that he had “never been scared like that” before.
Anna, a resident of the kibbutz, spoke to Israel Hayom as the attack was taking place: “My children were injured by gunfire from terrorists on a passing vehicle near the kibbutz. They sent us for medical treatment, and on the way, we saw wounded and dead. The kibbutz is under siege, the army has not yet arrived… In all my years in the Gaza periphery, I have never seen anything like this.”
Ella, a resident of another kibbutz, told Channel 12 News she had identified her father in pictures posted on the Telegram messaging app. “I think they kidnaped him to the Gaza Strip,” she said. “He wrote to me that they entered their home and kidnapped them.”
Hundreds of residents of the Be’eri kibbutz have now been evacuated to the Dead Sea area, where they are being housed in hotels. “I couldn’t believe we survived,” 15-year-old Gal Hagi told Ynet.
end
ISRAEL/USA/HOSTAGES
US Sending Two Carrier Strike Groups To Mideast Region, Taps Qatar To Assist Hostage Mediation With Hamas
WEDNESDAY, OCT 11, 2023 – 02:25 PM
Update(1425ET): US National Security Council Coordinator John Kirby confirmed that the United States will be sending the USS Dwight D. Eisenhower aircraft carrier to the Eastern Mediterranean, after it was already announced that the USS Gerald R. Ford would be deployed as part of “support” operations related to the Israel-Gaza conflict.
However, Kirby said that the Eisenhower will not be directly joining or escorting. Instead, the carrier will be in the region for availability if called upon. While in a press briefing Kirby tried to downplay the dual carrier deployment as somewhat routine or expected, they will certainly be on standby to potentially intervene if all hell continues breaking loose in the Middle East.
Kirby also confirmed that the US administration is in talks with Qatar as part of mediation efforts to free the hostages being held by Hamas. It’s believed there are Americans among the captives in Gaza, which at this moment is being pounded by Israeli airstrikes. Kirby said the following:
“Obviously, we’re in discussions not only with the Israelis, about what hostage recovery could look like, but with other allies and partners in the region. And there are some countries like Qatar that have open lines of communication with Hamas, so of course, we’re casting the net wide as you would expect, we want to get these all the hostages back with their families, particularly the American hostages, no question about that.”
Meanwhile…
MCCAUL: US SPECIAL FORCES, FBI SHOULD BE USED TO FREE HOSTAGES
UKRAINE/RUSSIA/NUCLEAR FACILITIES
Robert H to us:
West training Ukrainian saboteurs to hit Russia’s nuclear facilities — Russian intel chief – Russian Politics & Diplomacy – TASS
At some point a line to far will be crossed with consequence
https://tass.com/politics/1688437
END
6.GLOBAL ISSUES AND VACCINE/COVID ISSUES
GLOBAL ISSUES
GLOBAL VACCINE/COVID ISSUES
end
DR PAUL ALEXANDER
Americans Are Skipping The COVID-19 Booster
Over 80% of Americans Did Not Get A Booster
| DR PANDAOCT 11 |
80+% of Americans Did Not Get A Booster
In a recent study published in the journal Vaccine, researchers investigated why more than 80% of eligible Americans did not get a COVID-19 Booster.
The study surveyed nearly 2,200 people and found that the most common reasons for not getting a bivalent booster were:
- 39.5% said they already had immunity from a prior infection
- 31.5% had concerns about potential side effects and safety
- 28.6% believed that a booster would not provide additional protection
Other reasons included:
- Lack of awareness of the bivalent booster or eligibility
- Difficulty accessing a vaccination site
- Lack of trust in the vaccine or public health system
Still around 17% of Americans, or 56.5 million people, received the booster shot that was rolled out last fall. That’s compared to nearly 70% of Americans, or 231.6 million people, who got vaccinated with the first “primary” series.
The Latest (current) Jab
ABC reports 4 million people have gotten the newest COVID-19 jab, or around 1.2% of the US population.
That’s still too many. With the recent price hike, Pfizer and Moderna are still raking in substantial profits. The cost of the Pfizer booster now ranges from $110 to $130, depending on where you get it. They have produced a staggering 24 million doses for the American population, potentially translating to nearly 3 billion dollars in earnings.
More and more people are waking up but who are the ones getting this vax? Your airline pilot? Poor seniors at the nursing home? Or is it the sheeple 
who stay masked?
Photo from yesterday.
Do you know anyone getting the current jab?
Readers outside of the US.. What is the vaccine uptake looking like in your neck of the woods?
end
NATTOKINASE (NK) shown to be effective: Chen et al. shows effective management of atherosclerosis progress and hyperlipidemia with nattokinase: A clinical study with 1,062 participants
Chen et al. shows how effective NK is and proposes NK at a dose of 10,800 FU/day, beyond the present 2000 FU (or 4000 FU/day); Chen concludes that lower doses are ineffective & to be revisited
| DR. PAUL ALEXANDEROCT 11 |
https://pubmed.ncbi.nlm.nih.gov/36072877/
end
US deploys Delta Force and SEAL Team Six to help Israeli forces locate American hostages as hundreds of brave IDF reservists arrive at JFK to answer call to fight – after terrorists beheaded babies
20 Americans are missing; Delta Force and SEAL Team Six have been put on standby in a European country near Israel
| DR. PAUL ALEXANDEROCT 11 |
The United States is readying its special forces to help Israel locate American hostages, as waves of Israeli Defense Force reservists arrived at JFK airport in New York to join the fight against Hamas.
Two senior U.S. military officials told The Messenger that ‘door kickers’ have been put on standby in a nearby European country, ready to assist Israel if necessary in their battle against Hamas. The Israeli death toll rose to 1,200 on Tuesday.
end
SLAY NEWS
| The latest reports from Slay News |
| UN Calls for Public to Live in Mud Huts to Meet ‘Net Zero’ GoalsUnelected bureaucrats at the United Nations (UN) are calling for the public to start living in huts made from mud and straw in order to meet the globalist agency’s “Net Zero” goals before the year 2050.READ MORE |
| Finnish Government: Finland-Estonia Undersea Pipeline ‘Has Been Deliberately Damaged’The government of Finland has just revealed that its gas pipeline to Estonia has been destroyed in a “deliberate” act of sabotage.READ MORE |
| Washington Post: Iran Played ‘Key’ Role in Hamas Attacks in IsraelThe Washington Post has confirmed that the Hamas terrorist group received significant support from Iran for its attacks against Israel.READ MORE |
| Pompeo: Hamas’ Terror Attacks against Israel Were Facilitated by Biden’s WeaknessFormer Secretary of State Mike Pompeo has stated that Democrat President Joe Biden’s weakness on the world stage facilitated Hamas’s terrorist attacks against Israel.READ MORE |
| Republicans Demand Freeze on Biden’s ‘Ransom’ Payment to Iran after Hamas AttackRepublicans are calling for a freeze on the $6 billion “ransom” payment that Democrat President Joe Biden gave to Iran last month.READ MORE |
| Naked Selfie of Biden’s Younger Brother Shows Up on Gay Dating Site, Triggers Blackmail FearsA naked selfie of Democrat President Joe Biden’s younger brother Frank has been discovered on a gay dating site.READ MORE |
| Pro-Israel Protesters Ordered to Stay Home While Radical Muslims Flood Sydney Streets Chanting ‘Gas the Jews’Disturbing scenes have been emerging from Sydney, Australia as authorities drag Jewish citizens away and order pro-Israel protesters to stay home as radical Muslims flood the streets chanting “gas the Jews.”READ MORE |
| Biden Admin Refuses to Confirm Reports That Iran Helped Hamas Plan Israel AttackA top official in Democrat President Joe Biden’s administration has refused to confirm reports that Iran helped Hamas terrorists plan the horrific attacks against innocent people in Israel.READ MORE |
| Male Contestant Crowned ‘Miss Portugal,’ Becomes 2nd Man to Compete in ‘Miss Universe’ 2023A male contestant has just been crowned “Miss Portugal” and will now become the second man to move forward to compete in this year’s “Miss Universe” competition.READ MORE |
| RFK Jr Officially Launches Independent Presidential Run to Challenge BidenPresidential candidate Robert F. Kennedy, Jr. has officially dumped the Democrats and relaunched his 2024 presidential run as an independent.READ MORE |
| EVOL NEWS |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
War And Cheese
WEDNESDAY, OCT 11, 2023 – 11:30 AM
By Teeuwe Mevissen, Senior Macro Strategist at Rabobank
In the beginning of this millennium, when the US made the ill-fated decision to invade Iraq – based on flawed assumptions that Iraq would be in the possession of weapons of mass destruction – then secretary of defense, the late Donald Rumsfeld, called Western Europe “the old Europe”. The remark clearly touched a nerve in the Berlin and Paris capitals. But for the wrong reasons, Donald Rumsfeld was – and unfortunately still would be, right. Western Europe still is old Europe and maybe has become increasingly so, i.e., an even older Europe.
With progressive liberalism deeply engraved in the hearts and minds of the current political elites and those of the past decades in Western Europe, Europe finds itself in a place of dependency in many areas. Security, technology, raw materials and energy are just a few of these areas where any geopolitical actor that would be slightly serious in its strive for strategic autonomy, would want to be (largely) independent. But the previous German/French axis failed miserably in addressing these dependencies and actually raised them. Additionally, both countries (as did Brussels) failed in forming a coherent and future-proof European strategy to position itself in the modern era. A modern era, which, as we predicted already years ago, would be characterized as fragmented and disorderly. Realists would immediately point to the core realist concept of “anarchy”, which is surely the better way to describe the current world order than “rules-based” does. In the anarchic picture that realists hold regarding the international system, there is only one rule. And that is that you simply cannot have enough power.
While France was dreaming about a European leadership role in its pursuit of strategic autonomy, Germany was doubling down and continued fighting an already lost battle in trying to uphold the international rule based order. Both aspirations or maybe better described as dreams, were nothing but illusions. But still it very much seems that old Europe thinks that it still has the strategic autonomy to choose between war and (selling) cheese. It makes one wonder how long it will take old Europe to fully realize that the global picture has changed and that it is not the time to say cheese anymore but to show its teeth instead. But maybe we are seeing some kind of start with that since multiple probes have been launched now by the EU regarding China.
At the same time the German car lobby unsurprisingly expressed its strong opposition to the recent probe into China’s EV sector; illustrating the complex political landscape that is still heavily influenced by short term business interests i.e. shareholder value. Indeed this might be one of the more important factors why financial markets are generally only mildly and very often just shortly influenced by geopolitical tensions. Business simply prefers business as usual and businesses often get their way. The many Western companies that (would) still love to continue to engage in business as usual practices in Russia are illustrative of this fact. It is however up to our elected governments – the governing class – to counter these forces of the ruling class in order to protect the legitimate interests of the middle/working class; which by the way is where both neo- and progressive liberalism failed. But it is unlikely that financial markets will continue to show a relatively high degree of indifference to the new world disorder that is increasingly unfolding right in front of our eyes. For instance the risk of higher energy prices for longer has become even more significant because of the current war in Israel.
And now Europe is faced with yet another conflict in its periphery. While this is guaranteed to negatively impact Europe from the outside, the war also increases tensions within old European states where pro- and anti Israelian protesters are reflecting just one of the many divisionary lines that currently plague the societies of old Europe. As if there aren’t already more than enough security issues that the EU has to deal with. Now those who think that old Europe has embarked on a ‘Zeitenwende’ – as current Bundeskanzler Scholtz so proudly proclaimed just after the war between Russia and Ukraine broke out – will turn out disappointed. The industrial defense base in old Europe has not received close the amount of orders it needs to be able to be able to safely invest in higher capacity in order to significantly increase much needed defence production. As such, old Europe continues to neglect the core task of any government being to ensure – and if necessary enforce – the protection of its citizens.
While we just made the point that it seems unlikely that markets will be able to neglect the current geopolitical realities, this is still exactly what we witnessed only yesterday. News that China finally seems to be ready to come up with sizable stimulus and dovish comments coming from the Fed was enough to fuel global markets with the necessary amount of optimism. Yesterday’s risk on sentiment even resulted in a temporary rise of Eurodollar above 1.06. Furthermore, US yields dropped sharply while stocks went up.
Today we see a similar picture showing that “the markets of course have no heart” as our well respected colleague Jane Foley put it today on Bloomberg’s Surveillance. Stocks rise further on the same news that resulted in similar moves yesterday: Chinese stimulus and Fed dovishness. It will clearly depend on the situation in the Middle-East whether this optimism will prove to be sustainable. As for now, Israel’s finger is not pointing straight to Iran yet but in case direct involvement from Iran would be proven, it is hard to see how Israel would not retaliate in some way. This would obviously mean a significant escalation of the conflict.
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
This deal is finally announced. We brought this story to you last week: now Exxon will become the king of shale with its 60 billion dollar purchase of Pioneer.
(zerohedge)
Exxon Becomes King Of Shale With Blockbuster $60 Billion Purchase Of Pioneer
WEDNESDAY, OCT 11, 2023 – 08:20 AM
Exxon Mobil Corp. is buying Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion, or $253 per share, based on ExxonMobil’s closing stock price on Oct. 5. The supermajor’s largest takeover in more than two decades will make it a dominant producer of shale oil – as well as being extraordinary transformational for the US energy sector that might unleash another shale revolution.
As part of the agreement, Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share at closing. The deal (implied total enterprise value of the transaction, including net debt, is approximately $64.5 billion), the largest since Exxon’s corporate takeover of Mobil Corp. in 1999, is also the world’s largest corporate takeover announced this year and will close in the first half of 2024.
ExxonMobil’s Permian production volume would double to 1.3 million barrels of oil equivalent per day (MOEBD), based on 2023 volumes, and could exceed 2 MOEBD in 2027. “ExxonMobil believes the transaction represents an opportunity for even greater US energy security by bringing the best technologies, operational excellence, and financial capability to an important source of domestic supply, benefitting the American economy and its consumers,” the company said.
When the deal is finalized, Exxon will be crowned ‘king shale’ in the Permian Basin of Texas and New Mexico and increase the company’s daily production to nearly 4.5 million barrels per day – more than 50% than the next largest supermajor.
“Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis,” said ExxonMobil Chairman and CEO Darren Woods.
The transaction amounts to an 18% premium for Pioneer investors, based on the closing price on Oct. 5. Bloomberg quoted Pioneer CEO as saying this stock will be the best to own over the next several years.
*PIONEER CEO: EXXON IS BEST STOCK TO OWN OVER NEXT SEVERAL YEARS
Pioneer Chief Executive Officer Scott Sheffield commented, “The combination of ExxonMobil and Pioneer creates a diversified energy company with the largest footprint of high-return wells in the Permian Basin.
The announcement comes after we reported last Thursday, Exxon “Days Away” From Buying Shale Giant Pioneer In “Seismic Deal” That Will Reshape US Energy.
We noted this deal would not only eclipse the US oil industry’s most recent blockbuster, Occidental’s 2019 acquisition of Anadarko Petroleum for about $38 billion, and top Exxon’s 2010 purchase of XTO Energy for more than $30 billion. It would make Exxon the second most important energy company in the world after Saudi Aramco.
It would also be a legacy-shaping move for Exxon CEO Woods, whose tenure at the company has seen its peaks and valleys.
Woods, who became CEO in 2017, initially promised to dramatically grow Exxon’s oil production, only to see his plans ruined by the virus pandemic. An oil market collapse in 2020 led to Exxon’s first annual loss in decades—more than $22 billion. It lost a historic proxy fight in 2021 to investment firm Engine No. 1, which criticized Exxon’s finances and argued it had no long-term strategy. Now, Exxon sees $2 billion a year in synergies on the new deal.
And yet, without any handouts from the Biden admin, unlike so many of its unionized corporate peers, Exxon rebounded to a record profit of $55.7 billion last year, propelled by soaring global demand for oil and gas as economies reopened. Exxon has used its prolific cash flows to reward investors with buybacks and dividends and pledged disciplined spending. However, many wondered whether the company would dip into its coffers for a megadeal in the oil patch.
We now know the answer.
This is also great news for the Strategic Petroleum Reserve that the Biden administration has been so hell-bent in draining.
Exxon’s mega deal is yet another sign fossil fuels aren’t going anywhere.
end
China Saved $10 Billion By Buying Cheap Oil From Sanctioned Exporters
WEDNESDAY, OCT 11, 2023 – 10:50 AM
Authored by Tsvetana Paraskova via OilPrice.com,
- A Reuters analysis has shown that China is likely to have saved around $10 billion on crude oil imports so far this year by importing sanctioned oil.
- Venezuela, Iran, and Russia are all under sanctions and made up 25% of overall Chinese crude oil purchases in the first nine months of 2023.
- Russia’s discounted oil has been snapped up by China and India this year, overtaking imports of oil from Saudi Arabia.
China is likely to have saved $10 billion on crude oil imports so far this year as it has imported record volumes of cheaper oil from Russia, Iran, and Venezuela – all three under U.S. and Western sanctions, a Reuters analysis showed on Wednesday.
As international benchmark prices rose from July due to tightening supply, China has managed to save billions of U.S. dollars from its crude oil import bill, taking advantage of cheaper crude cargoes from the three oil exporters under sanctions.
China imported a record-high volume of 2.765 million barrels per day (bpd) of crude from Russia, Iran, and Venezuela between January and September, per the Reuters analysis of data by vessel flow trackers Kpler and Vortexa.
If China had bought those volumes from non-sanctioned oil exporters, it would have paid $10 billion more on its crude imports, according to Reuters’ calculations.
Those imports are estimated to have accounted for 25% of overall Chinese crude oil purchases in the first nine months of 2023.
Russia, Iran, and Venezuela made up around 21% of China’s crude oil imports in the same period of 2022, and just 12% in the same months of 2020, according to the Reuters analysis.
Despite higher oil prices in recent months and narrower discounts of Russian crudes to international benchmarks, Russia remains the single largest crude oil supplier to China.
During the first half of 2023, Chinese imports of Russian crude oil averaged 2.13 million bpd, which helped Russia oust its OPEC+ partner Saudi Arabia from the top spot as the single biggest supplier to the world’s top crude importer so far this year, per Financial Times estimates based on Chinese customs data.
China has also boosted imports of crude from Iran, amid increased competition with India for cheap Russian oil and a more lenient U.S. sanction enforcement on Iranian oil trade so far this year.
END
NATO Secretary General Threatens ‘Response’ If Finland Pipeline Was Sabotaged
WEDNESDAY, OCT 11, 2023 – 10:30 AM
Finland and other Baltic countries are on high alert as a natural gas undersea pipeline leak was detected on Sunday from Finland to Estonia. EU officials already suspect the leak was caused by a ‘deliberate act of destruction,’ which fuels concerns about ‘Nordstream 2.0‘ and Europe’s energy security ahead of the Northern Hemisphere winter.
On Wednesday, NATO Secretary General Jens Stoltenberg met with EU officials about the damage sustained on the 77-kilometer (48-mile) Balticconnector pipeline, first detected by one of the two pipeline operators, Finland’s Gasgrid, on Sunday morning.
Stoltenberg said he also plans to meet with defense ministers in Brussels and discuss more about the pipeline leak.
He said, “The important thing now is to establish what happened and how this could happen … and if it is proven to be a deliberate attack on NATO critical infrastructure, then this will be serious but will also be met by a united and determined response from NATO.”
On Tuesday, Finnish Prime Minister Petteri Orpo said the leak was triggered by an “external source” but failed to speculate on who caused it.
Earlier today, Dmitry Peskov, the spokesman for Russian President Putin, said the damaged pipeline is very “alarming news.” According to the state media Tass News, Peskov said the Kremlin awaits further details. He added explosions that damaged the nearby Nord Stream pipeline one year ago have set “dangerous precedents” across the Baltic Sea.
Meanwhile, Estonian Navy Commander Juri Saska told public broadcaster ERR Tuesday night, “Something has dragged this pipe from one side to the other.”
“If I try to paint a picture of what I’ve seen without showing it to you, then the pipe itself is covered with a concrete shell,” Saska said. “And it looks just as if someone has torn it from the side and the concrete has broken off or peeled off from the damaged area.”
Bloomberg quoted seismologist Jari Kortstrom at the University of Helsinki, who said Finland detected a small seismic event around the time the pipeline sustained damage.
To note, the pipeline sits above a heavily trafficked shipping lane in the Baltic Sea.
“While the rupture of the pipeline is not significant for the wider European gas market, it raises questions about the security of supply just as Europe goes into winter,” Bloomberg said.
This comes several weeks after the first anniversary of the Nord Stream pipeline bombing. Journalist Seymour Hersh has said the US blew up the Russia-to-Germany natural gas pipeline as part of a covert operation under the guise of the BALTOPS 22 NATO exercise.
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA
end
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0603 DOWN 0.0008
USA/ YEN 148.79 UP .167 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2291 UP 0.0002
USA/CAN DOLLAR: 1.3603 UP .0019 (CDN DOLLAR DOWN 19 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 3.72 PTS OR .12%
Hang Seng CLOSED UP 228.37 PTS OR 1.29%
AUSTRALIA CLOSED UP 0.70% // EUROPEAN BOURSE: MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG UP 228.37 PTS OR 1.29%
/SHANGHAI CLOSED UP 3.72 PTS OR .12%
AUSTRALIA BOURSE CLOSED UP 0.70%
(Nikkei (Japan) CLOSED UP 189.78 PTS OR 0.60%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1871.35
silver:$22.04
USA dollar index early WEDNESDAY morning: 105,54 DOWN 1 BASIS POINTS FROM TUESDAY’s CLOSE.
WEDNESDAY MORNING NUMBERS ENDS
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And now your closing WEDNESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.417% DOWN 6 in basis point(s) yield
JAPANESE BOND YIELD: +0.758% DOWN 2 AND 3//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.813 DOWN 6 in basis points yield
ITALIAN 10 YR BOND YIELD 4.672 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.718 DOWN 6 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0611 UP 0.0007 or 7 basis points
USA/Japan: 149.03 UP 0.405 OR YEN DOWN 41 basis points/
Great Britain/USA 1.2299 UP 0.0011 OR 11 BASIS POINTS //
Canadian dollar UP .0026 OR 26 BASIS pts to 1.3610
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The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …73000
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2992)
TURKISH LIRA: 27.74 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.753…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 8 in basis points from TUESDAY at 4.576% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.731 DOWN 10 in basis points ON THE DAY/12.00 PM
USA 2 YR BOND YIELD: 4.993 UP 1 BASIS PTS.
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY: CLOSING TIME 12:00 PM
London: CLOSED DOWN 8.18 POINTS or 0.11%
German Dax : CLOSED UP 36.49 PTS OR 0.24%
Paris CAC CLOSED DOWN 31.22 PTS OR 0.44%
Spain IBEX UP 8.30 PTS OR 0.09%
Italian MIB: CLOSED UP 100.34 PTS OR 0.36%
WTI Oil price 83.84 12: EST
Brent Oil: 86.30 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 100.20; ROUBLE UP 0 AND 10//100
GERMAN 10 YR BOND YIELD; +2.7185 DOWN 6 BASIS PTS
UK 10 YR YIELD: 4.3745 DOWN 6 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0610 UP 0.0006 OR 6 BASIS POINTS
British Pound: 1.2308 UP .0019 or 19 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.3695% DOWN 10 BASIS PTS//
JAPAN 10 YR YIELD: .757%
USA dollar vs Japanese Yen: 149.22 UP 0.594 //YEN DOWN .594 BASIS PTS//
USA dollar vs Canadian dollar: 1.3600 UP .0017 CDN dollar DOWN 17 basis pts)
West Texas intermediate oil: 83.98
Brent OIL: 86.22
USA 10 yr bond yield DOWN 7 BASIS pts to 4.585%
USA 30 yr bond yield DOWN 10 BASIS PTS to 4.731%
USA 2 YR BOND: UP 2 PTS AT 4.999 %
USA dollar index: 105.54 DOWN 1 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 27.71 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 100.20 UP 0 AND 10/100 roubles
GOLD 1858.80
SILVER: 21.74
DOW JONES INDUSTRIAL AVERAGE: UP 65.57 PTS OR 0.19%
NASDAQ UP 109.60 PTS OR 0.22%
VOLATILITY INDEX: 16.42 DOWN 0.61 PTS (3.58)%
GLD: $173.79 UP 1.26 OR 0.73%
SLV/ $19.98 UP 0.20 OR 1.00%
end
USA AFFAIRS
USA TRADING IN GRAPH FORM
Gold Gains As Yield Curve, Crypto, Crude, & Crap Shoes Crumble
WEDNESDAY, OCT 11, 2023 – 04:00 PM
Hotter than expected PPI, a hawkish-er than expected FOMC Minutes, and tensions in the MidEast heating up even more… so buy gold (makes some sense) and buy big tech stocks (hmm, ok?)
Oh, and remember all that excitement about “the market doing their job for them” blah blh blah… well financial conditions have eased significantly in the last few days (as Israel sparked flight to safety/quality bids)… time to unleash the hawks again?
Source: Bloomberg
Spot Gold topped $1875 – two week highs – after bouncing off the February lows
Source: Bloomberg
Bonds were mixed with the short-end underperforming (2Y +2bps, 30Y -11bps). From Friday’s (post-payrolls) close, the 20Y yield is down 35bps and 2Y yield up 9bps!
Source: Bloomberg
…which has flattened (inverted-deeper) the yield curve (2s30s)…
Source: Bloomberg
The 2Y Yield found itself pinned around 5.00% once again…
Source: Bloomberg
Also the SOFR Z3-Z4 (basically how much rates will be cut next year), has risen notably (more rate cuts expected for next year in the last few days)…
Source: Bloomberg
Small Cap stocks lagged on the day but the entire equity complex sold off into the FOMC minutes and was bid after with Nasdaq the best performer…
No big short-squeeze today…
Source: Bloomberg
Bitcoin was punched in the mouth again, back down near $26,500….
Source: Bloomberg
The dollar was flat on the day
Source: Bloomberg
And bear in mind that the dollar tends to fall after CPI (out tomorrow morning)…
But we do note that the Ruble continues to slide (back above 100/USD) and Russia imposed capital controls today…
Source: Bloomberg
Crude oil erased all (almost all) of its post-Israel-attack gains…
And finally, there’s today’s “blockbuster” IPO… Birkenstock – which IPO’d at $46, opened at $41, and went south from there…
Not pretty… like the shoes.
EARLY AFTERNOON TRADING/FOMC MINUTES
FOMC Minutes Echo ‘Hawkish Tone’ From Meeting; Fed To “Proceed Carefully”
WEDNESDAY, OCT 11, 2023 – 02:05 PM
Since The FOMC meeting on September 20th, when the various Fed members dropped their now infamously hawkish SEP (dot plot), things have gone just a little bit turbo across asset-classes.
The dollar is marginally stronger… and everything else is lower in price (with bonds and gold leading the charge lower)…
Source: Bloomberg
The ‘higher for longer’ narrative gained ground since the hawkish statement with the STIRs curve up around 10bps…
Source: Bloomberg
Interestingly the long-end of the yield have risen dramatically in the weeks since the last FOMC meeting (and we suspect spooked Fed members). Over the same period, 2Y Yields are down 8bps (30Y +33bps)…
Source: Bloomberg
That’s a dramatic steepening of the curve…
Source: Bloomberg
And finally, financial conditions have steepened notably in the weeks since the FOMC (though the last 2 days of flight to safety post-Israel has eased it back a little)…
Source: Bloomberg
Since the hawkish SEP, various Fed speakers have attempted – albeit very modestly – to tamp down the tone (because we suspect the rampant surge in long-end yields spooked some of them). Will the Minutes attempt to do the same with cherry-picked comments?
In fact, Powell was actually fairly balanced in his open remarks at the press conference, so we wouldn’t be surprised if the minutes had more statements of risk, fitting with the post-FOMC FedSpeak.
Arguably, the Minutes suggest there is more of a two-sided argument for policy action (pause vs more hikes – not hikes vs cuts) than the tone at the statement and press conference, while most participants continued to see upside risks to inflation.
Policy
- A majority of participants judged that one more increase in the target federal funds rate at a future meeting would likely be appropriate, while some judged it likely that no further increases would be warranted.
- Many participants noted data volatility, potential data revisions as supporting case for proceeding carefully in determining extent of additional tightening.
- Several participants commented that with policy rate at or near peak, decisions and communications should shift to how long rates stay restrictive versus how high they will rise.
- Several participants noted balance sheet run off could continue for ‘some time,’ even after rate cuts begin.
Economy
- Many participants saw continued downside risks to economic activity and upside risks to the unemployment rate.
- Vast majority’ of participants continue to judge the future path of the economy as ‘highly uncertain’.
- Many participants saw continued downside risks to economic activity and upside risks to the unemployment rate, those risks included longer lag effects from financial tightening, effect of union strikes, slowing global growth and continued weakness in commercial real estate.
- Participants still saw below-trend growth, softer labour market as necessary to restoring economic balance.
Fed Staff
- Fed staff economic forecast was stronger than July projection on resilient consumer and business spending.
- Fed staff assumed GDP growth for rest of 2023 would be damped a bit by UAW strike, with effects unwound in 2024.
- Yields on medium- and longer-term nominal Treasury securities rose more substantially, mainly reflecting higher term premiums and higher real yields.
China
- In China, signs of strain in the property sector increased, and optimism about growth diminished further, on net, although broader markets, including global commodity markets, did not appear to show elevated concern about China-related risks.”
Forecasting is hard
- Many noted data volatility and potential data revisions, or the difficulty of estimating the neutral policy rate, as supporting the case for proceeding carefully in determining the extent of additional policy firming that may be appropriate.
TUCKER CARLSON..
end
II USA DATA
This is not good!! USA producer prices (a foreunner of future retail prices) continue its resurgency in September led by gas prices soaring.
(zerohedge)
US Producer Prices Continue Resurgence In September As Gas Prices Soar
WEDNESDAY, OCT 11, 2023 – 08:38 AM
In an unusual event, we get a look at PPI this week before CPI and expectations are for another MoM gain in September – albeit smaller than the big jump in August. However, US Producer Prices jumped 0.5% MoM (+0.3% exp), lifting the headline Final Demand print up 2.2% YoY…
Source: Bloomberg
That is the biggest YoY jump since April 2023 and is up 3 straight months.
Goods prices dominated the jump in PPI (+0.9% MoM0 but Services costs also rose MoM…
Final demand goods: The index for final demand goods moved up 0.9 percent in September, the third consecutive increase. Nearly three-quarters of the broad-based September advance is attributable to a 3.3-percent rise in prices for final demand energy. The indexes for final demand foods and for final demand goods less foods and energy moved up 0.9 percent and 0.1 percent, respectively.
Product detail: Over 40 percent of the September increase in prices for final demand goods can be traced to a 5.4-percent rise in the index for gasoline. Prices for jet fuel, processed young chickens, ts, electric power, and diesel fuel also advanced. In contrast, the index for fresh and dry vegetables declined 13.9 percent. Prices for wood pulp and for utility natural gas also fell.
Final demand services: The index for final demand services advanced 0.3 percent in September following a 0.2-percent rise in August. Over 60 percent of the September increase is attributable to prices for final demand services less trade, transportation, and warehousing, which climbed 0.3 percent. The index for final demand trade services moved up 0.5 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.) Conversely, prices for final demand transportation and warehousing services declined 0.4 percent.
Product detail: A 13.9-percent jump in the index for deposit services (partial) was a major factor in the September rise in prices for final demand services. The indexes for machinery, equipment, parts, supplies wholesaling; health, beauty, and optical goods retailing; traveler accommodation services; outpatient care (partial); and application software publishing also moved higher. In contrast, prices for airline passenger services fell 2.1 percent. The indexes for automobile retailing (partial) and for bundled wired telecommunications access services also decreased.
Goods is once again higher YoY…
The much-watched portfolio-management segment saw deflation last m,onth (as stock market prices declined)…
This is not what The Fed wanted to see.
end
III) USA ECONOMIC STORIES
MEXICO
Mexico threatend diplomatic action as the Texas border slows goods from entering the uSA..(.extra security by the Americans)
(EpochTimes)
Mexico Threatens Diplomatic Action As Texas Border Security Delays 19,000 Trucks
TUESDAY, OCT 10, 2023 – 11:00 PM
Authored by Rashi Varshney via The Epoch Times,
Mexico’s President Andrés Manuel López Obrador has announced that he will send a diplomatic note to the U.S. regarding Texas’s border cargo inspections that are causing significant delays to U.S.-bound traffic.
Mr. Obrador said that 19,000 trucks carrying goods worth $1.9 billion have been impacted by the increased security.
He criticized Texas Governor Greg Abbott’s decision, denouncing it as both irresponsible and “politically motivated,” accusing Mr. Abbott of exploiting the illegal immigration crisis for political gain.
The Texas Department of Public Safety (DPS) initiated “enhanced commercial vehicle safety inspections” on Sept. 19 in the vicinity of El Paso and Del Rio to combat illegal activities including drug and human smuggling, and to identify unsafe vehicles.
In September, Mr. Abbott declared an “invasion” at the southern U.S. border, attributing the surge in illegal immigration to President Joe Biden’s policies. He had announced the deployment of the National Guard, DPS, and local law enforcement to address the crisis.
Mr. Abbott shared his declaration on X, formerly Twitter, on Sept. 20, emphasising the state’s efforts to secure the border and the safety of Texan residents, by completing the border wall, and installing razor wire and marine barriers.
Mexico’s Freight Transport Chamber Protests
Mexico’s national freight transport chamber, the National Chamber of Cargo Transportation (CANACAR), said on Sunday that it joins the concerns of different sectors in Mexico’s north regarding the crisis that continues on the border between Mexico and Texas due to the unilateral decision of Texas to impose inspections on Mexican trucks seeking to cross into the state.
“It has been 21 days since Governor Greg Abbott’s administration made the decision to stop the flow of units traveling over the three bridges that divide the Ciudad Juárez region with El Paso, Texas,” the group said in a statement.
It added that in this period, CANACAR has a record backlog of at least 19,000 trucks that have not been able to cross the border, with $1.9 billion in merchandise being stranded at the border. This has already generated a serious impact on trade between Mexico and the United States, the complaint said.
Trucks wait in a long queue to cross into the United States after the Texas Department of Public Safety announced increased security checks at the international ports of entry into Texas, at the Zaragoza-Ysleta border crossing bridge in Ciudad Juarez, Mexico, on April 9, 2022. (REUTERS/Jose Luis Gonzalez)
The CANACAR in its statement urged the Texas government to revoke its measure, which it said hampers the region’s development and jeopardizes tens of thousands of jobs in both Mexico and the United States.
The Mexico’s freight transport chamber also dubbed the measure by Texas as “absurd” and said that the presence of elements of the Texas Department of Security at border crossings and the implementation of review operations has caused lane closures, and increased crossing times by up to 24 hours.
According to figures from the Ministry of Economy, Mexico is the largest buyer of Texas exports. In 2021, the value of trade in goods with Mexico amounted to $231 billion, with 400,000 jobs relying on these exchanges.
Border Crisis
There has been an ongoing crisis at the U.S.-Mexico border related to unvetted immigration, which has surged to 2,860,127 unvetted immigrated entering the United States in FY2023, as per the latest data from U.S. Customs and Border Protection (CBP). These figures significantly surpass the 2020 figure of 646,822 and even the previous high of 2,766,582 seen in 2022.
The Biden administration has faced criticism from Mr. Abbott for failing to secure Texas’s border.
“President Biden’s reckless open border policies have created an ongoing crisis at our southern border as record levels of illegal immigrants, deadly drugs, and weapons pour into Texas,” his office has said.
In response to the unsustainable crisis, for which Texas has long born the brunt, in 2021, Mr. Abbott launched Operation Lone Star, deploying the Texas National Guard and Texas Department of Public Safety to the southern border.
“Operation Lone Star personnel work around-the-clock to detect and repel illegal crossings, arrest human smugglers and cartel gang members, and stop the flow of deadly drugs and weapons into our nation. While the federal government ignores this crisis, Texas is holding the line,” its website says.
However, most recently, in a notable policy shift, the Biden administration declared on Oct. 5 the urgent need to expedite the construction of the U.S.–Mexico border wall in Starr County, Texas, citing to the significant rise in illegal immigration.
Department of Homeland Security (DHS) Secretary Alejandro Mayorkas announced the waiving of 26 federal regulations to fast-track the construction of roads and barriers along the southern border in Texas.
These new barriers will be erected within the Border Patrol’s Rio Grande Valley Sector, specifically in areas marked as “high illegal entry” zones. Construction will take place near Falcon Dam, the Arroyo Morteros Tract, Las Ruinas Tract, Arroyo Ramirez Tract, key intersections like Perez Road and U.S. Highway 83, and multiple tracts within the Lower Rio Grande Valley National Wildlife Refuge.
Mr. Abbott had criticized the Biden administration’s failure to adopt such border policies sooner, but instead having rolled back Trump-era policies and measures like the border wall construction, which the governor said has led to unprecedented illegal immigration numbers.
In the beginning of 2021, the Biden administration ceased the ongoing border wall construction initiated by former President Donald Trump.
On Oct. 4, U.S. Secretary of State Antony Blinken said from a Mexico visit that the United States and Mexico share a “mutual responsibility” regarding the current crises of fentanyl trafficking and illegal immigration that must be tackled through cooperation between the two countries.
END
VICTOR DAVIS HANSON…
end
USA// COVID//VACCINE/
end
SWAMP STORIES
Musk slams terrorist supporting BLM posts as well as the ADL’s position on this
(zerohedge)
“Your Position Is Clear” – Musk Slams Terrorist-Supporting BLM Posts
TUESDAY, OCT 10, 2023 – 08:20 PM
This is going to get awkward for a lot of virtue-signalers…
At least two Black Lives Matters (BLM) groups have made statements on X, formerly known as Twitter, supporting Hamas – the terrorist group responsible for the deaths of over 1,200 Israelis (including women and babies).
The first BLM group (@blmgrassroots) issued a lengthy statement proclaiming, among other things, that “when a people has been subject to decades of apartheid and unimaginable violence, their resistance must not be condemned but understood as a desperate act of self-defense.” The statement did not include any criticism of Hamas or its tactics.
We used a screenshot of the tweet since we suspect this will be deleted very quickly.
This should not be a surprise since Melina Abdullah, the co-director of the group, has been accused of antisemitism, according to InfluenceWatch. But, if you thought that was a little distasteful, here is what BLM’s Chicago affiliate tweeted.
Again, we used a screenshot of the tweet since we suspect this will be deleted very quickly.
It doesn’t get much clearer than that – BLM ‘standing with’ paragliding terrorists who killed hundreds of innocent Israeli concertgoers (as the community note makes it clear) .
Ultimately, Elon Musk – who has repeatedly been accused of anti-semitism by the Anti-Defamation League, which in turn has frequently supported BLM in the past – made it very clear how he feels about their comment…
Still don’t see it – maybe this tweet will help clarify things…
Presumably the following companies will be demanding their money back, all $99 billion of it, and will promptly cease any and all donations to BLM-affliliated groups and issue a statement of regret for their prior support…
- Bank of America: $18.5 million
- BlackRock: $810 million.
- Adidas: $120 million.
- Amazon: $169.5 million.
- American Express: $50 million.
- Apple: $100 million.
- IBM: $252 million.
- Kellogg: $91 million.
- Microsoft: $244.6 million.
- PGA Tour: $100 million.
- Warner Bros. Discovery: $115 million.
- etc…
Also, Jonathan Greenblatt and the Anti-Defamation League have been awkwardly quiet in their rebuke of BLM…
However, that may leave Mr.Greenblatt with a problem, given that Israel Hayom reported last year that a Fox News investigation found that the Anti-Defamation League (ADL)’s educational and “anti-bias” programs, which influence millions of American children, educators and officials, promote far-left and critical race theory (CRT) concepts including “white privilege” and “systemic racism,” and promote groups such as the Women’s March and BLM – despite those organizations or their leaders’ virulent Jew-hating, Israel-hating and pro-Farrakhan positions.
This problem a longstanding.
Six years ago, ZOA documented that multiple ADL educational lesson plans: encouraged students to join BLM protests in Ferguson (the same protests that demanded ending Israel’s existence, calling Israel an apartheid genocidal state); promoted BLM while ignoring the BLM/M4BL organizations’ antisemitism and antisemitic platform; and repeated numerous BLM false claims.
The list of critiques of ADL includes:
- ADL sought to defund and remove the tax exemptions from three pro-Israel organizations (including prominent Christian Zionist group PTNJ).
- ADL hired an outreach director who justified anti-Israel terrorism; said Jews need to “repent for Gaza’s dead”; and, after Black extremists murdered innocent Jews in Jersey City, blamed Black antisemitism on “Jewish landlords, and pawnbrokers and small merchants” and on “systemic racism” against Blacks.
- ADL’s Black History Month celebration featured an Israel-hating BDS activist.
- After Ilhan Omar tweeted, “Israel has hypnotized the world, may Allah awaken the people and help them see the evil doings of Israel.”, and gave an insulting “non-apology,” claiming she reacted to Israeli “oppression,” Greenblatt praised Ilhan Omar, saying: “Hats off to Rep Omar for her honest apology & commitment to a more just world.”
- ADL opposed Israel’s anti-BDS law banning BDS activists from entering Israel, which was upheld by Israel’s courts. Furthermore, in 2018, ADL said that Israel should allow antisemitic boycott activist, SJP-BDS hate group president and terrorism supporter Lara Alqasem to enter Israel.
- In September 2020, ADL co-signed a full-page New York Times advertisement promoting the antisemitic Israel-bashing BLM. ADL signed just four months after BLM burned, defaced and looted Los Angeles Jewish synagogues, schools and businesses; and despite BLM/M4BL falsely accusing Israel of genocide, ethnic cleansing, training US police to murder Blacks, etc.
We look forward to Greenblatt’s appearance on CNBC to clear up any confusion.
Maybe Matt Walsh was on to something…
* * *
Bonus BLM Tweet (from the UK)…
* * *
And while we are at it, anyone remember this?
Presumably, Google and its ad-services will have already contacted all BLM-affiliated groups and banned them for ‘policy violations’ (which we assume includes, supporting baby-killing terrorists?)
And now we wait for this epic SNAFU by the deep state’s favorite on-demand riot organization (whose activity tends to peak 3-6 months prior to presidential elections) to force the FBI to conclude that BLM is yet another white-supremacist terrorist organization…
end
THE KING REPORT
| The King Report October 11, 2023 Issue 7094 | Independent View of the News |
| Finland Gas Pipe Leak Probe proceeds on Premise of Sabotage – BBGLeak was detected on the Finland-Estonia pipeline early SundayEuropean gas prices jump as much as 12.5% on security concernsRussia halted gas supply to Finland in May 2022, about a week after the Nordic country said it would apply for NATO membership in response to Russia’s invasion of Ukraine… Finland’s President Sauli Niinisto said the damage was likely caused by “external factors,” and he’s consulted with NATO General Secretary Jens Stoltenberg… @visegrad24: The Russian survey vessel Sibiryakov was conducting “underwater activities” by the Balticconector pipeline throughout the summer. There’s now a hole in the pipeline. Finland suspects Russia has attacked its critical infrastructure. Finland is a NATO member state. https://t.co/mSkXTw2Pnq ‘Probable explosion’ detected before Baltic gas pipeline leak: seismological institute “NORSAR has detected a probable explosion along the Finnish coast of the Baltic Sea at 1:20 (22:20 GMT) on the 8th October 2023,” the independent institute wrote on its website. https://insiderpaper.com/probable-explosion-detected-before-estonia-finland-gas-pipeline-leak-seismological-institute/ Fed’s Bostic sees no more U.S. rate hikes, no recession “I actually don’t think we need to increase rates anymore” to get too-high inflation back down to the Fed’s 2% goal, Bostic told the American Bankers Association, to applause… If data comes in differently from what he expects, Bostic said “we might have to increase (the Fed policy rate), but that’s not my outlook right now, and that’s not my expectation.”… Bostic has been one of the Fed’s more dovish members… https://finance.yahoo.com/news/feds-bostic-sees-no-more-145752760.html China Mulls New Stimulus, Higher Deficit to Meet Growth Goal Policymakers are weighing the issuance of at least 1 trillion yuan ($137.1 billion) of additional sovereign debt for spending on infrastructure such as water conservancy projects… That could raise this year’s budget deficit to well above the 3% cap set in March… https://www.cnbctv18.com/economy/china-weighs-new-stimulus-higher-deficit-to-meet-growth-target-18005381.htm China’s Country Garden warns of default again as property sales plunge For the second time in just over two months, Country Garden has warned investors that it could default on its $190 billion debt in a reminder that China’s real estate crisis is far from over… https://t.co/as7G92t77O European stocks rebound on hopes of China stimulus, peak rates https://finance.yahoo.com/news/european-stocks-advance-yields-ease-071938664.html @dailychartbook: “CTAs are short -$47bn of equities after selling $88bn over the last 15 sessions. This is the largest US short position for this cohort on record.” – GS Cullen Morgan https://twitter.com/dailychartbook/status/1711690033155997937 Every time over the past two years that Fed officials suggested that Fed rate hikes would end, stocks and bonds (and sometimes commodities) soared. Bonds later declined to new lows. This action infers that Mr. Bond believes the Fed is too loose. So, what happened yesterday after Bostic’s dovish braying? Stocks rallied sharply; but after an initial rally, bonds struggled and closed flat. The leftists on the Fed will never ‘get it’ until it is too late. ESZs traded within a 3-handle range from the Nikkei opening until they rallied at 20:23 ET. After a 7-handle rally, ESZs rolled over and turned negate after the 2 ET Chinese close. A modest rally developed after the 3 ET European opening. ESZs then traded sideways until they exploded higher at 10:00 ET due to Bostic’s no more rate hikes comment. ESZs hit a daily high of 4419.00 at 12:12 ET. After a 45-minute roll over, ESZs sank to 4391.25 at 13:45 ET. ESZs then went inert until a rally attempt at 14:47 ET quickly faltered; ESZs went inert again. USZs vacillated in a wide range from the Nikkei opening until they broke lower after the 3 ET European opening. After a moderate rally that ended near 5 ET, USZs sank to 110 30/32 at 9:48 ET. USZs then exploded higher on Bostic. USZs hit a high of 112 19/32 (110 30/32 low) at 12:478 ET. USZ then retreated to 111 28/32 at 14:00 ET. After a modest rally, USZs fell to 111 27/32 at 15:25 ET. Fed’s Kashkari: We May Have to Hike Further if the Economy Is More Resilient – BBG 15:25 ET Kashkari’s hawkish remark hindered the late manipulation for ESZs and USZs. Reports of mortars being fired from Syrian territory towards Israeli territory also contributed to the late rally usurpation. ESZs and USZs eased lower into the NYSE close on this: Israel Defense Forces @IDF: IDF soldiers are responding with artillery and mortar shells toward the origin of the launching in Syria. 15:54 ET 1-Yr Inflation Views Rise to 3.7% (from 3.6%) in September Fed Survey – BBG 11:00 ET 3-Yr Inflation Expectations Rise to 3% from 2.8%: NY Fed Survey – BBG 11:00 ET @charliebilello: US National Debt… June 2: $31.5 Trillion; July 2: $32.3 Trillion; Aug 2: $32.6 Trillion Sep 2: $32.9 Trillion; Oct 5: $33.5 Trillion – That’s a $2 trillion increase in a little over 4 months. Pax Volckeriana Is Done. Welcome to the New Order – The secular trend that led to ever-lower bond yields starting in the 1980s has ended. How long this new regime will last isn’t yet written. Paul Volcker effectively replaced gold with the concept of Fed credibility… By showing that he was prepared to force the US into recession if necessary to control inflation, he was able to keep the dollar as the trusted center of a global financial system, even though it was no longer backed by gold… In Jerome Powell’s speech at that year’s (2020) Jackson Hole Symposium, he announced a review of monetary policy that revealed him as an “Inverse Volcker” determined to do what it took to bring inflation back… That (Fed officials’ dovish remarks) seems to have been enough to convince many in the market that the Fed was sending a coordinated signal… the Fed might not need to keep rates quite so high for so long… Now that the Fed is telling the market that it is done the central bank’s job by tightening conditions, then, it looks like the market will take that as a cue to stop doing that job and ease them again… https://www.bloomberg.com/opinion/articles/2023-10-10/bond-yields-pax-volckeriana-is-done-welcome-to-the-new-order Biden was supposed to deliver remarks on the Hamas attack at 13:00 ET. He surfaced at 14:25 ET. Biden said, “at least 14 American citizens” were killed; “We now know American citizens are being held by Hamas;” and “we must stand with Israel’.” He called the attack “an act of sheer evil.” The Big Guy read awkwardly from his Teleprompter and then quickly exited without taking any questions. Numerous pundits noted that The Big Guy irresponsibly refrained from mentioning Iran. Joey Baby did NOT articulate any US strategy regarding US hostages – a very good idea. @paulsperry_: Biden repeated parts of his Golda Meir tall tale in his statement on the Israeli 9/11 today. Fact check: Biden tells inaccurate story about his 1973 meeting with Israeli prime minister. The meeting took place about five weeks before the Yom Kippur War in 1973, not during the Six-Day War in 1967. More significantly, Biden inflated his importance to Israel at the time. There is no evidence that Meir had any intention of using him as any sort of “liaison” between Israel and Egypt… there is zero indication that Meir wanted to use a 30-year-old American who had had never previously been to Israel and who had been a senator for only nine months as an intermediary in a complicated and critical conflict. In fact, an Israeli government official’s written summary of the meeting said Biden had seemed inexperienced and that Meir had vehemently rejected his proposal for Israel to unilaterally withdraw from certain territory as a step toward peace… – CNN https://www.cnn.com/2021/12/05/politics/fact-check-biden-meir-israel-war-liaison/index.html @paulsperry_: Biden this afternoon remarked that Hamas’ “sole purpose is to kill Jews,” yet just five months earlier, Biden invited known Hamas front the Council on American-Islamic Relations to meet with Susan Rice and other top aides in the White House about “Islamophobia” U.S. calls for ‘proportionate’ Israeli response while not openly setting red lines Biden administration officials want Israel to retaliate against the vicious Hamas attack in a “proportionate” manner… “We have only started striking Hamas,” he (Netanyahu) said Monday. “What we will do to our enemies in the coming days will reverberate with them for generations.” https://news.yahoo.com/u-calls-proportionate-israeli-response-164259971.html Illinois Employers Required to Provide Public Transit Benefits in 2024 (More biz flight coming!) Many employers with at least fifty employees in the six-county Chicago area will have to provide their full-time employees with pre-tax public transit benefits starting January 1, 2024, under a new Illinois law. https://ogletree.com/insights-resources/blog-posts/illinois-employers-required-to-provide-public-transit-benefits-in-2024/ Positive aspects of previous session. Stocks rallied sharply on Bostic’s ‘no more rate hikes’ remark Negative aspects of previous session USUs where unchanged for the day at NYSE close Gasoline rallied even though oil declined modestly Ambiguous aspects of previous session What will Mr. Bond do after various Fed officials’ dovish remarks instigated short covering? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4361.11 Previous session S&P 500 Index High/Low: 4385.46; 4339.64 World reaps the seeds of terrorism sown by Biden President Biden waived sanctions to allow $6 billion in Iranian funds to be wired to Qatar, one of Iran’s closest allies, for Iranian use… this particular bucket of money distracts from the much larger Biden agenda to hand the Middle East over to the most evil, bloodthirsty, bigoted tyrants — just as he has done at our own southern border… https://www.washingtontimes.com/news/2023/oct/9/anatomy-whitewash/ @EzraACohen: Senior Qatari officials emailing think tanks throughout DC in an attempt to explain away the fact that Hamas leadership planned and launched a terrorist assault against an American ally from Doha. https://twitter.com/EzraACohen/status/1711813552410087765 Sky News: Pentagon official: American special forces arrived in Israel specialized in hostage-free operations. We do not rule out carrying out a special operation to liberate our citizens in Gaza. @RonDeSantis on MSNBC: “This is personal for me. I served in Iraq back in 2007, 2008… most of the casualties U.S. troops were suffering were at the hands of Iranian-backed Shia militias. Iran has a lot of American blood on its hands… Turn the screws on them financially, dry up their ability to fund terrorism…” https://twitter.com/CarlyAtch/status/1711749213120278892 Senior Biden adviser’s group vows to protect pro-Hamas demonstrators in NYC Ramzi Kassem, a member of Biden’s Domestic Policy Council, founded CLEAR at the City University of New York (CUNY) in 2009… Kassem, a CUNY law professor tapped to work in the Biden administration as a senior adviser on immigration issues, is the founding director of CLEAR. The group’s “allies” include Soros’ Open Society Foundations, Black Lives Matter, the Council on American-Islamic Relations (CAIR) and the American Civil Liberties Union (ACLU), among dozens of other left-wing organizations. https://www.foxnews.com/politics/senior-biden-advisers-group-vows-protect-pro-hamas-demonstrators-nyc Israeli officials took the media to the Hamas massacre (at Kfar Aza) that was gruesome and barbaric. @i24NEWS_EN: “About 40 babies at least were taken out on gurneys… Cribs overturned, strollers left behind, all of these doors left wide open… still collecting dead bodies…” https://twitter.com/i24NEWS_EN/status/1711718195025821976 “Israeli soldiers discovered babies with heads cut off.” (Photos of burnt children posted on social media) https://twitter.com/HenMazzig/status/1711732906412884432 GOP @SenTomCotton: Babies beheaded. Women raped and mutilated. Families burned alive. Remember these depraved atrocities when Hamas starts the staging of “civilian” casualties for the media. @JerylBier: Washington Post investigative reporter tweets “this is how misinformation spreads” regarding a story about Hamas beheading babies. Deletes tweet a half hour later. As of this minute, no explanation for deleting. https://twitter.com/JerylBier/status/1711786346027585944 Biden under pressure to refreeze $6 BILLION in ‘ransom’ money to Iran https://trib.al/DPGiEN5 @RNCResearch: “You just laid out all the ways that Iran is complicit … is that reason enough to re-freeze the $6 billion that the U.S. helped unlock for them?” Jake Sullivan: “We have not yet had a dollar of that $6 billion spent and I will leave it at that.” https://twitter.com/RNCResearch/status/1711820638556508671 GOP Sen. @HawleyMO: Why is this even a question? OF COURSE Biden should take back the $6 billion. He never should have authorized it in the first place. @RNCResearch: As innocent civilians are slaughtered by Hamas terrorists, the ADL’s Jonathan Greenblatt is asking: “Where are the university presidents who gave clear statements about [Black Lives Matter, Stop AAPI Hate, Stand for Ukraine]?” “Why are they silent on dead Jews?” https://t.co/ZaiDctLp0Q Democrat blasts ‘Squad’ members over calls to end Israel assistance: ‘It sickens me’ https://www.foxnews.com/politics/jewish-democrat-blasts-squad-members-calls-end-israel-assistance-sickens-me Dem Rep. Ilhan Omar stokes outrage with plea against sending US weapons to back ‘war crime’ in Israel https://trib.al/MzV1f4J Ivy League schools face backlash for response to Hamas’ attack on Israel Student groups and employees have blamed Israel and the U.S. for the brutal massacre of Jews… https://justthenews.com/politics-policy/education/ivy-league-schools-face-backlash-response-hamas-attack-israel Cornell University official slammed for tone-deaf posts calling Hamas terror attacks a ‘resistance’ https://trib.al/eW2Gk7F Columbia University Professor Cheers Hamas Barbarity https://www.investigativeproject.org/9345/columbia-university-professor-cheers-hamas Larry Summers blasts Harvard’s ‘delayed’ Israel statement: ‘Fails to meet needs of the moment’ https://trib.al/mGZEkKE @Julio_Rosas11: The BLM chapter in Chicago just posted this in support of Hamas. https://twitter.com/Julio_Rosas11/status/1711799522727243792 @AvivaKlompas: Utterly sickening from Black Lives Matter in Chicago. And they have used an image of a paraglider like the ones who swooped into an Israeli music festival and murdered, raped, mutilated, and paraded beaten civilians back to Gaza. https://twitter.com/AvivaKlompas/status/1711808415415087466 ‘Trained Marxist’ Black Lives Matter co-founder is being funded by group linked to the Chinese Communist Party – China has voiced support of the BLM movement and used the Chinese Communist Party outlet China Daily to slam US ‘racism and police violence’… https://www.dailymail.co.uk/news/article-8745459/Black-Lives-Matter-founder-leading-initiative-funded-pro-Chinese-Communist-Party-group.html @CollinsforTX: JUST IN: Students at George Washington University in DC are chanting “from the river to the sea” and “long live the Intifada.” @greg_price11: They may be cheering for genocide but they aren’t angry parents at school board meetings or Catholics at Latin Mass so the FBI doesn’t care… Maya Angelou: “When people show you who they are, believe them the first time.” @NickAdamsinUSA: NBA legend Amare Stoudemire DESTROYS Black Lives Matter and announces he stands with Israel! https://twitter.com/NickAdamsinUSA/status/1711165351096971427 @zerohedge: It’s about to get very awkward for the virtue signalers (who showily contributed to BLM) Total to BLM Movement & Related Causes: $99,329,698,029 Singer @johnondrasik: With few exceptions, the deafening silence of Hollywood & the Music Industry, in their refusal to condemn Hamas terrorist massacres, rapes, and child beheadings, speaks to their moral cowardice & exposes the hypocrisy of their self-anointed “human rights” flag-bearer monopoly. @MrAndyNgo: In case you didn’t know: In 1991, some 200,000 Palestinians were expelled from Kuwait within a week. This was nearly the entire Palestinian population there. They were no longer wanted for destabilizing the host country through their political organizing. Missed intel on Hamas attack, explosion of suspected terrorists at border raise alarm inside U.S. U.S. and Israeli intelligence agencies missed the Hamas attack plot. Senate Intelligence Committee released redacted threat assessment three weeks ago… Signs of the alarm were evident Monday when U.S. Customs and Border Protection issued a “lookout” for males between 16 and 40, with one-way tickets to Jordan, and purchased last minute. Biden administration officials have pushed back on characterizing the missed attack plot as an intelligence failure despite the fact that there are currently 18 intelligence gathering agencies across the U.S. government… (Too busy focusing on parents, churches, anti-climate change, and MAGA?) https://justthenews.com/government/congress/intel-missing-hamas-attack-plus-rising-number-suspected-terrorists-border-pose NYPD will conduct perimeter searches around ‘key institutions’ in wake of Israel massacre as Mayor Eric Adams raises specter of ‘lone wolf’ attacks and urges synagogues to hire security https://www.dailymail.co.uk/news/article-12615595/NYPD-perimeter-searches-synagogues.html @seanmdav: The American response to 9/11 is a cautionary tale… An aimless, 20-year abomination that cost trillions of dollars and thousands of priceless American lives and limbs is the opposite of “swift and devastating,” and it should be a stain on the uniform of every D.C. politician and fat general behind a desk who had anything to do with it. No war (should) end as it began — with the enemy in charge… For Israel’s sake, I hope its leaders learned the lesson of 9/11 that American politicians to this day refuse to acknowledge. And I hope for once that our government can do the simplest thing possible to help Israel: get out of its way, and let it handle its own business in whatever way it sees fit. Victor David Hanson: Ever since Hamas was “elected” to run Gaza, and then followed the usual “one election/one time” Middle-East formula, it has bragged nonstop that its agenda was to erase Israel off the face of the earth… Western leftwing suicidal immigration policies have ensured large unassimilated Muslim populations. Millions have fled the self-created violence and tyranny of the Middle East only to cheer it on from a safe distance in their adopted Western homelands, whose welcoming of these “refugees” is now so often reciprocated with sheer contempt for the apologetic hosts… Why has Iran gone from bragging three days ago about its training and tutelage of the Hamas killers suddenly to pleading that while it is certainly delighted about the beheadings, rapes, executions, and mutilations, it technically had no actionable role in ensuring them?… Hamas fears it may have boxed itself in… with private satisfaction from many Arab states that their nuisance Hamas might at last have committed suicide through its mass homicide… for the first time in its existence an unholy Hamas may not get out of its self-created rendezvous with what it has so duly earned, given there is now no assurance of third-party relief and thus no restraint on Israel… https://twitter.com/VDHanson/status/1711878944683958319 Canadian Broadcasting Corporation instructs staff not to refer to Hamas as ‘terrorists’ https://trib.al/86omtk0 Today – Yet another batch of Fed officials is scheduled to speak, including uber-dove Bostic. Given bonds’ languid response and stocks peaking at 12:15 ET, mucho weak shorts and FOMO the next rally buyers might be exhausted. Early US trading is ripe for a Pump & Dump. The 2nd Hour Indicator could be very useful. If the high or low, especially the low, is breached during the 2nd hour of trading, the trend for the day could be ordained. ESZs are +0.25; USZs are +3/32; and WTI Oil is +0.23 at 21:00 ET. Expected economic data: Sept PPI 0.3% m/m & 1/6% y/y; Core PPI 0.2% m/m & 2.3% y/y; FOMC Minutes from Sept. 20 Meeting 14:00 ET; Fed Gov. Bowman 4:15 ET in Morocco, Fed Gov. Waller 10:15 ET, Atlanta Fed Pres Bostic 12:15 ET, Boston Fed Pres Collins 16:30 ET S&P 500 Index 50-day MA: 4415; 100-day MA: 4397; 150-day MA: 4286; 200-day MA: 4213 DJIA 50-day MA: 34,441; 100-day MA: 34,275; 150-day MA: 33,902; 200-day MA: 33,809 (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 4476.15 triggers a buy signal Daily: Trender and MACD are positive – a close below 4335.41 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4338.55 triggers a sell signal FBI knew all about Joe and Hunter’s business dealings, laptop authenticity — and did nothing: files Within several days of The New York Post breaking its blockbuster 2020 story on Hunter Biden’s laptop, the FBI received a flash drive containing emails and text messages from the cellphones of one of Hunter’s business partners, confirming the contents of Hunter’s computer were real and not “disinformation,” as the FBI led social media and the public to believe… Yet the FBI joined the U.S. intelligence community in pushing that false narrative to Facebook, Twitter and other media who censored the story. The FBI’s suppression campaign ran coast-to-coast, reportedly led by anti-Trump honchos Timothy Thibault in D.C. and Elvis Chan in San Francisco. In effect, the FBI slapped a warning label on derogatory information on the Bidens that was not only easily verifiable — but actually verified… The FBI had obtained key China-related contents found on Hunter Biden’s laptop more than two years before it took possession of the laptop, as part of a national security investigation. But it shoved it all down a black hole… https://nypost.com/2023/10/06/fbi-knew-all-about-joe-and-hunters-business-dealings-laptop-authenticity-and-did-nothing-files/ @paulsperry_: FYI: I’ve confirmed the redacted names of the FBI agents who interviewed Hunter’s partner Bobulinksi at the Washington Field Office are agents William NOVAK and Garrett CHURCHILL. (Their names were blacked out in the FD-302.) @paulsperry_: By blocking searches and letting SOL expire in Hunter probe, “The FBI violated Title 18 Sect 1519, Obstruction of Justice by its inaction in a federal investigation,” according to 27-year FBI veteran Michael Biasello, who added, “An agent friend of mine retired recently because he was sick of the B.S. in the bureau. Many believed this political crap was only at the higher levels, but it is rampant throughout,” 27-year FBI veteran Michael Biasello told me… @WendellHusebo: @America1st Legal’s lawsuit uncovers then-Vice President Joe Biden’s office had thousands of email exchanges with the Biden business: 19,335 emails with Rosemont Seneca 4,243 emails with Hunter Biden; 1,751 emails with Jim Biden; 3,738 emails with Jim’s Lion Hall Group https://twitter.com/WendellHusebo/status/1711767048911532137 “One person in Biden’s inner circle suggested that the president would be personally offended by the suggestion: Obama’s campaign conducted polling on replacing Biden ahead of the 2012 election, and the subject stings the former vice president to this day.” – NY Times @NBCNews: California’s newly enacted “Ebony Alert” law is the first of its kind in the nation to prioritize the search for Black youth gone missing. (Patently unconstitutional!) Outrage over New System for Missing Black Kids, Women … Law’s Author Defends Change Bradford says young Black kids make up 38 percent of the state’s missing persons, despite Black people only making up 13 percent of the state population…the reaction on the internet is there should NOT be separate alert systems for missing children based on race… https://www.tmz.com/2023/10/10/californias-new-ebony-alert-missing-black-children-women-causing-outrage/ @TheBabylonBee: NFL Camera Crew Cuts Away from TD Pass to Show Slow-Mo Replay of Taylor Swift Eating Nacho https://buff.ly/46mwPNF | |
GREG HUNTER INTERVIEWING DR RYAN COLE
A MUST VIEW…
CV19 Vax Causes ‘Turbo Cancer’ – Dr. Ryan Cole
By Greg Hunter On October 11, 2023 In Political AnalysisNo Comments
By Greg Hunter’s USAWatchdog.com
Dr. Ryan Cole is a Board-Certified pathologist. Dr. Cole is an expert in postmortem examination and has treated more than 500,000 patients. He has a prestigious resume, including a five-year stint at the Mayo Clinic. Dr. Cole has been fighting the CV19 narrative from infection to injection from the very beginning and told people not to get the CV19 vax. For this, Dr. Cole was attacked by the globalist Deep State until he was forced to sell his medical diagnostic business that staffed around 80 employees. Cole has been put out of work for telling the awful truth about the deadly CV19 vax. More than a year ago, Dr. Cole called the global CV19 vax “Absolute Insanity,” and the data today says he was correct. Dr. Cole says the world is now seeing skyrocketing increases in “Turbo Cancers,” disabilities, death and infertility. There were nearly 700 million CV19 bioweapon injections in USA alone. Dr. Cole explains, “This CV19 injection was not a vaccine. The media and people’s place of work coerced them into thinking it was a vaccine. This was a gene-based injection. It was violated from the beginning, according to FDA rules. The FDA knows we have to have long-term safety data. We have to have reproduction safety data. We have to have mutation/cancer safety data, and they did not do any of those studies with those injections. Keep in mind, Moderna had never brought a product safely to market. Pfizer never brought an mRNA product safely to market. So, we had an experiment on the global population.”
Dr. Cole says one of the very big problems with the CV19 Vax is it destroys the immune system and stops your ability to fight cancer. The truth telling medical is calling these new aggressive fast-spreading cancers “Turbo Cancer.” Dr. Cole explains, “As I travel the world and talk to doctors and they tell me I am seeing cancers in age groups I have never seen before and it happened after the rollout of the CV19 shots. . . . Ed Dowd and his group went into the UK and looked at disability sets. In 2020 there was about a 1% increase in cancer. In 2021 there was about 6% or 7% increase of cancer. In 2022 there was 35% increase above average in cancer. That data is really concerning. . . . We are seeing young people appear in an emergency room with leukemia and they are gone within a week. We are seeing people whose were cleared of their cancer and it was in remission 2, 5, 10 and even 20 years . . .where after the shots their cancer aggressively came back.”
In closing Dr Cole says, “In my medical opinion, the CV19 vax was all risk and no benefit. . . . The CV19 shots did not help a single person. . . . These shots have to be stopped. We are living under a tranny of lies.”
There is much more information in the 41-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes one-on-one with pathologist Dr. Ryan Cole, as he exposes the covid lies that will cost millions their lives for 10.11.23.
(To Donate to USAWatchdog.com Click Here)
After the Interview:
You can get lots of free information on Dr. Cole’s website at RColeMD.com.
To support Dr. Cole with electronic donations click here. If you want to support his legal defense fund, click here.
For snail mail donations:
Dr. Ryan Cole
see you on THURSDAY
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