Shanghai Gold Benchmark Price

USD oz

AM2014.26

PM2008.66

Historical SGE Fix

USD oz gram kilo tola AM2014.26PM2008.66Historical SGE Fix

PREMIUM SHANGHAI OVER NY: $30

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Bitcoin morning price:, 34,156 DOWN 475 DOLLARS

Bitcoin: afternoon price: $34,010 DOWN 621 dollars

Platinum price closing $905.35 DOWN $3.55

Palladium price; $1134.95 UP $ 9.60

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: $2,744.98 UP $8.06 CDN dollars per oz (ALL TIME HIGH 2,775.35)

*BRITISH GOLD: 1637.09 DOWN 1.38 pounds per oz// (ALL TIME HIGH//CLOSING///1638.47) OCT 25

EURO GOLD: 1879.71 UP 3.20 euros per oz // NEW(ALL TIME HIGH/CLOSING//1879.71)//high.* OCT 26.2023

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: OCTOBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,984.100000000 USD
INTENT DATE: 10/25/2023 DELIVERY DATE: 10/27/2023
FIRM ORG FIRM NAME ISSUED STOPPED

435 H SCOTIA CAPITAL 3
624 H BOFA SECURITIES 1
657 C MORGAN STANLEY 2
661 C JP MORGAN 1
737 C ADVANTAGE 4
880 C CITIGROUP 7
905 C ADM 4 2

TOTAL: 12 12
MONTH TO DATE: 10,981

JPMorgan stopped 0/12 contracts.

FOR OCT.:

GOLD: NUMBER OF NOTICES FILED FOR OCT/2023. CONTRACT: 12 NOTICES FOR 1200 OZ or 0.0373 TONNES

total notices so far: 10,981 contracts for 1,098,100 oz (34.155 tonnes)

FOR OCT:

SILVER NOTICES:2 NOTICE(S) FILED FOR 10,000 OZ/

total number of notices filed so far this month : 515 for 2,575,000 oz

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END

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES

GLD

WITH GOLD UP $2.90//

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD//

INVENTORY RESTS AT 861.80 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER DOWN 14 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV:

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 444.391 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY FAIR SIZED 370 CONTRACTS TO 124,713 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS FAIR SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.06 LOSS IN SILVER PRICING AT THE COMEX ON WEDNESDAY. WE HAD MINOR SPEC SHORT COVERING EPISODE IN WEDNESDAY’S COMEX TRADING.. TAS ISSUANCE WAS A HUMONGOUS SIZED 2650 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 WEDNESDAY NIGHT: 2650 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.06). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A STRONG SIZED GAIN OF 696 OI CONTRACTS ON OUR TWO EXCHANGES AS THE SPEC SHORTS TRIED AGAIN DESPERATELY TO COVER THEIR SHORTFALLS WITH LITTLE SUCCESS.

WE MUST HAVE HAD:

A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS( 326 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.530 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP + 0 CONTRACTS OF EXCHANGE FOR RISK FOR 0.000 MILLION OZ TODAY+ 4.2 MILLION OZ EXCHANGE FOR RISK PRIOR////NEW STANDING IS THUS 2.650 MILLION OZ NORMAL SILVER DELIVERY + 4.2 EXCHANGE FOR RISK = 6.850 MILLION OZ/////HUGE SIZED COMEX OI GAIN/ FAIR SIZED EFP ISSUANCE/VI) HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 2650 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – REMOVED 363 CONTRACTS (the cme will no longer provide preliminary no to be except through a paywall)

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 18 days, total 17,723 contracts: OR 88.615 MILLION OZ (985 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 88.615 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: 88.615 MILLION OZ (THIS IS GOING TO BE A STRONG MONTH FOR EFP ISSUANCE//

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 370 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.06 IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A FAIR EFP ISSUANCE CONTRACTS: 326 ISSUED FOR OCT AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. . WE HAVE A SMALL INITIAL SILVER OZ STANDING FOR SEPT OF 1.532 MILLION OZ FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP:+ A NEW ISSUANCE OF 0 CONTRACTS OF EXCHANGE FOR RISK FOR 0.000 MILLION OZ. THUS NEW TOTAL OF SILVER STANDING: 2.650 MILLION OZ+ 4.2 MILLION OZ EXCHANGE FOR RISK = 6.850 MILLION OZ//// /// WE HAVE A STRONG SIZED GAIN OF 696 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS SIZED 2650 CONTRACTS//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION. THE NEW TAS ISSUANCE WEDNESDAY NIGHT A HUGE (2650) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 2 NOTICE(S) FILED TODAY FOR 10,000 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 GOOD SIZED 4071 CONTRACTS TO 463,540 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 1993 CONTRACTS

WE HAD A GOOD SIZED INCREASE IN COMEX OI ( 4071 CONTRACTS) DESPITE OUR $9.00 GAIN IN PRICE//WEDNESDAY. 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 1600 OZ QUEUE JUMP /NEW STANDING ADVANCES T0 34.271 TONNES/ + /A HUGE (AND CRIMINAL) ISSUANCE OF 2858 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $9.00 GAIN IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 5966 OI CONTRACTS (18.96 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1895 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 467,547

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5966 CONTRACTS WITH 4071 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1895 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5966 CONTRACTS OR 18.556 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE 2858 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1895 CONTRACTS) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (4071) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5966 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 1800 OZ QUEUE JUMP//NEW STANDING 34.271 TONNES// /// 3) ZERO LONG LIQUIDATION AND LITTLE TAS LIQUIDATION BUT SOME ATTEMPTED SPEC SHORT COVERINGS DURING THE COMEX SESSION //4) GOOD SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUGE T.A.S. ISSUANCE: 2858 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: 74,023 CONTRACTS OR 7,402,300 OZ OR 230.24 TONNES IN 18 TRADING DAY(S) AND THUS AVERAGING: 4112 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 18 TRADING DAY(S) IN TONNES 224.34TONNES

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

THUS EFP TRANSFERS REPRESENTS 230.24/3550 x 100% TONNES 6.47% 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. 230.24 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 FAIR SIZED 370 CONTRACTS OI TO 124,350 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE A FAIR 326 CONTRACTS

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

DEC 326 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 326 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 370 CONTRACTS AND ADD TO THE 326 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 696 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 3.480 MILLION OZ

OCCURRED DESPITE OUR $0.06 LOSS IN PRICE …..(SOME ATTEMPTED SHORT COVERINGS)

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//

THURSDAY MORNING//WEDNESDAY NIGHT

SHANGHAI CLOSED UP 14.19 PTS OR 0.48% //Hang Seng CLOSED DOWN 40.72 PTS OR 0.24% /The Nikkei CLOSED DOWN 668.14 PTS OR 2.14% //Australia’s all ordinaries CLOSED DOWN 0.64 % /Chinese yuan (ONSHORE) closed DOWN AT 7.3193 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.3278 /Oil UP TO 83.79 dollars per barrel for WTI and BRENT UP AT 88.53/ Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE 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 GOOD SIZED 4071 CONTRACTS TO 467,547 WITH OUR GAIN IN PRICE OF $9.00 ON TUESDAY. OUR SHORT SPECULATORS COVERED LITTLE OF THEIR POSITIONS DURING COMEX TRADING.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF OCT..… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 1895 EFP CONTRACTS WERE ISSUED: : DEC 1895 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1895 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 5966 CONTRACTS IN THAT 1895 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED GAIN OF 4071 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $9.00//WEDNESDAY 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 WEDNESDAY NIGHT WAS A HUGE 2838 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 (34.271) ( 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. 34.271 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $9.00) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG GAIN OF 5966 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A LITTLE T.A.S. LIQUIDATION ON THE FRONT END OF WEDNESDAY’S TRADING. THE T.A.S. ISSUED ON WEDNESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. IT DID HAVE SOME SPECULATOR SHORT COVERING WITH THE MASSIVE PRICE INCREASE.

WE HAVE GAINED A TOTAL OI OF 18.556 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 1600 OZ QUEUE JUMP //NEW TOTALS STANDING:34.271 TONNES ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $9.00. FOR THE PAST SEVERAL 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. SPECULATORS YESTERDAY ADDED TO THEIR HUGE SHORTS.

WE HAD REMOVED 1993 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 5966 CONTRACTS OR 596,600 OZ OR 18.556 TONNES.

Estimated gold volume today:// 216,557 fair

final gold volumes/yesterday 259,660 fair/

//speculators have left the gold arena

//OCT 26

/ /// THE OCT. 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	nil oz OZ .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	nil oz
No of oz served (contracts) today	12 notice(s) 1200 OZ 0.0373 TONNES
No of oz to be served (notices)	37 contracts 3700 oz 0.1150 TONNES
Total monthly oz gold served (contracts) so far this month	10,981 notices 1,098,100 OZ 34.155TONNES
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: nil oz

we had 0 customer withdrawals

total withdrawals nil oz

Adjustments; 1//dealer to customer

i) JPMorgan 3,858.120 oz

total adjusted 2858.120oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR OCT.

For the front month of OCTOBER we have an oi of 49 contracts having GAINED 9 contracts. We had 7 contracts filed on Wednesday, so we gained 16 contracts or an additional 1600 oz will stand for delivery at the comex in this active delivery month of October. 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 had the commencement of gold speculator short covering last Thursday and this action by the banker longs will continue until the specs have been annihilated

NOV lost 17 CONTRACTS to stand at 1471

December gained 3130 contracts up to 373,059 contracts.

We had 12 contracts filed for today representing 1200 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 2 notices were issued from their client or customer account. The total of all issuance by all participants equate to 12 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 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 (10,981 x 100 oz ), to which we add the difference between the open interest for the front month of OCT. (49 CONTRACTS) minus the number of notices served upon today 12 x 100 oz per contract equals 1,101,800 OZ OR 34.271 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 (10,981) x 100 oz + (xxx) {OI for the front month} minus the number of notices served upon today (12) x 100 oz) which equals 1,101,800 oz standing OR 34.271 TONNES

TOTAL COMEX GOLD STANDING: 34.271 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: 1,909,392.968 OZ 58,75 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 19,850,264.173 OZ

TOTAL REGISTERED GOLD 9,954,255.253 (309.61 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 9,896,008.920 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 8,044,862(REG GOLD- PLEDGED GOLD) 250.22 tonnes//dropping like a stone

END

SILVER/COMEX

OCT 26

//2023// THE OCT 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	581.184.607 oz CNT Delaware .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	nil
No of oz served today (contracts)	2 CONTRACT(S) (10,000 OZ)
No of oz to be served (notices)	15 contracts (75,000 oz)
Total monthly oz silver served (contracts)	515 Contracts (2,575,000 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 nil oz

JPMorgan has a total silver weight: 134.441 million oz/269.904 million or 49.79%

Comex withdrawals 2

i) Out of CNT: 247,763.318.oz

ii) Out of Delaware 333,421.289 oz

total: 581,184.607 oz

adjustments: 0

TOTAL REGISTERED SILVER: 37.643 MILLION OZ//.TOTAL REG + ELIGIBLE. 269,904 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF OCT /2023 OI: 17 CONTRACTS HAVING GAINED 1 CONTRACT(S). WE HAD 1 NOTICE FILED

ON WEDNESDAY, SO WE GAINED 2 CONTRACTS AS WE HAD A QUEUE JUMP OF 10,000 OZ

NOVEMBER LOST 1 CONTRACTS TO STAND AT 439

DEC. LOST 1251 CONTRACTS TO STAND AT 94,531 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1 for 5,000 oz

Comex volumes// est. volume today 59,863//poor

Comex volume: confirmed yesterday 59,668 poor

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 515 x 5,000 oz = 2,575,000 oz

to which we add the difference between the open interest for the front month of OCT (17) and the number of notices served upon today 2 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the OCT/2023 contract month: 515 (notices served so far) x 5000 oz + OI for the front month of OCT (17) – number of notices served upon today (2 )x 500 oz of silver standing for the OCT contract month equates to 2.650 million oz + .0 MILLION oz of exchange for risk today + 4.2 million oz prior//new totals: 6.850 million oz.

There are 37.643 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//

BOTH GLD AND SLV ARE MASSIVE FRAUDS!

OCT 26/WITH GOLD UP $2.90 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD// // INVENTORY RESTS AT 861.80 TONNES

OCT 25/WITH GOLD UP $9.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/: //: // INVENTORY RESTS AT 860.07 TONNES

OCT 24/WITH GOLD DOWN $1.30 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 3.17 TONNES OF GOLD OUT OF THE GLD//WHAT A MASSIVE FRAUD! //: //: // INVENTORY RESTS AT 860.07 TONNES

OCT 23/WITH GOLD DOWN $6.80 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE 15.00 TONNES OF GOLD INTO THE GLD//WHAT A MASSIVE FRAUD! //: //: // INVENTORY RESTS AT 863.24 TONNES

OCT 20/WITH GOLD UP $14.50 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD //: //: // INVENTORY RESTS AT 848.24 TONNES

OCT 19/WITH GOLD UP $12.90 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 5.19 TONNES OF GOLD FROM THE GLD//: //: // INVENTORY RESTS AT 848.24 TONNES

OCT 18/WITH GOLD UP $32.55 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 2.02 TONNES OF GOLD FROM THE GLD//: //: // INVENTORY RESTS AT 853.43 TONNES

OCT 17/WITH GOLD UP $1.50 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: //: // INVENTORY RESTS AT 855.45 TONNES

OCT 16/WITH GOLD DOWN $6.45 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.92 TONNES OF GOLD FROM THE GLD //: // INVENTORY RESTS AT 855.45 TONNES

OCT 13/WITH GOLD UP $57.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: //: / /// // INVENTORY RESTS AT 862.37 TONNES

OCT 12/WITH GOLD DOWN $3.00 TODAY:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .86 TONNES OF GOLD INTO THE GLD//: / /// // INVENTORY RESTS AT 862.37 TONNES

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: 861.80 TONNES

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

OCT 26/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/ /// /INVENTORY RESTS AT 444.391 MILLION OZ

OCT 25/WITH SILVER DOWN 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/ /// /INVENTORY RESTS AT 444.391 MILLION OZ

OCT 24/WITH SILVER DOWN 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSIVE DEPOSIT OF 2.52 MILLION OZ INTO THE SLV/// /// /INVENTORY RESTS AT 444.391 MILLION OZ

OCT 23/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ /// /INVENTORY RESTS AT 441.871 MILLION OZ

OCT 20/WITH SILVER UP 50 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:.A WITHDRAWAL OF 2.658 MILLION OZ FROM THE SLV/ /// /INVENTORY RESTS AT 441.871 MILLION OZ

OCT 19/WITH SILVER UP XXX CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. A /// /INVENTORY RESTS AT 444.529 MILLION OZ

OCT 18/WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF 3.207 MILLLION OZ FROM THE SLV///// /.////INVENTORY RESTS AT 444.529 MILLION OZ

OCT 17/WITH SILVER UP 23 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 447.736 MILLION OZ

OCT 16/WITH SILVER DOWN 9 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV:. : //A WITHDRAWAL OF 2.664 MILLION OZ OUT OF THE SLV// /.////INVENTORY RESTS AT 447.730 MILLION OZ

OCT 13/WITH SILVER UP 90 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV:. : //A WITHDRAWAL OF 1.375 MILLION OZ OUT OF THE SLV// /.////INVENTORY RESTS AT 450.394 MILLION OZ

OCT 12/WITH SILVER DOWN 19 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV:. : //A WITHDRAWAL OF 0.825 MILLION OZ OUT OF THE SLV// /.////INVENTORY RESTS AT 451.769 MILLION OZ

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 444.391 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

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

end

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

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//

end

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

END

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

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

ONSHORE YUAN: CLOSED DOWN AT 7.3193

OFFSHORE YUAN: UP TO 7.3278

SHANGHAI CLOSED UP 14.19 PTS OR 0.48%

HANG SENG CLOSED DOWN 40.72 PTS OR 24%

2. Nikkei closed DOWN 668.14 PTS OR 2.14 %

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 106.67 EURO FALLS TO 1.0533 DOWN 33 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.878 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.38/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 UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.8925***/Italian 10 Yr bond yield UP to 4.922*** /SPAIN 10 YR BOND YIELD UP TO 4.003…**

3i Greek 10 year bond yield RISES TO 4.211

3j Gold at $1984.40 silver at: 22.92 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 19 /100 roubles/dollar; ROUBLE AT 93.52//

3m oil into the 83 dollar handle for WTI and 88 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 150.38// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.878% 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 0.8988 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9467 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: 4.969 UP 1 BASIS PTS…

USA 30 YR BOND YIELD: 5.106 UP 2 BASIS PTS/

USA 2 YR BOND YIELD: 5.129 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 28.15…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 6 BASIS PTS AT 4.6690

end

2.a Overnight: Newsquawk and Zero hedge:

Futures Tumble As Yields Rise, Yen Plummets; ECB And GDP Loom

THURSDAY, OCT 26, 2023 – 08:14 AM

US equity futures tumbled, following global stocks lower, with Nasdaq contracts underperforming as Meta shares sinking 4% on an uncertain outlook and ugly reversal from gains to losses after the close added to earnings worries. As of 8:00am, S&P futures were down -0.8%, Nasdaq futs down -1.1% as the “Magnificent Seven” technology companies that have powered this year’s US stock rally are posting disappointing earnings, wiping about $200 billion off their market value. Amazon reports after hours. The bearish mood carried over to other markets, with European and Asian equities also recording steep losses. The greenback strengthened, gold added 0.6% and Treasury yields edged closer to 5%. The yen slumped back past 150 per dollar again, fueling speculation about government intervention in the currency market. On the economic front, a fresh US GDP print is part of a data flurry due later today. A policy decision is also due from the European Central Bank, which is expected to keep interest rates on hold for the first time in more than a year.

In premarket trading, Meta Platforms shares fell 4% as the Facebook parent’s fourth-quarter revenue forecast trailed the average analyst estimate at the midpoint. The company also dashed investors’ hopes for a long-term advertising recovery, saying it was at the whim of an uncertain economic environment. Google’s owner Alphabet Inc. lost 1.8%, extending a selloff on Wednesday on disappointing cloud figures. Amazon.com Inc., which reports results after the bell, slid 1.2%. Here are some other notable premarket movers:

Adobe edged 0.7% higher as Oppenheimer joins DA Davidson in turning bullish on the stock. The broker raised its recommendation on the software company to outperform from market perform.
Align Technology shares slid 24% after the maker of dental aligners cut its net revenue guidance for the full year. Some analysts lowered their price targets on the stock, flagging a slowdown in demand due to a tough backdrop, especially among adult orthodontic patients.
Endeavor Group shares soared 23% after private equity group Silver Lake Management said it’s considering a takeover bid for the talent agency and entertainment company. Endeavor also announced it would be undertaking a strategic review.
Ford rose 2.3%, set to extend gains to a second session, as the United Auto Workers reached a tentative labor agreement with the carmaker.
Mattel shares drop 10% after the toy manufacturing and entertainment company maintained its full-year sales outlook, citing softness in the industry and a weaker global economy.

There were fireworks in FX land after the yen blew past 150 per dollar, raising the risk of government intervention in the currency market and piling pressure on the Bank of Japan to adjust monetary policy.

“The yen’s persistent weakness also adds pressure on the BOJ’s policy settings, whether or not to raise the ceiling for yield-curve control, remove YCC or end the negative policy rate,” said Koji Fukaya, a fellow at Market Risk Advisory in Tokyo. He added that the yen is probably hemmed in for now with intervention risk limiting further losses and the yield gap preventing a recovery.

Earnings missteps at the biggest US tech companies — which have already seen $200 billion wiped off their market value — are causing ructions in equity markets as investors rethink sky-high valuations against a backdrop of rising Treasury yields. While the Nasdaq 100 has been seemingly immune to pessimism, with the index still up 31% this year, there’s now growing concern about its vulnerability in a wider stock market selloff.

On the economic front, US initial jobless claims and GDP numbers are part of a flurry of data later Thursday. A policy decision is also due from the European Central Bank, which is expected to keep interest rates on hold for the first time in more than a year.

A key report this morning is the Q3 GDP data: US economic activity will probably blow past already-high consensus estimates for the third quarter, according to Bloomberg Economics which predicts a 4.9% pace of expansion on an annualized basis, higher than the 4.5% average estimate in a survey of outside forecasters, largely because of a “frenzy of summer spending on travel and entertainment,” writes Bloomberg economist Eliza Winger. She warns that the pace of growth is unsustainable and likely to have been driven by one-off factors like the ‘Barbenheimer’ movie blockbusters and concert tours by Taylor Swift and Beyonce. Bloomberg Economics projects a shallow recession will begin in the fourth quarter.

“Earnings season has left much to be desired as typically economically sensitive stocks, that have held up well against a difficult backdrop, begin to creak under the pressure,” said Geir Lode, head of global equities at Federated Hermes Ltd. “Good results are no longer enough for these economically sensitive stocks to gain traction as investors are concerned about a weaker macroeconomic backdrop.”

European stocks are on the back foot after a flurry of disappointing corporate updates with automakers posting the biggest decline among sectors after Volkswagen, Mercedes-Benz and Volvo Cars all reported disappointing third-quarter reports. The technology subindex outperforms as chip stocks including BE Semiconductor and STMicroelectronics gain. Standard Chartered, BNP Paribas, Unilever, WPP and Mercedes are all in the red after their respective reports. Here are the most notable movers:

BE Semiconductor rises as much as 11%, the most in more than a year, after third-quarter results fueled optimism around hybrid bonding systems — an emerging tool used to connect chips
Neste gains as much as 7.2% after the Finnish oil and chemicals engineering firm reported solid third-quarter figures across all key performance indicators, analysts note
Jeronimo Martins advances as much as 9.3% after reporting a 3Q earnings beat, thanks to solid volumes and only a slight erosion of Ebitda margin as it mitigated competition pressures in Poland
Sodexo shares gain as much as 7.1% after the French catering company reported full year underlying operating profit that beat estimates. JPMorgan said the results were “decent”
Worldline rallies as much as 9% in Paris trading after a record 59% plunge on Wednesday that Chief Executive Officer Gilles Grapinet tells Les Echos is “uncorrelated” to the firm’s fundamentals
Siemens Energy shares slump as much as 36% to a record low after reports the German renewable energy company is in talks with the nation’s government for state guarantees
Standard Chartered shares slump as much as 18% in London after the bank’s third-quarter pretax profit missed estimates due to impairment charges related to investments in China
Evolution slides as much as 11% after the Swedish online gambling group reported third-quarter results that missed estimates, with analysts highlighting that FX headwinds were a big factor
HelloFresh shares drop as much as 14% after the meal-kit company missed estimates for active customer numbers in the third quarter
Swedbank drops as much as 9.2%, the worst performing stock on the Stoxx 600 Banks Index, as DNB Markets highlights the lender’s beat on profits as low quality, with NII growth looking “light”
Volvo Car falls as much as 13%, the most since the Swedish carmaker’s 2021 IPO, after worse-than-expected third-quarter earnings that were weighed down by electric-vehicle competition
Mercedes-Benz Group shares fall as much as 6.3% after 3Q revenues came in below consensus and Morgan Stanley says commentary from the German carmaker seems cautious
Volkswagen shares fall as much as 3% after the carmaker reported a miss for the third quarter after pre-releasing figures Monday

Earlier in the session, Asian stocks slumped with technology shares leading the declines following another surge in Treasury yields and weak earnings by some of the sector’s bellwether companies. The MSCI Asia Pacific Index slid as much as 1.6%, the most in a week. TSMC and Samsung were the biggest drags on the gauge while Chinese sportswear maker Li Ning was the top loser after it reported lackluster sales for the third quarter. Equity benchmarks in Vietnam, Korea and Japan tumbled the most amid a broad regional selloff that followed another surge in US Treasury yields on Wednesday, with the Kospi reaching its lowest level in almost 10 months. “Fears of elevated imported inflation and higher longer-term funding costs due to the renewed strength seen in the US 10-year Treasury yields overnight” are the main drivers behind Asia’s weakness, said Kelvin Wong, a senior market analyst at Oanda.

Hang Seng and Shanghai Comp opened lower, but their losses were shallower than those of their regional peers, potentially amid stimulus optimism, while reports, before the Chinese market opened, suggested that US President Biden was expected to meet with Chinese Top Diplomat Wang Yi on Friday at the White House.
Japan’s Nikkei 225 also saw its losses led by the Tech sector, whilst the losses in the JPY vs the USD failed to cushion the downside for the index.
Korea’s KOSPI saw its chip sector languish, facing added headwinds as SK Hynix slumped over 4% post-earnings.
Australia’s ASX 200 was dragged lower by its Tech sector, mirroring a similar sectoral performance seen stateside. Energy, however, was among the better performers.

In FX, the Bloomberg Dollar Spot Index gained as much as 0.3% while the Treasury 10-year yield was steady at 4.97%. The US is expected to report a sturdy growth rate of 4.5% later Thursday with its third quarter gross-domestic-product data. USD/JPY soared to 150.40 after breaching the key 150 level without BOJ intervention.

Dollar is rising “as traders shift positions amid a global equity slump; the war is still going on and there’s also the China property market problem,” said David Lu, director at NBC Financial Markets Asia Ltd. The strong dollar trend will continue at least until US GDP data is released, and until we see any risk-on news, Lu said
The yen slumped back past 150 per dollar again, raising the risk of government intervention in the currency market and piling pressure on the Bank of Japan to adjust monetary policy. “The yen’s persistent weakness also adds pressure on the BOJ’s policy settings, whether or not to raise the ceiling for yield-curve control, remove YCC or end the negative policy rate,” said Koji Fukaya, a fellow at Market Risk Advisory in Tokyo. He added that the yen is probably hemmed in for now with intervention risk limiting further losses and the yield gap preventing a recovery.
The euro dropped 0.2% against the dollar to 1.0546 ahead of the ECB decision. Following 10 back-to-back increases, policymakers will leave the deposit rate at 4%, according to all 59 analysts surveyed by Bloomberg, amid growing evidence its tightening campaign is helping to bring down inflation.
The Australian dollar extended an intraday decline in the wake of RBA Senate testimony, which saw residual buy orders under 0.6290 filled, spurring CPI-inspired longs to exit, according to an Asia-based FX trader

In rates, treasuries are lower ahead of US GDP data with the curve steady as yields broadly hold within one basis point of Wednesday’s session close into the early US session. US 10-year yields around 4.97%, up 2bps on the day with bunds and gilts slightly outperforming in the sector; long-end Treasuries narrowly outperform, slightly flattening Treasury spreads on the day. Core European rates outperform Treasuries ahead of ECB rate decision. US session focus includes GDP data while this week’s auction’s conclude with $38 billion 7-year note sale at 1pm New York. The Treasury auction cycle concludes with $38b 7-year sale at 1pm, follows Wednesday’s sloppy 5-year auction which tailed the WI by 1.9bp. The WI 7-year trades around 4.975% is ~30bp cheaper than the September sale which tailed the WI by 0.3bp. More ominously, it appears that the bond market is freezing again: dollar IG issuance slate empty so far; Wednesday marks the third straight day with just a single issuer, taking weekly total to just $3.3b vs. $20b dealer estimates.

In commodities, oil prices decline, with WTI falling 0.8% to trade near $84.70. Spot gold adds 0.6%.

Bitcoin is slightly in the red but retains the bulk of the last few sessions upside which saw it convincingly eclipse the USD 35k mark; as it stands, BTC is holding around the USD 34k figure within relatively narrow bounds.

Looking to the day ahead. In terms of data, we have US Q3 GDP, personal consumption, core PCE, the October Kansas City Fed manufacturing activity, the September durable goods orders, advance goods trade balance, retail, and wholesale inventories, pending home sales, and initial jobless claims. Regarding central banks, we have the ECB decision, and we will be hearing from the BoE’s Cunliffe. Lastly, there will be earnings releases from Amazon, Mastercard, Merck and Co, Linde, Comcast, Intel, UPS, Honeywell, Bristol-Myers Squibb, American Tower, Northrop Grumman, Boston Scientific, Chipotle, Ford Motor, STMicroelectronics, Keurig Dr Pepper, Hershey, Kenvue, Newmont, Royal Caribbean Cruises, and Hertz.

Market Snapshot

S&P 500 futures down 0.6% to 4,183.25
STOXX Europe 600 down 0.9% to 431.49
German 10Y yield little changed at 2.90%
Euro down 0.2% to $1.0547
MXAP down 1.4% to 150.08
MXAPJ down 1.2% to 470.22
Nikkei down 2.1% to 30,601.78
Topix down 1.3% to 2,224.25
Hang Seng Index down 0.2% to 17,044.61
Shanghai Composite up 0.5% to 2,988.30
Sensex down 1.3% to 63,200.84
Australia S&P/ASX 200 down 0.6% to 6,812.32
Kospi down 2.7% to 2,299.08
Brent Futures down 0.7% to $89.54/bbl
Gold spot up 0.6% to $1,991.04
U.S. Dollar Index up 0.20% to 106.74

Top Overnight News

With China’s property bust threatening to sink the country’s economic recovery, Xi Jinping is looking for someone to blame. After putting the billionaire founder of Evergrande, a heavily indebted property firm, under investigation for possible crimes, Beijing is expanding its probes to include bankers and financial institutions that facilitated developers’ risky behavior, people familiar with the matter say. Among those under scrutiny: a former head of Bank of China, one of the country’s biggest lenders, the people said. WSJ
President Joe Biden will see Chinese Foreign Minister Wang Yi when he visits the White House on Friday, a courtesy gesture that could lay the groundwork for a leaders’ meeting next month, according to a person familiar with the matter. BBG
The head of Australia’s central bank on Thursday said the strong third-quarter inflation report was around policymakers’ expectations, and they were still considering whether it would warrant a rate rise. RTRS
Rishi Sunak said he would not “rush to regulate” artificial intelligence as he announced the creation of an AI Safety Institute in the UK which would examine, evaluate and test new technologies. FT
Israeli forces carried out a “targeted raid” in the north of the Gaza Strip in the early hours of Thursday, as they stepped up preparations for a ground operation in the coastal enclave to topple the militant group Hamas. FT
Siemens Energy plummeted 36% after saying it’s seeking about $16.9 billion in guarantees from the German government. BBG
MS announces Ted Pick will become CEO effective 1/1/24 (and join the board) while Gorman becomes executive chairman. Co-President Andy Saperstein will become the Head of Wealth and Investment Management with Dan Simkowitz named Co-President of the Firm and the Head of Institutional Securities. FT
The US economy probably grew at a 4.5% annualized pace in the third quarter but the boost came from mostly temporary factors. Bloomberg Economics expects today’s figures even higher at 4.9%, but sees a slowdown this quarter. BBG
The UAW reached a tentative deal with Ford, putting more pressure on Stellantis and GM. Ford agreed to a record 25% hourly wage hike over the life of the contract, which exceeds four years. Top pay will be more than $40/hour, UAW said. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded lower across the board, following the weak lead from Wall Street as participants juggle earnings, geopolitics, and data as major central banks line up for their next confabs, with the ECB due today, while the BoJ, FOMC, and BoE are slated for next week. ASX 200 was dragged lower by its Tech sector, mirroring a similar sectoral performance seen stateside. Energy, however, was among the better performers. Nikkei 225 also saw its losses led by the Tech sector, whilst the losses in the JPY vs the USD failed to cushion the downside for the index. KOSPI saw its chip sector languish, facing added headwinds as SK Hynix slumped over 4% post-earnings. Hang Seng and Shanghai Comp opened lower, but their losses were shallower than those of their regional peers, potentially amid stimulus optimism, while reports, before the Chinese market opened, suggested that US President Biden was expected to meet with Chinese Top Diplomat Wang Yi on Friday at the White House. US equity futures softened across the board, with the NQ (-1.1%) lagging after Meta shares initially rose almost 5% following earnings but later fell into losses of over 3% during the earnings call.

Top Asian News

RBA Governor Bullock said CPI was a little higher than expected but was about where we thought it would come. She added that goods prices coming down, but services inflation remains persistent, but she’s still considering whether CPI was a “material” change to outlook. Bullock said services inflation is higher than what the RBA is comfortable with and will have to build this into forecasts. She said she would not like to say if CPI makes the rate rise more likely, and said there will be a change to the inflation forecast, but she’s not sure if it will be material. Bullock said the RBA is wary of inflation and has made it clear that the RBA might have to hike again but has not yet decided whether a rise is needed, according to Reuters.
Westpac economists change their call on RBA, and now see a rate rise in November, according to Reuters.
Japan Finance Minister Suzuki said closely watching FX moves with a high sense of urgency, according to Reuters. Suzuki added they stick to previous currency policy, closely watching FX moves.
Japanese PM Kishida said BoJ’s monetary policy aims to achieve sustainable inflation in tandem with wage hikes and does not contradict the government’s inflation countermeasures, according to Reuters. Japanese PM Kishida says BoJ holds ETFs and JGBs as part of its monetary policy.
PBoC injected CNY 424bln via 7-day reverse repos with the rate at 1.80% for a CNY 80bln net daily injection.
PBoC set USD/CNY mid-point at 7.1784 vs exp. 7.3265 (prev. 7.1785)
SK Hynix (000660 KS) – Q3 (KRW) Revenue at 9.1tln (exp. 8.17tln). Operating loss 1.8tln (exp. loss 1.7tln). Net loss 2.2tln (exp. loss 1.5tln); Sees about 10% rise in Q4 DRAM shipments vs Q3 due to the rise in sales. Q3 DRAM average selling price is up about 10% vs Q2. Q3 NAND average selling price is down slightly vs Q2. 2024 CAPEX to be higher than 2023, but to keep the hike to a minimum. Plans a fall of teens % in Q4 NAND shipments vs Q3, aiming to cut low-profit sales. Semiconductor prices are starting to stabilize.
Chinese Commerce Ministry says consumption recovery has become more obvious since Q3.

European bourses are in the red, Euro Stoxx 50 -0.8%, with a blockbuster docket of earnings dominating action and the overall tone hampered by the soft Wall St. handover and subsequent pressure in Meta, -2.5% pre-market; from a macro perspective, the ECB looms. Sectors feature marked Autos/Parts pressure after Volvo Car (-9.2%), Mercedes-Benz (-5.5%) & Volkswagen (-1.0%) updates; Banking names pressured post-Standard Chartered (-10.2%) & BNP Paribas (-4.0%); more broadly, Utilities have been experiencing some modest relative outperformance, perhaps owing to their defensive nature in the absence of updates from the sectors heavyweights. Stateside, futures reside in the red ES -0.5% with the focus firmly on mega-cap corporates and the NQ -0.8% continuing to languish given the poor-reception to the Meta call; ahead, AMZN & INTC are the after-hours highlights

Top European News

Citi/YouGov Inflation Expectation Survey (Sep): Short-term expectations 4.2% (prev. 4.4% in August); 5-10yr ahead remains at 3.3%, according to Reuters.
Riksbank says it has decided to offer central counterparties that clear SEK and are participants in the RIX-RTGS system the opportunity to borrow money overnight from the Riksbank.

Dollar continues its resurgence with DXY extending towards 107.00 within a 106.520-880 range.
Yen loses the battle to defend 150.00 and stealthily arrests slide after hitting a sub-150.50 low; note, at 07:50BST USD/JPY moved sharply lower after advancing to a high of 150.77. Pulled back to 149.80 before trimming downside and moving back to circa 150.40.
Euro straddles 1.0550 amidst spread of decent option expiry interest ahead of ECB.
Franc and Sterling lose more ground vs Greenback before finding support circa 0.9000 and 1.2070 respectively.
Aussie undermined by not so hawkish RBA Bullock response to hot CPI data, as AUD/USD pivots 0.6300 and AUD/NZD cross sits under 1.0900.

Fixed Income

Debt futures regain a degree of composure in contrast to equities ahead of key risk events.
Bunds, Gilts and T-note all back just into positive territory within 128.18-127.56, 92.35-91.62 and 105-24+/15+ respective ranges pre-US GDP, IJC, durable goods and ECB.

Commodities

Crude benchmarks are modestly softer on the session but once again newsflow is relatively limited in nature ex-geopols; as such the December’23 contracts remain within familiar levels around 30-40 cents below the USD 85.00/bbl and USD 90.00/bbl marks for WTI and Brent respectively.
Main development has been rhetoric from Israel and Iran regarding the expected ground invasion of Gaza by Israel after the PM confirmed it would happen; in response, the Iranian IRGC warned Israel against such an operation.
Spot gold is firmer to the tune of USD 10/oz and is testing the USD 1990/oz mark to the upside with the focus on geopols; levels above largely coalesce around the USD 2050/oz figure before the YTD peak of USD 2081/oz.
Base metals are in the red as they are tracking the broader market tone and the accompanying underlying USD bid; though, the pace of the decline has slowed significantly in recent trade alongside a slowdown in macro developments and a steadying in broader price action ahead of a packed PM agenda.

Geopolitics: Israel-Hamas

“IDF carried out an unusual and extensive ground raid by infantry and armored forces inside the Gaza Strip”, according to Israeli press citing Army Radio; “According to the report, the raid took place on a larger scale and deeper inside Gaza” “The objective of the raid was to attack Hamas targets from the Gaza Strip and strengthen the defense.” “The defense establishment says that this is a more extensive operation than the raids carried out so far in the past two weeks inside the Gaza Strip.” Thereafter, the Israeli Army said soldiers have since exited Gaza, according to Bloomberg.
The Israeli army announced the downing of a surface-to-air missile launched from Lebanon, according to Sky News Arabia.
Hamas fighters reportedly trained in Iran before the October 7th attacks, according to WSJ citing sources; roughly 500 Hamas and Palestinian militants received specialized combat training. Sources add they have no information suggesting the training was Intended for October 7th.
The Iranian Foreign Minister arrived in New York for international talks after the intensification of the crisis in Gaza, according to Al Jazeera citing Iranian press IRNA.
Iranian IRGC Commander warns Israel against commencing a ground operation within Gaza, saying ““the dragon of Gaza will devour them. If they set foot in Gaza, they’ll be buried there.”.

Other

US President Biden is expected to speak with Chinese Top Diplomat Wang Yi on Friday at the White House, according to Reuters sources.
Russian Defence Minister Shoigu said “we are to start training on nuclear strike”, according to Reuters.
An explosion was heard near a US base in the suburbs of al-Hasakah in north-eastern Syria, according to Iran International citing Syrian press.

US Event Calendar

08:30: 3Q GDP Annualized QoQ, est. 4.5%, prior 2.1%
- 3Q Personal Consumption, est. 4.0%, prior 0.8%
- 3Q Core PCE Price Index QoQ, est. 2.5%, prior 3.7%
- 3Q GDP Price Index, est. 2.7%, prior 1.7%
08:30: Sept. Durable Goods Orders, est. 1.8%, prior 0.1%
- Sept. Durables-Less Transportation, est. 0.2%, prior 0.4%
- Sept. Cap Goods Ship Nondef Ex Air, est. 0.2%, prior 0.7%
- Sept. Cap Goods Orders Nondef Ex Air, est. 0%, prior 0.9%
08:30: Oct. Initial Jobless Claims, est. 207,000, prior 198,000
- Oct. Continuing Claims, est. 1.74m, prior 1.73m
08:30: Sept. Advance Goods Trade Balance, est. -$86b, prior -$84.3b, revised -$84.6b
08:30: Sept. Retail Inventories MoM, est. 0.2%, prior 1.1%
- Sept. Wholesale Inventories MoM, est. 0.1%, prior -0.1%
10:00: Sept. Pending Home Sales YoY, est. -14.6%, prior -18.8%
- Sept. Pending Home Sales (MoM), est. -2.0%, prior -7.1%
11:00: Oct. Kansas City Fed Manf. Activity, prior -8

DB’s Jim Reid concludes the overnight wrap

After not having a night alone/away with my wife from our kids for the 8 years since we’ve first had one, tonight is our second in just two weeks as some crazy parent at school has taken all three on a half-term sleepover. So we’re going to watch the latest Scorsese film. The good news is it gets tremendous reviews. The bad news is it’s 3 hours 26 minutes long. With my short attention span and tea and coffee habit during the day I’m not sure if and how I’ll make it through. You’ll hear tomorrow. I also can’t remember the last time I went out in the week outside of a client dinner.

With recent developments, it’s anyone’s guess how much Treasuries will move in 3 hours and 26 minutes tonight. Indeed, if you have traded the daily swings in Treasuries well in recent days then you deserve a lot of credit or you’ve had an enormous slice of luck. I would pretend the former even if the latter is true. Whilst there has been no crazy moves, the daily swings in both directions have been wildly unpredictable even if the general direction has been higher. It was a bruising day yesterday for 60/40 portfolios as 10yr US yields rose +13.2bps with the S&P 500 -1.43% and the NASDAQ -2.43% (the worst drop since Feb and -10.7% from YTD highs in July) after the previous night’s tech results were digested. The sell-off continues overnight in Asia trading. The ECB meeting, Q3 US GDP and Amazon’s results after the bell are the highlights today .

If we start with the rates move, the long-end led the sell-off, as 30yr Treasury yields gained +14.8bps to 5.09% — which is within a couple of bps of their 16-year closing high seen last week. 2yr yields were up a marginal +0.7bps. The 2s10s curve steepened +12.5bps, and the 2s30s by +13.7bps, with the spread of the latter a whisper away from zero again at -3.9bps having traded above zero for the first time in over a year intra-day on Friday. It hasn’t closed above it since last August. The latest refunding announcement occurs next week with fears over increased auction sizes creating some of the issues yesterday including a weak 5yr auction at 6pm London time which cemented the last leg of the sell-off last night. See our rates strategist’s preview of the refunding here. Note that the last coupon auction before this takes place today with 7yr Treasuries being offered to the market.

Also adding support to the sell-off was the upside surprise to US new home sales, which came in at 759k (vs 680k expected), rising from 675k in August and up 12.3% month-on-month. This coincided with US 30-year mortgage rates hitting 7.90% yesterday, reaching fresh 23-year highs. So the data continues to be resilient in the face of everything thrown at it for now, with the next stop the Q3 US GDP growth and US PCE price index later today. Our economists expect an annualised 5.2% for GDP with consensus at 4.1% against 2.1% last quarter.

Earnings results from Microsoft and Alphabet on Tuesday night painted a mixed picture for big tech earnings last quarter, dragging down US equities more broadly. The NASDAQ fell -2.43% against this backdrop, its sharpest decline since February, while S&P 500 was down -1.43%. Both indices are down to their lowest levels since May, while the equal-weighted version of the S&P 500 (-1.12% yesterday) is now down to its lowest level in 12 months. After their results, Alphabet dropped -9.01%, the most since March 2020, and to its lowest level since July, whilst Microsoft moved in the opposite direction, up +3.07% to its highest level since the last week of July. Meanwhile, an outlook downgrade by Texas Instruments (-3.49%) from the previous night weighed on chipmakers with the Philadelphia semiconductor index down -4.13%. The VIX volatility measure jumped +1.2 points on the day to 20.2.

After the bell, Meta released its latest earnings report, which exceeded revenue and earnings expectations. The stock initially climbed in after-hours trading but then moved lower as the company cited macro volatility creating an uncertain revenue outlook for next year. We now have had Q3 earnings results from four companies out of the Magnificent Seven, representing over 15% of the S&P 500’s total market capitalisation. These have been mixed but overall have signalled an underwhelming outlook, with the Magnificent Seven index down nearly 7% since last Monday. NASDAQ 100 (-1.1%) futures are slipping again in Asia overnight with the S&P equivalent down -0.7%. All eyes will next be on Amazon, with earnings due after the bell later today. The last two of these seven to report are Apple and Nvidia who report next Thursday (2 November) and on 21 November, respectively.

Moving over to Europe and today’s ECB meeting. Market pricing and surveys overwhelmingly expect rates to stay on hold after 10 consecutive rates hikes totalling 450bps. Our economists see Lagarde avoiding saying that rates have necessarily peaked but with the first order focus being on achieving a sufficient duration of restrictive policy. They expect the ECB to discuss QT this week but to move gradually and conditionally when it comes to signalling any further acceleration of QT. See their preview piece here.

Ahead of the meeting the STOXX 600 traded sidewards (+0.04%) on Wednesday. The real estate sector particularly underperformed, down -1.98%, followed by consumer discretionary (-0.48%). In terms of data, Euro area M3 money supply fell -1.2% year-on-year (vs -1.8% expected) in September, consistent with continued tight credit conditions but with some evidence that bank credit flows are bottoming out. So one isolated argument against prospects of a hard landing for the euro zone. Euro banks relatively outperformed, climbing +0.56%, supported by strong earnings results in the sector.

Staying in Europe, the German October IFO business confidence index surprised to the upside at 86.9 (vs 86.0 expected), up from 85.7 last month as sentiment improved. It remains too early to declare a broad turnaround in sentiment, but the survey lends some optimism to the economic outlook after weak PMIs and subdued Gfk consumer confidence in the previous session. Against this backdrop, German 10yr bunds followed the US, as yields rose +6.3bps, with yields on OATs (+6.7s) and BTPs (+8.9bps) seeing a larger rise .

On the topic of geopolitics, newsflow regarding Middle East tensions remained fluid. Earlier in the day, WSJ reported that Israel will continue to delay its invasion of the Gaza strip to allow for the US to move additional air defences to the region, while Qatar’s foreign minister stated that talks on releasing Hamas’ hostages were moving forward. We then heard from Israel Prime Minister Netanyahu who said that Israel is preparing a ground invasion of Gaza. The headlines saw oil fluctuate during the day, with Brent trading around -1.5% lower below $87/bbl at one point, but ending the day up +2.34% to $90.13/bbl. WTI crude was up +1.97% to $85.39/bbl.

Asian equity markets are seeing a broad sell-off this morning, with the KOSPI (-2.28%) leading losses after shares of South Korean chip supplier SK Hynix dropped more than -3.5% as the firm reported a net loss for its third quarter. Meanwhile, the Nikkei (-2.13%) is also sharply lower while the Hang Seng (-0.82%), the CSI (-0.63%) and the Shanghai Composite (-0.29%) are also lower and largely wiping out the gains from the previous day after the latest stimulus package.

In FX, the J apanese yen weakened past the key 150 level against the dollar again, trading very close to its lowest level since August 1990, thus triggering the possibility of intervention from Japanese authorities and also putting pressure on the BOJ to consider tightening monetary policy. The yen has tumbled more than 12% so far in 2023, making it the worst currency among its G-10 peers .

In terms of overnight data, the South Korean economy expanded +0.6% q/q in the July-to-September period (v/s +0.5% expected), as against a similar quarterly growth in the previous three month period as exports rebounded, thus maintaining its growth momentum.

In US politics, Rep. Mike Johnson of Louisiana was elected as Speaker of the House Representatives yesterday afternoon with unanimous support among House Republicans. He had been the fourth Republican nominee for the position since Kevin McCarthy’s ouster three weeks ago. Johnson has spoken in favour of a new short-term spending deal so his appointment ought to improve the prospects of a government shutdown being avoided next month. And sticking to US news flow, overnight we heard from the UAW union that it had reached a tentative deal with Ford, one of the three US automakers affected by the now nearly 6-week-long autoworkers’ strike.

In other news yesterday, the Bank of Canada held its key interest rate steady at 5%, as expected, with the central bank now seeing the economy approaching balance. The bank left the door open for more tightening, but also focused on dampening effect of past hikes on activity and price pressures. Futures continue to price a roughly 40% likelihood of another hike by the BoC (similar to the Fed ), but the Canadian dollar did fall -0.25% versus the US dollar yesterday to its lowest since March.

END

2 B) NOW NEWSQUAWK (EUROPE/REPORT)

Large-cap earnings dominate price action, ECB & US data due – Newsquawk US Market Open

THURSDAY, OCT 26, 2023 – 06:18 AM

Equities are in the red as a blockbuster docket of earnings dominates price action
Within Europe, Autos & Banking names lag after results from Volvo Cars, Mercedes-Benz, Volkswagen, Standard Chartered, BNP Paribas & many more
Stateside, Meta slips pre-market with desks citing a cautious/conservative outlook
DXY in the green while JPY eclipses 150.50 before a brief but sharp pullback, core debt benchmarks near unchanged pre-ECB
Crude contained while XAU benefits from geopolitical rhetoric from Israel and Iran regarding Gaza
Looking ahead, highlights include US GDP, PCE Prices Advance, IJC, ECB & CBRT Policy Announcements, ECB’s Lagarde & BoE’s Cunliffe, Supply from the US. Earnings: Valero, Comcast, UPS, Southwest, Mastercard, Merck & more.

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EUROPEAN TRADE

EQUITIES

European bourses are in the red, Euro Stoxx 50 -0.8%, with a blockbuster docket of earnings dominating action and the overall tone hampered by the soft Wall St. handover and subsequent pressure in Meta, -2.5% pre-market; from a macro perspective, the ECB looms.
Sectors feature marked Autos/Parts pressure after Volvo Car (-9.2%), Mercedes-Benz (-5.5%) & Volkswagen (-1.0%) updates; Banking names pressured post-Standard Chartered (-10.2%) & BNP Paribas (-4.0%); more broadly, Utilities have been experiencing some modest relative outperformance, perhaps owing to their defensive nature in the absence of updates from the sectors heavyweights.
Stateside, futures reside in the red ES -0.5% with the focus firmly on mega-cap corporates and the NQ -0.8% continuing to languish given the poor-reception to the Meta call; ahead, AMZN & INTC are the after-hours highlights.
Click here and here for the sessions European pre-market equity newsflow, including earnings.
Click here for more details.

FX

Dollar continues its resurgence with DXY extending towards 107.00 within a 106.520-880 range.
Yen loses the battle to defend 150.00 and stealthily arrests slide after hitting a sub-150.50 low; note, at 07:50BST USD/JPY moved sharply lower after advancing to a high of 150.77. Pulled back to 149.80 before trimming downside and moving back to circa 150.40.
Euro straddles 1.0550 amidst spread of decent option expiry interest ahead of ECB.
Franc and Sterling lose more ground vs Greenback before finding support circa 0.9000 and 1.2070 respectively.
Aussie undermined by not so hawkish RBA Bullock response to hot CPI data, as AUD/USD pivots 0.6300 and AUD/NZD cross sits under 1.0900.
Click here for more details.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Debt futures regain a degree of composure in contrast to equities ahead of key risk events.
Bunds, Gilts and T-note all back just into positive territory within 128.18-127.56, 92.35-91.62 and 105-24+/15+ respective ranges pre-US GDP, IJC, durable goods and ECB.
Click here for more details.

COMMODITIES

Crude benchmarks are modestly softer on the session but once again newsflow is relatively limited in nature ex-geopols; as such the December’23 contracts remain within familiar levels around 30-40 cents below the USD 85.00/bbl and USD 90.00/bbl marks for WTI and Brent respectively.
Main development has been rhetoric from Israel and Iran regarding the expected ground invasion of Gaza by Israel after the PM confirmed it would happen; in response, the Iranian IRGC warned Israel against such an operation.
Spot gold is firmer to the tune of USD 10/oz and is testing the USD 1990/oz mark to the upside with the focus on geopols; levels above largely coalesce around the USD 2050/oz figure before the YTD peak of USD 2081/oz.
Base metals are in the red as they are tracking the broader market tone and the accompanying underlying USD bid; though, the pace of the decline has slowed significantly in recent trade alongside a slowdown in macro developments and a steadying in broader price action ahead of a packed PM agenda.
Click here for more details.

NOTABLE HEADLINES

Citi/YouGov Inflation Expectation Survey (Sep): Short-term expectations 4.2% (prev. 4.4% in August); 5-10yr ahead remains at 3.3%, according to Reuters.
Riksbank says it has decided to offer central counterparties that clear SEK and are participants in the RIX-RTGS system the opportunity to borrow money overnight from the Riksbank.

NOTABLE HEADLINES

Meta Platforms Inc (META) Q3 2023 (USD): EPS 4.39 (exp. 3.63), Revenue 34.15bln (exp. 33.56bln); Q4 revenue view 36.5-40bln (exp. 38.76bln). Operating margin 40% (exp. 33.9%). REVENUE BREAKDOWN: Advertising 33.64bln (exp. 32.94bln). Family of Apps 33.94bln (exp. 33.08bln). Reality Labs 210mln (exp. 313.4mln). Other 293mln (exp. 212.7mln). Click here for the full earnings. Shares -3.4% after market – participants cited a cautious/conservative outlook.
International Business Machines Corp (IBM) Q3 2023 (USD): EPS 2.20 (exp. 2.13), Revenue 14.75bln (exp. 14.73bln); still sees FY revenue at constant FX +3-5% (exp. +3.01%) Adj. gross margin 55.5% (exp. 54.9%). FCF 1.68bln (exp. 1.35bln). REVENUE BREAKDOWN: Software 6.27bln (exp. 6.26bln). Consulting 4.96bln (exp. 5.1bln). Infrastructure 3.27bln (exp. 3.15bln). Financing 186mln (exp. 186mln).Shares +1.4% after market.
UAW confirms they have a tentative agreement with Ford (F), and said strikers should go back to work while voting for a deal. UAW’s deal with Ford includes a 25% wage increase. Ford workers will receive an 11% immediate wage hike, according to Reuters.
Morgan Stanley (MS) announces Ted Pick to become Chief Executive Officer on January 1, 2024; James Gorman to become Executive Chairman. Incoming CEO Ted Pick says this is a ‘volatile environment’ for investment banking, according to Reuters.
Biden Admin is reportedly seeking USD 3.1bln to reimburse telecom firms for removal of additional Huawei and ZTE equipment from US networks, according to Reuters.
US Republican Senators group has introduce a stand-alone bill to send aid to Israel but not to Ukraine, via WSJ.

GEOPOLITICS

ISRAEL-HAMAS

“IDF carried out an unusual and extensive ground raid by infantry and armored forces inside the Gaza Strip”, according to Israeli press citing Army Radio; “According to the report, the raid took place on a larger scale and deeper inside Gaza” “The objective of the raid was to attack Hamas targets from the Gaza Strip and strengthen the defense.” “The defense establishment says that this is a more extensive operation than the raids carried out so far in the past two weeks inside the Gaza Strip.” Thereafter, the Israeli Army said soldiers have since exited Gaza, according to Bloomberg.
The Israeli army announced the downing of a surface-to-air missile launched from Lebanon, according to Sky News Arabia.
Hamas fighters reportedly trained in Iran before the October 7th attacks, according to WSJ citing sources; roughly 500 Hamas and Palestinian militants received specialized combat training. Sources add they have no information suggesting the training was Intended for October 7th.
The Iranian Foreign Minister arrived in New York for international talks after the intensification of the crisis in Gaza, according to Al Jazeera citing Iranian press IRNA.
Iranian IRGC Commander warns Israel against commencing a ground operation within Gaza, saying ““the dragon of Gaza will devour them. If they set foot in Gaza, they’ll be buried there.”.

OTHER

US President Biden is expected to speak with Chinese Top Diplomat Wang Yi on Friday at the White House, according to Reuters sources.
Russian Defence Minister Shoigu said “we are to start training on nuclear strike”, according to Reuters.
An explosion was heard near a US base in the suburbs of al-Hasakah in north-eastern Syria, according to Iran International citing Syrian press.

CRYPTO

Bitcoin is modestly in the red but retains the bulk of the last few sessions upside which saw it convincingly eclipse the USD 35k mark; as it stands, BTC is holding around the USD 34.5k figure within relatively narrow bounds.

APAC TRADE

APAC stocks traded lower across the board, following the weak lead from Wall Street as participants juggle earnings, geopolitics, and data as major central banks line up for their next confabs, with the ECB due today, while the BoJ, FOMC, and BoE are slated for next week.
ASX 200 was dragged lower by its Tech sector, mirroring a similar sectoral performance seen stateside. Energy, however, was among the better performers.
Nikkei 225 also saw its losses led by the Tech sector, whilst the losses in the JPY vs the USD failed to cushion the downside for the index.
KOSPI saw its chip sector languish, facing added headwinds as SK Hynix slumped over 4% post-earnings.
Hang Seng and Shanghai Comp opened lower, but their losses were shallower than those of their regional peers, potentially amid stimulus optimism, while reports, before the Chinese market opened, suggested that US President Biden was expected to meet with Chinese Top Diplomat Wang Yi on Friday at the White House.
US equity futures softened across the board, with the NQ (-1.1%) lagging after Meta shares initially rose almost 5% following earnings but later fell into losses of over 3% during the earnings call.

NOTABLE ASIA-PAC HEADLINES

RBA Governor Bullock said CPI was a little higher than expected but was about where we thought it would come. She added that goods prices coming down, but services inflation remains persistent, but she’s still considering whether CPI was a “material” change to outlook. Bullock said services inflation is higher than what the RBA is comfortable with and will have to build this into forecasts. She said she would not like to say if CPI makes the rate rise more likely, and said there will be a change to the inflation forecast, but she’s not sure if it will be material. Bullock said the RBA is wary of inflation and has made it clear that the RBA might have to hike again but has not yet decided whether a rise is needed, according to Reuters.
Westpac economists change their call on RBA, and now see a rate rise in November, according to Reuters.
Japan Finance Minister Suzuki said closely watching FX moves with a high sense of urgency, according to Reuters. Suzuki added they stick to previous currency policy, closely watching FX moves.
Japanese PM Kishida said BoJ’s monetary policy aims to achieve sustainable inflation in tandem with wage hikes and does not contradict the government’s inflation countermeasures, according to Reuters. Japanese PM Kishida says BoJ holds ETFs and JGBs as part of its monetary policy.
PBoC injected CNY 424bln via 7-day reverse repos with the rate at 1.80% for a CNY 80bln net daily injection.
PBoC set USD/CNY mid-point at 7.1784 vs exp. 7.3265 (prev. 7.1785)
SK Hynix (000660 KS) – Q3 (KRW) Revenue at 9.1tln (exp. 8.17tln). Operating loss 1.8tln (exp. loss 1.7tln). Net loss 2.2tln (exp. loss 1.5tln); Sees about 10% rise in Q4 DRAM shipments vs Q3 due to the rise in sales. Q3 DRAM average selling price is up about 10% vs Q2. Q3 NAND average selling price is down slightly vs Q2. 2024 CAPEX to be higher than 2023, but to keep the hike to a minimum. Plans a fall of teens % in Q4 NAND shipments vs Q3, aiming to cut low-profit sales. Semiconductor prices are starting to stabilize.
Chinese Commerce Ministry says consumption recovery has become more obvious since Q3.

DATA RECAP

South Korean BOK Manufacturing BSI (Nov) 71.0 (Prev. 69.0)
South Korean GDP Growth QQ Advance (Q3) 0.6% (Prev. 0.6%); YY Advance (Q3) 1.4% (Prev. 0.9%)
Japanese Foreign Investment Japanese Stock w/e 214.7B (Prev. 1259.9B, Rev. 1263.9B); Bond Investment w/e -151.7B (Prev. 794.0B, Rev. 808.1B)
Australian Import Prices (Q3) 0.8% (Prev. -0.8%); Export Prices (Q3) -3.1% (Prev. -8.5%)

2 c. ASIAN AFFAIRS

THURSDAY MORNING/WEDNESDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/

END

2e) JAPAN

JAPAN/

end

3 CHINA

CHINA

Beijing flooding the uSA with sold bonds just as the Fed is selling them as well!

(Bloomberg)

Washington Isn’t Alone In Flooding The Market With Government Bonds: Beijing Is Doing It Too

WEDNESDAY, OCT 25, 2023 – 09:40 PM

By Ye Xie Bloomberg markets live reporter and analyst

Washington isn’t the only capital that is flooding the market with government bonds. Beijing is doing it too. A more-proactive fiscal expansion signals that Beijing isn’t entirely complacent about its current economic stability.

Inevitably, bond sales will suck up liquidity from the banking system. That may required the PBOC to offset the liquidity drain by lowering the reserve requirement ratio. If so, it would put a ceiling on the recent rise in bond yields.

US bond yields resumed their surge Wednesday after a five-year note auction met with poor demand. It underscored investors’ anxiety toward the anticipated increase of bond sales by the Treasury next week.

China’s bond market has also been pressured by supply lately, with 10-year yields rising to a five-month high. In a rare move, Beijing announced on Tuesday plans to issue additional sovereign debt worth 1 trillion yuan ($137 billion) to support disaster relief and construction.

The signaling effect of the move — which will send China’s budget deficit to a three-decade high — is more significant than the actual impact. Bloomberg Economics estimated the fiscal spending will only add 0.5 percentage point to GDP growth in 2024. Still, it shows that Beijing is concerned about the economic outlook amid the property crisis that’s claimed Country Garden as its latest victim.

For the central bank, the immediate concern is to offer more funding to accommodate bond issuance. According to Nomura’s estimate, government issuance will amount to 5.9 trillion yuan in the fourth quarter, well above the 4.3 trillion in 2022 and an average of 2.8 trillion in three years through 2021.

Liquidity conditions have already been tight. In recent weeks, the seven-day repo rate has been persistently trading well above the PBOC’s benchmark of 1.8%. Bloomberg also reported that one-year bank funding costs shot up above the PBOC’s MLF lending rate, an unusual occurrence since 2019.

So the consensus is looking for the PBOC to lower the RRR, unleashing more cash into the banking system, and potentially lower interest rates. Standard Chartered’s economists now call for 50bp cut in RRR by year-end, versus no reduction seen previously. Economists at Goldman Sachs expect a 25bp cut in RRR and a 10bp reduction in the policy rate in the fourth quarter.

Yields on 10-year bonds have increased 16 basis points since the PBOC’s last rate cut in August. If the PBOC pumps more liquidity into the market, it may put a lid on rising yields.

Yields on 10-year bonds have increased 16 basis points since the PBOC’s last rate cut in August. If the PBOC pumps more liquidity into the market, it may put a lid on rising yields.

end

CHINA/JAPAN

Other Japanese automakers are considering exiting the Chinese market

(zerohedge)

As Mitsubishi Exits China, Other Japanese Automakers Consider Following Suit

WEDNESDAY, OCT 25, 2023 – 06:40 PM

Mitsubishi has officially made it way out of the Chinese auto market and now other Japanese automakers are considering doing the same.

According to research by MarkLines cited by Nikkei this week, Japanese car manufacturers such as Toyota, Honda, and Nissan are lagging in the Chinese market this year. In the first three quarters of 2023, the trio’s combined new vehicle sales were 1.29 million, a 26% year-on-year decrease. Both Toyota and Nissan experienced declines in the ballpark of 30%.

The rise in China’s EV adoption and the dominance of local brands like BYD and Great Wall Motor are challenging Japanese automakers. Electric vehicle sales in China soared 80% to 5.36 million last year, capturing about 20% of the new car market.

Japanese companies, traditionally strong in gas-fueled cars, are falling behind in the fast-paced EV sector led by Chinese firms.

Facing challenges, Japanese automakers are reorganizing their Chinese operations. Mazda plans to cut its dealership network by about 10% from 2022 levels, while Toyota terminated contracts for roughly 1,000 workers at a joint venture.

Honda and Nissan have reduced local production, with Nissan’s output reportedly at half its peak. Estimates suggest Toyota, Nissan, and Honda have a combined 40% excess capacity in China, based on current sales forecasts.

Nikkei writes that:

“Japanese automakers’ market share in the Association of Southeast Asian Nations region this year came to 73% as of Oct. 19, down four percentage points from 2019, according to MarkLines and other data sources.”

Mitsubishi, meanwhile, is expecting to take a 24.3 billion yen ($162 million) loss from pulling out of the country in the FY that ends next March.

Recall, we noted weeks ago that Mitsubishi was calling it quits in China. The company had been suffering from “sluggish sales”, a September report said, noting that other Japanese automakers are also reassessing their viability in the Asian country.

GAC Mitsubishi Motors shuttered its manufacturing operations in Hunan province indefinitely in late September, marking the end of Mitsubishi’s sole factory in China. GAC, which holds a 50% share in the joint venture, plans to repurpose the Hunan facility for electric vehicle (EV) production while aiming to retain some level of its workforce, the report says.

Mitsubishi Motors and Mitsubishi Corp., owning 30% and 20% stakes respectively, would pull their investments, although GAC Mitsubishi will continue to exist as a business entity, we wrote.

Nikkei noted that in 2022, Mitsubishi’s car sales in China plummeted by 60% to 38,550 vehicles. An attempt to revive sales with the launch of the hybrid Outlander SUV last autumn failed to meet expectations. Mitsubishi now plans to reallocate resources to Southeast Asia and Oceania, areas responsible for about one-third of the company’s consolidated sales.

Meanwhile, the electric vehicle market in China is booming, with a report from the China Association of Automobile Manufacturers indicating an 80% surge in EV sales in 2022 to 5.36 million units. Mitsubishi has lagged in this segment, relying on GAC for EV supplies in China.

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

ECB;

ECB pauses as they warn inflation is expected to stay high

(zerohedge)

After 10 Straight Hikes, ECB ‘Pauses’ (As Expected); Warns “Inflation Still Expected To Stay Too High”

THURSDAY, OCT 26, 2023 – 08:27 AM

After defying expectations at the previous meeting (and hiking), The ECB – as expected this time – ‘paused’ their interest rate hiking cycle (following 10 back-to-back hikes), leaving the headline deposit rate at 4% amid growing fears of recession for the 20-nation economy.

Echoing The Fed’s parlance, Christine Lagarde is signaling ‘high for long’ and the market – for now – is pricing in this pause lasting through Q4 2024…

“The Governing Council’s past interest rate increases continue to be transmitted forcefully into financing conditions. This is increasingly dampening demand and thereby helps push down inflation.”

Source: Bloomberg

Also echoing its Eccles Building pals across the pond, The ECB reiterated in its statement that holding borrowing costs at that level for long enough will make a “substantial contribution” to bringing consumer-price gains back to the 2% target.

The ECB is also careful to leave the door open open to further hikes, should inflation fail to ease quickly enough, confirming its data-dependent approach

“The incoming information has broadly confirmed its previous assessment of the medium-term inflation outlook,” the Governing Council said.

“Inflation is still expected to stay too high for too long, and domestic price pressures remain strong.”

The ECB offered no update to its plans for the €1.7 trillion ($1.8 trillion) bond portfolio, maintaining its intent to reinvest payments from PEPP until end of 2024.

The future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance.
The Governing Council will continue applying flexibility in reinvesting redemptions coming due in the PEPP portfolio, with a view to countering risks to the monetary policy transmission mechanism related to the pandemic.

Overall, very much as expected from the ECB. From the press conference we look for commentary from Lagarde on the recent energy price upside and potential inflation ramifications, EZ’s growth outlook and whether there were any discussions around altering APP/PEPP and the MRR. as some had suggested could occur at this meeting/in 2024.

Christine Lagarde will explain The ECB’s thinking at 0845ET:

Read the full ECB Redline below…

end

UK government set to revoke visas for Hamas supporters. What took them so long to figure this thing out?

(Brooke/Remix)

UK Government To Revoke Visas For Hamas Supporters

THURSDAY, OCT 26, 2023 – 02:00 AM

Authored by Thomas Brooke via Remix News,

The British government is considering revoking visas for foreign nationals who express sympathies with the Hamas terror organization responsible for slaughtering more than 1,300 Jewish civilians in Israel on Oct. 7.

Robert Jenrick, Minister of State, leaves after a Cabinet meeting at 10 Downing Street in London, Tuesday, March 28, 2023. (AP Photo/Kirsty Wigglesworth)

A number of individuals have already been identified by authorities for anti-Semitic behavior, which, even if it falls below the threshold for a criminal offense, could still see themselves booted out of Britain, Immigration Minister Robert Jenrick warned on Wednesday.

Speaking to Times Radio, the Conservative lawmaker reiterated his belief in free speech but said: “I think there is conduct which is below the criminal standard but which is wrong, would be accepted as wrong by most reasonable people.

“If those people are not British citizens, they are just visitors to our country enjoying the privileges of living here… I’m afraid their visas will be revoked and they should leave,” he added.

The Telegraph newspaper reported on Wednesday that the immigration status of at least six people is currently being considered by the Home Office following incidents of anti-Semitism amid an escalation of the ongoing conflict between Israel and the Hamas-run Palestinian territory of Gaza in the Middle East.

Police forces across England and Wales were instructed last week to report foreign nationals caught up in anti-Jew hate crimes to the interior ministry in order to have their right to remain in Britain reviewed by immigration officials.

“I can’t look a British Jewish person in the eye as immigration minister and say that I’ve allowed somebody to remain at our pleasure in this country who is conducting themselves in that manner. That is wrong. If you come to this country, you abide by British values,” Jenrick added.

Education Ministers Gillian Keegan and Robert Halfon also wrote to vice-chancellors of U.K. universities earlier this month calling on them to act “swiftly and decisively” against any threats made against Jewish students.

…

Read more here…

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

LAST NIGHT/ISRAEL/HAMAS

https://www.zerohedge.com/military/watch-idf-tanks-troops-push-1km-deep-gaza-prepare-battlefield

Watch: IDF Tanks, Troops Push 1km Deep Into Gaza To “Prepare The Battlefield”

THURSDAY, OCT 26, 2023 – 12:45 PM

Perhaps wanting to show the public and the world that the ground incursion is still going to happen, and following widespread reports that Washington successfully got Netanyahu to stall the offensive – also as hostage negotiations involving Qatar are likely ongoing – the Israel Defense Forces (IDF) have published footage of an overnight limited raid in Gaza which relied on military bulldozers and tanks.

Infantry forces were transported by a column of tanks to up to kilometer into the northern part of the Strip, according to a Thursday morning IDF statement. The IDF said it suffered no casualties during the raid, which lasted a few hours, and appeared fundamentally to be a clearing operation.

“Through the raid, we eliminated terrorists, neutralized threats, dismantled explosives, neutralized ambushes, in order to enable the next stages of the war for the ground forces,” announced IDF Spokesman Rear Adm. Daniel Hagari.

The statement further said that “numerous” Hamas terrorists were taken out, as well as anti-tank positions, but most importantly the operation was to “prepare the battlefield” by forging a wider, direct path.

The Givati infantry brigade and the 162nd Armored Division led the raid, which the IDF further acknowledged as crucial to setting up for the “next stages of the war.” Hagari said, touting its ‘success’ further, “we eliminated terrorists, neutralized threats, dismantled explosives, neutralized ambushes, in order to enable the next stages of the war for the ground forces.”

While “localized raids” have been occurring since the Oct.7 Hamas assault, also as part of intelligence gathering operations for information on the whereabouts of hostages – or even body retrieval – this one is being called the biggest and deepest yet in terms of breaching Gaza Strip territory.

Israeli aerial operations meanwhile have continued in airstrikes on the Strip at an unprecedented rate. This is causing a growing international outcry, especially from Arab leaders in the region, as Gaza health authorities have said the death toll has surpassed 7,000. They estimate that nearly 3,000 of those killed are children.

Amnesty International has condemned the “unprecedented humanitarian catastrophe” and is urging an immediate ceasefire, which on the other side has included daily Hamas rockets, launched deeper and deeper into Israel.

Amnesty International’s Secretary General, Agnes Callamard pointed out there have been “Serious violations of international humanitarian law, including war crimes, by all parties to the conflict continue unabated. In the face of such unprecedented devastation and suffering, humanity must prevail.”

Amnesty additionally said that any major Israeli ground offensive will have “cataclysmic consequences for Gaza’s civilians.” But so far Israeli leadership have not backed off what they say are confirmed plans for an offensive, but with no timetable as of yet, but which will be arrived at by consensus.

END

IRAN/ISRAEL/USA/

IRGC Says Israel Forces Will Be “Buried” After Report Details 500 Hamas Fighters Received “Specialized Training” In Iran

THURSDAY, OCT 26, 2023 – 01:25 PM

Iran has become more vocal in its threats against Israel, in response to the soaring death toll in Gaza, which has surpassed 7,000 Gazans killed. Prime Minister Netanyahu has at the same time announced “thousands” of terrorists have been eliminated by the Israel Defense Forces (IDF). Israel has further said it took out three top Hamas commanders in the last several hours.

On Thursday, Hossein Salami, the commander-in-chief of Iran’s elite Islamic Revolutionary Guard Corps (IRGC) warned that if Israel sends ground forces into the Strip, the IDF will be “buried”. He stated: “If the Zionists launch a ground attack in Gaza, they will be buried. If the enemies think that the Muslims will watch these crimes from the sidelines, they are gravely mistaken,” according to a translation in regional media. He also aimed the comments at Washington, saying “the US will be buried by the fire they lit.”

“If the evil people of the world want to carry out a foolish act such as invading the Palestinian territories, they will face a miserable failure and receive a decisive response from the resistance front,” the IRGC statement added.

The US has already parked one carrier strike group in waters off Israel, with another en route, and has been repeatedly warning Tehran not to get involved. National security spokesman John Kirby this week said the US administration stands ready to mount a “decisive response” if Iran or its proxies attack US bases.

However, this appears to already be happening. There has been well over a dozen drone and missile attacks on bases in Iraq and Syria over the past week, with the latest happening Thursday.

There are fresh reports that Iraqi Shia militia groups have launched cross-border attacks on a US installation in northeast Syria. These sporadic attacks now threaten to become a daily event. And now this from Politico on Thursday…

Adding further to tensions between Washington and Tehran, fresh Wall Street Journal reporting this week has found that Hamas operatives behind the Oct.7 terrorist attack were given specialized training in Iran. According to the report, this involved up to 500 militants:

In the weeks leading up to Hamas’s Oct. 7 attacks on Israel, hundreds of the Palestinian Islamist militant group’s fighters received specialized combat training in Iran, according to people familiar with intelligence related to the assault.

Roughly 500 militants from Hamas and an allied group, Palestinian Islamic Jihad, participated in the exercises in September, which were led by officers of the Quds Force, the foreign-operations arm of Iran’s Islamic Revolutionary Guard Corps, the people said.

Senior Palestinian officials and Iranian Brig. Gen. Esmail Qaani, the head of Quds Force, also attended, they said.

But then strangely, the same report quotes US officials as saying they can’t verify whether the training on Iranian soil was directly in preparation for the Oct.7 attacks (or else possibly “routine”), which took the lives of at least 1,400 Israelis and foreigners.

“U.S. officials said Iran has regularly trained militants in Iran and elsewhere, but they have no indications of a mass training right before the attack,” WSJ writes. “U.S. officials and the people familiar with the intelligence said they had no information to suggest Iran conducted training specifically to prepare for the events of Oct. 7.”

Given the fact that the terror assault involved paragliders, militants on motorcycles, coordinated assault teams with explosives, and other capabilities not used this effectively in the past – many analysts believe the planning for the attack had to have taken many months or even years.

END

QATAR/ISRAEL

The idiot, Blinkin….

Blinken Told Qatar To ‘Tone Down’ Al Jazeera’s Biased Anti-Israel Coverage

WEDNESDAY, OCT 25, 2023 – 05:20 PM

In a moment that hearkens back to the Bush administration’s spat with the Arab media network’s coverage of the start of the Iraq War, the Biden White House is bringing pressure to bear against Al Jazeera, as it’s not happy with its coverage of Gaza

US Secretary of State Antony Blinken has sought the mediation of the Qatari government to get the Doha-based channel to “tone down” its perceived anti-Israel coverage and rhetoric.

According to an exclusive in Axios, Blinken on Monday said before a closed-door group of Jewish leaders that he “asked the Qatari prime minister less than two weeks ago to tone down Al Jazeera’s rhetoric about the war in Gaza, according to three people who attended the meeting.”

Axios underscores that Blinken’s remarks “suggest the administration, which has asserted its support for the independent press globally, is concerned Al Jazeera’s framing of the conflict could escalate tensions in the region.” According to more:

Blinken said he gave toning down Al Jazeera coverage of the war in Gaza as an example of steps the Qatari government can take to do this. Blinken said he asked the Qataris to “turn down the volume on Al Jazeera’s coverage because it is full of anti-Israel incitement,” according to one source.

Blinken didn’t given any specific examples of what constitutes problematic coverage, according to the people who attended the meeting, but Israel has long accused the channel of being “a propaganda mouthpiece” for Hamas. The US administration has not gone so far as to verbalize this, but likely quietly agrees.

Some of the White House’s own spokespersons have recently dismissed or downplayed the soaring civilian death toll in the Gaza Strip as it’s being daily pummeled by Israeli airstrikes.

On Tuesday national security official John Kirby in a briefing said that more innocent people will inevitably die but he did not criticize Israel’s seeming indiscriminate bombing campaign which has also killed thousands of women and children. Kirby was aske about the disproportionate response to Oct. 7, and he answered:

“This is war. It is combat. It is bloody. It is ugly, and it’s going to be messy. And innocent civilians are going to be hurt going forward,” Kirby told reporters. “I wish I could tell you something different. I wish that that wasn’t going to happen, but it is going to happen.”

And then on Wednesday, President Biden himself asserted, “I have no notion that Palestinians are telling the truth about how many people are killed.” He added: “I’m sure innocents have been killed. And that’s the price of waging a war. I have no confidence in the number that the Palestinians are using.”

On Wednesday, Gaza-based Al Jazeera journalist Wael Dahdouh was informed his own family was killed in an Israeli airstrike…

Al Jazeera is also a main global source which reports directly from Palestinian and Gaza sources and ministries. At this point, the Gaza death toll has reached 6,500 – which has included an Al Jazeera correspondent’s own family.

Washington has a bit of a love-hate view and relationship with Al Jazeera. The Bush White House was actually accused of targeting Al Jazeera offices in Baghdad during the 2003 “shock and awe” bombing that kicked off the invasion. But in the decade after 2010, Al Jazeera was a big promoter of the “Arab Spring” narrative which the West used to topple Libya’s Gaddafi, and which was key to regime change attempts in Syria. During those years, the D.C. establishment heaped praise on the channel as it advanced the narrative of “moderate rebels” in places like Syria.

end

ISRAEL/HAMAS/GAZA

(JERUSALEM POST)

Israel radio says ground forces conducted ‘relatively large’ Gaza incursion

By REUTERSOCTOBER 26, 2023 07:27

Israeli ground forces carried out a relatively large incursion into the Gaza Strip overnight to attack Hamas positions, Israel’s Army Radio reported on Thursday.

It described the raid as larger than previously carried out during the Gaza war, now in its third week.

end

ROBERT H TO US:

LEBANON/ISRAEL

Hal Turner Radio Show – * FLASH * Israeli F-16 Shot Down in Lebanon

Supposedly date of ground operation is now set

https://halturnerradioshow.com/index.php/en/news-page/world/flash-israeli-f-16-shot-down-in-lebanon

END

EGYPT/ISRAEL

History repeats

As one sees the world with a detached view remembering lessons of history it is painful to watch history repeat its lessons to teach fools wisdom, while innocents pay dearly.

The muddle of the Middle East has been a powder keg simmering for a long time as its solutions have never been adequately addressed. And as such festering sores and angst has grown to foster worse illness of belief of war as a solution.

Since the date of a ground operation is now set, various actors are all reading for possible fallout. And yes, America is rushing its best defense weapons to the region. While a pointless exercise, the ship of fools has the helm under absolute control and will wage war without an adequate understanding or care for the fallout. Did you know that Russia just completed a services wide practice of a nuclear war with America? Do you think that such practice of readiness with their latest Sarmat missiles and the like was just an exhibition? The Global South has sailed on American Hegemony led and protected by Russia who was cast into the role by the removal of Russia from Swift in an attempt to destroy them. To add insult to injury the publication of breaking Russia up into 40 odd states made it clear that war was declared. China know if Russia falters and falls it is next so its future is tied to that of Russia. And this is while India watches, planning their own moves knowing well that America has interests but no friends. What do you think lesser nations like North Korea think? Living in a bubble of indifference to world events is not a option for any of us. Because we are all being affected by what is occurring around us. This is no longer a national issue but has become a issue that is global.

Experienced combat hardened military will tell you that with the first shots nothing goes as planned and adequate flexibility is needed to be thought through with mathematical certainty and even then plans can and do falter and require adaptability.

We should expect undesired and unconsidered actions because this is a typical fool’s errand and the fallout will be widely felt throughout the world. This will not stay a contained conflict. And the time to vacate the region is now while it is still possible. There is reason to why gold prices are up while markets falter. Just look at capital flows which suggests further outflows from the region. And this is at a time when Western Banks are now repeating old practices of cash seizures to maintain their own liquidity just like they have done throughout history. Where it is the scooping of cash deposits of customers for furniture or deposits on condo’s as companies are pushed into bankruptcy; it is happening in North America and elsewhere. Banks are active predators and this will alter how money thinks to protect itself. This is not a positive sign of where things are headed.

Caution today is the first consideration of everything one does day to day because our world is changing far faster than people realize. And we have no choice but to cope and change as conditions alter to make yesterday a memory and not a repeatable action of success today or tomorrow.

10/25/23
By WarNws24/7
Translated from Greek

Thousands of Egyptians on the trigger: Israeli plan to displace Palestinians in Sinai leaked – Sisi deploys 4th Armored Division
The president of Egypt inspected the Egyptian forces

At a very critical point is the situation throughout the Middle East and Africa with the president of Egypt Abdel Fattah al-Sisi inspecting the 4th Armored Division of the 3rd Army in Suez, as announced by his spokesman Ahmed Fahmy.

Al-Sisi inspected fighters, tanks and other military equipment in the Sinai Peninsula, on the western tip of the Sinai Peninsula, about 215 km from Egypt’s border with the Gaza Strip.

As he even declared to the army, the military exercise was aimed at recalling the 1973 war against Israel.

Adding fuel to the fire was a secret Israeli document from the country’s Minister of Information which – unknown how – was leaked to the Israeli media.

The document examines three alternatives for the post-war era, but the alternative “that will yield positive and long-term strategic results” is to transfer the citizens of Gaza to Sinai while calling for the creation of a Buffer Zone inside Egypt!
(My comment: This idea has been totaly rejected by both Egypt and Jordan. Why? Because once the Palestinains are relocated in those zones they migh build up terrorists forces in the future, which would make Jordan and Egypt a target of Israel. Instead those countries believe that the Palesinians must have their own state in the land that was theirs for generations. GE)

Sisi recalled Yom Kippur
The inspection came amid a long-running dispute over whether the Sinai Peninsula is safe because of Israel’s war with Hamas.

The exercise of the 4th Armored Division of the 3rd Field Army of the Egyptian Armed Forces in the city of Suez, took place as part of the celebrations for the 50th anniversary of the victory of the October War (1973 Yom Kippur War).

The exercise also made their first appearance of the Egyptian army’s new artillery systems, K9, which it bought in 2022 from South Korea. Egypt will acquire 200 artillery systems, along with other support vehicles, in a deal worth $1.7 billion.

“The Army will secure the Egyptian border”
During his presence in Suez, al-Sisi emphasized that the role of the army is to secure the Egyptian borders and therefore, in light of the facts, we should “use our capabilities wisely”, while he suggested the need for diplomatic solution for the Palestinian issue.

“It is very important when you have this kind of power to use it sensibly, wisely and maturely and not to overreach and have illusions about your power,” Sisi said, referring to internal calls for Egypt to get involved in the conflict.

“You have this ability to stand up for yourself … never let anger or heat get you over the edge,” he added.

In any case, Egypt, he said, has significant military capabilities, which it would only use wisely and for reasons of self-defense.

Already, he said, Egypt has played a role in de-escalating the crisis and finding a diplomatic solution, having engaged in negotiations to provide humanitarian aid to Gaza and the release of hostages while calling for a ceasefire.

He issued a warning to the Israelis, wanting to prevent the displacement of people to Egypt. (excerpts)

Videos and photos at source:

https://warnews247.gr/me-to-dachtylo-sti-skandali-chiliades-aigyptioi-stratiotes-aporrito-israilino-schedio-ektopismou-ton-palaistinion-sto-sina-o-sisi-aneptyxe-tin-4i-tethorakismeni-merarchia/

ISRAEL HAMAS/IRAN/USA

LOOKS LIKE THE ASSAULT ON GAZA WILL COMMENCE SHORTLY

Pentagon Sending 900 More Troops To Bolster Anti-Iran Defenses Ahead Of Gaza Offensive

THURSDAY, OCT 26, 2023 – 03:20 PM

Update(1520ET): In the Pentagon’s latest move to bolster US defenses in the Middle East against the ‘Iran threat’ – given the increased instances of Tehran proxies attacking US troop installations in Iraq and Syria over the last week – some 900 more Americans soldiers will be dispatched to the region.

A CBS correspondent has cited Pentagon Press Secretary, Gen. Patrick Ryder, who says 900 US troops have deployed or in process of deploying to bolster missile defense in CENTCOM’s mideast region of operations. They are expected to man Patriot, THAAD and Avenger missile systems. Earlier this week US defense officials said these extra missile batteries are being deployed to the theatre ahead of an expected Israeli ground offensive in Gaza.

The CBS reporter noted “This comes as Iranian-backed groups continue to attack US miliary in Iraq and Syria.” Fears are growing that a major IDF push into the Gaza Strip would unleash broader retaliation strikes on US bases in the region. This could include Hezbollah, which operates both in Lebanon and Syria.

Israel’s “preparation” strikes for the “next stage of war” – according to its officials – have continued to grow in intensity…

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* * *

However, this appears to already be happening. There has been well over a dozen drone and missile attacks on bases in Iraq and Syria over the past week, with the latest happening Thursday.

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In the weeks leading up to Hamas’s Oct. 7 attacks on Israel, hundreds of the Palestinian Islamist militant group’s fighters received specialized combat training in Iran, according to people familiar with intelligence related to the assault.

Roughly 500 militants from Hamas and an allied group, Palestinian Islamic Jihad, participated in the exercises in September, which were led by officers of the Quds Force, the foreign-operations arm of Iran’s Islamic Revolutionary Guard Corps, the people said.

Senior Palestinian officials and Iranian Brig. Gen. Esmail Qaani, the head of Quds Force, also attended, they said.

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6,VACCINE/COVID ISSUES & GLOBAL ISSUES

GLOBAL ISSUES

WHAT TOOK THEM SO LONG TO REALIZE THIS?

(zerohedge)

‘Unprecedented In Human History’: Five Eyes Intelligence Chiefs Sound Alarm On China’s Technology Theft

WEDNESDAY, OCT 25, 2023 – 11:00 PM

Authored by Aaron Pan via The Epoch Times (emphasis ours),

Communist China’s espionage operations, including theft of intellectual property in technology and other trade secrets, pose significant threats to the West and is “unprecedented in human history,” intelligence chiefs from the Five Eyes alliance warned.

In an interview with CBS News’s “60 Minutes” on Oct. 22, the intelligence leaders from the Five Eyes alliance shared their concerns about the Chinese Communist Party’s (CCP) threats, what it means to democracies, as well as the message they want to send to Beijing.

The Five Eyes alliance was founded after World War II as an intelligence alliance comprising Australia, Canada, the United Kingdom, the United States, and New Zealand.

The Chinese regime “is the defining threat of this generation. … There is no country that presents a broader, more comprehensive threat to our ideas, our innovation, our economic security, and ultimately our national security,” FBI Director Christopher Wray said.

The FBI chief said that the CCP’s spying operations could be seen in many fields, including agriculture, aviation, biotech, health care, robotics, and academic research. Furthermore, Beijing’s tech theft is not limited to big businesses, like Fortune 100 companies, but extends to smaller startup firms.

“We probably have somewhere in the order of 2,000 active investigations that are just related to the Chinese government’s effort to steal information,” Mr. Wray said.

‘Unprecedented in Human History’

The Chinese regime deploys many tools for its espionage operations, including hacking. Mr. Wray said the CCP has “the biggest hacking program in the world by far, bigger than ever other major nation combined … stolen more of our personal and corporate data than every nation, big or small, combined.”

In September, the State Department revealed that hackers linked to the CCP have secretly breached thousands of email accounts of U.S. government agencies, affecting officials such as Commerce Secretary Gina Raimondo, U.S. Ambassador to China Nicholas Burns, and Assistant Secretary of State for East Asia Daniel Kritenbrink.

Mike Burgess, the director of the Australian Security Intelligence Organisation, emphasized that the scale of the CCP’s espionage efforts is “unprecedented.”

“All countries spy. Our countries spy. All governments have a need to be covertly informed. All countries seek strategic advantage,” Mr. Burgess said. “But the behavior we’re talking about here goes well beyond traditional espionage. This scale of the theft is unprecedented in human history. And that’s why we’re calling it out.”

Canadian intelligence chief David Vigneault told “60 Minutes” about the national security risks associated with Chinese companies purchasing land or properties near sensitive and strategic areas in Canada for spying operations.

Mr. Wray said Chinese businesses have also attempted to “acquire businesses, land, infrastructure … in the United States in a way that presents national security concerns.”

In 2022, U.S. officials sounded the alarm when a Chinese agriculture company and its subsidiary, Fufeng USA, which has ties to the CCP, bought hundreds of acres of farmland in Grand Forks, North Dakota, near Grand Forks Air Force base.

Since 2016, Guanghui Energy Co. Ltd., owned by Chinese billionaire Sun Guangxin, who’s reportedly connected to the CCP, reportedly began purchasing up to 140,000 acres of farmland in the border town of Del Rio—next to Laughlin Air Force Base. The company stated that it would use the land to build wind turbines.

According to Ken McCallum, the director general of the UK’s intelligence agency MI5, theft by the CCP occurs through various means. Employees of companies targeted by Chinese spies are frequently manipulated without their knowledge.

“We have seen, for example, the use of professional networking sites to reach out in sort of masked, disguised ways to people in the UK, either who have security clearance or who are working in interesting areas of technology,” Mr. McCallum said.

“We’ve now seen over 20,000 examples of that kind of disguised approach to people in the UK who have information that the Chinese state wishes to get its hands on,” he added.

Transnational Repression

The intelligence chiefs said that the CCP’s threat is not just spy campaigns but also involves targeting Chinese dissidents living overseas. Mr. Wray cited an example of the CCP’s effort to intimidate and suppress a U.S. congressional candidate who criticized Beijing.

“The efforts were initially to try to see if they could come up with dirt on the candidate to derail his candidacy. And then to try to concoct dirt, just fiction, about the candidate. And then, if that didn’t work, there was even discussion about the candidate befalling a horrible accident,” Mr. Wray said.

That was the case of Xiong Yan, a U.S. Army veteran and congressional hopeful in New York City, who was targeted by the CCP in March last year when he sought the Democratic nomination to run for Congress representing a district in Long Island. He had long been a target of the CCP for his participation as a student leader in the 1989 Tiananmen Square protests and for his later support of pro-democracy protests in Hong Kong.

The Justice Department has charged an alleged Chinese agent who contracted a private investigator (PI) in New York to manufacture a political scandal in the hopes of undermining the congressional campaign of Mr. Xiong. Failing that, Mr. Lin encouraged the PI to physically harm Mr. Xiong by either beating him or forcing him into a car accident.

Mr. Wray also brought up the CCP’s Operation Fox Hunt, which is aimed at pursuing dissidents abroad through tactics involving harassment, intimidation, or threats to their family members in China, intending to coerce the return of these individuals to China for prosecution.

In June this year, a federal court in Brooklyn convicted three individuals for intimidating a New Jersey family and pressuring them to return to China on behalf of the CCP.

‘Threat to Our Way of Life’

Amid the increasing concern over the CCP’s technology theft, senior intelligence officials from the Five Eyes alliance convened in California on Oct. 17. They held discussions with 15 Silicon Valley executives and Stanford University to address the imminent threat posed by the Chinese regime, with the aim of safeguarding the intellectual property of their respective companies.

The Chinese espionage program “is a threat to our way of life in a number of ways,” Mr. Wray warned.

“The first is that when people talk about stealing innovation or intellectual property, that’s not just a Wall Street problem. That’s a Main Street problem. That means American jobs, American families, American livelihoods, and the same thing for every one of our five countries directly impacted by that theft. It’s not some abstract concept. It has flesh and blood, kitchen-table consequences.”

Mr. Wray has a message to the Chinese regime that if it wants “to be a great nation, it’s time for them to start acting like one.”

Andrew Thornebrooke contributed to this report.

END

GLOBAL VACCINE/COVID ISSUES

-END-

DR PAUL ALEXANDER

View in browser Dr. Howard Tenenbaum’s brilliant research as reported by 2ND SMARTEST GUY IN THE WORLD: “Possible Treatment Approach for Management of Post-COVID Vaccination Myocarditis”Dr. Tenenbaum proposes treating myocarditis with a combination of doxycycline, ivermectin, zinc and resveratrol. a low dose of doxycycline could prove to be a preventative measure for myocarditisDR. PAUL ALEXANDEROCT 26 READ IN APP ‘This is perhaps the most important article in this Substack’s ongoing series exposing the Modified mRNA slow kill bioweapon, and the various associated “vaccine”-induced death and disease mitigation strategies incorporating inexpensive repurposed drugs that actually work.Today’s article focuses on the growing tsunami of cardiovascular-related deaths due to the Covid-19 “vaccine.” Fortunately, there is now credible evidence that the combination of doxycycline and ivermectin can radically ameliorate this heart damage, thus preventing a majority of deaths related to these cardiomyopathy-type injuries.The recent discovery of low dose doxycycline can protect the heart in undiagnosed, or sub-clinical heart injuries; in other words, those that received the “vaccines” would all hugely benefit from this approach.Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.SubscribedFor diagnosed cases of myocarditis, a combination therapy of regular dose of doxycycline and ivermectin may slow down, and even reverse the damage.We are currently in wholly uncharted territory when it comes to the treatment duration, and there is no data as of this writing to indicate how long this combination therapy should be administered.According to the popular narrative, the cause of the recent tsunami of myocarditis is the SARS-CoV-2 viral infection; however, this narrative is incorrect as evidenced by a large population-based study of post-Covid-19 unvaccinated patients who suffered from Covid-19. The study involving 196,992 adults, all members of Clalit Health Services in Israel, did not show an increased incidence of either pericarditis or myocarditis among this cohort.A research paper titled Cardiovascular Manifestations of the BNT162b2 mRNA Covid-19 vaccine in adolescents was published in Aug 2022. The study involved 301 vaccinated adolescents from two schools in Thailand. 29% of the participants showed cardiovascular stress signs, including tachycardia, shortness of breath, palpitations, chest pain, and hypertension, and 2.3% of the participants exhibited at least one elevated cardiac biomarker.The attempt was made by the researchers to diminish these alarming results, by stating that the myocarditis experienced by the participants were temporary and mild, with all cases fully recovering within 14 days. What the paper failed to mention is that
myocarditis is almost never temporary or mild.We also have data showing no increases in myocarditis during the height of the “pandemic,” but ever since the “vaccine” rollout cases have surged to unprecedented levels, as have turbo cancers, etc.The truth is that people who have received the Covid-19 injections are subject to continuous autoimmune response. Their bodies trigger the response against all cells producing a foreign cytotoxic spike protein which the immune system does not recognize.Furthermore, heart tissue damaged during the attack by the immune system does not regenerate and, when untreated, the damage is permanent and, in this regard, the only way that such damage can be corrected is via the pathway of repair vs. regeneration; hence, the role played by scar tissue (advancing or otherwise) following irreversible damage caused to myocardiocytes. This scarring, and the other immunoinflammatory pathophysiological processes involved in the development and progression of periodontitis are similar to those observed in myocarditis, and it is this similarity that provoked the recognition of the possible presence of therapeutic or mechanistic foci that could be taken advantage of in the creation of different treatment approaches for either or both periodontitis and myocarditis (Cardoso EOC, Fine N, Glogauer M, Johnson F, Goldberg M, Golub LM and Tenenbaum HC (2021) The Advent of COVID-19; Periodontal Research Has Identified Therapeutic Targets for Severe Respiratory Disease; an Example of Parallel Biomedical Research Agendas. Front. Dent. Med. 2:674056. Doi: 10.3389/fdmed.2021.674056).Based on this evidence, and after reviewing all of the other pertinent data, Dr. Chris Shoemaker stated that approximately 20% of the vaccinated population will suffer from myocarditis. Approximately 50% of this group will most likely be dead within the next five years and 75% within the next ten years. This is a very conservative estimate, and this Substack has previously established that there were marked differences between the “vaccine” hot lots vs deliberately inactive lots; to wit:CDC confirms 100% of reported Covid-19 Vaccine Deaths were caused by just 5% of batches produced & the majority were sent to red Republican States across the USA2ND SMARTEST GUY IN THE WORLD·

169 muslim islamic jihadi terrorists caught on Mexican Southern border 2023; 3 on border with Canada entering US to kill Americans; Biden INC. devastated US & invaded US; Hamas & Hezbollah are in US,

muslim islamic terrorists are in America NOW, sleeper cells, due to when Obama & Biden were in power, now Biden, even Bush…they had their agendas & it harmed America; your daughters are the prize

END

10 Die Of Heart Attacks At Indian Music Event

What continues to cause the sudden deaths of so many young people?

DR PANDAOCT 26

READ IN APP

This tragic story from India has me worried. I hope it’s an anomaly, but I’m afraid it’s a sign of things to come.

According to the article, at least 10 people, including two teenagers aged 13 and 17, suffered fatal heart attacks within 24 hours while dancing garba in India.

At least 10 people, including a boy of 13, have died from heart attacks after taking part in the traditional garbadances in India’s western state of Gujarat, local media reported on Monday.

Garba is a high-energy traditional Gujarati dance performed during the nine-day Hindu festival of Navaratri to celebrate the goddess Durga.

Every year, large garbaevents held in parks and community halls across Gujarat, as well as other parts of the country, draw large crowds of people dressed in traditional costumes who dance in groups for hours through the evening and night.

The 13-year-old boy was taken to the hospital after complaining of chest pains. He was discharged, but later suffered a fatal heart attack in his sleep.

Another 17-year-old boy reported feeling unwell and experienced a nosebleed while dancing. He was taken to the hospital, where he suffered a fatal heart attack.

Ambulance services reported over 500 calls related to heart problems over 24 hours.

Dr Anurag Mehrotra, chairman of the cardiology department at a local hospital blames the heart attacks on a “lack of exercise among Indian youth.”

“If you do something that you are not accustomed to and you are exposed to that sort of exercise, these incidents occur.”

The article also mentions heart attacks are noticeably increasing. A recent trend of videos on social media shows people collapsing while working out in gyms or dancing at weddings.

Cases of heart attacks among Indians have been increasing, says federal Health Minister Mansukh Mandaviya. In recent months, a number of videos of people collapsing while working out in gyms or dancing at weddings have surfaced on social media.

You can read the full article here. Another article from a local Indian news company here.

Vaccination Status

Gujarat, the Indian state where the event took place, has one of the highest COVID-19 vaccination rates in India. According to the Times of India, 97% of its eligible population has received at least one dose of the vaccine, and 95% have received both doses. As of February 2023 (latest I could find) 36% have received a booster.

Summary

Heart attacks during Garba celebrations are unusual, but they have become more common in recent years. In 2018, there were four reported deaths in the entire country during Garba, but there have already been ten in just 24 hours this year.

Something is wrong.

What we are seeing is more and more cases of (previously) healthy young people suffering from some sort of subclinical myocarditis or other form of undetected cardiac injury that leads to cardiac arrests during times of exertion.

Young people are dropping everywhere. People seem confused on what could be causing the unexpected sudden death events that began around mid 2021. The media and governments try to normalize it by sticking AEDs everywhere and act like the deaths always happened.

Can anyone tell me something that people started injecting into themselves, in mid 2021, that according to the FDA, causes myocarditis, especially in young males?

Wake up people! (not my readers, everyone else!)

END

DR. PAUL ALEXANDEROCT 25

READ IN APP

The islamic jihadist seeks to rape your daughters, its all they know, and then kill…blond blue eyed in greatest danger for the islamist like those most…its a fact…I write how things are, I don’t sugar coat…thats the history…after Merkel lit the funeral pyres of Europe what did we see? When she invaded Europe with millions of unvetted military-aged islamic males, like how Biden has now invaded America via the Southern border, we saw them rape their way, gang rape, kill, stab their way across Europe…see Bataclan attack as one example, just one example and there are many. It’s coming to America and Tashfeen Malik and her husband gave you a preview…

‘Why does this keep happening? Yes, rapes happen all over. But Muslim migrants in Europe are committing them at a rate that is disproportionate to their numbers. Why? One reason may be because such treatment of infidel women is sanctioned in the Qur’an.

end

Trump (aka ’45’) Warns That the Fight in Gaza (HAMAS terrorists) is Coming to the United States, Thanks to Biden’s Open Border; Vigilant is 100% correct, jihadist islamists are ALREADY in US, Canada,

& those ‘sleeper cells’ WILL kill Americans, Canadians courtesy Biden, Obama, Trudeau’s OPEN-DOOR deadly policy; what are & were these morons, these INSANE leaders thinking? lighting our pyres!

DR. PAUL ALEXANDEROCT 25

READ IN APP

‘Donald Trump is warning that the fighting we’re seeing in Gaza is coming to the United States due to Joe Biden’s open border and the unprecedented number of illegal border crossers that have entered the country.

After the Hamas attacks on Israel earlier this month, millions of Americans suddenly wondered if an attack on the U.S. was coming next.

end

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END

EVOL NEWS

US Forces in Iraq, Syria Targeted 13 Times in Past WeekREAD MORE…

LATEST NEWS:

Vaxxed Heart Attack Deaths Hit ‘Highest Level Ever Recorded’Read more…Mark Meadows Granted Immunity in 2020 Election Case Against TrumpRead more…BREAKING: McCarthy Staging Comeback as GOP Speaker, Floats Jim Jordan as ‘Assistant Speaker’Read more…‘Shaft’ Star Richard Roundtree Dead at 81Read more…Queen Rania of Jordan accuses West of ‘glaring double standard’ as the death toll rises in besieged GazaRead more…New Audio Reveals Secret Service Agent’s Weird 911 Call for Help After Obama’s Chef DrownedRead more…Rep. Adam Schiff Claims: ‘Both Donald Trump and Rudy Giuliani Need to Be Worried’Read more…Pentagon Confirms U.S. Bases Have Been Attacked 13 Times * * by DanielRead more..

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES

McCarthy Staging Comeback as GOP Speaker, Floats Jim Jordan as ‘Assistant Speaker’Kevin McCarthy is staging a comeback, according to reports out of Capitol Hill.READ THE FULL REPORT

SLAY NEWS

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

“This All Makes The Crisis Much Larger, And More Probable, Than Markets Are Pricing For”

THURSDAY, OCT 26, 2023 – 11:45 AM

By Michael Every at Rabobank

Si vis bellum, para bellum (Harvey: if you want peace/prepare for war)

Middle East crisis remains top headline in the financial press. What else can the Financial Times do but prioritise that: ‘Israel ‘preparing ground invasion of Gaza’, says Netanyahu’. That’s the first of three key dominoes (Gaza, Hezbollah, Iran) I already argued lead to the wider regional war the market isn’t pricing for. Said risks are captured in FT headlines further down: ‘US moves to deter Iran ahead of Israel’s invasion of Gaza’, and ‘Biden warns China not to attack the Philippines’. We also have the Wall Street Journal saying ‘Hamas Fighters Trained in Iran Before Oct. 7 Attacks’, while the US source tries to calm things by saying they can’t prove Iran trained them for *this* particular attack. That all overshadows ‘Russia says it rehearsed ‘massive’ nuclear strike’, and Armenia saying it sees no advantage to having Russian military bases. At least the US House finally has a speaker, Mike Johnson, so funds can flow where they need to go.

Should the Middle East headlines alone transpire, we are looking at oil at over $150 a barrel, Europe’s TTF gas back at 2022 peak levels, and perhaps even the Suez Canal unusable. Yet markets aren’t pricing for this kind of geopolitics yet for some good reasons.

First, when it gets to nuclear tests, it’s so ‘WW3’ that it’s not worth worrying about. If we are all going to go, the logical thing to do until then is keep calm and carry on trading. But that doesn’t apply to the Middle East, which is linked to a nuclear issue, but isn’t one itself.

Second, most people in markets don’t understand geopolitics, and many in geopolitics don’t understand the Middle East. So, while they have to talk about it, their clients/the public, who also don’t know much, can settle for broad-brush terms like ‘risks’ or ‘tensions’ until the market moves.

Third, clients quite rightly ask me, “How likely is escalation really?” Just because something bad could happen, doesn’t mean it will. We could all get knocked down by a car or a bus on a given day, but we don’t live our lives expecting it to happen. The same is true in markets.

However, my reply since day one of this crisis remains the same: the likelihood of Middle East escalation is far higher than the market sees, in a direct echo of what we warned of a month before Russia invaded Ukraine in February 2022.

Indeed, one needs to look at the abilities and motivations of the key players, and ask: can they escalate, and do they want to? In 2022, for Russia the answers were yes and yes. In the Middle East today, the answers are again consistently yes and yes, or yes and very probably:

Israel can It sees this war as existential, so it will. As PM Netanyahu just stated: “Hamas members are dead men. Above ground, below ground, in Gaza and, outside Gaza.”
Hamas can It doesn’t want peace. It desires an escalation to inflame the region.
Hezbollah can It’s already fired a little, and a flood of embassy staff (even Saudi), foreigners rushing to leave, and airlines cancelling flights says it will when Israel goes into Gaza.
The US can It must if Hezbollah attacks Israel, reversing its earlier back-patting geopolitical equivalent of Bernanke’s “sub-prime is contained.”
Iran can escalate directly or via its proxies in Iraq, Yemen, Syria, and Lebanon. It has incentive to do so. In a region that prizes strength, the US looks weak: D.C. just eased oil sanctions on Iran-ally Venezuela to try to keep energy prices low ahead of the 2024 elections, and its current naval build-up means the Straits of Hormuz now have the Chinese PLAN as the preeminent maritime military force due to the arrival of a flotilla of six warships.
Egypt, Jordan, Saudi Arabia, and the UAE want to deescalate. Indeed, the Saudis shot down a cruise missile fired from Yemen aimed at Israel(!), and are open to restarting peace talks with Jerusalem once the war is over – if Israel wins (which, by the way, increases the odds that if a broader war starts, Saudi oil facilities will be hit). However, this group are geopolitical ‘price takers’, not ‘price setters’. They can mitigate how bad the crisis gets, and were they to ‘flip’ vs. Israel, they could make things infinitely worse, but they cannot prevent overall escalation.
Qatar look like they are deescalating, but may not be. Qatari diplomats are helping get more hostages held by Hamas released. Yet former Israeli PM Bennett has launched a tirade at his government, stating it is: “making a serious moral and practical error. Qatar is not ‘an essential partner in humanitarian and diplomatic operations’ – Qatar is the enemy itself. Qatar finances, aids, and strengthens the terrorist organisation Hamas-ISIS,” arguing Qatar would slowly release hostages in conjunction with Hamas to disrupt Israeli war planning.
Türkiye can escalate politically. They have incentive to do so given their hopes for a broader influence in the region and links to Hamas, whom they host. Indeed, President Erdogan just stated Hamas “is not a terror group”, but rather a “patriotic organization that defends its territory and people.” Naturally, he has cancelled a planned visit to Israel, ending all hopes of rebuilding Israel-Turkey ties for now.
Russia can escalate politically and economically, if not militarily. They have incentive to do so if it refocuses the US away from Ukraine, which it already is. What if they stopped diesel or fertiliser flows again just as a broader war began?
China can escalate politically, economically, and militarily – outside the region. While preferring stability, they may have incentive to do the former if it helps shift US focus away from Asia: note the Biden warning over the Philippines. (And Xi Jinping deciding to visit the “downsized PBOC” and SAFE, now subservient to the Party, for undisclosed reasons.)
Europe is a spectator, despite President Macron’s non-starter idea of a global coalition vs. Hamas. It suffers all the potential downsides, with almost no ability to influence the outcomes.

This all makes the current crisis potentially much larger, and more probable, than markets are pricing for. So, please ignore simplistic ‘geopolitical analysis’ of asset-price moves in past episodes of Israel-Hamas or Israel-Hezbollah conflict: it fails to hold if we see regional escalation. Equally, ignore assumptions we are just seeing si vis pacem, para bellum (if you want peace, prepare for war). Given the regional view the US may not fight an election-year war that cannot be won quickly, easily, or even at all, it is more likely to be si vis bellum, para bellum from its opponents. And even if a display of US strength can stop escalation, what happens when the US aircraft carriers leave the region?

So, while the market will refuse to shake until the Middle East does, don’t take that as any kind of prediction that the region won’t.

Oil up, US 10-year yields +13bp to 4.96%, the dollar soaring and JPY crumbling to a 33-year low past 150, is about the 12% m-o-m surge in US new home sales –due to high rates shutting down existing home sales– more than geopolitics. Imagine what we see if Middle East war spreads.

Meanwhile, back in si vis pacem in other parts of the world, the US announced it, Australia, and Japan will be increasing security cooperation, as Australia’s government signed a A$5bn deal to boost national cyber-security, and agreed to invest A$2bn in mining and processing critical ‘green’ minerals aimed at reducing Western reliance on China, and to move up the value chain in energy and manufacturing. Expect much more of this ahead.

Perhaps not the way Europe is though, where the WSJ claims ‘Controversial Chip in Huawei Phone Produced on ASML Machine’, and the SCMP: ‘EU includes companies linked to Beijing on board of Global Gateway, its alternative to China’s Belt and Road Initiative’. There’s a reason nobody talks about Pax Europa.

end

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

The idiot Biden will probably tighten the oil sanctions on Iran

(Kennedy/OilPrice.com)

The US Could Tighten The Oil Sanctions On Iran: RBC

THURSDAY, OCT 26, 2023 – 05:45 AM

By Charles Kennedy of Oilprice.com

The United States is likely to tighten the sanction enforcement on Iran’s crude oil exports over the Hamas-Israel war and the Iranian backing of Hamas, Helima Croft, the head of global commodity strategy at RBC Capital Markets, told CNBC on Wednesday.

“The Biden administration is desperate to contain this war, they clearly do not want it spilling beyond Gaza,” Croft told CNBC’s Dan Murphy on the sidelines of an investment forum in Saudi Arabia on Wednesday.

On Tuesday, U.S. President Joe Biden spoke with Saudi Arabia’s Crown Prince and Prime Minister, Mohamed bin Salman, and “discussed ongoing diplomatic and military efforts to deter state and non-state actors from widening the conflict between Israel and Hamas,” the White House said.

According to RBC’s Croft, “we just don’t know what the red lines are for a number of players in this conflict.”

Since the Hamas attack on Israel on October 7, the market has been wondering whether to price in an even tighter supply should the United States tighten the enforcement of the sanctions on Iran’s oil exports.

Oil supply from Iran, which has been rising in recent months to a 2018 high due to what appears to be weaker enforcement of the U.S. sanctions, could begin to shrink again, analysts say.

“The argument is, can you continue to allow Iran to keep the bank open for groups like Hamas? So, I think the Biden administration is going to have to tighten those sanctions,” RBC’s Croft told CNBC today.

The U.S. cannot take off the market 700,000 bpd of Iranian exports overnight, but “they could certainly do more on ship-to-ship transfers, they certainly can talk with Chinese refineries with access to U.S. capital markets,” she added.

Some stricter enforcement of the sanctions against Iran could be coming soon, because there is bipartisan Congressional pressure to “basically try to close the bank for groups like Hamas,” Croft concluded.

end

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

ARGENTINA VS ZIMBABWE

Argentina surpasses Zimbabwe with the highest interest rate

(zerohedge)

Argentina Tops Zimbabwe For World’s Highest Interest Rate

THURSDAY, OCT 26, 2023 – 02:45 AM

Zimbabwe has been unseated from its unenviable position of having the world’s highest interest rate by Argentina, after slashing borrowing costs to help boost economic growth.

Unlike Argentina, which raised borrowing costs by 15 percentage points to 133% on Oct. 12 to curb price inflation that’s running at 138%, government interventions in Zimbabwe have enabled it to cut rates.

Zimbabwe’s monetary policy committee cut the benchmark interest rate to 130% from 150%, which lags Argentina’s 133%.

Annual inflation in Zimbabwe slowed to 18.4% in September from 77% a month earlier after the statistics office revised its methodology to take into account the dominant role the US dollar plays in the economy.

The ZimDollar remains well off its record lows against the greenback (in the official data)…

Zimbabwe’s largest independent asset manager, Imara Asset Management, believe that the US dollar will remain the dominant currency in Zimbabwe even after the government’s December 2025 deadline to stop its use in the economy.

As Bloomberg notes, data from the national statistics agency showed 80% of all economic transactions in Zimbabwe are now done in the greenback, up from 75% earlier this year.

“We are making the bold assumption that the US dollar will remain in place for a good while yet,” wrote John Legat and Shelton Sibanda, the company’s chief executive officer and chief investment officer, wrote in a quarterly note to clients Thursday. “The loss of the use of the US dollar would be a disaster for the economy.”

Finally, we note that Imara also cast doubt on the gold-backed digital money, the so-called “ZiG” launched earlier this month. It said there is no proof that the ZiG is either backed by any physical gold or can be converted into gold and is largely a “project” of the central bank.

“Whether the ministry of finance also supports the concept is still relatively unknown,” the Harare-based brokerage said.

Meanwhile, across the ocean, with a presidential runoff election looming, Argentina is a shitshow with triple-digit inflation and a plummeting currency with the economy lurching into its sixth recession in a decade.

Establishment Economy Minister Sergio Massa will now face self-described anarcho-capitalist Javier Milei in a runoff on Nov. 19.

Massa hails from the moderate wing of the populist Peronist movement, which has dominated Argentine politics for four decades, promised a more-of-the-same unity government to stabilise the economy.

Milei is a first-term congressman who founded his La Libertad Avanza party in 2021, who is promising to dollarize the economy and shut down Argentina’s central bank.

Former Argentine presidential candidate Patricia Bullrich, who placed third in Sunday’s election, endorsed right-wing populist Javier Milei on Wednesday for next month’s runoff, a move that could rupture the country’s main center-right opposition coalition.

“In the case of Javier Milei, we have differences, and that’s why we competed. We don’t overlook them. However, we are faced with the dilemma of change or the continuation of a mafia-style governance for Argentina and putting an end to the shame of the present. We have the obligation not to remain neutral,” Bullrich told a news conference.

“The country needs a fundamental change,” Bullrich added, warning against a “continuation of the worst government in history.”

Amid the election cycle, the country is struggling to get back on track with a massive aid program from the International Monetary Fund that’s faced several setbacks in the past year.

The informal dollar (blue dolar) has collapsed to worse than 1100/USD…

In the battle of the biggest losers, Argentina (who play England in the Bronze match of the Rugby World Cup on Friday) has taken over from Zimbabwe, the world’s worst currency-manager.

END

end

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

EURO VS USA DOLLAR: 1.0533 DOWN 0.0033

USA/ YEN 150.38 UP .283 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2084 DOWN 0.0018

USA/CAN DOLLAR: 1.3814 UP .0012 (CDN DOLLAR DOWN 12 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 14.19 PTS OR 0.48%

Hang Seng CLOSED DOWN 40.72 PTS OR 0.24%

AUSTRALIA CLOSED DOWN 0.64% // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG DOWN 40.72 PTS OR 0.24%

/SHANGHAI CLOSED UP 14.19 PTS OR 0.48%

AUSTRALIA BOURSE CLOSED DOWN 0.64%

(Nikkei (Japan) CLOSED DOWN 668.14 PTS OR 2.14%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1984.10

silver:$22.91

USA dollar index early THURSDAY morning: 106.67 UP 31 BASIS POINTS FROM WEDNESDAY’s CLOSE.

THURSDAY MORNING NUMBERS ENDS

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And now your closing THURSDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.538% DOWN 5 in basis point(s) yield

JAPANESE BOND YIELD: +0.876% UP 2 AND 1//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.941 DOWN 5 in basis points yield

ITALIAN 10 YR BOND YIELD 4.838 DOWN 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.8400 DOWN 3 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.0541 DOWN 0.0025 or 25 basis points

USA/Japan: 150.33 UP 0.241 OR YEN DOWN 24 basis points/

Great Britain/USA 1.2125 DOWN 0.0023 OR 23 BASIS POINTS //

Canadian dollar DOWN .0016 OR 16 BASIS pts to 1.3818

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The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.3158

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.3276)

TURKISH LIRA: 28.17 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.876…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 5 in basis points from TUESDAY at 4.904% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 5.053 DOWN 4 in basis points ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 5.060 DOWN 6 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 59.77 POINTS or 0.81%

German Dax : CLOSED DOWN 161.13 PTS OR 1.08%

Paris CAC CLOSED DOWN 26.11 PTS OR 0.38%

Spain IBEX DOWN 22.00 PTS OR 0.24%

Italian MIB: CLOSED UP 79.30 PTS OR 0.29%

WTI Oil price 84.12 12: EST

Brent Oil: 88.91 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 93.62; ROUBLE DOWN 0 AND 40//100

GERMAN 10 YR BOND YIELD; +2.8400 DOWN 3 BASIS PTS

UK 10 YR YIELD: 4.6345 UP 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0560 DOWN 0.0016 OR 16 BASIS POINTS

British Pound: 1.2121 UP .0019 or 19 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.6315% DOWN 3 BASIS PTS//

JAPAN 10 YR YIELD: .873%

USA dollar vs Japanese Yen: 150.37 UP 0.274 //YEN DOWN 27 BASIS PTS//

USA dollar vs Canadian dollar: 1.3830 UP .28 CDN dollar DOWN 28 basis pts)

West Texas intermediate oil: 83.30

Brent OIL: 87.98

USA 10 yr bond yield DOWN 11 BASIS pts to 4.848%

USA 30 yr bond yield DOWN 10 BASIS PTS to 4.988%

USA 2 YR BOND: DOWN 8 PTS AT 5.042 %

USA dollar index: 106.49 UP 14 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 28.17 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 93.96 DOWN 0 AND 63/100 roubles

GOLD 1983.95

SILVER: 22.74

DOW JONES INDUSTRIAL AVERAGE: DOWN 251.63 PTS OR 0.76%

NASDAQ DOWN 272.09 PTS OR 1.89%

VOLATILITY INDEX: 20.77 UP 0.58 PTS (2.87)%

GLD: $184.01 UP 0.28 OR 0.16%

SLV/ $20.85 DOWN .09 OR 0.43%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM

‘Better’ Data Sparks Big Bond Bid; Batters Mag-7 Stocks To Trillion-Dollar Tumble

BY TYLER DURDEN

THURSDAY, OCT 26, 2023 – 04:00 PM

An avalanche of macro data this morning presented a positive blend of updates across growth (better), inflation (lower), and labor markets (looser/worse).

Economic Growth: Real GDP rose 4.9% in 3Q (consensus 4.5%) driven by strong demand across consumer and federal/state government, and inventories. However, a major contribution from inventories could in turn weigh significantly on growth in 4Q
Manufacturing: Orders for Durable and core capital goods also grew by more than expected… thanks to a massive surge in non-defense aircraft orders (so don’t expect it to last).
Housing: Pending home sales rose 1.1% month over month in September, above expectations for a decline… but brace for October to be a bloodbath as mortgage rates re-accelerated.
Inflation: Core PCE prices component of the GDP report rose less than expected.
Labor: Initial and continuing jobless claims both increased by more than expected — a positive for markets which are focused on labor market re-balancing (i.e., could benefit from less wage inflation).

The ECB followed The Fed with a ‘pause’ (as expected), but for now, the monetary policy transmission route of tightening US financial conditions are NOT reaching the economy…

Source: Bloomberg

All of that sent bond yields flying lower (down 8-11bps across the curve)…

Source: Bloomberg

…along with big-tech – which has pushed the Magnificent 7 stocks to a total market cap loss of around $1 trillion in the last two weeks…

Source: Bloomberg

Also, Nasdaq down, yields down…

Source: Bloomberg

…haven’t seen that much recently.

A volatile day in equity-index land today (just look at the scale of those swings) but Nasdaq was always the biggest loser (thanks to GOOGL – and MSFT!) and Small Caps were the prettiest horse in the glue factory (managing to hold on to modest gains on the day)…

The constant ebb and flow of short-squeeze attempts was there of course…but failed to help today…

Source: Bloomberg

VIX spiked up to just shy of a 22 handle today.

Cyclicals have been dominated by Defensives this month and today saw the performance gap widen…

Source: Bloomberg

The Nasdaq Composite joined the rest of the majors below its 200DMA today… (Nasdaq 100 still barely above its 200DMA)…

2Y tumbled after weaker than expected core PCE, back near 5.00% at two-week lows

Source: Bloomberg

30Y broke below 5.00%

Source: Bloomberg

The yield curve (2s30s) un-inverted again intraday (twice), but was unable to hold it…

Source: Bloomberg

Gold was flat on the day, having tested above $2000 (futs) overnight…

Oil dumped back yesterday’s gains today with WTI testing down to a $82 handle (and still holding just above pre-Israel-attack levels…

Finally, is the AI exuberance about to be annihilated?

Source: Bloomberg

As goes NVDA, so goes the entire world?

EARLY MORNING TRADING/

GDP NUMBERS TOTALLY GARBAGE

Stocks & Bonds Rip, Dollar Dips After Anti-Stagflationary GDP Data

THURSDAY, OCT 26, 2023 – 09:21 AM

Q3 is signaling the opposite of stagflation with stronger than expected GDP growth and weaker than expected core PCE (durable goods orders were hot and continuing claims worse than expected) and that has pushed rate-change expectations lower (dovish)…

Source: Bloomberg

Treasury yields all fell on the print (down around 5bps or so)….

Source: Bloomberg

The dollar dropped back to unchanged on the day after the ‘dovish’ core PCE…

Source: Bloomberg

Gold is lower…

Source: Bloomberg

…and oil is up (demand)…

Source: Bloomberg

And stocks are higher… for now… with The Dow and Small Cap back in the green while S&P and Nasdaq remain red…

Can it hold until the close?

Judging by analysts’ calls post-GDP, we suspect… no.

The market is discounting the third-quarter number and is focusing on the latest central bank decisions, and what it might mean for what the Fed does next week, Lindsey Piegza, chief economist for Stifel Financial Corp., told Bloomberg Television.

Goldman strategist Lindsay Rosners said that:

“…while this number is unsurprising, our expectations are for slower GDP going forward as positive contributions from volatile net exports and inventories are unlikely to be repeated…

While this one number makes the Fed weary of cutting rates, it does not move the needle for the November FOMC meeting which is certainly a skip. Higher and hold, yes. Higher and hiking, no.”

Rubeela Farooqi, Chief US economist at High Frequency Economics:

“We continue to forecast ongoing expansion in activity but expect the pace to slow quite significantly in the fourth quarter, as household spending slows, not only on payback for an unusually strong third quarter but also from the cumulative effects of rate hikes and tighter borrowing conditions, which should have a more material effect on both consumers and businesses going forward.”

Sell-the-kneejerk-higher-on-the-news?

TUCKER CARLSON

II USA DATA

Nominal number not inflation adjusted

US Durable Goods Orders Soared In September By Most In Over 3 Years

THURSDAY, OCT 26, 2023 – 08:50 AM

After two straight months of declines, preliminary durables goods orders for September soared 4.7% MoM (far higher than the 1.8% expected), liftinbg orders by 6.0% YoY…

Source: Bloomberg

That is the biggest MoM jump since July 2020.

Orders ex-transports rose just 0.5% MoM and ex-defense soared 5.8% MoM.

Defense spending tumbled 14.4% MoM but non-defense aircraft spending soared 92.5% MoM…

Source: Bloomberg

Finally, as a reminder, this data is all nominal – i.e not adjusted for inflation

end

Continuing Jobless Claims Jump To Highest Since May

THURSDAY, OCT 26, 2023 – 08:37 AM

The number of Americans filing for jobless benefits for the first time rose from 200k last week to 210k (slightly above expectations), but still remains at or near record lows…

Source: Bloomberg

It appears the “Ohio Fraud” adjustment is complete…

Source: Bloomberg

With Oregon and New York seeing the biggest increase in claims and Tennessee and Michigan seeing the largest decline in jobless claims…

Continuing Claims. however, rose for the 4th straight week to its highest since May at 1.79mm (above 1.7 mm for 3 straight weeks)…

Source: Bloomberg

And it’s going to get worse, as Goldman reminds us that ongoing seasonal distortions have increasingly weighed on the level of continuing claims over the last six months, and we now expect that the reversal of those distortions could exert a cumulative boost of 375k to the level of continuing claims between now and March.

We’re gonna need more seasonal adjustments.

end

Pending Home Sales Unexpectedly Rise Off Record Lows In September, But…

THURSDAY, OCT 26, 2023 – 10:09 AM

After puking 7.1% MoM last month, pending home sales were expected to continue their decline (down 2.0% MoM) in September, following existing home sales weakness (and ignoring new home sales surprising surge).

However, pending home sales rose 1.1% MoM (best since Jan 2023), pushing sales up to -13.1% YoY (the smallest decline since May 2022)…

Source: Bloomberg

The Pending Home Sales Index bounced off record low…

Source: Bloomberg

The South, Midwest and Northeast posted increases in September pending home sales. Contract signings in the West, meantime, fell to a fresh record low.

“Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years,” Lawrence Yun, NAR’s chief economist, said in a statement.

“Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated.”

The unexpected jump could be related to mortgage rates stabilizing in September… but don’t expect this to continue in October…

Source: Bloomberg

The pending-home sales report is a leading indicator of existing-home sales given houses typically go under contract a month or two before they’re sold.

How long with Powell and his pals be able to keep this ‘higher for longer’ stress up as Americans’ largest source of wealth evaporates?

end

U.S. trade deficit in goods widens 1.3%, modest drag for GDP growth in third quarter

Oct. 26, 2023 at 9:14 a.m. ET

MarketWatch

Trade activity is faltering as growth ‘is limping along’

The numbers: The U.S. trade deficit in goods widened 1.3% to $85.8 billion in September, according to the Commerce Department’s advanced estimate released Thursday.

Economists polled by Econoday were looking for the deficit to rise to $85.4 billion deficit.

An advanced estimate of wholesale inventories, meanwhile, showed no change in September. Retail inventories climbed 0.9% in the month, according to an early estimate.

Key details: The widening of the deficit in September meant that the trade sector was neutral for U.S. GDP in the third quarter.

In September, imports rose 2.4% to $259.8 billion. Exports rose 2.9% to $174.0 billion.

GDP has been trending lower after hitting $125.3 billion in March 2022. The outlook for global trade is weakening and the trend is expected to continue into 2024.

The IMF said in its latest report on the health of the global economy that global growth “is limping along, not sprinting.” World trade growth is expected to decline to 0.9% this year from 5.1% in 2022.

What are they saying: “When accounting for price changes net trade is estimated to have been a slight 0.1 percentage point drag on Q3 GDP growth,” said Matthew Martin, U.S. economist at Oxford Economics.

III) USA ECONOMIC STORIES

Michael Snyder on the state of affairs inside the uSA

(Michael Snyder)

The Toxic Brew That Is Going To Create Endless Chaos In The Streets Of America

WEDNESDAY, OCT 25, 2023 – 04:20 PM

Authored by Michael Snyder via TheMostImportantNews.com,

Really bad policies lead to really bad consequences, and our leaders have been making absolutely disastrous decisions for decades.

As a result, the streets of America are now teeming with thieves, drug addicts, prostitutes, violent criminals and sexual predators. We have raised an entire generation of young Americans that has no moral foundation whatsoever, and every day we are adding even more immigrants from third world countries to the mix. Many of those immigrants have no intention of following our laws, and they are fueling the explosive growth of criminal gangs all over the nation. On top of everything else, the war in the Middle East threatens to spark an unprecedented wave of domestic terror attacks here in the United States. Millions of radical Muslims now live in this country, and when the time comes many of them will not hesitate to commit acts of violence.

I have been writing about the social decay in our major cities for many years, but in all that time I have never come across a story quite like this one…

We all know that San Francisco has a terrible, awful, horrible, homeless problem with homeless people sleeping everywhere. One homeless man set up camp across from a Catholic grade school. It would have been a curiosity except for the signs he hung outside of his tent.

“Free fentanyl 4 new users” and “Meth for stolen items.”

Joseph Adam Moore served six years for unlawful sex with a 12-year-old girl and was accused of having sex with a 15-year-old girl just a month after getting out of prison. But his probation deal did not include staying away from schools. So he camped directly across from Stella Maris Academy and began to host parties of stoners — much to the neighborhood’s dismay.

This young man checks almost all of the boxes.

He is a convicted felon, he is a drug addict, and he is a sexual predator.

And there are countless others just like him all over the country.

For example, the other day parents attacked a naked man inside a JCPenney store near Seattle after that naked man “attempted to inappropriately touch their children”…

A shocking video shows a naked man being attacked by parents at a JCPenney store near Seattle after he allegedly attempted to inappropriately touch their children.

The person recording the clip explains that they’re on the first floor of the kids’ department of the location, as the man is attempting to evade people chasing him wearing nothing but socks.

‘He’s like, holding the kid,’ the recorder claims, suggesting that the unidentified man was trying to touch two kids that he had with him in the store.

Good for those parents.

If I had been there, I would have gone after him too.

Unfortunately, our entire society is now descending into an abyss of sexual degradation.

Thanks to a new law that was recently signed by California Governor Gavin Newsom, the city of Los Angeles has essentially been transformed into a giant brothel at this point…

Emboldened by new California laws that make it nearly impossible for cops to bust prostitutes, sex workers in Los Angeles’ red light district stalk for business wearing no more than thongs, G-strings and high heels in broad daylight.

A 40-block area of Figueroa Boulevard in South LA sees hundreds of prostitutes, some barely out of their teens, plying their trade since Gov. Gavin Newsom passed the controversial Safer Streets for All Act, which decriminalized loitering with the intent to work as a prostitute in January.

“Before, this type of activity only happened at night where most citizens wouldn’t see it, but now it’s 24/7,” one source told The Post.

Needless to say, the enormous tsunami of migration that we have been experiencing during the Biden administration has greatly contributed to our social problems.

According to brand new numbers that have just been released, the number of migrants that our border patrol officers encountered during the month of September set a brand new all-time record high for a single month…

United States Customs and Border Protection reported the final month of southwest border encounters for fiscal year 2023, revealing yet another record-setting month and year under the Biden administration.

Official numbers totaled 269,735 encounters for September 2023, a new monthly record, which sets fiscal year 2023 at a record-setting 2,475,669.

The yearly total eclipses 2022’s record encounters by nearly 100,000, marking yet another terrible year for President Biden’s border control.

How many others were able to enter this country successfully without being encountered by border patrol officers at all?

Protecting our borders is one of the very few things that the federal government is actually required to do, and under the leadership of Joe Biden the federal government is failing at that task spectacularly.

And now we are being warned that members of Hamas and Hezbollah may try to come over our southern border…

The San Diego Field Office Intelligence Division of Customs and Border Protection (CBP) has warned in a memo that members of terrorist groups — namely Hamas, Hezbollah, and Palestinian Islamic Jihad (PIJ) — could be encountered at the porous southern border. The warning comes weeks after the Palestinian terrorist group Hamas attacked Israel, murdering 1,400 individuals and taking many more hostage on October 7.

The Daily Caller News Foundation first obtained and shared the October 20 memo, which warned that “individuals inspired by, or reacting to, the current Israel-Hamas conflict may attempt to travel to or from the area of hostilities in the Middle East via circuitous transit across the Southwest border.”

I have a message for whoever wrote that memo.

Hezbollah is already here.

In fact, Hezbollah has been very active in North America for a long time.

Of course those that have ties to Hezbollah are just a small subset of the rapidly growing population of radical Muslims in this country.

And now that war has erupted in the Middle East, many of those radical Muslims are protesting in the streets.

On Sunday, a pro-Hamas mob took over an entire section of the city of Minneapolis…

A pro-Palestine mob on Sunday took over a street in Minneapolis, swarmed an elderly driver, chased after him, and harassed him.

The mob blocked traffic for several hours on Hennepin Avenue near the Walker Art Center, according to Crime Watch Minneapolis.

The militants surrounded an elderly man in a white sedan, beat on his car, and chased him down.

Once upon a time, Minneapolis was such a nice city.

But now those days are long gone.

Eventually, the radical Muslims may completely take over Minneapolis just like they have done in Dearborn, Michigan.

For a long time, I have been warning my readers that our immigration policies will lead to complete and utter madness in the streets of America.

Once the war in the Middle East really gets going, we are going to see things happen in this nation that many people thought that they would never see in their entire lifetimes.

But things didn’t have to turn out this way.

If we would have protected our borders and would have implemented common sense immigration policies, much of the coming chaos in our streets could have been prevented.
END

Basically health care costs which are soaring and are a large component of CPI. Yet the CPI shows them falling. Thus as always, their numbers are BS

(Mish Shedlock)

Health Care Costs Are Soaring, So Why Does the CPI Show Falling

THURSDAY, OCT 26, 2023 – 07:35 AM

By Mike Shedlock of Mishtalk

Let’s compare what the BLS says to an annual survey from KFF, a healthcare research nonprofit organization.

A family’s health insurance costs nearly $24,000 this year after the biggest increase in more than a decade.

The Wall Street Journal reports Health Inflation’s Big Hike This Year, in Charts

The cost of employer health insurance rose this year at the fastest clip since 2011, according to an annual survey from KFF, a healthcare research nonprofit. The 7% jump in the cost of a family plan brought the average tab to nearly $24,000—more than the price for some small cars.

Workers’ average payment of $6,575 for those plans was nearly $500 more than last year.

Inflation Has Hit Health-Insurance Costs

Inflation in the economy spiked in 2022. It hit health coverage this year because hospitals tend to renegotiate fees with insurers only every few years, so the increases they sought to cover their own costs are now in turn affecting premiums.

Employers and workers may see similar boosts in 2024, according to benefits consultants.

The KFF Employer Health Benefits Survey was conducted between January and July 2023. It included 2,133 employers that responded to the full survey.

Average Annual Change

I looked at those charts and said Whoa!

I track the CPI every month and medical care services is one of the things I follow.

A BLS Fact Sheet explains Measuring Price Change in the CPI: Medical Care, emphasis by the BLS.

The medical care index is one of eight major groups in the Consumer Price Index (CPI) and is divided into two main components: medical care services and medical care commodities, each containing several item categories. Medical care services, the larger component in terms of weight in the CPI, is organized into three categories: professional services, hospital and related services, and health insurance. Medical care commodities, the other major component, includes medicinal drugs and medical equipment and supplies.

CPI Year-Over-Year Percent Change Medical Care

I have been watching that chart in disbelief ever since medical care services went negative in May of 2023.

I did not comment because I had no hard data.

Seeing that KFF chart, I immediately knew what’s going on. The explanation is below. See if you can figure it out while I go over the numbers.

Medical Care Services Year-Over Year

May: -0.1%
June: -0.8%
July: -1.5%
August: -2.1%
September -2.6%

Medical care services consists of Professional Services, Hospital Services, and Insurance.

CPI Weights for 2022

Medical Care Commodities: 18% of Medical Care
Medical Care Services: 82% of Medical Care
Professional Services: 45% of Medical Care
Hospital Services: 28% of Medical Care
Insurance: 9% of Medical Care

What’s Going On?

The relative importance of medical care only includes out-of-pocket expenditures, its share in the CPI is smaller than its share of gross domestic product (GDP) and other national accounts measures. GDP includes reimbursements that are fully paid for by public sources and employers, increasing medical care’s share of GDP.
Employer paid portions of insurance premiums and fully tax-funded medical care (such as Medicare Part A and Medicaid) are not considered out-of-pocket, and therefore not used in weighting the indexes.
Even though insurance premiums are an important part of consumers’ medical spending, the CPI does not directly price health insurance policies. In a direct approach, we would track the movement of insurance premiums, holding constant the quality of insurance, and use these price relatives to build the Health Insurance index. However, the CPI has been unable to consistently control for changes in quality such as policy benefits and risk factors. Price change between health plans of varying quality cannot be compared, and any quality adjustment methods to facilitate price comparison would be difficult and subjective. As a result, we developed an indirect approach called the retained earnings method.

The items above are direct quotes from the BLS medical fact sheet, emphasis mine.

I was aware of those points for a long time but could not come up with better numbers until I saw the chart from KFF.

Brief Synopsis of What’s Going On

Costs paid by Medicare and Medicaid do not factor into the calculation.
Costs paid by your employer do not factor into the calculation.
Quality of care does not factor into the calculation.
Insurance is imputed.
Aging demographics means an increasing number of people are on Medicare, Medicaid, and disability. As a result of demographics alone there are negative pressures on the CPI medical care care services index.

This is how the cost of hospital care is up 4.7 percent year-over-year (undoubtedly understated by a mile) while the overall category of Health Care Services is allegedly down 2.6 percent from a year ago.

The same synopsis applies to medical care commodities as well. These undercalculations are no small matter, dampening the reported CPI at a demographically increasing rate.

Even Shorter Synopsis of What’s Going On

It’s total BS from the almost appropriately named BLS.

END

AGAIN!!

At Least 18 Dead In Multiple Mass Shootings In Maine Town; Suspect Identified, Still At Large

WEDNESDAY, OCT 25, 2023 – 08:51 PM

Authorities in Maine are investigating three mass casualty events and a single suspect remains at large, the Androscoggin County Sheriff’s Office said in a post on Facebook.

“We are encouraging all businesses to lock down and or close while we investigate,” the sheriff’s office said.

As The Sun Journal reports, police, fire and rescue personnel descended on Sparetime Recreation on Mollison Way about 7:15 p.m. after a report of an active shooter.

Shortly after, reports came in that there was another shooting at Schemengees Bar & Grille Restaurant on Lincoln Street.

Lewiston public information officer Derrick St. Laurent told the Sun Journal at about 8:15 p.m. that another shooting was reported at the Walmart Distribution Center on Alfred A Plourde Parkway.

CNN reports that at least 22 people are dead, according to Lewiston City Councilor Robert McCarthy, and dozens more are injured in the incidents, though it’s unclear how many are injured due to gunfire.

The Sheriff’s office released this image of the alleged suspect….

The Maine State Police have named Robert Card as a person of interest. A trained firearms instructor and army reservist who has recently been released from a mental health facility…

Maine State Police also said they are responding to an active shooter situation in Lewiston in a post on Facebook.

“Please stay inside your home with the doors locked,” state police said.

“If you see any suspicious activity or individuals please call 911.”

In a statement, the FBI said its Boston division is coordinating with law enforcement partners in Maine and stands “ready to assist with any available resources,” and urged the public to remain vigilant.

Maine Gov. Janet Mills said Wednesday night she has been briefed on the situation.

“I urge all people in the area to follow the direction of State and local enforcement. I will to continue to monitor the situation and remain in close contact with public safety officials,” the governor said on Facebook.

end

UPDATE

Maine Gov. Confirms 18 Killed, 13 More Injured In Mass Shootings Overnight, Suspect Still At Large

THURSDAY, OCT 26, 2023 – 11:40 AM

Update: (1145ET): Maine Gov. Janet Mills said at a press conference that 18 people were killed and 13 people were injured in last night’s attacks.

“This is a dark day for Maine,” Mills said.

Earlier, a federal law-enforcement official said a shooter killed at least 22 people.

The Wall Street Journal reports that Maine State Police worked through the night alongside local officers and the Federal Bureau of Investigation to find Robert Card, 40 years old, who was their sole person of interest in the shootings.

“Card is considered armed and dangerous,” said Mike Sauschuck, Maine’s public-safety commissioner.

“We’re gonna not stop until we locate him,” Lisbon police chief, Ryan McGee, told a local TV station as the manhunt continued early Thursday.

Of course, it did not take long for President Biden to demand gun reform:

“Today, in the wake of yet another tragedy, I urge Republican lawmakers in Congress to fulfill their duty to protect the American people,” he wrote.

“Work with us to pass a bill banning assault weapons and high-capacity magazines, to enact universal background checks, to require safe storage of guns, and end immunity from liability for gun manufacturers.”

However, as The Hill reports, GOP presidential candidate Vivek Ramaswamy said the mass shooting in Maine illustrates why communities should revive mental health institutions and involuntary commitments for those who need help, alluding to the shooting suspect.

“We pray for the Maine shooting victims, their families, and for the brave law enforcement members who are working to bring this deeply sick individual to justice,” Ramaswamy posted on X.

“We must remove these violent, psychiatrically deranged people from their communities and be willing to involuntarily commit them.”

He said this includes reviving mental health institutions and less reliance on pharmaceuticals.

“We know from the 1990s how to stop violent crime,” he added.

“The real question is if we have the spine to do it.”

The answer, sadly, Vivek is… no.

END

Special thanks to G for sending this to us;

USA DEBT

at this rate US debt will be at $41trn in one year!!! what do you think will happen to the dollar? Biden is spending money like it is going out of fashion! he is ruining the USA! treason!!

A screenshot of a graph

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UAW/FORD

UAW reaches deal with Ford but this will force car prices so high that many cannot afford

(zerohedge)

UAW, Ford Reach Tentative Agreement To End Six-Week Auto Strike

THURSDAY, OCT 26, 2023 – 07:30 AM

Update:

The United Automobile Workers and Ford Motor Company reached a tentative agreement on a new four-year labor contract on Wednesday night. This comes six weeks after UAW initiated strikes targeting Detroit’s Big Three automakers.

UAW provided details about the “record contract” with Ford:

The agreement grants 25% in base wage increases through April 2028, and will cumulatively raise the top wage by over 30% to more than $40 an hour, and raise the starting wage by 68%, to over $28 an hour.

The lowest-paid workers at Ford will see a raise of more than 150% over the life of the agreement, with some workers receiving an immediate 85% increase immediately upon ratification.

The agreement reinstates major benefits lost during the Great Recession, including Cost-of-Living Allowances and a three-year Wage Progression, as well as killing divisive wage tiers in the union. It improves retirement for current retirees, those workers with pensions, and those who have 401(k) plans. It also includes a historic right to strike over plant closures, a first for the union.

“We won things nobody thought was possible,” said UAW boss Shawn Fain Wednesday night in a video posted on X.

Fain continued, “Since the strike began, Ford put 50% more on the table.”

The labor agreement is subjected to an Oct. 29 vote with UAW leadership. Then, it must be ratified by Ford’s 57,000 US hourly workers.

Ford issued a brief statement that said, “We are pleased to have reached a tentative agreement on a new labor contract with the UAW covering our US operations.”

As far as labor costs for Ford, Bloomberg Intelligence revealed:

“Ford’s tentative labor agreement with the UAW may increase its costs by more than $900 million in its first year, based on an 11% raise in year one, putting additional pressure on the company’s efforts to enhance its mediocre profitability.”

Those costs will be passed down to the consumer…

“This agreement sets us on a new path to set things right at Ford, at the Big Three and across the auto industry,” Fain said.

UAW continues negotiating with General Motors and Stellantis.

* * *

One week after United Auto Workers boss Shaw Fain targeted Ford Motor Company’s largest and most profitable plant in Kentucky, sources tell AP News that the union appears to be inching closer to a tentative contract agreement with the automaker that could end the six-week strike.

Two people familiar with discussions said UAW made a counter-offer to Ford of a 25% general wage increase over the new four-year contract. They said Tuesday talks between the union and automaker extended well into Wednesday morning. Ford has previously offered UAW a 23% pay hike.

They added that Ford would include cost-of-living pay adjustments that could send pay increases above 30%, and workers would receive annual profit-sharing checks.

It’s still possible that contract talks could sour, and UAW boss Fain could hit Ford with a ‘surprise‘ labor action, sort of like what happened last week when Ford’s Louisville plant, which makes Ford Super Duty pickups, the Ford Expedition, and the Lincoln Navigator SUVs, was hit with an 8,700-member UAW strike.

The progress with Ford comes a day after the UAW hit General Motors’ largest and most profitable SUV plant in Arlington, Virginia, with a 5,000-member strike on Tuesday. Sources say there has been some progress in labor talks with GM.

As of Wednesday, 46,000 UAW workers are striking across all three automakers, or about 32% of the union’s 146,000 members.

“I think that Shawn Fain struck these plants at this particular time over the past week because he thought they would be near a deal and this would be the extra nudge to get something cemented,” Marick Masters, a business professor at Wayne State University in Detroit, told AP.

Masters continued, “When you look at the movement and the concessions, they’re getting smaller but moving closer to what the union wanted.”

During GM’s earnings report on Tuesday, CFO Paul Jacobson said, “We can’t get ourselves in a situation of signing a deal that we can’t afford to pay or that doesn’t allow us to compete in the global marketplace.”

And this.

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Sawyer Merritt

@SawyerMerritt

NEWS: Ford is increasing the price of the F-150 Lightning for the 2024 model year by up to $9,600. Trims: • Pro: $52,090 ($2,095 increase) • XLT: $59,590 ($2,500 increase) • Flash: $72,090 (new trim for 2024) • Lariat: $79,590 ($9,595 increase) • Platinum: No 2024 pricing yet

END

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON

end

USA// COVID//VACCINE/

end

SWAMP STORIES

Prosecutor Livid After FBI Refused To Pursue ‘Credible’ Biden-Ukraine Corruption Allegations, Grassley Reveals 40 Informants

THURSDAY, OCT 26, 2023 – 11:25 AM

While January 6th protesters languish in prison for participating in a fed-filled march on the Capitol, the Biden family sits pretty atop their ivory tower as the FBI covers for their multitude of obvious crimes.

In two bombshell reports from Just the News, we learn that not only was a prosecutor livid over the FBI’s “reluctance” to pursue credible claims of corrupt Biden dealings in Ukraine (the thing Democrats impeached Trump for asking about), the agency had evidence from more than 40 informants spanning ‘years of investigation,’ which DOJ and FBI officials sought to undermine, Sen. Chuck Grassley (R-IA) revealed in a Wednesday letter.

First, the prosecutor.

Former Pittsburgh U.S. Attorney Scott Brady revealed to the House Judiciary Committee that his team found enough credible evidence in its initial review of Hunter Biden’s dealings with the Ukrainian energy company Burisma Holdings and possible corruption by Joe Biden to refer criminal matters to three separate U.S. Attorney’s offices in Brooklyn, Manhattan and Delaware for further investigation.

But almost immediately after he was assigned by the Justice Department in 2020 to review Biden family matters in Ukraine, Brady said he encountered resistance at both the FBI and the Delaware U.S. Attorney’s office that at times required him to escalate to his bosses in the deputy attorney general’s office. –Just the News

“It was a challenging working relationship,” Brady said of the agency in testimony earlier this week. “I think there was reluctance on the part of the FBI to really do any tasking related to our assignment from DAG Rosen and looking into allegations of Ukrainian corruption broadly and then specifically anything that intersected with Hunter Biden and his role in Burisma. It was very challenging.”

“I would have thought that would be something, especially as has been publicly reported, there’s information relating to Hunter Biden’s activities on the board of Burisma in Ukraine, that might have been helpful in our assessment of the information that we were receiving about him. I would have expected that be shared,” Brady continued, adding that he encountered similar resistance trying to hand off evidence to David Weiss and his deputy Lesley Wolf in the fall of 2020.

“Speaking generally, from a process perspective, I think there was both a skepticism of the information that we were developing, that we had received, and skepticism and then weariness of that information,” Brady said of Weiss’s office. “I think they were very concerned about any information sharing with our office.

“It became problematic at different points, which required Mr. Weiss and me to get involved and level set, as it were, but it was regularly a challenge to interact with the investigative team from Delaware,” he continued.

Second, the 40 informants.

In a Tuesday letter, Sen. Chuck Grassley (R-IA) revealed that the FBI had more than 40 informants on the Biden family over an extended period of time, but that most avenues of investigation were thwarted.

“This letter is based on years of investigation, including the provision of information, records, and allegations from multiple Justice Department whistleblowers that indicate there is – and has been – an effort among certain Justice Department and FBI officials to improperly delay and stop full and complete investigative activity into the Biden family, including but not limited to FD-1023s referencing the Biden family,” wrote Grassley.

“This alleged political infection breaks faith with the American people, and it will ruin our governmental institutions should it continue. As just one initial example,” he continued, “I’ve been made aware that at one point in time the FBI maintained over 40 Confidential Human Sources that provided criminal information relating to Joe Biden, James Biden, and Hunter Biden.”

Grassley says Americans need to know: “Did the FBI investigate the information or shut it down?”

end

Watch: Senator Accuses Biden Admin Of “Facilitating The Largest Child Trafficking Ring In American History”

THURSDAY, OCT 26, 2023 – 03:45 PM

Authored by Steve Watson via Summit News,

During a hearing Wednesday, Republican Senator Josh Hawley exposed how Biden Administration officials have no idea what is happening to masses of Unaccompanied Alien Children (UACs) after they are released into the country.

Hawley grilled Office of Refugee Resettlement Director Robin Dunn Marcos, noting that trafficking of migrant children has skyrocketed under Biden.

The New York Times recently reported that the Department of Health and Human Services has completely lost content with at least 85,000 UACs since they were released to adult sponsors.

https://summit.news/2023/04/30/modern-day-slave-traders-hawley-demands-probe-into-85000-lost-migrant-children/embed/

“How many kids, right now, of the 430,000 approximately unaccompanied children who have crossed the border under this administration — it’s an astounding number — how many are you in regular contact with right now?” Hawley asked the official.

After attempting to skirt around the answer, Marcos said “I don’t have the specific number.”

“How can you not know? Why would you come to this hearing and not know?” an astounded Hawley replied.

The Senator continued, “Respectfully, I would like you to do your job and not release children to human traffickers. Respectfully, that’s what I would like. I would like you to not facilitate the largest child trafficking ring in American history.”

Marcos also could not give any details of how many background checks are carried out on adult sponsors.

“Do you do home visits in these cases where you can actually see where these children are being released, whose care you’re putting them in?” Hawley asked, to which Dunn Marcos responded, “We do not do home visits in all cases.”

“Do you really think that you are helping these children by releasing them to labor traffickers and yes, sex traffickers?” Hawley further noted, adding “85,000 children whom you have no contact with and your answer is—we gave them a presentation before we turned them over to these people who are exploiting them on a scale not seen in this country for 100 years.”

Watch the full exchange:

Hawley previously slammed DHS head Mayorkas for overseeing child slavery inside the U.S.:

https://summit.news/2023/06/15/video-senator-hawley-blasts-dhs-head-for-allowing-child-slavery/embed/

The rest of Wednesday’s hearing exposed how Biden officials seem to be totally clueless about what is happening to the millions of illegal immigrants that are entering the country:

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Democrats continue to assert that by raising such questions Republicans are engaged in an effort to “sabotage” the Biden administration’s effort to “fix” the border:

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