Shanghai Gold Benchmark Price

USD oz AM2015.20

PM2020.79

OCT 26.

Historical SGE Fix

PREMIUM SHANGHAI OVER NY: $45

xxxxxxxxxxxxxxxxxx

Bitcoin morning price:, 34,005 DOWN 5 DOLLARS

Bitcoin: afternoon price: $33,611 DOWN 394 dollars

Platinum price closing $901.40 DOWN $3.95

Palladium price; $1122.40 DOWN $12.55

END

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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: $2,782.61 UP $41.01 CDN dollars per oz( * NEW ALL TIME HIGH 2,782.61//OCT 272023)

*BRITISH GOLD: 1655.17 UP 20.17 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1655.17) OCT 2/2023

*EURO GOLD: 1898.24 UP 19.42 euros per oz //* (NEW *ALL TIME HIGH/CLOSING//1898.24)//high.* OCT 27.2023

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: OCTOBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,987.200000000 USD
INTENT DATE: 10/26/2023 DELIVERY DATE: 10/30/2023
FIRM ORG FIRM NAME ISSUED STOPPED

190 H BMO CAPITAL 387
363 H WELLS FARGO SEC 3
435 H SCOTIA CAPITAL 2
624 H BOFA SECURITIES 403
657 C MORGAN STANLEY 5
690 C ABN AMRO 10
737 C ADVANTAGE 2 6
880 C CITIGROUP 17
905 C ADM 3

TOTAL: 419 419
MONTH TO DATE: 11,400

JPMorgan stopped 0/419 contracts.

FOR OCT.:

GOLD: NUMBER OF NOTICES FILED FOR OCT/2023. CONTRACT: 419 NOTICES FOR 41,900 OZ or 1.3092 TONNES

total notices so far: 11,400 contracts for 1,140,000 oz (35.458 tonnes)

FOR OCT:

SILVER NOTICES:14 NOTICE(S) FILED FOR 70,000 OZ/

total number of notices filed so far this month : 29 for 2,645,000 oz

XXXXXXXXXXXXXXXXXXXXXXXX

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

END

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES

GLD

WITH GOLD UP $1.20//

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / NO CHANGES IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 861.80 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER UP 3 CENTS AT THE SLV// BIG CHANGES IN SILVER INVENTORY AT THE SLV:MAKES SENSE!!??? A WITHDRAWAL OF 641,000 OZ FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 443.750 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY HUGE SIZED 970 CONTRACTS TO 123,380 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.14 LOSS IN SILVER PRICING AT THE COMEX ON THURSDAY. WE HAD SOME SPEC SHORT COVERING EPISODE IN THURSDAY’S COMEX TRADING.. TAS ISSUANCE WAS A HUMONGOUS SIZED 1095 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 THURSDAY NIGHT: 1095 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 $0.14). AND WERE SUCCESSFUL IN KNOCKING SOME SILVER LONGS AS WE HAD A HUGE SIZED LOSS OF 870 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 SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS( 100 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.530 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 5,000 OZ E.F.P. JUMP TO LONDON + 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/////SMALL SIZED COMEX OI LOSS/ SMALL SIZED EFP ISSUANCE/VI) HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1095 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – REMOVED 703 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 19 days, total 17,823 contracts: OR 89.115 MILLION OZ (938 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 89.115 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: 88.115 MILLION OZ

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 970 CONTRACTS WITH OUR LOSS IN PRICE OF $0.14 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL EFP ISSUANCE CONTRACTS: 100 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 5,000 OZ E.F.P. JUMP TO LONDON:+ 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 TINY SIZED LOSS OF 167 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS SIZED 1095 CONTRACTS//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION. THE NEW TAS ISSUANCE THURSDAY NIGHT A HUGE (1095) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 14 NOTICE(S) FILED TODAY FOR 70,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 1760 CONTRACTS TO 465,787 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 411 CONTRACTS

WE HAD A FAIR SIZED DECREASE IN COMEX OI ( 1760 CONTRACTS) DESPITE OUR $2.90 GAIN IN PRICE//THURSDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR SEPT. AT 16.562 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S HUGE 50,500 OZ QUEUE JUMP + 1.1665 EX. FOR RISK /NEW STANDING ADVANCES T0 35.841 TONNES + 1.1665 EX FOR RISK = 37.0075 TONNES/ + /A HUGE (AND CRIMINAL) ISSUANCE OF 2204 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $2.90 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A TINY SIZED GAIN OF 3 OI CONTRACTS (0.009 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1763 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 465,787

IN ESSENCE WE HAVE A TINY SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3 CONTRACTS WITH 1760 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1763 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3 CONTRACTS OR 0.009 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE 2204 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1763 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (1760) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3 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 50500 OZ QUEUE JUMP + 1.1665 EX. FOR RISK//NEW STANDING 37.0075 TONNES// /// 3) ZERO LONG LIQUIDATION AND LITTLE TAS LIQUIDATION BUT SOME ATTEMPTED SPEC SHORT COVERINGS DURING THE COMEX SESSION //4) FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUGE T.A.S. ISSUANCE: 2204 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: 75,786 CONTRACTS OR 7,578,600 OZ OR 235.72 TONNES IN 19 TRADING DAY(S) AND THUS AVERAGING: 3988 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 19 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 235.72/3550 x 100% TONNES 6.61% 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. 235.72 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 FELL BY A HUGE SIZED 970 CONTRACTS OI TO 123,380 AND FURTHER FROM OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE A FAIR 100 CONTRACTS

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

DEC 100 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 100 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 287 CONTRACTS AND ADD TO THE 100 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 870 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 4.35 MILLION OZ

OCCURRED WITH OUR $0.14 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//

FRIDAY MORNING//THURSDAY NIGHT

SHANGHAI CLOSED UP 29.49 PTS OR 0.99% //Hang Seng CLOSED UP 354.12 PTS OR 2.08% /The Nikkei CLOSED UP 389.91 PTS OR 1.27% //Australia’s all ordinaries CLOSED UP 0.19 % /Chinese yuan (ONSHORE) closed DOWN AT 7.3184 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.3337 /Oil UP TO 84.57 dollars per barrel for WTI and BRENT UP AT 89.19/ 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

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1760 CONTRACTS TO 465,787 DESPITE OUR GAIN IN PRICE OF $2.90 ON THURSDAY. 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 1763 EFP CONTRACTS WERE ISSUED: : DEC 1763 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1763 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A TINY SIZED TOTAL OF 3 CONTRACTS IN THAT 1763 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 1760 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $2.90//THURSDAY 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 THURSDAY NIGHT WAS A HUGE 2204 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 (35.841 + 1.1665 EXCHANGE FOR RISK= 37.0075 tonnes) (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 + 1.665 EXCHANGE FOR RISK =37.0075 tonnes

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $2.90) //// 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 THURSDAY’S TRADING. THE T.A.S. ISSUED ON THURSDAY 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 0.009 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 50,500 OZ QUEUE JUMP //NEW TOTALS STANDING:35.841 TONNES + 1.1665 exchange for risk = 37.0075 tonnes// ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $2.90. 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 —411 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 3 CONTRACTS OR 300 OZ OR 0.009 TONNES.

Estimated gold volume today:// 197,242 fair

final gold volumes/yesterday 234,867 fair/

//speculators have left the gold arena

//OCT 27

/ /// 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	419 notice(s) 41,900 OZ 1.3032 TONNES
No of oz to be served (notices)	123 contracts 12,300 oz 0.3826 TONNES
Total monthly oz gold served (contracts) so far this month	11,400 notices 1,140,000 OZ 35.458TONNES
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; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR OCT.

For the front month of OCTOBER we have an oi of 542 contracts having GAINED 493 contracts. We had 12 contracts filed on Thursday, so we gained 505 contracts or an additional 50,500 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 25 CONTRACTS to stand at 1446

December lost 5785 contracts DOWN to 367,675 contracts.

We had 419 contracts filed for today representing 41900 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 419 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 (11,400 x 100 oz ), to which we add the difference between the open interest for the front month of OCT. (542 CONTRACTS) minus the number of notices served upon today 419 x 100 oz per contract equals 1,152,300 OZ OR 35.841 TONNES + 1.1665 tonnes exchange for risk = the number of TONNES standing in this active month of OCT i.e. 37.0075 tonnes

thus the INITIAL standings for gold for the OCT. contract month: No of notices filed so far (11,400) x 100 oz + (542) {OI for the front month} minus the number of notices served upon today (419) x 100 oz) which equals 1,152,300 oz standing OR 35.841 + 1.1665 TONNES= 37.0075 tonnes

TOTAL COMEX GOLD STANDING: 37.0075 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 27

//2023// THE OCT 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	531,299.835 oz Delaware .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	623,824.475 OZ DELAWARE HSBC
No of oz served today (contracts)	14 CONTRACT(S) (70,000 OZ)
No of oz to be served (notices)	1 contracts (5,000 oz)
Total monthly oz silver served (contracts)	529 Contracts (2,645,000 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 2 deposits customer account:

i) Into Delaware 14,060.205 oz

ii) Into HSBC 600,764.270 o

total customer deposit 623,824.475 oz

JPMorgan has a total silver weight: 134.441 million oz/269.997 million or 49.79%

Comex withdrawals 1

i) Out of Delaware 531,299.835 oz

total: 531,299.835 oz

adjustments: 0

TOTAL REGISTERED SILVER: 37.643 MILLION OZ//.TOTAL REG + ELIGIBLE. 269,997 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF OCT /2023 OI: 15 CONTRACTS HAVING LOST 2 CONTRACT(S). WE HAD 1 NOTICE FILED

ON WEDNESDAY, SO WE LOST ONE CONTRACT AS WE HAD AN E.F.P. JUMP TO LONDON OF 5,000 OZ

NOVEMBER LOST 5 CONTRACTS TO STAND AT 434

DEC. LOST 1770 CONTRACTS TO STAND AT 94,462 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 14 for 70,000 oz

Comex volumes// est. volume today 43,298//poor

Comex volume: confirmed yesterday 63,731 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 529 x 5,000 oz = 2,645,000 oz

to which we add the difference between the open interest for the front month of OCT (15) and the number of notices served upon today 14 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the OCT/2023 contract month: 529 (notices served so far) x 5000 oz + OI for the front month of OCT (15) – number of notices served upon today (14 )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 27/WITH GOLD UP $1.20 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD // // INVENTORY RESTS AT 861.80 TONNES

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 27/WITH SILVER UP 3 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 641,000 OZ FROM THE SLV/// /// /INVENTORY RESTS AT 443.750 MILLION OZ

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 443.750 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

How Did The Toronto Airport Lose $15.3 Million In Gold Bars?

FRIDAY, OCT 27, 2023 – 03:45 PM

Authored by Michael Maharrey via SchiffGold.com,

How in the world did the Toronto airport lose $15.3 million in gold bars along with $1.9 million in cash?

That remains unclear, but a lawsuit filed by Brink’s shed a little bit of light on the situation.

The Peel Regional Police at Toronto Pearson International Airport issued a statement last April saying a container holding valuable goods was unloaded from an aircraft, transported to a warehouse, and then disappeared. According to a New York Times report, authorities “seemed baffled” at the time and offered little additional information.

According to the lawsuit, Brink’s was responsible for transporting cash and gold from Switzerland to Canada.

The shipment was in two separate containers. The cash – $1.9 million – was supposed to go to a Vancouver-based currency exchange. Meanwhile, a shipment of 400 kilos of gold bars valued at $15.3 million was heading to Toronto-Dominion Bank.

The shipment was through an Air Canada service called AC Secure. Perhaps they should rename it “AC Secure-ish.”

According to the lawsuit, the cash and gold were quickly offloaded from the aircraft and taken to an Air Canada warehouse for customs inspection. About 40 minutes later, an “unidentified individual” entered the warehouse. According to the lawsuit, “No security protocols or features were in place to monitor, restrict or otherwise regulate the unidentified individual’s access to the facilities.”

The lawsuit contends the mystery person simply showed Air Canada employees a waybill for an “unrelated shipment,” and the employees released the cash and gold – no questions asked. As the lawsuit put it, the person “absconded with the cargo.”

The lawsuit implies it might have been an inside job.

Now, if you think that Air Canada is responsible for the value of the lost cargo, you haven’t ever lost luggage on an international flight. Brink’s can expect to recover about 1% of the $17.2 million loss. Thus the lawsuit. As the New York Times explains, “Brink’s contends that the extra fees it paid for the secure service mean that Air Canada must now reimburse it for the full amount of the missing cash and gold.”

We’ll see how that works out for them.

Meanwhile, police say they have nothing new to add.

The cops may or may not catch the perpetrators of the heist, but I’d bet dollars to donuts the cash and gold are long gone. All the thieves have to do is melt down the gold bars and reform them, and they will be totally unrecognizable. After all, gold is gold. And cash isn’t particularly easy to trace either. This is why governments have launched a war on cash.

There is a lesson here. People want gold. If you have it, you need to make sure it’s secure.

SchiffGold can help with that. Check out our recommended vaulting services. Or if you prefer to keep your gold at home, consider a high-quality safe

end

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//

ANDREW MAGUIRE INTERVIEWING DAVE KRANZLER

1:01:40NOW PLAYING

Watch later Add to queue

The game has changed, but it’s still profitable Feat. Dave Kranzler – LFTV Ep 146

5.4K views6 hours ago

end

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

END

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

The trial should spark new legislation on dark money financing democrats/republicans

(Orman/RealClear wire)

SBF Trial Should Spur Dark Money Legislation

THURSDAY, OCT 26, 2023 – 11:10 PM

Authored by Greg Orman via RealClear Wire,

Last week, in the trial of former crypto billionaire Sam Bankman-Fried, details emerged about how the now-disgraced entrepreneur attempted to co-opt U.S. senators from both the Republican and Democratic parties.

With $50 million in donations to secretive dark money vehicles linked to both party’s respective Senate leaders, Chuck Schumer and Mitch McConnell, Bankman-Fried presumably sought to influence future crypto regulations.

Had the 31-year-old former “crypto king” not run afoul of the law, we might never have learned of the donations. The only reason the American people are aware of this influence-buying is because Bankman-Fried allegedly made the donations with stolen investor money. Had Bankman-Fried not been the head of a company engaging in criminal acts, the dark-money contributions to Schumer, McConnell, and other members of Congress would presumably have been legal and likely never come to light.

While the crypto market is still just a fraction of the size of the global stock market, it has grown exponentially over the past decade. At current market prices, there’s roughly $2 trillion of crypto assets in circulation. That’s about the size of France’s annual GDP.

The $50 million that Bankman-Fried spent to secretly buy influence was small in comparison to the size of the industry, but it likely would have given him outsized control over the writing of crypto regulations. Senators from both sides of the aisle would have been encouraged to take his calls and meet with his lobbyists. The Senate majority leader and ranking Republican might have made calls to various regulatory bodies to check up on proposed regulations or provide “feedback” to rules being considered.

Drafts of potential legislation would have been shared with Bankman-Fried and his team before they were shared with the full Senate. Objectionable provisions would have been crossed out and replaced with more favorable terms. Rules that benefited Bankman-Fried’s company, FTX, at the expense of competitors, would have mysteriously made their way into the legislation.

Journalists, unaware of Bankman-Fried’s philanthropy to Club McConnell and Club Schumer, would be producing feel-good stories about the way Congress came together to enact bipartisan legislation to protect the public from unscrupulous operators.

Fortunately, none of that came to pass. But what does it say about our system that it could have happened and would have been considered perfectly legal? Without full disclosure of all campaign spending, reporters and, more importantly, the American people, would have no way of knowing the motivations of their elected leaders. And no politician could be held accountable for conflicts of interest.

With all the talk over the past several months of the ethically challenged behavior of various Trump and Biden family members, the American people are clamoring for Congress to pass rules to fix our broken and corrupt political system.

This isn’t a new issue. In a polling project first commissioned by Jimmy Carter’s pollster, the late Patrick Caddell, the problem of government ethics and corruption has been one of the top two voter concerns for more than a decade. The behavior of the first families of the Democratic and Republican parties has brought the issue into focus for even more Americans to see.

In the polling done by Caddell, over 80% of Americans agreed with the statement, “Washington, DC is a rigged game that only benefits those people who can buy access to power.”

Sam Bankman-Fried’s behavior only reinforces that belief. While the Supreme Court’s ruling in Citizens United v. Federal Election Commission confers the right of billionaires to spend millions buying influence through election spending, it doesn’t guarantee them the right to anonymity.

Bankman-Fried’s trial is expected to last into the middle of next month. No doubt, more details of his political spending will emerge. Congress should use this backdrop to enact legislation requiring full disclosure of all political spending and end the era of special interest and mega-donor dark money influence in America.

Greg Orman is a Kansas entrepreneur, author of “A Declaration of Independents,” and a former independent candidate for governor and senator of his state. His website is www.greg-orman.com.

end

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

ONSHORE YUAN: CLOSED DOWN AT 7.3184

OFFSHORE YUAN: UP TO 7.3337

SHANGHAI CLOSED UP 29.49 PTS OR 0.99%

HANG SENG CLOSED UP 354.12 PTS OR 2.08%

2. Nikkei closed UP 389.91 PTS OR 1.27 %

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 106.58 EURO FALLS TO 1.0536 DOWN 28 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.873 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.08/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: 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 DOWN TO +2.8520***/Italian 10 Yr bond yield DOWN to 4.835*** /SPAIN 10 YR BOND YIELD UP TO 3.946…**

3i Greek 10 year bond yield FALLS TO 4.122

3j Gold at $1982.20 silver at: 22.74 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 22 /100 roubles/dollar; ROUBLE AT 92.73//

3m oil into the 84 dollar handle for WTI and 89 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 150.08// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.873% 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 0.9017 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9502 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: 4.879 UP 3 BASIS PTS…

USA 30 YR BOND YIELD: 5.029 UP 4 BASIS PTS/

USA 2 YR BOND YIELD: 5.048 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 28.20…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 3 BASIS PTS AT 4.6280

end

2.a Overnight: Newsquawk and Zero hedge:

Futures Trim Gains After Solid Amazon, Intel Earnings; All Eyes On Core PCE

FRIDAY, OCT 27, 2023 – 08:22 AM

US futures were modestly higher – but well off session highs – at the end of a turbulent week after Amazon and Intel reported solid earnings. At 8:00am ET, S&P futures were up 0.3% while Nasdaq futures gained 0.6% after a selloff that drove the index to its lowest since May. The retreat also put the S&P 500 on the brink of a “correction,” with the gauge down nearly 10% from its July peak. The US outperformed Europe’s Stoxx 600 which reversed earlier gains to trade at session lows, down 0.6% after French drugmaking giant Sanofi plunged 16% when it revealed a surprise forecast for lower profit. Crude oil rose 2% and back toward top of Thursday’s range as the US conducted strikes on Iran-linked facilities in Syria. Treasury yields resumed their tick higher as did the dollar.

In premarket trading, Chevron dropped 2.5% after the oil producer reported adjusted earnings per share for the third quarter that missed the average analyst estimate. Management cited lower upstream realization and lower margins. At the same time, it’s bigger and more competent peer, Exxon was flat after it beat on revenue, reporter stronger cash flow and boosted dividends more than expected. Amazon rose 6.0% as the e-commerce and cloud computing giant posted robust sales and profit growth and indicated that its cloud unit is regaining momentum. Ford fell 3.6% after the automaker reported adjusted earnings per share for the third quarter that missed the average analyst estimate. Here are some other notable premarket movers:

Enphase Energy shares slumped 22% after the solar-equipment manufacturer’s forecast fourth-quarter revenue below expectations. The company also reported third-quarter revenue that missed estimates.
Intel gained 7.3% after the chipmaker forecast adjusted EPS and revenue for the fourth quarter above estimates.
JPMorgan shares declined 0.2% after it said chairman and CEO Jamie Dimon confirmed today that he and his family plan to sell a portion of their stock for financial diversification and tax-planning purposes.
Rivian (RIVN) rises 2.2% as Cantor Fitzgerald raises the recommendation on the EV startup to overweight from neutral. The broker says it expects strong demand to continue into 2024.
Roblox (RBLX) jumps 4.2% after Raymond James initiated coverage with a strong buy recommendation, seeing several “encouraging factors” positioning the video-game company for long-term growth. Meanwhile, Truist Securities upgraded their rating to buy from hold.
Dexcom (DXCM) rallies 17% in premarket trading Friday after the company raised its revenue guidance for the full year, allaying Wall Street’s fears on the impact of weight-loss drugs on the diabetes-device maker.
Enphase Energy (ENPH) shares slump 21% after the solar-equipment manufacturer’s forecast fourth-quarter revenue below expectations. The company also reported third-quarter revenue that missed estimates. Piper Sandler downgraded their recommendation on the stock and cut the price target to a Street low, noting the limited visibility. Meanwhile, TD Cowen flagged the significant deterioration in demand in Europe.
PTC Therapeutics (PTCT) shares plummet as much as 22% after the company reported third-quarter revenue that missed estimates. Citi downgraded their recommendation on the stock to sell, flagging the increased uncertainty across the company’s pipeline programs.
Regions Financial Corp. (RF) slips 1.5% after the firm was downgraded to neutral from overweight at JPMorgan, as analyst Vivek Juneja said deposit betas are catching up for the firm and he doesn’t see a positive catalyst.
T. Rowe Price Group Inc. (TROW) gains 3.3% after the firm reported adjusted earnings per share for the third quarter that beat the average analyst estimate.

The Q3 earnings season has proved a mixed bag so far, with investors punishing misses more severely than they are rewarding beats. In the US, 78% of companies reporting so far beat estimates, compared with 57% in Europe, according to JPMorgan. But more firms than usual are flagging lower consumer demand and a deteriorating economic environment, they said, even as data Thursday suggested price pressures continue to dissipate in the US despite solid economic growth.

“The better-than-expected results from Amazon last night are brightening the mood,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown. “However, the overall concern is what the too-hot-to-touch US economic read will mean for the next interest rate decision. The higher-for-longer interest rate narrative will become louder and more apparent.”

Attention now turns to a barrage of reports today, including the Federal Reserve’s preferred inflation measure, the core PCE, which will cement bets the central bank will pause next week. Treasury yields ticked higher and the dollar dipped for the first time in four days. Swaps contracts are projecting a roughly one-in-three chance of another Fed hike in the current tightening cycle, according to data compiled by Bloomberg.

European stocks also tried to stage a rebound but failed, and were last trading 0.6% lower as gains for the energy sector helped offset a slump in Sanofi, NatWest Group Plc and Moncler SpA after disappointing earnings. The energy and chemicals sectors were the biggest gainers while the healthcare subindex lagged. Drugmaker Sanofi plunged 16% after a surprise forecast for lower profit next year overshadowed optimism about a plan to spin off the consumer health division. Among other single stocks, UK lender NatWest plummeted after it cut its margin guidance, while Italy’s Moncler became the latest luxury company to disappoint this season as analysts noted weaker trends into the latter part of the year. Drinks company Remy Cointreau SA also fell after cutting its annual sales guidnce. Here are the most notable European movers:

Equinor shares climb as much as 2.8% after third-quarter profit beat that was boosted by high oil production and strong performance at Norwegian integrated oil company’s trading unit
Aker BP shares climb as much as 2.3% after the Norwegian oil and gas company narrowed its guidance for 2023 production and beat net income estimates. The results also lift European sector peers, including Equinor, TotalEnergies and Repsol
Eni gains as much as 2.3% after the Italian oil and gas giant reported what analysts called strong third-quarter results, with profit that came in ahead of expectations and increased full-year adjusted Ebit guidance
Montea advances as much as 6.7%, the most since Sept. 2022, as ING describes the real estate development company’s results as good, with strong underlying trends and momentum
Sanofi shares drop the most on record, falling as much as 16%, after the French drugmaker unexpectedly forecast a drop in profit next year and reported third-quarter earnings that missed estimates
NatWest slumps 18%, as the UK bank’s shares hit lowest since Feb. 2021. Analysts highlight implied exit net interest margin significantly below consensus expectations, with Citi describing today’s results as a “major disappointment”
Universal Music shares plunged as much as 8.4%, the biggest drop since October last year, after the record label reported Ebitda for the third quarter that missed the average analyst estimate
Moncler shares drop as much as 8%, their worst day since March 2022, after in-line third-quarter sales were overshadowed by the Italian luxury company seeing weaker trends into the latter part of the year, according to analysts
Metso Oyj falls as much as 8.3% after the Finnish machinery producer’s third-quarter adjusted Ebita fell short of the average analyst estimate
Remy Cointreau shares plunged as much as 12%, the most since April, after cutting its full-year organic revenue guidance by much more than analysts had expected
Electrolux shares fall as much as 14%, the most since July, after the Swedish home appliances manufacturer reported third-quarter results that Citi descibed as “much worse than feared,” with no improvement expected in 4Q
Air France-KLM shares drops as much as 7.6% to the lowest intraday level on record, after a miss on third-quarter Ebitda overshadowed a rise in profit. Capacity at 94% of the comparable pre-pandemic quarter in 2019 came in a touch below target

Earlier in the session, Asian stocks rebounded as the latest results from US tech majors and positive data on the China economy helped drive a rebound. The MSCI Asia Pacific Index rose as much as 1.2% Friday, with Alibaba, Toyota and TSMC among the biggest contributors. Shares in Hong Kong and Japan led the advances in Asia, while Australian and South Korean stocks were also in the green. Mainland Chinese shares edged higher after data on industrial companies’ profit showed growth, though slightly softer than in the prior period. China’s industrial profits in September rose 11.9% from a year earlier, marking the second-straight month of expansion, also helping boost risk appetite. Still, the Asian benchmark was on track for a second weekly loss with a 0.9% decline this week.

Hang Seng and Shanghai Comp opened mixed with the former firmer as its earnings season picked up and as the Hang Seng Tech index rose over 2%. Sentiment for the Mainland was initially muted but improved, while reports via China’s Securities Journal suggested China was likely to reduce the reserve requirement ratio in Q4 to support government bond issuance.
Japan’s Nikkei 225 saw its gains driven by its Industrial sectors, potentially following the US GDP metrics, while the Pharma sector lagged as Takeda shares slumped over 7% following their earnings.
Australia’s ASX 200 supported by its Consumer Staples sector, while an uptick in M/M PPI had kept the Industrial Sector’s gains capped, and Tech had resided as the laggard.
India stocks rebounded on Friday to snap their six-day plunge but still closed lower for the week, dragged by selling of local shares by overseas investors. Reliance Industries was among key gainers on Friday ahead of its release of its quarterly earnings. The S&P BSE Sensex rose 1% to 63,782.80 in Mumbai, while the NSE Nifty 50 Index advanced by a similar measure. The gauges posted their biggest single day rally since June to partly recoup the losses during the last six sessions.

In FX, the Bloomberg Dollar Spot Index falls 0.2%. USD/JPY drops 0.3% to ~150. The Swiss franc is the weakest of the G-10 currencies, falling 0.1% versus the greenback. The Dollar Index “appears to be in a holding pattern ahead of tonight’s release of the US PCE deflator data,” said Philip Wee, a senior currency economist at DBS Bank in Singapore. “The potential for unexpected announcements from the Fed remains a factor to consider in the upcoming FOMC meeting.” The yen was up first day in four as data showed consumer price growth in Tokyo unexpectedly quickened for the first time in four months in October USD/JPY slipped 0.2% to 150.15, edging closer to the 150 handle where $4.35 billion worth of options expire.

In rates, treasuries are cheaper across the curve, with the long-end leading losses on the day. US yields cheaper by up to 2bp across long-end of the curve with 2s10s, 5s30s spreads steeper by 1bp and 2bp on the day; 10-year yields around 4.87%, cheaper by 2bps vs. Thursday close with bunds and gilts outperforming by 4bp and 5bp in the sector. Treasuries lag price action in core European rates after a release of Brandenburg inflation figures for October came in below median estimates for the national figure, which will be released on Monday. The US session will focus on data including personal income and spending along with PCE deflator. Friday’s dollar IG issuance slate empty so far; M&T Bank was the only issuer to sell IG bonds Thursday, the fourth one-deal session this week as primary issuance has ground to a halt.

In commodities, oil rallied as traders monitored the Israel-Gaza conflict ahead of the weekend. WTI rose 2.5% to trade near $85.30. Spot gold adds 0.1%.

Bitcoin was unchanged on the session, trading in close proximity to $34k. Action that is much steadier than that seen across the week as a whole where ETF optimism has driven BTC from a $29.67k base to a $35.18k peak.

Looking to today’s event calendar, we have US September personal spending, personal income, PCE deflator (8:30am), October University of Michigan sentiment (10am) and Kansas City Fed services activity (11am); we also get the Italian September hourly wages, October economic sentiment, consumer, manufacturing confidence, August industrial sales, and French October consumer confidence. We will also have earnings releases from Exxon Mobil, Chevron, AbbVie, Charter Communications, and Colgate-Palmolive.

Market Snapshot

S&P 500 futures up 0.6% to 4,181.25
STOXX Europe 600 little changed at 433.54
MXAP up 1.2% to 151.96
MXAPJ up 1.1% to 475.58
Nikkei up 1.3% to 30,991.69
Topix up 1.4% to 2,254.65
Hang Seng Index up 2.1% to 17,398.73
Shanghai Composite up 1.0% to 3,017.78
Sensex up 1.1% to 63,816.27
Australia S&P/ASX 200 up 0.2% to 6,826.86
Kospi up 0.2% to 2,302.81
German 10Y yield little changed at 2.85%
Euro little changed at $1.0559
Brent Futures up 2.1% to $89.80/bbl
Gold spot up 0.1% to $1,986.48
U.S. Dollar Index little changed at 106.61

Top Overnight News

Japan’s Tokyo CPI for Oct accelerates and overshoots the Street consensus, placing additional pressure on the BOJ ahead of its 10/30-31 meeting. RTRS
Li Keqiang died, less than a year after stepping down as China’s premier. The reformer who found later found himself sidelined by Xi Jinping, suffered a heart attack and passed away in the early hours today in Shanghai. He was 68. BBG
The U.S. said it launched strikes Thursday night on two bases in eastern Syria it believed were used by Iranian groups, the first U.S. offensive military response to a wave of drone and rocket attacks on troops based in Iraq and Syria, the Pentagon said. WSJ
Russia’s central bank raised interest rates by 2 percentage points to 15 per cent on Friday, higher than the 14 per cent analysts had predicted, citing high inflation and the weak rouble as it hiked for the fourth consecutive meeting. FT
Berkshire Hathaway faces accusations it violated the terms of a more than $10 billion acquisition of Pilot Travel Centers by changing the accounting methods used to value part of the deal. BBG
Speaker Johnson suggests passing another interim funding bill (getting the gov’t to mid-Jan or mid-April) to avoid a shutdown and create additional time for fiscal negotiations. RTRS
Its troops are massed on the Gaza border and described as ready to move, but Israel’s political and military leaders are divided about how, when and even whether to invade, according to seven senior military officers and three Israeli officials. NYT
Jamie Dimon confirmed he and his family plan to sell 1 million JPMorgan shares next year for diversification and tax-planning purposes. It’ll be Dimon’s first such stock sale during his tenure at the company. BBG
Pimco’s Richard Clarida expects the Fed to hike further to fight stubborn inflation. But another increase would be “crazy,” Nobel Laureate Paul Romer said. He instead made the case for a cut, saying the 2% inflation target will be met within a year. BE forecasts a hold at next week’s FOMC meeting. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks eventually traded firmer across the board as the well-received earnings from Amazon and Intel pushed sentiment into the positive after the mostly lower close on Wall Street. ASX 200 supported by its Consumer Staples sector, while an uptick in M/M PPI had kept the Industrial Sector’s gains capped, and Tech had resided as the laggard. Nikkei 225 saw its gains driven by its Industrial sectors, potentially following the US GDP metrics, while the Pharma sector lagged as Takeda shares slumped over 7% following their earnings. Hang Seng and Shanghai Comp opened mixed with the former firmer as its earnings season picked up and as the Hang Seng Tech index rose over 2%. Sentiment for the Mainland was initially muted but improved, while reports via China’s Securities Journal suggested China was likely to reduce the reserve requirement ratio in Q4 to support government bond issuance.

Top Asian News

China is likely to reduce the reserve requirement ratio (RRR) in Q4 to support government bond issuance, according to China Securities Journal citing analysts.
China’s former Premier Li Keqiang has passed away, according to state media CCTV; reportedly died of a heart attack at 68 years old.
Fantasia Holdings (1777 HK) is entering into a framework cooperation agreement which could assist the group in alleviating its liquidity pressure and facilitate communication with its onshore creditors, according to Reuters.
Japanese Finance Minister Suzuki said it is important for currencies to move stably reflecting fundamentals; No comment on forex levels, no comment on currency intervention; Will take thorough steps on FX with a strong sense of urgency, according to Reuters.
Japanese PM Kishida said he thinks companies’ willingness to raise wages is very strong, and said the next 2-3 years will be a crucial period for wage hikes, according to Reuters.

European bourses are modestly firmer on the session, DAX 40 +0.5%, but pronounced post-earning stock movements are resulting in marked divergence across some bourses; namely, the post-results/spin-off downside of 15% in Sanofi is weighing on the Euro Stoxx 50 +0.1% and CAC 40 -0.4% where the stock has respective 3.5% and 7.1% weightings. Sectors are mixed with Energy echoing benchmarks and outperforming while Health Care lags given Sanofi, Media pressured post-UMG and Food, Beverage & Alcohol names hit on Remy Cointreau. Banks reside in the green as NatWest’s marked downside is offset by Danske Bank, Caixabank & Sabadell. Stateside, futures are in the green, ES +0.5%, with the NQ +0.9% outperforming following AMZN (+6.1% pre-mkt) and INTC (+7.8% pre-mkt) earnings after hours. Ahead, US PCE dominates the schedule.

Top European News

ECB Survey of Professional Forecasters: 2024 inflation seen at 2.7% (same as prev. release), 2025 projection lowered to 2.1% from 2.2%. Click here for more.
ECB’s Vasle says inflation rate will curb inflation.
ECB’s Muller (hawk) says the rate of price increase remains too fast. EZ in stagnation, not a deep economic crisis. Deep recession not required to tame inflation. Economy to determine how long rates stay at the peak for

Greenback grinds awaiting pointers from US PCE data as DXY sits tight within 106.50-67 confines.
Yen continues to hover around 150.00 vs Buck and supported by even bigger option expiry interest as 5.1bln rolls off at the NY cut.
Aussie reflated as PPI picks up pace and AUD/USD probes 21 DMA at 0.6351.
Euro hovers above 1.0550 against Dollar and flanked by another range of expiries, Sterling toppy as Cable wanes ahead of 1.2150 again and EUR/GBP holds above 0.8700.
Loonie fuelled by rebound in oil as USD/CAD eases back through 1.3800 from 1.3831.

Fixed Income

Bonds braced for US PCE, but retaining a pre-week and month end bid.
Bunds recover ground between 128.31-82 parameters, Gilts regroup within 92.33-62 range and T-note nearer 106-11 top than 106-03 bottom, albeit narrowly.

Commodities

A flare up in geopolitical tensions has sparked a concerned bid for the crude benchmarks after relatively contained action across the last few sessions; though, XAU is relatively unreactive.
As it stands, WTI Dec’23 and Brent Jan’24 are at the top-end of circa. 1.50/bbl parameters that have seen the contracts eclipse USD 85.00/bbl and test USD 89.00/bbl respectively.
XAU remains in narrow ranges around the USD 1985/oz mark after testing but failing to eclipse the USD 2k/T figure on Thursday while base metals are firmer and feature LME Copper back above USD 8k/T. A move what is seemingly a function of broader risk appetite beginning to return to the market.
Codelco posted a 2.1% Y/Y increase in Q3 copper production, according to Bloomberg.
Peru is reportedly planning to cut red tape for the mining sector as part of a package expected to be unveiled next week to stem recession, according to Reuters citing the Economy Minister.
Kazakhstan says it could increase oil exports to Germany to 2mln/T year via the Druzhba pipeline, via the Energy Minister.
BHP Iron Ore rail workers within Australia have approved plans for industrial action, incl. work stoppages of up to 24hrs. Further talks with union next week.

Geopolitics

US-IRAN

“US military carried out airstrikes on Iranian proxy forces in Syria in response to recent attacks on US bases since Oct 17”, according to sources via Fox News’ Griffin.
US President Biden ordered strikes against two facilities in Syria used by Iran’s IRGC and Iran-backed groups and will take additional measures if attacks by Iran’s proxies continue, according to Reuters citing the Pentagon.
US Defense Official said Iran is responsible for strikes by its proxies against US troops in Iraq and Syria, according to Reuters.
“Two IRGC facilities near Abu Kamal in Syria struck in US airstrikes; no word as to whether any Iranians were present at the facilities at the time, according to senior military official. “This has nothing to do with the conflict in Israel and Gaza”; Fox News
US did not coordinate strikes in Syria with Israel, according to an official cited by Reuters

ISRAEL-HAMAS

Israel’s military said it was aware of a security incident near its Red Sea border with Egypt early on Friday, which follows reports of an explosion in the Egyptian town of Taba, according to Reuters.
Egyptian media noted a rocket falling in the Egyptian city of Taba and wounding five people, according to Al Arabiya; reportedly hit a residential building, according to BNO News.
Since, a projectile reportedly fell in the Red Sea town of Nuweiba, Egypt, via Reuters citing security sources.
IDF spokesman: Warplanes have been called in to deal with an air threat in the Red Sea region, via Sky News Arabia.
Israeli Defence Minister said forces are fully prepared and will start military ground operation in due course, according to Reuters.
Israeli fighter jets flew over Jenin city and its camp in West Bank, according to Al Jazeera.
US Pentagon said 900 troops are deploying or have deployed to the Middle East from the continental US, including air defence operators. US troops have been attacked at least 12 times in Iraq and four times in Syria in the past week by Iran-affiliated groups. US troops were targeted in Iraq earlier on Thursday but the attack was unsuccessful, according to Reuters.

US Event Calendar

08:30: Sept. Personal Income, est. 0.4%, prior 0.4%
- Sept. Personal Spending, est. 0.5%, prior 0.4%
- Sept. Real Personal Spending, est. 0.3%, prior 0.1%
08:30: Sept. PCE Deflator MoM, est. 0.3%, prior 0.4%
- Sept. PCE Deflator YoY, est. 3.4%, prior 3.5%
- Sept. PCE Core Deflator MoM, est. 0.3%, prior 0.1%
- Sept. PCE Core Deflator YoY, est. 3.7%, prior 3.9%
10:00: Oct. U. of Mich. Current Conditions, prior 66.7
- U. of Mich. Sentiment, est. 63.0, prior 63.0
- U. of Mich. Expectations, prior 60.7
- U. of Mich. 1 Yr Inflation, est. 3.8%, prior 3.8%
- U. of Mich. 5-10 Yr Inflation, est. 3.0%, prior 3.0%
11:00: Oct. Kansas City Fed Services Activ, prior 2

DB’s Jim Reid concludes the overnight wrap

So I braved 3 hours and 26 minutes of the new Martin Scorsese film “Killers of the Flower Moon” last night. It was a pretty good film but probably around 1 hour 45 minutes too long. It could have done with a good edit. After reading the below I hope you won’t say the same thing about today’s EMR.

However concise we try to be, there’s no getting away from spending yet more time on the zig-zagging nature of bond yields with the volatility continuing yesterday. 10y Treasury yields were down -11.1bps to 4.85%, outperforming a decent rally for 2yrs (-8.1bps) and 30yr (-10.0bps) yields. Most of the gains happened before a firm 7yr auction but this did help flatten the curve late in the day.

This rally came even as Q3 US GDP was strong yesterday with the PCE deflator having more influence as it came in a tenth below expectations. Meanwhile, US equities suffered, led by the tech sector with the Magnificent Seven down -2.98%. All this overshadowed a relatively dull ECB meeting as they paused for breath after 10 successive hikes.

The tech sector got a reprieve after the bell last night, as Amazon beat revenue and earnings estimates for Q3, and offered encouraging guidance on the outlook for its key cloud computing business. Together with positive results for Intel, the news helped Nasdaq futures +0.74% higher overnight as I type with S&P futures up +0.50%.

Prior to this overnight rebound, Meta dropped -3.73% after results the night before highlighted an uncertain revenue outlook for the following year. Alphabet and Microsoft also fell -2.65% and -3.75%, respectively. As a result, the tech heavy NASDAQ was dragged down -1.76%, the Magnificent Seven -2.98%, and the FANG+ index -2.66%. The Magnificent Seven are now down -11.7% in the past 15 days, with two more members left to report. Apple and Nvidia will report next Thursday (2 November) and on 21 November, respectively.

The underperformance of big tech weighed on the S&P 500, which fell -1.18%. Earnings reports from other key corporates failed to bring much relief, as UPS, which is often interpreted as a measure of economic activity, cut its profit target yesterday, falling -5.93% on the day. Mastercard declined -5.62% as the revenue outlook came in below expectations. Having said all that, even though the tech sector slumped, taking the index with it, 48% of S&P 500 constituents were actually up on the day, with non-tech interest-sensitive sectors (utilities, real estate) and banks outperforming. So outside of those seven big stocks it was a fairly neutral day for US equities, with the equal weight S&P 500 down a modest -0.17% and the Russell 2000 small cap index actually up +0.34%. However, those seven stocks made it feel like a bad day in the opposite way to how they made many ordinary days very good for the index in the first 7 months of the year.

Over in Europe, the STOXX 600 slid -0.48% after weak earnings reports from top European firms such as Mercedes-Benz (-5.77%), and Volkswagen (-3.08%), as well as confirmation from Siemens Energy (-35.49%) that it was speaking with the German Government and former parent Siemens (-4.54%) due to its struggling wind energy arm.

Turning back to the US data, core PCE for Q3 came in below expectations at 2.4% quarter-on-quarter (vs 2.5% expected), down from 3.7%. This brings the measure to its slowest pace since 2020, a promising sign for the Fed. We have the September PCE data today, which will bring further colour to the pace of falling inflation. Yesterday’s quarterly data suggests a touch of downside risk to our US economists’ projection for a +0.3% month-on-month core PCE deflator print today.

GDP growth for Q3 came in at 4.9% annualised quarter-on-quarter, an upside surprise from the 4.5% expected, and the fastest pace in nearly two years. The strength was largely driven by consumer spending, with the personal consumption index at 4.0% (as expected), from 0.8% in Q2. Government spending was also strong at 4.6% annualised, with some questioning whether the government and consumer can continue to propel growth ever higher from here, especially as private non-residential investment saw zero growth in Q3. In other data, durable goods orders for September were also strong, at 4.7% (vs 1.9% expected), a rise from 0.1% from the previous release. Weekly continuing claims saw a larger-than-expected increase to 1,790k (vs 1,740k expected), though initial jobless claims were largely benign at 210k (vs 207k expected).

Taken together, yesterday’s data reaffirmed the likelihood of a Fed pause next week, and the Fed rate priced in by fed fund futures for the final meeting of 2023 in December fell -1.7bps, which equates to a 19% likelihood of a hike before we move into 2024 .

In the eurozone, as widely expected, the ECB kept rates unchanged at 4.00%. The central bank retained its data dependent approach and guidance that “rates will be set at sufficiently restrictive levels for as long as necessary”. There were some dovish tilts, with Lagarde noting in prepared remarks that “inflation dropped markedly in September” while yields “had risen markedly since our last meeting”. She also struck a cautious tone on the near-term growth outlook. Nonetheless, Lagarde was emphatic that any discussion of rate cuts was “absolutely premature” and would not rule out the possibility of another hike. Our economists continue to expect a prolonged pause but see the softer data, and ECB’s greater acknowledgement of it yesterday, as skewing risks to an earlier cut than their September 2024 baseline. See their reaction piece here.

Following the meeting, markets moved to price in an increased likelihood of ECB rate cuts next year, with Jun-24 OIS futures (-6.1bps) now fully pricing in a 25bp cut. On the back of this European bonds saw a steepening rally, with 2yr bund yields down -5.0bps, while 10yr bund yields ended the day -2.8bps lower at 2.86% .

Looking beyond the rates decision, there was nothing new on the balance sheet front from the ECB, with Lagarde saying that changes to PEPP reinvestments or minimum reserves were not discussed. Around the market close, Reuters reported that the ECB policymakers agreed to discuss QT early next year. The lack of any signal towards a faster unwind of the ECB’s bond portfolio was moderately beneficial for Italian BTPs, with 10yr yields falling -4.5bps, and the spread to 10yr Bund yields tightening -1.7bps. It briefly dipped below 200bps in intraday trading before closing at 201bps, 5.5bps below its recent wides.

Switching to the commodities space, oil more than reversed its gains of the previous day to close at its lowest level in two weeks, with Brent crude down -2.44% to $87.93/bbl and WTI down -2.55% to $83.21/bbl. By contrast, gold was up +0.31% to $1,984/oz, its highest since May .

Asian equity markets are trading higher this morning shrugging off overnight weakness on Wall Street although most of the region’s markets are still heading for weekly losses. The Nikkei (+1.54%) is the best performer across the region after sharply rebounding from previous session losses while the Hang Seng (+0.94%), the CSI (+0.50%), the Shanghai Composite (+0.35%) and the KOSPI (+0.40%) are also trading in positive territory as US Treasury yields eased.

Early morning data showed that Tokyo’s headline inflation rate came in at +3.3% y/y for October (v/s +2.8% expected), compared with an increase of +2.8% seen in September. At the same time, consumer prices excluding fresh food rose +2.7% y/y in October, edging up from +2.5% in September, thus putting the Bank of Japan (BOJ) in spotlight amid signs of broadening price pressures as the central bank prepares to set policy next week. Moving to China, industrial profits dropped -9.0% in the first nine months narrowing from a -11.7% contraction in the first eight months indicating that the world’s second biggest economy is stabilizing helped by the authorities policy support.

Looking ahead to today. In terms of data, we have US September personal spending, personal income, PCE deflator, October Kansas City Fed services activity, the Italian September hourly wages, October economic sentiment, consumer, manufacturing confidence, August industrial sales, and French October consumer confidence. We will also have earnings releases from Exxon Mobil, Chevron, AbbVie, Charter Communications, and Colgate-Palmolive.

END

2 B) NOW NEWSQUAWK (EUROPE/REPORT)

AMZN & INTC support the NQ ahead of PCE Price Index – Newsquawk US Market Open

FRIDAY, OCT 27, 2023 – 06:08 AM

US futures are firmer as broader risk appetite is supported post-AMZN/INTC
European bourses experience divergence as the above tone is offset in places by marked losses in heavyweight Sanofi post-results
DXY remains above the 106.50 mark with the JPY around 150.00 where marked OpEx resides, PPI supports AUD
Core fixed income awaits US PCE but retain an underlying bid
Crude benchmarks benefit from a flare-up in geopolitical tensions though XAU remains contained
Looking ahead, highlights increase US PCE Price Index, Personal Income/Consumption. Earnings: Carlsberg; Exxon, Chevron, Abbvie, Aon, Charter, Colgate, Phillips 66

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

EUROPEAN TRADE

EQUITIES

European bourses are modestly firmer on the session, DAX 40 +0.5%, but pronounced post-earning stock movements are resulting in marked divergence across some bourses; namely, the post-results/spin-off downside of 15% in Sanofi is weighing on the Euro Stoxx 50 +0.1% and CAC 40 -0.4% where the stock has respective 3.5% and 7.1% weightings.
Sectors are mixed with Energy echoing benchmarks and outperforming while Health Care lags given Sanofi, Media pressured post-UMG and Food, Beverage & Alcohol names hit on Remy Cointreau. Banks reside in the green as NatWest’s marked downside is offset by Danske Bank, Caixabank & Sabadell.
Stateside, futures are in the green, ES +0.5%, with the NQ +0.9% outperforming following AMZN (+6.1% pre-mkt) and INTC (+7.8% pre-mkt) earnings after hours. Ahead, US PCE dominates the schedule.
Click here and here for the sessions European pre-market equity newsflow, including earnings.
Click here for more details.

FX

Greenback grinds awaiting pointers from US PCE data as DXY sits tight within 106.50-67 confines.
Yen continues to hover around 150.00 vs Buck and supported by even bigger option expiry interest as 5.1bln rolls off at the NY cut.
Aussie reflated as PPI picks up pace and AUD/USD probes 21 DMA at 0.6351.
Euro hovers above 1.0550 against Dollar and flanked by another range of expiries, Sterling toppy as Cable wanes ahead of 1.2150 again and EUR/GBP holds above 0.8700.
Loonie fuelled by rebound in oil as USD/CAD eases back through 1.3800 from 1.3831.
Click here for more details.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Bonds braced for US PCE, but retaining a pre-week and month end bid.
Bunds recover ground between 128.31-82 parameters, Gilts regroup within 92.33-62 range and T-note nearer 106-11 top than 106-03 bottom, albeit narrowly.
Click here for more details.

COMMODITIES

A flare up in geopolitical tensions has sparked a concerned bid for the crude benchmarks after relatively contained action across the last few sessions; though, XAU is relatively unreactive.
As it stands, WTI Dec’23 and Brent Jan’24 are at the top-end of circa. 1.50/bbl parameters that have seen the contracts eclipse USD 85.00/bbl and test USD 89.00/bbl respectively.
XAU remains in narrow ranges around the USD 1985/oz mark after testing but failing to eclipse the USD 2k/T figure on Thursday while base metals are firmer and feature LME Copper back above USD 8k/T. A move what is seemingly a function of broader risk appetite beginning to return to the market.
Codelco posted a 2.1% Y/Y increase in Q3 copper production, according to Bloomberg.
Peru is reportedly planning to cut red tape for the mining sector as part of a package expected to be unveiled next week to stem recession, according to Reuters citing the Economy Minister.
Kazakhstan says it could increase oil exports to Germany to 2mln/T year via the Druzhba pipeline, via the Energy Minister.
BHP Iron Ore rail workers within Australia have approved plans for industrial action, incl. work stoppages of up to 24hrs. Further talks with union next week.
Click here for more details.

NOTABLE EUROPEAN HEADLINES

ECB Survey of Professional Forecasters: 2024 inflation seen at 2.7% (same as prev. release), 2025 projection lowered to 2.1% from 2.2%. Click here for more.
ECB’s Vasle says inflation rate will curb inflation.
ECB’s Muller (hawk) says the rate of price increase remains too fast. EZ in stagnation, not a deep economic crisis. Deep recession not required to tame inflation. Economy to determine how long rates stay at the peak for.

EUROPEAN DATA

German Brandenburg State CPI YY (Oct) 4.6% (Prev. 5.6%); M/M (Oct) 0.0% (Prev. 0.3%). Reminder, the flash German HICP release is due Monday, October 30th.

NOTABLE US HEADLINES

Amazon.com Inc (AMZN) Q3 2023 (USD): EPS 0.94 (exp. 0.58), Revenue 143.1bln (exp. 141.41bln). Q4 23 net sales view 160-167bln (exp. 167bln). Q3 23 Operating income USD 11.19bln (exp. 7.71bln). Online stores net sales USD 57.27bln (exp. 56.82bln). Physical Stores net sales 4.96bln (exp. 4.99bln). Third-Party Seller Services net sales 34.34bln (exp. 33.4bln). Subscription Services net sales 10.17bln (exp. 10.13bln). AWS net sales USD 23.06bln (exp. 23.13bln). North America net sales USD 87.89bln (exp. 87.12bln). International net sales USD 32.14bln (exp. 32.08bln). Operating margin 7.8% (exp. 5.46%). Co. said it is seeing the pace and volume of closed AWS deals pick up. CFO said the Co. still sees customers being cautious on price, is using AI to show more relevant ads to shoppers. Lower inflation helped it with regard to certain shipping rates. Cost optimisation work in cloud is starting to slow down. Shares rose 5.3% after market.
Intel Corp (INTC) Q3 2023 (USD): EPS 0.41 (exp. 0.22), Revenue 14.2bln (exp. 13.53bln); Datacenter & AI revenue 3.8bln (exp. 3.94bln); Guides Q4 revenue between 14.6-15.6bln (exp. 14.35bln); Q4 EPS Non-GAAP 0.44 (exp. 0.32). CEO said, “We see signs of normalization in the server market as we enter Q4”. Shares rose 7.7% after market.
US House Speaker Johnson thinks any stopgap spending bill should have conditions, via Fox News interview.

GEOPOLITICS

US-IRAN

“US military carried out airstrikes on Iranian proxy forces in Syria in response to recent attacks on US bases since Oct 17”, according to sources via Fox News’ Griffin.
US President Biden ordered strikes against two facilities in Syria used by Iran’s IRGC and Iran-backed groups and will take additional measures if attacks by Iran’s proxies continue, according to Reuters citing the Pentagon.
US Defense Official said Iran is responsible for strikes by its proxies against US troops in Iraq and Syria, according to Reuters.
“Two IRGC facilities near Abu Kamal in Syria struck in US airstrikes; no word as to whether any Iranians were present at the facilities at the time, according to senior military official. “This has nothing to do with the conflict in Israel and Gaza”; Fox News
US did not coordinate strikes in Syria with Israel, according to an official cited by Reuters

ISRAEL-HAMAS

Israel’s military said it was aware of a security incident near its Red Sea border with Egypt early on Friday, which follows reports of an explosion in the Egyptian town of Taba, according to Reuters.
Egyptian media noted a rocket falling in the Egyptian city of Taba and wounding five people, according to Al Arabiya; reportedly hit a residential building, according to BNO News.
Since, a projectile reportedly fell in the Red Sea town of Nuweiba, Egypt, via Reuters citing security sources.
IDF spokesman: Warplanes have been called in to deal with an air threat in the Red Sea region, via Sky News Arabia.
Israeli Defence Minister said forces are fully prepared and will start military ground operation in due course, according to Reuters.
Israeli fighter jets flew over Jenin city and its camp in West Bank, according to Al Jazeera.
US Pentagon said 900 troops are deploying or have deployed to the Middle East from the continental US, including air defence operators. US troops have been attacked at least 12 times in Iraq and four times in Syria in the past week by Iran-affiliated groups. US troops were targeted in Iraq earlier on Thursday but the attack was unsuccessful, according to Reuters.

CRYPTO

Bitcoin is essentially unchanged on the session and resides in very close proximity to the USD 34k mark. Action that is much steadier than that seen across the week as a whole where ETF optimism has driven BTC from a USD 29.67k base to a USD 35.18k peak.

APAC TRADE

APAC stocks eventually traded firmer across the board as the well-received earnings from Amazon and Intel pushed sentiment into the positive after the mostly lower close on Wall Street.
ASX 200 supported by its Consumer Staples sector, while an uptick in M/M PPI had kept the Industrial Sector’s gains capped, and Tech had resided as the laggard.
Nikkei 225 saw its gains driven by its Industrial sectors, potentially following the US GDP metrics, while the Pharma sector lagged as Takeda shares slumped over 7% following their earnings.
Hang Seng and Shanghai Comp opened mixed with the former firmer as its earnings season picked up and as the Hang Seng Tech index rose over 2%. Sentiment for the Mainland was initially muted but improved, while reports via China’s Securities Journal suggested China was likely to reduce the reserve requirement ratio in Q4 to support government bond issuance.

NOTABLE ASIA-PAC HEADLINES

China is likely to reduce the reserve requirement ratio (RRR) in Q4 to support government bond issuance, according to China Securities Journal citing analysts.
China’s former Premier Li Keqiang has passed away, according to state media CCTV; reportedly died of a heart attack at 68 years old.
Fantasia Holdings (1777 HK) is entering into a framework cooperation agreement which could assist the group in alleviating its liquidity pressure and facilitate communication with its onshore creditors, according to Reuters.
Japanese Finance Minister Suzuki said it is important for currencies to move stably reflecting fundamentals; No comment on forex levels, no comment on currency intervention; Will take thorough steps on FX with a strong sense of urgency, according to Reuters.
Japanese PM Kishida said he thinks companies’ willingness to raise wages is very strong, and said the next 2-3 years will be a crucial period for wage hikes, according to Reuters.

DATA RECAP

Japanese CPI Tokyo Ex fresh food YY (Oct) 2.7% vs. Exp. 2.5% (Prev. 2.5%); CPI Overall Tokyo (Oct) 3.3% (Prev. 2.8%)
Chinese Industrial profit YTD (Sep) +11.9%% (Prev. +17.2%); YTD -9.0% (prev. -11.7%)
New Zealand ANZ Consumer Confidence Index Oct: 88.1 (prev. 86.4); Consumer Confidence (M/M): 2.0% (prev. 1.6%).
Australian PPI YY (Q3) 3.8% (Prev. 3.9%); QQ (Q3) 1.8% (Prev. 0.5%)

2 c. ASIAN AFFAIRS

FRIDAY MORNING/THURSDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/

END

2e) JAPAN

JAPAN/

end

3 CHINA

Robert H to us:

CHINA/IRAN

Hal Turner Radio Show – UH OH! China “Will Support Iran”

I have cautioned many a time Iran is a proxy of China and Russia as both have stakes in country and they will not let it go. As both parties would lose face. The time to have moved is long gone. The west cannot win this match

https://halturnerradioshow.com/index.php/en/news-page/world/uh-oh-china-will-support-iran

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

IRELAND

What took them so long to figure this out?

(zerohedge)

Ireland Is Reaching Its “Limit” For Accommodating Refugees, Admits PM Varadkar

FRIDAY, OCT 27, 2023 – 02:00 AM

Authored by Thomas Brooke via Remix News,

Ireland is reaching its capacity of the number of refugees it can accommodate, Prime Minister Leo Varadkar has admitted…

Speaking in the Dáil, the lower house of the Irish parliament, on Wednesday, Varadkar revealed that his administration would struggle to handle another influx of migration next year if the number of new arrivals remained as high as it is currently.

It’s important to note that the Irish government has the ability and is primarily responsible for setting the number of refugees arriving in the country.

Local governments would not be in a position to provide accommodation to another 50,000 people “if that number arrived over the course of the next year,” Varadkar said, warning that such a figure was realistic based on current trends.

“Based on current numbers, it wouldn’t be far off that, and we just don’t know if we’re able to provide that level of accommodation,” he added.

The Irish prime minister told lawmakers that there is a “limit” to the number of refugees a country can provide for, and claimed that Ireland is “very much” at that limit currently.

The liberal leader’s realization of the pressures facing Ireland’s communities as a result of his administration’s asylum and immigration policy has been gradual.

Michael Leahy, the chairman of the Irish Freedom Party, told this site earlier this week that “Ireland has received a higher proportion of Ukrainian refugees per capita than any other EU country with the exception of Poland, despite being the country farthest from the war zone.”

At the beginning of the Russian invasion of Ukraine in February last year, Varadkar issued a staunch commitment to mass migration and accepting as many refugees as possible.

By November last year, despite beginning to express some concerns about the number of new arrivals amid murmurs of discontent among local communities, the Irish leader said, “We’ll do everything we can to provide them with shelter, and that will range from accommodation in people’s homes to retrofitting old warehouses, office blocks, using hotels, using modular housing and rapid build.”

However, by May 2023, Varadkar began to accept the realities of the pressures on public services as a result of his government’s asylum policy.

…

Read more here…

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

LAST NIGHT/IRAN PROXIES/USA

Major escalation//USA conducts major strikes against Iranian proxies in Syria

(zerohedge)

US Warplanes Conduct Major Strikes On ‘Iranian Proxies’ In Syria

THURSDAY, OCT 26, 2023 – 10:25 PM

Update(22:25ET): In the overnight and early morning hours in Syria (local time), US forces carried out airstrikes on what it said are Iran-linked militants and installations in eastern Syria. Multiple targets have been hit.

According to a statement by Secretary of Defense Lloyd Austin, “Today, at President Biden’s direction, U.S. military forces conducted self-defense strikes on two facilities in eastern Syria used by Iran’s Islamic Revolutionary Guard Corps (IRGC) and affiliated groups.” The attacks were reportedly done by US warplanes, likely operating out of either the Gulf or Mediterranean areas where new US naval assets have recently been positioned, keeping a watch on fast moving events in Gaza. Fox issued the following breaking detail:

F-16s and F-15s were used to strike targets in Syria earlier tonight in retaliation for the attacks on US troops in the region.

Earlier in the day there were reports, though with few details, that US forces in the same northeast region of Syria came under attack, as has been happening in the last several days. The Pentagon had also earlier announced that over a dozen US troops in Iraq and Syria have suffered Traumatic Brain Injury (TBI) in the aftermath of drone and rocket attacks on US bases in the region.

Below is the full Pentagon statement, which seeks to emphasize that this new, high-risk military aggression is supposedly “separate” from the Israel-Gaza conflict…

The United States is also seeking to reassure a region which is clearly at heightened risk for breaking out into major war that it “does not seek conflict”. But the long-running military occupation of Syria’s oil and gas region suggests otherwise.

* * *

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…

* * *

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

TABA EGYPT (JUST THE OTHER SIDE OF EILAT)//HAMAS//HAMAS PROXIES?//LAST NIGHT

Either a long range missile (probable) from the Houthis in Yemen or a long range missile from Hamas (not so probable)

just hit TABA. Later in the evening another one struck inside Egypt close to TABA. Terrible mis-firings

(Jerusalem Post/Reuters)

Missile strikes Egyptian Red Sea town near Israeli border

Al Qahera reported the blast was related to ongoing fighting between Israel and Hamas terrorists.

By REUTERSOCTOBER 27, 2023 03:28Updated: OCTOBER 27, 2023 07:19

A view of Red Sea is seen through a window of a cruise ship during a leasure trip to Red Sea, in Jeddah, Saudi Arabia, September 20, 2021. Picture taken September 20, 2021 (photo credit: REUTERS/MOHAMMED BENMANSOUR) — A view of Red Sea is seen through a window of a cruise ship during a leasure trip to Red Sea, in Jeddah, Saudi Arabia, September 20, 2021. Picture taken September 20, 2021(photo credit: REUTERS/MOHAMMED BENMANSOUR)

A missile launched as part of fighting between Hamas terrorists and Israel struck an Egyptian resort town about 220 km (135 miles) from the Gaza Strip early on Friday, Egypt’s Al Qahera News reported, citing sources.

The missile hit a medical facility in Taba, injuring at least six people, Al Qahera TV reported. A witness in Taba confirmed hearing an explosion and seeing smoke rising, but Reuters was not immediately able to identify the blast‘s source.

Taba straddles Egypt’s border with Israel’s Red Sea port of Eilat. Israel’s military said it was aware of a security incident outside its borders.

The aftermath of a direct rocket impact on an apartment building in Rishon Lezion on October 25, 2023 (credit: MOR ALONI/MAARIV)

Hamas said on Wednesday it had targeted Eilat with a missile, which the Israeli military said hit an outlying area. That incident appeared to be the longest-range Palestinian attack of the Gaza war raging since Oct. 7Advertisement

There was no immediate claim of responsibility after Friday morning’s blast.

Growing regional conflicts

The Taba explosion highlights the risk facing Egypt and other countries in the region as fighting intensifies between Israel and Hamas.

Egypt has taken an active role in negotiating access to aid for Palestinians, trying to secure the release of hostages held by Hamas and advocating for a ceasefire.

But its proximity to the front line has exposed it to risks. On Oct. 22, several Egyptian border guards were injured after being accidentally hit by fragments of a shell from an Israeli tank. Israel apologized for the incident.

Al Qahera reported the missile strike on Friday hit a Taba ambulance facility and a residential building for the administration of the Taba Hospital.

Taba, in Egypt’s Sinai Peninsula, is popular with tourists. It is about a three-hour drive from Egypt’s Red Sea resort town of Sharm el-Sheikh.

The US military, which is on heightened alert for activity by Iran-backed groups as regional tensions soar, said last week a Navy warship in the northern Red Sea intercepted projectiles launched by Yemen’s Houthi group potentially toward Israel.

END

TONIGHT/THE SABBATH ISRAELI TIME

Israel Says “Ground Forces Expanding Operations Tonight” As Gaza Comms, Internet Cut

FRIDAY, OCT 27, 2023 – 01:40 PM

Update(1340ET): Over the last hour there have been widespread reports that communications to the Gaza have been externally cut, and minutes ago Israel’s military (IDF) spokesman has confirmed that ground forces are expanding their operations tonight, and simultaneously Gazans are being told to immediately evacuate the north and go to the south of the Strip. “Ground forces are expanding the ground activity this evening,” the IDF affirmed. Below is more of the statement from military spox, Rear Adm. Daniel Hagari:

“The Air Force is striking underground targets very significantly,” he says, adding that ground forces will “expand” their activity tonight.

For the last two days, IDF infantry forces and tanks have conducted limited raids into the Gaza Strip. Hagari says the IDF will continue to strike Gaza City and surrounding areas in northern Gaza, and renews his call for Palestinians to evacuate to the Strip’s south.

“We are prepared to defend in all arenas. We are acting in order to protect the security interests of the State of Israel,” he says.

Currently broad swathes of Gaza are without electricity, water, or easily available food or medical supplies. Hospitals say they are on the their last batches of fuel to run generators. Al Shifa hospital, Gaza’s largest, is being threatened with aerial attack.

The Palestinian Telecommunications Company has confirmed “cessation of all communications and internet services” within the Gaza Strip.

The “this is it moment” and anticipation of the ground invasion is spooking markets, with oil and gold climbing…

Gold ripping…

* * *

Update(1200ET): Friday has witnessed a flurry of premature ‘ceasefire imminent’ headlines which have turned out not to be true, at least by all other indicators, most especially the ground situation and the fact that Israel’s airstrikes have only stepped up in the last 48 hours. Israeli officials have rejected these false starts. For example, Doha-based Al Jazeera seems intent on presenting Qatar as the unsung ‘peace’ hero in all of this, while claiming that—

Al Jazeera sources say negotiations, mediated by Qatar, on a ceasefire and prisoner exchange deal between Israel and Hamas are “progressing and at an advanced stage”.

And yet, inbound rocket sirens continue to blare across southern Israel on Friday, and in the Strip IDF aerial forces are blasting away at Hamas HQ’s and locations. What’s more is there are reports saying Israel has increased its warnings for Al Shifa Hospital to be evacuated, which is Gaza’s largest medical complex.

Regional war correspondent Levent Kemal is being widely cited, who said, “Local Palestinian sources report that Israel has notified that it will strike all units of the Shifa Hospital.” A series of IDF public statements on Friday strongly suggest Israel is preparing military action against the hospital, saying that Hamas intentionally places military sites at the hospital and under the ground:

Hamas has denied and condemned the Israeli charge that it’s effectively using the hospital as a giant human shield:

On Friday, Israeli military spokesperson Daniel Hagari said that “terrorists move freely in Al-Shifa hospital” in Gaza City, adding that it was being used to run part of Hamas’ command and control centre.

The Palestinian group strongly denied the claims on Friday.

“We categorically affirm the falsehood of the Israeli occupation’s story about the use of Al-Shifa Hospital for military purposes, or the presence of any Hamas leadership in it,” the group said in a statement.

“We call on the UN and Arab and Islamic countries to intervene immediately to stop the madness of bombing and destroying medical facilities,” it added.

In short, there’s been a lot of big claims on the diplomatic front in the last several hours, but with nothing materializing – and IDF and Hamas statements pointing to the opposite…

As we noted earlier, there’s little in these developments that looks very “trucey” at all…

Oil is starting to recover from the ‘Truce Imminent’ headline slump…

END

UPDATE ON THE ABOVE:

Israeli Tanks Exchange Fire With Hamas Inside Gaza, Small Arms Clashes Heard, As Ground War Opens

BY TYLER DURDEN

FRIDAY, OCT 27, 2023 – 04:05 PM

Update(1605ET): It has become clear that the IDF has entered its next phase of battle operations, meaning a full ground assault, as heavy aerial bombardment continues. But Israeli officials in the last hours have dubbed this another “expanded” raid. The Biden White House is now making a show of wanting a more ‘humanitarian’ approach and has asked Israel to ensure only “surgical” strikes, and to allow the Strip access to aid.

There’s emerging evidence of tank fire and small arms fire at the border, after the IDF confirmed that ground forces are entering the next phase of their operations. The Times Of Israel in a breaking update is reporting, “Palestinians claim Israeli tanks exchanging fire with gunmen inside Gaza.” Separately, other regional analysts reporting, “Anti-tank missiles have been fired at Israeli forces that entered Gaza.”

Hamas leadership has responded with a “call to arms” for Gaza and the West Bank. There have since been reports of large overnight protests by Palestinians in the territories. The fate of the over 220 Israeli and foreign hostages hangs in the balance, and reports suggest the US is still seeking to keep the negotiating process going even as Israel invades.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1717984425546584416&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Foil-gold-dip-after-gaza-ceasefire-headlines&sessionId=4eb26d33f4f085df2fc1e3847225a715946a7cac&siteScreenName=zerohedge&theme=light&widgetsVersion=01917f4d1d4cb%3A1696883169554&width=550px

Below: purported engagement between Hamas and Israeli tank forces at the border:

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1717980492971016531&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Foil-gold-dip-after-gaza-ceasefire-headlines&sessionId=4eb26d33f4f085df2fc1e3847225a715946a7cac&siteScreenName=zerohedge&theme=light&widgetsVersion=01917f4d1d4cb%3A1696883169554&width=550px

White House NSC spokesman John Kirby said:

“All I can tell you is we want to see the hostages released,” he said.

The United States is offering military advice, Kirby added. But ultimately, he said, Israel is going to make its own decisions on the battlefield and answer for them.

“They have to drive the strategy that they have developed, operationally and then tactically,” he said.

Fox News’ foreign correspondent near the border has posted video of heavy exchanges of machine gun fire…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1717992768436322669&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Foil-gold-dip-after-gaza-ceasefire-headlines&sessionId=4eb26d33f4f085df2fc1e3847225a715946a7cac&siteScreenName=zerohedge&theme=light&widgetsVersion=01917f4d1d4cb%3A1696883169554&width=550px

Below are some of the latest developing headlines:

US IS NOT DRAWING RED LINES FOR ISRAEL: KIRBY
US CONCERNED INVASION COULD DERAIL HOSTAGE NEGOTIATIONS: WAPO
U.S. URGES ISRAEL AGAINST GAZA GROUND INVASION: WAPO
US URGING FOR MORE “SURGICAL” OPERATION IN GAZA: WAPO
ISRAELI PM ADVISER REGEV: WE ARE BEEFING UP THE PRESSURE ON HAMAS, OUR MILITARY OPERATIONS ARE UNDERWAY – FOX NEWS

US reconnaissance plane spotted active near the Israel-Gaza coast…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-3&features=eyJ0ZndfdGltZWxpbmVfbGlzdCI6eyJidWNrZXQiOltdLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2ZvbGxvd2VyX2NvdW50X3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9iYWNrZW5kIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19yZWZzcmNfc2Vzc2lvbiI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfZm9zbnJfc29mdF9pbnRlcnZlbnRpb25zX2VuYWJsZWQiOnsiYnVja2V0Ijoib24iLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X21peGVkX21lZGlhXzE1ODk3Ijp7ImJ1Y2tldCI6InRyZWF0bWVudCIsInZlcnNpb24iOm51bGx9LCJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3Nob3dfYmlyZHdhdGNoX3Bpdm90c19lbmFibGVkIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19kdXBsaWNhdGVfc2NyaWJlc190b19zZXR0aW5ncyI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfdXNlX3Byb2ZpbGVfaW1hZ2Vfc2hhcGVfZW5hYmxlZCI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfdmlkZW9faGxzX2R5bmFtaWNfbWFuaWZlc3RzXzE1MDgyIjp7ImJ1Y2tldCI6InRydWVfYml0cmF0ZSIsInZlcnNpb24iOm51bGx9LCJ0ZndfbGVnYWN5X3RpbWVsaW5lX3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9mcm9udGVuZCI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1717991398635434400&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Foil-gold-dip-after-gaza-ceasefire-headlines&sessionId=4eb26d33f4f085df2fc1e3847225a715946a7cac&siteScreenName=zerohedge&theme=light&widgetsVersion=01917f4d1d4cb%3A1696883169554&width=550px

More evidence of active tank fire at the border:

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-4&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1717996144419131555&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Foil-gold-dip-after-gaza-ceasefire-headlines&sessionId=4eb26d33f4f085df2fc1e3847225a715946a7cac&siteScreenName=zerohedge&theme=light&widgetsVersion=01917f4d1d4cb%3A1696883169554&width=550px

* * *

END

Kunstler: “If We Manage To Avoid WW3, America Has Its Own Grave Problem To Consider…”

FRIDAY, OCT 27, 2023 – 04:20 PM

Authored by James Howard Kunstler via Kunstler.com,

Chomp Chomp, Gulp Gulp

“Remember the good ole’ days when we lived in a country where no one had the answer to this baffling question: How could something like the Holocaust happen?”

– John Nolte, Breitbart

Of course, you realize that if this tragic business in the Middle East gets out of hand millions of people might die, maybe even you and me. Any way you cut it, looks like Islam wants to rumble. Basic problem: the little slab of land on the Mediterranean at issue is in the possession of one group of people and another group of people wants to drive them out. There is no “two state solution” because there is only one place in that place.

The world has already forgotten the butchery of October 7. Islam won’t even go so far as to acknowledge that something happened there, or that it matters. This is a quandary for Western Civ which operates lately on the ethos that anything goes and nothing matters. Face it: that’s a luxury belief. A society in collapse learns painfully that the first thing to go is luxury, Louis Vuitton bags and foolish Woke thinking. Western Civ may not be able to pretend any longer that nothing matters.

The reason Israel is where it is is because Western Civ treated the Jews abominably in the 1930s and 40s. The result, establishing a state of Israel in its historic location, was a power move, of course, by the powers who won the Second World War, but it had the imprimatur of a sacred duty. We’ve forgotten the impact, even to regular grunt US soldiers who liberated the extermination camps of Europe, of the unspeakable barbarism they encountered. It maimed the psyche of Western Civ to discover what savagery its best educated member nation turned out to be capable of. Is there any question that Germany lost its mind in those years?

Western Civ has been busy losing its mind for about seven years now. It’s so tormented that it has been flirting with suicide, for instance, allowing its borders to be overwhelmed with swarms of declared antagonists to Western culture. The European Union guilt-tripped themselves into letting that happen. The process in the USA appears more sinister and calculated, a sheer political ploy. In any case, nobody is lifting a finger to stop it.

Israel is a full-fledged member of that lunatic asylum. Israel is engaged in as much of a civil war between Left and Right as its godfathers in Europe and North America are enduring. On top of that, Israel decided to become the poster-child for Covid-19 vaccination “uptake.” It seemed like a valiant stand in the first flush of the Covid “crisis,” but now it looks more like they poisoned more than 90-percent of their population. You don’t hear much about it these days, but it’s lurking there, just like the massive vaccine damage that Europe and America have by stealth sustained lurks in the background of rising war fever and disintegrating economies.

It looks like the Islamic nations that surround Israel like a child in an alligator pit have made the calculation that now is the time to gobble up the little interloper. Trouble is, that child is armed to the teeth. It also looks like the alligators don’t care. It happens that they have small alligator brains, not that good for gaming out clashes of civilizations. All they care about is chomp chomp and gulp gulp. One question they fail to ask: Would the Middle East actually be a better place without an Israel? I bet this hasn’t occurred to any of them. Once it’s gone, they’ll be chomping and gulping each other, I assure you.

Our nation, under the leadership of “Joe Biden” (…iden…iden…iden…iden…), has deployed our mighty warships in the waters all around and amongst Israel’s adversaries. Hard to see how that couldn’t happen, our sacred duty and all. If called upon, they can probably do a lot of damage — though there is plenty of reason to believe that Iran has enough anti-ship cruise missiles to create a big problem for us. Heck, Iran has enough long range conventional guided missiles to turn Haifa and Tel Aviv into ashtrays. But then, five minutes later, the same would be true for Teheran and Damascus, only they’d be radioactive. And who knows what those swarms of moiling migrants in the US and Euroland might be inspired to do, when it comes to that?

Jihad is in the offing. Too many are itching to set it off. Now they’re just waiting for an excuse, a reason to ignite the fuses. The obvious excuse would be an Israeli military incursion into Gaza. That would git’er done, I’m sure. The Israelis must realize this. Despite prior expectations, though, and even given the thirst for vengeance, they might realize it’s unnecessary. They’ve done enough bombing in Gaza. They could neutralize the command network of Hamas pretty much the same way they got the Black September ringleaders of the Munich Olympics massacre, 1972 — a methodical hunt over years, decades. They don’t have to shout from the rooftops, either. Everyone will know.

There is the fate of the Gaza hostages to consider. It doesn’t look good. Given enough time, of course, they can be shuttled around geographically here, there, and everywhere and concealed for years. They have value. World opinion will turn on the hostage-takers, though you might argue that no longer matters. I rather expect that rescue operations are well-planned and some may be carried out. But, overall, many of these poor pawns are apt to be lost. Tragic is tragic.

If we manage to avoid World War Three, America has its own grave problem to consider, which is comprehensive collapse – of economic activity, the financial scaffold for it, and of civil order in a society under deadly stress.

Most of this damage has been induced by our own political leaders.

Now that the House of Representatives has been put in order, it’s time for that body to act expeditiously and relieve “Joe Biden” of his responsibilities… and then Ms. Harris… and then Messrs. Garland, Mayorkas, and Wray.

Out with them, post haste, and begin the project to save our own country.

* * *

Support his blog by visiting Jim’s Patreon Page

MIDDLE EAST ALLIANCES

Middle East Defense Alliances Could Create A Domino Effect Similar To WWI

FRIDAY, OCT 27, 2023 – 07:45 AM

Anyone who has studied the history of the 20th Century is likely familiar with the tragic series of confluences and “coincidences” that triggered a domino effect of military alliances leading to WWI.

The tale of WWI is a tale of what DARPA would call a “linchpin” event – A relatively small action or crisis triggering a larger avalanche of geopolitical disasters.

One could even make the argument that the intricate chain of alliances in Eurasia were tailor made for world war, all that was needed was the right catalyst. This is how a war between tiny Serbia and Austria became a global conflict.

Unfortunately, a similar set of circumstances exists today in the Middle East, with many mainstream analysts finally realizing the dangers that alternative analysts have been warning about for years. The war between the Israelis and the Palestinians is not ultimately about terrorism or biblical disagreements, it is about a structure of defense pacts and alliances that are just waiting to be tested.

The situation is rooted in archaic tribal disagreements that date back thousands of years, to be sure. Both sides think they are the “chosen people” anointed by heaven, which is why western nations have no business getting involved. It’s a mess that the west can only make worse. That said, this ancient division is merely a useful “linchpin” that can be exploited by malicious parties to ignite a global disaster.

The two keys to the spreading conflict are Israel and Iran (not the Palestinians).

Iran has been mentioned in numerous press discussions by US and Israeli officials as a primary influence behind the Hamas attacks on Israeli settlements on October 7, though no concrete evidence or intel has yet been provided.

There are a number of defense agreements involving these two countries that create a potential chain reaction for greater war.

Most people are familiar with the alliance between Israel and the US, but few understand the importance of Iran’s many defense connections…

Iran And Lebanon

The relationship between Iran and Lebanon is a subject of extensive debate, but the consensus in the strategic analysis community is that Iran runs Lebanon from behind the curtain. The real situation is a bit more complicated. There are multiple factions within Lebanon vying for power over the national government in the wake of a presidential vacuum, and there has been talk of a possible civil war.

Both Iran and China have been engaged in diplomatic efforts to ease tensions in the region. China recently brokered an agreement between Iran and Saudi Arabia which was expected to deescalate a number of issues in the Middle East, and this was supposed to have a trickle down effect in Lebanon. Iran has also stepped in on a number of occasions to mediate disagreements within Lebanon in an effort to secure an election. The Israeli/Palestinian war may have just thrown all of these plans into disarray, or, they might expedite agreements and force consolidation.

What is not in question is Iran’s military relationship with Lebanon. If Lebanon and Hezbollah enter into a war with Israel they will receive extensive support from Iran, if not direct military intervention.

Iran And Syria

Iran and Syria signed a mutual defense agreement in 2006. There are questions as to how this alliance would develop in light of the US troop presence within Syria’s borders, but that would require us to know why the US government placed those troops there to begin with. It certainly wasn’t to fight “ISIS.” So far, Iran appears to be maintaining a proxy position, using groups they fund and train to operate covertly in the area but never openly laying claim to anything.

This could very well change if the war in Israel escalates. There has been a number of attacks on US bases and personnel in Syria in the past two weeks, which is why there is now a rush to place missile defense batteries before Israel commits to a ground invasion of Gaza. If Iran enters the war, Syria’s involvement is assured.

Iran And Yemen

It is well known that the Houthi rebels in Yeman have been receiving a steady supply of armaments from Iran in their battles with Saudi Arabia. The agreement brokered by China was ostensibly meant to halt this and open a dialogue between Iran and the Saudis. That said, Iran and the militant groups in Yemen have close ties. Yemen would certainly involve itself in a war between Iran and the west.

Iran And Russia And China

In July of this year Iran officially joined the Shanghai Cooperation Organization (SCO), becoming the ninth member of the Chinese led economic and security block which also includes Russia. The three countries are now being referred to as the “Triangular Alliance” which is specifically designed to weaken US and NATO global influence.

China has begun by beefing up Iran’s economy through investment and oil purchases in the face of western sanctions. Russia has been restocking its military armaments with purchases of artillery shells and drones from Iran. The Biden Administration argues that Russia and Iran have entered into “unprecedented military ties,” but the truth is that there was no opportunity to test those ties until now.

It is hard to say how far Russia and China would be willing to go to help Iran should the US and Israel venture into open conflict with them. Most likely they would first use economic retaliation, with China dropping the dollar as the world reserve currency in bilateral trade. With so many economic and military interests linked to the Middle East, any broad conflict would inevitably drag multiple nations into the fray. This is probably why Vladimir Putin warned in 2019 that any US led war with Iran would result in ‘sad consequences and catastrophe.’

END

ROBERT H TO US:

Americans in Syria

Americans would be wise to leave as things are going escalate quickly

https://youtu.be/BRGj-y8X-g8?si=GdKFwyAuMWncJO2Z

10/27/23
By ProNews
Translated from Greek

For the first time, US forces are actively helping Israel by trying to destroy Iran’s logistics infrastructure in Syria

The Americans struck in eastern Syria two facilities used by Iran’s Revolutionary Guards and ” organizations associated with them” , as US Defense Secretary Lloyd Austin announced.

In essence, the US is directly involved in the war in the Middle East.

US forces for the first time are actively helping Israel by trying to destroy Iran’s logistics infrastructure in Syria.

The “precision strikes” , in ” legitimate defense” , are ” a response to the series of ongoing and mostly unsuccessful attacks against US (including military) personnel in Iraq and Syria by paramilitary organizations supported by Iran” after the 17 October, added the American minister, clarifying that they were done by order of President Joe Biden.

US forces and their allies have been targeted in at least 16 attacks in Syria and Iraq since the start of the month, the Pentagon said Thursday, again blaming “paramilitary groups linked to Iran” as fears continue to be raised about the risk of a spread in the region. of the Israel/Hamas war.

It is the first blow launched against Iran by the Americans and it was completely expected as in the last hours the only question was where they would strike: Syria or Lebanon?

It should be noted that in Iraq, American bases have received dozens of drone attacks from the Shiite militias.

The strikes were carried out with airstrikes and in the coming days and hours the American attack is expected to escalate.

Between Oct. 17 and Oct. 26, ” US and coalition forces were targeted 12 times in Iraq and 4 times in Syria ,” Pentagon spokesman Wing Commander Pat Ryder said yesterday.

The most recent of these attacks took place yesterday Thursday, in the autonomous Kurdistan region of Iraq, and caused “minor damage to infrastructure” , however, there were “no casualties”, added Mr. Ryder, addressing journalists accredited to the US Department of Defense.

“We know that (the attacks) are being carried out by paramilitary organizations supported by Iran, and we therefore hold Iran responsible for these organizations ,” insisted the senior US official.

Armed groups close to Iran have threatened to attack US bases because of US support for Israel, which declared war on Hamas after the group invaded Israeli territory on October 7.

Which raises concerns about the prospect of “major escalation” against US forces in the region, according to the Pentagon.

It is noted that there are approximately 900 US military personnel in Syria and nearly 2,500 more in Iraq as part of operations against the Islamic State.

Source:
https://www.pronews.gr/amyna-asfaleia/enoples-sygkroyseis/syria-egkatastaseis-ton-frouron-tis-epanastasis-xtypise-o-stratos-ton-ipa-me-entoli-t-mpainten/

END

IRAN

THE TIME OF ESTHER IS AROUND 400 BCE

SO FOR 2400 YRS, THEIR GRAVES WERE INTACT

NOW THIS:

Mordechai and Esther, the Jews ask for protection (just like Israel protects their Temple Mount mosque)

Residents from the Hamdan district, where the graves of Mordechai and Esther are located, demonstrated at the place, burned Israeli flags and desecrated the place.

Channel 7

11th of Bashon Tashpad 26.10.23, 14:24

Iran

IranPhoto: ISTOCK

האזינו לכתבה2 דקות

Against the background of the war in Gaza, residents of the Madan district in Iran, where the graves of Mordechai and Esther are located, burned Israeli flags and desecrated the place.

The local residents were not satisfied with this and sent a letter to the Ministry of Culture in which they requested to turn the place into a public site.

According to them, the building should be turned into a “museum of the crimes of the Zionist regime” and a public relations office with the “Palestinian resistance forces” should be established in this place.

The letter claims that the request is with the consent of the local Jews – which is not true. “With the consent of the respected Jews living in Islamic Iran, this tomb should be a public place like our other great and historic tombs and mosques, such as the historic mosques of Isfahan and Shiraz, which are a museum and a place to visit.

“The residents of Iran and the world should be allowed to investigate and learn about it, and therefore the authorities are requested to move it with the consent of the Jews and change the status of the place from private to public, before some people abuse the pure feelings of the people of Madan.”

The Jewish member of parliament Homion Shim sent a letter to the Iranian government in response and asked for the protection of the authorities. “The Jews in Iran feel firsthand the war between Israel and Hamas,” claimed sources in the Jewish community. “There is great pressure and danger and the situation is not good.

They also said that the synagogues in Iran function in a limited way so as not to cause unnecessary attention.

END

6,VACCINE/COVID ISSUES & GLOBAL ISSUES

GLOBAL ISSUES

END

GLOBAL VACCINE/COVID ISSUES

-END-

DR PAUL ALEXANDER

Excess Deaths Take Center Stage in First-Ever UK Parliament Debate on the Silent Health Crisis “The experimental COVID-19 vaccines are not safe, and they’re not effective,” (Andrew Bridgen); Vigilant

MP Andrew Bridgen of UK explains ‘excess deaths’ to show that the vaccine is linked to the deaths post vaccine; “experimental COVID-19 vaccines are not safe, and they’re not effective,” Vigilant Fox

DR. PAUL ALEXANDEROCT 27

READ IN APP

🎥 FULL VIDEO: UK Parliament Adjournment Debate on Excess Deaths, 20th October 2023#ExcessDeaths pic.twitter.com/JkLqIoTfMz
— Oracle Films (@OracleFilmsUK) October 20, 2023

Excess Deaths Take Center Stage in First-Ever UK Parliament Debate on the Silent Health Crisis

Black hole’ of COVID, the ‘COVID protocol’ that the medical system used to kill our parents, families, friends, collages: i)designation as COVID positive with false positive PCR process (97% false

positive) ii)pumped granny with toxic drugs iii)isolated granny & began death spiral iv)sedated her with paralytic midazolam/diamorphine v)denied antibiotics need for bacterial pneumonia v)DNR orders

DR. PAUL ALEXANDEROCT 26

READ IN APP

vi)sedation drove dehydration that enhanced death spiral vii) sedation caused malnourishment that furthered death spiral viii) isolation so no one touched granny for weeks, months as she lay in mounds of feces and maggots ix) then pumped granny with Remdesivir that is kidney, liver toxic, a failed EBOLA drug (Remdesivir was a drug in search of a disease/pandemic like how Tamiflu was a failed drug in search of a disease and got pandemic influenza x)intubated granny then she was placed on a ventilator that ended her life…the ventilator killed 90-95% of people placed on it via massive trauma to the already damaged lungs, VAP (ventilator associated pneumonia) etc. Trump was misled about the ventilator as with many aspects of the fraud non-pandemic with a 0.05% infection fatality rate (IFR) and a 99.998% risk of survival for those 75 years of age and below and where no, NOT ONE, not one healthy child across this 3.5 years of this COVID fraud, got COVID infection of any variant, and then got severely ill, or died from COVID in America, Sweden, Germany, UK etc. Not one!

This is why we hunt the 33 Horsemen of the COVID Apocalypse and we drag them into court rooms as long as it takes, we drag them in, depose them, under oath, and make them answer questions, investigate them and in proper tribunals and judges and juries and if shown to have costed lives with their fraud deadly COVID policies, we take all their monies and jail them, jail anyone of them…and if the judges and juries, only them, say the death penalty is on the table, then we impose the death penalty…we hang them high!

’33 Horsemen of the COVID Apocalypse’, bringing death, suffering, pain, job loss, collateral damage, destroyed lives & futures to societies, to America, Canada, UK etc.; these 33, we start with them

DR. PAUL ALEXANDER·OCT 17

This 33 comprises who we start with in proper courts with proper judges and juries who will decide (you can make suggestions of who is not on this list that should be on the list): Start list here: 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 f…

Read full story

'Obama Warns Israel's Strikes on Gaza Could Backfire'; this beast, this untermensche who flooded America with islamic Tashfeen Maliks to kill Americans, this beast that gave Iran the drone & naval

END

EVOL NEWS

NEWS ADDICTS

Top New Zealand Officials Convicted of Crimes against Humanity over Pandemic Mandates Several top New Zealand government officials have been convicted of charges related to crimes against humanity over mandates and restrictions forced onto the public during the COVID-19 pandemic.READ THE FULL REPORT

WEF Pushing Water Crisis to Usher In Single World Government The World Economic Forum (WEF) is laying the groundwork to trigger a global water crisis in order to usher in a single world government.READ THE FULL REPORT

Biden Admin Under Investigation for Possibly Aiding Hamas Terrorist Organization Republican legislators are investigating whether American aid to Palestinians in Gaza and the West Bank has ended up in the possession of Hamas, a U.S.-designated foreign terrorist organization.READ THE FULL REPORT

Democrat Rep. Jamaal Bowman Charged for Pulling Fire Alarm in Capitol Building U.S. House Rep. Jamaal Bowman (D-NY) has been referred to prosecutors by Capitol Police after they investigated his alleged accidental pulling of a fire alarm last month.READ THE FULL REPORT

New York Judge Arthur Engoron Threatens Trump with ‘Severe Sanctions after Dangerous Disobeying of a Court Order’A New York City judge, Arthur Engoron, issued another warning to President Trump on Wednesday, this time cautioning him about potential ‘severe sanctions’ for a possible breach of the gag order related to his comments made to the press outside the courthouse.READ THE FULL REPORT

SLAY NEWS

The latest reports from Slay News

Vax ‘Killed 3.5X More Americans Than Covid,’ Expert Warns A leading data expert has raised the alarm after uncovering evidence revealing that mRNA Covid shots have actually “killed 3.5 times more Americans” than the virus itself.READ MORE

Bill Gates & George Soros-Funded Group Sued for Censorship Collusion An organization funded by Microsoft co-founder Bill Gates and leftist billionaire George Soros has been hit with a lawsuit for allegedly colluding with federal government agencies and Big Tech companies to censor the American people.READ MORE

James Carville: Democrats Are ‘Ludicrous’ for Refusing to Debate Biden’s Viability for 2024 Former Bill Clinton strategist James Carville has slammed the Democrats as “ludicrous” for refusing to debate whether President Joe Biden is the party’s best candidate for the 2024 election.READ MORE

Speaker Mike Johnson: ‘Twitter Was an FBI Subsidiary before Elon Musk Took It Over’Newly-elected Republican House Speaker Mike Johnson (R-LA) declared that “Twitter was basically an FBI subsidiary before Elon Musk took it over.”READ MORE

Tucker Carlson Warns America Is on the ‘Brink of Collapse’Independent news anchor Tucker Carlson has warned that “abrupt change is coming” to the United States.READ MORE

Euthanasia Accounted for 4% of All Canadian Deaths in 2022, Government Admits An official report from Canada’s far-left government has revealed that a whopping 4 percent of all Canadian deaths in 2022 were the result of euthanasia.READ MORE

Judge Engoron Fines Trump $10,000 for Violating Gag Order Again Radical Judge Arthur Engoron has fined President Donald Trump $10,000 for allegedly violating the politically motivated “gag order” in the New York Case.READ MORE

George Soros Funded Anti-Israel Protests on Capitol Hill A financial paper trail has revealed that the recent anti-Israel protests on Capitol Hill were funded by leftist billionaire George Soros.READ MORE

22 People Dead, 30 Injured after ‘Mass Casualty, Mass Shooter Event’ in Maine A deadly mass shooting in Maine has left 22 people dead and 30 more injured, according to reports.READ MORE

China Launches New Experiments after Discovering 8 Never-Before-Seen Viruses Scientists in Communist China are launching new experiments after discovering a batch of new viruses that could potentially infect humans.READ MORE

Texas Sues Biden Admin for Illegally Destroying Security Fence on Southern Border Democrat President Joe Biden’s administration is being sued by the state of Texas after the federal government destroyed a security fence along the Southern Border to allow entry to illegal migrants.READ MORE

Israel Demands UN Chief’s Resignation over ‘Compassion’ for Hamas Terrorists Israel’s ambassador to the United Nations has demanded the UN Secretary-General Antonio Guterres’s resignation over allegations chief bureaucrat has been expressing “compassion” for Hamas terrorists.READ MORE

Mike Johnson Elected Speaker of the House Republican Rep. Mike Johnson (R-LA) has just been elected the next speaker of the House in a floor vote.READ MORE

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

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//

end

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

EURO VS USA DOLLAR: 1.0536 DOWN 0.0028

USA/ YEN 150.08 DOWN .280 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2108 DOWN 0.0028

USA/CAN DOLLAR: 1.3829 UP .0013 (CDN DOLLAR DOWN 13 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 29.49 PTS OR 0.99%

Hang Seng CLOSED DOWN 354.12 PTS OR 2.08%

AUSTRALIA CLOSED UP 0.19% // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG UP 354.12 PTS OR 2.08%

/SHANGHAI CLOSED UP 29.49 PTS OR 0.99%

AUSTRALIA BOURSE CLOSED UP 0.19%

(Nikkei (Japan) CLOSED UP 389.91 PTS OR 1.27%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1982.50

silver:$22.75

USA dollar index early FRIDAY morning: 106.58 UP 16 BASIS POINTS FROM THURSDAY’s CLOSE.

FRIDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.520% DOWN 2 in basis point(s) yield

JAPANESE BOND YIELD: +0.869% DOWN 0 AND 9//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.927 DOWN 2 in basis points yield

ITALIAN 10 YR BOND YIELD 4.806 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.8345 DOWN 1 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.0584 UP 0.0019 or 19 basis points

USA/Japan: 149.61 DOWN 0.754 OR YEN UP 75 basis points/

Great Britain/USA 1.2139 UP 0.0003 OR 3 BASIS POINTS //

Canadian dollar DOWN .0039 OR 39 BASIS pts to 1.3848

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.3179

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.3284)

TURKISH LIRA: 28.19 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.869…VERY DANGEROUS

Your closing 10 yr US bond yield UP 1 in basis points from THURSDAY at 4.895% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 5.025 UP 4 in basis points ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 5.037 DOWN 0 BASIS PTS.

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

London: CLOSED DOWN 63.28 POINTS or 0.86%

German Dax : CLOSED DOWN 43.64 PTS OR 0.30%

Paris CAC CLOSED DOWN 93.58 PTS OR 1.36%

Spain IBEX DOWN 44.50 PTS OR 0.52%

Italian MIB: CLOSED UP 220.45 PTS OR 0.30%

WTI Oil price 83.79 12: EST

Brent Oil: 88.77 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 94.11; ROUBLE DOWN 0 AND 15//100

GERMAN 10 YR BOND YIELD; +2.8345 DOWN 1 BASIS PTS

UK 10 YR YIELD: 4.5840 DOWN 5 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0564 DOWN 0.0001 OR 1 BASIS POINTS

British Pound: 1.2111 DOWN .0025 or 25 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.6096% DOWN 3 BASIS PTS//

JAPAN 10 YR YIELD: .874%

USA dollar vs Japanese Yen: 149.55 DOWN 0.810 //YEN UP 81 BASIS PTS//

USA dollar vs Canadian dollar: 1.3877 UP .61 CDN dollar DOWN 61 basis pts)

West Texas intermediate oil: 85.03

Brent OIL: 89.88

USA 10 yr bond yield DOWN 1 BASIS pts to 4.842%

USA 30 yr bond yield UP 4 BASIS PTS to 5.025%

USA 2 YR BOND: DOWN 3 PTS AT 5.010 %

USA dollar index: 106.42 DOWN 1 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 28.19 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 94.13 DOWN 0 AND 17/100 roubles

GOLD 2007.40

SILVER: 23.09

DOW JONES INDUSTRIAL AVERAGE: DOWN 366.28 PTS OR 1.12%

NASDAQ UP 70.85 PTS OR 0.50%

VOLATILITY INDEX: 21.49 UP 0.81 PTS (3.92)%

GLD: $186,15 UP 2,14 OR 1.16%

SLV/ $21,18 UP .33 OR 1.58%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM

Bonds, Gold, & Crypto Surge; Stocks Purged As USA Credit Risk Rises Into WW3

FRIDAY, OCT 27, 2023 – 04:00 PM

US Macro data surprised to the upside this week (seasonally-adjusted, of course), despite tightening financial conditions…

Source: Bloomberg

…but the US earnings outlook is deteriorating rapidly, as Barclays strategists say full-year guidance “looks unusually soft” for this time of year, while the number of profit warnings are already trending toward season-highs with about half of the S&P 500 still to report…

Source: Bloomberg

…and while the market’s expectations for inflation over the next 12 months is lower this month, Americans’ expectations for inflation is dramatically rebounding…

Source: Bloomberg

…and the term premium has soared to its highest since 2015…

Source: Bloomberg

All of which makes one wonder, why all of a sudden UST yields are rising along with USA sovereign risk’s sudden surge…

Source: Bloomberg

Around 1300ET, the IDF warned of an imminent ground invasion and several signals showed internet being cut off in Gaza. That sent stocks legging lower and gold and oil soaring…

The US majors were already at the lows of the day, and those losses accelerated on the Gaza headlines. The Dow was the marginal winner of the bunch, not puking quite as hard as the rest…

VIX actually ended lower on the week (by a smidge) and has decoupled from the drop in the S&P…

Source: Bloomberg

A really ugly week for big-tech with the Magnificent 7 tumbling to the lowest since May 2023 …

Source: Bloomberg

…but the banks were battered too

S&P and Nasdaq entered correction making October an ugly month…

Source: Bloomberg

The equal-weighted S&P tumbled to one-year lows today and the cap-weighted S&P is starting to catch down to it fast…

Source: Bloomberg

Amid all the chaos, Treasuries were actually relatively well-behaved today, holding yesterday’s gains with yields down between 5 and 10bps on the week (led by the belly)

Source: Bloomberg

The 2Y Yields fell back toward 5.00% (10Y broke below it and 30Y oscillated around it)…

Source: Bloomberg

The yield curve (2s30s) uninverted…

Source: Bloomberg

Amid all the crazy swings in stocks and commodities, the dollar ended the week very marginally higher…

Source: Bloomberg

Bitcoin surged midweek, topping $35,000 for the first time since May 2022, and held the gains

Source: Bloomberg

Oil dropped over 4% this week, but today’s escalation pushed WTI back up to $86…

Spot Gold surged on the Gaza headlines, topping $2000…

Source: Bloomberg

…up to its highest since May (nearing record highs)…

Source: Bloomberg

Finally, as Alasdair Macleod noted on America’s deteriorating finances: gold is now rising along with US Treasury yields…

Source: Bloomberg

…indicating that the dollar is becoming destabilised by Bidenomics, and a debt trap is being sprung on US Government finances.

RIP Byron Wien

EARLY MORNING TRADING/

Impossible without all the hostages to be released!!

Oil & Gold Dip After ‘Gaza Ceasefire’ Headlines

FRIDAY, OCT 27, 2023 – 09:03 AM

Oil and gold prices are sliding after a series of headlines hit this morning suggesting a ceasefire in the Hamas-Israel war is imminent.

Qatar-based Al-Jazeera says, quoting sources it didn’t name, that the Qatar-mediated negotiations are progressing “quickly” to achieve a “cease-fire” agreement and a hostage exchange deal between Israel and Hamas.

‘War premia’ are leaking out of gold…

…and oil is giving back gains after rallying overnight as the US conducted strikes on two Iran-linked facilities in Syria, reanimating investor concerns of a wider conflict and disrupt crude supplies….

However, putting the oil move in context…

…suggests the oil market is not fully believing the headline.

This doesn’t look very “ceasefirey”…

end

IDF Denies ‘Truce Imminent’ Headlines, Readies For Long-Awaited Ground Invasion

FRIDAY, OCT 27, 2023 – 12:00 PM

Al Jazeera sources say negotiations, mediated by Qatar, on a ceasefire and prisoner exchange deal between Israel and Hamas are “progressing and at an advanced stage”.

Hamas has denied and condemned the Israeli charge that it’s effectively using the hospital as a giant human shield:

On Friday, Israeli military spokesperson Daniel Hagari said that “terrorists move freely in Al-Shifa hospital” in Gaza City, adding that it was being used to run part of Hamas’ command and control centre.

The Palestinian group strongly denied the claims on Friday.

“We categorically affirm the falsehood of the Israeli occupation’s story about the use of Al-Shifa Hospital for military purposes, or the presence of any Hamas leadership in it,” the group said in a statement.

“We call on the UN and Arab and Islamic countries to intervene immediately to stop the madness of bombing and destroying medical facilities,” it added.

In short, there’s been a lot of big claims on the diplomatic front in the last several hours, but with nothing materializing – and IDF and Hamas statements pointing to the opposite…

As we noted earlier, there’s little in these developments that looks very “trucey” at all…

* * *

Additionally, and perhaps more notably, Reuters reports that Qatar told the United States that it was open to reconsidering Hamas’s presence on its territory, a senior US official said on Friday, once the crisis over scores of hostages kidnapped by the militant group is resolved.

The understanding, which was first reported by the Washington Post, was reached during a meeting between US Secretary of State Antony Blinken and the emir of Qatar, Sheikh Tamim bin Hamad al-Thani, when the top US diplomat was visiting Doha earlier this month, the official said.

end

EARLY THIS EVENING// GOLD/SILVER//TRADING

Gold Tops $2000 Amid Global Conflict, Govt Chaos

FRIDAY, OCT 27, 2023 – 02:25 PM

This week, gold and silver went their separate ways, with gold rising and silver falling, with today’s Gaza headlines pushing gold notably higher…

With spot gold topping $2,000 for the first time since May…

And,as Bloomberg’s Nour Al Ali points out, this recent acceleration could propel the precious metal to a fresh record high.

Gold has rallied almost 10% this month despite surging US yields and a resilient dollar, primarily driven by its appeal as a safe-haven asset amid geopolitical tension in the Middle East.

Its historical inverse correlation with real yields and the dollar, usually reliable and strong, has recently waned, based on the difference between the assets measured daily on a 40-day period.

Its impressive comeback has seen the precious metal top $2,000 per ounce threshold, bouncing back from an October low of ~$1,810. Speculators, prompted by geopolitical tensions and buying pressure from funds shifting from short to net long positions, have fueled this resurgence. Yet, total holdings in bullion-backed ETFs have continued to decline as asset managers remain focused on US economic strength, rising bond yields, and the cost of holding non-interest-bearing precious metals.

Their loss.

As the market’s attention now turns to Middle East developments, gold’s current price action, within a steep ascending channel, indicates both its rally’s strength and the need for consolidation, as noted by Saxo Bank’s Ole Hansen, who concludes, “a close above $2,000 can push gold beyond the prior record highs it saw around $2,050 in May this year, and March 2022.”

Indeed, as GoldMoney’s Alasdair Macleod explains below, all the action is in gold, with Comex Open Interest continuing to rise as our next chart shows, while that of silver is still subdued.

This month, the relationship has driven the gold/silver ratio higher, currently at 87. But it is not as if the hedge funds have been aggressive buyers of gold contracts. While in these markets the Commitment of Traders figures for 17 October are stale (update for 24 October due tonight), they revealed that the Managed Money category was only net long 15,103 contracts.

he next chart shows the position relative to the gold price.

The widening gap between the price and net longs is bullish. It means the gold price has held up well despite hedge funds not buying. With Open Interest having increased by under 30,000 contracts since the COT figures, hedge funds are unlikely to be more than 35,000—40,000 contracts net long today against a neutral position of over 100,000 contracts. In other words, after a rise of $175 in this month alone, gold still looks oversold.

The slight caveat is that in the next few days, there is the month end contract expiry, when the Swaps and market makers could make a concerted effort to get prices down so that as many call options as possible expire worthless.

There are two reasons for this change in behaviour: geopolitics, and a growing awareness of the dire state of the US Government’s finances.

The Israeli-Hamas situation is the most urgent. Yesterday, American jets attacked Hamas-related positions in Syria. At the same time, President Putin has invited senior Hamas and Iranian leaders to Moscow for talks, probably to America’s annoyance.

With the western alliance unequivocally backing Israel and Russia with an eye on her Muslim interests, the conflict in Gaza is threatening to widen.

For dealers in gold, it appears that we are early in a deteriorating situation.

The fear must be that the western alliance pushes the boundaries as far as it can to protect the Israelis.

The bigger picture is to not give any more ground to the Asian hegemons over influence in the Middle East. The Saudis are key in this, no longer kowtowing to the US, working with Russia and Iran to control oil prices.

This is the new reality. If the US has a pop at Iran, Iran will probably retaliate by closing Hormuz and driving oil prices considerably higher. And unlike in the past, led by the Saudis the Arab world will probably unite behind Iran.

One last word on America’s deteriorating finances: gold is now rising along with US Treasury yields…

…indicating that the dollar is becoming destabilised by Bidenomics, and a debt trap is being sprung on US Government finances.

TUCKER CARLSON

a must view:

Tucker Carlson Blasts Zelensky’s Orwellian War On Orthodox Christianity & West’s Deafening Silence

FRIDAY, OCT 27, 2023 – 11:10 AM

A proposed new Ukrainian law which will ban the Ukrainian Orthodox Church for merely maintaining communion and ties to the Russian Orthodox Church based in Moscow is poised to go into effect. This after its churches and monasteries have already in some instances been subject to brutal raids by police or else ultra-nationalist thugs, which has been met with international silence despite the egregious violation of religions freedom. Bishops have been hauled before courts, priests have been thrown in jail, monks and nuns have been thrown onto the street.

Ukrainian parliament approved the law Thursday, and it awaits a second reading and then approval by President Zelensky, which he is expected to give, before going into force. Last night Tucker Carlson released a new interview focused on what’s being deemed the Zelensky government’s “war on Christianity”.

Bob Amsterdam, an international lawyer from Amsterdam & Partners LLP who has been hired by the Ukrainian Orthodox Church (UOC) to defend the country’s largest religious body against this blatant persecution in European courts, spoke to Tucker Carlson in a segment published Thursday. The two decried the “attack on Christianity” and underscored Orthodoxy has had a home in Ukraine for at least a thousand years.Amsterdam agreed with Carlson’s scathing assessment: “Of all of Biden’s crimes, backing the Ukrainian government as it throws priests in jail may be the most revealing.”

Kiev has sought to smear the UOC as but a willing sphere of influence for the Kremlin, infiltrated and used by Russian intelligence. For example, Inna Sovsun, a Ukrainian lawmaker, was cited in AFP as calling the controversial bill a “historic decision” – explaining the rationale of the majority as follows: “In order to defeat the aggressor, we need to think asymmetrically and leave no room for Russia to harm us.”

Throughout the war, Zelensky officials have alleged – without evidence – that UOC priests and bishops are facilitators for Russian intelligence and harbor pro-Putin views. The UOC has formally responded this week by stating, “Undoubtedly, the adoption of this draft law will indicate that human rights and freedoms, for which our state is also fighting, are losing their meaning.”

But Amsterdam in the Tucker Carlson segment rejected Kiev’s Orwellian label and smear of the UOC being somehow a ‘Russian asset’, instead saying “This has nothing but a Tamine Hall local political logic.“ Amsterdam went on to explain the law is fundamentally an unprecedented assault on religious freedom. According to a summary of his words on the failure of both Western church leaders and the media:

Even as the church finds itself at the center of a geopolitical storm, international Christian leaders maintain a concerning silence. The ban isn’t just a local matter – it violates the Ukrainian Constitution, international laws, and perhaps even EU principles. Yet, the world seems to turn a blind eye, leading Amsterdam to question, “It is shameful that not only Christian but all leaders of all denominations have not spoken out against the Ukrainian government.”

Watch the interview below:Zerohedge.com/geopolitical/tucker-carlson-blasts-zelenskys-orwellian-war-orthodox-christianity-wests-silence

It’s not the first time that Carlson has sounded off against the long-running efforts of Kiev to ban the Ukrainian Orthodox Church from society and legal standing. In July he had former vice president Mike Pence on his show, and Carlson blasted Pence’s pro-Zelensky stance on the issue: “I sincerely wonder how a Christian leader could support the arrest of Christians for having different views,” he said.

Pence rejected the portrayal, to which Carlson responded, “And yet your concern is that the Ukrainians, a country that most people can’t find on a map, who’ve received tens of billions of US tax dollars, don’t have enough tanks.”

END

ALSO THIS:

“Abrupt Change Is Coming”: Tucker Carlson Issues Dire Warning For America

FRIDAY, OCT 27, 2023 – 01:05 PM

Tucker Carlson delivered a sobering speech this week in which he offered a straightforward, chilling notion: That “Abrupt change is coming.”

Carlson begins by laying out the significant disconnect between Washington DC and the average American citizen’s struggles – particularly how skyrocketing food inflation and housing inaccessibility for the younger generation, is fermenting a dangerous brew of widespread public disenchantment.

Thanks to political deecisions such as draining the Strategic Petroleum Reserve, the nation has been left vulnerable to deeper economic shocks. The public sentiment, particularly in rural areas, echoes this anticipation of a looming financial crisis, making the societal divide even more palpable.

“If something really dramatic in your country happens, like young people can’t get married, you know, or buy houses, or have any hope for a future that approaches the middle-class upbringing they had, then you’ve got a huge problem, and someone should be responding to that.”

“One thing Americans are not used to is being poor…but what if we ran out of money at the very same moment that American society is more fractured, our social fabric is in tatters, and we’ve let in millions upon millions of people who have no affinity for the United States,” Carlson posited. “If your economy is like on the brink of collapse, you know, if your country is literally bankrupt, someone would say that, and if food inflation gets so crazy that people are actually complaining about it… it doesn’t make me an expert on the people or anything, but I do live among people who aren’t rich, and they’re like legit upset about what groceries cost.”

Surveillance Overreach and the erosion of Civil Liberties

Drawing parallels with East German surveillance tactics, Carlson slammed the measures the state employs under the guise of national security. This overreach, he warned, erodes the personal freedoms of citizens, setting the stage to foment civil unrest and potential authoritarian control, under which genuine public grievances are suppressed rather than addressed.

“When your country is at war, civil liberties disappear, and we saw this in the last 20-year war on terror, and I supported all that stuff, and I have egg on my face. I’m worse than that; I’m ashamed of the measures that I supported,” Carlson said, adding that there are “angry people who feel like they have no recourse, who don’t think elections are real… they have real grievances, legit grievances, and the only way to tone those grievances down is not by creating some East German surveillance state, which we have done, or throwing people in prison for loitering outside the capital, which is their house after all. That doesn’t work long term.”

Bomb bomb Iran…

Carlson also cautioned over diving headfirst into a conflict with Iran if the Hamas-Israel war becomes a wider conflict.

“I have no love for Iran, and I can certainly see why people want to attack Iran. All I’m asking is just to put one person on TV to point out that there are consequences to the United States that may not be entirely positive to doing this,” he said.

And to that end, let’s stop sending taxpayer dollars to fight proxy wars that don’t benefit the American public.

“Abrupt change is coming, and that’s very, very disconcerting. And so, rather than reassure people, that you know, we kind of got your back a little bit, by the way, we’re going to spend a hundred billion dollars on other people,” Carlson continued.

A Nation Divided

Perhaps most striking was Carlson’s reflection on the internal fragmentation within the U.S. The current socio-political environment has nurtured a population divided, marked by an influx of individuals who may lack any profound loyalty to the country, further straining social cohesion. This scenario is a ticking time bomb, especially if economic destabilization were to strike a nation now unfamiliar with profound poverty and lacking a united front.

Carlson also highlights the fragility of a nation that, on the surface, appears robust and stable. Beneath this facade, according to Carlson, are brewing discontent and potential chaos, exacerbated by leaders who seem to prioritize peripheral issues over the imminent threats to national stability.

“The moral duty of the people running a country is to look out for the people in that country, period. That’s always true, and it doesn’t mean they can’t help other people, but if they pay no attention whatsoever, and in a moment when every person…can feel that something bad’s coming, everybody knows that.”

In short: Unless there is a significant shift in how America’s leaders approach these glaring issues, the United States might be unrecognizable in the aftermath of the “abrupt change” Carlson is warning about.

Watch:https://www.zerohedge.com/political/abrupt-change-coming-tucker-carlson-issues-dire-warning-america

II USA DATA

Money market fund inflows continue but the real problem is the bank bailout fund hitting record highs

(zerohedge)

Money-Market Fund Inflows Resume As Bank Bailout Fund Hits New Record High

THURSDAY, OCT 26, 2023 – 04:55 PM

After last week’s massive (biggest since Lehman) outflows, Money Market funds saw a return to inflows last week (+24.9BN)…

Source: Bloomberg

Both Retail and Institutional funds saw inflows (+8.6BN and +$16.3BN respectively)…

Source: Bloomberg

But bank deposits remain completely decoupled from money market fund assets still…

Source: Bloomberg

The Fed’s balance sheet continued to contract, down $25BN last week to its lowest since May 2021…

Source: Bloomberg

QT continues with $18BN in securities sales last week, down to its lowest level since June 2021…

Source: Bloomberg

Usage of The Fed’s emergency bank funding facility rose $250MM lasty week to a new record high over $109BN…

Source: Bloomberg

Banks reserves at The Fed and US Equity Market Cap have recoupled from the AI Boom decoupling…

Source: Bloomberg

And the regional banks are also continuing to catch down to the reality of the $109BN hole in their balance sheets…

Source: Bloomberg

And they only have until March to fill it.

end

Inflation slows a bit but that is countered with government wage growth at record highs. Savings rate plunges but spending soars.

(zerohedge)

Savings Rate Plunges As Spending Soars; Inflation Slows As Govt Wage Growth Nears Record High

FRIDAY, OCT 27, 2023 – 08:42 AM

One of The Fed’s favorite inflation indicators – Core PCE Deflator – slowed to 3.7% YoY in September (its lowest since May 2021). Headline PCE was flat at 3.4% YoY. Both were in line with expectations…

Source: Bloomberg

However, while the YoY data slowed, Core PCE rose by 0.3% MoM – the biggest MoM jump in four months.

Goods inflation picked up modestly again in September as Services slowed.

Personal Consumption soared 0.7% MoM while incomes grew at only 0.3% MoM…

Source: Bloomberg

Focusing on the income side alone, private workers wages plunged to 3.9%, down from 4.5% and the lowest since Feb 2021.

So where is the offset to hot wages you may ask? Why government workers: wages of govt workers are up 7.8% YoY vs 7.4% in August and approaching the record high of 8.7% in Oct 2021

All of which means the personal savings rate collapsed even further, from 4.0% to 3.4% of DPI…

Source: Bloomberg

Bidenomics, hard at work.

end

University of Michigan inflation expectations (soft data) explodes higher

(zerohedge)

UMich Inflation Expectations Exploded Higher In October: “Consumer Frustration Appeared Everywhere”

FRIDAY, OCT 27, 2023 – 10:10 AM

In its preliminary October data, UMich inflation expectations for the next year surged to 3.8%.. by the end of the month, the final data showed it had spiked to 4.2% – the highest reading since May 2023 (with the medium-term expectation at 3.0%)…

Source: Bloomberg

Consumer sentiment confirmed its early-month reading, falling back about 6% this October following two consecutive months of very little change.

Source: Bloomberg

This decline was driven in large part by higher-income consumers and those with sizable stock holdings, consistent with recent weakness in equity markets.

Source: Bloomberg

Across all consumers, one-year expected business conditions plunged 16% and expectations over consumers’ own personal finances in the year ahead fell 8%, reflecting ongoing concerns about inflation and, to a lesser degree, uncertainty over the implications of negative news both domestically and abroad.”

UMich Survey Director Director Joanne Hsu noted that:

“…signs of consumers’ frustration over inflation appeared throughout the interviews.

Year-ahead gas price expectations reached their highest reading since June 2022. Over 80% of consumers specified that inflation would cause greater hardship for consumers in the year ahead than unemployment, the highest share in 11 months.

About 47% of consumers blamed high prices for eroding their living standards, up from 39% last month and the highest share in 15 months.

While consumers recognize that inflation has slowed down from its peak last summer, they cannot ignore that their budgets remain stretched and their purchasing power reduced. Even so, strength in incomes continues to support aggregate spending.

Finally, we note that the overall index of economic news heard by consumers worsened about 15% between last month and this month, reaching its lowest reading since June 2023.

III) USA ECONOMIC STORIES

James Turk…

Heading Toward Another US Government Default

FRIDAY, OCT 27, 2023 – 07:20 AM

Authored by James Turk, Founder of GoldMoney,

“How did you go bankrupt?” Bill asked. “Two ways,” Mike said.

“Gradually and then suddenly.”

Ernest Hemingway, The Sun Also Rises, 1926

The financial position of the federal government of the United States has been gradually deteriorating for decades.

It is now rushing headlong to the financial tipping point that will cause it to default on its promises yet again.

What kind of default will it be this time?

Previous U.S. Government Defaults

Will it be like the 1933 default when the federal government reneged on its debt and stopped the deflationary spiral in the dollar caused by the unwinding of the 1920’s credit bubble instigated by banks? Or will the federal government repay its debt by pretending to fulfil its promises with a worthless currency, repeating what occurred in the 1780s with the country’s first currency, the continental?

In my books and articles over the years I have been making the case that it will be the latter. The dollar has been on a path leading to its collapse. It is the path of least resistance for politicians and their captive central bankers to take, as evidenced by the dozens of currencies that have failed just in living memory, let alone those from monetary history buried in the fiat currency graveyard and long forgotten.

The erosion of the dollar’s purchasing power so far has been gradual, but it is accelerating. Nevertheless, there is still time for political leaders to act.

The right thing to do is simply walk away from the debt and start over. That is what the framers of the Constitution did. So starting over this time would not be starting from scratch. We do not need to relearn from experience what Americans endured from the collapse of the continental two and one-half centuries ago. We can act now before the decline in the dollar’s purchasing power accelerates by simply returning to the constitutional monetary system that existed from the Mint Act of 1792 until 1913 when the Federal Reserve was created.

In fact, we need to unravel all the harmful legislation as well as overturn the constitutional amendments from the late 19th and early 20th century foisted on the American public by the so-called ‘progressives’ of the socialistic radical left and reject their fascism. But this article is about the inevitability of a default and the collapse of fiat currency, not politics.

The Math Pointing to Default & Hyperinflation

Defaults are the outcome of poor financial management, whether individuals, companies, or governments. Defaults rest upon numbers, specifically the cash-flow of revenue and outlays and their relation to the amount of debt. Hyperinflation is the result when governments fund their ever-growing expenses, budget deficits, and debt with new paper currency issued by the central bank and/or deposit currency originating within the banking system.

The following chart illustrates the relationship between the federal government’s $33 trillion debt and the interest rate paid on it. Up to now a default has been avoided by manipulating interest rates.

Notwithstanding the surge of federal government debt, the annual average interest rate paid on its debt has been declining since the 1980s and has remained artificially low since the end of the 2008 financial crisis. Only recently has it started to inch up from a post-pandemic low of 2.07%. The consequence of this artificially low interest rate was a manageable interest expense burden while the total debt soared, an unrepeatable circumstance that is now setting the stage for dollar hyperinflation.

The data in the following table presents the federal government’s financial results with my 2-year projection. The Implied Interest Rate is Gross Interest paid by the government divided by the year’s Average Debt. The key measure is the Insolvency Ratio, which is Gross Interest divided by Federal Revenue.

In 1980 when Federal Reserve Chairman Paul Volcker was raising interest rates to fight inflation, the Implied Interest Rate on the Average Debt that year was 8.61%. The Insolvency Ratio was 14.5% and manageable. Although interest rates soon peaked and began declining, the Insolvency Ratio continued climbing because of irresponsible federal government spending that resulted in continual budget deficits and a growing federal debt through the rest of that decade.

The ratio hit 27.1% in 1991 , a year in which Federal Revenue and its Outlays were both adversely impacted by the recession then prevailing. Alarm bells began ringing. A 30% Insolvency Ratio is generally seen as the tipping point that typically ignites a monetary, economic, and banking crisis. Importantly, it also signals the point at which inflation accelerates into hyperinflation as government outlays and debt grow faster than its revenue, and the resulting deficits are paid for with new currency emanating from a compliant banking system.

So politicians back then faced a dilemma. They had to reverse course and stop their uncontrolled spending or find a solution to perpetuate endless deficits and borrowing. They came up with a shameful response – more market intervention.

The Federal Reserve would manipulate interest rates, forcing them below levels determined by market participants, artificially lessening the cost of capital and skewing the free market process. This harmful policy of financial repression eased the government’s interest expense burden but did so with irreparable damage to savers, the backbone of capitalism and the principal means by which the middle class accumulates purchasing power to prepare for an uncertain future.

It was a wicked tactic to buy time and retain the status quo; it was not a solution. The proverbial can was kicked down the road for the umpteenth time.

That beaten-up can is now about to go over the cliff and take the dollar with it because artificially low interest rates have encouraged even greater amounts of borrowing that have resulted in even more accumulated debt. The time bought by this tactic is now ending as interest rates have begun their inevitable return to levels better reflecting the heightened credit and counterparty risk of the federal government’s debt mountain, which is rapidly approaching $34 trillion.

Rushing Toward the Tipping Point

As the debt rises, so does the interest expense burden from carrying that debt. Without a cut in outlays in other areas of the government, which is unlikely, the growing interest expense deepens the deficit and requires more borrowing. Those steps initiate a vicious spiral of bigger deficits that require more debt with a growing interest expense burden, all of which is paid for with newly created currency by the Federal Reserve working in tandem with the banking system. The resulting currency debasement – the erosion of its purchasing power – is the inflation that is causing so much financial distress and worry, and now the deficit spiral is deepening.

Alarm bells are ringing like they did in the early 1990s. The never-ending deficits and higher interest rates heighten the risk of default, which explains why the federal government is losing its triple-A credit rating.

My projections in Table 1 assume a 4% and 5% year-end interest rate for the federal government for 2024 and 2025 respectively, leading to an Implied Interest Rate of 3.74% and 4.37% for those years. I also assume that Outlays in both years grow at 5.5%, which is their CAGR from 1980 to 2023, while Revenue grows at its 5.0% historical CAGR. These are modest assumptions, so the projection can easily be disrupted and made worse by a recession, or even just a low level of economic growth.

In particular, note the 5-point jump in the Insolvency Ratio from 2022 to 2023. The federal government spent less last year to meet its regular operating expenses – Outlays Less Gross Interest declined $301 billion. But Federal Revenue declined $458 billion, which is $363 billion less than the government budgeted in January. This troubling -9.4% decline in annual revenue not only highlights the precariousness of the federal government’s financial position, it also indicates that the U.S. economy is rolling over and may have already entered a recession. This observation is supported by the Leading Economic Index, which just recorded its sixteenth consecutive monthly decline.

Typically in a recession revenue declines while outlays increase, as happened in the Great Recession. In 2009 Federal Revenue fell -16.6%, while Outlays jumped 17.9%. A repeat of those magnitudes would send the Insolvency Ratio soaring because the debt today is 3-times greater than it was in 2009 while Federal Revenue is only 2-times greater.

Regardless of whether a recession has begun, the federal government’s debt and its interest expense burden are accelerating because of the rise in interest rates that began last year. Worryingly, even if interest rates do not rise further, my projections in Table 1 calculate that the 30% tipping point will be reached in 2025 as maturing low interest rate debt will be refinanced at higher interest rates.

Any further increase in interest rates beyond my projected level would mean the tipping point is reached even sooner. For example, the 30% tipping point is reached in 2024 if the year-end interest rate paid by the federal government on its debt is 4.5%, instead of 4% as projected in Table 1. This relatively small increase in rates highlights the federal government’s precarious position. As seen in the Table 2, it has a fatal sensitivity to higher rates because of the huge amount of its debt in relation to its ability to generate revenue, even if Federal Revenue grows in 2024 and the economy somehow avoids a recession.

In contrast to the 1990s, there are no can-kicking alternatives for politicians to grasp on to. Reducing interest rates before inflation is under control will lead to a flight from the dollar as people seek alternatives like gold, silver, and other useful tangible assets to protect their purchasing power. Even if interest rates do not rise further, the tipping point is near simply because of the amount of accumulated debt.

The federal government is on a knife-edge, with default looming in the near future. This dire outcome is simply a reflection of math, which is undeniable. Actual results of revenue, outlays, and debt along with the above projections highlight past decades of financial mismanagement.

The Lesson To Be Learned

There is a critically important lesson to be learned, though ‘re-learned’ is more accurate given that history is replete with recurring examples of political folly and government repression. A command economy eventually ends in unmitigated failure regardless of the political ideology that promotes it.

We know that conclusion to be true from the economic and currency collapse of the Soviet Union, Venezuela, and other countries that propagandise false social doctrines that disparage capitalism and free markets. They share a common thread of eventual economic failure due to their rigging of interest rates and other heinous schemes of financial repression.

Tragically, their repression is not just financial. They all erode the liberty of their citizens, which is the inescapable outcome from political control of currency and interest rates in a command economy. By pursuing in the twentieth century an unconstitutional monetary system, America has inexcusably fallen into this fiendish trap.

Controls On Government from Issuing Money

By abandoning key provisions of the Constitution, the monetary process has spun out of control. Gold and silver – the moneys of the Constitution – are only mined when it is profitable to do so. The framers and their successors for the following century understood that the unbendable limits of nature[9] and prudent capitalism together harmoniously control the weight of metal mined each year. With their careful crafting of Article I, Sections 8 & 10 that limits federal power to the coining of money (not printing it), they purposefully kept the creation of new money out of the hands of politicians and central bankers. We are experiencing the calamitous consequences of jettisoning these essential constitutional requirements put there by the framers after they lived through and learned from the collapse of the continental currency.

There are no limits restricting how many unconstitutional dollars can be created. Even the debt limit has been cast aside. Dollars are being conjured up with reckless abandon that has enabled the growth in the federal government’s debt. A compliant Federal Reserve and a banking system spurred on by huge – but insupportable – profits provide whatever amount of fiat currency is needed to meet the unrealistic spending aspirations of the federal political class.

We know from monetary history that continual credit expansion cannot be sustained. When it eventually ends, the debt mountain crashes and takes along with it the fiat currency that built it.

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” Ludwig von Mises

America’s politicians need to make some tough decisions, and so do the voters who put them into a position of responsibility. Sensible leadership is needed to move the country back to a constitutional republic of honest money. Otherwise the country will continue plunging ahead recklessly on the road to default with the unpredictable social and political consequences arising from the collapse of the dollar’s purchasing power.

To prepare for another default, own physical gold and physical silver, not their paper representations. Many of those promises will be defaulted too, repeating what the US Treasury did in 1933 by defaulting on its paper gold certificates and its paper silver certificates in 1965.

end

Democrats’ Rating Of Biden Tumbles As Overall Approval Hits Record Low 37%: Gallup

(GALLUP)

FRIDAY, OCT 27, 2023 – 11:30 AM

By Megan Brenan of Gallup,

President Joe Biden’s job approval rating among Democrats has tumbled 11 percentage points in the past month to 75%, the worst reading of his presidency from his own party. This drop has pushed his overall approval rating down four points to 37%, matching his personal low.

At the same time, Biden’s approval among independents has declined four points, to 35%, while Republicans’ rating remains unchanged, at just 5%.

After ranging from 49% to 57% during the first eight months of his presidency, Biden’s approval rating has been mired in the low 40s for much of the past two years. Including the latest 37% job rating and an identical reading in April, Biden’s approval has fallen below 40% four times in the 33 readings Gallup has taken since he took office.

The latest downturn in Biden’s job rating, from an Oct. 2-23 Gallup poll, comes in the wake of the Oct. 7 surprise attack on Israel by Hamas militants that resulted in at least 1,400 deaths and more than 200 kidnappings. The attack by Hamas precipitated a counteroffensive by Israel, which has resulted in an estimated 5,000 deaths in Gaza thus far while also setting off a humanitarian crisis.

Immediately after the attack, Biden pledged “rock solid and unwavering” support for Israel from the U.S., and he subsequently visited the country on Oct. 18 to reiterate that message. But Biden has faced criticism from some members of his party for aligning too closely with Israel and not doing enough for the Palestinians. Some prominent Democratic lawmakers and protesters around the U.S. have called for Biden to do more to help the millions of Palestinians who are in need of humanitarian aid as Israel attempts to eradicate Hamas.

Early this year, Gallup found that for the first time in the U.S., Democrats’ sympathies for the Palestinians outpaced those for the Israelis. Although the survey is not designed to allow for statistically reliable estimates for any subset of the three-week polling period, the daily results strongly suggest that Democrats’ approval of Biden fell sharply in the aftermath of the Oct. 7 attacks by Hamas and Biden’s promise of full support for Israel on the same day. Biden’s current 75% approval rating among Democrats is well below the 86% average from his own party throughout his presidency.

Meanwhile, Biden’s approval rating from Republicans has been consistently low and in the single digits for more than two years, while his rating from independents has been more variable but generally weak since July 2021.

Democrats’ current rating of Biden is four points lower than Republicans’ lowest rating of Donald Trump during his presidency.

Biden’s 11th-Quarter Average Job Rating Is 40.0%

Biden’s job approval rating during his 11th quarter in office — spanning July 20 through Oct. 19 — averaged 40.0%, just below last quarter’s 40.7%. His latest quarterly average rating is on the lower end for his presidency but is slightly higher than his lowest, which was 39.7% in his ninth quarter earlier this year (Jan. 20 through April 19).

Biden’s average quarterly approval rating has not risen above 42.0% since his third quarter in office, when it registered 44.7%. His average ratings in the first two quarters of his presidency were 56.0% and 53.3%.

Biden’s 11th-quarter average approval rating is worse than the same period’s rating for all but one of the 11 post-World War II U.S. presidents elected to their first term. Jimmy Carter’s 31.4% 11th-quarter average rating was recorded in 1979 during a nationwide energy crisis and high gas prices.

Five presidents registered majority-level 11th-quarter average approval ratings, ranging from 50.5% to 72.7%: Dwight Eisenhower, John Kennedy, Richard Nixon, George H.W. Bush and George W. Bush. The other four presidents averaged 40.7% (Trump), 41.0% (Barack Obama), 44.4% (Ronald Reagan) and 46.4% (Bill Clinton).

[ZH: On a side note, here is Trump’s approval rating overlaid with Biden’s for the same period of their term…]

Bottom Line

Biden’s immediate and decisive show of support for Israel following the Oct. 7 attacks by Hamas appears to have turned off some in his own party, resulting in Democrats’ worst assessment of the president since he took office. Biden’s overall approval rating likewise matches his personal low. The Israeli-Palestinian conflict comes at a time when Americans remain pessimistic about the economy, the Biden administration is struggling to deal with increasing numbers of migrants attempting to enter the country, and debate continues about how much aid to provide to Ukraine in its war with Russia.

As events in the Middle East continue to unfold and the humanitarian crisis in Gaza worsens, Biden’s guidance on Israel could affect not only the outcome of the war but also how he is viewed at home.
Leon Cooperman describes that the rioting kids on campus have “sxhit” for brains. He cut off his funding for universities(zerohedge)

“These Kids Have Sh*t For Brains”: Billionaire Leon Cooperman Slams Columbia Protesters, Halts Donations

THURSDAY, OCT 26, 2023 – 09:30 PM

Hedge fund Billionaire and Columbia alum Leon Cooperman says he’s pulling donations from his alma matter over its support of pro-Palestinian activists.

In an interview with Fox Business, host Liz Claman said to Copperman:

“You are a proud graduate of Columbia Business School, class of 67, son of Polish Jewish immigrants, first in your family to graduate from college,” asking “what do you make of what’s happening at Columbia and Harvard, Stanford, NYU as well?

There was a student walkout at Columbia just a couple hours ago, driven by Columbia professor Joseph Massad, who called the Hamas attack ‘awesome.’ Where are we in the world when 1,300 Israeli civilians…”

Cooperman interrupted her, exclaiming:

“I think these kids at the colleges have shit for brains.“

“We have one reliable ally in the Middle East,” Cooperman continued. “That’s Israel.”

“We only have one democracy in the Middle East. That’s Israel, ok?”

“And we have one economy tolerant of different people – gays, lesbians, etc. And that’s Israel. So, I have no idea what these young kids are doing.”

Cooperman then said he’d pull donations.

“Now, the real shame is I’ve given to Columbia, probably about $50 million over many years,” he continued.

“And I’m going to suspend my giving. I’ll give my giving to other organizations.“

Watch the full discussion below:https://www.zerohedge.com/political/these-kids-have-sht-brains-billionaire-leon-cooperman-slams-columbia-protesters-halts

Get woke…

END

Robert H to us:

When religion is attacked society disintegrates

If the world hates you, remember that it hated me first.” John 15:18

Sadly, we are watching the downfall of America. And with such demise the impact will be felt across the breath of the western world.

What we perceives as as a status quo to predict tomorrow is no longer the case.

There is much truth in the phrase, think local act global. Because forecasting markets and thus investments now suggests a diminishing Western economy over the next decade. And that by default means a lower standard of living. The exceptions are in services that governments will try to provide to hold on to votes.

The question is whether we are willing to embrace such constraints given each of our lives will be affected. Watch in the short term as companies struggle with downsizing employment in an anticipation or in reacting to these realities. Longer term the embracement of the Global South will occur to cause growth and prosperity as not to do so will mean companies will shrink and not grow.

end

Sorry, Zelensky: Speaker Johnson Plans Separate Votes On Ukraine, Israel Aid

FRIDAY, OCT 27, 2023 – 09:55 AM

In what would be a major setback for the War Party’s increasingly desperate effort to perpetuate the proxy war against Russia in Ukraine, new Speaker of the House Mike Johnson says he wants to break up President Biden’s $106 billion funding request that combines controversial Ukraine aid with widely-supported funding for Israel.

Johnson told Fox News on Thursday that he’s met with Biden and has informed White House officials that “our consensus among House Republicans is we need to bifurcate those issues.” Reflecting growing Republican legislator skepticism about the Ukraine war — and sagging support among citizens of all political stripes — Johnson said, “We want to know what the object is there, what is the end game in Ukraine. The White House has not provided that.”

**Rep. Mike Johnson (LA-4) is sworn into as Speaker of the House** (*The Hill*)

Biden’s $106 billion funding request, which packages aid to Ukraine and Israel with other vote-baiting allocations, was preceded by a rare Oval Office address in which Biden made the case for pouring more weapons and money into both countries. In addition to saying the aid was necessary to defend two democracies, Biden added a new spin to his Ukraine war pitch by saying the spending would be a boon to US arms manufacturers.

Tacking Israel aid to the Ukraine request is a political play: The great majority of both Republican and Democratic legislators would hate to be on the record as voting against Israel aid. Of the $106 billion, $61.4 billion would go to Ukraine — where President Volodymyr Zelensky’s much-hyped 2023 counteroffensive resulted in a net loss of territory to Russia — and just $14.3 billion would end up Israel.

Biden’s combo package is also in danger in the Senate. On Thursday, a group of GOP senators introduced a stand-alone bill that would only authorize money for Israel, and none for Ukraine. “My colleagues and I firmly believe that any aid to Israel should not be used as leverage to send tens of billions of dollars to Ukraine,” said Kansas Senator Roger Marshall. He sponsored the Israel bill along with Ohio Senator J.D. Vance, Texas’s Ted Cruz and Utah’s Mike Lee.

That goes against the wishes of Senate Minority Leader Mitch McConnell, who, like Biden, wants to leverage the Israel lobby’s grip on legislators as a means of forcing his colleagues into voting for Ukraine money.

The practice of pushing all-in-one mega-bills in front of legislators for a straight up-or-down vote without amendments is one of the grievances that led to the ouster of former speaker Kevin McCarthy. By breaking up Biden’s requests, new Speaker Johnson can also claim that he’s moving the House toward better governance. We’ll see how long that lasts.

Meanwhile, don’t expect Johnson to exhibit hostility to Ukraine aid. “We can’t allow Vladimir Putin to prevail in Ukraine because I don’t believe it would stop there,” Johnson told Sean Hannity on Fox News, apparently embracing the farcical notion that Russia would invade Eastern Europe if it’s allowed to keep the Donbas.

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON

end

USA// COVID//VACCINE/

end

SWAMP STORIES

A good read. Gaetz says that the Johnson speakership roves that MAGA is ascendant in the GOP party as the swamp is now on the run. McCarthy tried to sabotage the election of the speaker and failed. He wanted to re instal himself!

(PEARSON/EPOCH TIMES)

Gaetz Says Johnson Speakership Proves ‘MAGA Is Ascendant’ In GOP, ‘Swamp Is On The Run’

THURSDAY, OCT 26, 2023 – 10:30 PM

Authored by Caden Pearson via The Epoch Times (emphasis ours),

Rep. Matt Gaetz (R-Fla.) on Wednesday declared the election of Rep. Mike Johnson (R-La.) as House speaker a sign of the strength of the “MAGA movement” in the GOP and the waning power of the “swamp.”

After a three-week leadership void in the House, the GOP conference chose Mr. Johnson as their speaker nominee; he went on to win 220 votes in the first floor ballot on Wednesday.

Mr. Gaetz, who led the motion to oust Rep. Kevin McCarthy (R-Calif.), the former speaker, touted Mr. Johnson’s victory as exemplary of the growing power of the “MAGA movement” on Capitol Hill.

“The swamp is on the run. MAGA is ascendant. If you don’t think that moving from Kevin McCarthy to MAGA Mike Johnson shows the ascendance of this movement and where the power in the Republican Party truly lies, then you’re not paying attention,” Mr. Gaetz declared during an interview on Steve Bannon’s “War Room” podcast on Wednesday.

The Floridian congressman shed light on the internal party deliberations that led to Mr. Johnon’s election following the short-lived race of Rep. Tom Emmer (R-Minn.), who withdrew his name hours after receiving the GOP nomination on Tuesday.

Mr. Johnson was runner-up to Mr. Emmer, who was the third speaker nominee after Reps. Steve Scalise (R-La.) and Jim Jordan (R-Ohio) failed to garner the needed support.

Mr. Gaetz said that following Mr. Emmer’s withdrawal, Mr. McCarthy was the sole GOP member to object to a request by Rep. Marcus Molinaro (R-N.Y.), a freshman congressman, for unanimous consent to waive the rules and take a non-binding poll on whether Mr. Johnson “could be our speaker nominee.”

Mr. McCarthy’s objection, in Mr. Gaetz’s view, was evidence that the former speaker “was worried that there was going to be this great, unifying moment” of rallying behind Mr. Johnson that would hurt Mr. McCarthy’s chances of being reelected, so “he scuttled the unifying moment.”

Mr. McCarthy had not put his name in the ring to run again for the speakership.

The Epoch Times contacted Mr. McCarthy’s office for comment.

Gaetz Says He ‘Wasn’t the Force for Chaos’

Mr. Gaetz said that Mr. McCarthy sought write-in votes, nominating himself. However, he received only 33, according to Mr. Gaetz.

“So, they flame out terribly,” Mr. Gaetz said. “Mike Johnson’s gaining momentum. Ultimately, McCarthy gets 43 to vote for him on a secret ballot. But Mike Johnson gets a majority.“

Mr. Johnson then requested a roll-call vote, said Mr. Gaetz. “So that those 43 would have to announce themselves as being for a candidate who wasn’t even running, instead of a unifying force like Mike Johnson,” he added.

“And when we called for the roll call, do you know how many people voted for Kevin McCarthy? Zero,” said Mr. Gaetz.

Mr. Gaetz accused the former Californian speaker of attempting to sabotage the chances of the last four speaker nominees, including Mr. Scalise, Mr. Jordan, Mr. Emmer, and Mr. Johnson, while maneuvering in the shadows to be reelected himself.

“Everyone in the room knew at that moment that I wasn’t the force for chaos; I wasn’t causing disunity; that for the last three weeks, the reason the House of Representatives has been paralyzed is because, for his own selfish gain, Kevin McCarthy was sabotaging the candidacy of anyone else because he was plotting a return,” Mr. Gaetz charged.

Mr. Johnson received a prolonged standing ovation from fellow Republicans upon his nomination by Conference Chair Elise Stefanik (R-N.Y.).

Mr. Gaetz hailed Mr. Johnson’s election to the speakership as a victory over “the swamp,” the term made popular by former President Donald Trump, the creator of the MAGA movement, which stands for Make American Great Again, his 2016 campaign slogan.

“They are crying, they are hand-wringing, they are bed-wetting over on K Street because we have an honorable, righteous man who is about to take this position. He’s going to do great things for the country,” Mr. Gaetz said, referring to “the swamp.”

Mr. Gaetz, who has been “seat mates” with Mr. Johnson on the House Judiciary Committee for seven years, praised the newly-minted speaker.

“He is sharp. He will be as respected in the homes of our most meaningful, righteous, and patriotic donors as he will [be] at the rallies with our most enthusiastic and meaningful activists,” Mr. Gaetz said.

Mr. Johnson’s election was praised by the former speaker nominees, Mr. Emmer and Mr. Scalise.

“I know Mike will keep our majority united as we continue to deliver on the commitments we’ve made to our constituents,” Mr. Emmer said.

Mr. Scalise praised Mr. Johnson’s commitment “to things bigger than himself.”

Mr. Johnson, 51, is an attorney and former radio host. He carried a Bible when he accepted the gavel on Wednesday.

In his first speech as speaker, he said the House is “ready to get to work again” to solve the problems at home and abroad affecting Americans.

“Our mission here is to serve you well, to restore the people’s faith in this House, in this great and essential institution,” he said.

end

Comer demands that the White House prove the 200,000 Biden loan to his brother is a fact!

(zerohedge)

Show Me The Money: Comer Demands White House Prove $200K Biden-Brother Loan

THURSDAY, OCT 26, 2023 – 10:10 PM

House Oversight Committee Chairman James Comer on Thursday says his panel doesn’t have a money trail showing that President Biden ever loaned his brother James $200,000, after a suspicious payment took place the same day James received $600,000 in loans from rural hospital operator, Americore.

The $200,000 check, written in 2018, was explained by the White House as the repayment of a loan – however Comer has his doubts, according to Just the News.

pic.twitter.com/tJUMLMD5iu— Oversight Committee (@GOPoversight) October 20, 2023

“The White House has claimed Joe Biden loaned James Biden $200,000, and this check was repayment,” Comer wrote to White House counsel Edward Siskel. “Records obtained by the Committee do show numerous large incoming transactions into the personal account of James and Sara Biden from various entities. Some of these transaction records may have obscured the identity of the true payer, but no records in the Committee’s possession state that Joe Biden made a large loan payment to his brother.”

“If Joe Biden did personally loan James Biden an amount that was later repaid by the $200,000 check, please provide the loan documents, including the loan payment, loan agreement, and any other supporting loan documentation,” Comer continued.

James Biden allegedly received $600,000 in loans from Americore after convincing the firm he could use the family name to “open doors” and secure a large investment from the Middle East, the Kentucky Republican claimed last week. Comer has since suggested that, even if the president did give his brother the money in the form of a loan, the transaction was nonetheless evidence of personal benefit from his family’s business activities. -Just the News

“Whether it was a loan or not, James Biden’s March 1, 2018, check to Joe Biden aptly demonstrates one way he personally benefited from his family’s shady influence peddling of his name and their access to him,” Comer wrote to Siskel. “Even if the transaction in question was part of a loan agreement, we are troubled that Joe Biden’s ability to recoup funds depended on his brother’s cashing-in on the Biden brand.”

END

This is not a joke. It is real: Fauci to receive prestigious “ethics prize” for saving millions of lives

(Schactel/Dossieer)

Anthony Fauci To Receive Prestigious ‘Ethics Prize’ For ‘Saving Millions Of Lives’

THURSDAY, OCT 26, 2023 – 09:10 PM

Authored by Jordan Schachtel via The Dossier

The Inamori International Center for Ethics and Excellence at Case Western Reserve University will award Dr. Anthony Fauci with its Inamori Ethics Prize, an annual honor given to international leaders “whose actions and influence have greatly improved the condition of humankind.”

No, this is not a Babylon Bee article. This is really happening. Anthony Fauci, who is unparalleled as the most destructive government bureaucrat in American history, is being awarded with an ethics prize.

Fauci, who presided over two White House administrations of catastrophic, draconian policymaking, which resulted in unparalleled levels of unnecessary human suffering, has “saved millions of lives,” a press release from Case Western said Wednesday.

Fauci will be on campus Sept. 19, 2024 to deliver a “free public lecture” commemorating the honor, which comes with a monetary reward.

“Dr. Fauci has cared not only for the nation’s health, but also the health of the world,” Case Western Reserve President Eric W. Kaler said Wednesday. “As a scientist, research leader and public health advisor, his contributions to scientific discovery have truly improved lives. His leadership through one of the most challenging times in history—the COVID-19 pandemic—serves as a model for us all.”

Case Western long required all students to take several doses of mRNA shots to be eligible to enroll in classes. The school also enforced a mask mandate for multiple years. They finally dropped the abusive mandates when the Fall semester began.

Despite “retiring” at the end of last year, Fauci continues to receive millions of dollars worth of taxpayer funded benefits, such as a 24/7 chauffeur and a fully staffed U.S. Marshals security detail.

He is now affiliated with Georgetown University, where he has been awarded multiple lucrative professorships, but does not teach any classes at the D.C. institution.

* * *

Meanwhile…

Post

See new posts

Conversation

Paul D. Thacker

@thackerpd

The Anthony Fauci Grift Tour offers much more than $300 sponsor tickets. Other levels: Partner $2,500 Wine/Espresso Bar Sponsor $5,000 Corporate Tables $7,500 VIP Reception $20,000 Fireside Chat $25,000 Presenting Sponsor $50,000

Ivor Cummins and 7 others

Quote

Paul D. Thacker

@thackerpd

Oct 21

Tony Fauci is now hitting the speakers circuit. For a $300 ticket, you can hear him talk about how Fox News is mean to him. This man lied to Congress, lied to the country. Just wow.

Last edited8:03 AM · Oct 22, 2023

359.1K Views

end

THE KING REPORT

The King Report October 27, 2023 Issue 7107

Independent View of the News

  As expected, the ECB paused after 10 consecutive rate hikes.

Due to a 4.0% jump in Consumption US Q3 GDP increased 4.9%; 4.5% was expected. However, the GDP Price Index increased to 3.5% from 1.7%; 2.7% was expected. USZs rallied 24/32 because the Q3 GDP whisper number was 5.5%; The Atlanta Fed GDPNow forecast was 5.4%. PS – The Atlanta Fed GDPNow model forecasted 5% Q3 GDP in August while Street economists saw 1.8% GDP.

Consumption added 2.69 percentage points; Government contributed .79; Gross Private Investment provided 1.47; and Change in private inventories contributed 1.32. (Table 2 data)

The BEA: Disposable personal income increased $95.8 billion, or 1.9 percent, in the third quarter, compared with an increase of $296.5 billion, or 6.1 percent, in the second quarter. Real disposable personal income decreased 1.0 percent, in contrast to an increase of 3.5 percent…
https://www.bea.gov/sites/default/files/2023-10/gdp3q23_adv.pdf

Real Disposable Income DOWN 1.0% and GDP +4.9%!?!?
US Durable Goods Orders Soared 4.7% m/m in September, the biggest increase since July 2020. 1.9% was consensus. The jump was due to a 92.5% surge in Nondefense Aircraft. Defense tumbled 14.4%. Ex-Transportation Orders are 0.5%; 0.2% was expected. Nondefense Ex-Air Orders are +0.6%; 0.0% was consensus. Shipments are 0.0%; +0.2% was expected.

Initial Jobless Claims increased to 210k from 200k; 207k was expected. Continuing Clams increased to 1.79m from 1.727m; 1.74m was consensus.

ESZs declined from the Nikkei opening until they hit a low of 4171.00 at 3:30 ET. Traders, of course, bought the European opening dip. ESZs rallied to 4189.50 at 6:32 ET and then rolled over to 4171.50 at 7:32 ET. ESZs rebounded and then surged after the release of the US GDP Report at 9:30 ET.

ESZs hit a high of 4205.00 at 9:34 ET. Eager to exploit the robust pump, dumpers began to sell at 9:35 ET. ESZs sank to 4174.75 at 10:37 ET. Traders eagerly played for the 2^nd Hour Rebound. ESZs jumped to 4200.50 at 10:51 ET. Sellers reappeared; ESZs sank to a new low of 4170.25 at 11:40 ET.

After a modest rebound, ESZs sank to a daily low of 4146.25 at 13:30 ET. The usual suspects then got jiggy for the afternoon rally. ESZs jumped to 4191.25 at 15:02 ET. Alas, sellers returned; ESZs sank to
4154.25 at 15:48 ET. A modest rally into the close developed.

USZs waffled between gains and losses until they surged higher on the US GDP Report. As noted above, bond traders expected a stronger GDP reading. USZs were +1 14/32 at the NYSE close.

Positive aspects of previous session.
Bonds had a relief rally because the US GDP Report was lower than the whispers

Negative aspects of previous session
Stocks declined again; Fangs got hammered (NY Fang+ Index -2.66%)

Ambiguous aspects of previous session
Is Biden’s Middle East redline the same nothing burger as Obama’s Middle East redlines?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4149.58
Previous session S&P 500 Index High/Low: 4183.60; 4127.90

@RonDeSantis: Today’s GDP numbers are reflective of the wider Biden economy — inflated. Much of last quarter’s growth was driven by unsustainable government spending and monetary policy. In reality, consumer confidence is falling, inflation is still nearly double the average of the last 30 years, our oil reserves are at a 40-year low, auto loan delinquencies and credit card debt are near all-time highs, and more Americans are forced to take on multiple jobs to cover basic expenses. Bidenflation is killing the average American’s bottom line, and things will only get worse in the months ahead as credit dries up and gas prices increase even further because of Biden’s anti-energy policies.

New York Supreme Court reinstates all employees fired for being unvaccinated, orders backpay
State Supreme Court found that being vaccinated ‘does not’ stop the spread of COVID-19
https://www.foxnews.com/us/new-york-supreme-court-reinstates-all-employees-fired-being-unvaccinated-orders-backpay

Israeli forces conduct ground raids in Gaza ahead of expected invasion
During the overnight raid, soldiers killed fighters and destroyed militant infrastructure and anti-tank missile launching positions, the military said. It said no Israeli were wounded. There was no immediate confirmation of any Palestinian casualties.
https://www.foxnews.com/world/israeli-forces-conduct-ground-raids-gaza-ahead-expected-invasion

Critics slam Biden admin for allowing Iran’s FM to visit UN: ‘blood of Americans on his hands’
Reagan set precedent by blocking Yasser Arafat from speaking at UN on national security grounds
https://www.foxnews.com/world/critics-slam-biden-admin-allowing-irans-fm-visit-un-blood-americans-hands

Iran accuses Israel, threatens US in UN address
“Today in New York and the United Nations, I say frankly to the American statemen who are now managing the genocide in Palestine that we do not welcome the expansion of the war in the region,” Amir-Abdollahian said. “But I warn, if the genocide in Gaza continues, they will not be spared from this fire. It is our home and West Asia is our region.”…  https://www.foxnews.com/live-news/israel-hamas-war-october-26?

@DailyCaller: @JacquiHeinrich: “The president said that if Iran or its proxies attacked U.S. troops – we would respond. What is he waiting for?“ KIRBY: “He did say that.” HEINRICH: “Where is the response? Heeding the warning is the response? It’s an honest question!” KIRBY: “I’m not gonna telegraph punches here from the podium…As the President said, we will not hesitate to protect our troops and our facilities.” @JacquiHeinrich: “You said [POTUS] issued a warning to the Ayatollah – How was that warning delivered?” KIRBY: “I’m not gonna get into that.” HEINRICH: “Was there a message that was relayed after U.S. troops were injured?” KIRBY: “There was a direct message relayed.” HEINRICH: “Why were the injuries not disclosed until Tuesday?” KIRBY: “I’d have to refer you to the Pentagon.”
https://twitter.com/DailyCaller/status/1717605204927926701

Fox News’ @JacquiHeinrich: “We’ve learned President Biden will see the Chinese foreign minister tomorrow (Friday) when he visits the White House. It comes as the U.S. has been pressuring China to stop Iran from trying to widen the war. So far not much progress has been made…”
https://twitter.com/TVNewsNow/status/1717670873568628748

Fox’s @LucasFoxNews: U.S. forces in the Middle East have been attacked 16 times in the past 10 days without a response. (Biden’s redlines are as useless as Obama’s redlines. Maybe it is Obama’s redline.)

@EndWokeness: Looks like the Biden “press conference” yesterday was a total fraud. (Joe holding a cheat sheet with reporters’ names and pics that his handlers want Joe to call.)
https://twitter.com/EndWokeness/status/1717598756428722309

@WillHild: The CEO of JPMorgan Chase, Jamie Dimon, expressed frustration over the financial industry’s obsession with ESG, saying the largest threat to mankind is “nuclear proliferation, not climate.” https://t.co/G6Gw0SiWEd

Amazon reported EPS of 0.94 (.59 exp.) and sales of $142.1B ($141.42B exp.). AMZN rallied 3.6%; but quickly dropped to a 2.1% loss after Amazon lowered Q4 net sales guidance to $160B from $167B. It appears that Amazon is expecting a soft holiday season. Then, Amazon soared to a 4.2% gain because AMZN said AI will generate “tens of billions” for AWS (Amazon Web Services) in coming years.

Fed Balance Sheet: – $25.332B, MBS -$16.745B, Loans -$4.587B; Reserves at Fed: -$91.995B
https://www.federalreserve.gov/releases/h41/current/h41.htm

Yellen Says Yield Surge Is Due to Strong Economy, Not Deficits – BBG (Liar or dolt or both?)

Today – US stocks have clearly broken down. Plus, there is persistent selling pressure. Traders keep playing for ingrained intraday rally patterns; but sellers keep selling into rallies. There has been no indication of climax selling yet (heavy volume, new low and a robust reversal). Nevertheless, the usual suspects will play for the Friday rally. When will equity sellers take a rest?

At 20:00 ET, ESZs are +19.50 on Amazon’s AI incantation (No joke!)

Expected Economic Data: Sept Personal Income 0.4% m/m, Spending 0.5%, PCE Deflator 0.3% m/m & 3.4% y/y, PCE Core Deflator 0.3% m/m & 3.7% y/y; Oct UM Sentiment 63; Fed VCEO Barr 9 ET

Expected Earnings: UPS 1.52, MRK 1.96, CMCSA .95, LUV .39, NOC 5.79, IP .58, HON 2.23, HSY 2.46, MA 3.23, TXT 1.30, NEM .38, MO 1.29, BMY 1.77, F .47, COF 3.26, INTC .21, AMZN .58

S&P 500 Index 50-day MA: 4367; 100-day MA: 4408; 150-day MA: 4315; 200-day MA: 4240
DJIA 50-day MA: 34,013; 100-day MA: 34,304; 150-day MA: 34,004; 200-day MA: 33,820
(Green is positive slope; Red is negative slope)

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 3828.58 triggers a sell signal
Weekly: Trender and MACD are negative – a close above 4473.50 triggers a buy signal
Daily: Trender and MACD are negative – a close above 4279.18 triggers a buy signal
Hourly: Trender and MACD are negative – a close above 4189.44 triggers a buy signal

Prosecutor says Biden bribery claim was credible enough for further investigation, but FBI resisted
Former U.S. Attorney Scott Brady told the House Judiciary Committee the FBI kept even the mere existence of the Hunter Biden laptop from his probe…he encountered unprecedented foot-dragging and “reluctance” inside both the FBI and the Delaware U.S. Attorney’s office that took over the case…
     Brady was critical of the FBI, noting the bureau never told his office it had Hunter Biden’s laptop and had corroborated its contents even as DOJ prosecutors investigated the Ukraine allegations…
     Brady said he encountered similar resistance and skepticism as he tried to hand off evidence and investigative leads to Delaware U.S. Attorney David Weiss and his deputy Lesley Wolf in fall 2020, corroborating similar testimony provided to the House Ways and Means Committee earlier this summer by IRS whistleblowers Gary Shapley and Joseph Ziegler…
https://justthenews.com/accountability/political-ethics/federal-prosecutor-biden-bribery-claim-credible-enough-further

Ex-US attorney tasked with investigating Biden-Ukraine information was ‘limited’ by DOJ: Transcript – Former U.S. attorney for the Western District of Pennsylvania Scott Brady appeared for a transcribed interview behind closed doors at the House Judiciary Committee this week…
    “It was limited by both the scope of what we were to look at and the tools that were available to us,” Brady said. “It was really a vetting to assess credibility. It was not to make determinations about whether there was evidence sufficient to open criminal investigations, anything like that.”…
    Brady stressed that he did not have tools that “could compel testimony or the production of documents.” “Witnesses, bank records, emails, we weren’t able to access any of those kinds of things or compel them from third-parties,” he said… https://t.co/SFhPHApYml

@GOPoversight: Former U.S. Attorney Scott Brady’s testimony CONFIRMS Ranking Member Raskin LIED about the FBI’s Biden Bribery Record. The U.S. Attorney’s Office uncovered enough indicia of credibility of the evidence and recommended further investigative steps to the U.S. Attorney’s Office in Delaware. Statement from Former U.S. Attorney Scott Brady
   “My understanding of Mr. Raskin’s public statements is that, based on the determination that I and my team found the allegations in the 1023 not credible or other information not credible, we did not escalate the assessment to a limited or full investigation,” Brady said. “That’s not true.”

James Comer demands Biden explain $200K from brother, vows to grill first family ‘soon’ https://trib.al/DNWcGY5

Comer letter to WH Counsel Edward Siskel: https://twitter.com/TomFitton/status/1717683094285627744

@sentdefender: The Pakistani Army is reported to be shelling the Jammu and Kashmir Region of India with heavy artillery resulting in damage to a number of Indian Army posts near the Administration-Line; this is a significant escalation between the two countries which hasn’t been seen in years.

Nearly two-thirds of New Yorkers blame Biden for migrant crisis, over half agree it’ll ‘destroy’ NYC: poll – New York migrant crisis could have election consequences for Democrats in ‘true blue state,’ Siena Poll suggests
https://www.foxnews.com/politics/nearly-two-thirds-new-yorkers-blame-biden-migrant-crisis-over-half-agree-itll-destroy-nyc-poll

@BNONews: Maine shooting suspect is Robert Card, a trained firearms instructor in the U.S. Army reserve.  He was recently released from a mental health facility.  https://t.co/KfhceeGl8h

@robbystarbuck: Stanford’s anti-Israel students released a list of demands to the school admin:
– Condemn Israel – Pay to get them lawyers – Boycott all Israeli products – Pay for 24/7 trauma counselors – Pay for round trip visits after war ends for them to go visit friends or their family – Invest in rapid refugee camps – Hire Palestinian speakers – Investigate themselves
https://twitter.com/robbystarbuck/status/1717265767127801885/photo/1

@cjvalues: The Coalition for Jewish Values calls on @MLB, @NBA, @NFL, and their franchises to end their support for BLM. (Due to antisemitism) https://twitter.com/cjvalues/status/1717561187485823470

@DrEliDavid: Jewish Loss of Land 1000 BCE to 2013  https://twitter.com/DrEliDavid/status/1717639019243225250
Controversial NYU law student president filmed defacing posters of Hamas hostages https://trib.al/8ctzP9J

GOP Sen. @MarshaBlackburn: A new report claims that (Dem) @RepRashida has extensive ties to Palestinian terrorist groups. If the reports are true, Tlaib should be expelled from the House immediately.

@GOP: (Dem Rep) Jamaal Bowman’s excuse: “I thought the alarm would open the door.” Jamaal Bowman per the video: Removes warning signs, pulls the fire alarm, and quickly walks away.
https://twitter.com/GOP/status/1717649806959497558

@RNCResearch: Democrat Rep. Jamaal Bowman says he struck a deal with fellow Democrat D.C. Attorney General Brian Schwalb to have the fire alarm charges expunged from his record once he pays a fine. https://twitter.com/RNCResearch/status/1717668750139478124

The Dem DC AG charged Rep. Bowman with only a misdemeanor instead of ‘obstructing a session of Congress.’ Many Jan. 6 protestors were incarcerated without bail and sentenced to months or years in prison for what Bowman did in principal (18 U.S.C. § 1505). Two-tiered justice & Dem privilege, again!

Teens accused of killing retired police chief laugh, flip off victim’s family in court https://t.co/4XUIAY7A9O

Far too many American youths, the future of the USA, possess anti-social and self-destructive tendencies due to decades of cultural destruction, nihilism, and glorified permissiveness.

GREG HUNTER

Biden Still At 9.5%, Middle East Boiling, More Vax Murders

Biden Still At 9.5%, Middle East Boiling, More Vax Murders

By Greg Hunter On October 27, 2023 In Weekly News Wrap-Ups4 Comments

By Greg Hunter’s USAWatchdog.com (WNW 605 10.27.23)

9.5% Biden approval rating is the number behind most of what you see going on. Yes, the Lying Legacy Media says Biden’s approval ratings are much higher, but why do you think I call them the Lying Legacy Media (LLM)? My sources say everybody knows Biden sucks, and this was before the Hamas/Israel conflict and before Ukraine was decimated. When you have poll numbers this low, you prosecute your political enemies, let new illegal voters into the country by the millions, cover up vax deaths and injuries by the millions and start a huge war. Any of this sound familiar? Again, 9.5% actual rating.

Specking of war, things are heating up in the Hamas/Israel conflict and the Middle East in general. The USA is bombing multiple Iranian proxy military locations in Syria. Meanwhile, Israel is bombing Hamas locations in Gaza. Israel released footage of the Hamas monsters in action murdering unarmed people. (Warning: This graphic violence.) This is what started the current fighting. Iran is threatening war against the U.S., and Russia looks like it has already won in Ukraine. None of this is going to be over anytime soon. Brace for some big market news to the downside.

Every week we have new deaths and injuries from the CV19 bioweapon vax. This week, a 16 year-old runner in top shape died at the finish line after running his best time in his short career. Again, nobody knows what happened, but we who are awake know this was nothing more than another CV19 vax murder. The CV19 vax did not help a single person, according to many top doctors. It continues to disable and kill all the while we are told lies by the LLM to cover up the crimes.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 10.27.23.

https://usawatchdog.com/biden-still-at-9-5-middle-east-boiling-more-vax-murders/()
(Video will play when it is finished processing on Rumble.)

After the Interview:

Dr. Michael Palmer is out with a new book outlining the evils of mRNA vaccines. He is warning mRNA is going to be in all vaccines in the not-so-distant future, and they must be stopped

SEE YOU ON MONDAY