Shanghai Gold Benchmark Price

USD oz gram kilo tola

AM2022.66

PM2024.53

Historical SGE Fix

PREMIUM SHANGHAI OVER NY: $46

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Bitcoin morning price:, 34,266 DOWN 608 DOLLARS

Bitcoin: afternoon price: $34,874 UP 318. dollars

Platinum price closing $937.45 UP $10.95

Palladium price; $1133.35 UP $10.85

END

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Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading

I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS

*CANADIAN GOLD: $2,720.20 DOWN $8.22 CDN dollars per oz( * NEW ALL TIME HIGH 2,782.61//OCT 272023)

*BRITISH GOLD: 1609.29 DOWN 19.08 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1655.17) OCT 2/2023

*EURO GOLD: 1857.12 DOWN 12.34 euros per oz //* (NEW *ALL TIME HIGH/CLOSING//1898.24)//high.* OCT 27.2023

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,985.600000000 USD
INTENT DATE: 11/02/2023 DELIVERY DATE: 11/06/2023
FIRM ORG FIRM NAME ISSUED STOPPED

363 H WELLS FARGO SEC 3
435 H SCOTIA CAPITAL 1
624 H BOFA SECURITIES 5
686 C STONEX FINANCIA 1
737 C ADVANTAGE 14 10

TOTAL: 17 17
MONTH TO DATE: 1,427

JPMorgan stopped 0/17 contracts.

FOR NOV.:

GOLD: NUMBER OF NOTICES FILED FOR NOV/2023. CONTRACT: 17 NOTICES FOR 1700 OZ or 0.0528 TONNES

total notices so far: 1427 contracts for 142,700 oz (4.438 tonnes)

FOR NOV:

SILVER NOTICES:58 NOTICE(S) FILED FOR 290,000 OZ/

total number of notices filed so far this month : 304 for 1,520,000 oz

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END

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES

GLD

WITH GOLD UP $5.75//

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

INVENTORY RESTS AT 861.51 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER UP 41 CENTS AT THE SLV// BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .638 MILLION OZ

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 440.631 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY HUGE SIZED 762 CONTRACTS TO 127,592 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS STRONG SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR SMALL $0.04 GAIN 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 2433 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: 2433 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.04). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A HUGE SIZED GAIN OF 956 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( 194 CONTRACTS FOR NIL OZ) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.430 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 145,000 OZ QUEUE JUMP +

//NEW STANDING IS THUS 1.915 MILLION OZ

//HUGE SIZED COMEX OI GAIN/ SMALL SIZED EFP ISSUANCE/VI) HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 2433 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – REMOVED 181 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 NOV:

TOTAL CONTRACTS for 3 days, total 912 contracts: OR 4.560 MILLION OZ (304 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 4.560 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: 97.455 MILLION OZ

NOV. 4.560 MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 762 CONTRACTS WITH OUR GAIN IN PRICE OF $0.04 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL 194 EFP ISSUANCE CONTRACTS: 194 ISSUED FOR DEC AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. . WE HAVE A SMALL INITIAL SILVER OZ STANDING FOR SEPT OF 1.432 MILLION OZ FOLLOWED BY TODAY’S 145,000 OZ QUEUE JUMP

NEW STANDING 1,915,000 OZ/// /// WE HAVE A HUGE SIZED GAIN OF 762 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS SIZED 2433 CONTRACTS//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION. THE NEW TAS ISSUANCE THURSDAY NIGHT A HUGE (2433) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 58 NOTICE(S) FILED TODAY FOR 290,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 6364 CONTRACTS TO 480,981 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 134 CONTRACTS

WE HAD A STRONG SIZED INCREASE IN COMEX OI ( 6364 CONTRACTS) WITH OUR $6.55 GAIN IN PRICE//THURSDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR NOV. AT 4.3514 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 1700 OZ QUEUE JUMP // ALL OF..THIS HAPPENED WITH OUR $6.55 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A VERY STRONG SIZED GAIN OF 11,436 OI CONTRACTS (35.57 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 5072 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 480,981

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,436 CONTRACTS WITH 6364 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 5072 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 11,436 CONTRACTS OR 35.57 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE 3,557 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5072 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (6364) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 11,436 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 NOV. AT 4.3514 TONNES FOLLOWED BY TODAY’S 1700 OZ QUEUE JUMP: NEW STANDING 4.5256 TONNES + .00 TONNES EXCHANGE FOR RISK TODAY + .2673 EX. FOR RISK PRIOR //THUS NEW TOTAL: 4.7929 TONNES // /// 3) ZERO LONG LIQUIDATION AND SOME TAS LIQUIDATION BUT WE HAD SOME SPEC SHORT COVERINGS DURING THE COMEX SESSION //4) STRONG SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUGE T.A.S. ISSUANCE: 3557 CONTRACTS

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

NOV

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

TOTAL EFP CONTRACTS ISSUED: 13,037 CONTRACTS OR 1,303,700 OZ OR 40.55 TONNES IN 3 TRADING DAY(S) AND THUS AVERAGING: 4345 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 3 TRADING DAY(S) IN TONNES 40.55 TONNES

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

THUS EFP TRANSFERS REPRESENTS 40.55/3550 x 100% TONNES 1.15% 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. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.

NOV. 40.55 TONNES//

SPREADING OPERATIONS

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

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

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

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

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

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

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

1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE SIZED 762 CONTRACTS OI TO 127,592 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE A SMALL 194 CONTRACTS

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

DEC 194 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 194 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 762 CONTRACTS AND ADD TO THE 194 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 956 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 4.780 MILLION OZ

OCCURRED DESPITE OUR SMALL $0.04 GAIN 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 21.39 PTS OR 0.71% //Hang Seng CLOSED UP 433.53 PTS OR 2.52% /The Nikkei CLOSED //Australia’s all ordinaries CLOSED UP 1.13 % /Chinese yuan (ONSHORE) closed UP AT 7.3162 /OFFSHORE CHINESE YUAN CLOSED UP TO 7.3229 /Oil UP TO 83.00 dollars per barrel for WTI and BRENT UP AT 87,27/ Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 6364 CONTRACTS TO 480,981 WITH OUR STRONG GAIN IN PRICE OF $6.55 ON THURSDAY TRADING.

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 5072 EFP CONTRACTS WERE ISSUED: : DEC 5072 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5072 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A HUGE SIZED TOTAL OF 11,436 CONTRACTS IN THAT 5072 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 6364 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $6.55//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 3557 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: NOV (4.7373 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. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes

NOV: 4.473 TONNES + 2643 (EX. FOR RIS) = 4.7373 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $6.55) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A HUGE GAIN OF 11,436 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A CONSIDERABLE 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 35.57 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR OCT. (4.3514 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 1700 OZ QUEUE JUMP //NEW TOTALS STANDING:4.5256 TONNES +0 NEW EXCHANGE RISK// .2673 EXCHANGE FOR RISK/PRIOR: NEW TOTALS: 4.7929 TONNES + ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $6.55. 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 134 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 11,436 CONTRACTS OR 1,143,600 OZ OR 35.57 TONNES.

Estimated gold volume today:// 223,218 fair

final gold volumes/yesterday 178,605 poor/

//speculators have left the gold arena

//NOV 3

/ /// THE NOV. 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	18,989.170 oz OZ Brinks HSBC Int. Delaware (81 kilobars) JPM .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	96.453 oz Brinks 3 kilobars
No of oz served (contracts) today	17 notice(s) 1700 OZ 0.0528 TONNES
No of oz to be served (notices)	28 contracts 2800 oz 0.0872 TONNES
Total monthly oz gold served (contracts) so far this month	1410 notices 141,000 OZ 4.3856TONNES
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: 1

i) Into Brinks: 96.453 oz (3 kilobars)

total customer deposits: 96.453 oz

we had 4 customer withdrawals

i) Out of Brinks: 6876.874 oz

ii) Out of HSBC: 5678.464 oz

iii) Out of Int. Delaware 2604.22 (81 kilobars)

iv) Out of JPMorgan 3830.404

total withdrawals 18,989.170 oz

Adjustments;1 dealer to customer/JPMorgan:

7716.240 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOV.

For the front month of NOVEMBER we have an oi of 45 contracts having LOST 4 contracts. We had 21 contracts filed on THURSDAY, so we gained 17 contracts or an additional 1700 oz will stand for delivery at the comex in this NON active delivery month of NOVEMBER. 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.

December LOST 443 contracts DOWN to 365,275 contracts.

JAN. gained 27 contracts up to 36 contracts.

We had 17 contracts filed for today representing 1700 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 17 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 2 notice(s) was (were) stopped received by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the NOV. /2023. contract month, we take the total number of notices filed so far for the month (1427 x 100 oz ), to which we add the difference between the open interest for the front month of NOV. (45 CONTRACTS) minus the number of notices served upon today 17 x 100 oz per contract equals 145,500 OZ OR 4.5256 TONNES +.2673 EX. FOR RISK = 4.7929 TONNES

thus the INITIAL standings for gold for the nov contract month: No of notices filed so far (1427) x 100 oz + (45) {OI for the front month} minus the number of notices served upon today (17) x 100 oz) which equals 143,800 oz standing OR 4.473 TONNES + .2673 EX FOR RISK = 4.7929 TONNES

TOTAL COMEX GOLD STANDING: 4.7929 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: 1,880,539.272 OZ 58,49 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 19,897,548.036 OZ

TOTAL REGISTERED GOLD 10,059,164.184 (312.882 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 9,818,383.852 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 8,178,525(REG GOLD- PLEDGED GOLD) 254.386 tonnes//dropping like a stone

END

SILVER/COMEX

NOV 3

//2023// THE NOV 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	220,236.616 oz Brinks CNT .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	DELAWARE: 4799.938 OZ
No of oz served today (contracts)	58 CONTRACT(S) (290,000 OZ)
No of oz to be served (notices)	79 contracts (295,000 oz)
Total monthly oz silver served (contracts)	304 Contracts (1,520,000 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 1 deposits customer account:

i) Into DELAWARE: 4799.938 oz

total customer deposit 4799/938 oz

JPMorgan has a total silver weight: 134.441 million oz/267.288 million or 50.24%

Comex withdrawals 2

i) Out of Brinks 1053.130 oz

ii) Out of CNT 219,183.436 oz

total: 220,236.616 oz

adjustments: 1 customer to dealer Manfra:

97,995.989 oz

TOTAL REGISTERED SILVER: 38.327 MILLION OZ//.TOTAL REG + ELIGIBLE. 267.288 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF NOV /2023 OI: 137 CONTRACTS HAVING GAINED 14 CONTRACT(S). WE HAD 15 NOTICES FILED

ON THURSDAY, SO WE GAINED 29 CONTRACTS OR AN ADDITIONAL 145,000 OZ WILL STAND FOR SILVER IN NOVEMBER

DEC. LOST 394 CONTRACTS TO STAND AT 92,695 .

JANUARY LOST 6 CONTRACTS TO STAND AT 654

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 58 for 290,000 oz

Comex volumes// est. volume today 78,558// good

Comex volume: confirmed yesterday 50,710 poor

To calculate the number of silver ounces that will stand for delivery in nov. we take the total number of notices filed for the month so far at 304 x 5,000 oz = 1,520,000 oz

to which we add the difference between the open interest for the front month of NOV. (137) and the number of notices served upon today 58 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the NOV/2023 contract month: 304 (notices served so far) x 5000 oz + OI for the front month of NOV (137) – number of notices served upon today (58 )x 500 oz of silver standing for the NOV contract month equates to 1.915 MILLION OZ

There are 38.327 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!

NOV 3/WITH GOLD UP $5.75 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / // // INVENTORY RESTS AT 861.51 TONNES

NOV 2/WITH GOLD UP $6.55 TODAY:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE DEPOSIT OF 2.02 TONNES OF GOLD INTO THE GLD/ // // INVENTORY RESTS AT 861.51 TONNES

NOV 1/WITH GOLD DOWN $6.15 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD // // INVENTORY RESTS AT 859.49 TONNES

OCT 31/859.49 TONNES//

OCT 30/WITH GOLD UP $7.80 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD // // INVENTORY RESTS AT 861.80 TONNES

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

GLD INVENTORY: 861.51 TONNES

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

NOV 3/WITH SILVER UP 41 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.638 MILLION OZ OF SILVER FROM THE SLV///// /// /INVENTORY RESTS AT 440.631 MILLION OZ

NOV 2/WITH SILVER UP 11 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.924 OZ OF SILVER FROM THE SLV///// /// /INVENTORY RESTS AT 439.993 MILLION OZ

NOV 1/WITH SILVER DOWN 11 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 916,000 OZ OF SILVER FROM THE SLV///// /// /INVENTORY RESTS AT 441.917 MILLION OZ

OCT 31/442.833 MILLION OZ///INVENTORY

OCT 30/WITH SILVER UP 46 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: /// /// /INVENTORY RESTS AT 443.750 MILLION OZ

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

CLOSING INVENTORY 440.631 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

We are on tap for a record 1348 tonnes ob buying from central banks during the next 12 months

Central Banks On Course For “Colossal” Year Of Gold Buying

FRIDAY, NOV 03, 2023 – 07:20 AM

Via SchiffGold.com,

After setting a record through the first half of the year, central banks continued to gobble up gold in the third quarter.

Globally, central banks added a net 337 tons of gold in Q3, the second-highest third-quarter total on record behind 2022.

Through the first nine months of the year, central banks bought a net of 800 tons of gold. That’s 14% more than through the same period in 2022.

The People’s Bank of China led the way, adding another 78 tons of gold to its holdings in the quarter. The Chinese central bank has bought gold for 11 straight months. Since the beginning of the year, the People’s Bank of China has increased its reserves by 181 tons, and it has added 232 tons since it resumed official purchases in November 2022. As of the end of September, China officially held 2,192 tons of gold, making up 4% of its total reserves.

China has a history of adding to reserves and then going silent.

The People’s Bank of China accumulated 1,448 tons of gold between 2002 and 2019, and then reported nothing for more than two years before resuming reporting last fall. Many speculate that the Chinese continued to add gold to its holdings off the books during those silent years.

In fact, there has always been speculation that China holds far more gold than it officially reveals. As Jim Rickards pointed out on Mises Daily back in 2015, many people speculate that China keeps several thousand tons of gold “off the books” in a separate entity called the State Administration for Foreign Exchange (SAFE).

Last year, there were large unreported increases in central bank gold holdings. Central banks that often fail to report purchases include China and Russia. Many analysts believe China is the mystery buyer stockpiling gold to minimize exposure to the dollar.

The National Bank of Poland continued its buying spree in Q3 with a 57-ton increase to its gold reserves. That’s in addition to the 48 tons it bought in the second quarter. Year-to-date, Poland has bought 105 tons of gold, in line with a plan to add 100 tons to its reserves Bank of Poland President Adam Glapiński announced in 2021. The country currently holds about 11% of its reserves in gold. Glapiński recently indicated the buying will likely continue.

“This makes Poland a more credible country, we have a better standing in all ratings, we are a very serious partner and we will continue to buy gold. The dream is to reach 20 percent,” Glapiński said.

When he announced the plan to expand its gold reserves, Glapiński said holding gold was a matter of financial security and stability.

Gold will retain its value even when someone cuts off the power to the global financial system, destroying traditional assets based on electronic accounting records. Of course, we do not assume that this will happen. But as the saying goes – forewarned is always insured. And the central bank is required to be prepared for even the most unfavorable circumstances. That is why we see a special place for gold in our foreign exchange management process.”

Turkey sold 160 tons of gold last spring but returned to buying in the third quarter. The Turkish central bank bought 39 tons of gold in Q3, and its total reserves recovered to 668 tons.

According to the World Gold Council, the big gold sale earlier this year was a specific response to local market dynamics and didn’t likely reflect a change in the Turkish central bank’s long-term gold strategy. Although the Turkish government reinstated gold import quotas in early August, so far we haven’t seen a repeat of sales into the local market to meet elevated demand.

Eight more central banks made purchases of at least a ton during the quarter.

India – 9 tons
Uzbekistan – 7 tons
The Czech Republic – 6 tons
Singapore – 4 tons
Qatar – 3 tons
Russia – 3 tons
The Philippines – 2 tons
The Kyrgyz Republic – 1 ton

Russia announced plans to recommence buying foreign currency and gold in early August, but the government did not indicate the size or timing of future gold purchases.

The only seller of note was Kazakhstan. The country’s central bank reported a 4-ton decline in its reserves for the quarter. It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to switch between buying and selling.

Looking at the entire year, China, Poland and Singapore bought the most gold.

The World Gold Council said it’s “all but certain that central banks are on course for another colossal year of buying,” after a record-setting 2022.

The strength of buying has, to some degree, exceeded our expectations. While we were confident that central banks would remain net purchasers in 2022, we thought it unlikely that it would match last year’s record buying volume. Should buying continue to be strong in Q4, the full-year total could get closer than we anticipated. Nevertheless, the historically high level of buying in Q4 2022 may be difficult to top.”

Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971. It was the 13th straight year of net central bank gold purchases.

According to the 2023 Central Bank Gold Reserve Survey recently released by the World Gold Council, 24% of central banks plan to add more gold to their reserves in the next 12 months. Seventy-one percent of central banks surveyed believe the overall level of global reserves will increase in the next 12 months. That was a 10-point increase over last year.

end

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

3. CHRIS POWELL//GATA GOLD COMMENTARIES:

ALASDAIR MACLEOD…..

A MUST READ!!!

Alasdair Macleod: The future for fiat

Submitted by admin on Thu, 2023-11-02 14:43Section: Daily Dispatches

By Alasdair Macleod
Head of Research, GoldMoney, Toronto
via Schiff Gold, White Plains, New York
Thursday, November 2, 2023

The day of reckoning for unproductive credit is in sight. With G7 national finances spiralling out of control, debt traps are being sprung on all of them, with the exception of Germany.

Malinvestments of the last 50 years are being exposed by the rise in interest rates, increases driven by a combination of declining faith in the value of major currencies and contracting bank credit. The rise in interest rates is becoming unstoppable.

Do not be surprised to see a U.S. Government deficit exceeding $3 trillion this fiscal year, half of which will be interest payments. And in the run-up to a presidential election, there’s every sign of deficit spending increasing even further.

We now face America and her allies being dragged into another expensive conflict in the Middle East, likely to drive oil and natural gas prices higher; far higher if Iran becomes a target. With the Muslim world united against Western imperialism more than ever before, do not discount the closure of Hormuz, and even Suez, with unimaginable consequences for energy prices.

The era of interest rate suppression is over. G7 central banks are all deeply in negative equity. In other words, technically bankrupt, a situation that can be addressed only by issuing yet more unproductive credit. These are the institutions tasked with ensuring the integrity of the entire system of bank credit.

This is not a good background to a dollar-based global credit system that is staring into the black hole of its own extinction. …

… For the remainder of the analysis:

https://schiffgold.com/commentaries/the-future-for-fiat/

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//live from the vault: Andrew Maguire

43:49NOW PLAYING

Safe haven gold demand to disrupt the FED’s risky $1.784 Trillion lifeline – LFTV Ep 147

Kinesis Money

end

5 a. IMPORTANT COMMENTARIES ON COMMODITIES: ORANGE JUICE

END

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

Guilty! Will Biden pardon him?

(zerohedge)

Sam Bankman-Fried Found Guilty On All Counts, Faces Over 100 Years In Prison

THURSDAY, NOV 02, 2023 – 08:13 PM

After 15 days of testimony and about four and a half hours of deliberations, jurors found FTX founder Sam Bankman-Fried has been found guilty on all seven counts related to fraud and money laundering, in a lower Manhattan courtroom.

He is scheduled to be sentenced March 28, when he faces more than 100 years in prison if he receives the maximum on all counts.

Bankman-Fried has indicated that he will appeal the verdict.

The case was handed to the jury at approximately 3:15 p.m. on Thursday after US District Judge Lewis Kaplan read the jury roughly 60 pages of instructions.

Bankman-Fried, also known as SBF, founded FTX in 2019, two years after forming sister hedge fund Alameda Research. He was charged with seven counts, including wire fraud, money laundering, and securities fraud in connection with FTX’s spectacular implosion last year.

The trial, which progressed far more quickly than the anticipated run through Thanksgiving, has presented a stark transformation of the FTX founder from a “crypto genius” to an alleged criminal mastermind, as prosecutors and defense attorneys spar over the truth behind FTX’s collapse.

The 31-year-old MIT graduate and son of two Stanford legal scholars had pleaded not guilty to all charges.

“Every movie needs a villain,” proclaimed Mark Cohen, Bankman-Fried’s defense attorney, in a narrative-bending final plea that painted the prosecution’s portrayal of his client as grossly mischaracterized. Cohen argued fervently against the government’s claims, insisting that the FTX saga, while marred by a lack of risk management, does not equate to criminal conduct.

The courtroom, under the guidance of Judge Kaplan, saw a relentless pace, with days stretching past the usual hours in a concerted effort to wrap up proceedings. Jurors, now faced with the weighty task of determining Bankman-Fried’s fate, were reminded that the urgency from the bench wasn’t an attempt to rush judgment but rather an efficient approach to justice.

The crux of the trial hinged on intent — did Bankman-Fried knowingly orchestrate a grand scheme to defraud? According to Assistant U.S. Attorney Nicolas Roos, the answer lies in a “pyramid of deceit,” with $10 billion in customer funds vanishing into a black hole of personal indulgences and opaque financial maneuvers. “The defendant schemed and lied to get money, which he spent,” Roos told the court, dismantling the image of an earnest entrepreneur caught in a misstep.

Cohen’s defense strategy leaned heavily on the sworn testimony of Bankman-Fried himself, who took to the stand in what former prosecutor Renato Mariotti described as a deliberate attempt to downplay his involvement. “Meant to reduce his role,” Mariotti said, noting the pointed references to a youthful lack of experience and the burdens of leadership.

The prosecution, meanwhile, painted a picture of a deliberate and cunning exploitation of trust, they left the jury with a resonating thought — Bankman-Fried “had the arrogance to think he could get away with it.” The litany of expenses paid for with customer money, from a $30 million Bahamian penthouse to a lavish $16 million for his parents’ home, stood as testament to a lifestyle funded by the alleged pyramid scheme.

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 UP AT 7.3162

OFFSHORE YUAN: UP TO 7.3229

SHANGHAI CLOSED UP 21.39 PTS OR 0.71%

HANG SENG CLOSED UP 433.53 PTS OR 2.52%

2. Nikkei closed

3. Europe stocks SO FAR: ALL MIXED

USA dollar INDEX DOWN TO 105.78 EURO RISES TO 1.0647 UP 32 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.914 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.18/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

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

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

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.

3g Oil UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.709***/Italian 10 Yr bond yield UP to 4.550*** /SPAIN 10 YR BOND YIELD UP TO 3.750…**

3i Greek 10 year bond yield FALLS TO 3.994

3j Gold at $1987.40 silver at: 22.65 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0 AND 40 /100 roubles/dollar; ROUBLE AT 92.95//

3m oil into the 83 dollar handle for WTI and 87 handle for Brent/

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 150.18// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.914% 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 0.9043 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9628 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: 4.639 DOWN 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.793 DOWN 3 BASIS PTS/

USA 2 YR BOND YIELD: 4.985 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 28.40…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 4 BASIS PTS AT 4.4275

end

2.a Overnight: Newsquawk and Zero hedge:

Rally Stalls As Futures Dip Ahead Of Payrolls

FRIDAY, NOV 03, 2023 – 08:10 AM

Equity futures are pointing to a slight pullback in US stocks, which are on track for their best week in a year, as Apple’s disappointing outlook anmd weaker than expected China sales weighed on markets. At 7:40am, S&P 500 futures were down 0.1% but off the worst levels of the session while Nasdaq 100 futures lost 0.3%. The pullback follows US stocks’ best day since April in the wake of the Federal Reserve’s decision to hold rates steady. The subdued session is also due to nerves around the US nonfarm payroll data later today as traders look for further confirmation that the Federal Reserve’s tightening cycle is nearing an end.

In premarket trading, Apple shares fell more than 3% after the iPhone maker reported its fourth-quarter results, which featured weaker-than-expected revenue out of the greater China region. Other premarket movers include Coinbase shares falling as much as 4.2% after the cryptocurrency platform operator’s third-quarter retail trading volume fell short of estimates. By contrast, Block shares jump as much as 19% after the digital payments firm posted forecast-beating third-quarter results and boosted its full-year outlook. Here are the most notable premarket movers:

Bill Holdings shares tumble 35% after the financial software company cut its annual revenue forecast and tempered its full-year projection for adjusted EPS at the midpoint of the range.
Block Inc. shares jump 17%, set for their biggest gain in nearly a year, after the digital payments firm posted forecast-beating third-quarter results and boosted its full-year outlook.
Coinbase trade 4.3% lower after the cryptocurrency platform operator’s third-quarter retail trading volume fell short of estimates, overshadowing revenue that beat Wall Street expectations.
Confluent shares gain 3.3% after Guggenheim Securities raised the recommendation on the software company to buy from neutral. The company suffered its biggest single-session drop ever on Thursday after reporting results.
Expedia shares jump 8.9% after the travel-technology company reported third-quarter earnings that beat estimates and announced a $5 billion share buyback
Fortinet shares tumbled 24% as the cybersecurity firm cut its billings forecast for the year after its 3Q billings missed the average analyst estimate. At least four brokerages downgraded their rating on the stock after the company’s weak results and guidance.
Nio ADRs rise 3.3% as the Chinese EV maker said it’s cutting jobs and and may spin off non-core businesses to reduce costs and improve efficiency.

Bets are mounting that central banks are preparing to close the chapter on the steepest rate hikes since the early 1980s, reinforced by signs that economic growth and inflation are slowing. The monthly nonfarm payroll data due later from Washington, as well as the outlook from corporate America in corporate results, are key pieces of that narrative.

Salman Ahmed, global head of macro and strategic asset allocation at Fidelity International, said if US payrolls were to rise by more than 300,000, “then the question of hikes will start to come back on the table and that’s where good news will be bad news again for markets.”

The pace of hiring is expected to have slowed to 180,000 in October, less than half of September’s strong gain (see our full preview here). After pausing rate hikes this week, Fed Chair Jerome Powell said officials had made no decision about what they will do in December, adding that even if they pause again it won’t necessarily mean the tightening cycle is over.

“Today’s numbers are particularly important,” said Amelie Derambure, senior multi-asset portfolio manager at Amundi in Paris, noting that equity markets would most benefit if job creations suggest a soft landing is in sight for the US economy.
A strong reading would increase pressure on bond yields while a weak figure would fuel concerns for the economy, she said. “Anything in the middle is good enough for equities to continue to ride the current rates relief rally.”

A string of earnings disappointments may help reinforce thinking among policy makers that tighter policy has worked to dampen hiring and inflationary wage growth, giving them room to tap the brakes on higher rates.

“Keep an eye on earnings as the bellwether for the right economic conditions for Fed cuts,” Lewis Grant, senior portfolio manager for global equities at Federated Hermes, wrote in a note. “This earnings season is exposing the cracks as we are seeing a greater number of companies failing to deliver. This could hint to the slowdown the Fed needs to control the macro environment.”

European stocks extended gains for a fifth day, putting the region on track for its best week since March 2023. The Stoxx Europe 600 Index traded 0.2% higher with the travel and leisure and basic resources sectors leading gains, while the healthcare subgroup declined. Real estate stocks rose again and were on track for their best weekly performance since April 2020, helped by easing bond yields. Insurers are Europe’s biggest decliners on Friday after results from Axa and Swiss Re received a negative reception, while the Financial Times flagged IMF concerns over liquidity risks presented by life insurers linked to private capital groups. The Stoxx Europe 600 Insurance Index falls as much as 1.4%, the steepest decline in the broader benchmark.

BMW AG rose after the company’s automotive operating margin exceeded expectations in the third quarter, with premium vehicle sales helping offset a weakened global outlook for the industry. Danish shipping and logistics company A.P. Moeller-Maersk A/S slid after announcing plans to cut at least 10,000 jobs in order to shield its profitability in the face of declining freight rates and increasing competition in marine transport. Here are all notable European movers:

Dino Polska shares jump as higher like-for-like sales growth Y/y and better-than-estimated Ebitda margin in 3Q signal that profitability at the Polish food retailer has started a recovery
Nexi shares jump as much as 6.7% on Friday after newspaper Corriere della Sera reports that Silver Lake hired Morgan Stanley to explore a potential investment in the payments firm
Siemens Healthineers shares rise as much as 4.7%, the most since Feb. 2, after Bloomberg News reported the German medical technology firm is reviewing its diagnostics segment
Maersk shares fall as much as 13%, the most since March, after the Danish shipping giant’s third-quarter figures included a worse-than-expected outlook as a sectorwide slump continues. Shipping stocks slide in Europe on the back of Denmark’s Maersk as the shipper warns of subdued demand, noting that overcapacity is triggering price drops
Brunel slumps as much as 12%, the most since March 2020, after forecasting that 4Q growth in will be at a lower level than expected, attributable to delays in the offshore wind industry
Axa shares fall as much as 4.4% after comments on personal lines pricing and on potential second-half headwinds spooked some analysts. Allianz and Zurich Insurance also slip
Accor dips as much as 3.2% after the hospitality company was downgraded to equal-weight at Barclays, which said the stock risks being a “value trap” over the coming months.

Earlier in the session, Asian stocks rose again, with the benchmark headed for its best week in two months, as sentiment improves on hopes that the Federal Reserve may be done with interest rate hikes. The MSCI Asia Pacific Excluding Japan Index rose as much as 1.5% Friday, with Tencent, AIA Group and Alibaba among the biggest contributors. The gauge was on track for a weekly gain of 2.3%, poised to snap two weeks of losses. All major markets in the region were in the green, with Hong Kong, Australia and Singapore leading the advance. South Korea’s Kospi Index was headed for its best week in almost four months. Markets in Japan were closed for a holiday.

Hang Seng and Shanghai Comp conformed to the broad upbeat mood and largely shrugged off weaker Chinese Caixin PMI data and another substantial liquidity drain by the PBoC.
Korea’s Kospi was underpinned amid earnings releases including blockbuster results from SK Innovation.
Australia’s ASX 200 was led higher again by tech and real estate as yields continued to ease, with sentiment also helped by the surprise expansion in quarterly retail trade.
Indian stocks also advanced, with the benchmarks registering their best week since mid-September, boosted by a broad rally in Asian equities. The S&P BSE Sensex rose 0.4% to 64,363.78 in Mumbai, while the NSE Nifty 50 Index advanced 0.5% to 19,230.60. For the week, both the indexes clocked gains of about 1% each. The MSCI Asia excluding Japan index climbed 2.6% during the five-day period.

In FX, the Bloomberg Dollar Spot Index eased 0.1% on Friday and is set for its biggest weekly drop in more than three months as traders weigh prospects for a halt in the Fed’s policy tightening while they await US jobs data later

In rates, treasuries are narrowly mixed, with 10Y TSY yields flat as the curve slightly steepens as long-end yields trade cheaper by around 2bp on the day into early US session. US 10-year yields around 4.65% nearly unchanged on the day, following a strong rally Thursday where yields dropped as low as ~4.62%; long-end lags slightly so far on the day, re-steepening 5s30s spread by 2.5bp to ~19bp and unwinding small portion of Thursday’s aggressive flattening move

Investors are waiting for the October jobs report release at 8:30 a.m. New York time. Four Fed speakers are also scheduled for Friday, who may offer additional policy outlook from Jerome Powell’s Wednesday press conference. Canadian jobs data is also due to be released the same time as US payrolls. Highlights of US session includes October jobs report at 8:30am where current whisper number of 201k for the headline print sits above the 180k survey number. We also get the S&P services PMI (9:45 a.m.) and ISM services index (10 a.m.)

In commodities, oil was set for a second weekly loss as the Israel-Hamas war remained contained and clouds appeared on the demand horizon. WTI was little changed near $82.50. Gold headed for its first weekly decline in four. Bitcoin fell Friday after Sam Bankman-Fried was convicted of a massive fraud that led to the collapse of his FTX exchange.

To the day ahead now, and the main highlight will be the US jobs report for October. Other data releases include the US ISM services index for October, along with the Euro Area unemployment rate for September. From central banks, we’ll hear from the Fed’s Bar and Kashkari, the ECB’s Centeno and De Cos, as well as the BoE’s Pill and Haskel.

Market Snapshot

S&P 500 futures down 0.1% to 4,330.00
MXAP up 1.1% to 156.04
MXAPJ up 1.7% to 487.54
Nikkei up 1.1% to 31,949.89
Topix up 0.5% to 2,322.39
Hang Seng Index up 2.5% to 17,664.12
Shanghai Composite up 0.7% to 3,030.80
Sensex up 0.6% to 64,474.86
Australia S&P/ASX 200 up 1.1% to 6,978.20
Kospi up 1.1% to 2,368.34
STOXX Europe 600 up 0.3% to 444.97
German 10Y yield little changed at 2.72%
Euro little changed at $1.0623
Brent Futures up 0.4% to $87.19/bbl
Gold spot up 0.1% to $1,987.06
U.S. Dollar Index little changed at 106.15

Top Overnight News

A private gauge of China’s services activity grew less than expected in October, adding to signs of fragility within the economic recovery. The Caixin services purchasing managers’ index edged up to 50.4 last month from 50.2 in September, Caixin and S&P Global said in a statement Friday. That was below the consensus estimate among economists of 51. Any reading over 50 indicates an expansion from the prior month, while a number below that suggests contraction. BBG
BOJ Governor Kazuo Ueda will continue to dismantle the central bank’s ultra-easy monetary policy settings and look to exit the decade-long accommodative regime sometime next year, an inherently risky plan that would require skillful execution. RTRS
Antony Blinken arrived in Tel Aviv and meets with Benjamin Netanyahu after Israel ruled out a cease-fire. Israeli ground operations in Gaza continued alongside intense bombardment overnight. The death toll rose to 9,061, the UN said. Israel stepped up strikes against Iran-backed militias in Syria which have moved close to the Israeli border. BBG
The world’s largest asset manager sees benchmark US borrowing costs hovering around 5.5 per cent for the next five years as investors grapple with inflationary pressures. Ten-year yields are at 4.7 per cent, but Jean Boivin, head of the BlackRock Investment Institute and a former deputy governor of the Bank of Canada, said markets were heading for much higher long-term borrowing costs. These would come from ageing populations, fractious geopolitics and costs associated with the energy transition, he said. FT
The UAW is ready to take on Tesla and Elon Musk, President Shawn Fain said. Stellantis’s tentative deal to end the strike includes $19 billion in US investment. BBG
Janet Yellen pushed back against Stan Druckenmiller’s assertion the Treasury had made “the biggest blunder in history” by not taking advantage of near-zero rates to sell more longer-term bonds. She told CNN it had lengthened the average maturity to the longest “in decades.” BBG
Maersk shares tumble in Eurozone trading as mgmt. sees 2023 toward the low-end of guidance and warns the buyback could be curtailed given worsening industry fundamentals. RTRS
FTX founder Sam Bankman-Fried was convicted Thursday of stealing billions of dollars from customers of the doomed crypto exchange, in what prosecutors called one of the biggest financial frauds in U.S. history. WSJ
AAPL -1% .. services beat, but china miss … 7c EPS beat .. Services BEAT $22.31bn vs cos $21.37bn .. China Revs MISS at ~$15bn vs cons ~$17bn .. Total Revenues $89.5bn vs cons $89.35bn .. “Our active installed base of devices has again reached a new all-time high across all products and all geographic segments, thanks to the strength of our ecosystem and unparalleled customer loyalty” GS GBM

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded higher as regional bourses tracked the advances in global peers after the BoE kept rates unchanged and a surprise decline in US Labour Costs added to the dovish impulse, while the holiday closure in Japan and disappointing Caixin Services PMI did little to derail the momentum. ASX 200 was led higher again by tech and real estate as yields continued to ease, with sentiment also helped by the surprise expansion in quarterly retail trade. KOSPI was underpinned amid earnings releases including blockbuster results from SK Innovation. Hang Seng and Shanghai Comp conformed to the broad upbeat mood and largely shrugged off weaker Chinese Caixin PMI data and another substantial liquidity drain by the PBoC.

Top Asian News

China’s Commerce Minister met with the Micron (MU) President on November 1st and said that China will continue to optimise the investment environment for foreign companies. China’s Commerce Minister also told Micron’s President they welcome Micron to deepen its footprint in the Chinese market and welcome the Co. to have better development on the premise of abiding by Chinese laws and regulations, according to Reuters.

European bourses are marginally firmer, Euro Stoxx 50 +0.2%, with fresh catalysts limited ahead of Tier 1 events/data. Sectors are mainly in the green with earnings dictating: Autos in the driving seat after BMW & Volvo Cars, Real Estate lifted by Vonovia while Insurance breaks from the tone and is pressured after Axa results. Stateside, futures are a touch softer ahead of the US jobs data and numerous Fed speakers, ES -0.1%; pressure filtering through on the back of Apple after-hours earnings.

Top European News

ECB’s Schnabel said they expect inflation to return to the target by 2025 with their current monetary policy stance and that the disinflation process during the last mile will be more uncertain, slower and bumpier. Schnabel added they cannot close the door to further rate hikes and that the Euro area economy is not in a deep recession but stagnating.

Dollar depressed ahead of US payrolls and services ISM as DXY slips back under 106.00 within a 106.22-105.93 range.
Kiwi ‘outperforms’ amidst AUD/NZD tailwinds, with NZD/USD mostly above 0.5900 and AUD/USD capped sub-0.6450.
Euro consolidates on 1.0600 handle vs Greenback and flanked by another bank of big option expiries.
Yen contained below 150.00 against Buck on Culture Day and also bookmarked by expiry interest.
Loonie cautious either side of 1.3750 against US rival ahead of Canadian LFS and US NFP face-off.
PBoC set USD/CNY mid-point at 7.1796 vs exp. 7.3119 (prev. 7.1797)

Fixed Income

Debt divergent pre-NFP/ISM after early upside momentum waned.
Bunds and Gilts both towards bottom of 129.67-99 and 94.23-61 ranges, but T-note afloat between 107-18+/12+ band and curve a tad flatter.

Commodities

Crude benchmarks are modestly firmer on the session, in-fitting with the cautiously upbeat risk tone going into US NFP; currently, WTI Dec’23 and Brent Jan’23 are around USD 82.50/bbl and USD 86.75/bbl respectively.
Though, the space awaits remarks from Hezbollah’s Nasrallah in the Hamas-Israel war, particularly for any indication around whether they will join the conflict against Israel – newsquawk primer available here.
Spot gold is firmer but closer to the unchanged mark and the tone serves as a headwind but ongoing USD softness provides some support. Base metals are performing better, with LME Copper benefitting from the tone and particularly the strong APAC session despite Chinese data.
Russian Deputy PM Novak said there are no plans to lift restrictions on fuel exports from Russia yet but added liberalisation will be possible when some volumes have nowhere to go, according to RIA.
Kazakhstan’s Energy Minister said 2024 oil output is seen at 90mln tons, while Kazakhstan is to export 4.5 BCM of gas to China this year and up to 11 BCM annually in the coming years, according to Reuters.

Geopolitics: Israel-Hamas

Iran’s Supreme Leader commented via social media platform X that the “…occupying entity is helpless and confused now, and without American support will be silenced within days”.
Iraqi armed factions say, from next week, they will begin a new phase of escalation against US bases within the region, via Sky News Arabia.
US State Department says Blinken will emphasize in Israel the need to prevent the expansion of the conflict, via Sky News Arabia.

Geopolitics: Other

Russian attack hit civilian targets and a fire broke out in Ukraine’s city of Kharkiv with casualties being clarified, according to the Mayor cited by Reuters.

US Event Calendar

08:30: Oct. Change in Nonfarm Payrolls, est. 180,000, prior 336,000
- Change in Manufact. Payrolls, est. -10,000, prior 17,000
- Change in Private Payrolls, est. 145,000, prior 263,000
- Unemployment Rate, est. 3.8%, prior 3.8%
- Underemployment Rate, prior 7.0%
- Labor Force Participation Rate, est. 62.8%, prior 62.8%
- Average Weekly Hours All Emplo, est. 34.4, prior 34.4
- Average Hourly Earnings YoY, est. 4.0%, prior 4.2%
- Average Hourly Earnings MoM, est. 0.3%, prior 0.2%
09:45: Oct. S&P Global US Services PMI, est. 50.9, prior 50.9
10:00: Oct. ISM Services Index, est. 53.0, prior 53.6
- Oct. ISM Services New Orders, est. 51.5, prior 51.8
- Oct. ISM Services Employment, est. 53.5, prior 53.4
- Oct. ISM Services Prices Paid, est. 56.6, prior 58.9

DB’s Jim Reid concludes the overnight wrap

The market rally has continued to power ahead over the last 24 hours, with the S&P 500 now on track for its best week of 2023 so far. Several factors have been behind the rally, and now that the Fed, ECB and BoE have all kept rates on hold at their latest meetings, there’s been growing speculation among investors that this is now it for the current hiking cycle. Time will tell as to whether that’s right, but that conviction has been supported by multiple weak data releases over the course of the week. Indeed, we found out yesterday that US continuing jobless claims had risen for a 6th consecutive week and were now at their highest level since April, just as German unemployment also rose by more than expected. So that all added to the sense that central banks were set to remain cautious moving forward.

Looking at the various moves yesterday, it was quite extraordinary how broad the rally was, with widespread gains across all the major asset classes. In equities, the S&P 500 (+1.89%) put in its best daily performance since April, and is now up by +4.87% over the week so far. The gains were incredibly broad-based, with 448 of the S&P 500’s constituents up on the day. Likewise in Europe, the STOXX 600 (+1.58%) posted a very strong advance, and the gains were evident across all the major sector groups.

After the close, we then heard from Apple, which beat expectations for earnings and, more marginally, for revenue ($89.5bn vs $89.4bn expected on the latter). However, this marked a fourth consecutive quarter of negative year-on-year revenue growth and with guidance that next quarter revenue will be similar to that a year earlier. With this cautious outlook, Apple’s shares fell by as much as -3.46% in after-hours trading (+2.07% yesterday). That’s added some caution to the more positive market mood overnight, and US equity futures have lost ground this morning, with those on the S&P 500 down -0.07%, whilst those on the NASDAQ 100 are down by a larger -0.27% .

Yesterday’s rally was also evident among sovereign bonds, where long-dated yields built on their declines following the FOMC decision. For instance, the 10yr Treasury yield was down a further -7.3bps to 4.66%, whilst yields on 10yr bunds (-4.6bps), OATs (-6.2bps) and BTPs (-9.8bps) all moved lower as well. The rally was even more dramatic for 30yr Treasuries, with the yield down -12.7bps to 4.80%. In fact, the fall in 30yr yields over the past two sessions (-29.2bps) is now the largest since the first Covid lockdowns in March 2020, so this is a sizeable adjustment. By contrast, there was more weakness at the front end of the curve, and yields on 2yr Treasuries were back up +4.9bps to 4.99%, which pared back some of the -14.4bps decline on Wednesday following the Fed. These moves marked the sharpest daily inversion of the 2s10s slope since the March banking stress, which is now back at -33bps (having closed at -16bps on Tuesday).

The rally wasn’t just confined to equities and bonds, with credit experiencing a very strong day as well. Among others, US HY spreads tightening by -32bps, which is the biggest daily move tighter since early February. Oil prices also rallied back somewhat after their losses earlier in the week, with Brent crude back up +2.62% to $86.85/bbl. Meanwhile the dollar was a notable underperformer yesterday, and the risk-on sentiment elsewhere saw the broad dollar index (-0.71%) experience its worst day since early July .

The biggest outperformer on the sovereign bond side were UK gilts, which followed the Bank of England’s latest monetary policy decision. They left rates on hold at 5.25% as expected, but it was a split 6-3 vote, with 3 preferring to have another 25bp hike. In his recap here, our UK economist writes that the decision struck a slightly more hawkish tone on paper, since the new forecasts showed CPI landing slightly above 2% in two years’ time (based on the MPC’s mean projection using market expectations for interest rates). But markets moved to price out the chances of another hike in this cycle, with the probability down from 36% on Wednesday to 30% by the close yesterda y. In turn, yields on 10yr gilts fell -11.5bps, whilst the 2yr gilt yield (-6.7bps) fell to its lowest level since June.

Looking forward now, the main highlight today will be the US jobs report for October at 12:30 London time. Last month the report was very strong, with nonfarm payrolls growth at an 8-month high of +336k, along with positive revisions to previous months. But this time around, our US economists are expecting that to come down to a +140k reading, with the unemployment rate remaining at 3.8%. One indicator we’ll be keeping an eye out for are the Temporary Help Services category of payrolls, which have now fallen for 8 consecutive months and have been a leading indicator of recessions in previous cycles. Click here for the full preview from our US economists and to register for their webinar afterwards.

Ahead of that, yesterday brought a few releases that painted a more downbeat picture on the labour market. In the US, the continuing claims over the week ending October 21 rose to 1.818m (vs. 1.8m expected), which is their highest level since April. Alongside that, the initial jobless claims over the week ending October 28 also rose to a 7-week high of 217k (vs. 210k expected). Moreover, that trend wasn’t just confined to the US, since German unemployment rose by +30k in October (vs. +14k expected), which pushed the registered unemployment rate up to 5.8%, marking its highest level since June 2021.

Overnight in Asia we’ve seen equity markets follow those in the US higher. However, there does seem to be some loss of momentum since last night, with US equity futures now pointing slightly lower. Nevertheless, all the major indices in Asia are positive, with gains for the Hang Seng (+2.12%), the KOSPI (+0.97%), the CSI 300 (+0.75%) and the Shanghai Comp (+0.66%). Meanwhile, markets in Japan are shut for a public holiday. Separately overnight, the Caixin PMIs showed that China’s services activity expanded at a slightly faster pace in October, although the 50.4 reading was still below the 51.0 reading expected by the consensus. Furthermore, the composite PMI fell to a 10-month low of 50.0 in October, having now fallen for 5 consecutive months now.

Finally, we had a few other data prints yesterday, with the US nonfarm productivity for Q3 coming in higher than expected at +4.7% (vs. +4.3% expected), which was the strongest growth in 3 years. Unit labour costs also saw a -0.8% decline (vs. +0.3% expected). Our US economists note that the lead from recent strong wage growth is consistent with a continued uptrend in productivity growth over the next two years – see their note here. Meanwhile, factory orders in September grew by +2.8% (vs. +2.3% expected), which was the fastest pace since January 2021.

2 B) NOW NEWSQUAWK (EUROPE/REPORT)

Sentiment tentative with equities and USD suppressed ahead of US NFP – Newsquawk US Market Open

FRIDAY, NOV 03, 2023 – 06:13 AM

European bourses are marginally firmer ahead of Tier 1 events while US futures are slightly softer post-AAPL
USD depressed pre-data with NZD outperforming & JPY contained, CAD cautious ahead of its own jobs numbers
Bunds & Gilts towards the low-end of their parameters with USTs modestly bid
Crude benchmarks are modestly firmer as we await remarks from Hezbollah’s Nasrallah
Looking ahead, highlights include US NFP & ISM Services, Canadian Employment, Hezbollah remarks. Speeches from Fed’s Barr & Kashkari, BoE’s Haskel.

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EUROPEAN TRADE

EQUITIES

European bourses are marginally firmer, Euro Stoxx 50 +0.2%, with fresh catalysts limited ahead of Tier 1 events/data.
Sectors are mainly in the green with earnings dictating: Autos in the driving seat after BMW & Volvo Cars, Real Estate lifted by Vonovia while Insurance breaks from the tone and is pressured after Axa results.
Stateside, futures are a touch softer ahead of the US jobs data and numerous Fed speakers, ES -0.1%; pressure filtering through on the back of Apple after-hours earnings.
Click here and here for the sessions European pre-market equity newsflow, including earnings.
Click here for more details.

FX

Dollar depressed ahead of US payrolls and services ISM as DXY slips back under 106.00 within a 106.22-105.93 range.
Kiwi ‘outperforms’ amidst AUD/NZD tailwinds, with NZD/USD mostly above 0.5900 and AUD/USD capped sub-0.6450.
Euro consolidates on 1.0600 handle vs Greenback and flanked by another bank of big option expiries.
Yen contained below 150.00 against Buck on Culture Day and also bookmarked by expiry interest.
Loonie cautious either side of 1.3750 against US rival ahead of Canadian LFS and US NFP face-off.
PBoC set USD/CNY mid-point at 7.1796 vs exp. 7.3119 (prev. 7.1797)
Click here for more details.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Debt divergent pre-NFP/ISM after early upside momentum waned.
Bunds and Gilts both towards bottom of 129.67-99 and 94.23-61 ranges, but T-note afloat between 107-18+/12+ band and curve a tad flatter.
Click here for more details.

COMMODITIES

Crude benchmarks are modestly firmer on the session, in-fitting with the cautiously upbeat risk tone going into US NFP; currently, WTI Dec’23 and Brent Jan’23 are around USD 82.50/bbl and USD 86.75/bbl respectively.
Though, the space awaits remarks from Hezbollah’s Nasrallah in the Hamas-Israel war, particularly for any indication around whether they will join the conflict against Israel – newsquawk primer available here.
Spot gold is firmer but closer to the unchanged mark and the tone serves as a headwind but ongoing USD softness provides some support. Base metals are performing better, with LME Copper benefitting from the tone and particularly the strong APAC session despite Chinese data.
Russian Deputy PM Novak said there are no plans to lift restrictions on fuel exports from Russia yet but added liberalisation will be possible when some volumes have nowhere to go, according to RIA.
Kazakhstan’s Energy Minister said 2024 oil output is seen at 90mln tons, while Kazakhstan is to export 4.5 BCM of gas to China this year and up to 11 BCM annually in the coming years, according to Reuters.
Click here for more details.

NOTABLE EUROPEAN HEADLINES

ECB’s Schnabel said they expect inflation to return to the target by 2025 with their current monetary policy stance and that the disinflation process during the last mile will be more uncertain, slower and bumpier. Schnabel added they cannot close the door to further rate hikes and that the Euro area economy is not in a deep recession but stagnating.

EUROPEAN DATA

German Trade Balance, EUR, SA (Sep) 16.5B vs. Exp. 16.3B (Prev. 16.6B); Exports MM -2.4% vs. Exp. -1.1% (Prev. -1.2%); Imports -1.7% vs. Exp. 0.5% (Prev. -0.4%)
EU Unemployment Rate (Sep) 6.5% vs. Exp. 6.4% (Prev. 6.4%).
UK S&P Global/CIPS Services PMI Final (Oct) 49.5 vs. Exp. 49.2 (Prev. 49.2); Composite PMI Final (Oct) 48.7 vs. Exp. 48.6 (Prev. 48.6)

NOTABLE US HEADLINES

US House passed legislation to provide USD 14bln in new aid to Israel although it faces resistance in the Senate and opposition from the White House as it fails to fund Ukraine or other foreign policy priorities, according to FT.
Apple Inc (AAPL) Q4 2023 (USD): EPS 1.46 (exp. 1.39), Rev. 89.5bln (exp. 89.28bln), Products rev. fell 5.3% Y/Y to 67.18bln (exp. 67.82bln), iPhone rev. rose 2.8% Y/Y to 43.81bln (exp. 43.73bln), Mac rev. fell 34% Y/Y to 7.61bln (exp. 8.76bln), iPad rev. fell 10% Y/Y to 6.44bln (exp. 6.12bln), Service rev. rose 16% Y/Y to USD 22.31bln (exp. 21.37bln), Greater China rev. fell 2.5% Y/Y to 15.08bln (exp. 17.01bln). Co. shares were seen lower by 3.4% in after-hours trade, -3.3% in pre-market trade.
US President Biden’s campaign strategy for 2024 is to offer voters a choice between the president’s steady hand and “whoever emerges from the extreme MAGA Republicans’ primary field.”, via Axios; recognise that they face a “very close” election.
Click here for the US Early-Morning note.

GEOPOLITICS

PRIMER: Hezbollah chief Hassan Nasrallah speaks at 13:00GMT/09:00EDT. Click here for full details.

ISRAEL-HAMAS

Iran’s Supreme Leader commented via social media platform X that the “…occupying entity is helpless and confused now, and without American support will be silenced within days”.
Iraqi armed factions say, from next week, they will begin a new phase of escalation against US bases within the region, via Sky News Arabia.
US State Department says Blinken will emphasize in Israel the need to prevent the expansion of the conflict, via Sky News Arabia.

OTHER

Russian attack hit civilian targets and a fire broke out in Ukraine’s city of Kharkiv with casualties being clarified, according to the Mayor cited by Reuters.

CRYPTO

FTX founder Sam Bankman-Fried was found guilty of defrauding FTX customers by a jury in New York with SBF found guilty on all seven criminal counts he faced at the trial.

APAC TRADE

APAC stocks traded higher as regional bourses tracked the advances in global peers after the BoE kept rates unchanged and a surprise decline in US Labour Costs added to the dovish impulse, while the holiday closure in Japan and disappointing Caixin Services PMI did little to derail the momentum.
ASX 200 was led higher again by tech and real estate as yields continued to ease, with sentiment also helped by the surprise expansion in quarterly retail trade.
KOSPI was underpinned amid earnings releases including blockbuster results from SK Innovation.
Hang Seng and Shanghai Comp conformed to the broad upbeat mood and largely shrugged off weaker Chinese Caixin PMI data and another substantial liquidity drain by the PBoC.

NOTABLE HEADLINES

China’s Commerce Minister met with the Micron (MU) President on November 1st and said that China will continue to optimise the investment environment for foreign companies. China’s Commerce Minister also told Micron’s President they welcome Micron to deepen its footprint in the Chinese market and welcome the Co. to have better development on the premise of abiding by Chinese laws and regulations, according to Reuters.

DATA RECAP

Chinese Caixin Services PMI (Oct) 50.4 vs. Exp. 51.2 (Prev. 50.2); Composite PMI (Oct) 50.0 (Prev. 50.9)
Australian Retail Trade (Q3) 0.2% vs. Exp. -0.2% (Prev. -0.5%)

2 c. ASIAN AFFAIRS

FRIDAY MORNING/THURSDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/

END

2e) JAPAN

JAPAN/

How idiotic can one be? Fighting inflation with a $110 billion in stimulus?

(zerohedge)

Japan’s Doomed Premier Plans To “Fight” Inflation And Boost His Record Low Rating With $110BN In Stimmies And Cash Handouts

THURSDAY, NOV 02, 2023 – 10:50 PM

In today’s world of at times unparalleled idiocy at the top echelons of power, nobody can hold a candle to the government and central bank of Japan.

Consider this: as the BOJ injects billions of liquidity into its bond market every single day to prevent a crash that could mark the end of Japanese civilization as we know it (for context, the BOJ owns more than half of all JGBs outstanding, blurring the lines between fiscal and monetary policy, and adding to financial instability risks; furthermore the size of the BOJ’s balance sheet – at almost $6.5 trillion – is the largest in the world in GDP terms, and substantially higher than the Fed’s or the ECB’s) Japan has seen the yen collapse at such a rapid pace that it would make banana republic currencies such as the Turkish Lira blush. And as the yen imploded, and historic inflation spread across the otherwise deflating Japan…

… the approval rating of Japan’s PM Kishida cratered…

… as the Japanese learned that the one thing that is worse than deflation is inflation, something we warned of not too long ago.

What is just as remarkable is that in the land of the rising ~~sun~~ idiocy, what Kishida is telling his voters is that all shall be well and that wages will magically explode higher, sparking a new golden age in what is arguably the western world’s cheapest economy. Of course, what is really happening is just the opposite: while nominal wages have indeed risen, that is entirely due to soaring inflation, meanwhile real wages are the lowest on record.

And while the BOJ had every opportunity to normalize this slow-motion social, monetary and economic collapse a few days ago when it could have propped up the currency at the expense of higher wages by eliminating the Frankenstein monster that is NIRP and YCC, it failed to do so, ensuring that when the day of reckoning finally comes (and it will, as Bloomberg’s Simon White explained) it will be catastrophic beyond anything seen during the Lehman collapse (oh, and the yen will explode higher).

Meanwhile, the Japanese population is getting angrier and angrier, watching the value of their savings disappear, and their purchasing power implode, as Kishida is – in fine Japanese tradition – en route to the massive compost heap of Japanese PM, set to resign soon, while admitting failure.

But unlike so many premiers before him, Kishida refuses to go quietly, and instead has opted for the Louis XV way out, namely the “Après moi, le déluge” because while his fate is certain, Kishida hopes to bribe the population one last time before he is kicked out.

And so, in a nation that is already reeling from runaway inflation, the idiot premier – pardon our language but we are quite angry – Fumio Kishida has staked the future of his premiership on a $110BN stimulus plan centred on tax cuts and cash handouts, as he seeks to “tackle the fallout from high inflation and record-low approval ratings.”

That’s right: taking the first page out of that manual for monetarist morons known as Magic Money Tree (MMT), this imbecile plans to fight inflation with much more inflation.

Kishida’s gambit follows a big reversal of fortunes for the prime minister, who according to the FT, had seized on Russia’s full-scale invasion of Ukraine to increase defence spending and scored a series of diplomatic wins including a historic rapprochement with South Korea.

However, it all came crashing down when the yen imploded this year, unleashing unprecedented inflation on a country that has only known deflation for the past 40 years, and the result is widespread anguish and murderous fury in a society that it otherwise almost supernaturally serene and stoic.

So to avoid an angry mob carrying samurai swords, on Thursday Kishida announced what every self-respecting politician would do in his shoes, namely ~~cash handouts for votes~~ a sweeping stimulus package of about ¥17tn ($113bn), of which ¥13tn will be funded by a supplementary budget for the remainder of the fiscal year until the end of March 2024.

At the heart of the package are measures to address higher costs of living – for which he, his central bank and his ministry of finance – are directly responsible including roughly ¥5tn in temporary cuts to income and residential taxes as well as cash handouts to low-earning households. Because somehow literally handing out money to people will somehow ease inflation.

The package – and don’t laugh please – also includes an extension of subsidies to offset rising petroleum and electricity prices as well as support for businesses to raise wages and strengthen supply chains.

Because somehow, somewhere, some idiot Keynesian or MMT advisor of Kishida decided that it would be a good idea to “fight” surging gas prices with subsidies and cash stimulus. Incidentally, for a quick look into how that particular “plan” plays out, look no further than Argentina.

“By combining wage increases [by companies] and a cut in income tax, I want to create a situation where the growth in public income will exceed the rise in prices by next summer,” Kishida said at a news conference on Thursday. “By doing so, an exit from deflation will be in sight.”

But even before the stimulus was signed off by his cabinet earlier in the day, Kishida’s plan had already backfired.

Approval for his administration has fallen to 33%, the lowest since he was appointed prime minister in October 2021, according to a poll by Nikkei this week. Of those surveyed, 65% disapproved of his plan to cut income tax, because while the prime minister may be an idiot, Japan’s population is generally one of the smartest out there and realizes that this so-called plan will end with hyperinflation, and the collapse of both the JGB market and the yen.

There’s more: with the yen sinking to a multi-decade low, import costs rising and real wages falling, surveys have shown that households are more worried about future tax rises to fund a significant boost in defense spending and more generous childcare benefits.

It gets worse: according to the Nomura Research Institute, the temporary tax cuts and handouts are expected to boost Japan’s real GDP by just 0.2% on an annual basis. Similar measures in the past have failed to spur meaningful consumption since Japanese households tend to save extra cash; this time will be no different; it will, however, spur even more inflation and force the government to push rates to double digits once Japan admits it has become a banana republic just like Turkey, or however it is spelled now in its attempt to “rebrand” itself.

Despite pushing back plans to increase corporate and other taxes, Kishida has suffered from a persistent impression that he will aggressively pursue fiscal discipline — spawning a nickname on social media linking his eyeglasses with his tax-raising image.

“He felt strongly that a tax cut was needed to address his tax hike image, and his willingness to take on a gambit accelerated,” said Takao Toshikawa, editor-in-chief of political newsletter Insideline. “But despite his political instincts that tax rebates would resonate with the public, he lacked communication skill and the ability to deliver a strong message.”

Had the economic package translated into higher popularity, Kishida would have probably called a snap election before the year’s end, according to Toshikawa. That prospect has now diminished, and it remains unclear whether he will call a poll before his term as head of the ruling Liberal Democratic party expires next September. Most likely he will resign long before then as so many of his predecessors who have had to admit there is just no way to save the sinking Titanic known as Japan.

Analysts said the prime minister should have triggered an election after he received a temporary boost in the wake of successfully hosting the G7 summit in May, which was attended by Ukraine’s president Volodymyr Zelenskyy. Since then, his administration has been rocked by scandals involving his son and closest aide, and data management issues with a national identification system.

Members of his own party and economists have criticized the tax cuts, saying measures to fuel an already robust economy are risky at a time when inflation is proving to be stickier than expected.

The epically mistimed stimulus package also comes days after the Bank of Japan took a significant step to end its seven-year policy of capping long-term interest rates, setting the stage for a gradual unwinding of ultra-loose monetary easing measures in hopes of containing the inflation that the moron at the top is so desperate to stoke.

In keeping with the coming endgame, the yield on 10-year Japanese government bonds has recently risen to its highest level in a decade on the back of a surge in US Treasury yields. That has prompted the BoJ to revise its so-called yield curve control policy so that the 10-year JGB yield can rise above 1%.

The tax cuts are only expected to take effect in June, which could come after the BoJ has lifted negative interest rates, with some economists forecasting a policy change in April.

“We believe that the BoJ will be careful not to spike JGB yields through its incoming policy normalisation, but if the fiscal discipline is met with doubt by market participants, this could spell difficulty for the central bank,” UBS economist Masamichi Adachi wrote in a recent note.

The central bank also revised its inflation forecast upward, saying it expected 2.8% core inflation in the 2024 fiscal year, Annual core inflation, which excludes energy and fresh food prices, was 4.2% in September. Should this latest vote-buying stimmy pass, the actual inflation in 2024 will be orders of magnitude higher.

end

3 CHINA

The blocking of uSA memory chips is forcing China to raise capital to become self sufficient

(zerohedge)

China’s Largest Memory Chip Maker Forced To Raise Capital Due To U.S. Blacklists

THURSDAY, NOV 02, 2023 – 08:50 PM

It appears as though Washington’s chip controls on China are starting to make a profound impact.

Last December Washington added Yangtze Memory Technologies Corp. to its trade blacklist and now the company, China’s largest memory chip maker, is being forced to raise “billions of dollars” in new capital after burning through $7 billion over the past year, FT has reported.

The company is also prohibited from procuring U.S. equipment to manufacture its chips, the report says. While Financial Times was unable to confirm the exact amount the company had to raise, they reported it was “equivalent to billions of dollars”.

The Wuhan-based YMTC is central to the nation’s semiconductor self-sufficiency ambition. Yet, since last fall, U.S. restrictions have limited its access to advanced chip tech. After a $7bn capital boost from backers like China’s “Big Fund” last year, the company has rapidly expended funds on equipment and new components.

This led to a new fundraising round, which saw strong domestic investor interest. This support came even before tighter U.S. export controls, indicating a domestic show of unity against U.S. limitations, the report said.

One government official that’s close to the company told Financial Times: ““YMTC is following in Huawei’s footsteps in bringing together the Chinese semiconductor industry to cope with the challenges of US pressure.”

“If Chinese companies have equipment that can be used, [YMTC] will use it. If not, it will see if countries other than the US can sell to it. If that doesn’t work, YMTC will develop it together with the supplier,” one investor said.

The company is expected to procure equipment from Chinese suppliers while also using some Japanese, South Korean and European vendors.

YMTC collaborated with Chinese firms Naura and AMEC to enhance etching tech, key to chip layering and cost-effective storage performance, insiders noted. Between January to August, local chipmakers awarded nearly 50% of equipment tenders to Chinese companies, as per a recent Huatai Securities analysis.

But on Chinese chipmaker concluded to FT: “The ones that can be quickly replaced by Chinese equipment are less technically challenging tools. The real challenge is to make the advanced ones.”

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

ITALY

Meloni has got it right: EU leaders are stupid with respect to the funding of the Ukraine war!

(Brooke/Remix)

Italian PM Meloni Slams “Very Stupid” EU Leaders In Hoax Call With Russian Pranksters

FRIDAY, NOV 03, 2023 – 03:30 AM

Authored by Thomas Brooke via Remix News,

Italian Prime Minister Giorgia Meloni claimed that Ukraine’s allies are growing tired of the country’s ongoing conflict with Russia and slammed the European Union for failing to do more to combat the migration crisis at Italy’s southern border in a hoax phone call with Russian pranksters.

The right-wing Italian leader divulged her thoughts on several issues facing Europe and the wider region to the Russian duo Vovan and Lexus – also known as Vladimir Kuznetsov and Aleksej Stolyarov – who have successfully duped a multitude of high-ranking politicians and celebrities into compromising situations.

The pair posed as the president of the African Union Commission in the prank call that dates back to Sept. 18, days before Meloni was due to meet with African leaders at the U.N. General Assembly in New York.

During the 13-minute conversation, the Italian prime minister spoke of the fatigue being felt among the international community towards the unceasing situation in Ukraine, but said the issue was “finding a solution that is acceptable to both parties without violating international law.”

“I have some ideas on how to handle this situation, but I’m waiting for the right time to try to present these ideas,” she added.

Meloni admitted the ongoing counteroffensive by Kyiv was “perhaps not going as expected,” had not “changed the fate of the conflict,” and was leading to further issues for Europe “including immigration, inflation, and an increase in energy prices.”

She compared the situation in Ukraine to the drawn-out conflict in Libya, telling the pranksters:

“We could discuss for hours, my friend, what happened (in Libya). Maybe someone understands that the situation there is not better now.”

The conversation turned to the ongoing migrant crisis in the Mediterranean and the impact it is having on Italy’s southern border, to which Meloni remarked:

“The situation is rather complicated: Since the beginning of the year, more than 120,000 people have arrived, especially from Tunisia.

“The situation is very difficult on all fronts, the humanitarian situation, the logistical situation, the security situation. And I think this flow may increase due to the situation that is developing in Africa, especially in the Sahel,” she added.

The Italian prime minister was particularly critical of EU leaders who she claimed had consistently been reluctant to accept responsibility for the migrant crisis and offer assistance to those on the frontline.

“For a long time, Europe thought it could solve the problem by leaving Italy alone. What it doesn’t understand is that it’s impossible. The scale of this phenomenon affects, in my opinion, not only the European Union but also the United Nations,” Meloni told the Russian pranksters.

“But the problem is that others don’t care. They didn’t answer the phone when I called them. And they all agree that Italy must solve this problem alone. This is a very stupid position,” she added.

She further scolded Brussels for claiming that it understands the issues affecting Italy, “but when you ask them to allocate funds, to help, it becomes more difficult. I have to tell the truth.”

…

Read more here…

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS/HEZBOLLAH

Hezbollah escalate rocket attacks. Russia may supply Hezbollah with anti air missile systems

(zerohedge)

Hezbollah Escalates Rocket Attacks Amid Reports Russia Could Supply Anti-Air System

THURSDAY, NOV 02, 2023 – 05:30 PM

Since the start of the Gaza war in the wake of the Oct.7 Hamas terror raids, Israel’s northern border has suffered almost daily rocket attacks, mainly from Hezbollah out of south Lebanon. However, the conflict there has been by and large “contained” thus far, despite limited daily exchanges of fire.

There has yet to be the kind of all-out Hezbollah assault that many feared. But Thursday did see one of the biggest rocket volleys yet, with Hezbollah’s Al-Manar TV station confirming that 25 rockets and mortars were fired in a simultaneous attack on northern Israel. This reportedly included attacks on some 19 separate Israeli positions.

Israel’s military subsequently confirmed there were a “number of launches” out of Lebanon, and said in response it struck “a series of Hezbollah terrorist targets in Lebanon.” According to to AFP, Israeli forces have hit Lebanon’s Hezbollah with a “broad assault”.

Al Jazeera correspondent Ali Hashem has noted that “the border fighting appeared to be heating up before the head of Hezbollah, Hassan Nasrallah, is meant to give his first address since the fighting began.” Nasrallah’s highly anticipated speech is set for Friday.

Hamas units also appear to be operating out of Lebanon, with its Al-Qassam brigades at the same time announcing it has shelled Israel’s Kiryat Shmona with a dozen rockets.

Some of the Hezbollah and Hamas missiles have made direct impacts on Israeli communities…

As for Nasrallah’s upcoming major speech, he’s certainly expected to voice support for Gaza’s struggle – but the true wild card remains whether or not he’ll declare a major escalation in Hezbollah’s attacks. The West sees Hezbollah as a puppet controlled from Tehran.

Regional war correspondent Elijah Magnier has said dozens of drones were also used in Hezbollah’s Thursday attack:

Meanwhile, also on Thursday The Wall Street Journal published an alarming new report highlighting potential Russia-Hezbollah military cooperation. The two sides have already for years been in some degree of coordination in Syria while assisting the Assad government against foreign-backed jihadists.

But now Hezbollah could receive an advanced Russian anti-air system:

The U.S. has intelligence that the Wagner Group, the Russian paramilitary group, may provide an air defense system to Hezbollah, the Lebanese militia, U.S. officials say.

The system in question is the SA-22, which uses antiaircraft missiles and air defense guns, to intercept aircraft.

One U.S. official said that Washington hasn’t confirmed that the system has been sent. But it is monitoring discussions involving Wagner and Hezbollah and that the potential delivery is a major concern.

Russian anti-air system, file image

US officials have been floating evidence-free claims of late that Russia has been behind the scenes stoking the Gaza conflict, and is sowing regional instability. This new WSJ report has been issued within that context. Over the last months, Wagner Group has come under the direct control of Russian state authorities, following the death of the mercenary firm’s founder and leader Yevgeny Prigozhin.

end

ISRAEL/HAMAS

Hamas commander killed in IDF airstrikes on Gaza

Mustafa Dalul was the commander of the Sabra Tel al-Hawa Battalion.

By JERUSALEM POST STAFFNOVEMBER 3, 2023 08:50Updated: NOVEMBER 3, 2023 09:08

Israeli fighter jets target Hamas commander Mustafa Dalul, November 3, 2023 (IDF Spokesperson’s Unit)

The commander of Hamas’s Sabra Tel al-Hawa Battalion was killed in an airstrike Thursday night, the IDF and Israel Security Service (Shin Bet) announced in a joint statement on Friday morning.

IDF fighter jets, acting on precise military intelligence, killed Mustafa Dalul, the commander of the Sabra Tel al-Hawa Battalion, who played a large role in Hamas’s fight against IDF troops in the Gaza Strip. Dalul also held a number of positions in the Hamas battalion and brigade of Gaza City over recent years.

Large weapons cache located

In addition, IDF fighter jets and artillery killed several Hamas terrorists who operated against the ground troops. During searches in the area of Beit Hanun in northern Gaza, IDF soldiers located weapons, intelligence material, an AK-47 rifle, submachine guns, magazines, grenades, explosive devices, RPG, communication means, and maps.

Weapons located by IDF troops in the Beit Hanun area, northern Gaza, November 3, 2023 (IDF Spokesperson's Unit) — Weapons located by IDF troops in the Beit Hanun area, northern Gaza, November 3, 2023 (IDF Spokesperson’s Unit)

Additionally, the Israeli Navy struck a number of buildings from which shots were fired at IDF troops along with anti-tank missile launchers.

END

An accurate picture of the fighting and where it stands now

(courtesy Robert H)

Gaza

The elite Golani Brigade knocks out many terrorists inside GAZA

(Jerusalem Post)

WATCH: Golani commanders describe fierce battles with Hamas

https://www.jpost.com/israel-news/defense-news/article-771507

The soldiers fought a lengthy battle with composure under heavy fire.

By JERUSALEM POST STAFFNOVEMBER 3, 2023 07:47Updated: NOVEMBER 3, 2023 07:52

LTC Tomer from the Golani Brigade’s 13th Battalion describes his units encounter with terrorists, November 3, 2023 (IDF Spokesperson’s Unit)

Soldiers from the 13th Battalion of the Golani Brigade and armored troops from the 53rd Battalion clashed with many Hamas terror squads inside the Gaza Strip on Thursday night.

Lt. N from the Golani Brigade’s 13th Battalion describes his units encounter with terrorists, November 3, 2023 (IDF Spokesperson’s Unit)

https://www.jpost.com/israel-news/defense-news/article-771507

The terrorists fired anti-tank missiles at the soldiers and activated several IEDs. The soldiers fought a lengthy battle with composure under heavy fire, and during the incident, several terrorists attempted to climb onto the soldier’s vehicles and were killed.In tandem, the forces on the ground directed aircraft and artillery airstrikes. The Hamas terrorists were killed and the danger to the troops was removed.

IDF completes encirclement of Gaza City

The IDF completed its encirclement of Gaza City on Thursday. Over 130 Palestinian terrorists were killed in clashes in Gaza on Thursday evening, according to the IDF Spokesperson’s Unit.

A number of military headquarters used by senior Hamas leaders were targeted by the IDF.

end

This is troublesome!

(zerohedge)

Surging Abuse Of West Bank Palestinians May Spark New Front For IDF

FRIDAY, NOV 03, 2023 – 09:10 AM

In a trend that threatens to spark a major Palestinian uprising in the Israel-occupied West Bank and a new combat front for the Israel Defense Forces, abuse directed at Palestinians by Jewish settlers and IDF soldiers has surged in the wake of the Hamas attack on southern Israel.

There have been more than 170 attacks by Jewish settlers on West Bank Palestinians since Oct 7, and some of them have been deadly. In one back-to-back episode, three Palestinians were shot dead on Oct 11. The next day, settlers and soldiers descended on the funeral procession and killed a man and his son.

Last Saturday, Bilal Mohammed Saleh was harvesting olives with his family when four armed Jewish settlers accosted them, witnesses say. The family fled, but when Saleh doubled back to retrieve his phone, he was shot dead. More than 120 Palestinians have been killed in the West Bank since Oct 7. This video purports to show the incident:

Since Oct 7, Palestinians also report widespread threats and intimidation. Palestinians have found threatening leaflets on their cars, reading:

“By God, we will descend upon your heads with a great catastrophe soon. You have the last chance to escape to Jordan in an organized manner. After that, we will destroy every enemy and forcefully expel you from our holy land...Load your bags immediately and leave wherever you came from. We are coming.”

Others say settlers have come to their homes, telling them to leave within 24 hours. Many families have taken the threats to heart and fled. The UK’s Channel 4 News reports Jewish settlers blocking roads with boulders, cutting electricity lines to Palestinians’ homes, and shutting down water wells — “they do everything they can to render life in these villages unlivable.”

It’s not just civilian settlers who are inviting a Palestinian uprising. This week, photographs and video recordings made by soldiers and circulated online depicted their abuse and humiliation of Palestinian captives. In one, soldiers have stripped and blindfolded seven laborers who were trying to enter Israel without the proper paperwork. They’re needlessly thrown around, with one dragged across the ground and another has a boot placed on his head.

In another recording, a soldier repeatedly kicks a blindfolded and restrained Palestinian man, spits on him, and curses at him in Arabic.

Yet another video shows what the Times of Israel describes as a “religious Jewish reserve soldier” mocking a blindfolded and handcuffed Arab by playing religious music and dancing around him. One more shows soldiers draping a blindfolded detainee with an Israeli flag. The IDF condemned the incidents.

This latest spike in abuse comes in a year that was already considered the worst in more than a decade. There were 21 killings of West Bank Palestinians by settlers before Oct 7, and already another 8 since, according to the U.N. Humanitarian Affairs Office, OCHA.

In an analogue for what the IDF is now doing in Gaza, Jewish settlers are prone to punish innocent individual Palestinians for the actions of others. As we reported in June, for example, in the wake of the killing of four settlers, mobs of West Bank settlers went on a rampage in several Palestinian villages, setting fire to dozens of vehicles and occupied homes and killing one person.

Settlers have a long history of assaulting Palestinians, wrecking their property and destroying olive groves that are essential to their livelihoods and are a cherished part of their culture.

Much of settlers’ bad behavior happens in direct view of the IDF, though at times soldiers do intervene to keep the violence within limits. However, with the IDF’s resources now being focused on the war in Gaza, settlers are more free to act with impunity.

At the same time, Jewish settlers have been emboldened by the installation the most extreme ruling coalition in the country’s history. National Security Minister Itamar Ben-Gvir — the man responsible for policing the West Bank — adorned his living room with a photograph of mass-murdering settler Baruch Goldstein, who killed 28 Muslims and wounded 125 more in a 1994 massacre.

Settlers are often seen carrying AR-15 rifles. The 29-year-old son of one of the slain funeral attendees told Reuters that while settlers used to fire shots into the ground or air as a scare tactic, things have changed: “Now, they shoot to kill.”

Those rifles are about to grow in number. Earlier this month, Ben-Gvir announced his ministry would distribute 10,000 rifles to distribute to “civilian security teams” in border towns like those attacked by Hamas, but also in mixed Arab/Jew cities and West Bank settlements.

The West Bank has twice been the scenes of popular uprisings called “intifadas,” an Arabic word that roughly translates into “shaking off.” The first intifada lasted from December 1987 to September 1993. The second began in September 2000 and petered out in 2005. Together, they brought death to about 1,400 Israelis and 5,000 Palestinians. If a third intifada is in the cards, expect mayhem in the form of Palestinian riots, shootings and suicide bombings.

Unlike Gaza, the West Bank areas in which Israel allows a small degree of Palestinian autonomy aren’t ruled by Hamas, but rather the Palestinian Authority. However, Gallup polling of West Bank Palestinians before Oct 7 found a marked decrease in hope for the next generation, with just 28% saying their children have opportunity to learn and grow.

Similarly, a late-2022 poll found 69% felt a two-state solution was impossible given widespread Jewish settlement of the West Bank, and 65% backed the formation of Palestinian militias. Notably, only 26% said they supported Hamas.

Against that backdrop of hopelessness after 56 years of military occupation, if Israeli settlers and soldiers continue their heightened abuse of Palestinians, a third intifada seems inevitable. Combined with the potential for all-out war with Hezbollah in the north, that could leave the IDF fighting a multidimensional, three-front war.

END

NASRALLAH SPEECH:NOT A DECLARATION OF WAR!

Hezbollah Chief: US “Directly Responsible” For Gaza Atrocities, Will Soon Pay “Heavy Price”

FRIDAY, NOV 03, 2023 – 11:09 AM

Summary recap: Hezbollah Secretary-General Hassan Nasrallah’s speech went for just under one-and-a-half hours, and while full of threats and ultra-provocative heated words aimed at Israel and the United States, this was not a declaration of war speech. But he emphasized that Hezbollah’s full entry into war with Israel will be determined based on developing events in Gaza, and whether Israel halts its attacks on the Palestinian people. Shelling on the Israel-Lebanese border was reportedly ongoing through and by the end of the speech in Beirut (Nasrallah addressed his top officers via remote feed from a secure location). Some highlights from Nasrallah’s speech…

All “Options” on the table

“I assure you all options are open on the southern front. They can be adopted anytime,” he said. “I assure you it will not be the end, this is not sufficient.”

“If you wish to steer away from a regional war, you must end the war on Gaza. This front will develop according to developments in Gaza.”

“If Israel strikes Lebanon it will be the most foolish act in all of Israel’s existence.”

US warned Hezbollah its ships, planes will attack

Nasrallah related that Hezbollah was warned soon after Oct.7 that US ships and war planes positioned in the Mediterranean would bombard southern Lebanon if Hezbollah fighters escalate attacks on Israel.

But Nasrallah said, “We will continue to infiltrate” and that Hezbollah’s calculus will be “a civilian for a civilian” – meaning that attacks from southern Lebanon will be determined based on the intensity of Israel’s attacks on Palestinians.

On prospect of major regional war

“To the Americans I say, focusing your threats on Hezbollah and the region are pointless,” Nasrallah said. The US said it “would not only attack Lebanon but will attack Iran.”

“Your fleets in the Mediterranean do not and will not cause us to fear. We have prepared for your fleet what it takes. You Americans remember your defeats from Lebanon (early 80s), Iraq, and Afghanistan… your humiliating retreat from Afghanistan. He praised the recent attacks by Iraqi Shia militias against US based in the region.

“If an all out war erupts your fleet will be no good, your warplanes will be pointless, you will pay a heavy price.”

America oversees aggression on Gaza, and can stop it

“Only you Americans can end what is happening now in Gaza, since you started it. The only factor that will affect our position is the progression of the war.” US is “directly responsible”.

“I tell Israel: Do not go any further. Many civilians have already died. I promise you: A civilian for a civilian.”

Hezbollah attacks have forced Israel to pull military assets

At one point in the speech he laid out that Hezbollah’s daily missiles and shelling of northern Israel (which have remained limited) have served to force Israel to deploy up to one-third of its military hardware and assets to its northern border.

Nasrallah explained that in doing so, Israel now cannot focus its full firepower on attacking “resistance factions” (Hamas and PIJ) in Gaza.

And more notes from the speech via Bloomberg:

“We have to be ready and present for all future probabilities”

Says attacks on Israel near Lebanon borders “is very big from our side and very important and it won’t be enough for us anyway”

Says the group is aware it’s taking a risk in the daily border attacks against Israel

He says Israel forced to deploy heavily on the border with Lebanon, taking away from its fight in Gaza

Says Oct. 7 attack on Israel was purely Palestinian decision and execution and “no one knew” about Hamas plan

Says the US is “directly responsible” for Israel attacks on Gaza

Says Israel will fail in wiping out Hamas as it failed in 2006 with its aim to wipe out Hezbollah

Praises “martyrs” in Lebanon and elsewhere who were killed in fighting against Israel since the conflict began

Says dying in fight against Israel is “greatest of all”

“Just watch how a fighter advances and places rocket on an Israeli tank. How can they defeat this land and these type of fighters?”

Says previous and future sacrifices in Gaza, West Bank and all fronts are worth it

Says Hamas attack showed Israel’s vulnerability and weakness strategically and militarily to the point that the US sent its ships to the Mediterranean at the onset of the attack

END

UKRAINE VS RUSSIA

Ukrainian top commander makes first time admission that the war btw. Ukraine and Russia will not have a breakthrough. It is a stalemate.

(zerohedge)

Ukraine’s Top Commander Makes Surprising First-Time Admission

FRIDAY, NOV 03, 2023 – 02:45 AM

Merely a month ago, before the world’s attention and global media rapidly shifted from Ukraine to becoming soley fixated on the Israel-Gaza war, there were some things you weren’t supposed to say—and if you did you ran the risk of being denounced and branded as ‘pro-Kremlin’ or a ‘Putin-sympathizer’.

Top of the list of banned talking points was the observation that Ukraine is failing or even losing in the counteroffensive and in its overall war aim of pushing back the Russian invaders. But fast-forward, and this week Ukraine’s top military commander, Gen. Valery Zaluzhny, has admitted there will be no breakthrough and the battlefield situation is in a stalemate.

He made the remarks to The Economist and the admission has caught the eye of other major publications, most notably The New York Times, which underscored “His comments marked the first time a top Ukrainian commander said the fighting had reached an impasse…”.

Additionally, the NYT described that “It is the most candid assessment so far by a leading Ukrainian official of the military’s stalled counteroffensive.”

Gen. Zaluzhny bluntly asserted in the fresh interview, “Just like in the First World War we have reached the level of technology that puts us into a stalemate.” He then emphasized: “There will most likely be no deep and beautiful breakthrough.”

Indeed for the past some six months the front lines have barely changed – and if anything Ukraine has been pushed back when it comes to some of its early summer minimal gains, when it was flush with fresh US and NATO weaponry. The top Ukrainian commander’s explanation for Kiev’s miscalculations is interesting:

The general also said he underestimated Russia’s willingness to sacrifice troops in order to prevent a breakthrough and prolong the war. “That was my mistake,” he said. “Russia has lost at least 150,000 dead. In any other country such casualties would have stopped the war.” His accounting of Russia’s casualties could not be independently verified.

Many analysts consider that it may not be President Putin’s intention to see his forces attempt to push further into Ukraine, given that a chief war aim of his is to solidify hold over the Donbas and four ‘annexed territories’. It appears the Russian army is simply staying put, content to have a firm grip over most the of east and much of the south.

Commenting on Zaluzhny’s new confession of a stalemated situation, which he also used to appeal for more and heavier weapons from Western partners, journalist Glenn Greenwald has concluded the following…

“From the start, everyone was called a ‘Kremlin agent’ who pointed out the only result of the US fueling this war would be mass death and destruction of Ukrainians, and growing anti-American sentiment from those who see the US as fueling all wars. Worthwhile lessons still.”

END

6,VACCINE/COVID ISSUES & GLOBAL ISSUES

GLOBAL ISSUES

World’s biggest shipper cuts 10,000 jobs as global trade is shrinking

(zerohedge)

World’s Biggest Shipper Cuts 10,000 Jobs, Warns Of Subdued Global Trade

FRIDAY, NOV 03, 2023 – 07:45 AM

The shipping giant A.P. Moller-Maersk A/S reported a slide in profit and revenue for the third quarter, forcing the company to take a defensive position by eliminating upwards of 10,000 jobs as falling container rates and waning demand batter the global shipping industry, which could last through 2026. However, the shipper maintained its full-year guidance at the lower end of the previously stated guidance.

“If you look at the order book and what is going to come over the next couple of years, I think we’re probably settling in for a very subdued and pressured environment for two to three years ahead,” Chief Executive Officer Vincent Clerc told Bloomberg TV’s Mark Cudmore and Tom MacKenzie on Friday morning.

Maersk, which controls about 17% of global container trade, started reducing its workforce from 110,000 in January and will be below 100,000 by the end of the year – this will result in a $600 million cost savings. Clerc said about 6,500 positions have already been eliminated.

Maersk is considered a bellwether of global trade. Container lines are already seeing earnings drop after record profits in 2021-22 when demand for consumer goods during Covid surged.

As per the World Container Index and the Baltic Dry Index, global shipping rates of major routes have already plunged by 75%-85% from their 2021 peaks.

“Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base,” Clerc said in a company press release, adding, “Since the summer, we have seen overcapacity across most regions triggering price drops and no noticeable uptick in ship recycling or idling.”

Maersk shares fell as much as 14% to 10,485 kroner, the lowest in three years in Copenhagen. Other shippers have slid on the news, including Hapag-Lloyd -6%, DSV -2.4%, and Kuehne + Nagel -1.8%.

Goldman Sachs analysts issued a cautionary note to clients, suggesting the global shipping industry could be in a more prolonged downturn, and recommended selling Maersk shares. Bloomberg Intelligence warned that Maersk might not see an upturn in earnings until 2025. And Morgan Stanley said the outlook is disappointing.

Meanwhile, JPM’s Global PMI Manufacturing Index has been stuck below 50 (contraction) for the entire year.

This all a cautionary signal for the global economy…

END

GLOBAL VACCINE/COVID ISSUES

Watch: Musk Tells Rogan People Were Killed By Ventilators Not COVID-19 Virus

FRIDAY, NOV 03, 2023 – 08:50 AM

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

Tech entrepreneur Elon Musk said Tuesday that it wasn’t so much the COVID-19 virus that killed people hooked up to ventilators as secondary bacterial infections that caused a deadly form of pneumonia.

Mr. Musk made the remark in a wide-ranging discussion on Joe Rogan’s podcast on Oct. 31, in which he brought up a key point first raised in a bombshell study that found secondary bacterial infections of the lung were a key driver of death in people diagnosed with COVID-19 and connected to breathing machines.

“80 percent of the people they put on ventilators died,” Mr. Rogan said, possibly referring to data cited by Dr. Joseph Mercola showing that 76.4 percent of COVID-19 patients aged 18 to 65 in New York City who were put on ventilators died. Among those who were over 65, the mortality rate was 97.2 percent.

Mr. Musk said he spoke with several doctors about what mistakes were made during the first COVID-19 wave.

“They said, ‘We put far too many people on intubated ventilators,'” Mr. Musk said. “This is actually what is damaging the lungs, not COVID,” he continued. “It’s the treatment. The cure is worse than the disease.”

While Mr. Musk didn’t explicitly cite the study (published in late April 2023 in the Journal of Clinical Investigation), its authors found that bacterial lung infections may even have exceeded death rates from COVID-19 among patients who required mechanical ventilation.

Ventilator-Associated Pneumonia and COVID-19

In the study, investigators found that nearly half of patients with COVID-19 developed a secondary ventilator-associated bacterial pneumonia, which they referred to as “ventilator-associated pneumonia,” or VAP.

“Recent data suggest that secondary pneumonia is present in up to 40% and pneumonia or diffuse alveolar damage is present in over 90% of autopsy specimens obtained from patients with acute SARS-CoV-2 infection,” the authors of the study wrote, referring to the scientific name for the virus that causes COVID-19.

“Consistent with these observations, we and others found high rates of ventilator-associated pneumonia (VAP) in patients with SARS-CoV-2 pneumonia requiring mechanical ventilation, suggesting that bacterial superinfections such as VAP may contribute to mortality in patients with COVID-19,” they continued.

“These findings prompt an alternative hypothesis that a relatively low mortality rate directly attributable to primary SARS-CoV-2 infection is offset by a greater risk of death attributable to unresolving VAP,” they continued.

Out of 601 mechanically ventilated patients enrolled in the study, 585 had some form of severe pneumonia and respiratory failure. Of the ones with severe pneumonia and respiratory failure, 190 had COVID-19, 50 had pneumonia related to other viruses, 252 had bacterial pneumonia, and 93 had respiratory failure unrelated to pneumonia.

The numbers indicate that perhaps 59 percent of the cases were respiratory issues other than COVID-19 or other viruses (43 percent bacterial pneumonia, 16 percent respiratory failure unrelated to pneumonia).

The senior author of the study, Dr. Benjamin Singer, a pulmonary and critical care physician, told the Northwestern Medicine Feinberg School of Medicine news center that “our data suggested that the mortality related to the [COVID-19] virus itself is relatively low, but other things that happen during the ICU stay, like secondary bacterial pneumonia, offset that.”

“Our study highlights the importance of preventing, looking for and aggressively treating secondary bacterial pneumonia in critically ill patients with severe pneumonia, including those with COVID-19,” he added.

https://www.zerohedge.com/covid-19/musk-tells-rogan-people-were-killed-ventilators-not-covid-19-virus

Controversy

When the study was first released in late April 2023, it sparked a number of misleading takes claiming that, of all COVID-19 patients who died in hospital, “nearly all” were killed by ventilators.

Such claims have been challenged by fact-checkers, some of whom have pointed out that not all people with COVID-19 who died in hospital were hooked up to breathing machines.

The study’s author, Dr. Singer, clarified the findings in an interview with Factcheck.org, saying that “it’s not the ventilator that was the cause of death” but serious lung infections, including ones caused by COVID-19.

“The ventilator was very much life support for these patients,” Dr. Singer told the site.

Another medical doctor, Dr. Mark Metersky, a pulmonary and critical care physician and professor at the University of Connecticut School of Medicine, expressed a similar view.

“It’s not the ventilator that killed them, the ones who died,” he told Factcheck.org. “It’s that the ventilator failed to save them.”

However, the study by Dr. Singer and his colleagues found that “whether that ventilator-associated pneumonia was cured or not was a major determinant of whether patients went on to live or die” in the hospital’s intensive care unit.

However, the study noted that merely being diagnosed with ventilator-associated pneumonia was not associated with a higher risk of death, with Dr. Singer telling Factcheck.org that “it was ultimately COVID-19” that was a key factor in the mortality of the patients in the study.

The study’s co-author, Dr. Richard Wunderink, told the Northwestern Medicine Feinberg School of Medicine news center that the key finding of the study is that the possibility of bacterial infections in ventilated COVID-19 patients has been something of a blind spot in the health care industry.

“The importance of bacterial superinfection of the lung as a contributor to death in patients with COVID-19 has been underappreciated because most centers have not looked for it or only look at outcomes in terms of presence or absence of bacterial superinfection, not whether treatment is successful or not,” he said.

Dr. Wunderink said more research is needed to better understand why some ventilated patients with pneumonia recover while others go on to die.

Meanwhile, Dr. Howard Stupak, an associate professor at the Albert Einstein College of Medicine in New York, took to X to share and comment on a clip of Mr. Musk and Mr. Rogan discussing ventilators in COVID-19 patients.

“True, but here is causal chain,” Dr. Stupak said of the claim that around 80 percent of ventilated COVID-19 patients died.

He explained that it’s not the ventilators themselves that killed the patients but “the application of sedation for intubation,” which he said reduces the excursion of the chest wall muscles and causes parts of the lung to fill with fluid “appearing to be pneumonia itself.”

Dr. Stupak said that there was a push to sedate and intubate COVID-19 patients due to a “panic” among hospital staff that feared COVID-19 contagion and so rushed to put patients on ventilators to protect themselves from infection.

“Mass sedation of the elderly was the primary weapon, ventilator and ICU mismanagement only a secondary factor that is a result of the first,” Dr. Stupak said in a follow-up post.

end

DR PAUL ALEXANDER

Nearly 1 In 3 COVID Vaccine Recipients Suffered Neurological Side Effects: Study’: ‘Approximately 31.2% of our sample developed post-vaccination neurological complications’

15.368 with Pfizer BNT162b2, 2077 with Moderna mRNA-1273, 1651 with ChAdOx1nCov-19, and 12 with Ad26.COV2.S

DR. PAUL ALEXANDERNOV 3

READ IN APP

https://www.mdpi.com/2076-393X/11/10/1621

‘study included adults aged 18 years and older who received two vaccine doses in the vaccination hub of Novegro (Milan, Lombardy) between 7 and 16 July 2021.

end

Commander of the Marine Corps Suffered Heart Attack While Out Jogging

Hospitalized after ‘falling face-first’ after suffering a heart attack while out jogging. Plus three other important news stories

DR PANDANOV 3

READ IN APP

A Marine Corps General suffered a heart attack while out jogging.

Commander of the Marine Corps General Eric M. Smith, 58, suffered a heart attack while running near his home in DC. He was hospitalized after ‘falling face-first’ and is in stable condition.

From the NYT article:

“I can confirm that D.C. Fire and E.M.S. responded to reports of cardiac arrest in the vicinity of G Street and Seventh Street SE at 4:58 p.m. yesterday,” Noah Gray, chief of communications for the department, said in an interview.

“Witnesses said that they saw an adult male running, then walk down the street and stumble, falling face-first on the sidewalk,” Mr. Gray added. “At that time they called 911 and started chest compressions. Our crews arrived and provided CPR and transported the patient to a nearby hospital.”

I should note the military mandated COVID-19 vaccinations. This is probably just a coincidence. Everything is fine.

Meanwhile….

Killer Jab? 24% Say Someone They Know Died From COVID-19 Vaccine

Rasmussen Reports released another survey about the COVID-19 vaccine.

24% of American Adults say they know someone personally who died from side effects of the COVID-19 vaccine.
49% don’t know anyone who died from the COVID-19 virus.
42% say that, if there was a major class-action lawsuit against pharmaceutical companies for vaccine side effects, they would be likely to join the lawsuit.

Upgrade to paid

U.S. infant mortality rate rises for first time in 20 years; “definitely concerning,” one researcher says

According to the CDC infant mortality rose 3% since last year — the largest increase in over two decades.

The CDC noted larger increases for two of the leading causes of infant deaths — maternal complications and bacterial meningitis.

It’s definitely concerning, given that it’s going in the opposite direction from what it has been,” said Marie Thoma, a University of Maryland researcher who studies maternal and infant mortality.

Doctors are baffled at this disturbing data and can only speculate as to “why a statistic that generally has been falling for decades rose sharply in 2022.”

Masks are Back in California!

END

‘The Most Interesting Man in the World Pascal Najadi: Ex-Swiss Banker, filmmaker, humanitarian activist.’ (AB shares: suing Pfizer and the president of Switzerland over the shots and democide (which

is intentional killing of people by govt)—Pascal and his mother have autoimmune disease from them. He knows the science & the crimes committed and states that Trump was deceived by federal agencies

DR. PAUL ALEXANDERNOV 3

READ IN APP

John Leake’s substack:

Courageous Discourse™ with Dr. Peter McCullough & John Leake

The Most Interesting Man in the World

Is Pascal Najadi the Most Interesting Man in the World? Let’s start with a photo of this mythic character as Americans first came to know and love him. Note the strong resemblance to Pascal Najadi…

4 days ago · 342 likes · 84 comments · John Leake

Is Pascal Najadi the Most Interesting Man in the World? Let’s start with a photo of this mythic character as Americans first came to know and love him.

END

Fenbendazole, is this a drug that can mitigate cancer & why are oncologists silent? No incentive?: “The Overlooked Miracle Drug for Cancer? Why Big Pharma Fears Fenbendazole” (The Vigilant Fox News)

IMO, over last 60 years, the cancer research community committed the greatest fraud on Americans, the world, for it set up a research slush PONZI scheme, stealing GRANT money, moved research nowhere

DR. PAUL ALEXANDERNOV 2

END

EVOL NEWS

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES

Big Pharma Covered Up Heart Damage to Push Vaccines Big Pharma companies covered up evidence showing that their Covid mRNA shots caused heart damage in healthy people so they could push the vaccines onto the public.READ THE FULL REPORT

Italy Publishes Evidence Showing Covid mRNA Shots ‘Neurological Damage’Italy has just published bombshell evidence that proves Covid mRNA jabs cause “neurological damage” in recipients.READ THE FULL REPORT

Legendary Coach Bobby Knight Dead at 83, Donald Trump Pays Tribute: ‘Tough as Nails, But a Big Heart’It was announced today that legendary NCAA basketball Head Coach Bobby Knight passed away at 83 years old.READ THE FULL REPORT

DOCUMENTS CONFIRM: Democrat Governor Spent $12,000 of Taxpayer Funds at Taylor Swift Concert and Other Events The Governor of New Jersey, Phil Murphy (a Democrat), allegedly used taxpayer money to attend stadium events, one of which featured a Taylor Swift concert. According to documents obtained by Politico, it shows that he used his government-funded expense account to purchase around $12,000 worth of food and drinks during these outings, the outlet reported on Monday. His office asserts …READ THE FULL REPORT

SLAY NEWS

The latest reports from Slay News

U.S Infant Mortality Rate Soars to Record High The U.S. Centers for Disease Control and Prevention (CDC) has confirmed that America’s infant mortality rate has soared to a record high.READ MORE

Connecticut Judge Overturns Democrat Mayoral Primary Due to Ballot Fraud, Orders News Election A Connecticut judge has just overturned the results of the Bridgeport Democrat mayoral primary due to election fraud.READ MORE

Leftists Turn on Fetterman over Israel Support, Claim He’s ‘Silent on Genocide’Far-left Senator John Fetterman (D-PA) has outraged his leftist base by declaring his support for Israel following the recent Hamas terror attacks against the Jewish state.READ MORE

Coal Plant Collapses in Kentucky, Gov Declares State of Emergency A coal plant has reportedly collapsed in Kentucky, promoting Democrat Gov. Andy Beshear to declare a state of emergency.READ MORE

Republicans Raise Alarm as Terror Suspects Caught Crossing Border with Explosive Devices Republicans are raising the alarm after potential terror suspects were caught illegally crossing the U.S. Southern Border while carrying explosive devices.READ MORE

Elon Musk: Soros ‘Hijacked’ U.S Cities without Changing Any Laws Twitter/X boss Elon Musk has warned the public about leftist billionaire George Soros’ plot to control the American justice system.READ MORE

Adam Kinzinger Says Family Sent ‘Certified Letter’ Disowning Him Disgraced former Republican Rep. Adam Kinzinger (R-IL) has revealed that members of his own family have disowned him.READ MORE

Democrat Raskin: Trump Is Disqualified from Running for President Because He ‘Participated in Insurrection’Democrat Rep. Jamie Raskin (D-MD) has promoted the false claim that President Donald Trump “participated in insurrection,” which the congressman claims disqualifies him from running in the 2024 election.READ MORE

Black Lives Matter Leader Jailed for Fraud A British judge had dropped the hammer on a far-left Black Lives Matter leader who was recently convicted on fraud charges.READ MORE

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

end

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

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: 1.0647 UP 0.0032

USA/ YEN 150.18 DOWN .311 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2225 UP 0.0036

USA/CAN DOLLAR: 1.3739 DOWN .0008 (CDN DOLLAR UP 8 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 13.67 PTS OR 0.75%

Hang Seng CLOSED UP 433.53 PTS OR 2.52%

AUSTRALIA CLOSED UP 1.13% // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL GREEN

2/ CHINESE BOURSES / :Hang SENG UP 433.53 PTS OR 2.62%

/SHANGHAI CLOSED UP 21.39 PTS OR 0.71%

AUSTRALIA BOURSE CLOSED UP 1.13%

(Nikkei (Japan) CLOSED

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1988,10

silver:$22.64

USA dollar index early FRIDAY morning: 105.78 DOWN 19 BASIS POINTS FROM THURSDAY’s CLOSE.

FRIDAY MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.306% DOWN 9 in basis point(s) yield

JAPANESE BOND YIELD: +0.914% UP AND 1//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.695 DOWN 7 in basis points yield

ITALIAN 10 YR BOND YIELD 4.462 DOWN 8 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.655 DOWN 5 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 1.0725 UP 0.01095 or 110 basis points

USA/Japan: 149.42 DOWN 1.076 OR YEN UP 108 basis points/

Great Britain/USA 1.2362 UP 0.0173 OR 173 BASIS POINTS //

Canadian dollar UP .0063 OR 63 BASIS pts to 1.3684

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The USA/Yuan, CNY: closed ON SHORE CLOSED (UP) …7.3032

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.2979)

TURKISH LIRA: 28.41 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.914…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 12 in basis points from THURSDAY at 4.552% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.733 DOWN 9 in basis points ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 4.864 DOWN 11 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 38.33 POINTS or 0.51%

German Dax : CLOSED UP 60.70 PTS OR 0.40%

Paris CAC CLOSED DOWN 3.76 PTS OR 0.05%

Spain IBEX UP 34.10 PTS OR 0.37%

Italian MIB: CLOSED UP 213.14 PTS OR 0.75%

WTI Oil price 82.24 12: EST

Brent Oil: 86.38 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 92.41; ROUBLE UP 0 AND 93//100

GERMAN 10 YR BOND YIELD; +2.655 DOWN 5 BASIS PTS

UK 10 YR YIELD: 4.348 DOWN 6 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0728 UP 0.01121 OR 112 BASIS POINTS

British Pound: 1.2376 UP .01826 or 183 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.328% DOWN 8 BASIS PTS//

JAPAN 10 YR YIELD: .914%

USA dollar vs Japanese Yen: 149.44 DOWN 1.052 //YEN UP 105 BASIS PTS//

USA dollar vs Canadian dollar: 1.3667 DOWN .80 CDN dollar UP 80 basis pts)

West Texas intermediate oil: 80.97

Brent OIL: 85.14

USA 10 yr bond yield DOWN 10 BASIS pts to 4.573%

USA 30 yr bond yield DOWN 5 BASIS PTS to 4.770%

USA 2 YR BOND: down 13 PTS AT 4.841 %

USA dollar index: 104.93 DOWN 105 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 28.39 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 92.43 UP 0 AND 93/100 roubles

GOLD 1992.20

SILVER: 23.16

DOW JONES INDUSTRIAL AVERAGE: UP 222.24 PTS OR 0.66%

NASDAQ UP 179.95 PTS OR 1.21%

VOLATILITY INDEX: 15.13 DOWN 0.53 PTS (3.50)%

GLD: $184.79 UP 0.67 OR 0.36%

SLV/ $21.22 DOWN .35 OR 1.65%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM

Bonds & Stocks Explode Higher As ‘Bad’ Data & Benign Powell Ease Financial Conditions

FRIDAY, NOV 03, 2023 – 04:00 PM

Best week of the year for stocks and bonds, 2nd worst week of the year for the dollar…

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A smaller-than-expected (and less duration-extended) Treasury-Refunding kicked off this week’s chaos, sending bond yields careening lower (and exciting long-duration stocks). A less-hawkish-than-expected Powell helped and weaker-than-expected macro data (bad news is good news) stoked the fire more to prompt a massive short-squeeze in both stocks and bonds.

That helped propel expectations for 2024 Fed rate-cuts dramatically higher, from 67bps of cuts to 110bps now priced in next year…

Source: Bloomberg

Significant softening in global macro data this week:

German recessionary data: Retail Sales miss, Flash GDP turns negative on drop in consumption, German inflation data makes a two year low
Eurozone flash (dis)inflation continues to fade with more “downside surprise,” making a two-year low and evidencing further confirmation of European economic contraction, especially with deeply negative ECB Bank Lending Survey, showing that Credit Demand is drying-up meaningfully
Chinese contractionary Manu PMIs did the same
UK Manu PMIs contractionary downside surprises as well
Canada GDP print a back-to-back contraction in Q2 and Q3
And then quite most importantly signs of a turn in US data…with a soft Manufacturing ISM which further fed the Treasuries squeeze earlier in week…then followed by this morning’s CRITICAL Labor / Wages data, with headline NFP “miss,” a prior down Revision of over 100k, and weaker AHE… massive, esp when adding in the Service- and Composite PMI “miss” along with the ISM Services and Employment downside prints too

Global growth scare?

Source: Bloomberg

Domestically, US macro serially disappointed as the impact of recent tightening financial conditions starts to weigh on the economy…

Source: Bloomberg

However, the headline macro index is misleading as it includes ‘soft’ survey data which has been – until this week – surging in the face of plunging ‘hard’ data. ‘Hard’ data is at its weakest since Oct 2022…

Source: Bloomberg

But, Financial Conditions eased dramatically at the end of this week (the biggest weekly easing since March) with the post-FOMC/TSY-Refunding collapse in yields sparking the biggest 2 day easing in a year…

Source: Bloomberg

All of which completely screws up The Fed’s cunning plan to “let the market do its job”.

When Powell hinted at The Fed being ‘done’, he unleashed a wave of buying in bonds, stocks, credit (and USD weakness) all of which eased financial conditions dramatically… much more of this and The Fed will be forced to actually do its job and hawkishly push back.

In other words, markets should stay range-bound as The Fed and The Market trade off the ‘job’ of tightening financial conditions.

As Nomura’s Charlie McElligott notes, The Fed will soon risk the hilarity of “too much FCI EASING” which then risks UPSIDE surprises to data if it re-jiggers “Animal Spirits”…and may need to “talk it tighter” again soon, especially with the lone standout “upside surprise” today being the ISM Services Prices Paid BEAT.

For now, as we have warned, negative/bearish positioning helped spark a massive surge in stocks this week with Small Caps up over 8%. The Dow was the biggest loser, only managing a measly 5% gain on the week with Nasdaq and S&P around 6%…

Stocks are up 5 days in a row (S&P’s first +1.5% or more day since May) – at a pace that seems to be capped…

Here’s why stocks are suddenly melting up, as we have been warning…

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Nasdaq had its best week since Nov 2022, but this was the Russell 2000’s biggest weekly gain since June 2020 as it ripped hard to try and regain its 50DMA. The rest of the major all surged back above their 200DMA and 50DMAs…

The biggest short-squeeze in stocks in a year sent Small Caps soaring with a basket of the “most shorted” stocks up over 11% in the last 2 days (and the biggest weekly short-squeeze since January)…

Source: Bloomberg

…with shorts massively outperforming Hedge Fund’s most important positions…

Source: Bloomberg

“Fear” has left the building…

Source: Bloomberg

Bonds were also dramatically bid with the long-end significantly outperforming…

Source: Bloomberg

Putting that in context, the entire curve has bull flattened hard…

Source: Bloomberg

TLT – the Treasury Bond ETF – saw its best week since the start of January, with the biggest 3-day climb since Oct 2022. This came as TLT call volume hit its highest in history…

Source: Goldman Sachs

This was the best week for a combined stock-bond portfolio since Nov 2022…

Source: Bloomberg

The dollar has fallen for 3 straight days – close the worse 3-day decline this year – back to its lowest since the September FOMC meeting…

Source: Bloomberg

After a couple of exciting weeks, crypto was relatively calm this week (despite a midweek surge up to $36,000 after The Fed), but hovered around $34,500…

Source: Bloomberg

A lack of escalation from Nasrallah’s speech this morning sent oil prices significantly lower today (less fear of escalation). WTI is now below the pre-Israel-attack lows…

Gold (futures) held up this week above $2000, but considering the slump in the dollar, this was weak performance by the precious metal…

Finally, as a reminder, it’s not just stocks that crashed in 1987. Bond yields collapsed too…

Source: Bloomberg

Imagine how much that would ‘ease’ financial conditions… and how quickly The Fed would need to step in to jawbone things ‘tighter’ again.

EARLY MORNING TRADING/ jobs report

Jobs come crashing down with only 150,000 new jobs added. There will be future downward revisions. So this report was disastrous

(zerohedge)

Jobs Come Crashing Down: October Payrolls Up Only 150K, Missing Estimates And Follow More Downward Revisions

FRIDAY, NOV 03, 2023 – 08:39 AM

With the October jobs report already expected to be a big drop from September’s 336K, as consensus expected a 180K print (below the whisper number of 211K), moments ago the BLS confirmed that last month’s surge was nothing but a Bidenomics mirage and as we warned in our preview, the October print indeed came “crashing down to earth“, sliding to 150K, a drop of more than 50% from the original Sept print, and the second lowest since 2022!

As usual, historical data was revised massively lower, with the jobs change for August revised down by 62,000, from +227,000 to +165,000, and the change for September was revised down by 39,000, from +336,000 to +297,000. With these revisions, employment in August and September combined is 101,000 lower than previously reported. In total, 8 of the past 8 months have been revised sharply lower in what only idiots can not see is clearly mandated political propaganda designed to make the economy look stronger at first glance then quietly revise the growth away.

It wasn’t just payrolls that disappointed: so did the unemployment rate, which rose to 3.9% from 3.8%, vs expectations of an unchanged print. Since recent lows in April, this measure is up by 0.5% points, effectively cementing the next recession per Sahm’s rule. Broken down by race, white unemployment was the highest since Nov 2021, black unemployment was the highest since Jul 2023, and Hispanic unemployment was the highest since Aug 2023. So much for white supremacy and privilege.

Developing

end

THE REAL STORY! THE B/D PLUG: A HUGE 412,000

(WHAT UTTER GARBAGE)

Record Number Of Multiple Jobholders: A Closer Looks Inside The Horrific October Jobs Report

FRIDAY, NOV 03, 2023 – 03:01 PM

Today’s jobs data was so ugly, not even the Biden admin had anything positive to say about it.

For those who missed our recap, this is what we found just superficially: nonfarm payrolls slowed by more than expected; the unemployment rate rose to 3.9%, up 0.5% from April and triggering Sahm’s Rule countdown to a recession, and average hourly earnings were mixed with sequential rising less than expected.

But it’s what was hiding below the surface that was truly horrific.

Let’s start at the top.

1. Nonfarm Payrolls printed at just 150K, below the 180K expected, down by 50% from the (downward revised) September print of 297K and the second lowest since the Covid crash/lockdown.

2. Atrocious job composition. Not only was the quantity of jobs poor, the quality (or composition) was absolutely atrocious: of the 150K jobs added in October, 51K, or more than a third was government workers (which as everyone knows aren’t real employees as they don’t produce anything of value but instead are a tax on the private sector); and of the remaining 99K jobs, 89K was “education and health services” workers with low-paid healthcare and social assistance workers accounting for the vast majority here (77.2K). The remaining jobs was a paltry 10K and this included declines in such high paying sectors as Trade and Transportation (-1K), Information (-9K), Financial Activities (-2K), and a whopping 35K drop in Manufacturing jobs.

3. Birth-Death Adjustment was 412K, the second highest in history. For those unfamiliar with the Birth-Death adj, the BLS has a primer here, but the bottom line is that the BLS is assuming that business/job creation – which is a fudge factory it applies to the non-seasonally adjusted payrolls number – was the second highest on record, which means that the BLS is seeing unprecedented economic growth taking place behind the scenes, with millions of new businesses somehow opening (without this fudge factor, the baseline number of jobs to which the BLS applies seasonal adjustments would be 412K lower, meaning that the actual job print in October would be deeply negative) The reality, of course, is just the opposite, which brings us to the next point…

4. Record, relentless downward revisions. The October jobs report confirmed what many expected: both the August and September jobs reports were far too high when initially reported (in large part because of similarly ridiculous Birth-Death adjustments in prior months). To wit, the jobs change for August was revised down by 62,000, from +227,000 to +165,000, and the change for September was revised down by 39,000, from +336,000 to +297,000. With these revisions, employment in August and September combined is 101,000 lower than previously reported. But it gets worse: as shown in the chart below, the Biden Labor Bureau has downward revised 8 of the 9 previous monthly jobs reports for 2023, an outcome which if it was purely by chance would be a 10-sigma event. Which is why the only conclusion one can make is that the BLS data is rigged to show a strong initial print, and then when the number is less relevant 1-2 months later, the much uglier truth finally emerges and the “strong” initial fake number gets cuts substantially to what it really was originally.

5. Employment Collapsing. Yes, payrolls may still be positive but the actual change in monthly employment isn’t. In fact, in October the number of employer Americans collapsed by 348K (per the Household Survey). This was the second negative print this year, and the 7th negative employment month since the covid crash. Ironically, since then, we have seen just one negative payrolls months which makes sense, since the nonfarm payrolls number is far less accurate and much more gamed due to its market-moving abilities. The plunge in employment coupled with the jump in unemployed workers (by 146K) is also the reason why the unemployment rate unexpectedly went up.

6. Record Divergence between Jobs and Employed workers. The bizarre divergence between the number of employed workers (per the Household Survey) and number of jobs (Establishment Survey) was not a one off thing. In fact, as shown in the next chart, the divergence between these two series, which in the past were virtually overlapping, has never been bigger.

Taking a closer look at the data reveals that in the past six months, since April 2023, the US has reportedly added 1.234 million jobs, yet just 191 people found new employment. How is this possible? The answer leads us to…

7. Record number of multiple jobholders. While the is still adding jobs at a brisk clip, that doesn’t mean that the number of people finding jobs is similar. Quite the opposite: as the next chart shows, under the Biden administration increasingly more people have been forced to take on two or more jobs to make ends meet. In fact, in October, the (not seasonally adjusted) number of multiple jobholders was a record high 8.5 million, a surge of 396K in one month.

Ironically, the surge in multiple jobholders – which translates into steady nonfarm payrolls gains – indicates just the opposite of what the Biden admin wants to telegraph. Instead of a strong labor market, it merely confirms that a record number of Americans now have to work two or more jobs to make ends meet as a result of the runaway inflation unleashed by the Fed and the Biden admin.

8. Unemployment Rate spike begins countdown to the next recession. Last but not least, the increase in the unemployment rate from 3.8% to 3.9% means that the Sahm’s Rule predicting the next recession has been triggered. As a reminder, the rule, created by former Fed economist Claudia Sahm, posits the start of a recession when the three-month moving average of the unemployment rate rises by a half-percentage point or more relative to its low during the previous 12 months. The low for joblessness so far this year was 3.4% in April while October’s rate was 3.9%, the highest so far this year and following two readings at 3.8% in August and September. More importantly it means that there is now a 0.5% spread from the April low and while one can wait for the 3MMA to confirm it, we can now go on the record as saying that the Sahm’s Rule has been activated and the countdown to the next recession has begun.

EARLY THIS AFTERNOON/

TUCKER CARLSON

II USA DATA

Bank bailout fund hits another record high.

Bank Bailout Fund Hits New Record High As Stocks Recouple With Fed Reserves

THURSDAY, NOV 02, 2023 – 04:40 PM

US money-market funds saw inflows for the second week in a row, jumping $62.7BN back near record highs around $5.7TN…

Source: Bloomberg

Institutional funds saw the more dramatic inflows ($38.2BN) but retail funds saw an impressive $24.5BN inflow also (still no retail fund outflows since April)…

Source: Bloomberg

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

Source: Bloomberg

The Fed balance sheet continues to contract, dropping $41.2BN last week…

Source: Bloomberg

QT saw a big jump with securities-held dropping $39.6BN, the most since mid-August…

Source: Bloomberg

And once again, usage of The Fed’s emergency funding facility for the banks increased to a new record high above $109BN…

Source: Bloomberg

US equity market capitalization has tumbled back to its senses and recoupled with the level of bank reserves at The Fed – restoring, for now, a multi-year relationship…

Source: Bloomberg

Finally, we note that Bill Gross apparently ‘called the bottom’ in regional banks today. Their share prices all jumped assuredly. We just remind those buyers that bond yields have exploded higher since SVB…

Source: Bloomberg

…and they are still borrowing over $109BN from The Fed at an expensive rate to fill the holes in their balance sheets. Does that sound like the bottom is in?

end

III) USA ECONOMIC STORIES

Bidenomics Winning? Bankruptcies Spike As Consumer Confidence Falls To Five Month Lows

FRIDAY, NOV 03, 2023 – 10:30 AM

What was the core purpose of Bidenomics? Was it just a meaningless slogan so the Biden Administration could pretend they had an economic plan? Or, was there actual substance to the concept? One might say that there was indeed a purpose to Bidenomics, but it was not to solve the ongoing stagflation crisis. Rather, Bidenomics was a plan to hide or deny the symptoms of the crisis and misinform the American public on the country’s fiscal health.

One method which Biden used effectively for around a year was the dumping of the Strategic Oil Reserves onto the global market as a means to drive down CPI, making it appear as if inflation was receding when it really wasn’t. Now, this strategy has run its course with oil reserves at their lowest level in decades right as the US may be entering war in the Middle East.

The next tactic was to lie the administration’s role in rising US jobs numbers, as Biden claimed that he had the largest increase in employment of any president in history. This was, of course, because Democrat controlled states kept lockdowns going for as long as possible, and when they were forced to reopen jobs numbers surged along with returning business functions. On top of this, trillions of dollars in covid stimulus created a short lived spending bonanza which is now starting to wane.

Another trick has been to misrepresent increased spending and retail numbers as if this is a sign of a strong US consumer; all while ignoring the fact that consumers aren’t buying more stuff. They are buying less and spending more because of inflation.

Higher spending and plummeting volume is a bad thing, not a good thing. This is why consumer confidence has dropped to five month lows despite all the spin in the mainstream media about “recovery.”

It may be very difficult for the White House (or the Federal Reserve) to hide the effects of stagflation for much longer as increasingly dismal data for the year is released. The US Court System has published their annual statistics for bankruptcies from September 2022 – September 2023, and the numbers aren’t good.

Total bankruptcy filings for the nation rose by 13% in 2023, with 433,658 cases. Corporate bankruptcies increased by 30% this year with 17,051 cases. Bankruptcies fell sharply in 2020 as the covid pandemic precipitated the $8 trillion+ stimulus package. Helicopter money and PPP loans stalled the advance of a growing trend of economic decline in the US, but helped trigger the stagflation crisis as a consequence. Despite the massive fiat money injection, the bankruptcy train is gaining momentum once again.

Expectations for next year are not encouraging. Global analysts are predicting a “fall of zombies” in 2024 as rising debt costs slowly squeeze corporations and small businesses alike. Businesses facing high debt costs after years of low rates will have to compete to secure enough cash in the biggest corporate refinancing rush seen for years, just as banks rein in risk ahead of stricter capital rules.

Failure to secure the cash they need at rates they can afford, could lead to mass insolvencies and layoffs in the near term. Can Biden keep the facade going until elections next November? It looks unlikely.

END

House Quietly Passed Resolution That Suggests Using Force Against Iran

FRIDAY, NOV 03, 2023 – 10:50 AM

Authored by Dave DeCamp via AntiWar.com,

The House earlier this week passed a resolution that suggested the US would use force against Iran in the future in the name of preventing the country from acquiring nuclear weapons.

The resolution passed Wednesday says a nuclear-armed Iran is “unacceptable” and declares that it’s the policy of the US to “use all means necessary to prevent Iran from obtaining a nuclear weapon.”

A US intelligence report recently affirmed that Iran is not pursuing nuclear weapons, but reality doesn’t stop Iran hawks in the US and Israel from constantly hyping up the threat of a non-existent Iranian nuclear weapons program. The same officials do not officially recognize that Israel possesses a nuclear arsenal.

The resolution passed in a vote of 354-53, with 50 Democrats and three Republicans voting against the measure. Explaining his opposition, Rep. Thomas Massie (R-KY) said he voted no because it seemed like a call for war.

“Yesterday Congress passed a resolution (354 to 53) that claims Iran possesses all it needs for a nuclear weapon,” Massie wrote on X.

“The same resolution says the US should ‘use all means necessary to prevent Iran from obtaining a nuclear weapon.’ Seems like a call for war on Iran. I voted No.” Here is the full pertinent section:

Resolved, That the House of Representatives declares it is the policy of the United States—

(1) that a nuclear Islamic Republic of Iran is not acceptable;

(2) that Iran must not be able to obtain a nuclear weapon under any circumstances or conditions;

(3) to use all means necessary to prevent Iran from obtaining a nuclear weapon; and

(4) to recognize and support the freedom of action of partners and allies, including Israel, to prevent Iran from obtaining a nuclear weapon.

The resolution pointed to Iran’s uranium enrichment at 60% and its stockpiles of enriched uranium as evidence it could make a bomb. But in order to make a nuclear weapon, uranium needs to be enriched at 90%, and there’s no sign Tehran is considering taking that step.

END

TARGET..

Target CEO Warns: Consumers Are “Tightening Up Their Spending,” Buying Few Groceries And Toys

FRIDAY, NOV 03, 2023 – 12:00 PM

Following the warning from ex-Walmart CEO Bill Simon regarding the American consumer nearing a ‘breaking point,’ Target’s CEO, Brian Cornell, has also signaled a cutback in consumer spending, groceries included. This trend aligns with our view, as well as views from JPMorgan and Goldman, that consumers have hit a wall.

On Thursday morning, Cornell spoke with CNBC’s Becky Quick on ‘Squawk Box’ about the retailer’s challenges, including the cash crunch facing consumers amid high inflation. He provides a unique insight into consumer behavior patterns at stores nationwide:

“They’re managing that budget really carefully, and it certainly is pressuring discretionary spending,” Cornell said.

The exec continued: “They’re purchasing fewer items, even within the food and beverage sector. When we examine overall retail spending and observe the top line, it appears there’s a really healthy consumer out there spending money. But, even in the food and beverage categories, over the last few quarters, we’ve seen a decline in the units, the number of items they’re buying.”

“So, they’re even tightening up their spending in those categories. In discretionary goods, we have seen seven consecutive quarters of decline in both dollars and units. This means consumers are buying less apparel, fewer items for their home, and fewer toys,” he said.

CNBC’s Quick than asked:

“We see areas in our economy where things look great. The GDP rebounded by 4.9% for the third quarter. But what you’re describing sounds like a recession in certain areas of the economy.”

Cornell responded:

“I think that’s a really fair assessment. It underscores why it’s so crucial not to just look at the top line but to delve deeper and examine what’s happening in different categories. We need to consider the impact of the last three or four years of rising costs on how Americans are budgeting each week and understand what they are trading off.

“For seven quarters, they’ve been purchasing fewer discretionary items, and they’re not buying the goods they were during the pandemic. Now, that will change over time, and we’re certainly planning conservatively in those categories.”

Besides touching on out-of-control shrink, Quick probed the CEO on selling “pride merchandise” that targeted children. He quickly said, “Both you and I know those were not true.”

The CEO also said the only reason stores pulled “pride merchandise” was because employees felt “threatened.”

Pessimism extends beyond just the major retail players. Bloomberg markets live reporter and strategist Michael Msika pointed out this week that companies this earnings season are increasingly mentioning “weak demand” on earnings calls – the highest number of mentions in data going back to 2000.

And Charles Schwab analyst Jeffrey Kleintop warned weeks ago about a “cardboard box” recession as consumers and small businesses were pressured by soaring interest rates and elevated inflation.

A recent Barclay’s Global Rates Weekly report shows everything you need to understand about the faltering consumer…

As the consumer goes, so will the economy.

END

FRIDAY, NOV 03, 2023 – 04:20 PM

Authored by James Howard Kunstler via Kunstler.com,

“In a world that is not conforming to the narrative of continuous Progress, the response from self-declared progressives has been to try to rewrite our past into the multicultural utopia that they wish to see realised. This will not end well. The war on reality cannot be won.”

– Luke Dodson

At this moment, when there is an awful struggle over the Hebrews’ place in the world – so dire that you’re waiting for World War Three to vaporize everything you’ve ever cared about – one observes the Jewish American scene with trepidation. Since I am a Jewish American, I’m just going to flop this one on the table like so much meat to see what kind of animals it brings out of the woodwork to fight over it.

The Hamas war has exposed a deep current of animosity against Israel and against Jews generally world-wide, even here. This, you understand, is happening at a time of what we might call epic global political mental illness. A mass formation psychosis appears to grip many population groups, each in its own way, but often expressing itself as a longing for death, ranging from the economic suicide of Western Europe to the rise of Jihad to the desolate nihilism of American nose-ring youth.

Jewish Americans have played a leading role in American intellectual and political life through the 20th century and into this one. We Jews increasingly dominated the arenas of literature, academia, medicine, law, news media, and show biz. Business and government, too. In America, we mostly overcame (or seemed to) the deep, old-world superstitions against us, thanks to successful near-total cultural assimilation. I, for example, came from a Jewish family far more interested in baseball than Talmud, who put up a Christmas tree in the living room, and ate sweet-and-sour pork frequently. Perhaps this made us “bad” Jews, but frankly, it was more important to be good Americans — that is, people who cared more about our country than our ancestral origins.

American Jews have also been major players in the political Left through the past hundred-odd years, and especially within the Democratic Party.

Lately, it appears that the Democratic Party is bent on destroying the country, so one is naturally left to wonder how this happened and what is the role of American Jews in this.

I will offer a hypothesis.

Old World Jews, scattered in diaspora among alien nations, were united for centuries by the longing to return to Jerusalem, the ancestral homeland. “Next year in Jerusalem!” is the toast that concludes each Passover seder. The modern activist manifestation of that, starting in 19th century Europe, was Zionism, the political movement to reinhabit the Bible land of the Middle East. The label Zionism has recently been confabulated with a notion that it stands for Jews wielding a disdainful sense of superiority against non-Jews.

This is, of course, a false understanding. Mostly, it is an envious projection because Jews succeeded so well in America, and they succeeded, as I averred above, largely because they assimilated so completely. How else can you explain a Jew such as Samuel Goldwyn (born Szmuel Gelbfisz, later Samuel Goldfish) of Gloversville, New York, rising to run Hollywood’s MGM studio and turning out movies like Gone with the Wind that showed the rest of the nation what America was about? Or Irving Berlin who wrote God Bless America?

For the Jews who arrived here in the late 19th and early 20th century, America became even more of a promised land than that sliver of Biblical real estate on the Mediterranean. They succeeded here beyond their wildest dreams. Why dream idly about returning to the Middle East when the USA turned out to be the real Land of Milk and Honey? Hence, a revision in American Judaism became necessary.

Next year in Jerusalem was replaced as a central animating principle by an alternate shibboleth: tikkun olam.

Tikkun Olam means repair the world.

This has been driving American Judaism since the early 20th century. Meanwhile, the genocide of the 1940s gave new impetus to next year in Jerusalem for what remained of the European Jews, and thus you get the establishment of Israel in 1948 — notwithstanding the geopolitical legerdemain that actually brought it about.

American Jews, while sympathetic to a fault with the founding of Israel, and deeply vested emotionally in its success, had a different agenda in the USA after World War Two. They endeavored to repair America. Tikkun Olam!

Mostly this expressed itself in Jewish support and involvement in the Civil Rights movement, since the end of discrimination against anybody was considered a good thing for the Jews as well as humanity in general. The country needed a moral repair job, especially after defeating manifest evil in the big war. That effort climaxed in the mid 1960s with the federal legislation that ended Jim Crow policy in voting and public accommodations. Much of the actual on-the-ground work to make this happen was accomplished by Jewish lawyers. This is a fact, not an accusation.

But then something happened. Several things. One was that not all of black America necessarily regarded the Civil Rights movement as the great moral victory it was touted to be. A lot of black youth in the 1960s opted out early on and went their own way in black separatist movements of various kinds. As a practical matter, it also slowly became obvious that the new Civil Rights laws did not raise up the black underclass out of poverty and misery. Jewish liberal apostates would even argue that the vast federal social safety-net program largess that accompanied Civil Rights Inc. only made the condition of poor blacks worse.

This became a growing fiasco for American Jewish liberals, who, by the 1980s, then strove to impose another set of repairs (more tikkun olam) on American society: multiculturalism, meaning it was no longer necessary to promote a common culture that people would be encouraged to assimilate into, to join a consensus of values and behaviors. Instead, all cultures could behave according to their own rules.

That hasn’t worked out so well either, and the world repairers have lately had to resort to coercion such as tyrannical diversity, equity, and inclusion policies and the shoving aside of equal opportunity for enforced equal outcomes (“equity”). That business has only produced additional unintended consequences, such as the new epidemic of institutional incompetence and the resentment of at least half the population against new forms of counter-discrimination (cultural Marxism, in short).

Another poorly understood byproduct of this failure to repair the world is the guilt and shame secretly experienced by the American liberal Left over the apparent failure of the Civil Rights movement they fought so hard for, and the subsequent failed efforts to tweak it and save it (still more tikkun olam). Thus, we see the absurd racist “anti-racism” of the universities, and so many other affronts to common sense and reality itself.

But the worst byproduct of all this tragically misguided tikkun olam is that the main political vehicle for it, the Democratic Party, has gone so insane that it now devotes itself fanatically to the utter destruction of what remains of our country. This is most particularly true in the law, which might be considered the backbone of America. Lawfare attorneys such as Marc Elias, work tirelessly to turn American election law upside down and inside out so it becomes increasing impossible to know who is voting and if the ballots are legitimate.

The Democratic Party has decided it’s okay to use the law in bad faith to persecute and jail its political opponents. The Democratic Party has destroyed American’s faith in the federal courts, the Department of Justice, and the FBI. The Democratic Party allows an invasion of millions of unvetted aliens across the border, quite a few of them possibly bent on making mayhem here as global tensions careen into hot war. The Democratic Party is still pushing Covid vaccinations that are well-understood at this point to be ineffective and unsafe. And the Democratic Party is doing everything possible (with help from RINO Republicans) to destroy our financial system. You could easily make the case that the Democratic Party is the anti-American party.

If they really want to repair the world, it’s time for Jewish Americans to get out of the Democratic Party and re-assimilate into an American common culture – a consensus about reality – that is consistent with running a successful, orderly, and just society.

* * *

Support his blog by visiting Jim’s Patreon Page

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON

a great read

(Victor Davis Hanson:)

Victor Davis Hanson: One Sick War

THURSDAY, NOV 02, 2023 – 04:20 PM

Authored by Victor Davis Hanson via American Greatness,

There is something surreal, even sick about the current Gazan war…

Throughout European and American cities and campuses, tens of thousands of Middle East immigrants and students, and radical leftists chant nonstop “Free Palestinian from the River to the Sea.”

More recently, they are also yelling, “Israel, you can’t hide, we caught you in genocide.”

Consider the hypocrisy of that dual messaging.

Hamas and its supporters are openly and eagerly calling for the genocidal end of Israel by wiping it out from the Jordan River to the Mediterranean Sea.

Yet at the same time they also claim it is Israel that is committing genocide—the very current self-described agenda of Hamas and its expatriate community of devotees!

The war has become crazier still.

Hamas and its megaphones abroad also blast Israel daily for retaliating for the October butchery of some 1,300 Israeli infants, children, women, and the elderly.

They further demand Israel must be selective in its airborne targeting of the Hamas killers, who burrow beneath hospitals, mosques, and hospitals and use civilians as shields.

Hamas takes for granted that a supposedly heartless Israel nevertheless will be reluctant to strike the Hamas terrorists when and if they are surrounded by civilians.

Indeed, Gazans are put in more danger by Hamas than they would otherwise be by the Israel Defense Forces.

Yet the world accepts that Israel itself would never employ such a ruse of using civilians to shield its cities from indiscriminately fired Hamas missiles.

The world further knows that if Israel ever employed such a barbaric tactic, Israeli civilian shields would attract—not deter—Hamas rockets.

Hamas’s apologists insist that Israel warn in advance civilians to keep clear of Israel bombs.

Yet at the same time, daily Hamas launches rockets into Israel. And no one in the international community lectures Hamas first to drop leaflets or text Israeli civilians that Hamas rockets are on their way into their vicinity.

Instead, the only purpose of Hamas rockets is to indiscriminately strike and kill Israeli civilians.

So the real issue is not about the principle of civilian deaths—given Israel is damned when it tries to avoid noncombatants and Hamas is cheered on when it deliberately targets them.

Instead, the asymmetry is explained by the efficacy of the Israeli response and impotence of the Hamas rocketry.

In other words, Hamas cannot stop the IDF from hitting its targets, while Israel can knock down far more Hamas rockets than blow up Israeli citizens.

And so Israel is being blamed for being too effective—or “disproportionate”— in its bombing, Hamas rewarded for being too ineffective in its rocketing.

There are other sick paradoxes in this war.

Hamas started the conflict by sending death squads of 2,000 killers into Israel at a time of peace to surprise murder more than 1,000 Israeli civilians.

There was no precivilizational, unspeakable atrocity that the butcherers did not commit—torture, beheading, rape, mutilation, and necrophilia.

The terrorists were followed into Israel by a multitude of opportunistic Gaza civilians, who in turn joined in the violence and looting.

Back in Gaza crowds reviled and tried to harm Israeli captives bound as hostages to trade for jailed terrorists in Israel.

In sum, the population that once elected Hamas into power, and cheered on its bloodletting—as long as there was yet no Israeli response—now claims to have no connection at all with Hamas. Yet the world assumes correctly that the people of Israel are inseparable from its military.

The surreal paradoxes of this war still do not end there.

In its mass murdering spree of October 7, Hamas butchered more than 30 American citizens, and perhaps another 13 still are unaccounted for—and are likely hostages inside the tunnels of Hamas in Gaza.

Yet the Biden administration has not forced Hamas to return kidnapped Americans, much less responded to its killing of U.S. citizens.

Why then despite all the rhetoric of solidarity, is the United States constantly pressuring Israel to be measured in its retaliation against the Hamas terrorists in Gaza, pressure that will only make things easier on Hamas?

Why are we seeking to restrain those who are trying to destroy the killers of Americans, and indirectly aiding those who murdered them?

And why is the global elite community siding with the murderous aggressors and not those seeking justice for the murdered?

Lots of reasons.

There are 500 million Arabs in the world, and nearly 2 billion Muslims—but only 9 or so million Israelis.

Nearly fifty percent of the world’s oil reserves are found in the Muslim Middle East.

Westerners, like tiny Israel, are considered too rich and powerful, while non-Westerners are romanticized as blameless, victimized underdogs.

But the best way of understanding this sick war is that Israelis are Jews and the ancient plague of anti-Semitism is again sweeping the globe.

end

USA// COVID//VACCINE/

end

SWAMP STORIES

Trump Lawyers File Emergency Motion With Appeals Court To Block ‘Unconstitutional’ Gag Order

FRIDAY, NOV 03, 2023 – 02:45 PM

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

Attorneys for former President Donald Trump on Nov. 2 filed an appeal with a federal court in an effort to lift a gag order restricting his speech in the Department of Justice’s (DOJ) federal election case, accusing him of attempting to overturn the results of the 2020 election.

Lawyers for President Trump, in an emergency request with the U.S. Court of Appeals for the D.C. Circuit, urged the court to temporarily block a gag order ruling from U.S. District Judge Tanya Chutkan while their client pursues an appeal.

The gag order, as requested by government prosecutor special counsel Jack Smith, bans President Trump from making any public statements or directing others to make any public statements that “target” the prosecution and defense legal teams, court staff, and supporting personnel, and any “reasonably foreseeable” potential witnesses or their testimony in the case.

President Trump—who has pleaded not guilty to the charges in the DOJ’s case against him regarding alleged election interference—had sought the same kind of relief from the gag order from Judge Chutkan herself but she declined to grant it earlier this week.

Instead, she reinstated the gag order after previously approving his request for an administrative stay or pause after the government filed its opposition to the temporary lifting of the order.

In their court filing Thursday, lawyers for President Trump argued the gag order violates his First Amendment rights and those of “over 100 million Americans who listen to him,” adding that his “uniquely powerful voice has been a fixture of American political discourse for eight years, and central to the American fabric for decades.”

‘Gag Order Bristles With Hostility’

“The prosecution’s request for a Gag Order bristles with hostility to President Trump’s viewpoint and his relentless criticism of the government—including of the prosecution itself,” his attorneys wrote in the filing.

“The Gag Order embodies this unconstitutional hostility to President Trump’s viewpoint. It should be immediately stayed,” they said.

“No court in American history has imposed a gag order on a criminal defendant who is actively campaigning for public office—let alone the leading candidate for President of the United States,” his attorneys continued. “Given the Gag Order’s extraordinary nature, one would expect an extraordinary justification for it. Yet none exists.”

Lawyers for President Trump noted that their client had made public statements about the election case “for months” but that the DOJ has so far “submitted no evidence of any actual or imminent threat to the administration of justice.”

“The prosecution’s claim that his core political speech suddenly poses a threat to the administration of justice is baseless. The prosecutors and potential witnesses addressed by President Trump’s speech are high-level government officials and public figures, many of whom routinely attack President Trump in their own public statements, media interviews, and books,” they wrote.

Judge Reinstates Gag Order

Lawyers for President Trump requested a ruling on their relief motion by Nov. 10 and vowed to seek relief from the U.S. Supreme Court if the appeals court denies his request.

The gag order was initially imposed on President Trump by Judge Chutkan in a Washington court on Oct. 16 after prosecutors raised concerns over potential public comments he might make regarding the case—the former President has been outspoken in the past about special counsel Mr. Smith, who is leading the case against him, and others.

Lawyers for President Trump immediately sought to have the gag order placed on hold, pending an appeal.

In reinstating the order last week, Judge Chutkan sided with prosecutors, noting that President Trump and his lawyers had “not made a strong showing that he is likely to succeed on the merits.”

“As the court has explained, the First Amendment rights of participants in criminal proceedings must yield, when necessary, to the orderly administration of justice – a principle reflected in Supreme Court precedent, the Federal Rules of Criminal Procedure, and the Local Criminal Rules,” she wrote in her order. “And contrary to Defendant’s argument, the right to a fair trial is not his alone, but belongs also to the government and the public.”

President Trump was also handed a gag order in a separate civil case in New York last month. That case is being pursued by Attorney General Leticia James, and the former president has violated that order twice, resulting in fines of 15,000.

The Associated Press contributed to this report.

end

THE KING REPORT

The King Report November 3, 2023 Issue 7111

Independent View of the News

As expected, the BoE kept its bank rate at 5.25%. But, BoE Governor Bailey issued hawkish remarks.Not trying to move the curve around; not trying to send message to the marketsFar too early to think about rate cuts; no discussion about cutting ratesRates need to remain where they are for an extended period of time to tame inflationInflation risks are skewed toward the upsideInflation deceleration was largely due to falling energy pricesMiddle East war risks boosting energy pricesWe’re approaching halfway point in determining the transmission of what rate hikes have doneWages more resilient than expected; wage growth much higher than comfortableA mismatch of jobs and workers is a problem; very tight labor marketA lower supply of workers is weakening the labor marketWatching to see if further rate hikes needed
Bank of England Monetary Policy Report   November 2023Higher interest rates are helping to bring inflation down.Inflation has fallen from a peak of 11% in 2022 to 6.7% in September 2023.We’ve kept interest rates at 5.25% this month.But we are not complacent. Inflation is still too high.We will be watching closely to see if further increases in interest rates are needed.And we will keep interest rates high enough for long enough to get inflation back to the 2% target.We expect inflation to fall further this year and continue to fall towards our 2% target next year. That means prices will be rising more slowly than they have been.https://www.bankofengland.co.uk/monetary-policy-report/2023/november-2023?s=02

Powell touts Tight Financial Conditions, Causing Them to Loosen – BBG
The problem now: Fed officials risk a no-win position if the financial climate eases materially on expectations – arguably stoked by Powell – that the US central bank is now done with its aggressive tightening campaign…

@Scutty: Having controlled the narrative throughout the tightening cycle by referencing incoming economic data and the consequences for policy rates, I’m surprised the Fed decided to add financial conditions into the mix, letting markets dictate how it should respond. Seems foolhardy.

USZs soared as much as 2 17/32 on rabid short covering and momentum buying. The dollar got hammered, sinking as much as 1.0%. This is an unusually large currency move.

@WallStreetSilv: We’re on track to borrow over $3 trillion this fiscal year. Interest on the debt is already larger than all but two line items in the Treasury’s monthly report, and we’re only about a year away from interest eclipsing them both and becoming the single biggest expense of the federal government.   Ask the Weimar Republic how that ended…

@elerianm: This sort of yield volatility is not normal for a security — the US 10 year government bond — that serves as an important benchmark for the financial system, domestically and beyond.
It is also not desirable as it undermines constructive financial intermediation, harms the global financial standing of the US, and risks breaking something.

Treasury Borrowing Advisory Committee (TBAC): Outlook for demand for US Treasuries
https://home.treasury.gov/system/files/221/TBACCharge2Q42023.pdf

@ces921: After going thru the TBAC releases and supplemental information yesterday… this report as a key turning point for folks’ understanding of the precarious situation the US government’s finances are in currently, and not in the way that people are reacting to the release right now. The “US is an Emerging Market Now” thesis is taking center stage and being discussed out in the open…
    The Treasury is basically announcing that they are unable to issue too much duration… out of fear that the banks (who make up the TBAC and advise the Treasury) would increasingly get screwed on HTM books and further reduce their already dropping demand for USTs…
    Treasury acknowledges that foreign demand is likely to continue to slow going forward on a structural basis… As a result, Treasury is issuing more paper at the front of the yield curve, shortening the WAM but at a higher interest cost which will only be even more inflationary short term because they “know” that eventually the Fed will be forced to cut interest rates / stop QT / restart QE to help finance the government, likely at a point before inflation can actually be slayed.
   This makes it incredibly challenging to want to own the US$ on a 6-12m view against real assets.
https://twitter.com/ces921/status/1720150785059606933?s=02

ESZs traded modestly higher but flat from the Nikkei opening until they commenced a robust rally at 4:12 ET. Manic trader buying pushed ESZs to a high of 4322.00 at 10:58 ET. After a retreat to 4309.50 at 11:15 ET, ESZs plodded higher, hitting a peak of 4337.75 at 15:21 ET. ESZs eased lower into the close.

Positive aspects of previous session
Stocks and bonds soared on the latest hope & hype that the Fed is finished tightening

Negative aspects of previous session
The dollar got hammered; further depreciation would be inflationary

Ambiguous aspects of previous session
Is a Fed rate hike still on the table for December?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4301.92
Previous session S&P 500 Index High/Low: 4319.72; 4286.26

@RNCResearch: Just hours after Biden bizarrely claimed he “convinced Bibi to call for a ceasefire,” spokesman John Kirby walks it back. https://t.co/cIBQV7cUmf

@sentdefender: Pentagon Press Secretary, Brigadier General Patrick S. Ryder stated today that the U.S. Department of Defense does not agree with President Biden and Administration Officials on the Idea of a Ceasefire or “Pause” in Fighting within the Gaza Strip, with General Ryder stating it would only allow for Hamas Terrorists to Regroup and Resupply as well as possibly placing Israeli Lives at Risk.

Netanyahu reportedly weighing short (several hours) ceasefire, a key US request
https://www.timesofisrael.com/liveblog_entry/netanyahu-reportedly-weighing-short-ceasefire-a-key-us-request/

Reportedly, the IDF confirmed that it has encircled Gaza City. So, it’s time for a brief IDF pause.

@i24NEWS_EN: IDF spokesman reveals: Sr. Political Leader of Hamas, Ismail Haniya is on his way to Iran in a private jet. (Fleeing to a sanctuary or plotting?)

@IDF: The Iranian Imam Hossein militia, originally stationed in Syria, was deployed to southern Lebanon in an attempt to support Hezbollah. The militia is involved in confrontations with the IDF and terrorist activities against Israel, putting the lives of the Lebanese people at risk. The IDF is well-prepared to respond firmly to any threat in any arena.

U.S. Says It Has Intelligence Showing Russia’s Wagner Group May Send Air-Defense System to Hezbollah – WSJ

@Archer83Able: Israeli forces are not only surrounding Gaza City but are also “inside significant areas inside Gaza City… inside central Hamas facilities, destroying targets underground and above ground, killing Hamas terrorists and activists, IDF Chief of Staff Lt. Gen. Herzi Halevi said today.

@sentdefender: Explosions have been reported once again at the U.S. Forces Bases within the Al-Omar Oil Fields near the City of Deir ez-Zor in Eastern Syria; this would be at least the 37th Attack on U.S. Forces in the Middle East since October 7th.  (The Biden redline has been repeatedly crossed!)

GOP Sen. @marcorubio: Iran has now ordered 30 attacks on Americans. If the U.S. does not impose a cost directly on Iran for these attacks, they will start coming faster, use deadlier weapons & expand to places such as Kuwait, UAR & Saudi Arabia. Establishing credible deterrence risks escalation but failing to do so guarantees escalation. (Team Obama-Biden doesn’t want to offend Iran!)

The House approved $14.3B in aid for Israel, paid for via cuts to the IRS. Biden vowed to veto the bill because it provides nada for Ukraine. 10% of nada is nada!

@MZHemingway: Dems Won’t Condemn Hamas Because Biden Needs Dearborn to Win Michigan

@michellelprice: Democrats in Michigan have warned the White House that President Joe Biden’s handling of the Israel-Hamas conflict could cost him enough support within the Arab American community to sway the outcome of the 2024 election: (Live by identity politics, die by identity politics)

@MichaelBars_: The White House announcement (Initiative to combat Islamophobia) came only 24 hours after a devastating poll by the Arab American Institute showing that Arab American support for Biden had cratered from 59% in 2020 to just 17%.

@StephenM: When the WH says they are combatting “Islamophobia” what they are really saying is that any opposition to unlimited jihadist migration is unacceptable. You must welcome these profound social and cultural changes, even at the cost of your own safety.

GOP Rep. @DanCrenshawTX: While Jews are being targeted all over the world, to include here in the US, our President thought this was the time to announce “first ever national strategy to counter Islamophobia.” What in the actual f*** is wrong with these people.

Fox’s @BillMelugin_: AP obtained a letter sent to President Biden by the mayors of sanctuary cities LA, NYC, Chicago & Denver – requesting $5 billion instead of $1.4 billion to help w/ migrant crisis because “our city budgets & local taxpayers bear the brunt” of the crisis. They apparently want taxpayers from around the country to foot the bill for their sanctuary policies. https://t.co/8UVZxNhDCS

Matt Hancock (ex-UK health secretary) ‘repeatedly failed to tell the truth’ to ministers and officials during Covid crisis and ex-health secretary aped playing cricket shots as he claimed everything was ‘fine’    https://www.dailymail.co.uk/news/article-12697753/Matt-Hancock-repeatedly-failed-tell-truth-ministers-officials-Covid-crisis-ex-health-secretary-aped-playing-cricket-shots-claimed-fine.html

Matt Hancock ‘wanted to play God during Covid’: Ex-NHS chief Sir Simon Stevens sensationally reveals former Health Secretary pushed to ‘decide who should live and who should die’ if hospitals became overwhelmed  https://www.dailymail.co.uk/health/article-12701977/How-Matt-Hancock-wanted-PLAY-GOD-Covid-Ex-NHS-chief-Sir-Simon-Stevens-sensationally-reveals-former-Health-Secretary-pushed-ultimately-decide-live-die-hospitals-overwhelmed.html

It appears UK solons have their fall guy/sacrificial lamb for their Covid abuses.

Apple reported EPS of 1.46 (1.39 exp.) and revenue of $89.5B ($89.34B exp.; soft China sales). The sales decline is the 4^th consecutive quarterly (y/y) drop.  How much of EPS is interest on 162B of cash? iPhone revenue is $43.8B; $43.73B was expected. Mac sales are $7.61B; $8.76B was consensus. Apple initially jumped to 181.90 on the headline EPS (177.57 close) and then sank to 169.3.   It rebounded a bit.

Sam Bankman-Fried has been found guilty on all 7 counts for defrauding FTX investors.

Fed Balance Sheet: -$41.166B, Treasuries -$39.599B; Reserves at Fed: -$25.273B
https://www.federalreserve.gov/releases/h41/20231102/

Today – The October Employment Report will dictate early trading. Goldman sees NFP of 195k, 225k – 30k from GM strikers. Astute traders realize that Team Obama-Biden has been crafting better than reality NFP data for months.   This is why the Whisper # is 223k for NFP. As always, check the Household Survey vs. NFP and the seasonal adjustment.

Due to rabid short covering and momentum buying of US financial assets, a politically crafted strong NFP could induce spirited selling of stocks and bonds. However, due to unrestrained hype that the Fed is finished hiking rates, traders will buy dips and play for the Friday rally.

ESZs are -7.25 and USZs are +1/32 at 20:30 ET.

Expected Economic data: Oct NFP 180k, Mfg. -10k, Rate 3.8%, Wages 0.3% m/m & 4.0% y/y, Workweek 34.4, Labor Force Participation Rate 62.8%; Oct S&P Global US Services PMI 50.9; Oct ISM Services Index 53, Prices Paid 56.5, Employment 53.5, New Orders 51.5; Fed VCEO for Supervision Barr 8 ET & 11:30 ET, Minn Fed Pres Kashkari 12:45 ET

S&P 500 Index 50-day MA: 4348; 100-day MA: 4403; 150-day MA: 4322; 200-day MA: 4245
DJIA 50-day MA: 33,880; 100-day MA: 34,269; 150-day MA: 34,023; 200-day MA: 33,799
(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 4425.18 triggers a buy signal
Daily: Trender and MACD are positive – a close below 4171.80 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 4258.90 triggers a sell signal

GOP @SenatorHagerty: Pressed by Hagerty, Blinken refuses—three times—to guarantee US tax dollars weren’t used to fund October 7 Hamas Attacks (US gave Gaza Palestinians $1B via UN)
https://twitter.com/SenatorHagerty/status/1719725750469673134

@darrengrimes_: This is just brilliant. They’re pro-Hamas until they hear the terms and conditions.
https://twitter.com/darrengrimes_/status/1720026256601702897

Connecticut judge voids Democrat mayoral primary, calls video of apparent ballot stuffing ‘shocking   https://justthenews.com/government/courts-law/connecticut-judge-voids-democrat-mayoral-primary-calls-video-apparent-ballot

@bennyjohnson: Footage showed Wanda Geter-Pataky, vice chair of the Bridgeport Democratic Town Committee and operations specialist for the city, and Eneida Martinez, a former City Council member stuffing ballot dropboxes.  https://twitter.com/bennyjohnson/status/1719874903178985723

No matter the intensity or amount of gaslighting that there is negligible vote fraud in the USA, there is almost always vote fraud in US elections. It’s just a matter of degree.

GOP Pres candidate @VivekGRamaswamy: Here’s the way forward on election integrity:
1. Single Day Voting
2. Make Election Day a National Holiday
3. Paper Ballots
4. Government-issued voter ID matched to the identification on file.
This is easily doable & should not be controversial.

Nancy Pelosi served subpoena related to California criminal case (For documents)
A source familiar said the subpoena is related to the case of Paul Pelosi’s alleged home invasion attacker
https://www.foxnews.com/politics/nancy-pelosi-served-subpoena-california-criminal-case

@thebaadsheep: Here’s Gavin Newsom falling down some stairs. YOU ARE WELCOME!
https://twitter.com/thebaadsheep/status/1720172087506014517

@FoxNews: DC pre-teen allegedly attempts to carjack armed, off-duty federal officer, 13-year-old killed in gunfire

Ex-Chicago Mayoral Dem candidate @PaulVallas: Illinois boasts 87.6% graduation yet only 26.7% of students are at grade level in reading, 31.6% in math. WORSE, 16% of Black students are at grade level in reading, 8% in math, as students are SOCIALLY PROMOTED to the streets or into college were they drop out with student debts.

GREG HUNTER

Yemen Widens War, Terror Coming to US, Matthew Perry Vax Murder

Yemen Widens War, Terror Coming to US, Matthew Perry Vax Murder

By Greg Hunter On November 3, 2023 In Weekly News Wrap-Ups8 Comments

By Greg Hunter’s USAWatchdog.com (WNW 606 11.3.23)

A new country has declared war on Israel –Yemen. Actually, it is the Houthis beating the war drums, and they are supported by Iran. So, Iran is using its proxies to widen the war against Israel. In Lebanon, Hezbollah is starting to attack Israel. They are also puppets of Iran. Meanwhile, Hamas in Gaza is vowing another terror attack like the October 7th massacre. The war in the Middle East is getting bigger and spinning out of control. Everybody in the world has an opinion with many anti-Israel comments on the rise.

Top intel analyst Tony Seruga says, “Multiple terror attacks are going to hit the USA in the next 14 months.” FBI director Chris Wray seems to agree as he, too, is warning of terror attacks coming to America. Wray says they are going to be on “a whole other level.” I guess the FBI is going to stop going after Catholics and parents who don’t want their children indoctrinated into far-left values. The Southern border being wide open has allowed millions of unchecked people to come to America to do us harm. It’s all thanks to the Biden/Obama Administration’s open border policy for destroying America. Thanks, FBI, for NOT doing your actual job.

“Friends” star Matthew Perry “died suddenly” this week. Perry was vaxed with the CV19 bioweapon kill shot. He put out a T-shirt that said, “Could I be any more vaccinated?” There was not a word said about how this so-called vaccine has killed or injured millions around the world. Instead, the reporting was used to build a false story about Perry’s death right from the beginning. First, it was “Perry drowned in his hot tub.” Then there was talk that Perry was a drug addict, and that caused a heart attack. NO drugs were found in his body or even his house, but it was confirmed he died of a heart attack. That brings us to the CV19 vax issue, which is notorious for causing heart attacks and many other life killing illnesses. In my mind, this is yet another CV19 vax murder. They happen every single day all across the planet, and there’re not going to stop anytime soon.

Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up for 11.3.23.

(https://usawatchdog.com/yemen-widens-war-terror-coming-to-us-matthew-perry-vax-murder/)

After the Wrap-Up:

Marting Armstrong will be the guest for the Saturday Night Post. Armstrong will share his views on the globalist New World Order, what’s coming for the economy and the war cycle that is going to last for several years.

SEE YOU ON MONDAY

Robert Hryniak	9:38 AM (38 minutes ago)
to