Shanghai Gold Benchmark Price

USD oz

AM2022.97

PM2026.08

Historical SGE Fix

Investor Information

PREMIUM SHANGHAI OVER NY: $46

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Bitcoin morning price:, 34,719 DOWN 332 DOLLARS

Bitcoin: afternoon price: $35,596 UP 545. dollars

Platinum price closing $894.75 DOWN $16.75

Palladium price; $1063,60 DOWN $42,75

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: $2,709.80 UP $1.94 CDN dollars per oz( * NEW ALL TIME HIGH 2,782.61//OCT 272023)

*BRITISH GOLD: 1601.12 DOWN 1.13 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1655.17) OCT 2/2023

*EURO GOLD: 1840.52 DOWN 5.34 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: 1,981.600000000 USD
INTENT DATE: 11/06/2023 DELIVERY DATE: 11/08/2023
FIRM ORG FIRM NAME ISSUED STOPPED

072 H GOLDMAN 1
159 C MAREX CAPITAL M 1
435 H SCOTIA CAPITAL 109
624 H BOFA SECURITIES 7
661 C JP MORGAN 95
732 C RBC CAP MARKETS 3
737 C ADVANTAGE 9 19

TOTAL: 122 122
MONTH TO DATE: 1,559

JPMorgan stopped 95/122 contracts.

FOR NOV.:

GOLD: NUMBER OF NOTICES FILED FOR NOV/2023. CONTRACT: 155 NOTICES FOR 15,500 OZ or 0.4821 TONNES

total notices so far: 1559 contracts for 155,900 oz (4.8491 tonnes)

FOR NOV:

SILVER NOTICES:0 NOTICE(S) FILED FOR NIL OZ/

total number of notices filed so far this month : 306 for 1,530,000 oz

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END

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES

GLD

WITH GOLD DOWN $14.70//

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / HUGE CHANGES IN GOLD INVENTORY AT THE GLD: THE GLD/ A DEPOSIT OF 4,33 TONNES OF GOLD INTO THE GLD

INVENTORY RESTS AT 867.57 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER DOWN 59 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV:

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 FELL BY A STRONG SIZED 802 CONTRACTS TO 129,499 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS STRONG SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR TINY $0.06 LOSS IN SILVER PRICING AT THE COMEX ON MONDAY. WE HAD CONSIDERABLE SPEC SHORT COVERING EPISODE IN MONDAY’S COMEX TRADING.. TAS ISSUANCE WAS A HUMONGOUS SIZED 2246 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT: 2246 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.06). AND WERE SUCCESSFUL IN KNOCKING SOME SILVER LONGS AS WE HAD A STRONG SIZED LOSS OF 802 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 STRANGE 0 ISSUANCE OF EXCHANGE FOR PHYSICALS( 0 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 10,000 OZ QUEUE JUMP +

//NEW STANDING IS THUS 1.990 MILLION OZ

//STRONG SIZED COMEX OI LOSS/ 0 SIZED EFP ISSUANCE/VI) HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 2246 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – REMOVED 265 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 5 days, total 1017 contracts: OR 5.085 MILLION OZ (170 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 5.085 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. 5.085 MILLION OZ (GOING TO BE QUITE SMALL THIS MONTH)

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 802 CONTRACTS WITH OUR LOSS IN PRICE OF $0.06 IN SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A ZERO 0 EFP ISSUANCE CONTRACTS: 0 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 10,000 OZ QUEUE JUMP

NEW STANDING 1,990,000 OZ/// /// WE HAVE A STRONG SIZED LOSS OF 802 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS SIZED 2246 CONTRACTS//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION. THE NEW TAS ISSUANCE FRIDAY NIGHT A HUGE (2246) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 0 NOTICE(S) FILED TODAY FOR NIL OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 1567 CONTRACTS TO 487,483 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 1344 CONTRACTS

WE HAD A FAIR SIZED INCREASE IN COMEX OI ( 1597 CONTRACTS) DESPITE OUR $9.90 LOSS IN PRICE//MONDAY. 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 11,800 OZ QUEUE JUMP + TODAY’S 750 CONTRACT ISSUANCE OF EXCHANGE FOR RISK FOR 2.3325 TONNES (3RD DAY IN A ROW FOR ISSUANCE OF EXCHANGE FOR RISK) // ALL OF..THIS HAPPENED WITH OUR $9.90 LOSS IN PRICE WITH RESPECT TO MONDAY’S TRADING.WE HAD A FAIR SIZED GAIN OF 3187 OI CONTRACTS (9.912 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1620 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 487,483

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4531 CONTRACTS WITH 2911 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1620 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3189 CONTRACTS OR 9.912 TONNES. WE HAD ANOTHER OF THOSE STRANGE EXCHANGE FOR RISK = 750 CONTRACTS OR 2.3332 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG 2,350 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1620 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (1567) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3,187 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 11800 OZ QUEUE JUMP: NEW STANDING 4.8771 TONNES + 2.332 TONNES EXCHANGE FOR RISK TODAY + .8585 TONNES EX. FOR RISK PRIOR: TOTAL EXCHANGE FOR RISK 3.1905 TONNES //THUS NEW TOTAL FOR GOLD STANDING: 8.0676 TONNES // /// 3) ZERO LONG LIQUIDATION AND SOME TAS LIQUIDATION BUT WE HAD SOME SPEC SHORT COVERINGS DURING THE COMEX SESSION //4) FAIR SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUGE T.A.S. ISSUANCE: 2350 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: 18,543 CONTRACTS OR 1,854,300 OZ OR 57.67 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 3708 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5 TRADING DAY(S) IN TONNES 57,67 TONNES

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

THUS EFP TRANSFERS REPRESENTS 57,67/3550 x 100% TONNES 1.63% 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. 57.67 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 FELL BY A STRONG SIZED 802 CONTRACTS OI TO 129,764 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 ZER0 CONTRACTS

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

DEC 0 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 802 CONTRACTS AND ADD TO THE 0 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 802 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 2.65 MILLION OZ

OCCURRED WITH OUR $0.06 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

TUESDAY MORNING//MONDAY NIGHT

SHANGHAI CLOSED DOWN 1.14 PTS OR 0.04% //Hang Seng CLOSED DOWN 296.43 PTS OR 1.65% /The Nikkei CLOSED DOWN 296.43 PTS OR 1.65% //Australia’s all ordinaries CLOSED DOWN 0.22 % /Chinese yuan (ONSHORE) closed DOWN AT 7.2843 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2897 /Oil DOWN TO 79.43 dollars per barrel for WTI and BRENT UP AT 83.61/ Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 1597 CONTRACTS TO 487,483 DESPITE OUR LOSS IN PRICE OF $9.90 ON MONDAY TRADING.

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 1620 EFP CONTRACTS WERE ISSUED: : DEC 1620 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1620 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 3187 CONTRACTS IN THAT 1620 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 1567 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $9.90//MONDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT WAS A STRONG 2350 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 (8,0676 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: 4.8771 TONNES + 3.1905 (EX. FOR RIS) = 8.0676 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $9.90) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A GOOD GAIN OF 3,187 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A SOME T.A.S. LIQUIDATION ON THE FRONT END OF MONDAY’S TRADING. THE T.A.S. ISSUED ON MONDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. IT DID HAVE SOME SPECULATOR SHORT COVERING WITH THE MASSIVE PRICE INCREASE.

WE HAVE GAINED A TOTAL OI OF 9.912 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 11,800 OZ QUEUE JUMP //NEW TOTALS STANDING:4.8771 TONNES +750 CONTRACTS EX. FOR RISK FOR 2.332 TONNES + EXCHANGE RISK TOTALS PRIOR= .8585 EXCHANGE FOR RISK//TOTAL FOR EXCHANGE FOR RISK3.1905 : NEW TOTAL FOR GOLD STANDING: 8.0676 TONNES + ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $9.90. FOR THE PAST SEVERAL WEEKS, THE SPECULATORS HAVE GONE MASSIVELY SHORT WITH OUR BANKERS NET LONG. THE BIG QUESTION IS NOW HOW MUCH GOLD WILL THE BANKERS PULL FROM OUR SHORT SPECULATORS. SPECULATORS YESTERDAY ADDED TO THEIR HUGE SHORTS.

WE HAD REMOVED 1344 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 3187 CONTRACTS OR 318,700 OZ OR 9.912 TONNES.

Estimated gold volume today:// 250,897 fair

final gold volumes/yesterday 168,799 poor

//speculators have left the gold arena

//NOV 7

/ /// THE NOV. 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	NIL .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	nil oz
No of oz served (contracts) today	155 notice(s) 15500 OZ 0.4821 TONNES
No of oz to be served (notices)	9 contracts 900 oz 0.0279 TONNES
Total monthly oz gold served (contracts) so far this month	1559 notices 155,900 OZ 4.8491 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	x

0 dealer deposit:

total dealer deposits: 0 oz

customer deposits: 0

total customer deposits: nil oz

we had 0 customer withdrawals

total withdrawals NIL oz

Adjustments; 1//DEALER TO CUSTOMER HSBC

96.45 OZ (3 KILOBARS)

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOV.

For the front month of NOVEMBER we have an oi of 146 contracts having GAINED 108 contracts. We had 10 contracts filed on MONDAY, so we gained 118 contracts or an additional 11800 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 5198 contracts DOWN to 360,639 contracts.

JAN. gained 472 contracts RISING TO 508 contracts.

We had 155 contracts filed for today representing 15500 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 155 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 95 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 (1559x 100 oz ), to which we add the difference between the open interest for the front month of NOV. (146 CONTRACTS) minus the number of notices served upon today 155 x 100 oz per contract equals 156,800 OZ OR 4.8771 TONNES + 2.332 TONNES EX FOR RISK TODAY/.8585 EX. FOR RISK/PRIOR//THUS TOTAL STANDING: 8,0676 TONNES

thus the INITIAL standings for gold for the NOV. contract month: No of notices filed so far (1559) x 100 oz + (XXX) {OI for the front month} minus the number of notices served upon today (155) x 100 oz) which equals 156,800 oz standing OR 4.8771 TONNES + 3.1905 EX FOR RISK FOR MONTH = 8.0676 TONNES

TOTAL COMEX GOLD STANDING: 8.0676 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: 19,887,388.319 OZ

TOTAL REGISTERED GOLD 10,059,260.534 (312.882 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 9,828,127.685 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 7

//2023// THE NOV 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	80,381.43 oz HSBC .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	594,193.900 oz ASAHI
No of oz served today (contracts)	0 CONTRACT(S) (NIL OZ)
No of oz to be served (notices)	92 contracts (460,000 oz)
Total monthly oz silver served (contracts)	306 Contracts (1,530,000 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:

i0 Into ASAHI 594,193.900 oz

total customer deposit 594,193.900 oz

JPMorgan has a total silver weight: 134.441 million oz/267.526 million or 50.08%

Comex withdrawals 1

i) Out of HSBC: 80,381.430 oz

total: 80,381.430 oz

adjustments: 0

TOTAL REGISTERED SILVER: 38.327 MILLION OZ//.TOTAL REG + ELIGIBLE. 267.526 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF NOV /2023 OI: 92 CONTRACTS HAVING LOST 0 CONTRACT(S). WE HAD 2 NOTICES FILED ON MONDAY, SO WE GAINED 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL STAND FOR SILVER IN NOVEMBER

DEC. LOST 3159 CONTRACTS TO STAND AT 90,921

JANUARY LOST 7 CONTRACTS TO STAND AT 670

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz

Comex volumes// est. volume today 83.865// good

Comex volume: confirmed yesterday 50,820 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 306 x 5,000 oz = 1,530,000 oz

to which we add the difference between the open interest for the front month of NOV. (92) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the NOV/2023 contract month: 306 (notices served so far) x 5000 oz + OI for the front month of NOV (92) – number of notices served upon today (0 )x 500 oz of silver standing for the NOV contract month equates to 1.990 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 7/WITH GOLD DOWN $14.70 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF 4.33 TONNES OF GOLD INTO THE GLD/ / // // INVENTORY RESTS AT 863.24 TONNES

NOV 6/WITH GOLD DOWN $9.90 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD/ / // // INVENTORY RESTS AT 863.24 TONNES

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: 863.24 TONNES

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

NOV 7/WITH SILVER DOWN 59 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: //// //INVENTORY RESTS AT 440.631 MILLION OZ

NOV 6/WITH SILVER DOWN 6 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: //// //INVENTORY RESTS AT 440.631 MILLION OZ

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

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:

For your interest…

Colombia accelerates plan to recover up to $20 billion in sunken treasure

Submitted by admin on Mon, 2023-11-06 08:41Section: Daily Dispatches

By Jim Wysss
Bloomberg News
Friday, November 3, 2023

Colombia is accelerating its effort to recover as much as $20 billion in gold, silver and gems from a three-century-old shipwreck, even as U.S. treasure hunters sue for half the value.

President Gustavo Petro told officials to set up a public-private partnership, or do a deal with a private firm, to get the San Jose galleon off the Caribbean Sea floor as soon as possible, according to the minister of culture.

This is one of the priorities for the Petro administration,” Minister of Culture Juan David Correa said Wednesday in a phone interview. “The president has told us to pick up the pace.”

Petro wants to recover the wreck before his term ends in 2026, though its unclear whether that will be possible, Correa said.

When the 62-gun Spanish galleon was sunk in battle by the British in 1708, it was gorged with six years’ worth of accumulated treasure: silver and gold from mines in Peru, chests full of Colombian emeralds, and millions of pesos in gold and silver coins, according to “The Treasure of the San Jose” by historian Carla Rahn Phillips.

No one knows how much the treasure might be worth, but in decades of court cases, its value has been estimated at $4 billion to $20 billion. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2023-11-03/colombia-accelerates-plan-to-recover-billions-in-sunken-treasure

* * *

end

Four men charged in theft of the still missing golden toilet

(AP)

Four charged in theft of still-missing satirical golden toilet at Churchill’s birthplace

Submitted by admin on Mon, 2023-11-06 19:07Section: Daily Dispatches

Have they searched the seventh floor at 62 Threadneedle St. in London? There’s a lot of stuff there that belongs in a golden toilet.

* * *

By Sulvia Hui
Associated Press
Monday, November 6, 2023

LONDON — Four men were charged today over the theft of an 18-carat gold toilet from Blenheim Palace, the sprawling English country mansion where British wartime leader Winston Churchill was born.

The toilet, valued at 4.8 million pounds ($5.95 million), was an artwork titled “America” and intended as a pointed satire about excessive wealth by Italian conceptual artist Maurizio Cattelan. It was part of an art installation at Blenheim Palace, near the city of Oxford, a few days before it vanished overnight in September 2019.

The Crown Prosecution Service said it has authorized criminal charges against four men, ages 35-39, over the theft. They are accused of burglary and conspiracy to transfer criminal property.

Seven people had been arrested over the heist, but no charges have been brought until today, four years after the toilet was stolen. The artwork has never been found. …

… For the remainder of the report:

https://apnews.com/article/blenheim-palace-golden-toilet-theft-f0cd428df82be5343a799479a168f4be

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

end

5 a. IMPORTANT COMMENTARIES ON COMMODITIES: ORANGE JUICE

END

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

end

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

ONSHORE YUAN: CLOSED DOWN AT 7.2842

OFFSHORE YUAN: DOWN TO 7.2897

SHANGHAI CLOSED DOWN 1.14 PTS OR 0.04%

HANG SENG CLOSED DOWN 436.66 PTS OR 1.34%

2. Nikkei closed DOWN 436.66 PTS OR 1.34%

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 105.45 EURO FALLS TO 1.0683 DOWN 36 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.872 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.47/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.7035***/Italian 10 Yr bond yield UP to 4.537*** /SPAIN 10 YR BOND YIELD UP TO 3.759…**

3i Greek 10 year bond yield RISES TO 3.959

3j Gold at $1958.80 silver at: 22.51 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 9 /100 roubles/dollar; ROUBLE AT 92.48//

3m oil into the 79 dollar handle for WTI and 83 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 150.47// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.872% 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 0.9009 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9625 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: 4.634 DOWN 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.806 DOWN 3 BASIS PTS/

USA 2 YR BOND YIELD: 4.953 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 28.50…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 2 BASIS PTS AT 4.3583

end

2.a Overnight: Newsquawk and Zero hedge:

US Futures End Six-Day Winning Streak As Fed Speakers Dampen Hopes Of Rate Cuts

TUESDAY, NOV 07, 2023 – 08:13 AM

US stocks were set to snap a six-day rally on Tuesday as traders reassessed expectations of Fed interest-rate policy after hawkish comments Monday by Minneapolis Fed President Neel Kashkari dampened hopes of speedy interest rate cuts from the US central bank. Kashkari is back today for round two; Indeed, traders appear to be awaiting more from Fed officials on the rate path outlook following Kashkari’s comments, with Fed Chair Jerome Powell also set to speak later in the week, but first we have to get through today’s calendar:

07:30: Kashkari
08:00: Goolsbee
09:15: Barr
09:50: Schmid
10:00: Waller
12:00: Williams
13:25: Logan

As of 7:50am, S&P 500 futures are down 0.3% to 4372 with Nasdaq futures dropping by the same amount, while Europe’s Stoxx 600 index posted a similar loss.

Commodities ex-base metals/natgas are weaker while WTI slides under $80 for the first time in 2 months despite a war raging in the middle east. Today’s Macro data is primarily focused on consumer credit, the 7 Fed speakers, and the 3Y auction at 1pm. MegaCap Tech names are weaker premarket; here are some of the most notable premarket movers:

Alteryx shares rise 17% after the software company reported better-than-expected results, providing relief following last quarter’s disappointing revenue forecast. Analysts said that the firm’s execution improved, showing some resilience against a tough backdrop and prompting some price target hikes.
Coherus Bio shares tumble 18% as the biotech company cut its net product revenue and combined R&D and SG&A expenses forecast for the full year.
DigitalOcean Holdings shares gain 8.2% as Goldman Sachs double-upgrades its rating on the cloud computing firm to buy, saying in note that cyclical risks appear to be priced in.
Hims & Hers Health shares jump 7.0% after reporting third-quarter revenue that beat estimates and boosting its adjusted Ebitda guidance for the full year ahead of expectations. Analysts saw the results as strong, highlighting the execution of management.
RingCentral shares rise 9.7% after the communications software provider narrowed its software subscription revenue guidance for the full year and reported what analysts said was a strong set of results, boosting hopes of further growth.
TransMedics Group shares climb 37% after the organ transplant company boosted its sales forecast for the full year. The health-care firm also reported third-quarter revenue that exceeded the average analyst estimates.
TripAdvisor shares jump 11% after the online travel company reported third-quarter adjusted earnings per share and revenue that came ahead of estimates. Analysts said the results were better than expected, highlighting the performance of TripAdvisor Core and Viator.
Ventyx Biosciences shares drop 73%, set for a record fall, after the biotech said it’s terminating its Phase 2 trial of VTX958 in plaque psoriasis and psoriatic arthritis as efficacy results did not meet the internal target to support further development. The update prompted a downgrade from Wells Fargo, with the broker saying that its thesis on the stock is “busted.”
Vimeo shares rise as much as 14% in premarket trading after the video software company reported better-than-expected 3Q revenue and boosted its adjusted Ebitda guidance for the full year
Clover Health shares fall as much as 19% in premarket trading on Tuesday after reporting third quarter revenue that missed the average analyst estimate.

Kashkari, speaking in an interview on Fox News on Monday, said it’s too soon to declare victory over inflation. He added that while there have been three months of promising data on inflation, it isn’t enough.

“The Kashkari comment has injected a sense of reality back into the market, which had got carried away thinking that policy easing was just around the corner,” said Stuart Cole, head macro economist at brokerage Equiti Capital.

Meanwhile, bond markets rallied, led by the UK, as Bank of England Chief Economist Huw Pill hinted rate cuts may be on the table by the middle of 2024 and German industrial output figures suggested that recession isn’t far off. Two-year gilt yields fell 10 basis points to 4.6% and the rate on 10-year Treasuries slid five basis points to 4.59%.

European stocks are lower, with the Stoxx 600 falling 0.2%. Among individual stock movers, oil producers dragged down European equity benchmarks, with Shell Plc and BP Plc sliding more than 1%. UBS gained as much as 5%, most in two months, as the Swiss bank’s third-quarter results were “messy” yet better than expected as expenses were lower, according to analysts. Here are some of the other notable European movers:

Engie shares gain as much as 2.4% after the French utility company raised its full-year guidance and reaffirmed its dividend policy. Morgan Stanley sees 7% upside to current consensus estimates for 2023 net income
Associated British Foods shares rise as much as 7%, reaching the highest since July 2021, after reporting full-year adjusted operating profit that beat estimates and announcing an additional £500 million buyback
NatWest Group rises as much as 2.3% and is among the biggest gainers on the Stoxx 600 banks index on Tuesday after BNP Paribas Exane double-upgrades its rating on the UK lender to outperform from underperform
Nexi shares jump as much as 4.4% on Tuesday after newspaper MF reported the Canada Pension Plan and Francisco Partners are among firms that may be interested in the payments company. It didn’t say where it obtained the information
Watches of Switzerland shares jump as much as 15%, the biggest intraday gain since Sept. 25, after the luxury watch retailer reported second-quarter results that analysts said showed resilience in a tough macroeconomic environment
Poste Italiane shares gain as much as 2.3%, the most intraday since Oct. 10, after the company boosted its full-year Ebit guidance and released what Morgan Stanley called a strong set of third-quarter results
Daimler Truck shares fall as much as 4.8% to their lowest intraday since June after the German commercial vehicle maker’s third-quarter Ebit showed the impact of supply-chain bottlenecks and missed estimates, says Citi
Demant shares drop as much as 8.7%, the most in a year and dragging peer GN Store Nord lower, after the Danish hearing-aid maker reported third-quarter sales that missed expectations and narrowed its organic revenue forecast for the year
RS Group shares fall as much as 19% after a tough first half as weakness in electronics weighs on the industrial and electronic products distributor sales, according to analysts
OCI slumps as much as 5.8% after the Dutch fertilizer maker’s third-quarter results saw a big miss on adjusted Ebitda. There could be double-digit downgrades to full-year Ebitda numbers, Morgan Stanley says
The Restaurant Group shares fall as much as 3.3% after Wheel Topco, the owner of Pizza Express, said it won’t make an offer for the owner of Wagamama due to “market conditions”

Earlier in the session, Asian equities declined, halting their best four-day advance since November 2022, with Chinese and Korean stocks leading the selloff in the region: South Korea’s Kospi Index lost 2.3% after Monday’s rally that was triggered by a short-selling ban, while Australia resumed policy tightening and raised its inflation forecast, a sign that central banks are not necessarily done hiking interest rates.

The MSCI Asia Pacific Index fell as much as 1.3%, its biggest drop since Oct. 26, with POSCO, Alibaba and AIA Group among the top laggards. Korean stocks were headed for their worst day in more than a year on profit-taking after a ban on short-selling triggered their biggest rally since March 2020 on Monday. Chinese shares also declined after data showed that exports unexpectedly deepened in October, underscoring the country’s fragile economic recovery. A gauge of technology stocks in Hong Kong fell the most in a week.

Hang Seng and Shanghai Comp opened lower amid the broader market mood. Muted price action was seen after the narrower-than-expected October Chinese Trade Balance, although imports saw surprise growth, while China Vanke’s shares firmed after state shareholders showed signs of providing liquidity support.
Australia’s ASX 200 saw its downside led by Financials, Energy, and Materials, although the index clambered off worst levels following the RBA’s dovish hike.
Japan’s Nikkei 225 fell back under 32,500 as the index conforms to the losses across the region.
Indian stocks ended a three-day rally to end flat amid declines in Asia and European markets. The S&P BSE Sensex settled at 64,942.40, erasing an intraday loss off 0.5%. The NSE Nifty 50 Index also ended flat at 19,406.70. The MSCI Asia Pacific Index slid as much as 1.4%, ending a four-day winning run that was the longest since October 12.

Asian equities started November with gains after three successive months of decline over hopes that the higher-for-longer interest rates narrative may be fading. Still, sentiment has slightly soured amid fresh doubts over the Fed’s policy path and as Australia resumed its interest rate hikes after stronger than expected inflation data. “Following the stellar rallies across the region yesterday, indexes are giving back some of their gains, with a recovery in bond yields and a firmer US dollar to start the week,” said Jun Rong Yeap, market analyst at IG Asia Pte.

In FX the Bloomberg Dollar Spot Index is up 0.2%. The Aussie is the weakest of the G-10 currencies, falling 1% versus the greenback after the RBA signaled a higher hurdle to further policy tightening.

In rates, Treasuries rose along with the dollar, ahead of a flurry of Fed speakers later on Tuesday and following wider gains across European rates. 10Y TSY are trading at 4.625% down 2bps from yesterday’s close. Gilts in particular underwent a sharp bull-steepening after Bank of England chief economist Huw Pill said there will be a “sharp further fall” in inflation for October and hinted that interest rates could be cut by the middle of next year. Adding to the upward pressure on UK bonds, market research firm Kantar reported UK grocery price inflation slowed to single digits for the first time in 16 months. UK two-year yields fall 10bps to 4.62%.

The US session includes at least seven Fed officials scheduled to speak and $48b 3-year note sale at 1pm New York time. US are yields richer by less than 2bp across the curve with gains led by belly, steepening 5s30s spread by around 1bp on the day; gilts lead gains across core European rates with 2-year sector richer by 10bp on the day into early US session, while in 10-year sector gilts outperform Treasuries by 4.5bp.

In commodities, West Texas Intermediate crude dropped below $80 a barrel for the first time in more than two months. WTI fell 2% to trade near $79.20. Spot gold falls 0.5%.

Looking to the day ahead now, data releases include German industrial production, Euro Area PPI, and the US trade balance for September. From central banks, we’ll hear from the Fed’s Barr, Schmid, Waller, Williams and Logan, along with the ECB’s Nagel. Finally in the political sphere, the King’s speech is taking place in the UK, where the government outlines its legislative agenda for the next parliamentary session. In the US, there are also 2 gubernatorial elections taking place today in Kentucky and Mississippi.

Market Snapshot

S&P 500 futures down 0.3% to 4,373.00
MXAP down 1.3% to 157.64
MXAPJ down 1.2% to 493.63
Nikkei down 1.3% to 32,271.82
Topix down 1.2% to 2,332.91
Hang Seng Index down 1.6% to 17,670.16
Shanghai Composite little changed at 3,057.27
Sensex little changed at 64,907.46
Australia S&P/ASX 200 down 0.3% to 6,977.07
Kospi down 2.3% to 2,443.96
STOXX Europe 600 down 0.2% to 442.82
German 10Y yield little changed at 2.71%
Euro down 0.2% to $1.0694
Brent Futures down 2.1% to $83.38/bbl
Gold spot down 0.5% to $1,967.78
U.S. Dollar Index up 0.29% to 105.52

Top Overnight News

RBA hiked rates by 25bp to 4.35% (market expectations were close to 50/50 about whether they would move at this meeting) although the accompanying language evolved in a dovish fashion. RTRS
China’s exports fall short of expectations in Oct, coming in -6.4% Y/Y (vs. the Street estimate of -3.5%), although imports were a bit better (+3% vs. the Street -5%). RTRS
Tumbling pork prices could push China back into deflation this week, as the largest listed hog farmers flood the domestic market and complicate Beijing’s efforts to bolster confidence in the world’s second-largest economy. FT
China steps in to provide support to stressed developer Vanke, with Shenzhen Metro, a state-owned enterprise, vowing to provide full support to the company. WSJ
German industrial production for Sept comes in cooler than anticipated (-1.4% M/M vs. the Street’s -0.1% forecast). BBG
The BOE might wait until the middle of next year before cutting interest rates from their current 15-year high, the BoE’s Chief Economist Huw Pill said on Monday. Pill said pricing in financial markets – that currently points to a first rate cut to Bank Rate in August 2024 – “doesn’t seem totally unreasonable, at least to me.” RTRS
UBS shares climbed as stronger-than-expected client inflows and progress in cost savings overshadowed its first quarterly loss in six years. Sergio Ermotti said Credit Suisse has stabilized though remains structurally unprofitable, while demand for UBS debt is strong. BBG
The UN reported the reopening of the crossing between Gaza and Egypt. Benjamin Netanyahu said he sees his country having security control over Gaza for an “indefinite period.” BBG
James Gorman signaled he plans to step down as Morgan Stanley’s chairman by the end of 2024 as he prepares to vacate his CEO post this year. He pushed back on the notion of entering politics, saying, “I don’t like sharks.” BBG

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks were softer across the board following the prior day’s gains and the choppy/mixed lead from Wall Street. South Korea’s KOSPI is the notable underperformer – slumping over 2.8% – after surging yesterday on the back of the stock short-selling ban. ASX 200 saw its downside led by Financials, Energy, and Materials, although the index clambered off worst levels following the RBA’s dovish hike. Nikkei 225 fell back under 32,500 as the index conforms to the losses across the region. Hang Seng and Shanghai Comp opened lower amid the broader market mood. Muted price action was seen after the narrower-than-expected October Chinese Trade Balance, although imports saw surprise growth, while China Vanke’s shares firmed after state shareholders showed signs of providing liquidity support.

Top Asian News

RBA hikes its Cash Rate by 25bps as expected to 4.35% from 4.10%, and tweaked its forward guidance to say “Whether further tightening of monetary policy is required…will depend upon the data” (prev. “Some further tightening of monetary policy may be required”). The RBA also noted inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago.
China’s Commerce Ministry has issued new rules to strengthen management of rare earth exports, effective Oct 31 2023 to Oct 31, 2025; issued new rules to strengthen import management of crude oil, iron ore, copper concentrate, potash, according to Reuters.
PBoC Deputy Governor said he is not too worried about the Chinese economy, and added the overall debt level of the Chinese government is in the mid to lower range by international standards, according to Reuters.
PBoC injected CNY 353bln via 7-day reverse repos with the rate at 1.80% for a CNY 259bln net daily drain.
Japan ruling ally Kometo tax chief says should not pre-decide to limit income tax cuts to just a year, according to Reuters.
South Korean Vice Finance Minister says FX authorities will continue to monitor currency markets as done now even after rule changes in licenses, according to Reuters.
IMF upgrades China’s GDP Growth forecasts: 2023 5.4% (prev. 5%), 2024 4.6% (prev. 4.2%); follows strong Q3 and growth policies.

European bourses are in the red, Euro Stoxx 50 -0.2%, but have been fairly contained throughout the morning with specific catalysts light and the tone thus far largely emanating from APAC pressure. Sectors are mixed with outperformance in Retail names post-AB Foods while Banks derive support from UBS despite yield pressure; in M&A Telefonica’s offer to purchase the remainder of Telefonica Deutschland has led to gains of circa. 40% for the German telecom name. Stateside, futures are in the red printing broad-based losses in a continuation of Monday’s/APAC risk tone, ES -0.2%, docket today features notable data incl. Manheim and numerous Fed speakers before a handful of earnings.

Top European News

ECB’s de Guindos says low growth or economic standstill is expected to carry on into Q4 for the Eurozone.
Telefonica Seeks 28% in German Unit for About €2 Billion
UBS Seeks to Get Rid of $5 Billion in Rich Clients’ Assets
Sunak Aims to Trap Labour With Election-Geared King’s Speech
Aldi and Lidl Are Now Just as Middle Class as Other UK Grocers

Aussie retreats as risk aversion and less hawkish RBA guidance outweigh the widely anticipated 25bp hike, AUD/USD closer to 0.6400 than 0.6500, AUD/NZD cross sub-1.0850 from just under 1.0900.
Buck maintains recovery momentum almost across the board as DXY climbs to 105.63 from a 105.25 low awaiting US trade data and a slew of Fed speakers.
Euro losing grip of 1.0700 handle, Pound probes 1.2300 and Yen back below 150.00 all over again.
Loonie undermined by a slide in oil ahead of Canadian trade with USD/CAD closer towards the top of 1.3755-1.3691 range.
PBoC set USD/CNY mid-point at 7.1776 vs exp. 7.2854 (prev. 7.1780)
BCB Minutes: It was decided to maintain the recent communication, which already includes the appropriate conditionality in an uncertain environment; rate cuts of 50bps are appropriate to keep the necessary contractionary monetary policy for the disinflationary process.

Fixed Income

Debt futures resurgent after further retracement and curves revert to a flatter trajectory ahead of US refunding.
Bunds bounce from 129.35 to 130.20 and Gilts from 94.47 to 95.42 in the wake of solid demand for 2034 UK issuance.
T-note back on 108-00 handle within 107-19+/108-03+ range.

Commodities

Crude benchmarks remain under pressure after slipping during APAC trade in-fitting with the broader risk tone and have been unable to stage any form of recovery this morning, despite equity performance being much more contained in comparison.
WTI Dec’23 and Brent Jan’23 lose the USD 80/bbl and USD 84/bbl handles respectively, an action which pushes the benchmarks to multi-month lows with support seen around USD 78/bbl mark in WTI from late-August.
Metals feature marked pressure in spot gold with the stronger USD offsetting any potential haven demand that may typically have been expected from the current tone, a tone which is weighing on base metal peers.
US DoE announced a supplemental solicitation for up to 3mln barrels of oil for delivery in January 2024 for US Strategic Reserve.
OPEC Secretary General says oil demand continues to rise significantly; Oil demand to grow more than 2mln BPD in 2024.

Geopolitics

Israeli PM Netanyahu says Israel is open to “short pauses” in Gaza, but ruled out a ceasefire, according to Bloomberg.
The Biden administration is reportedly planning a USD 320mln transfer of precision bombs for Israel, according to WSJ.
Russian Defence Ministry says Russia destroyed 17 Ukraine-launched drones over Russian territory, according to RIA.

US Event Calendar

08:30: Sept. Trade Balance, est. -$59.8b, prior -$58.3b
15:00: Sept. Consumer Credit, est. $9.5b, prior -$15.6b

Central Banks

07:30: Fed’s Kashkari Speaks on Bloomberg Television
08:00: Fed’s Goolsbee Speaks on CNBC
09:15: Fed’s Barr Speaks on Financial Technology
09:50: Fed’s Schmid Speaks at Dallas/Kansas City Energy Conference
10:00: Fed’s Waller Speaks at St. Louis Fed Conference
12:00: Fed’s Williams Moderates Discussion in New York
13:25: Fed’s Logan Participates in Moderated Discussion

DB’s Jim Reid concludes the overnight wrap

Just when you thought it was safe to go back into the water and hoover up every bond in sight, yesterday saw yields do yet another 180 degree turn, something we’ve been used to seeing in recent weeks, even if last three days of last week was one way traffic. 2yr US yields led the way (+9.6bps). T he S&P 500 managed to eke out a narrow gain (+0.18%) but US small caps (Russell 2000 -1.29%) suffered again with higher rates.

Diving in, the bond selloff perhaps came as investors began to wonder if last week’s narrative about rate cuts was overdone. For instance, market pricing for the Fed now implies a 16% chance of another rate hike, up from 11% on Friday. Moreover, the rate priced in by the December 2024 meeting was up +12.4bps to 4.47%. So there was a clear, albeit partial unwinding of last week’s moves. After the market close, we heard from Minneapolis Fed Kashkari, one of the more hawkish FOMC voices, who said that “we need to let the data keep coming to us to see if we really have got the inflation genie back in the bottle”. So some pushback against declaring victory over inflation.

For markets, this is hardly the first time we’ve seen expectations of a dovish pivot, and Henry pointed out yesterday (link here) that this is at least the 7th time this cycle where markets have reacted notably in response to dovish speculation. Clearly rates aren’t going to keep going up forever, but on the previous 6 occasions we saw hopes for near-term rate cuts dashed every time. Note that we’ve still got above-target inflation in every G7 country. With that in mind, next week’s US CPI release will be an important factor on that front, and our US economists expect core CPI to remain at +0.3% for a third consecutive month .

In the latter half of the US session, we got the latest Senior Loan Officer Opinion Survey (SLOOS) from the Fed, which looks at bank lending standards and has traditionally been a strong leading indicator for the economy more broadly. This showed some improvement in banks’ willingness to lend compared to the previous quarter’s lows, with the net balance of banks reporting tighter lending standards falling from 50.8 to 33.9 for commercial & industrial loans and from 71.7 to 64.9 for CRE loans. However, more banks reported tightening standards for mortgages, up from 13.8 to 16.0. So the general SLOOS improvement is welcome but most measures are still at levels usually associated with recessions. Can the SLOOS improve quickly enough over the next 2-3 quarters before the current tight lending standards cause an accident or a serious growth slowdown. We likely have a race against time.

In terms of the actual moves for bonds, 10yr Treasury yields ended the day up +7.1bps to 4.64%. Real yields drove the increase, with the 10yr real yield up +5.2bps to 2.23%, following its biggest weekly decline of 2023 so far last week. The sell-off was stronger at the front-end, with 2yr yields up +9.6bps to 4.94%. $24bn worth of corporate bond deals getting priced on Monday may have added upward pressure on yields. It’s worth highlighting that although the QRA was more positive last week, supply and QT is a regular part of life now and today kicks off a 3-day Treasury auction schedule with 3yr notes today, 10yr tomorrow and 30yr bonds on Thursday. So markets will still have to price these to sell over the coming months.

Meanwhile in Europe, the rises in yields were also significant, with those on 10yr bunds (+9.3bps), OATs (+10.2bps) and BTPs (+13.3bps) all moving higher. Indeed, for BTPs it was the joint largest daily rise in yields since July 6. However the front end rise was more contained with German, French and Italian 2yr yields up +3.9 bps, +3.2bps and +9.1bps respectively .

The bond moves were an obvious headwind to equities, but the S&P 500 (+0.18%) still managed to build on last week’s advance, with a 6th consecutive gain for the first time since June. However, this advance was a narrow one with only 31% of the S&P constituents up on the day. The biggest driver were tech mega caps, with the Magnificent Seven index up +0.87%, and the NASDAQ (+0.30%) rising for a 7th consecutive session for the first time since January. On the other hand, small-caps put in a very weak performance, with the Russell 2000 (-1.29%) losing ground after recording its strongest week since February 2021. As with bonds, the picture was a bit weaker in Europe, with losses for the STOXX 600 (-0.16%), the DAX (-0.35%) and the CAC 40 (-0.48%).

Asian equity markets have turned negative this morning following the softer markets yesterday. As I check my screens, the KOSPI (-3.07%) is sliding hard after posting its best session yesterday (+6.43%) since late March 2020 following the renewed ban on short selling over the weekend. Elsewhere, the Hang Seng (-1.50%), the Nikkei (-1.12%), the CSI (-0.68%) and the Shanghai Composite (-0.35%) are also retreating. Meanwhile, the S&P/ASX 200 (-0.15%) is also trading lower after the RBA increased its key interest rate by 25bps as expected (more on this below). S&P 500 (-0.21%) and NASDAQ 100 (-0.15%) futures are ticking lower. Treasury yields have fallen 0 to -1.5bps across the curve, led by the front end.

The latest trade data from China showed that exports declined for a 6th consecutive month, dropping -6.4% y/y, worse than Bloomberg’s estimate of a -3.5% drop and against a -6.2% drop in September. Imports surprisingly rebounded +3.0% y/y in October (v/s -5.0% expected) after a revised -6.3% drop the previous month. The resulting trade surplus amounted to $56.53 billion (v/s $82.0 billion expected).

Elsewhere, the RBA lifted its cash rate for the first time in five months (+25bps) to a 12-year high of 4.35% citing a slower-than-expected decline in inflation while still indicating that inflation would return to its target range of 2% to 3% in a reasonable timeframe. The Aussie dollar (-0.79%) dropped against the US dollar in response to the rate hike as the central bank’s statement failed to confirm the possibility of another hike in this cycle. Policy sensitive 3yr government bond yields fell -3.1 bps to 4.24% before slightly recovering, standing at 4.25% as I type.

Looking at yesterday’s data, there wasn’t too much but we did get some of the final PMI readings from Europe, where the main headlines were in line with the flash prints from a couple of weeks ago. For instance, the final Euro Area composite PMI was exactly in line with the flash reading at 47.8, and in Germany it was revised by only -0.1pts to 45.8. One source of concern was Italy, where the composite PMI fell -2.0pts to 47.0, its lowest in 12 months. Otherwise, the latest reading on German factory orders for September showed a +0.2% expansion (vs. -1.5% expected), but with this upside offset by a major downward revision to the previous month (+1.9% vs +3.9% previously). This still leaves German factory orders down -4.3% year-on-year.

To the day ahead now, and data releases include German industrial production, Euro Area PPI, and the US trade balance for September. From central banks, we’ll hear from the Fed’s Barr, Schmid, Waller, Williams and Logan, along with the ECB’s Nagel. Finally in the political sphere, the King’s speech is taking place in the UK, where the government outlines its legislative agenda for the next parliamentary session. In the US, there are also 2 gubernatorial elections taking place today in Kentucky and Mississippi.

2 B) NOW NEWSQUAWK (EUROPE/REPORT)

Equities in the red, DXY bid & Antipodeans sink post-RBA hike; slew of Fed speak due – Newsquawk US Market Open

TUESDAY, NOV 07, 2023 – 06:23 AM

European equities/US futures in the red with sentiment sour ahead of a busy day of Fed speak
Fixed benchmarks are back in bull-flattening mode, lifting from yesterday’s lows pre-supply
DXY firmly above 105.50, whilst Antipodeans sink on weaker sentiment and post-RBA hike
As expected, the RBA announced a 25bps hike, ensuing initial upside in the AUD before slipping on weaker forward guidance
Crude benchmarks pare back yesterday’s gains, with base metals also in the red owing to the firmer Dollar and general market sentiment
Looking ahead, highlights include US International Trade, IBD/TIPP, Manheim Index, NY Fed Q3 Household Debt & Credit Report, Speeches from Fed’s Goolsbee, Schmid, Williams, Logan, Barr, Waller, UK King’s Speech and Earnings from CNH Industrial, Uber, eBay & Occidental Petroleum Corp

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EUROPEAN TRADE

EQUITIES

European bourses are in the red, Euro Stoxx 50 -0.2%, but have been fairly contained throughout the morning with specific catalysts light and the tone thus far largely emanating from APAC pressure.
Sectors are mixed with outperformance in Retail names post-AB Foods while Banks derive support from UBS despite yield pressure; in M&A Telefonica’s offer to purchase the remainder of Telefonica Deutschland has led to gains of circa. 40% for the German telecom name.
Stateside, futures are in the red printing broad-based losses in a continuation of Monday’s/APAC risk tone, ES -0.2%, docket today features notable data incl. Manheim and numerous Fed speakers before a handful of earnings.
Click here and here for the sessions European pre-market equity newsflow, including earnings.
Click here for more details.

FX

Aussie retreats as risk aversion and less hawkish RBA guidance outweigh the widely anticipated 25bp hike, AUD/USD closer to 0.6400 than 0.6500, AUD/NZD cross sub-1.0850 from just under 1.0900.
Buck maintains recovery momentum almost across the board as DXY climbs to 105.63 from a 105.25 low awaiting US trade data and a slew of Fed speakers.
Euro losing grip of 1.0700 handle, Pound probes 1.2300 and Yen back below 150.00 all over again.
Loonie undermined by a slide in oil ahead of Canadian trade with USD/CAD closer towards the top of 1.3755-1.3691 range.
PBoC set USD/CNY mid-point at 7.1776 vs exp. 7.2854 (prev. 7.1780)
BCB Minutes: It was decided to maintain the recent communication, which already includes the appropriate conditionality in an uncertain environment; rate cuts of 50bps are appropriate to keep the necessary contractionary monetary policy for the disinflationary process.
Click here for more details.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Debt futures resurgent after further retracement and curves revert to a flatter trajectory ahead of US refunding.
Bunds bounce from 129.35 to 130.20 and Gilts from 94.47 to 95.42 in the wake of solid demand for 2034 UK issuance.
T-note back on 108-00 handle within 107-19+/108-03+ range.
Click here for more details.

COMMODITIES

Crude benchmarks remain under pressure after slipping during APAC trade in-fitting with the broader risk tone and have been unable to stage any form of recovery this morning, despite equity performance being much more contained in comparison.
WTI Dec’23 and Brent Jan’23 lose the USD 80/bbl and USD 84/bbl handles respectively, an action which pushes the benchmarks to multi-month lows with support seen around USD 78/bbl mark in WTI from late-August.
Metals feature marked pressure in spot gold with the stronger USD offsetting any potential haven demand that may typically have been expected from the current tone, a tone which is weighing on base metal peers.
US DoE announced a supplemental solicitation for up to 3mln barrels of oil for delivery in January 2024 for US Strategic Reserve.
OPEC Secretary General says oil demand continues to rise significantly; Oil demand to grow more than 2mln BPD in 2024.
Click here for more details.

NOTABLE EUROPEAN HEADLINES

ECB’s de Guindos says low growth or economic standstill is expected to carry on into Q4 for the Eurozone.

EUROPEAN DATA

UK BRC Retail Sales YY (Oct) 2.6% vs Exp. 2.4% (Prev. 2.8%)
UK Halifax House Prices MM (Oct) 1.1% (Prev. -0.4%, Rev. -0.3%)
German Industrial Output MM (Sep) -1.4% vs. Exp. -0.1% (Prev. -0.2%)
EU HCOB Construction PMI (Oct) 42.7 (Prev. 43.6); German HCOB Construction PMI (Oct) 38.3 (Prev. 39.3)
EU Producer Prices MM (Sep) 0.5% vs. Exp. 0.5% (Prev. 0.6%, Rev. 0.7%); YY (Sep) -12.4% vs. Exp. -12.5% (Prev. -11.5%)

NOTABLE US HEADLINES

Fed’s Kashkari (2023 voter) said he would err on the side of overtightening policy than not doing enough in order to bring inflation down, according to WSJ. He noted some prices and wage data indicate that inflation could be “settling somewhere north of 2%”. Fed’s Kashkari said the economy has proved to be very resilient and inflation has come down, according to Fox News. He added they are making progress on inflation and the job market is strong but has more work to do to get inflation under control. American consumers continue to spend. Need to finish the job of lowering inflation.
Punchbowl News suggests that “the most obvious outcome” for the looming US government shutdown is a clean CR with some extraneous provisions that the Senate could accept. Leading options on that front include the creation of a statutory debt commission or new border-security provisions, according to sources close to the process. Says House Speaker Johnson’s team accepts a clean continuing resolution is the most likely outcome.
China’s Middle East special envoy met with US ambassador to China.
Click here for the US Early-Morning note.

GEOPOLITICS

Israeli PM Netanyahu says Israel is open to “short pauses” in Gaza, but ruled out a ceasefire, according to Bloomberg.
The Biden administration is reportedly planning a USD 320mln transfer of precision bombs for Israel, according to WSJ.
Russian Defence Ministry says Russia destroyed 17 Ukraine-launched drones over Russian territory, according to RIA.

APAC TRADE

APAC stocks were softer across the board following the prior day’s gains and the choppy/mixed lead from Wall Street. South Korea’s KOSPI is the notable underperformer – slumping over 2.8% – after surging yesterday on the back of the stock short-selling ban.
ASX 200 saw its downside led by Financials, Energy, and Materials, although the index clambered off worst levels following the RBA’s dovish hike.
Nikkei 225 fell back under 32,500 as the index conforms to the losses across the region.
Hang Seng and Shanghai Comp opened lower amid the broader market mood. Muted price action was seen after the narrower-than-expected October Chinese Trade Balance, although imports saw surprise growth, while China Vanke’s shares firmed after state shareholders showed signs of providing liquidity support.

NOTABLE HEADLINES

RBA hikes its Cash Rate by 25bps as expected to 4.35% from 4.10%, and tweaked its forward guidance to say “Whether further tightening of monetary policy is required…will depend upon the data” (prev. “Some further tightening of monetary policy may be required”). The RBA also noted inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago.
China’s Commerce Ministry has issued new rules to strengthen management of rare earth exports, effective Oct 31 2023 to Oct 31, 2025; issued new rules to strengthen import management of crude oil, iron ore, copper concentrate, potash, according to Reuters.
PBoC Deputy Governor said he is not too worried about the Chinese economy, and added the overall debt level of the Chinese government is in the mid to lower range by international standards, according to Reuters.
PBoC injected CNY 353bln via 7-day reverse repos with the rate at 1.80% for a CNY 259bln net daily drain.
Japan ruling ally Kometo tax chief says should not pre-decide to limit income tax cuts to just a year, according to Reuters.
South Korean Vice Finance Minister says FX authorities will continue to monitor currency markets as done now even after rule changes in licenses, according to Reuters.
IMF upgrades China’s GDP Growth forecasts: 2023 5.4% (prev. 5%), 2024 4.6% (prev. 4.2%); follows strong Q3 and growth policies.

DATA RECAP

Chinese Trade Balance USD (Oct) 56.53B vs. Exp. 82.0B (Prev. 77.71B)
Chinese Imports YY (Oct) 3.0% vs. Exp. -4.8% (Prev. -6.2%); Exports YY (Oct) -6.4% vs. Exp. -3.3% (Prev. -6.2%)
Japanese Total Cash Earnings YY (Sep) 1.2% vs Exp.1.2% (prev. 1.1%, Rev 0.8%)
Japanese All Household Spending YY (Sep) -2.8% vs. Exp. -2.7% (Prev. -2.5%); MM (Sep) 0.3% vs. Exp. -0.4% (Prev. 3.9%)
Japanese Overtime Pay (Sep) 0.7% (Prev. 1.0%, Rev. 0.2%)

2 c. ASIAN AFFAIRS

TUESDAY MORNING/MONDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/

END

2e) JAPAN

JAPAN/

3 CHINA

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EUROPE

A must read: how Europe is imploding! Dr Lacalle calls it beautifully: they are caught between stagnation and stagflation

(Dr Lacalle)

The Eurozone Disaster – Between Stagnation & Stagflation

TUESDAY, NOV 07, 2023 – 05:00 AM

Authored by Daniel Lacalle,

The Eurozone economy is more than weak. It is in deep contraction, and the data is staggering.

The Eurozone Manufacturing purchasing managers’ index (PMI), compiled by S&P Global, fell to a three-month low of 43.1 in October, the sixteenth consecutive month of contraction. However, European analysts tend to ignore the manufacturing decline using the excuse that the services sector is larger and stronger than expected, but it is not. The Eurozone Composite PMI is also in deep contraction at 46.5, a 35-month low, and the services sector plummeted to recession territory at 47.8, a 32-month low.

Some analysts blame the energy crisis and the ECB rate hikes, but this makes no sense.

The eurozone should be outperforming the United States and China because the energy crisis reverted almost immediately. Between May 2022 and June 2023, all commodities, including natural gas, oil, and coal, as well as wheat, slumped and fell to pre-Ukraine war levels. A mild winter and the impact of monetary contraction created a strong stimulus that should have helped the eurozone, and there were no supply disruptions. In fact, the contribution of the external sector to GDP helped the area avoid a recession, as exports remained healthy while imports declined.

Blaming the eurozone recession on the ECB’s monetary policy is also unfair. The eurozone inflation is unacceptable, and, as the studies of Borio (BIS, 2023) and Congdon and Castañeda (2022) prove, inflation was caused by excessive money growth. Furthermore, the ECB’s monetary policy remains hugely accommodating. In fact, the misguided anti-fragmentation program continues to support the debt of fiscally irresponsible countries. The ECB’s balance sheet is more than 50% of the GDP of the euro area, compared to the Federal Reserve’s 30%.

Fiscal and monetary policy remain expansionary. Governments can spend at will, as the fiscal rules and limits have been suspended. Therefore, fiscal and monetary conditions are a Keynesian dream. There is more, because the much-trumpeted EU Next Generation Fund, a €750 billion stimulus package aimed at strengthening growth and productivity, is in full swing.

Now put all this together. Massive stimulus packages, deficit spending, accommodative monetary policy, and the external support of cheap natural gas and coal… And there is no growth. Blaming it on China’s slowdown is lazy. If eurozone growth was driven by exports to China, Germany would not have been on the verge of recession, with France and Italy delivering zero growth in 2019, for example. Furthermore, the poor growth of the eurozone between 2011 and 2019 coincided with a period of extraordinary expansion in China.

The problem of the eurozone is not China, rate hikes, or the Ukraine war. The curse of the eurozone is central planning. Subsidizing obsolete sectors and zombie firms, bloating government spending, and massively increasing taxes on the most productive sectors are driving away technology, industry, and high-productivity sectors. Government current spending is now the main component of GDP in countries like France or Belgium and is rising all over the eurozone. Implementation of politically imposed economic decisions has crippled euro area opportunities, and energy policy is a key area of stagnation in the economy. A misguided energy policy makes industry less competitive and the economy more vulnerable as power and natural gas prices for households and industries are significantly more expensive than in China or the U.S. due to the accumulation of taxes and regulatory burdens.

The ECB does not have to decide between inflation and growth. This is a false dilemma. There is plenty of growth without inflation in high-productivity economies. The problem is that European governments believe all their fiscal imbalances will be disguised by monetary policy and demand negative real rates and constant monetization of debt. Thus, the ECB will have to choose between stagnation and stagflation because governments are forcing it.

https://www.zerohedge.com/economics/eurozone-disaster-between-stagnation-stagflation

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS/HEZBOLLAH/USA

The Hamas-Israel war has caused antisemitism to rear its ugly head!

(Jerusalem Post)Elderly Jewish man dies after being beaten by pro-Palestinian protesterA video posted to the social media platform by StopAntisemitism captured the event.By JERUSALEM POST STAFF posts[i].image.ImageName (photo credit: LUCY NICHOLSON / REUTERS) PRO-PALESTINE demonstrators protest outside the Israeli Consulate in Los Angeles in May.(photo credit: LUCY NICHOLSON / REUTERS)

An elderly Jewish man was allegedly beaten to death at a pro-Israel rally in Los Angeles on Monday in America by a pro-Palestinian demonstrator, the Los Angeles Police Department confirmed.

According to eyewitnesses a confrontation developed between the elderly man and the suspect. The elderly man was then found on the ground bleeding and was taken to hospital where he was pronounced dead from a cerebral hemorrhage.

“We are devastated to learn of the tragic death of an elderly Jewish man who was struck in the head by a megaphone wielded by a pro-Palestinian protestor in Westlake Village,” the Jewish Federation of Los Angeles said in a statement. “Our hearts are with the family of the victim.

“While we wait for more information from our law enforcement partners, we remind you that this is the fourth major antisemitic crime committed in Los Angeles this year alone,” the federation continued. “Violence against our people has no place in civilized society. We demand safety. We will not tolerate violence against our community. We will do everything in our power to prevent it.”

The incident was caught on film by locals and shared with a warning of graphic content on X by the NGO StopAntisemitism.

'Long live the Intifada': Palestinians and pro-Palestinian supporters protest against Israeli attacks on Gaza amid days of conflict between the two sides, in Brooklyn, New York, US, May 15, 2021. (credit: RASHID UMAR ABBASI / REUTERS) ‘Long live the Intifada’: Palestinians and pro-Palestinian supporters protest against Israeli attacks on Gaza amid days of conflict between the two sides, in Brooklyn, New York, US, May 15, 2021. (credit: RASHID UMAR ABBASI / REUTERS)

Police have declined to provide further details and it is unknown if the suspect has been arrested.Go to the full article >>ENDBrandeis University bans Students for Justice in Palestine. All universities should ban this student group.(Jerusalem Post)https://www.jpost.com/israel-news/defense-news/2023-11-06/live-Brandeis University bans Students for Justice in PalestineBrandeis told the student group that open support for Hamas was a violation of the school’s principles. SJP called the decision “purely racist.”By JERUSALEM POST STAFF posts[i].image.ImageName (photo credit: KENNETH C. ZIRKEL/CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)/VIA WIKIMEDIA) Brandeis University sign, Waltham MA, USA.(photo credit: KENNETH C. ZIRKEL/CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)/VIA WIKIMEDIA)

Brandeis University, the nonsectarian university founded by the American Jewish community in 1948 as a response to antisemitism in other schools’ admissions processes, has revoked its recognition of the Students for Justice in Palestine student group, according to a report in Jewish Insider, and banned the group from conducting activities on campus, or using the Brandeis name or logo in its promotions.

“SJP’s open support for Hamas, which the US has designated as a terrorist organization, was the driving factor in the decision,” the report said, citing “a source familiar with Brandeis’ plans.”

Brandeis’s SJP chapter itself confirmed the disbanding via a post on social media.

“With heavy hearts,” the post said, “we would like to announce that our vigil today is canceled, as our organization has been derecognized [sic]. This decision by Student Affairs came as a response to our vigil as Student Affairs considers it ‘a genuine threat’ or ‘harassment.'”

The national student group, which has chapters on hundreds of campuses across the United States, praised Hamas’s October 7 attack on Israel, in which thousands of terrorists invaded the country’s south and murdered, raped, and kidnapped more than 1,400 civilians. The group called that attack “a historic win for Palestinian resistance,” and called for “Not just slogans and rallies, but armed confrontation with the oppressors.”

Volen Center for Complex Systems, Brandeis University, Waltham Massachusetts (credit: JOHN PHELAN / CC 3.0)

SJP calls the decision ‘purely racist’

Brandeis SJP’s social media post called the decision “purely racist,” and said that the ban “goes against the values of Brandeis University, an organization that was built to fight racism in higher education.”

But Brandeis’s decision comes after the university’s president, Ron Leibowitz, wrote an op-ed in the Boston Globe on the subject of “how universities should confront antisemitism on campus.” Leibowitz argued that “universities cannot stop hate speech, but they can stop paying for it.”

“Brandeis will ensure that groups that receive privileges through their affiliations with the university, including using its name, will lose their affiliations and privileges when they spew hate.”

In a letter to SJP obtained by Jewish Insider, the university explained its rationale: “This decision was not made lightly,” it said, “as Brandeis is dedicated to upholding free speech principles.” But “The National SJP,” it said, “has called on its chapters to engage in conduct that supports Hamas in its call for the violent elimination of Israel and the Jewish people. These tactics are not protected by the University’s Principles.” Go to the full article >>END

ISRAEL VS HAMAS/GAZA(zerohedge)

Israel To Control Gaza ‘Indefinitely’ After War: Netanyahu Contradicts Blinken

TUESDAY, NOV 07, 2023 – 09:25 AM

The Biden White House has lately floated a plan that would see international peacekeeping forces control the security situation in the Gaza Strip once the war is over, which is premised on the total demise of Hamas, proving no small task especially given the immense network of miles of tunnels the group can utilize.

The post-Hamas “day after” has also been subject of proposals out of some leading Congressmen. There was speculation at first that Israeli leadership might welcome this, but a new televised interview with Prime Minister Benjamin Netanyahu which aired Monday night reveals different thinking in Tel Aviv. Netanyahu asserted it is Israel which will have “security responsibility” over the Gaza Strip for some ‘indefinite’ amount of time after the conflict is over.Image: AFP via Getty Images

“I think Israel will for an indefinite period have security responsibility,” Netanyahu told ABC News. “We’ve seen what happens when we don’t have that… security responsibility, what we have is the eruption of Hamas terror on a scale that we couldn’t imagine.”

The comments come after the Israel Defense Forces (IDF) have confirmed 30 Israeli troops have been killed in combat in Gaza since the ground war was launched. At this point over 10,000 Gazans – mostly civilians – have been killed, primarily by the unrelenting aerial assault. But here’s what Blinken said just last week in Israel:

“The idea of Hamas remaining responsible for governance such as it was and posing an ongoing and enduring threat to Israel and its citizens is unacceptable,” said Blinken. “We also know that Israel cannot reassume control and responsibility for Gaza, and it’s important to note that Israel has made it clear that it has no intention or desire to do that. So within those parameters, we are and will continue to have discussions with partners throughout the region and well beyond about what should follow.”

After US Secretary of State Antony Blinken just traveled to region again to meet with both Israeli and Arab leaders, it became clear that Washington is not in favor of a ceasefire, but Biden’s top diplomat did push for humanitarian pauses.

Netanyahu in the ABC interview said he is open to “tactical little pauses” for the sake of hostages getting out and also humanitarian aid getting in, but emphasized that the IDF is ready to begin taking the fight to the tunnels, where Hamas commanders and fighters can wait out airstrikes while mounting sporadic ambush operations against tank units.

At one point in the interview, Netanyahu was asked about the security failures of Oct.7, which resulted in over 1,400 Israelis in the south of the country being slaughtered: “Do you believe that you should take any responsibility?”

He replied: “Of course. It’s not a question,” and said there will be time after the war “to allocate” that responsibility and assess what happened. A week ago he issued a statement, before quickly retracting, which appeared to blame the military and its leadership for Oct. 7.

The deleted statement which generated the outrage, having been briefly posted to X, said: “Under no circumstances and at no stage was Prime Minister Netanyahu warned of war intentions on the part of Hamas.” It continued, “On the contrary, the assessment of the entire security echelon, including the head of military intelligence and the head of Shin Bet, was that Hamas was deterred and was seeking an arrangement.”

But in the new ABC remarks he didn’t delve into much detail on this question of taking responsibility for severe failures which left the door open to the single deadliest terror attack in Israel’s history. Netanyahu’s political opponents have accused him of using the crisis to solidify power using the guise of the wartime emergency government.

END

Hamas vs Israel

Israel finds Hamas rockets in civilian locations including a mosque.(Jerusalem Post)

IDF locates Hamas rockets in civilian infrastructure in Gaza

By JERUSALEM POST STAFFNOVEMBER 6, 2023 18:35

During IDF activity in Gaza on Monday, Israeli soldiers located and destroyed several facilities, including one within a mosque, being used for launching rockets into Israel, the IDF said.

The operation to destroy the terrorist infrastructure within the mosque was conducted by the IDF’s 460th Armored Forces.

In another facility, this one being used for youth activities, IDF personnel located over 50 rockets. The 50th Battalion of the Nahal Brigade destroyed the ordnance at the site.

The IDF located rockets being stored in a facility being used for youth activities. (Credit: IDF)

https://www.jpost.com/breaking-news/article-771978

UKRAINE VS RUSSIA

ROBERT h TO US:

Zelenskyy insults Putin using F-word on air on NBC News | Ukrainska Pravda

Ukrainians need to wake up! They are expendable proxies to be used and abused and sacrificed for money and hegemony by the Neocons in DC who see them as disposables.

The Jews in Israel are no different. When and if needed, they too will be sacrificed without a care. Hamas is not just Palestinians but many zealots from many nations. Since Ukrainians have been sent in Africa, perhaps for a dollar, Zelensky can send them to Israel to die there as well.
The rest of us best wake up as well as to what is happening around us. We think there is protection for ourselves but really all that so called protection is slipping away very quickly as daily we see increased homelessness and poverty on a savage levels not seen before. It matters not whether it is the streets of Toronto, NewYork or London or Berlin. With such discourse in society, violence rises. And beyond closed doors and not so silent walls, personal violence and abuse is rising in households like nothing seen before in modern times as family units are under enormous pressures with violence against women and children rising with a lacking social net for them. And the import of such practiced behavior by mindless immigration is only an another social problem uncaring hoisted upon society.

Human decency in past practiced by the Western world is rapidly changing and not for the better. While it is true that perhaps we need to embrace the chaos that lies ahead it just as certain that we must define individually the world as we want it in the future; because without knowing where we want to end up, we will end somewhere but it may not be where, we want to be.

https://www.pravda.com.ua/eng/news/2023/11/5/7427345/

END

6,VACCINE/COVID ISSUES & GLOBAL ISSUES

GLOBAL ISSUES

Charles Lipson comments on the rot at our universities with respect to virulent antisemitism

(Charles Lipson)

Virulent Antisemitism And The Rot At Our Universities

MONDAY, NOV 06, 2023 – 11:00 PM

Authored by Charles Lipson via RealClearPolitics.com,

It is time for blunt talk.

Jewish students at universities are being harassed and threatened in unprecedented numbers, with disturbing vitriol. That’s more than a danger for those students. It is a profound danger for a liberal, tolerant democracy.

It is time to call it out and oppose it. It’s time to end it.

The attacks and violent demonstrations shine a particularly harsh light on the sorry state of higher education. The public has watched mass demonstrations against Israel on campus after campus. The demonstrators never mention the victims of the Hamas massacres, never condemn the terrorists, and often go beyond their support for innocent Palestinians to cheer Hamas.

University leaders, who postured on every fashionable issue, have responded with bland, spineless statements. It’s no surprise that parents are rethinking which universities their children should attend, and major donors are doubting whether universities are worthy of their support.

For Jewish students, these threats are real. They face harassment, intimidation, and bullying. The situation has been deteriorating for years, but the scale and ferocity of the harassment rose dramatically after Hamas launched its terror attack.

When some brave students have spoken out in Israel’s defense, they have faced the jackboots of campus bullies. Instead of protecting those students, universities have abandoned their fundamental duty to ensure a safe environment and promote open discourse about serious issues. The situation is most toxic at elite universities and schools in major cities, where anti-Israeli students are reinforced by angry local activists.

It is too mild to say, “This is the gravest, most antisemitic environment Jewish students have faced in recent years.” It’s worse than that. This is the most hostile environment Jewish students have ever faced in America.

Never before have Jewish students been subjected to this kind of venom simply for their heritage. True, their admission was limited by quotas until the mid-1960s. True, they were denied membership in fraternities and sororities and routinely excluded from the faculty. But they were never subjected to this kind of raw hatred. As the dean of Berkeley’s law school, Erwin Chemerinsky, a man of the left, put it, “Nothing has prepared me for the antisemitism I see on college campuses now.”

This open hatred puts the lie to three oft-told “justifications” for violence and intimidation on campus.

It is just aimed at Israel, not at Jews.
It is just aimed at creating a Palestinian state, not eliminating the Jewish one.
It is just aimed at Israel’s response to the Hamas attacks.

None of those are true.

First, although the anger is focused on Israeli students and faculty, the evidence is overwhelming that it is directed at all Jews.

There are countless examples. More on them later.

The second lie is that these anti-Israel protests merely seek to establish a Palestinian state so they can live in harmony, or at least cold peace, with Israel.

There are two serious problems with that claim. One is that a Palestinian state with full sovereignty would almost certainly form alliances with Israel’s most lethal enemies, who would supply them with weapons, funds, intelligence, and training and perhaps establish military bases within a few miles of Israeli cities. That ominous prospect puts sharp limits on Israel’s willingness to cede full control to any Palestinian state.

As for a “two-state solution,” that aspiration is true for some, including President Biden, but it is not true for militants or their fellow travelers on campus and beyond. Their actual, stated goal is the slogan repeated at all demonstrations, “Palestine shall be free, from the river to the sea.” A nation stretching from the Jordan River to the Mediterranean would completely eliminate Israel.

That’s hardly a new goal. Arab and Muslim rejectionists have demanded it since the Jewish state was founded in 1948. Hamas proclaims it in its charter. So do all Islamist organizations and many Muslim countries. They refuse to use Israel’s name, calling it “the Zionist entity.” Hamas’ flag makes the same point visually. Its map of Palestine covers all of Israel. Yet students constantly chant this slogan out of malice or ignorance. What they are openly proposing is a “final solution” for the Jewish state.

The third lie is that these protests are entirely concerned with Israel’s response to the Hamas attacks.

Israel’s military response has certainly intensified the protests, which will grow as the fighting escalates. But the protests began before any Israeli response. They began while Hamas was still marauding through villages, killing innocents, raping women, and taking hostages. Although these early protests merely claimed to support Palestine, many also celebrated the terrorists and spewed the vilest hate at Israel and America.

A credulous mainstream media perpetuated all three lies.

Some journalists probably believed them. Others didn’t bother checking because the false “facts” confirmed their worldview and advanced their political goals.

The most obvious, despicable, and consequential of these media lies was that “Israel’s military killed up to 500 innocent people in an attack on a Gaza hospital.” The main problems with that story are that some of it never happened, and the rest was a vast exaggeration.

Why did major media sources say it did?

Because Hamas said so, and they believed it. The headlines did more than repeat the lie. They screamed it. The journalists and their editors failed in their basic duty to check the facts.

From the outset, Hamas knew the story was a wild exaggeration. After all, they spun it up and spread it, cynically, because it aided their cause. Israel’s communication officials should have responded quickly and effectively (they didn’t) since they knew almost immediately that the story was baseless. It was a misfire by local Islamic terrorists, backed by Iran. That conclusion was supported by audio of terrorists talking about the misfire. About 30% of their rockets fail and kill their own people.

Israel responded too slowly to these deliberate lies because their communications specialists were trying to verify the information amid the fog of war. Their due diligence was not replicated by Western media, the Arab-Muslim street, regional political leaders, or pro-Palestinian protesters on college campuses and the streets of Europe and North America. All of them embraced the Hamas lie because it confirmed their prejudices and advanced their cause.

Left-wing groups avoided questioning the lie for one additional reason. They are now tightly aligned with the hate-Israel movement and want to sustain their coalition with militant Muslims. It gives both groups more clout. Its most visible representation is “the Squad” in Congress. It also dominates campus politics. Pro-Israel students encounter this belligerent coalition every day.

The lies about the hospital bombing have the same DNA as the “blood libels” leveled against Jews since the Middle Ages – throwing babies down wells, making Passover matzos out of Christian blood, and on and on. They were tales told by idiots, full of sound and fury. The fury was directed at Jews. It still is. The latest libel ignited massive protests across the Middle East and Europe and led Arab leaders to cancel their scheduled meetings with President Biden. Its resurgence in the West is a terrible sign for our democracy.

Harrowing stories from universities underscore the gravity and pervasiveness of this aggressive anti-Israel movement and its inexorable morphing into antisemitism. We have learned, for example, of Jewish students locking themselves in a library on a Manhattan campus, trying to protect themselves from anti-Israel protesters pounding on the doors.

We have seen countless videos of pro-Palestinian students shouting down peaceful Jewish protests. We’ve read vile social media posts from faculty calling Jews “pigs” and “excrement,” beyond the usual false charges of “apartheid” and “settler colonialism.”

At Cornell, horrific, antisemitic messages were posted on the campus message board. One, cited by the student newspaper, bragged it was “gonna shoot up 104 West,” the address of Cornell’s Center for Jewish Living. It added, “Allahu akbar! From the river to the sea, Palestine will be free! Glory to Hamas! Liberation by any means necessary” (posted October 29, 2023, by “kill jews”). We’ve learned of a Stanford instructor forcing all the Jewish students to sit in a corner, as a “Palestinian exercise.”

We’ve seen the familiar call from Students for Justice in Palestine (SJP) that “Zionism must be dismantled” at all universities. That means expelling all Israeli students and faculty, abolishing study-abroad programs, ending faculty collaboration with Israeli scholars in medicine, science, and high technology, and eliminating all pro-Israel organizations on campus. That will never happen. But it’s the thought that counts.

Some of these disturbing acts are isolated incidents. Many, though, are integral features of broader, antisemitic movements.

Together, they have cumulated and taken a toll on Jewish students. They would have a different meaning if they prompted students of goodwill to unite in their condemnation and support of beleaguered Jewish students. That open support has been all too rare.

What is on full display here is more than antisemitism, more even than the moral degradation of our universities. It is a rising, toxic tide of illiberalism, directed first at Israel, then at all Jews, and ultimately at what is most valuable in Western civilization.

That movement germinated from neo-Marxist college faculty, beginning in the humanities, took hold with their students, spread to K-12 education, and won significant financial support from major foundations and leftist donors. That illiberal tide comes with strong support from militant Muslims. It has inundated Europe and is rising in America.

Now is the time to turn it back. The stakes couldn’t be higher. They are the most profound, hard-won values of Western civilization, from free speech and free markets to democratic governance and religious freedom.

Its enemies say they hate Israel. They do, but many of them hate all Jews. They say they love Palestine. They do, but they often go further: They cheer terrorist movements, harass Jewish students, burn flags of Israel and America, parade with maps promising the extinction of Israel, and chant slogans demanding it.

They do all those things. And they won’t stop there. They never do.

END

GLOBAL VACCINE/COVID ISSUES

Robert h to us:

Pfizer, FDA & Fact Checkers LIED when they said Toxic Graphene Oxide was not inside the COVID-19 Vaccine according to Federal Court Ordered Published Documents – The Expose

Who can believe anything from these folks?

https://expose-news.com/2023/11/03/pfizer-fda-fact-checkers-lied-when-they-said-toxic-graphene-oxide-wasnt-in-the-c19-jab/

end

DR PAUL ALEXANDER

Ivermectin, the drug once labeled “horse de-wormer,” is not only effective against COVID-19 but flu and RSV, too. And it has profound anti-cancer properties.’ (Vigilant News)

6 Secrets of Ivermectin: The Medication That Keeps on Giving by Dr. Turner; And dirty little secrets of the failed and dangerous medication that Merck promoted instead — mutation driver Molnupiravir.

DR. PAUL ALEXANDERNOV 6

READ IN APP

https://vigilantnews.com/post/6-secrets-of-ivermectin-the-medication-that-keeps-on-giving

‘Guest post by Michael Turner, M.D.

end

Our populations, our peoples LOST because of 2 things surrounding COVID: 1) the fraud & lie of COVID pandemic itself (0.05% IFR for persons less than 70 years) with the fraud deadly lockdown lunacy &

COVID vaccines (mRNA etc.) and 2)the ‘anti’- Freedom Fighter movement itself turned out to be itself a fraud with many thieves, grifters, grafters etc. who pimped off people to enrich themselves

DR. PAUL ALEXANDERNOV 7END
Cartels and illegals Cut Holes Through Border Wall, Hundreds of Illegals from Africa and Syria Rush In & the fear is that many are jihadist islamists, military aged males, no proper ID & no addressBiden has INVADED America, an American POTUS did that in front of your face…and you can do nothing about it except vote…question is, can US survive one more year?DR. PAUL ALEXANDERNOV 7 READ IN APP https://www.thegatewaypundit.com/2023/11/apocalyptic-joe-bidens-intentional-destruction-america-cartels-cut/‘We are now witnessing Joe Biden’s intentional destruction of America on a daily basis.

END

EVOL NEWS

UN: WEF’s ‘Digital IDs’ Must Be mandatory for All CitizensREAD MORE…

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LATEST REPORTS FOR NEWS JUNKIES

Top Cardiologist Raises Alarm over ‘Disturbing Trend of Cardiac Arrests’ Among Vaxxed A world-renowned leading cardiologist has raised the alarm about mRNA shots, warning the public that he’s discovered a “disturbing trend of cardiac arrests” among the vaccinated.READ THE FULL REPORT

UN: WEF’s ‘Digital IDs’ Must Be mandatory for All Citizens The United Nations (UN) has announced plans to roll out the World Economic Forum’s (WEF) “digital IDs” worldwide by the year 2030, which will be mandatory for all citizens.READ THE FULL REPORT

Desperate Dems Call in Big Guns as Nancy Pelosi Begs for Votes with Radical Virginia Senator who was Charged in Statue Desecration Riot Former House Speaker Nancy Pelosi (D-CA) who once said of historical monument desecration by violent Democrats rioters “people will do what they do” is begging Virginia Democrats to show up to the polls.READ THE FULL REPORT

WATCH: Just Released Footage Shows Hamas Terrorists Operating Out of 2 Gaza Hospitals Israel unveiled disturbing footage on Sunday, claiming it depicted Hamas terrorists using two hospitals in Gaza City.READ THE FULL REPORT

Failed Georgia Gubernatorial Candidate Stacey Abrams Believes Kamala Harris faces Additional Scrutiny due to her Race and Gender In an interview with Jen Psaki on the show Inside With Jen Psaki, Abrams was asked whether Harris would be receiving the same level of criticism “if she was a White man.”READ THE FULL REPORT

SLAY NEWS

The latest reports from Slay News

Bill Gates Boasts of Owning Multiple Private Jets: ‘My Guilty Pleasure’Microsoft co-founder and leading green agenda advocate Bill Gates openly gloats about owning a fleet of private jets, describing the luxury planes as his “guilty pleasure.”READ MORE

Pilot of Packed Passenger Jet Becomes ‘Incapacitated,’ Plane Makes Emergency Landing The pilot of a packed passenger jet became “incapacitated” during a flight from the UK to Turkey, causing the plane to make an emergency landing in Hungary.READ MORE

Nashville Trans Mass Shooter’s Manifesto Leaked, Shows Killer Was Anti-White The first three pages of transgender school shooter Audrey Hale’s manifesto have just been leaked to the media.READ MORE

Top Democrats Turn on Tlaib for Justifying Calls for ‘Full Erasure of Jewish State’Radical “Squad” Democrat Rep. Rashida Tlaib (D-MI) has come under fire, including from top members of her own party, for promoting a chant that demands the “full erasure of the Jewish state” of Israel.READ MORE

U.S Military Deploys Nuclear Submarine to Middle East The United States military has deployed a nuclear submarine to the Middle East as tensions continue to mount amid the Israel-Hamas conflict.READ MORE

Pro-Hamas ‘Protesters’ Try to Storm U.S Airbase in Turkey While Chanting ‘Allahu Akbar’A violent mob of pro-Hamas “protesters” has attempted to storm a U.S. military airbase in southern Turkey, video shows.READ MORE

New Jan 6 Footage Shows Ray Epps Whispering: ‘We’re Here to Storm the Capitol’Newly emerged footage from Jan 6 has provided fresh evidence that suspected instigator Ray Epps was planted in the crowd as an agitator.READ MORE

Zelensky Invites Trump to Ukraine to ‘Finish the War’Ukrainian President Volodymyr Zelensky has stated that he wants President Donald Trump to travel to Ukraine to “finish the war” with Russia in “about 24 hours.”READ MORE

Comer Vows Subpoenas for ‘Tax Cheats’ Joe & Hunter Biden House Oversight Committee Chairman James Comer (R-KY) has vowed to issue subpoenas for Democrat President Joe Biden and his son Hunter.READ MORE

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

Markets Are Pricing For Utopia Of Low Rates, Rising Stocks, Low Inflation, No Recession And No War

TUESDAY, NOV 07, 2023 – 09:45 AM

By Benjamin Picton, Senior macro strategist at Rabobank

Utopia or Eutopia?

US equities overcame a gloomy lead from Europe to close higher yesterday. That makes for 6 straight trading days of gains after major US indices rose every day of last week. Asian markets posted strong gains too. The Nikkei was up 2.37%, the Hang Seng 1.71% and even the Australian ASX200 managed to squeeze out a gain of 0.27% as it braces for a rate hike from the RBA today.

While equities basked in the afterglow of last week’s soft non-farm payrolls report, 10y treasury bonds unwound almost 8bps of the ~43bps of easing that markets have provided since October 23rd. As our Global Strategist Michael Every observed yesterday, buying bonds in anticipation of the Fed ending its tightening cycle *because* high bond yields have done the tightening for it is a self-defeating strategy. Economists usually claim that markets are rational, but logic has proven no impediment to the market pricing for a Utopia of low rates, rising asset prices, low inflation, no recession and no (major) war.

‘Utopia’ fittingly translates to “no place”, or “the place that cannot be.” Does that suggest that recent falls in yields are a blip, and we will see another run at 5%? The 2s10s spread flattened 2.5 bps yesterday as the market looked ahead to $48 billion of 3-year issuance today. Curve flattening has been the trend since the US Treasury reduced its expected Q4 borrowing from $852 billion to $776 billion (still a record), and concentrated planned issuance in the short end. Perhaps that might revert tomorrow and Thursday when the focus turns to 10-year and 30-year issuance?

The NY Fed’s Crump and Moench (what a name) term premia measure now stands at 19bps vs a 30-year average of 92bps. 14 of those 30 years was the QE era, where central banks were forcibly muscling long yields lower. Not only is that no longer the world we live in, the Fed is now engaged in quantitative tightening to the tune of $60 billion each month. The monetarists among us would tell you that quantitative tightening heralds imminent deflation, leading to rate cuts and bull-steepening of the curve. Huw Pill nodded to this view overnight by suggesting that the BoE could be cutting by the summer of next year.

Huw is an outlier here. Deflation and rate cuts is a niche view among senior central bankers. Most follow our logic that fragmentation means “higher for longer”, implying that any rise in term premia arrives from bear-steepening. Stan Druckenmiller recently observed that “the academics call it term premium. I call it normalization.”

Utopia’s homonym ‘Eutopia’ means “the good place”. The ancient Greeks must have had a sense of humor, because things don’t look too good in the EU at the moment. Final PMI readings for October confirmed yesterday the dire state of industry across the continent. German September factory orders offered a glimmer of optimism by printing at +0.2% m-o-m against the expected -1.5%, but the meager growth only came courtesy of a big downward revision in the previous month’s figures.

Just to emphasize the gloomy outlook, Austria’s Robert Holzmann said that the ECB “must be ready to hike again if needed.” Thus continues the meme whereby central banks attempt to convince us that they’re poised with their finger above the button, even though the market now fully expects that most are finished tightening. They’re talking the talk of higher for longer, but can they walk the walk as their economies slow? Enter the RBA.

Australia’s latest national accounts surprised to the upside, retail sales in September surprised to the upside, Q3 retail sales ex inflation surprised to the upside, Q3 inflation surprised to the upside and the latest labour force report saw the unemployment rate fall to just 3.6%.

Concurrently, the war between Israel and Hamas adds a new supply-side shock, with the attendant risks for inflation expectations. This is especially the case if the situation escalates and draws in other players, as we expect it will. Just yesterday the Pentagon announced that an Ohio class nuclear submarine has been deployed to the Middle East. The Ohio class is not just nuclear propelled, but nuclear armed, and the Pentagon almost never tells us where they are located. This is a message with only one intended recipient, and it isn’t Hamas, Hezbollah or rag-tag Houthi rebels in Yemen.

So, the RBA is ostensibly a ‘data-dependent’ central bank now confronted with loads of data suggesting that they should hike. Despite this, the OIS market today judges the probability of a rate rise at less than 60%. Therein lies a credibility gap where the Eutopian dual mandate of price stability and full employment will prove to be Utopian.

We still expect a 25bps hike from the RBA to 4.35% today, but they’ve had to have their arm twisted to do it (ZH: they did hike 25bps but it was a dovish hike and the AUD tumbled).

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 TUESDAY MORNING 7;30AM//OPENING AND CLOSINGS

EURO VS USA DOLLAR: 1.0683 DOWN 0.0036

USA/ YEN 150.47 UP .477 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2298 DOWN 0.0044

USA/CAN DOLLAR: 1.3745 UP .0048 (CDN DOLLAR DOWN 48 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 1.14 PTS OR 0.04%

Hang Seng CLOSED DOWN 296.43 PTS OR 1.65%

AUSTRALIA CLOSED DOWN 0.22% // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG DOWN 290.43 PTS OR 1,65%

/SHANGHAI CLOSED DOWN 1.14 PTS OR 0.04%

AUSTRALIA BOURSE CLOSED DOWN 0.22%

(Nikkei (Japan) CLOSED DOWN 436.66 PTS OR 1.34%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1961,50

silver:$22.56

USA dollar index early TUESDAY morning: 105.45 UP 40 BASIS POINTS FROM MONDAY’s CLOSE.

TUESDAY MORNING NUMBERS ENDS

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And now your closing TUESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.391% DOWN 1 in basis point(s) yield

JAPANESE BOND YIELD: +0.872% UP 0 AND 1//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.718 DOWN 8 in basis points yield

ITALIAN 10 YR BOND YIELD 4.490 DOWN 9 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.6670 DOWN 6 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.0687 DOWN 0.0031 or 31 basis points

USA/Japan: 150.51 UP .521 OR YEN DOWN .52 basis points/

Great Britain/USA 1.2297 DOWN 0.0045 OR 45 BASIS POINTS //

Canadian dollar DOWN .0067 OR 67 BASIS pts to 1.3766

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The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.2799

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2847)

TURKISH LIRA: 28.450EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.872…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 8 in basis points from MONDAY at 4.591% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.730 DOWN 8 in basis points ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 4.928 DOWN 1 BASIS PTS.

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

London: CLOSED DOWN 6.32 POINTS or 0.09%

German Dax : CLOSED UP 18.09 PTS OR 0.12%

Paris CAC CLOSED DOWN 25.62 PTS OR 0.37%

Spain IBEX DOWN 11.20 PTS OR 0.12%

Italian MIB: CLOSED DOWN 194.93PTS OR 0.48%

WTI Oil price 81.62 12: EST

Brent Oil: 85.78 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 92.26; ROUBLE UP 0 AND 13//100

GERMAN 10 YR BOND YIELD; +2.6610 DOWN 5 BASIS PTS

UK 10 YR YIELD: 4.3300 DOWN 5 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0694 DOWN 0.0024 OR 24 BASIS POINTS

British Pound: 1.2295 DOWN .0050 or 50 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.3220% DOWN 5 BASIS PTS//

JAPAN 10 YR YIELD: .872%

USA dollar vs Japanese Yen: 150.42 UP .428 //YEN DOWN 43 BASIS PTS//

USA dollar vs Canadian dollar: 1.3756 UP 58 CDN dollar DOWN 56 basis pts)

West Texas intermediate oil: 77.31

Brent OIL: 81.54

USA 10 yr bond yield DOWN 9 BASIS pts to 4.575%

USA 30 yr bond yield DOWN 9 BASIS PTS to 4.574%

USA 2 YR BOND: DOWN 3 PTS AT 4.915 %

USA dollar index: 105.39 UP 34 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 28.49 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 92.26 UP 0 AND 13/100 roubles

GOLD 1968.10

SILVER: 22.60

DOW JONES INDUSTRIAL AVERAGE: UP 56.74 PTS OR 0.17%

NASDAQ UP 141.09 PTS OR 0.93%

VOLATILITY INDEX: 14.81 UP .08 PTS (0.54)%

GLD: $182.59 DOWN 0.76 OR 0.41%

SLV/ $20.73 DOWN .35 OR 0.46%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM

“Earthquakes”, “Golden Paths”, & “Everything’s Booming”: FedSpeak Sparks Bond, Bitcoin, & Big-Tech Gains

TUESDAY, NOV 07, 2023 – 04:00 PM

Another quiet macro day was relatively catalyst-free – even with an armada of Fed Speakers – since all pretty much sang from the hymn-sheet – data-dependent, job not done, inflation still too high, rates high(er) for long(er), no cuts on the agenda:

Kashkari (uber hawkish): “I’m not see a lot of evidence that the economy is weakening,” reminding markets that there hasn’t been any discussions about interest-rate cuts at the FOMC.
Goolsbee (hawkish dreamer): The Fed can continue down what he calls the “golden path” to a soft landing. “We’ve got to get inflation down – that’s the No. 1 thing…”
Barr (hawkish, anti-crypto): “It is really critical that we continue to do the work necessary to make sure we get inflation down to 2%.” Fed has “strong interest” in regulating stablecoins, “still weighing the prospect” of CBDC.
Schmid (no comment on monetary policy): “The transition from fossil fuels to renewables is both reliant upon and an influencer of supply chains and capital allocation.”
Waller (hawkish/neutral): Labor supply “clearly calming down”, normalizing to pre-pandemic levels. “Everything was booming” in Q3. 10Y yield ‘tightening’ has been a monetary policy “earthquake.” Prices probably won’t go back to pre-pandemic levels, if rate-hikes “cause instability, Fed has other tools.”
Logan (hawkish): “I have seen some important cooling in the labor market… inflation readings look like they are trending towards 3%, not 2%… ” Critical that Fed “stay true to” 2% inflation target, “must stay focused on curbing inflation in a timely way.”
Bowman (uber hawkish): “I continue to expect that we will need to increase the federal funds rate further to bring inflation down to our 2% target in a timely way.”

At around 1215ET, the FHFA said that FHLBs wil face new rules to curtail loans to struggling banks. Regional banks will be ‘proper fucked’ by this as, for now, this has been a workaround for them to manage the holes in their balance sheets.

The NYFed confirmed that the recent “strength” of the consumer was shown to be based on credit-card spending… and delinquencies are on the rise.

But none of that mattered to big-tech buyers as Nasdaq rallied from the cash open once again. The Dow and S&P managed modest gains while Small Caps ended red…

As UBS notes, US equities are squeezy below the surface in tech with profitless tech up 2.6% (some earnings driven) among the best performers on Tuesday, but not the broad squeeze/unwind seen across sectors last Thursday and Friday. The difference now vs last week is that mega caps are acting defensive and hence there is a much broader tech rally on Tuesday.

Source: Bloomberg

8 straight day higher for Nasdaq and 7 straight for S&P – the longest winning streaks since Nov 2021…

Small Caps are down for the second day, pushing the Russell 2000 to its widest gap to Nasdaq… ever

Source: Bloomberg

Small caps’ underperformance suggests some underlying jitters about an economic downturn, inflation and the impact of continued Fed hikes. These companies have more limited revenue streams than mega caps and are less able to pass through higher costs. They’re also more sensitive to slowing growth and changes in borrowing costs.

Value underperformed Growth once again, testing down to recent lows…

Source: Bloomberg

The Nasdaq Composite topped its 100DMA but the late day selloff tested back down to that level…

For the second day in a row, cyclical stocks failed to sustain a bid (defensives outperformed) as investors continue to envisage an eventual slowing in the economic growth momentum…

Source: Bloomberg

VIX was smashed to a 14 handle as gamma went increasingly positive…

Treasuries were bid across the curve with the long-end outperforming (30Y -7bps, 2Y -2bps)…

Source: Bloomberg

10Y yields ran up to pre-payrolls levels, hit all the stops, and have dropped since…

Source: Bloomberg

The dollar followed the same path – rallying up to pre-payrolls levels and reversing on the stops…

Source: Bloomberg

Bitcoin surged higher around 1215ET, back above $35,500…

Source: Bloomberg

Gold drifted lower again today…

Oil was down hard today (ahead of tonight’s API data), well below the pre-Israel levels…

…and breaking below the 200DMA to its lowest since July…

Source: Bloomberg

Finally, the world’s central banks keep draining the flood of pandemic-era liquidity from financial markets. “Central banks’ balance-sheet reduction will further deplete excess liquidity in the US, UK and Euro Area but the timing, speed and effects will vary,” strategists including Oliver Levingston wrote in a note to clients Tuesday.

Source: Bloomberg

Is the market betting on future balance-sheet expansion? Or do we need to see the convergence of stocks and liquidity before the world’s central banks unleash their balance sheets once more?

EARLY MORNING TRADING/THIS AFTERNOON/

TUCKER CARLSON

Tucker Carlson Interviews ‘The Most Hated Man In America’: “I’m Not Going To Bow Down To The Government”

TUESDAY, NOV 07, 2023 – 01:00 PM

Martin Shkreli, once dubbed “the most hated man in America,” gained notoriety for hiking the price of a life-saving drug, Daraprim, by 5,000%, a move that led to significant public backlash and a sentence of seven years in prison (Shkreli was released in May in 2022, after having served roughly five years of his original sentence).

In a candid conversation with Tucker Carlson, Shkreli suggests a connection between his and former President Trump’s legal troubles, implying a systemic bias against certain individuals:

“It doesn’t make a difference whether you’re guilty or not.”

Reflecting on his trial and the media’s portrayal of legal proceedings, the former ‘pharma bro’ explains his skepticism towards the fairness of the justice system, emphasizing:

“it’s a foregone conclusion.”

Specifically, he believes he was treated unfairly, claiming his rise to infamy was accelerated after he made a “joke” about Hillary Clinton being a “lizard person”, which then led campaign to use him as a symbol of corporate greed.

“Well, you know, I’d take it a few months before that where I was on bail and happy go lucky. I was actually getting into the software business at the time…

I was expecting to go to prison, but I didn’t expect to go for four years and I made a joke on social media about Hillary Clinton,” Shkreli stated.

Things got a little out of hand, Shkreli explains, after he posted on Facebook that he would pay for a strand of Clinton’s hair, which the judge called “a solicitation to assault in exchange for money.”

“And all of a sudden I found myself in front of a judge and they’re throwing me in prison. And yeah, I said something stupid – snide. It was joke – you know as a comedian, not all your jokes land. And I – actually one of the reasons I have a social media following is, I think some people find my stuff funny.

And you know, I tried to poke fun at power and authority and you know all kinds of people who need to be taken down a peg…

…and, you know, this joke fell flat.

It was some silly joke about Hillary Clinton’s DNA, and it got taken the wrong way by actually a New Yorker reporter – kind of flagged it.”

Shkreli explains his stance on drug pricing is grounded in the economics of pharmaceuticals for rare diseases, arguing that high prices are often necessary to sustain a company in such niche markets.

He reiterates, “to this day I never made a dollar from Daraprim,” underscoring his belief that the outrage over his actions was misplaced.

Finally, Shkreli’s highlights his broader stance of personal freedoms versus state intervention, asserting his defiant attitude towards governmental authority:

“I’m not going to bow down to the government.”

Watch the full interview below:

https://www.zerohedge.com/political/tucker-carlson-interviews-most-hated-man-america-im-not-going-bow-down-government

(3:24) Most Hated Man in America
(7:20) Hillary Clinton
(9:57) @wagieeacc Dragged Before Congress
(28:17) The Hillary Joke
(32:33) Life in Prison
(36:09) Sam Bankman-Fried
(44:35) Trump & Prison
(47:38) More Sam Bankman-Fried

II USA DATA

Credit Card Debt Grinds To A Halt As Average APR Hits New Record High

TUESDAY, NOV 07, 2023 – 03:36 PM

After several months of wild swings in US household debt, moments ago the Federal Reserve published the latest data consumer credit data which showed that in September, total debt increased by just $9.1 billion, which while an improvement from last month’s -$15.8 billion, the result of last month’s revision to student loans, was not only a miss to consensus estimates of $9.5 billion, but also a clear slowdown from recent months when the monthly increase was in the $20/$30BN range.

Looking at the composition, both revolving and non-revolving credit were weak.

Starting with the former, in September, credit card debt rose by just $3.1 billion, which with the exception of June’s freak negative revolving credit print, was the lowest monthly increase since the covid crisis.

As for non-revolving credit, or student and auto loans, here too things have gotten bogged down, and after last month’s record ($30BN) contraction driven by student-loan forgiveness, in September just $5.9 billion in total loans were issued, also one of the lowest monthly increases since covid.

Looking at the breakdown in nonrevolving credit we find that while student loans shrank by a record $27.8 billion, to be expected at a time of aggressive vote buying and debt forgiveness by the Biden administration, auto loans actually jumped by $14.2 billion, which while a slowdown from recent quarters was still solid at a time when the rate on the average auto loans is pushing double digits.

Last but not least, the slowdown in debt, and especially credit card debt, is not a surprise since as the Fed also reported today, in September, the average rate on credit cards across US financial institutions just hit a record high of 22.77%.

And with consumers increasingly reluctant to max out their credit cards due to record high rates, at a time when the personal savings rate in the US has collapsed from over 5% to 3.4% – the lowest since 2022 – in just a few months…

… it is now only a matter of time before US GDP prints deep negative now that that pillar supporting 70% of the US economy, consumer purchases, is about to crack.

end

III) USA ECONOMIC STORIES

Finally, We work succumbs as they file for bankruptcy. This will cause further stress in the CRE market

(zerohedge)

WeWork Files For Bankruptcy, Roiling Already-Stressed Office CRE Market

TUESDAY, NOV 07, 2023 – 06:55 AM

Almost exactly two years after going public via SPAC, WeWork, the struggling co-working start-up that once held a valuation as high as $47 billion, filed for Chapter 11 bankruptcy protection in New Jersey federal court Monday, having, as Wolf Richter reports, spent its entire life burning huge amounts of cash raised from investors – a total of $13.8 billion raised in 22 rounds, much of it from SoftBank and SoftBank’s Vision fund.

In a press release, the company said it struck a “Restructuring Support Agreement” with creditors to “drastically” reduce the company’s “existing funded debt and expedite the restructuring process.”

The bankruptcy is limited to only WeWork’s locations in the US and Canada, the company said. It reported liabilities ranging between $10 billion to $50 billion.

“Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” WeWork CEO David Tolley said in a press release.

Tolley continued, “I am deeply grateful for the support of our financial stakeholders as we work together to strengthen our capital structure and expedite this process through the Restructuring Support Agreement.”

In recent months, WeWork provided numerous signals of its imminent demise.

The first was in August, when it stated in a 10-Q filing that “substantial doubt exists about the company’s ability to continue as a going concern.”

As the company hemorrhaged cash and liquidity was running thin, Tolley said in September that the company “would seek to negotiate terms with our landlords” and “part of these negotiations, we expect to exit unfit and underperforming locations and to reinvest in our strongest assets as we continuously improve our product.”

Then, in early October, WeWork skipped interest payments totaling $95 million on five of its bonds, which triggered a 30-day grace period.

As of June, the company was leasing 20 million square feet of office space, more than any other company in the US. This also comes as the office market is in a severe downturn due to remote and hybrid work trends, plus companies are panic exiting imploding progressive metro cities for safer areas.

In 2019, WeWork was valued at $47 billion in a round led by Masayoshi Son’s SoftBank. The company attempted to go public but miserably failed.

Despite the bankruptcy, Financial Times quoted WeWork as saying its office spaces were still “open and operational.”

Adam Neumann, the founder of WeWork, issued a statement on Monday ahead of the bankruptcy that said the impending news was “disappointing.” Remember, Neumann once said he aspired to be the world’s first trillionaire.

WeWork might come out of bankruptcy with a much smaller office footprint across North America. This scenario could spell trouble for the already struggling office space market, potentially unleashing a wave of additional supply.

END

This is real bad: medicaid disenrollment passes 10 million as these people were ineligible.

(zerohedge)

Medicaid Disenrollments Pass 10 Million As States Continue Eligibility Checks

MONDAY, NOV 06, 2023 – 08:20 PM

By Rebecca Pifer of HealthcareDive

Summary

More than 10 million low-income Americans have lost Medicaid coverage as states continue checking eligibility for the safety-net program following the pandemic.
The U.S. passed that marker as of Nov. 1, according to a tracker by health policy nonprofit KFF, which started collecting data on Medicaid enrollment in April when states could begin redeterminations.
To date, 35% of the 28 million people with a completed renewal were disenrolled, while 65% had their coverage renewed. Disenrollments vary widely by state — Texas has the highest disenrollment rate at 65%, while Illinois has the lowest at 10%, KFF found.

Disenrollment rates have been rising steadily since this summer, as more states start rechecking their Medicaid members’ eligibility for the program.

The Biden administration enticed states to put those checks on hold during the COVID-19 public health emergency in exchange for more generous federal funding. That continuous enrollment period caused Medicaid’s rolls to swell to some 94 million people earlier this year, making the program the largest source of insurance coverage in the U.S. during the pandemic.

Millions of people were expected to lose coverage at the end of Medicaid unwinding, though the actual number is currently very much in flux. Patient advocates, Democrat lawmakers and health policy researchers have raised concerns about redeterminations, as high numbers of people have lost coverage for administrative errors, not actual ineligibility. In addition, states’ different strategies are complicating efforts to get a clear national picture of how redeterminations are playing out.

Disenrollment figures are almost certainly an undercount, due to data lags, KFF noted.

But across states with available data, 71% of all people disenrolled lost coverage for procedural reasons like not filling out paperwork by the deadline, or the state being unable to contact them. That’s a small dip from earlier this year, when the KFF found 74% of terminations were procedural.

The Biden administration has taken a number of steps in an effort to curb procedural disenrollments, including offering states more flexibility in how they pursue redeterminations. To date, all states have taken the CMS up on the additional assistance, except Florida.

Regulators have also threatened state agencies with sanctions over an administrative glitch that improperly removed children from Medicaid coverage, and forced states with high levels of procedural terminations to pause redeterminations.

Those actions are resulting in more Medicaid members rejoining the program after being kicked off, according to health insurance executives.

In recent third-quarter earnings calls, Centene, Molina and Elevance — all of which contract with states to manage the care of their Medicaid beneficiaries — said they’re seeing the rate of reconnects accelerate as compared to earlier this year.

In addition, states are revising rates to reflect changing acuity as payer’s membership rolls change, which should insulate insurers from extreme unexpected medical costs.

Despite that, however, redeterminations continue to stress payers’ financial outlooks. Earlier this year, Centene lowered its 2024 earnings guidance due to expectations that Medicaid redeterminations will increase spending and lower premium revenue next year. And Molina in October lowered its member retention expectations after redeterminations are completed, from 50% to 40%.

end

SAN FRANCISCO

The implosion of downtown San Francisco: now even McDonalds is closing shop

(zerohedge)

“Tough Place”: Implosion Of Downtown San Francisco Forces McDonald’s To Close After 30 Years

MONDAY, NOV 06, 2023 – 07:20 PM

The unraveling of San Francisco’s office sector has been stunning so far. The once-thriving urban center is now grappling with a record-high 30% vacancy rate in office buildings, attributed mainly to the shift towards remote and hybrid work in a post-Covid era, as well as a mass exodus of companies who no longer felt their office workers were safe because ‘defund the police’ policies backfired and sparked a citywide violent crime tsunami. Now, the ripple effects of a plunge in office workers, no longer walking the streets and spending money at brick-and-mortar shops, have darkened the city’s recovery.

On Friday, McDonald’s restaurant at 235 Front St. in the Financial District served its last Big Mac after a three-decade run, according to San Francisco Business Times.

Scott Rodrick, the McDonald’s franchise owner, said the “post-pandemic realities of operating the downtown restaurant simply became unbearable for the franchisee and McDonald’s Corp.”

“The economics of running a franchised restaurant in San Francisco continue to be a challenge, particularly in a downtown that is impacted by high office building vacancy rates and visitor trends that have not recovered since the pandemic,” Rodrick wrote in an email to the local media outlet.

Rodrick said San Francisco “continues to be a very tough place to own and operate a restaurant business, irrespective of price point.” He said traffic at the restaurant had dropped off a cliff.

“Office building vacancies, the environmental atmosphere of downtown sidewalks and a tepid return by tourists and conventioneers all drove the decision” to close the restaurant, Rodrick wrote.

This is a troubling development for the commercial real estate industry because the crisis is spreading. And given that retail businesses rely heavily on office workers – this spells disaster for any recovery in the local economy in the short term.

For retail shops to thrive, foot traffic generated by office workers and tourists is needed.

In recent weeks, Marc Benioff, the CEO of Salesforce, San Fran’s largest employer and anchor tenant in the city’s tallest skyscraper, urged radical Democrats in City Hall to reverse course on defunding the police. This call from Benioff, alongside other top business leaders, suggests a growing separation from previously ‘woke’ policies pushed by City Hall. However, these calls to reverse disastrous progressive policies could be too late.

We noted earlier this year that pressure on Democrat Mayor London Breed was increasing as she embarrassingly reversed course on her defunding the police initiatives.

Perhaps in the next local election, law-abiding taxpayers in San Francisco may consider demanding accountability from Democratic leaders for the city’s collapse, which has led to some areas in the metro area being comparable to the hellholes of Detroit and Baltimore City.

end

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON

a must read….

Victor Davis Hanson: The Mindset Of Our Anti-Semites

MONDAY, NOV 06, 2023 – 09:00 PM

Authored by Victor Davis Hanson, op-ed via American Greatness,

Peruse campus literature.

Watch clips from university protests.

Scan interviews with pro-Hamas protestors.

Read the chalk propaganda sketched on campus sidewalks.

Talk to raging students in the free speech area.

And the one common denominator – besides their arrogance – is their abject ignorance.

Take their following tired talking points:

“Refugees”

We are told that the Palestinians after more than 75 years of residence in the West Bank and Gaza are “refugees.” If that definition were currently true, then, are the 900,000 Jews who were forcibly exiled from Muslim countries in the Middle East, North Africa, and Asia after the 1947, 1956, 1967 wars still “refugees?”

Most fled to Israel. Do they now live in “refugee” camps administrated by the UN? Are they protesting to recover their confiscated homes and wealth in Damascus, Cairo, or Baghdad? Do Jews on Western television dangle their keys to lost homes in Damascus a half-century after they were expelled?

How about the 150,000-200,000 Greek Cypriots who in 1974 were brutally driven out of their ancient homes in Northern Cyprus? Are they today living in “refugee” camps in southern Cyprus? Are Cypriot terrorists blowing themselves up in “occupied” Nicosia to recover what was stolen from them by Turkey?

Turkish president Recep Erdogan lectures the world on Palestinian “refugees,” but does he mention Turkey’s role in the brutal expulsion of 40 percent of the residents of Cyprus?

Are there campus groups organizing against Turkey on behalf of the displaced Cypriots? After being slaughtered and expelled, are the Cypriots a cause celebre in academia? Do the “refugee” cities of southern Cyprus resemble Jenin or Jericho?

For that matter, how about the 12 million German civilians who between 1945-50 were expelled, and mostly walked back from, East Prussia and parts of Eastern Europe, some with Prussian roots going back a millennium and more. Perhaps 1 million died during the expulsions.

Are any current survivors still “refugees?” If so, are they organizing for war to get back “occupied” “Danzig” and “Königsberg” for Germany? So why does the world damn Israel and romanticize the Palestinians in a way it does not with any other “refugee” group?

“Apartheid”

Israel is said to practice “apartheid,” although since 2005-06 Gaza has been autonomous. Mahmoud Abbas runs in his fashion the West Bank. Like the Hamas clique, he held elections one time in 2005, and then after his election, of course, cancelled any free election in the fashion of the one election, one time Middle East. Who forced him to do that? Zionists? Americans?

At any time, Gaza could have taken its vast wealth in annual foreign aid and become completely independent in fuel, food, and energy, without need of any such help from the “Zionist entity.”

Gaza could have capitalized on its strategic location, the world’s eagerness to help, and the natural beauty of its Mediterranean beaches. Instead, it squandered its income on a labyrinth of terrorist tunnels and rockets. Today, it snidely snickers at any mention of following the Singapore model of prosperity–a former colonial city whose World War II death count vastly surpassed that of the various wars over Gaza.

Are the Israeli Arabs—21 percent of the Israeli population—living under apartheid?

If so, it is a funny sort of oppression when they vote, hold office, form parties, and enjoy more freedom and prosperity than almost anywhere else in the Middle East under Arab autocracies. Are those in sympathy with Hamas fleeing from Israel into Gaza or the West Bank or other Arab countries to live with kindred Muslims under an autocratic and theocratic dictatorship, or do they prefer to stay in the “Zionist entity” under “apartheid?”

Where then is real apartheid?

The Uyghurs in China, fellow Muslims to Middle Easterners, who are ignored by Israel’s Islamic enemies, but who reside in China’s segregated work camps to the silence of the usually loud UN, EU, and Muslim world?

How about the Muslim Kurds? Are they second- or third-class citizens in Muslim Turkey? And how about the tens of thousands of foreign workers from India, Pakistan, and other Asian countries who labor under the kafala system in the Arab Muslim Gulf countries, and are subject to apartheid protocols that allow them no free will about how they live, travel, or the conditions of their labor?

Are campuses erupting to champion the Uyghurs, the Kurds, or the subjugated workers of the Gulf?

“Disproportionate”

Israel is now damned as “disproportionally” bombing Gaza. The campus subtext is that because Gaza’s 7,000-8,000 rockets launched at Israeli civilians have not killed enough Jews, then Israel should not retaliate for October 7 by bombing Hamas targets–shielded by impressed civilians— because it is too effective.

Would a “proportionate” response be counting up all the Israelis murdered, categorizing the horrific manner of their deaths, and then sending Israeli commandoes into Gaza during a “pause” in the fighting to murder an equal number of Gazans in the same satanic fashion?

Does the U.S. lecture Ukraine not to use to the full extent its lethal U.S. imported weaponry since the result is often simply too deadly? After all, perhaps twice as many Russians have been killed, wounded, or are missing than Ukrainian casualties. Should Ukraine have been more “proportionate?” Has President Biden ordered President Zelensky to offer the Russian aggressors a “pause” in the fighting to end the “cycle of violence?”

Or did U.S.-supplied artillery, anti-armor weapons, drones, and missiles “disproportionally” kill too many Russians? Or does the U.S. assume that since Russia attacked Ukraine at a time of peace, it deserves such a “disproportionate” response that alone will lose it the war?

For that matter, the U.S. certainly disproportionately paid back Japan for Pearl Harbor, and the Japanese brutal take-over of the Pacific, much of Asia, and China—and the barbarous way the Japanese military slaughtered millions of civilians, executed prisoners, and mass raped women. Should the U.S. have simply done a one-off retaliatory attack on the imperial fleet at Yokohama, declared a “cease-fire,” and thus ended the “cycle of violence?”

Civilian casualties

Campus activists scream that Israel has slaughtered “civilians” and is careless about “collateral damage.” They equate retaliating against mass murderers who use civilians to shield them from injury, while warning any Gazans in the region of the targeted response to leave, as the moral equivalent of deliberately butchering civilians in a surprise attack.

So did protestors mass in the second term of Barrack Obama when he focused on Predator drone missions inside Somalia, Pakistan, and Yemen to go after Islamic terrorists who deliberately target civilians?

At the time, the hard-left New York Times found the ensuing “collateral damage” in civilian deaths merely “troubling.” No matter—Obama persisted, insisting as he put it, “Let’s kill the people who are trying to kill us.” Note Obama did not expressly say the terrorists in Pakistan or Yemen were killing Americans, but “trying” to kill Americans. For him, that was, quite properly, enough reason “to kill” the potential assassins of Americans.

What would the Harvard President today say of Benjamin Netanyahu saying just that about Hamas?

We have no idea how many women, children, and elderly were in the general vicinity of a targeted terrorist in Pakistan or Yemen when an American drone missile struck. Then CIA Director John Brennan later admitted that he had lied under oath (with zero repercussions), when he testified to Congress that there was no collateral damage in drone targeted assassinations.

Obama was proud of his preemptive assassination program. Indeed, in lighthearted fashion he joked at the White House Correspondence Dinner about his preference for lethal drone missions, when he “warned” celebrities not to date his daughters: “But boys, don’t get any ideas. I have two words for you, ‘predator drones.’ You will never see it coming. You think I’m joking.”

Did the campuses erupt and scream “Not in my name” when their president laughed about his assassination program? After all, Obama had also admitted, “There is no doubt that civilians were killed who shouldn’t have been.” Did he then stop the targeted killings due to collateral damage—as critics now demand a cease fire from Israel?

“Genocide”

Genocide is now the most popular charge in the general damnation of Israel, a false smear aimed at calling off the Israeli response to Hamas, burrowed beneath civilians in Gaza City.

But how strange a charge! Pro-Hamas demonstrators the world over chant “From the River to the Sea,” unambiguously calling for the utter destruction of Israel and its 9 million population. Are the Hamas supporters then “genocidal?”

Is genocide the aim of Hamas that launched over 7,000 rockets into Israeli cities without warning? What is the purpose of the purportedly 120,000 rockets in the hands of Hezbollah if not to target Israeli noncombatants? Is all that a genocidal impulse?

Do Hamas and Hezbollah drop leaflets to civilians, as does Israel, to flee the area of a planned missile attack—or is that against their respective charters?

Hamas leaders in Qatar and Beirut continue to give interviews bragging about their October 7 surprise mass murdering of civilians. They even promise more such missions that likewise will be aimed at beheading, torturing, executing, incinerating, and desecrating the bodies of hundreds of Jewish civilians, perhaps again in the early morning during a holiday and a time of peace.

Is that planned continuation of mass killing genocidal? Does the amoral UN recall any other mass murdering spree when the killers beheaded infants, cooked them in ovens, and raped the dead?

Perhaps students at Harvard, Yale, Cornell, and Stanford will protest the real genocide in Darfur where some half-million black African Sudanese have been slaughtered by mostly Muslim Arab Sudanese. Did the Cornell professor who claimed he was “exhilarated” on news of beheaded Jewish babies protest the slaughter of the Sudanese? Did the current campus protestors ever assemble to scream about the Islamists who slaughtered the indigenous Africans of Sudan?

Are professors at Stanford organizing to refuse all grants and donations that originate from communist China? Remember, the Chinese communist Party has never apologized for the party’s genocidal murder of some 60-80 millions of its own during the Maoist Cultural Revolution, much less its systematic efforts to eliminate the Uyghur Muslim population?

These examples could easily be expanded. But they suffice to remind us that the Middle-East and Western leftist attacks on Israel for responding to the October 7 mass murdering are neither based on any consistent moral logic nor similarly extended to other nations who really do practice apartheid, genocide, and kill without much worry about collateral damage.

So why does the world apply a special standard to Israel?

To the leftist and Islamist, Israel is guilty of being:

1) Jewish;

2) Too prosperous, secure, and free;

3) Sufficiently Western to meet the boilerplate smears of colonialist, imperialist, and blah, blah, blah.

end

USA// COVID//VACCINE/

end

SWAMP STORIES

Jack Smith Could Be On Shaky Ground In Trump Charge: Analysts

MONDAY, NOV 06, 2023 – 06:20 PM

Authored by Jack Phillips via The Epoch Times,

Two analysts have noted that special counsel Jack Smith might be on shaky legal ground in his federal election-related case against former President Donald Trump.

Neama Rahmani, a former federal prosecutor, said that the Trump charge of corruptly obstructing an official proceeding hasn’t been “extensively litigated” over the past several decades, adding that a ruling could come on whether it is appropriate in the former president’s case.

Multiple defendants who were charged in connection to the Jan. 6, 2021, Capitol breach have “argued that Congress certifying the electoral votes was not an ‘official proceeding’ and courts have universally rejected that argument,” she told Newsweek last week.

“This bigger question is, what satisfies the ‘corruptly’ requirement? Is it any criminal conduct, such as trespassing in the Capitol building or submitting fake electors? Or does the corrupt conduct have to relate to the other subsections of 1512, which prohibit destroying or concealing evidence?” she asked.

She continued: “If the corruption requires consciousness of guilt, then Trump can argue that he genuinely believed the election was stolen. Either way, this issue will likely end up before the United States Supreme Court because it is a novel issue that affects hundreds of criminal defendants, including the former president.”

Lawfare’s Roger Parloff wrote in a recent article that the Department of Justice (DOJ) recently won two “fragile” victories in two cases involving Jan. 6 defendants, and Mr. Smith has “relied on [a] statute” that was used by other prosecutors to charge at least 317 individuals in the Jan. 6 case.

“Smith has relied on that statute and its conspiracy equivalent, 18 U.S.C. § 1512(k), for two of the four counts in his indictment against former President Donald Trump for allegedly conspiring to overthrow the 2020 election,” Mr. Parloff wrote. “Those counts, whose legal sufficiency Trump challenged in a motion to dismiss this week, are the most serious leveled against Trump in that case, carrying a maximum 20-year term of imprisonment.”

Three appellants in a Jan. 6 case are now petitioning the U.S. Supreme Court to review a recent appeals court ruling that favored the DOJ, he noted, but he said that the D.C. appeals court judges “can’t agree about its holdings, and its holdings determine the viability of a 20-year felony that an ex-president and major presidential candidate now stands charged with violating.”

“Moreover, at the appeals court level, judges’ acceptance of the Justice Department’s interpretations of that law have been 100 percent correlated with the political party of the judge’s appointer,” he wrote.

“If that trend continues, and if either case climbs one more rung up the appellate ladder, the department (and Mr. Smith) faces bleak prospects indeed.”

The comments come as constitutional law professor Jonathan Turley warned that the gag order targeting President Donald Trump is “unconstitutional” and said that an appeals court ruling to rescind the order last week was a “quite significant” development.

Several weeks ago, District of Columbia Judge Tanya Chutkan placed a gag order on the former president in the Jan. 6-related case, saying President Trump cannot speak about potential witnesses, court staff, or prosecutors. An appeals court in the district froze Judge Chutkan’s order late last week, with oral arguments being set for Nov. 20.

“They could have left it to continue, to continue while they reviewed it, but they decided perhaps in an abundance of caution to order this stoppage until they can give it a full review,” Mr. Turley, a professor for George Washington University, said on Fox News on Nov. 3. “The reason I think this could be quite significant is because I think the order is unconstitutional.”

He added that it is “very odd” to issue the order because the same court “insisted on having this trial before the election, sort of shoehorned it in before Super Tuesday,” referring to the key GOP presidential nominating date.

“And everyone in this election is going to be talking about these cases,” the law professor said, “except one person under this gag order and that is Donald Trump.”

With the order, the former president “can’t criticize the prosecutors, he can’t criticize witnesses, and special counsel Jack Smith just asked for this order to be expanded in an equally unconstitutional way, and that has drawn the criticism even of the ACLU, which is a staunch critic of Donald Trump, but the ACLU has said look, this is flagrantly unconstitutional,” Mr. Turley said, referring to the American Civil Liberties Union.

On Nov. 3, the D.C. Circuit Court of Appeals wrote they were pausing Judge Chutkan’s order to provide them more time to consider the former president’s request while his appeal continues. The three judges on the appeals court panel were all appointed by Democratic presidents, while Judge Chutkan was appointed by former President Barack Obama.

Judge Chutkan had ruled against President Trump’s attorneys and argued that the gag order was not illegal because the former president is a criminal defendant. The gag order was issued at the request of special counsel Jack Smith’s team of prosecutors, who claimed that the former president’s criticism of witnesses, the judge, prosecutors, and Washington itself threatened the integrity of their case.

The Trump legal team had argued that the order denied him the right to free speech, especially while he is the leading GOP candidate for president.

END

WASHINGTON DC/

Police Arrest Man With ‘AR-15’ Near US Capitol Complex

TUESDAY, NOV 07, 2023 – 02:44 PM

Footage shared on the ‘free speech’ social media platform X shows Capitol Police detaining a man carrying a “long gun” in the park alongside Delaware Avenue NE, across from Union Station.

Here’s the suspect.

Another view (via Roll Call)…

And another.

“USCP Officers just arrested a man with a gun in the park across from Union Station. At this time we have no reason to believe there is an ongoing threat. We are working to gather more information and will put out more details when they are confirmed,” US Capital Police wrote on X around 1300 ET.

Capital Police said, “We just searched the area in the park that we secured. Out of an abundance of caution, we going to search the suspect’s belongings. Again, the suspect is in custody. Investigation ongoing.”

In an update around 1400 ET, Capitol Police wrote on X, “Still investigating. Keep you all posted when the scene is clear. Again, the suspect is in custody. Thanks for your patience as we work to confirm all the information.”

Capitol Police told multiple media outlets, including Fox News and NBC News, that the suspect had “an AR-15.”

Despite Washington, DC’s ban on assault weapons, which effectively makes possessing these firearms in the district illegal, the man was still found with a semi-automatic rifle in the center of the nation’s capital.

END

THE KING REPORT

The King Report November 7 2023 Issue 7113

Independent View of the News

Bonds sank over a point on Monday. This was an easy call after manic short-covering and buying in the previous three sessions, with a massive Treasury Auction tomorrow.

ESZs traded higher during early Nikkei trading on the usual Sunday night buying; however, they peaked at the Sunday night opening. ESZs sank from 4383.75 to 4374.00 at 19:34 ET. After trading modestly negative until 21:00 ET, ESZ commenced a prodding rally that hit a peak of 4386.85 at 6:50 ET. ESZs then sank to 4378.50 ET at 8:25 ET. It was time to buy ESZs for the NYSE pump & dump.

ESZs hit a daily high of 4389.50 at the NYSE opening. The dump pushed ESZs down to 4375.00 at 10:13 ET. Buying for the expected 2^nd Hour Reversal boosted ESZs to 4386.75 at 10:42 ET. ESZs and stocks then commenced a tumble that took ESZs to a daily low of 4364.25 at 13:18 ET.

After a rebound to 3272.75 at 13:36 ET, ESZs fell to a double bottom (4364.50) near the daily low by the 14:15 ET VIX Fix. Because the low was not breached, ESZs rebounded to 4380.50 at 15:15 ET. ESZs retreated to 4374.50 at 15:42 ET. The late manipulation took ESZs to 4385.25 at the NYSE close.

BNSF Railway’s third quarter earnings decline nearly 15% amid volume slump
Industrial products traffic ekes out a small volume gain, but all other business segments were down
    Overall volume declined 4.8% in the quarter, while average revenue per carload and intermodal unit fell 7.1% due to a combination of lower rates and lower fuel surcharge revenue. Consumer products volume — which includes intermodal and automotive traffic — was down 6.6%…
https://www.trains.com/trn/news-reviews/news-wire/bnsf-railways-third-quarter-earnings-decline-nearly-15-amid-volume-slump/

Newsom Signs $25 Minimum Wage Law for All Hospital Workers, Finds Out Afterwards It Will Cost California $4 Billion
https://www.americanthinker.com/blog/2023/11/newsom_signs_25_minimum_wage_law_for_all_hospital_workers_finds_out_afterward_it_will_cost_california_4_billion.html

Positive aspects of previous session
Precious metals declined sharply
An afternoon ESZ rally/manipulation saved stocks
Nasdaq rallied for the 7^th straight session, the longest winning streak since January

Negative aspects of previous session
Bonds sank over 1 point in listless pre-Treasury Auction trading
ESZs and stocks declined sharply after early buying for the Monday Rally
The odds of an inflationary recession during an election year are increasing.

Ambiguous aspects of previous session
What will bonds do AFTER the Treasury Auction on Wednesday?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4361.91
Previous session S&P 500 Index High/Low: 4372.21; 4347.53

Bloomberg: USS Florida, an attack submarine, enters the Persian Gulf region as the Pentagon seeks to deter attacks by Iran’s allies – The Florida can carry… 154 Tomahawk missiles or as many as 66 Navy SEAL commandos, who can clandestinely leave the vessel through forward bow compartments…

@ABC: Democratic support for Pres. Biden is wavering when it comes to his backing of Israel amid its conflict with Hamas, with several members of his own party, including former Pres. Obama, saying more must be done to avoid killing Palestinian civilians.

Once again, Team Obama-Biden is broadcasting that they have asked Netanyahu to institute a ceasefire for humanitarian reasons. Bibi has repeatedly and adamantly said ‘no’ to a ceasefire. Team Obama-Biden is trying to placate the leftist wing of the Democratic Party and their buddies in Iran.

@PhilipWegmann: In Biden’s mind, the David Axelrod and Bill Kristol warnings not to run in 2024 likely fall into the same category as conversations he had with Obama.

Top strategists say Biden doesn’t have the numbers to win: ‘No path forward’ https://trib.al/D51acnz

Dem Sen. Fetterman hits Newsom for not having ‘guts’ to admit he’s running shadow campaign against Biden  https://www.foxnews.com/politics/fetterman-hits-newsom-not-having-guts-admit-hes-running-shadow-campaign-against-biden

House Republicans are ramping up their investigation of President Biden and his family, with plans to subpoena Hunter and James Biden as soon as this week. – NBC

Today – Bonds should be under pressure again with tomorrow’s massive Treasury Refunding looming. Equity types will keep buying dips and playing for rallies, especially with a host of Fed officials scheduled to speak. The Street expects these academics to infer that the Fed is done hiking rates.

We noted in Monday’s missive that the late decline on Friday strongly suggested that the rabid shorting covering and eager momentum buying might have peaked. Monday’s lethargic action supports that supposition. Also, ESZs fell to4381.25 by 16:05 ET. This is probably traders that manipulated ESZs higher to embellish ‘the marks’ on their stocks liquidating ESZs after the NYSE close.

Expected economic data: Sept Trade Balance -$60.0B; Sept Consumer Credit $9.0B; Fed VCEO for Supervision Barr 9:15 ET, KC Fed Pres Schmid 9:50 ET, Fed Gov. Waller 10:00 ET, NY Fed Pres Williams 12:00 ET, Dallas Fed Pres Logan 13:25 ET

ESZs are -7.25 and USZs are +13/32 at 20:40 ET because Minneapolis Fed President Kashkari said he is NOT convinced rate hikes are over and it is too soon to declare victory on inflation. Kashkari wants to see more economic data. Mr. Bond favors rate hikes.

S&P 500 Index 50-day MA: 4347; 100-day MA: 4403; 150-day MA: 4325; 200-day MA: 4250
DJIA 50-day MA: 33,874; 100-day MA: 34,269; 150-day MA: 34,032; 200-day MA: 33,808
(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 4245.46 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 4328.60 triggers a sell signal

Pinocchio Joe! Biden tells false Amtrak story for 12th time as president at Delaware rail event
President Biden on Monday repeated a false personal story about an Amtrak conductor who purportedly proclaimed, “Joey, baby!” while extolling Biden’s rail ridership mileage — despite the tale repeatedly being debunked by fact-checkers…  https://trib.al/1pNJBgq

@RNCResearch: Biden — for the second time in less than an hour — repeats the widely debunked story about an Amtrak conductor congratulating him for traveling more than a million miles on Amtrak as vice president. Except the conductor retired in 1993, making the story impossible.
https://twitter.com/RNCResearch/status/1721594191933796482

Nashville shooter wanted to ‘kill all you little crackers’ for white privilege: leaked manifesto
“Kill those kids!!! Those crackers going to private fancy schools,” Hale wrote in one page of a notebook, pictures of which were published by conservative commentator Steven Crowder on Monday…  On a page dated Feb. 3, 2023, Hale wrote: “Wanna kill all you little crackers!!! Bunch of little f*gg*ts w/ your white privlages [sic].”… Hale, 28-year-old biological female, signed the entries in the notebook under the name “Aiden.”… https://justthenews.com/nation/crime/nashville-shooter-wanted-kill-all-you-little-crackers-white-privilege-leaked-manifesto

Nashville Mayor’s Office, MSM Flips Out After Trans Shooter Manifesto Leaks; Authenticity Confirmed  https://www.zerohedge.com/political/first-three-pages-transgender-school-shooters-manifesto-leaked

@AuronMacintyre: The FBI has declared MAGA supporters the most serious domestic terror threat to the nation while actively concealing the motivations of a child murderer who went on a shooting spree after repeating radical leftist hate slogans

Climate activists batter 400-year-old painting worth $90M (How does this enlist people to a cause?)
Just Stop Oil activists took “safety hammers” to the famous Rokeby Venus painting in London’s National Gallery while calling for the UK to end new oil and gas leases.  https://www.foxnews.com/video/6340611091112

Trump fraud trial live updates: Ex-president attacks NY AG Letitia James as ‘hack’, accuses court of ‘fraud’ in yelling rant from the witness stand https://trib.al/31FLItT

Donald Trump attorney Alina Habba tears into ‘unhinged’ Judge Engoron for going ‘red’ in the face, slamming the table and telling her to sit down https://trib.al/FbPKyQz

@DeSantisWarRoom: “With Donald Trump if you don’t kiss the ring, you could be the best governor ever and he’ll trash you. You could be a terrible, corrupt politician, but if you kiss his ring, then all of a sudden he’ll praise you.”— @RonDeSantis on Trump’s attacks on Gov. @KimReynoldsIA

NYC public defender Victoria Ruiz to keep job after taking down Israeli hostage posters (Good thing for her that she didn’t criticize Covid vaccines or masks!) https://trib.al/tJtugOv

Pro-Palestinian protestor suspected of killing (65-years old reportedly) Jewish man in LA
Los Angeles police confirms Jewish man dies as a result of a brain injury he suffered after a verbal altercation he had with a pro-Palestinian protestor… https://www.ynetnews.com/article/bkszpgpqa

GREG HUNTER