GOLD PRICE CLOSED: DOWN $14.95 TO $1952.10
SILVER PRICE CLOSED: UP 13 CENTS AT $22.66
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1949.80
Silver ACCESS CLOSE: 22.54
NOV 7
Shanghai Gold Benchmark Price
Shanghai Gold Benchmark Price
USD oz
AM2021.73
PM2020.79
SHANGHAI GOLD PREMIUM OVER NY: 54 DOLLARS
Bitcoin morning price:, 35,342 DOWN 254 DOLLARS
Bitcoin: afternoon price: $35,678 UP 82. 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: $2,689.55 DOWN $18.94 CDN dollars per oz( * NEW ALL TIME HIGH 2,782.61//OCT 272023)
*BRITISH GOLD: 1586,98 DOWN 14.87 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1655.17) OCT 2/2023
*EURO GOLD: 1820.64 DOWN 20.56 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: 1,966.800000000 USD
INTENT DATE: 11/07/2023 DELIVERY DATE: 11/09/2023
FIRM ORG FIRM NAME ISSUED STOPPED
363 H WELLS FARGO SEC 6
657 C MORGAN STANLEY 1
661 C JP MORGAN 2 9
737 C ADVANTAGE 16 2
TOTAL: 18 18
MONTH TO DATE: 1,577
JPMorgan stopped 9/18 contracts.
FOR NOV.:
GOLD: NUMBER OF NOTICES FILED FOR NOV/2023. CONTRACT: 18 NOTICES FOR 1800 OZ or 0.0559 TONNES
total notices so far: 1577 contracts for 157,700 oz (4.9051 tonnes)
FOR NOV:
SILVER NOTICES:21 NOTICE(S) FILED FOR 105,000 OZ/
total number of notices filed so far this month : 337 for 1,685,000 oz
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END
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES
GLD
WITH GOLD DOWN $14.95//
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / HUGE CHANGES IN GOLD INVENTORY AT THE GLD: THE GLD/ A DEPOSIT OF 4.04 TONNES OF GOLD INTO THE GLD
INVENTORY RESTS AT 867.28 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP 13 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 ROSE BY A GIGANTIC SIZED 1574 CONTRACTS TO 131,073 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUMONGOUS SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.59 LOSS IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAD CONSIDERABLE SPEC SHORT COVERING EPISODE IN TUESDAY’S COMEX TRADING.. TAS ISSUANCE WAS AN UNBELIEVABLE HUMONGOUS SIZED 9634 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT: 9634 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 $0.59). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A HUMONGOUS SIZED GAIN OF 2074 OI CONTRACTS ON OUR TWO EXCHANGES AS THE SPEC SHORTS TRIED AGAIN DESPERATELY TO COVER THEIR SHORTFALLS WITH SOME SUCCESS.
WE MUST HAVE HAD:
A GOOD SIZED 460 ISSUANCE OF EXCHANGE FOR PHYSICALS( 460 CONTRACTS FOR 2.3 MILLION OZ) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.430 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 150,000 OZ QUEUE JUMP +
//NEW STANDING IS THUS 2.190 MILLION OZ
//HUMONGOUS SIZED COMEX OI GAIN/ FAIR SIZED EFP ISSUANCE/VI) MEGA MEGA HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 9634 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – REMOVED 227 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 6 days, total 1477 contracts: OR 7.385 MILLION OZ (123 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 7.385 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. 7,385 MILLION OZ (GOING TO BE QUITE SMALL THIS MONTH)
RESULT: WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1574 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.59 IN SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A FAIR 460 EFP ISSUANCE CONTRACTS: 460 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 150,000 OZ QUEUE JUMP
NEW STANDING 2,190,000 OZ/// /// WE HAVE A HUMONGOUS SIZED GAIN OF 2261 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 9634 CONTRACTS//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION. THE NEW TAS ISSUANCE TUESDAY NIGHT A HUGE (9634) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .
WE HAD 21 NOTICE(S) FILED TODAY FOR 105,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 3136 CONTRACTS TO 484,347 AND FURTHER FROM 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 2137 CONTRACTS
WE HAD A FAIR SIZED DECREASE IN COMEX OI ( 3136 CONTRACTS) WITH OUR $9.90 LOSS IN PRICE//TUESDAY. 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 4800 OZ QUEUE JUMP + TODAY’S 0 CONTRACT ISSUANCE OF EXCHANGE FOR RISK FOR 0 TONNES//TOTAL EXCHANGE FOR RISK PRIOR ISSUED: 3.1905 TONNES // TOTAL GOLD STANDING FOR NOV: 8.1609 TONNES // ALL OF..THIS HAPPENED WITH OUR $9.90 LOSS IN PRICE WITH RESPECT TO TUESDAY’S TRADING.WE HAD A SMALL SIZED LOSS OF 492 OI CONTRACTS (1.530 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2644 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 484,347
IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 492 CONTRACTS WITH 3136 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 2644 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 492 CONTRACTS OR 1.530TONNES. WE HAD 0 EXCHANGE FOR RISK 0 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): AN UNBELIEVABLE AND CRIMINAL 28,688 CONTRACTS)
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2644 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (3136) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 492 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 4800 OZ QUEUE JUMP: NEW STANDING 4.9704 TONNES + 3.1905 TONNES EXCHANGE FOR RISK PRIOR
//THUS NEW TOTAL FOR GOLD STANDING: 8.1609 TONNES // /// 3) ZERO LONG LIQUIDATION AND HUGE TAS LIQUIDATION AND WE HAD SOME SPEC SHORT COVERINGS DURING THE COMEX SESSION //4) FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: MEGA– HUGE T.A.S. ISSUANCE: 28,688 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: 21,187 CONTRACTS OR 2,118,700 OZ OR 65.90 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 3531 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 65.90 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 65.90/3550 x 100% TONNES 1.85% 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. 65.90 TONNES//
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF SEPT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (SEPT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE SIZED 1574 CONTRACTS OI TO 131,073 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 460 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 460 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 460 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 HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2034 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 10.170 MILLION OZ
OCCURRED DESPITE OUR $0.59 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//
WEDNESDAY MORNING//TUESDAY NIGHT
SHANGHAI CLOSED DOWN 4.90 PTS OR 0.16% //Hang Seng CLOSED DOWN 101.70 PTS OR 0.58% /The Nikkei CLOSED DOWN 105.34 PTS OR 0.33% //Australia’s all ordinaries CLOSED UP 0.30 % /Chinese yuan (ONSHORE) closed UP AT 7.2812 /OFFSHORE CHINESE YUAN CLOSED UP TO 7.2864 /Oil DOWN TO 76.35 dollars per barrel for WTI and BRENT UP AT 80.39/ Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 3136 CONTRACTS TO 484,347 WITH OUR LOSS IN PRICE OF $9.90 ON TUESDAY 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 2644 EFP CONTRACTS WERE ISSUED: : DEC 2644 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2644 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 492 CONTRACTS IN THAT 2644 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 3136 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $9.90//TUESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT WAS A TOTALLY UNBELIEVABLE AND RECORD SETTING 28,688 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 (8.1609 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: 4.8704 TONNES + 3.1905 (EX. FOR RISK) = 8.1609 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 SMALL SIZED LOSS OF 492 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A SOME T.A.S. LIQUIDATION ON THE FRONT END OF TUESDAY’S TRADING. THE T.A.S. ISSUED ON TUESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. IT DID HAVE SOME SPECULATOR SHORT COVERING WITH THE MASSIVE PRICE INCREASE.
WE HAVE LOST A TOTAL OI OF 1.530 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR NOV. (4.3514 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 4800 OZ QUEUE JUMP //NEW TOTALS STANDING:4.9704 TONNES +3.1905 EXCHANGE FOR RISK/PRIOR; NEW TOTAL STANDING: 8.1609 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 –2137 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST
NET LOSS ON THE TWO EXCHANGES 492 CONTRACTS OR 49,200 OZ OR 1.530 TONNES.
Estimated gold volume today:// 205,382 fair
final gold volumes/yesterday 292,341 fair
//speculators have left the gold arena
NOV 8
/ /// 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 |
| No of oz served (contracts) today | 18 notice(s) 1800 OZ 0.0559 TONNES |
| No of oz to be served (notices) | 21 contracts 2100 oz 0.0653 TONNES |
| Total monthly oz gold served (contracts) so far this month | 1577 notices 157,700 oz 4.9051 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; 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOV.
For the front month of NOVEMBER we have an oi of 39 contracts having LOST 107 contracts. We had 155 contracts filed on TUESDAY, so we gained 48 contracts or an additional 4800 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 26,374 contracts DOWN to 332,893 contracts.
JAN. gained 351 contracts RISING TO 839 contracts.
We had 18 contracts filed for today representing 1800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 2 notices were issued from their client or customer account. The total of all issuance by all participants equate to 18 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 9 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 (1577x 100 oz ), to which we add the difference between the open interest for the front month of NOV. (39 CONTRACTS) minus the number of notices served upon today 18 x 100 oz per contract equals 159,900 OZ OR 4.9704 TONNES + 0 TONNES EX FOR RISK TODAY/3,1905 TONNES EX. FOR RISK/PRIOR//THUS TOTAL STANDING: 8.1609 TONNES
thus the INITIAL standings for gold for the NOV. contract month: No of notices filed so far (1577) x 100 oz + (39) {OI for the front month} minus the number of notices served upon today (18) x 100 oz) which equals 159,900 oz standing OR 4.9704 TONNES + 3.1905 EX FOR RISK FOR MONTH = 8.1609 TONNES
TOTAL COMEX GOLD STANDING: 8.1609 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 8
//2023// THE NOV 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 102,269.280 oz Brinks Delaware . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | 11,565,030 oz Delaware |
| No of oz served today (contracts) | 21 CONTRACT(S) (105,000 OZ) |
| No of oz to be served (notices) | 101 contracts (505,000 oz) |
| Total monthly oz silver served (contracts) | 337 Contracts (1,685,000 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 Delaware: 11,56.,030 oz
total customer deposit 11,565.030 oz
JPMorgan has a total silver weight: 134.441 million oz/267.431 million or 50.25%
Comex withdrawals 2
i) Out of Brinks 102,133.640 oz
ii) Out of Delaware 4135.646 oz
total: 106,269.280 oz
adjustments: 0
TOTAL REGISTERED SILVER: 38.327 MILLION OZ//.TOTAL REG + ELIGIBLE. 267.431 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:
silver open interest data:
FRONT MONTH OF NOV /2023 OI: 122 CONTRACTS HAVING GAINED 30 CONTRACT(S). WE HAD 0 NOTICES FILED ON TUESDAY, SO WE GAINED 30 CONTRACTS OR AN ADDITIONAL 150,000 OZ WILL STAND FOR SILVER IN NOVEMBER
DEC. LOST 3829 CONTRACTS TO STAND AT 86,828
JANUARY LOST 7 CONTRACTS TO STAND AT 663
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 21 for 105,000 oz
Comex volumes// est. volume today 73,853// good
Comex volume: confirmed yesterday 95,990 very good
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 337 x 5,000 oz = 1,685,000 oz
to which we add the difference between the open interest for the front month of NOV. (122) and the number of notices served upon today 21 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the NOV/2023 contract month: 337 (notices served so far) x 5000 oz + OI for the front month of NOV (122) – number of notices served upon today (21 )x 500 oz of silver standing for the NOV contract month equates to 2.190 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
END
GLD AND SLV INVENTORY LEVELS//
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
NOV 8/WITH GOLD DOWN $14.95 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A MASSIVE DEPOSIT OF 4.04 TONNES OF GOLD INTO THE GLD/ / // // INVENTORY RESTS AT 867.28 TONNES
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: 867.28 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
NOV 8/WITH SILVER UP 13 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: //// //INVENTORY RESTS AT 440.631 MILLION OZ
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
Central Bank Gold Buying Continued Unabated In September
WEDNESDAY, NOV 08, 2023 – 06:30 AM
Central banks continued to gobble up gold…
Reported central bank gold reserves expanded by a net 77 tons in September with nine countries buying a ton or more.
With September’s purchases, central banks added a net 337 tons of gold in Q3. It was the second-highest third-quarter total on record behind 2022.
China continued to be the biggest gold purchaser, adding another 26 tons of gold to its hoard in September. It was the 11th straight month of increasing Chinese gold reserves.
Since the beginning of the year, the People’s Bank of China has increased its reserves by 181 tons, and it has added 232 tons since it resumed official purchases in November 2022. As of the end of September, China officially held 2,192 tons of gold, making up 4% of its total reserves.
And the country likely has more gold than that.
There has always been speculation that China holds far more gold than it officially reveals. As Jim Rickards pointed out on Mises Daily back in 2015, many people speculate that China keeps several thousand tons of gold “off the books” in a separate entity called the State Administration for Foreign Exchange (SAFE).
Last year, there were large unreported increases in central bank gold holdings. Central banks that often fail to report purchases include China and Russia. Many analysts believe China is the mystery buyer stockpiling gold to minimize exposure to the dollar.
Poland was another big gold buyer in September, adding 19 tons to its reserves.
Year-to-date, the National Bank of Poland has bought 105 tons of gold, in line with a plan to add 100 tons to its reserves Bank of Poland President Adam Glapiński announced in 2021.
Glapiński recently indicated the buying will likely continue.
This makes Poland a more credible country, we have a better standing in all ratings, we are a very serious partner and we will continue to buy gold. The dream is to reach 20 percent.”
When he announced the plan to expand its gold reserves, Glapiński said holding gold was a matter of financial security and stability.
Gold will retain its value even when someone cuts off the power to the global financial system, destroying traditional assets based on electronic accounting records. Of course, we do not assume that this will happen. But as the saying goes – forewarned is always insured. And the central bank is required to be prepared for even the most unfavorable circumstances. That is why we see a special place for gold in our foreign exchange management process.”
Turkey added 8 tons of gold to its holdings in September and appears to be back on the path toward expanding its reserves.
The Turkish central bank sold 160 tons of gold last spring but returned to buying in the third quarter. According to the World Gold Council, the big gold sale earlier this year was a specific response to local market dynamics and didn’t likely reflect a change in the Turkish central bank’s long-term gold strategy. It sold gold into the local market to satisfy demand after the government imposed import quotas in an attempt to improve its current account balance. The country is running a significant trade deficit.
Although the Turkish government reinstated gold import quotas in early August, so far we haven’t seen a repeat of sales into the local market to meet elevated demand.
India purchased 7 tons of gold in September. It purchased small amounts of gold over the previous four months, but this was the biggest buy by the Reserve Bank of India since July 2022.
Since resuming buying in late 2017, the Reserve Bank of India has purchased over 200 tons of gold. In August 2020, there were reports that the RBI was considering significantly raising its gold reserves.
The other buyers in September include:
- Uzbekistan – 9 tons
- Czech Republic – 2 tons
- Qatar – 2 tons
- Singapore – 1 ton
- Kyrgyz Republic 3 tons
The only notable sale was by Kazakhstan. Its central bank decreased reserves by 1 ton.
It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to switch between buying and selling.
The World Gold Council said it’s “all but certain that central banks are on course for another colossal year of buying,” after a record-setting 2022.
The strength of buying has, to some degree, exceeded our expectations. While we were confident that central banks would remain net purchasers in 2022, we thought it unlikely that it would match last year’s record buying volume. Should buying continue to be strong in Q4, the full-year total could get closer than we anticipated. Nevertheless, the historically high level of buying in Q4 2022 may be difficult to top.”
Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971. It was the 13th straight year of net central bank gold purchases.
According to the 2023 Central Bank Gold Reserve Survey recently released by the World Gold Council, 24% of central banks plan to add more gold to their reserves in the next 12 months. Seventy-one percent of central banks surveyed believe the overall level of global reserves will increase in the next 12 months. That was a 10-point increase over last year.
END
Peter Schiff: The Fed Won’t Achieve Either Of Its Mandates
WEDNESDAY, NOV 08, 2023 – 10:35 AM
The Federal Reserve operates under a dual mandate from Congress – to achieve maximum employment and stable prices. In a recent podcast, Peter Schiff explained why the Fed won’t achieve either.
The FOMC held its November meeting last week. As expected, the Fed left interest rates unchanged. Peter said you can almost always count on the central bank to do what is expected.
The Fed never wants to confound expectations. They never want to surprise the markets. So, if the markets expect no rate hike, well, they deliver no rate hike, and that’s what happened.”
During his prepared remarks, Federal Reserve Chairman Jerome Powell acknowledged the “economic hardship” caused by price inflation. But Peter said he doesn’t seem to grasp the full picture.
Since inflation is caused by the government, and caused by the Federal Reserve, it’s the government and the Fed that are creating that hardship. It’s not like it’s just happening out of left field.”
It’s an intentional policy. The government has decided that it will pay for its borrowing and spending through an inflation tax.
Now, had they used another form of taxation, had the Biden administration, and the Trump administration for that matter, had they raised taxes enough to pay for all of these government programs, that would have created hardship too. Families would be struggling under the burden of crushing taxation. So because the government decided to tax them through inflation as opposed to through the income tax or the payroll tax, the hardship that is being created is because of government. It’s not just something that’s happening by happenstance.”
Powell also reiterated that the goal is “price stability.” Nobody ever bothers to ask, “Why?” What’s so good about price stability?
What about lower prices? Because price stability, the way a normal person would define it, is prices stay the same. Well, I’m a consumer. I’d rather have prices go down than prices remain the same. So, what if prices went down 1% a year, or 2% a year? Why is that so bad? Why does the Fed have to replace that with stability?”
Peter said we don’t really need “price stability.”
It’s really a BS goal.”
And we don’t even actually have a goal of price stability. The goal is for prices to go up 2%.
There’s nothing stable about that other than the rate of increase.”
After the Fed meeting, Powell admitted the central bank isn’t anywhere near that goal and that this is a long process.
He’s underestimating. Waiting for inflation to go to 2% is going to be like waiting for Godot. It’s never going to happen.”
During the Q&A, Powell emphasized that we have a “very strong” economy. Just two days later, we got a very weak jobs report. (Peter talked about this earlier in the podcast.)
How is the economy so strong if the labor market is that weak? … I don’t know what Powell is looking at. I think he’s just reading a script that the Biden administration handed him because he’s just reiterating their talking points to talk up the economy so Biden can get credit for it.”
The question is how will Powell respond when the labor market continues to deteriorate? That would imply the Fed should stop hiking. But as Peter pointed out, one of the reasons the labor market is weakening is because price inflation is strengthening. How can he focus on a weakening labor market and ignore strengthening inflation?
Meanwhile, Powell continued to insist that we need to see a slowdown in economic growth and some “dampening” in the labor market in order to “fully restore price stability.” In other words, he wants to see more people lose their jobs. That’s because he thinks people are spending because they are doing well, that spending is creating more jobs, and also pushing wages higher. Peter said people are spending more because prices are going up.
They’re spending because the money supply has gone up. They’ve got more money to spend, and they’re spending because they’re still able to access credit. They’re taking that borrowed money and spending it. This is not how you grow an economy. This is how you destroy an economy. This is not a virtuous dynamic that he is describing. It is a vicious one that is going to end in ruin. Because you don’t grow an economy by people spending money.”
You grow an economy by not spending money and saving. That provides seed corn for capital investment. That increases productivity creating more output.
You produce your way to prosperity. You save your way, and then invest and produce your way into prosperity. We’re not doing that. We’re trying to put the cart before the horse.”
Peter reiterated that we don’t have a strong economy. We have an inflationary economy.
It’s inflation that is driving everything. Powell just doesn’t realize that. He’s looking at the ‘strong’ economy, and he’s thinking everything is good. He’s looking at inflation. He just doesn’t understand that.”
Peter said he doesn’t think there are any more rabbits the central bankers can pull out of their hats or any road left where they can kick the can. The economy is about to implode and inflation is alive and well. That means the Fed can chuck both its mandates right out the window.
https://www.zerohedge.com/markets/peter-schiff-fed-wont-achieve-either-its-mandates
.
end
2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO
Rickards: Why’s The Dollar So Darn Strong?
BY TYLER DURDEN
WEDNESDAY, NOV 08, 2023 – 01:45 PM
Authored by James Rickards via DailyReckoning.com,
The dollar has been extremely strong over the past two years. This persistent dollar strength has been a mystery to many. After all, the dollar’s problems are well known.
The ratio of government debt to GDP for the United States is at a record high approaching 130% (a prudent level is considered 30%, and anything over 90% is a headwind to any economic growth at all).
The U.S. is running multitrillion-dollar deficits year after year. The Congress and White House seem in the grip of Modern Monetary Theory, which claims that the U.S. can run unlimited deficits and accumulate unlimited debt without economic harm because it can print money in unlimited quantities to finance the debt and spending.
Meanwhile, projected annualized interest payments on the U.S. national debt exceeded $1 trillion at the end of October, according to Bloomberg. The cost of debt service has doubled in the past 19 months as interest rates have risen.
This fiscal profligacy comes against a backdrop of social unrest and political dysfunction. We’re facing a presidential election next year in which one candidate, Biden, is senile and the other candidate, Trump, may be behind bars on Election Day.
Take your pick. But the dollar keeps on chugging along. How can the dollar be so strong against such a dismal landscape?
There are two answers to this question.
Answer No. 1
The first is that the dollar has its problems, but other currencies are in even worse shape. For example, the Chinese yuan is on the brink of collapse being held aloft by non-sustainable intervention by Chinese banks.
The Japanese yen is joined at the hip with the yuan because of the extent of Japanese investment in China financed by Japanese banks. With the yuan going down, the yen will go down in sync.
So that’s two major currencies with problems.
Meanwhile, Europe and the U.K. have deindustrialized under the sway of the greeniacs pushing the Green New Scam policies. Now Europe faces a winter of freezing in the dark if cold weather is extreme and Russia decides to turn off the energy taps.
Germany, the largest economy in the eurozone, is heading for recession if it isn’t already in one, and the same is true for the U.K. That’s two more major currencies facing troubles.
So yes, the dollar has its problems, but as an investor do you really prefer sterling, euros, yen or yuan?
Answer No. 2
The second reason for the dollar’s strength is much more technical and not well understood, but it’s critical to grasp. You don’t need to nail down the technical details; it’s enough that you understand the bigger picture.
It involves the so-called Eurodollar.
Eurodollars are dollar-denominated deposits held at foreign offices of major banks, and therefore fall outside the jurisdiction of the Fed and U.S. banking regulations.
The Fed actually has very little influence over the global dollar market and the exchange value of the dollar. The old currency metrics of balance of trade and moves in capital accounts are leftovers from the world of fixed exchange rates, which have been gone for decades.
What drives the dollar is the Eurodollar market, as conducted by the world’s largest banks in London, New York and Tokyo. It’s here where global liquidity and interest rates are actually determined.
The Eurodollar market needs a constant supply of depositors parking their money in offshore offices of major banks.
Right now, this market is in contraction.
Derivatives are being unwound, balance sheets are being trimmed and interbank overnight lending is being financed with collateral.
And these banks are demanding the best collateral. They won’t accept corporate debt, mortgages or even intermediate-term U.S. Treasuries. The only acceptable collateral consists of short-term U.S. Treasury bills, the shorter the better. This means 1-month, 3-month and 6-month bills.
Those are denominated in dollars, of course. In order to get the bills to post as collateral, banks have to buy dollars to buy the bills. This has created enormous demand for dollars. And that partly accounts for the strength of the dollar.
Again, it’s not important that you understand the intricacies of the eurodollar system, just that high dollar demand in the Eurodollar market is contributing to dollar strength.
The fundamental dollar shortage problem is not going away soon, and will continue to support the dollar.
What About a New BRICS Currency?
What about the prospect of a BRICS currency union and the move toward a new currency? I wrote a lot about that ahead of the BRICS Leadership Summit that took place back in August.
This new currency would be gold-linked and would displace the dollar in time as a major player in world trade.
Shouldn’t that be weakening the dollar?
After all, the prospect of a BRICS currency should pose a severe threat to the petrodollar, which is a pillar of dollar strength.
But this movement is still in its infancy and, unsurprisingly, is experiencing growing pains.
It’s not yet as unified as it needs to be if it’s going to seriously threaten the dollar. And one of those BRICS nations — India — seems to be playing both sides.
It was recently reported that India’s government is expected to reject demands from Russian oil companies to pay for Russia’s crude oil imports in Chinese yuan.
Russia currently has a surplus of rupees and is having trouble spending them. At the same time, demand for yuan has grown as Russia trades more with China.
Meanwhile, India mostly uses the dirham and U.S. dollar to pay for Russian oil imports. Basically, India is currently in a balancing act. They consider Russia an important economic ally while they consider China a geopolitical rival.
India fears popularizing the yuan will hurt its own efforts to internationalize the rupee. In fact, India was the only BRICS nation to oppose the introduction of a common currency, fearing it would benefit the yuan.
India’s refusal to give in to Russia’s demands leaves a significant role for the dollar, which is another reason to believe the dollar will retain its strength for the foreseeable future.
The Golden Ruler
Now, don’t get me wrong. I’m not saying the dollar is strong. It isn’t, for all the reasons I listed above. It’s just stronger than its competitors, and that’s why it appears strong.
Is there some way to tell if the dollar is actually getting stronger or weaker without making reference to other currencies?
Yes. The answer is gold. Think of gold as a ruler that measures dollar strength or weakness.
Gold has gained close to 10% over the past month or so. I expect gold to become much stronger, despite some temporary setbacks along the way.
Investors should consider today’s prices a gift and perhaps a last chance to acquire gold at these prices before the real safe haven race begins.
Below $2,000, gold is so cheap right now, it’s practically a steal. I strongly urge you to take advantage.
end
PAMAND RUSS MARTENS:
Report: During Spring Banking Crisis, Banks Borrowed Over $1 Trillion from Federal Home Loan Banks — $100 Billion More than During the Crash of 2008
Federal Home Loan Bank Advances Since 1964
By Pam Martens and Russ Martens: November 8, 2023 ~
Yesterday, the regulator of the Federal Home Loan Bank system, the Federal Housing Finance Agency (FHFA), released a report on its recommended changes going forward. The report was in response to the questionable conduct of the Federal Home Loan Banks in the leadup to the banking crisis this past spring.
The core mission of the 11 regional Federal Home Loan Banks is to “provide liquidity to their members to support housing finance and community development through all economic cycles.” In short, the Federal Home Loan Banks are supposed to make it possible for banks to provide home mortgages to low-income folks. The banks that failed this spring were engaged in crypto (Silvergate and Signature Bank), providing loans to the super wealthy (First Republic Bank), and in the case of Silicon Valley Bank, it was more of a Wall Street IPO pipeline. (See our report: Silicon Valley Bank Was a Wall Street IPO Pipeline in Drag as a Federally-Insured Bank; FHLB of San Francisco Was Quietly Bailing It Out.)
As the chart above, from the report, indicates, one of the shockers is that commercial banks were in such desperate need for cash this past spring that they borrowed more from the Federal Home Loan Banks than they did during the financial crash of 2008 – which was the worst financial crisis since the Great Depression. This suggests that perhaps the severity of this spring’s bank run has been downplayed by federal regulators.
Another troubling revelation in the report is that JPMorgan Chase, the largest bank by both assets and deposits in the U.S., has not repaid the money that First Republic Bank had borrowed from the Federal Home Loan Bank of San Francisco. JPMorgan Chase (with much controversy because it is already the riskiest bank in the U.S.) was allowed by regulators to acquire First Republic Bank when it failed on May 1. The FHFA report notes the following:
“On May 1, 2023, the California Department of Financial Protection and Innovation closed First Republic Bank, which was acquired by JPMorgan Chase. Of the FHLBank advances to First Republic Bank at the time of its acquisition, $26.4 billion remained outstanding as of September 29, 2023.”
JPMorgan Chase’s 10-Q report for the quarter ending September 30 that it filed with the Securities and Exchange Commission indicated that it had $37.88 billion in outstanding advances from Federal Home Loan Banks as of the end of the third quarter. It reported that $26.2 billion of that was related to its acquisition of First Republic Bank. That would mean that the largest bank in the United States – which has the ability to borrow from the Federal Reserve’s Discount Window or the Fed’s $500 billion Standing Repo Facility – elected instead to tap almost $12 billion from a government mortgage program for low income families and not repay another $26 billion owed in relation to its acquisition of First Republic Bank.
JPMorgan Chase is an unreformed, serial recidivist bank that has admitted to five criminal felony counts brought by the U.S. Department of Justice since 2014. Just this year it has agreed to settle charges in two federal lawsuits for $365 million that credibly alleged the bank had actively participated in the late Jeffrey Epstein’s sex trafficking of minors. Throughout its crime spree, the chummy Board of Directors at the bank has voted to keep the same man at the helm of the bank, Jamie Dimon, Chairman and CEO.
JPMorgan Chase’s questionable use of advances from the Federal Home Loan Banks dates back to at least 2013. On September 18, 2013 we reported that the largest borrower from Federal Home Loan Banks was JPMorgan Chase, which had $61.840 billion in advances outstanding as of June 30, 2013.
We also reported that as of June 30, 2013, JPMorgan Chase wasn’t just borrowing from one Federal Home Loan Bank, it was borrowing from three separate ones. We found that it had grabbed 65.8 percent of all advances made at the time by the Federal Home Loan Bank of Cincinnati, which services Kentucky, Ohio and Tennessee.
In addition to being the largest borrower from the Federal Home Loan Banks as of the second quarter of 2013, JPMorgan was also being sued for fraud by the Federal Home Loan Bank of Pittsburgh. According to a 2013 financial filing, on September 23, 2009, the Federal Home Loan Bank of Pittsburgh had filed two complaints in state court for the recovery of the Bank’s losses relating to nine private label mortgage-backed securities (MBS) purchased from J.P. Morgan Securities, Inc. in an aggregate principal amount of approximately $1.68 billion. According to the filing, some claims had been dismissed but there remained claims against JPMorgan “for fraud, negligent misrepresentation and state and federal securities law claims….”
JPMorgan Chase ended up paying the staggering sum of $13 billion to settle charges with the Justice Department and other regulators for selling toxic mortgage products. Instead of promoting a financially stable housing market, Jamie Dimon’s bank was a major participant in causing the worst housing price collapse since the Great Depression.
Another finding from the FHFA report is that the Presidents and CEOs of the Federal Home Loan Banks – which are Government Sponsored Enterprises (GSEs) with a public mission – are being grossly overpaid. The FHFA said it plans “to recommend that Congress amend the Safety and Soundness Act to eliminate the restrictions on the Agency’s authority to prescribe levels or ranges for the compensation of executive officers of the FHLBanks.”
Three of the banks that failed this past spring, Silvergate Bank, Silicon Valley Bank, and First Republic Bank were members of the Federal Home Loan Bank of San Francisco and were taking tens of billions of dollars in advances from that Federal Home Loan Bank at the time of their collapse. According to a chart in the FHFA report, Silvergate Bank, the crypto-related house of cards, had borrowed more than $40 billion from the Federal Home Loan Bank of San Francisco at the time of its collapse; Silicon Valley Bank had borrowed more than $60 billion; and First Republic Bank had borrowed more than $30 billion.
Last year, the President and CEO of the Federal Home Loan Bank of San Francisco, Teresa Bazemore, was paid total compensation of $2.4 million according to its 10-K filing with the SEC. That was $583,557 more than she earned in 2021 – a compensation increase of 32 percent in one year.
The President of the United States makes a salary of $400,000.
END
3. CHRIS POWELL//GATA GOLD COMMENTARIES:
Chins in a hurry to buy physical gold. I wonder why?
(Jan/Koos Jansen/GATA)
Jan Nieuwenhuijs: Chinese central bank is in a hurry to buy gold covertly
Submitted by admin on Tue, 2023-11-07 16:06Section: Daily Dispatches
By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Tuesday, November 7, 2023
The People’s Bank of China is in a hurry to buy enormous amounts of gold, indicating that it’s preparing for substantial changes in the dollar-centric international monetary system.
Based on information from industry sources and my personal calculations, total gold purchases by the Chinese central bank (reported and unreported) in the third quarter this year accounted for 179 tonnes
Year-to-date the PBoC bought 593 tonnes, which is 80% more than what it bought in the first three quarters last year. Its total estimated gold holdings are 5,220 tonnes, more than twice what is officially disclosed at 2,192 tonnes.
The movement toward gold by central banks is showing no sign of slowing down. Mainly the Chinese central bank is on a voracious buying spree since 2022, and it’s obtaining way more metal than what is officially reported.
The PBoC buys gold off the radar, so as not to send shockwaves through the market, allowing it to exchange its dollars for more bullion in anticipation of shifts in the international monetary order. …
… For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/pboc-in-hurry-to-buy-gold-covertly
END
China and Russia are buying all the gold that they can get
(Bloomberg/GATA)
China extends run of gold buying that has helped support prices
Submitted by admin on Tue, 2023-11-07 15:38Section: Daily Dispatches
Who thinks that China’s official gold position is reported with any more candor than that of the United States?
* * *
From Bloomberg News
Tuesday, November 7, 2023
China topped up its gold holdings for a 12th straight month in October, adding to a wave of purchases by global central banks that’s lent support to bullion prices.
Stockpiles of gold reported by the People’s Bank of China rose by about 740,000 troy ounces in October, according to official data released Tuesday. That’s equivalent to about 23 tons, and takes total holdings to 2,215 tons. …
… For the remainder of the report:
END
4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/
end
5 a. IMPORTANT COMMENTARIES ON COMMODITIES: ORANGE JUICE
END
END
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
end
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.2812
OFFSHORE YUAN: UP TO 7.2864
SHANGHAI CLOSED DOWN 4.90 PTS OR 0.16%
HANG SENG CLOSED DOWN 101.70 PTS OR 0.58%
2. Nikkei closed DOWN 105.34 PTS OR 0.33%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 105.60 EURO FALLS TO 1.0672 DOWN 22 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.842 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.85/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: UP// OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.6490***/Italian 10 Yr bond yield DOWN to 4.536*** /SPAIN 10 YR BOND YIELD DOWN TO 3.717…**
3i Greek 10 year bond yield FALLS TO 3.903
3j Gold at $1962.85 silver at: 22.44 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 12 /100 roubles/dollar; ROUBLE AT 92.13//
3m oil into the 77 dollar handle for WTI and 80 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 150.85// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.842% 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 0.9000 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9600 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: 4.584 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.772 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.945 UP 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 28.51…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: DOWN 4 BASIS PTS AT 4.3150
end
2.a Overnight: Newsquawk and Zero hedge:
Futures Flat Ahead Of Closely Watched Powell Speech
WEDNESDAY, NOV 08, 2023 – 08:10 AM
US equity futures are flat following a torrid 7-day rally, the longest since 2021, and global markets faltered as central bank officials in Europe pushed back against the prospect of speedy interest rate cuts, while investors were looking ahead to comments from Fed Chair Jerome Powell later in the day which could move markets. As of 7:45am US equity futures were unchanged at 4,397, erasing losses earlier in the session, while Europe’s Stoxx 600 traded near flat and yields on 10-year Treasuries climbed one basis point to 4.58%. The decline in oil prices also gained momentum, sending West Texas Intermediate crude futures below $77, near a three-month low. The dollar firmed for the third straight day.
In premarket trading, electric vehicle maker Rivian Automotive climbed 8.8% after raising its full-year production forecast, while smaller rival Lucid Group fell 5.8% after trimming its production forecast. Take-Two Interactive Software rose 9.1% on a report stating its Rockstar Games unit plans to announce the next “Grand Theft Auto” game as early as this week; ebay shares dropped after a lower-than-expected earnings forecast and another online retailer Coupang slid on weak quarterly profits. Here are the other notable premarket movers:
- Array shares fall 11% as the maker of renewable energy equipment cut its revenue guidance for the full year. Analysts note that order delays overshadowed otherwise strong Ebitda and margin.
- Datadog falls 1.1% as Mizuho Securities cut the recommendation on the cloud software company’s stock to neutral from buy. The broker said additional upside looks modest, following the company’s blowout report that propelled its stock up 28% on Tuesday.
- EBay shares fall 7.3% after the online auction company gave a fourth-quarter forecast that was lower than expected. Analysts attributed the weak guide to macro pressures.
- Lucid shares fall 4.9% after the electric-vehicle startup lowered its full-year production forecast to 8,000 to 8,500 vehicles, down from previous view of above 10,000 units. Third-quarter deliveries missed estimates as well.
- Nerdy shares tumble 25% after the online learning company widened its forecast for adjusted Ebitda loss for the full year and cut its projection for revenue.
- Rivian shares rise 7.0% after the electric-vehicle startup boosted its production guidance for the full year and also ended an exclusivity agreement to sell battery-electric vans to Amazon.com.
- Robinhood shares drop 7.9% after the online brokerage’s results fell short of estimates, with analysts pointing to slower-than-expected trading volumes in September, while Piper Sandler said that fourth-quarter guidance for net interest revenue was disappointing.
- Sleep Number shares plummet 33%, set to hit the lowest level since March 2011, after the air bed mattress manufacturer cut its outlook for the full year. It now sees a loss per share and plans to close stores in a restructuring effort. Analysts said that the moves show weakness in industry demand.
- Take-Two shares rise 8.5% after Bloomberg News reported that Rockstar Games, a division of the video game publisher, plans to announce the next highly anticipated Grand Theft Auto game as early as this week.
- Toast shares fall 19% after the restaurant-software company reported its third-quarter results and gave an outlook seen as disappointing.
- Upstart shares fall 23% after the AI lending marketplace firm reported third-quarter results that missed expectations and gave an outlook that was below the consensus estimate.
- Upwork shares jump 20% as the online-recruitment company boosted its revenue guidance for the full year. Analysts were positive about the execution amid continued macro headwinds.
- Under Armour added 1.9% on raising the annual gross margin forecast as the sports apparel maker benefited from cost cuts.
All eyes will be on Powell’s opening remarks before the Federal Reserve Division of Research and Statistics Centennial Conference at 9:15 a.m. ET for more clues on how long U.S. monetary policy could stay restrictive. The Fed Chair is also due to speak at another conference on Thursday; his is widely expected to follow other policymakers in downplaying the likelihood of policy easing.
“Stocks may well pause for breath as investors balance the hope for rate cuts with building financial stresses in the economy,” Derren Nathan, head of equity research at Hargreaves Lansdown, wrote in a note. “And it wouldn’t be the first time … that the market has been wrong about the timing of the Fed pivot.”
Traders have been trying to gauge how hard global central bankers will push back against the drop in government bond yields, which potentially hinders efforts to keep a handle on inflation. Bank of England Governor Andrew Bailey warned Wednesday it is too early to discuss rate cuts, while three euro zone rate-setters also hinted policy would stay tight. Fed Governor Lisa Cook meanwhile said geopolitical tensions could trigger negative spillovers, including higher inflation.
“Fed speakers will attempt to jawbone and cool market expectations for rate cuts,” said Todd Schubert, Dubai-based senior fixed-income strategist at Bank of Singapore. “The market is underestimating the Fed’s resolve in bringing down inflation to 2% and we would not expect a sustained rally in risk assets until there is clearer evidence of a pronounced downward trajectory in inflation.”
Analysts have mixed views about the outlook for equities towards the end of the year, with some cautiously optimistic about the prospects of a rally, while others have highlighted the likelihood of economic growth concerns and tepid earnings forecasts keeping sentiment subdued.
European stocks also traded lower; the Stoxx 600 fell 0.1% with utilities, personal care and chemical names leading declines. Among individual stock movers on Wednesday, Britain’s Marks & Spencer was among the top gainers in Europe, surging 10% after the retailer posted robust profits and reinstated a dividend. ABN Amro fell as much as 8.9% to reach the lowest level since 2022, after the Dutch bank’s third quarter net interest income missed estimates, which analysts said was likely to disappoint despite an overall profit beat. Here are some other notable European movers:
- Vestas shares rise as much as 9.8%, most in a year as Ebit beat estimates. Analysts see 3Q results as an encouraging step in the right direction for the Danish wind turbine manufacturer
- Deutsche Post rises as much as 5.1% after the German courier services firm’s results were in line with expectations and show stock is well-positioned, according to Deutsche Bank
- Genmab shares climb as much as 8.9%, the most in three years, after the Danish biotechnology firm reported 3Q results that beat expectations
- Marks & Spencer rises as much as 10% following a strong first-half beat by the retailer, with analysts expecting significant upgrades to full-year consensus estimates
- Siemens Healthineers shares advance as much as 2.9% after the German medical technology firm reported sales and earnings for the fourth quarter that beat expectations
- Sampo advances as much as 3.5%, the most since August, after the Finnish insurance group reported better-than-expected third-quarter figures and a reassuring fall to claims inflation, analysts say
- Ahold Delhaize shares fall as much as 8.6%, dropping to the lowest level since October 2022, after the Amsterdam-listed grocer’s third-quarter margins and earnings missed estimates
- Legrand falls as much as 7.6%, the most in a year, after the maker of electrical devices like switches and plug sockets reports quarterly sales in North America that disappoint analysts
- E.On shares fall as much as 2.1% as investors are disappointed by the lack of a guidance upgrade. While the German utility reaffirmed its adjusted Ebitda forecast for the full year
- Adidas declines as much as 2%, after the company reported 3Q results in line with the pre-released figures from October. Despite the lack of surprises in the print, analysts highlighted the importance of Terrace-style sneakers to the company’s performance during the period
- ITV slumps as much as 7.2%, to the lowest intraday price since October 2022, after flagging a challenging advertising market. JPMorgan cut its full-year Ebit estimate for the broadcaster by 7%
Asian stocks fell ahead of a crucial speech by Fed Chairman Jerome Powell this week that could indicate how long US interest rates will remain elevated. The MSCI Asia Pacific Index fell as much as 0.4%, with financials the biggest drag. Key gauges in Japan and Singapore were among the biggest decliners. Korean stocks extended Tuesday’s decline further paring the big gain after a full ban on short-selling was reimposed. Asian stocks are trying to regain a foothold this month after the MSCI regional benchmark slid nearly 12% in the previous three months. Investors will parse a speech from Powell on Thursday after several of the central bank’s other policymakers on Tuesday signaled that tightening since July could hurt the economy.
- Hang Seng and Shanghai Comp moved between modest gains and losses with little action seen despite a slew of comments from the PBoC governor, while markets braced for next week’s Biden-Xi meeting in San Francisco, although no major breakthrough is expected.
- Australia’s ASX 200 saw the tech sector leading the gains following a similar yield-driven sectoral performance on Wall Street.
- Japan’s Nikkei 225 was initially supported by the Electronics sector with Nintendo shares rising over 6% post-earnings, whilst the Oil sector limited gains and the index eventually fell into losses as BoJ governor Ueda said the Bank doesn’t necessarily need to wait until real wages actually turn positive in exiting YCC and negative rates, and if the BoJ thinks there is a strong chance real wages will turn positive in the future, that may be sufficient in making a decision on whether to continue with YCC and negative rate.
In FX, the greenback rose for a third day, with the Bloomberg Dollar Spot Index up 0.2% and back around levels seen before last Friday’s jobs report. The pound sits at the bottom of the G-10 table, falling 0.4% versus the dollar, despite BOE Governor Bailey arguing that it is too early to talk about rate cuts.
In rates, treasuries are mixed with the yield curve flatter for third straight day; the 10Y yield rose by 1 basis point to 4.58% and the 5s30s spread touched 14.4bp, lowest since Oct. 25. US yields are cheaper by 1bp-2bp on the day across front-end and belly of the curve with long-end yields little changed to lower on the day, flattening 2s10s by 1bp, 5s30s by more than 3bp. Sharper curve-flattening in bunds was spurred by IMF economic projections and comments by ECB’s Martins Kazaks. US curve-flattening complicates 10-year note auction at 1pm New York time. Likewise, Fed Chair Powell is slated to speak at 9:15am. The Treasury auction cycle resumes with $40BN 10-year note sale at 1pm, following good reception for 3-year note Tuesday; WI 10-year yield around 4.57% is ~4bp richer than October result, which had 1.8bp tail. Dollar IG issuance slate includes five names; eight borrowers priced $7.1b on Tuesday, taking weekly volume to $31b
In commodities, crude futures decline, with WTI falling 0.7% to trade near $76.80, the lowest since July as a forecast drop in US gasoline consumption added to a growing array of indicators suggesting the demand outlook is worsening. China, the world’s biggest importer, is also seeing dimming oil demand as winter approaches. Spot gold falls 0.5%.
Looking to the day ahead now, there is an array of central bank speakers, including Fed Chair Powell, Vice Chair Jefferson, Vice Chair for Supervision Barr, along with the Fed’s Cook and Williams. We’ll also hear from BoE Governor Bailey, and the ECB’s Lane, Kazaks, Wunsch, Makhlouf, Nagel, De Cos and Vujcic. Data releases include Euro Area retail sales for September, and we’ll also get the ECB’s Consumer Expectations Survey for September. Earnings releases include Walt Disney. And lastly, there’s a 10yr Treasury auction taking place.
Market Snapshot
- S&P 500 futures down 0.1% to 4,391.50
- MXAP down 0.6% to 156.62
- MXAPJ down 0.3% to 492.12
- Nikkei down 0.3% to 32,166.48
- Topix down 1.2% to 2,305.95
- Hang Seng Index down 0.6% to 17,568.46
- Shanghai Composite down 0.2% to 3,052.37
- Sensex little changed at 64,995.63
- Australia S&P/ASX 200 up 0.3% to 6,995.45
- Kospi down 0.9% to 2,421.62
- STOXX Europe 600 down 0.3% to 441.69
- German 10Y yield little changed at 2.65%
- Euro down 0.3% to $1.0665
- Brent Futures up 0.1% to $81.73/bbl
- Gold spot down 0.1% to $1,966.51
- U.S. Dollar Index up 0.27% to 105.83
Top Overnight News
- BOJ’s Ueda says there is “still some distance” toward the 2% inflation target, which is “why we are continuing with massive easing”, but he added that policy could be tightened before real wages rise. RTRS
- Recent high-level meetings have helped improve the China-US relationship, a top Beijing official said before an expected meeting between Xi Jinping and Joe Biden next week. The sitdowns “have sent out positive signals and raised the expectations of the international community on the improvement of China-US relations,” Vice President Han Zheng said. BBG
- Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden (2007.HK), the nation’s biggest private property developer, four people family. China’s State Council, which is headed by Premier Li Qiang, has instructed the local government of Guangdong province, where both companies are based, to help arrange a rescue of Country Garden by Ping An. RTRS
- Eurozone inflation expectations rise according to the latest ECB survey, creating a headache for Lagarde and her colleagues (median expectations for inflation over the next 12 months increased noticeably to 4.0%, from 3.5% in August and 3.4% in July, while those for inflation three years ahead remained unchanged at 2.5%). ECB
- Retail sales in the eurozone fell for the third consecutive month in September as consumers continued to rein in spending in response to rising interest rates, high inflation and stagnant economic growth. The 0.3 percent drop was slightly bigger than the 0.2 percent forecast by economists in a Reuters poll. Eurostat, the EU’s statistics arm, said the latest monthly decline took the year-on-year fall in retail goods sales to 2.9 percent. FT
- UBS is looking to raise its first additional tier 1 bond since $17bn worth of the risky debt instruments were wiped out when it took over rival lender Credit Suisse. The Swiss bank launched a deal to raise new dollar AT1 bonds on Wednesday, split between debt that can be redeemed in five years and 10 years. AT1 bonds have a perpetual maturity and are designed to take losses in times of crisis. FT
- Israeli troops stormed the “heart” of Gaza City, the country’s defense chief said. Saudi Arabia’s investment minister said talks toward a normalization of diplomatic ties with Israel will continue but are “contingent on a pathway to a peaceful resolution of the Palestinian question.” BBG
- Virginia Democrats won majorities in the state’s two legislative chambers, in a setback for Republican Governor Glenn Youngkin. The party also had success in Kentucky, Pennsylvania and Ohio, where voters approved a measure to enshrine abortion rights in the state’s constitution. Miami hosts the third GOP presidential debate tonight; Donald Trump will skip it. BBG
- Congress still hasn’t settled on a strategy for avoiding a gov’t shutdown on 11/17 amid ongoing divisions over spending, immigration, and funding for Israel/Ukraine. NYT
- A stubborn lack of growth and escalating political tensions with the U.S. are making investors rethink their China-oriented investments. They have pulled $1.6 billion from China-focused mutual and exchange-traded funds so far this year. WSJ
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks traded mixed following a similar lead from Wall Street, with the breadth of the markets in early APAC hours particularly narrow. ASX 200 saw the tech sector leading the gains following a similar yield-driven sectoral performance on Wall Street. Nikkei 225 was initially supported by the Electronics sector with Nintendo shares rising over 6% post-earnings, whilst the Oil sector limited gains and the index eventually fell into losses as BoJ governor Ueda said the Bank doesn’t necessarily need to wait until real wages actually turn positive in exiting YCC and negative rates, and if the BoJ thinks there is a strong chance real wages will turn positive in the future, that may be sufficient in making a decision on whether to continue with YCC and negative rate. Hang Seng and Shanghai Comp moved between modest gains and losses with little action seen despite a slew of comments from the PBoC governor, while markets braced for next week’s Biden-Xi meeting in San Francisco, although no major breakthrough is expected.
Top Asian News
- Chinese Vice Premier reiterated that the domestic economy is rebounding and improving as a whole, according to Bloomberg.
- PBoC Governor said PBoC will resolutely guard against overshooting risks of yuan exchange rate, and will resolutely deal with behaviours that disrupt market order, whilst preventing the formation of one-sided and self-reinforced mark, according to a Central Bank publication;
- PBoC Governor said shifting economic growth model is more important than pursuing high growth rate, via Securities Times. He added China’s economy continues to improve, with the 5% growth target expected to be successfully achieved, and economic growth momentum has improved recently in China, production and consumption have recovered steadily, and employment and consumer prices are stable. He said monetary policy will pay more attention to cross-cyclical and counter-cyclical adjustments in the next stage, and the PBoC will always keep prudent monetary policy, and support stable growth of the real economy. He said they will strictly control new government-invested projects in areas with high debt burdens and will guide financial institutions to resolve debt risks through debt extension and replacement.
- China’s top securities regulator vows to prevent excessive leverage, via state media.
- PBoC injected CNY 474bln via 7-day reverse repos with the rate at 1.80% for a CNY 83bln net daily injection.
- BoJ Governor Ueda said the BoJ doesn’t necessarily need to wait until real wages actually turn positive in exiting YCC and negative rates, and if BoJ thinks there is a strong chance real wages will turn positive in the future, that may be sufficient in making a decision on whether to continue with YCC and negative rate, according to Reuters. Governor Ueda said it is desirable for FX to move stably reflecting fundamentals, according to Reuters. Governor Ueda says BoJ is continuing to buy huge amounts of govt bonds via market operations. Ueda said there is no statistical evidence that interest rate levels have a direct correlation with wage moves. BoJ Governor Ueda says the fact the central bank stands ready to step in to buy ETFs in times of market turbulence could be underpinning recent stock prices, and it may be possible to end ETF buying when there’s no concern over the risk of a sharp rise in risk premia, according to Reuters.
- Japanese Finance Minister Suzuki sees June next year as the critical point where Japan can see inflation-adjusted real wages turn positive, according to Reuters.
- Japan is to reportedly include JPY 1.9tln in chip subsidies in its draft budget, according to NHK.
- Moody’s affirms Japan’s sovereign rating at A1; outlook stable, according to Reuters.
- Magnitude 6.8 earthquake strikes Banda Sea region near Indonesia; no tsunami warning, according to EMSC and PTWC.
European bourses are in the red, Euro Stoxx 50 -0.1%, in what has been a relatively choppy but ultimately contained session thus far with the focus firmly on earnings and upcoming speakers. Sectors are similarly mixed with Retail outperforming post-M&S while Banking is torn between Commerzbank and ABN AMRO; to the downside, Personal Care, Drug & Grocery lags after Ahold Delhaize’s Q3 numbers. Stateside, futures are slightly softer with very modest underperformance in the RTY -0.2%, but with overall action similarly contained pre-Powell and others, ES -0.1%.
Top European News
- BoE’s Bailey says the big shocks of last year and a bit before the unwinding; expects next inflation read to be quite a bit lower; expect it to be quite a bit lower by year-end, not down to 2%. We think policy is now restrictive and economic growth is very subdued. Basic message is that we believe policy will need to be restrictive for extended periods and there are upside risks.
- Norges Bank FSR: The financial system is marked by higher interest rates; Households draw on savings; Households draw on savings; Norwegian banks are well equipped to absorb higher losses.
FX
- Greenback continues to grind higher and claw back losses, DXY edged closer to 106.00 within firmer 105.51-87 range.
- Pound extends post-Pill declines as Cable probes 1.2250 and EUR/GBP pops back above 0.8700.
- Euro and Yen unable to evade Dollar recovery, with EUR/USD down towards base of 1.0660-1.0700 range and USD/JPY closer to 151.00 than 150.00.
- Loonie undermined by the ongoing plunge in oil as USD/CAD approaches 1.3800 head of Canadian building permits and BoC minutes.
- PBoC set USD/CNY mid-point at 7.1773 vs exp. 7.2839 (prev. 7.1776)
- Brazilian government will not ask Congress to alter fiscal target for now, according to Reuters sources.
Fixed Income
- Bonds mixed after a broad-based bounce on Tuesday, Bunds and Gilts remain above par within 130.73-25 and 95.96-42 respective ranges.
- T-note lags between 107-26+/108-06 + bounds awaiting Fed Chair Powell at a panel discussion and USD 40bln 10 year auction.
- 2033 German supply snapped up and PGBs regain some poise after PM resignation.
- Japan gov’t bond issuance to total circa. JPY 44.5tln in FY23/24, via Reuters citing a draft; 9tln in second supplementary budget for FY23/24. Additionally, to maintain calendar-based annual JGBs to market unchanged at JPY 190.3tln following the FY23/24 second extra budget.
Commodities
- Crude benchmarks have recently slumped further into the red, in a continuation of the price action that was in play during yesterday’s session; slumping to current session troughs of USD 76.51/bbl and USD 80.87/bbl with fresh fundamentals limited but the move occurring alongside a further bout of USD upside.
- Most recently, it is worth pointing out that a magnitude 5 earthquake has occurred in western Texas, according to the EMSC. We are yet to see any updates as to what, if any, commodity activity in the region has been affected, but it is worth highlighting that the crude futures lifted slightly from the mentioned session lows on this update.
- Spot gold has similarly slipped to fresh lows, occurring alongside a fresh bout of USD upside with the DXY at session bests and moving ever closer to 106.00.
- Finally, base metals are slightly mixed but for the most part have not strayed significantly from relatively contained levels.
- US Private Energy Inventories (bbls): Crude +11.9mln (exp. -0.3mln), Gasoline -360k (exp. -0.8mln), Distillates +980k (exp. -1.5mln), Cushing +1.1mln.
- Nornickel says some clients who previously rejected purchasing from us are discussing metals purchases in 2024, via Ifx.
Geopolitics
- US President Biden told Israeli PM Netanyahu that a 3-day fighting pause could help secure the release of some hostages, according to Axios.
- Saudi Arabian investment minister says that discussions aimed at normalising ties with Israel will continue despite KSA’s criticism of Israeli military actions in Gaza, according to Bloomberg. Adds will be contingent on a peaceful resolution to the Palestinian conflict.
US Event Calendar
- 07:00: Nov. MBA Mortgage Applications, prior -2.1%
- 10:00: Sept. Wholesale Trade Sales MoM, est. 0.9%, prior 1.8%
- 10:00: Sept. Wholesale Inventories MoM, est. 0%, prior 0%
Central Bank Speakers
- 05:15: Fed’s Cook Speaks on Financial Stability in Dublin
- 09:15: Fed’s Powell Delivers Opening Remarks
- 13:40: Fed’s Williams Delivers Keynote At Fed Research Conference
- 14:00: Fed’s Barr Speaks on Community Reinvestment Act
- 16:45: Fed’s Jefferson Delivers Closing Remarks
DB’s Jim Reid concludes the overnight wrap
We’re dealing with a suspected case of the nits at home, with all the required smelly shampoo. Rest assured if you have a meeting with me today, I’m highly unlikely to be a carrier. This is one of the advantages of being bald. In fact, this meant I was the one who had to go on the front line to administer the treatment.
Hopefully it’ll go away as quickly as the bond sell-off did this week. Indeed yesterday saw Monday’s bond moves pretty much reversed at the longer-end yesterday with equities and fixed income both rallying together again. That saw the S&P 500 (+0.28%) post a 7th consecutive gain for the first time since late-2021, whilst the bond rally was helped by some dovish remarks from central bankers. Alongside that, we even saw oil prices fall to their lowest level since July, with Brent Crude (-4.19%) closing at $81.61/bbl, which added further support to the bond rally as inflation expectations moved lower.
When it came to bonds, the day had already got off to a strong start thanks to the “dovish hike” from the Reserve Bank of Australia. But we then heard from the Bank of England’s chief economist, who said that what financial markets were anticipating for rates “doesn’t seem totally unreasonable”, which were pricing in cuts later in 2024. That led investors to dial up the likelihood of rate cuts from the BoE next year, and it meant that gilts were the main outperformer yesterday, with the 2yr yield (-8.7bps) falling to its lowest level since June, whilst the 10yr yield was down -10.3bps .
Over at the Fed, we also heard from several speakers yesterday who held a broad range of views. Minneapolis Fed President Kashkari said that “I’m not seeing a lot of evidence that the economy is weakening”. But Chicago Fed President Goolsbee remained cautious, saying that he didn’t like “pre-committing what the rates are going to be at the next meeting when we still have weeks to go and a lot of information to gather”. Dallas Fed President Logan said that there’s been some “important cooling” in the labour market, but that “it still looks like we’re trending to 3% instead of 2%” on inflation with continued tight financial conditions needed to bring inflation down. The generally hawkish Fed Governor Bowman was the only one to explicitly speak of additional hikes, as she continued “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” .
Overall, the Fed commentary did little to derail the rates rally. Treasuries rallied across the curve, and the 10yr yield fell -7.6bps to 4.57%, with the 2yr yield down -1.7bps to 4.92%. The bond rally got some support from an auction of 3yr notes, which saw solid investor demand with the primary dealer takedown (16.3%) slightly below its 1-year average (17.0%). Today we have a 10yr auction which is the first big “proper duration” bond auction since last week’s QRA. This morning in Asia, 10yr USTs (+1.3 bps) have edged back higher again.
Yesterday’s rally was echoed in Europe too, where yields on 10yr bunds (-8.0bps), OATs (-8.5bps) and BTPs (-9.5bps) all moved lower as well. In part that was driven by a fresh move downwards for inflation expectations, with the German 10yr breakeven (-3.5bps) falling to its lowest level since February, at 2.15%. In addition, the 5y5y forward inflation swap for the Euro Area (-3.0bps) was also at its lowest level since May, at 2.44%, so there were growing signs that investors were becoming more confident about the inflation outlook.
One factor supporting that move in inflation expectations was a fresh decline in oil prices. Brent Crude fell by -4.19% to $81.61/bbl and WTI by -4.27% to $77.37/bbl. That’s the first time that Brent Crude has closed beneath its level prior to Hamas’ attack on Israel, having closed at $84.58/bbl on Friday October 6, with both Brent and WTI at their lowest levels since July. We’ve dipped another half percent in Asia. So despite the initial fears that oil markets would be disrupted by a broader escalation, it’s clear that investors remain relatively unconcerned by that risk for now. Amid the bearish catalysts for oil was the latest monthly EIA report, which now foresees an annual decline in US oil consumption this year.
This favourable backdrop proved supportive to other risk assets, which helped the S&P 500 (+0.28%) advance for a 7th consecutive day. Tech stocks led the advance, which meant the NASDAQ (+0.90%) and the FANG+ (+1.94%) both recorded an 8th consecutive advance for the first time since 2021, so lots of milestones for several indices. That said, the small-cap Russell 2000 (-0.28%) struggled for a second day, and there was also more weakness in Europe, where the STOXX 600 fell -0.16%. Portuguese stocks had a particularly bad day amidst the resignation of Prime Minister Costa, and the PSI 20 index fell -2.54%.
Risk appetite in Europe took a further hit from some fairly weak economic data from Germany. For instance, industrial production contracted by -1.4% in September (vs. -0.1% expected), whilst the construction PMI for October fell back to 38.3. For the construction PMI, the only month lower than that in the last decade was in April 2020, at the height of the Covid-19 pandemic, so this adds to the negative data surprises we’ve seen out of Europe in recent months.
As I check my screens in Asia, Chinese stocks are pretty flat with the Nikkei (-0.38%) and KOSPI (-0.39%) edging lower. In overnight trading, S&P 500 (-0.09%) and NASDAQ 100 (-0.12%) futures are trading slightly lower.
The Japanese yen (-0.11%) is edging lower again, trading at 150.53 against the dollar following some dovish signals from the BOJ. Looking ahead in the region, attention will turn to China’s inflation data tomorrow.
To the day ahead now, there is an array of central bank speakers, including Fed Chair Powell, Vice Chair Jefferson, Vice Chair for Supervision Barr, along with the Fed’s Cook and Williams. We’ll also hear from BoE Governor Bailey, and the ECB’s Lane, Kazaks, Wunsch, Makhlouf, Nagel, De Cos and Vujcic. Data releases include Euro Area retail sales for September, and we’ll also get the ECB’s Consumer Expectations Survey for September. Earnings releases include Walt Disney. And lastly, there’s a 10yr Treasury auction taking place.
END
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Equities in the red, USD bid & GBP lags as Gilts extend gains; Fed’s Powell due – Newsquawk US Market Open
WEDNESDAY, NOV 08, 2023 – 06:24 AM
- European bourses post modest losses whilst the NQ & ES teeter around the unchanged mark, RTY lags slightly.
- Bonds extended gains with Gilts outpacing counterparts though ultimately fell short of 96.00 level, with the complex now off best levels & USTs lower.
- USD bid with the index printing a 105.87 high, putting downward pressure on G10 peers; GBP bearing the brunt & largely attributed to outperformance in Gilts.
- Crude continues to crumble but has lifted from lows most recently amid a magnitude 5 earthquake in western Texas
- Looking ahead, highlights include US Wholesale Prices, NBP Policy Announcement; BoC Minutes, Speeches from Fed’s Powell, Williams, Barr & Jefferson; BoE’s Bailey; Supply from US. Earnings: Telecom Italia, Ralph Lauren, Kellogg, Disney, BlackRock, Warner Bros Discovery & Disney.
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EUROPEAN TRADE
EQUITIES
- European bourses are in the red, Euro Stoxx 50 -0.1%, in what has been a relatively choppy but ultimately contained session thus far with the focus firmly on earnings and upcoming speakers.
- Sectors are similarly mixed with Retail outperforming post-M&S while Banking is torn between Commerzbank and ABN AMRO; to the downside, Personal Care, Drug & Grocery lags after Ahold Delhaize’s Q3 numbers.
- Stateside, futures are slightly softer with very modest underperformance in the RTY -0.2%, but with overall action similarly contained pre-Powell and others, ES -0.1%.
- Click here and here for the sessions European pre-market equity newsflow, including earnings.
- Click here for more details.
FX
- Greenback continues to grind higher and claw back losses, DXY edged closer to 106.00 within firmer 105.51-87 range.
- Pound extends post-Pill declines as Cable probes 1.2250 and EUR/GBP pops back above 0.8700.
- Euro and Yen unable to evade Dollar recovery, with EUR/USD down towards base of 1.0660-1.0700 range and USD/JPY closer to 151.00 than 150.00.
- Loonie undermined by the ongoing plunge in oil as USD/CAD approaches 1.3800 head of Canadian building permits and BoC minutes.
- PBoC set USD/CNY mid-point at 7.1773 vs exp. 7.2839 (prev. 7.1776)
- Brazilian government will not ask Congress to alter fiscal target for now, according to Reuters sources.
- Click here for more details.
- Click here for the Option Expires for the NY Cut.
FIXED INCOME
- Bonds mixed after a broad-based bounce on Tuesday, Bunds and Gilts remain above par within 130.73-25 and 95.96-42 respective ranges.
- T-note lags between 107-26+/108-06 + bounds awaiting Fed Chair Powell at a panel discussion and USD 40bln 10 year auction.
- 2033 German supply snapped up and PGBs regain some poise after PM resignation.
- Japan gov’t bond issuance to total circa. JPY 44.5tln in FY23/24, via Reuters citing a draft; 9tln in second supplementary budget for FY23/24. Additionally, to maintain calendar-based annual JGBs to market unchanged at JPY 190.3tln following the FY23/24 second extra budget.
- Click here for more details.
COMMODITIES
- Crude benchmarks have recently slumped further into the red, in a continuation of the price action that was in play during yesterday’s session; slumping to current session troughs of USD 76.51/bbl and USD 80.87/bbl with fresh fundamentals limited but the move occurring alongside a further bout of USD upside.
- Most recently, it is worth pointing out that a magnitude 5 earthquake has occurred in western Texas, according to the EMSC. We are yet to see any updates as to what, if any, commodity activity in the region has been affected, but it is worth highlighting that the crude futures lifted slightly from the mentioned session lows on this update.
- Spot gold has similarly slipped to fresh lows, occurring alongside a fresh bout of USD upside with the DXY at session bests and moving ever closer to 106.00.
- Finally, base metals are slightly mixed but for the most part have not strayed significantly from relatively contained levels.
- US Private Energy Inventories (bbls): Crude +11.9mln (exp. -0.3mln), Gasoline -360k (exp. -0.8mln), Distillates +980k (exp. -1.5mln), Cushing +1.1mln.
- Nornickel says some clients who previously rejected purchasing from us are discussing metals purchases in 2024, via Ifx.
- Click here for more details.
NOTABLE EUROPEAN HEADLINES
- BoE’s Bailey says the big shocks of last year and a bit before the unwinding; expects next inflation read to be quite a bit lower; expect it to be quite a bit lower by year-end, not down to 2%. We think policy is now restrictive and economic growth is very subdued. Basic message is that we believe policy will need to be restrictive for extended periods and there are upside risks.
- Norges Bank FSR: The financial system is marked by higher interest rates; Households draw on savings; Households draw on savings; Norwegian banks are well equipped to absorb higher losses.
ECB
- ECB Consumer Inflation Expectations survey (Sep) – 12-months ahead 4.0% (prev. 3.5%); 3-year ahead 2.5% (prev. 2.5%)
- ECB’s Lane says they are seeing some progress on underlying inflation, but not enough. In-fitting with the initial slide release.
- ECB’s Makhlouf says the economy and financial system are still adjusting to the change in interest rates by central banks. “far far too early” to start talking about when we are going to start cutting rates; too early to declare that we have reached the top of the ladder on interest rates.
- ECB’s Wunsch says the Eurozone is set for a soft landing in the short term. Inflation has been rapidly falling. Risks for inflation are tilted to the upside.
- ECB’s Kazaks cannot exclude the possibility that further rate hikes may needed.
- ECB’s Vujcic says inflation will decline toward our target in 2025.
- ECB’s Nagel says the last mile before we reach our inflation target may well be the hardest; firms need to absorb some of the recent strong increases in wages.
EUROPEAN DATA
- US Consumer Credit (Sep) 9.06B vs. Exp. 10.0B (Prev. -15.63B)
- German CPI Final MM (Oct) 0.0% vs. Exp. 0.0% (Prev. 0.0%); YY (Oct) 3.8% vs. Exp. 3.8% (Prev. 3.8%)
- EU Retail Sales MM (Sep) -0.3% vs. Exp. -0.2% (Prev. -1.2%, Rev. -0.7%); YY (Sep) -2.9% vs. Exp. -3.1% (Prev. -2.1%, Rev. -1.8%)
NOTABLE US HEADLINES
- US Treasury said no trade partners manipulated currencies; China remains on the monitoring list due to lack of transparency for its foreign exchange practices. Vietnam is back on the monitoring list; removing Switzerland and South Korea from the same scrutiny.
- Fed’s Cook (Neutral, Voter) says persistent inflationary pressures and unexpected policy rate increases abroad are among risks to global financial system. Further slowdown in China could worsen financial stresses with possible international spill overs. Must remain vigilant to potential shocks that could exacerbate global financial system vulnerabilities. Escalation of global geopolitical tensions could also lead to negative international spill overs.
- Click here for the US Early-Morning note.
GEOPOLITICS
- US President Biden told Israeli PM Netanyahu that a 3-day fighting pause could help secure the release of some hostages, according to Axios.
- Saudi Arabian investment minister says that discussions aimed at normalising ties with Israel will continue despite KSA’s criticism of Israeli military actions in Gaza, according to Bloomberg. Adds will be contingent on a peaceful resolution to the Palestinian conflict.
APAC TRADE
- APAC stocks traded mixed following a similar lead from Wall Street, with the breadth of the markets in early APAC hours particularly narrow.
- ASX 200 saw the tech sector leading the gains following a similar yield-driven sectoral performance on Wall Street.
- Nikkei 225 was initially supported by the Electronics sector with Nintendo shares rising over 6% post-earnings, whilst the Oil sector limited gains and the index eventually fell into losses as BoJ governor Ueda said the Bank doesn’t necessarily need to wait until real wages actually turn positive in exiting YCC and negative rates, and if the BoJ thinks there is a strong chance real wages will turn positive in the future, that may be sufficient in making a decision on whether to continue with YCC and negative rate.
- Hang Seng and Shanghai Comp moved between modest gains and losses with little action seen despite a slew of comments from the PBoC governor, while markets braced for next week’s Biden-Xi meeting in San Francisco, although no major breakthrough is expected.
NOTABLE HEADLINES
- Chinese Vice Premier reiterated that the domestic economy is rebounding and improving as a whole, according to Bloomberg.
- PBoC Governor said PBoC will resolutely guard against overshooting risks of yuan exchange rate, and will resolutely deal with behaviours that disrupt market order, whilst preventing the formation of one-sided and self-reinforced mark, according to a Central Bank publication;
- PBoC Governor said shifting economic growth model is more important than pursuing high growth rate, via Securities Times. He added China’s economy continues to improve, with the 5% growth target expected to be successfully achieved, and economic growth momentum has improved recently in China, production and consumption have recovered steadily, and employment and consumer prices are stable. He said monetary policy will pay more attention to cross-cyclical and counter-cyclical adjustments in the next stage, and the PBoC will always keep prudent monetary policy, and support stable growth of the real economy. He said they will strictly control new government-invested projects in areas with high debt burdens and will guide financial institutions to resolve debt risks through debt extension and replacement.
- China’s top securities regulator vows to prevent excessive leverage, via state media.
- PBoC injected CNY 474bln via 7-day reverse repos with the rate at 1.80% for a CNY 83bln net daily injection.
- BoJ Governor Ueda said the BoJ doesn’t necessarily need to wait until real wages actually turn positive in exiting YCC and negative rates, and if BoJ thinks there is a strong chance real wages will turn positive in the future, that may be sufficient in making a decision on whether to continue with YCC and negative rate, according to Reuters. Governor Ueda said it is desirable for FX to move stably reflecting fundamentals, according to Reuters. Governor Ueda says BoJ is continuing to buy huge amounts of govt bonds via market operations. Ueda said there is no statistical evidence that interest rate levels have a direct correlation with wage moves. BoJ Governor Ueda says the fact the central bank stands ready to step in to buy ETFs in times of market turbulence could be underpinning recent stock prices, and it may be possible to end ETF buying when there’s no concern over the risk of a sharp rise in risk premia, according to Reuters.
- Japanese Finance Minister Suzuki sees June next year as the critical point where Japan can see inflation-adjusted real wages turn positive, according to Reuters.
- Japan is to reportedly include JPY 1.9tln in chip subsidies in its draft budget, according to NHK.
- Moody’s affirms Japan’s sovereign rating at A1; outlook stable, according to Reuters.
- Magnitude 6.8 earthquake strikes Banda Sea region near Indonesia; no tsunami warning, according to EMSC and PTWC.
DATA RECAP
- Japanese Foreign Reserves (Oct) 1.238T (Prev. 1.237T)
- Japanese Leading Indicator (Sep) -0.5 (Prev. 1.0); Coincident Index (Sep) 0.1 (Prev. 0.1, Rev. 0.4)
- New Zealand Monetary Conditions Current* (Q4) Q1 91.89% (Prev. 90.0%)
- New Zealand Inflation Forecast 1 Year (Q4) Q1 3.6% (Prev. 4.17%); 2 Years (Q4) Q1 2.76% (Prev. 2.83%)
END
2 c. ASIAN AFFAIRS
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 4.90 PTS OR 0.16% //Hang Seng CLOSED DOWN 101.70 PTS OR 0.58% /The Nikkei CLOSED DOWN 105.34 PTS OR 0.33% //Australia’s all ordinaries CLOSED UP 0.30 % /Chinese yuan (ONSHORE) closed UP AT 7.2812 /OFFSHORE CHINESE YUAN CLOSED UP TO 7.2864 /Oil DOWN TO 76.35 dollars per barrel for WTI and BRENT UP AT 80.39/ Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
//
NORTH KOREA/
END
2e) JAPAN
3 CHINA
CHINA/OMAN
China is now wishing to put its first military base in Oman next to the Straits of Hormuz and the Gulf of Oman.
(zerohedge)
Biden Briefed On China’s Plans For First Military Base In The Middle East
TUESDAY, NOV 07, 2023 – 06:05 PM
China is reportedly seeking to establish a permanent military base in the Middle East for the first time, which Washington will certainly see as a significant ‘challenge’ – also given the planned base would be in the Arab Gulf region, where the US also has major bases, as in the case of the Navy Central Command installations in Qatar and Bahrain.
“President Joe Biden has been briefed on what his advisers see as a Chinese plan to build a military facility in Oman, people familiar with the matter said, amid a broader effort by Beijing to deepen defense and diplomatic ties with the Middle East,” Bloomberg writes in its major Tuesday story.
“Biden was told that Chinese military officials discussed the matter last month with Omani counterparts, who were said to be amenable to such a deal, said the people, who asked not to be identified discussing private deliberations. They said the two sides agreed to more talks in the coming weeks,” the report continues.
It’s as yet unknown precisely where the potential Oman base would be located. Just last August, Oman and China held a formal celebration for their 45 years of official diplomatic relations.
The Chinese and Omani militaries have in the recent past coordinated events and exercises, with Oman’s port of Muscat semi-regularly hosting Chinese PLA warships. Last month, the Omani and PLA militaries held joint drills, and pledged to work “to expand their naval defense and military cooperation.”
China is also believed to have long eyed the United Arab Emirates (UAE) as a possible host country for another base. Currently, Beijing’s only other significant overseas military base is in the East African country of Djibouti.
Bloomberg suggests the deepened military ties between China and Oman parallels energy ties:
Oman is sometimes referred to as the Switzerland of the Middle East given that it follows a policy of neutrality and regularly acts as a mediator, including between the US and Iran. It’s also sought to balance between maintaining its partnership with the US and nurturing ties with China, which imports the bulk of its crude output. China also invested in the first stage of Oman’s Duqm special economic zone, which will be the site of the Middle East’s biggest oil-storage facility.
The US itself doesn’t have a permanent, stand-alone military base inside Oman; however, it has a key agreement with the government to use Omani bases when needed for a variety of operations.
For example, the US Air Force uses RAFO Thumrait airbase, a military airport located near Thumrait in the country’s south. The US Navy also frequently patrols waters off Oman’s coast, looking for Iranian weapons and sanctioned oil or other shipments. One military publication has described of the Pentagon’s minimal presence (compared to other Gulf nations) in Oman as follows:
The U.S. maintains an ability to use Omani bases through the Oman Facilities Access Agreement, originally signed in 1980, and most recently renewed in 2010.55 This accord made Oman the first country among the Persian Gulf States to explicitly partner militarily with the U.S.56 According to the agreement, the U.S. can request access to these facilities in advance for a specified purpose. Some of the bases listed in this section are those the U.S. may access, but not necessarily where a presence is maintained. Oman has allowed 5,000 aircraft overflights, 600 landings, and 80 port calls annually.
Starting in 2021, US Africa Command (AFRICOM) began warning that China is not content with its Djibouti base on the continent’s east coast, but is looking to establish a military presence on the Atlantic. The US has long seen China as the top threat to the so-called “rules-based international order” (alongside Russia)–but Beijing very obviously lacks a global military presence like Washington has.
China also has a small naval outpost at Pakistan’s major Indian Ocean port.
Lately, every Chinese move to expand militarily is seen as a serious “threat” by US officials, and this is even more acute now with the Ukraine and Gaza wars happening, given Beijing often takes stances opposite Washington’s when it comes to these raging conflicts.
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
EUROPE
end
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
ISRAEL/HAMAS/HEZBOLLAH/USA
Israel fighting into the heart of GAZA city and they have the leader of Hamas, Sinwar, surrounded in a bunker
(zerohedge)
Israeli Troops Fighting “In The Heart” Of Gaza City, Hamas Leader Surrounded In A Bunker
TUESDAY, NOV 07, 2023 – 01:39 PM
Update(1339ET): Israel’s Defense Minister Yoav Gallant issued a Tuesday battlefield update announcing that for the first time Israeli troops are “in the heart” of Gaza City. He then said, that “Gaza is the largest terrorist base ever built” and further, “We are going to destroy Hamas.”
The defense chief also appeared to reject US pressure to implement a humanitarian “pause”. Gallant emphasized, “there will be no humanitarian truce without the return of the hostages.” He further said the IDF now has Hamas leader Yahya Sinwar surrounded in a bunker. He noted that fighting is happening in residential areas.
A new speech by Prime Minister Netanyahu affirmed the same, and again put Hezbollah in Lebanon on notice:
Prime Minister Benjamin Netanyahu says the IDF has been reaching deeper into Gaza than Hamas ever imagined, warning Lebanon’s Hezbollah that it would be making the “greatest mistake of its life” if it opens a new full-on war front.
Speaking from the Kirya military headquarters in Tel Aviv, Netanyahu says he is addressing the nation in order to update them on the war.
“In the south, the war is moving forward with force that Hamas has never seen,” he says. “Gaza City is surrounded. We are operating within it, we are deepening the pressure on Hamas every hour, every day.”
“There will be no entry of fuel into Gaza or a ceasefire without the return of the kidnapped people,” he also said.
A Sky News correspondent in southern Israel has remarked this will be the most “complex urban fighting environment that any soldier will have to deal with”. Soldiers on the ground inside Gaza City could make any airstrikes “potentially be more accurate” – the correspondent noted.
Hamas has meanwhile continued claiming to have taken out multiple Israeli tanks and military vehicles:
Massive overnight explosions have been observed in South Lebanon as Israel attacks Hezbollah positions, responding to ongoing fire…
* * *
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
ISRAEL/HAMAS
IDF kills the head of Hamas’s head of weapons production
(Jerusalem Post)
IDF kills Hamas’s head of weapons production
The targeted senior Hamas member specialized in the production of strategic ammunition and rockets.
By JERUSALEM POST STAFFNOVEMBER 8, 2023 09:32Updated: NOVEMBER 8, 2023 11:10
The head of Hamas’s Weapons and Industries Department, Mahsan Abu-Zina, was eliminated by the IDF in an airstrike in the Gaza Strip, the IDF and Shin Bet said on Wednesday.
Abu-Zina was one of the leaders in Hamas for producing weapons for the terrorist organization and specialized in the production of strategic ammunition and rockets.
The weapons production leader is the latest in a series of senior Hamas members killed amid the ongoing war between Israel and Hamas, sparked by Hamas’s massacre in southern Israel on October 7.
Terrorist cells in Gaza hit overnight
The IDF also struck a terrorist cell which was planning to fire anti-tank missiles at Israeli forces overnight, as well as another cell which was firing rockets toward Israel.
IDF soldiers continue ground operations in Gaza, one month after the Hamas attacks, November 8, 2023 (IDF Spokesperson’s Unit)
UNRWA claimed on Wednesday that a school belonging to the organization had been hit by the IDF in northern Gaza. UNRWA has reported in the past that its schools in the Gaza Strip have been used for military purposes, including storing rockets and containing openings to the tunnel system used by Hamas.
end
ISRAEL //HAMAS
(Jerusalem Post)
Interesting: one Hamas commander states that :”they have been had”
(Jerusalem Post)
Hamas commander: Haniyeh and Sinwar ‘destroyed us’
The Hamas commander said Haniyeh and other leaders live in splendor abroad while he’s sustaining himself on some dates.
By JERUSALEM POST STAFFNOVEMBER 8, 2023 11:39Updated: NOVEMBER 8, 2023 13:15
A senior Hamas commander told the UK’s Daily Mail that Hamas leaders Ismail Haniyeh and Yahya Sinwar had “destroyed” the lower levels of the terrorist movement by ordering the October 7 attack, according to a report by the British newspaper on Sunday.
The commander, calling himself Abu Mohammed, told the newspaper in an interview over Telegram that originally the plan was to kidnap a few Israeli soldiers, but the orders were changed at the last minute by Hamas military leaders to conduct the massacre which ended up taking place on that tragic Saturday morning a month ago.
“Our reason to speak is that we want to raise our voice to the world. My dear Gaza is under bombardment,” he lamented: “The problem is because of our leadership.”
The commander pointed to the fact that Haniyeh and other leaders live in splendor abroad while he’s sustaining himself on some dates and olive oil.
Abu Mohammed also accused Sinwar of “acting like a street fighter,” saying Hamas terrorists were told to “do what they like” when attacking Israel.
Blood in houses when Hamas terrorists infiltrated Kibbutz Be’eri, and 30 other nearby communities in Southern Israel on October 7, killing more than 1400 people, and taking more than 200 hostages into Gaza, near the Israeli-Gaza border. (credit: EDI ISRAEL/FLASH90)
Hamas commander says contact lost with leaders
The commander additionally stated that contact had been lost with Hamas’s political bureau, saying “We don’t know what direction to go in next. We don’t know which path to take. They destroyed us.”
Defense Minister Yoav Gallant also spoke about the disconnect between the Hamas leadership and the lower levels of the terrorist group recently, saying that Sinwar has been completely cut off from the rest of the organization and that Hamas’s command structure is collapsing.
end
ISRAEL/GAZA
Israel will not listen to that lunatic Biden
(Jerusalem Post)
Sharp Divide Between Biden & Bibi Emerges As Blinken Says It’s “Clear That Israel Cannot Occupy Gaza” After War
WEDNESDAY, NOV 08, 2023 – 10:55 AM
US Secretary of State Antony Blinken is currently at a Group of Seven summit in Tokyo, where he told a press briefing on the sidelines that “it is clear that Israel cannot occupy Gaza” on a permanent basis.
The comments affirm that Washington has been intensely involved in talks concerning what happens after the war. “Gaza cannot be continued to be run by Hamas. That simply invites repetition of Oct. 7… It’s also clear that Israel cannot occupy Gaza,” Blinken said after meeting with G7 foreign ministers.
“Now, the reality is that there may be a need for some transition period at the end of the conflict … We don’t see a reoccupation and what I’ve heard from Israeli leaders, is that they have no intent to reoccupy Gaza.”
Earlier this week Israeli Prime Minister Benjamin Netanyahu said that he foresees Israeli troops overseeing the security of Gaza “for an indefinite period” after Hamas is defeated. He appeared to reject headlines suggesting a multinational peacekeeping force would fill the role.
“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 words are being widely interpreted as a sign of growing disagreement between the US and Israel over the crisis. The divide is sharpening and becoming more and more public, also after on Monday Netanyahu rejected Biden’s request for a three-day humanitarian ‘pause’ in a phone call. On top of this remains the growing international pressure over the immense civilian death toll in Gaza, having surpassed 10,000 people by the start of the week:
And the mounting death toll and humanitarian crisis have fueled growing outrage. Prime Minister Benjamin Netanyahu’s suggestion that Israel would maintain “overall security responsibility” for Gaza when the conflict ends raised new questions over what his country plans, and drew a new warning from the White House.
There was also growing evidence of fallout in the United States, where tensions have been high on city streets and college campuses. House lawmakers censured Rep. Rashida Tlaib, the sole Palestinian American in Congress, over her remarks and actions in response to the Israel-Hamas war.
Meanwhile, IDF troops have been circulating photos like the following from Gaza:
PHOTO: Israel is back in #Gaza – and we ARE HERE TO STAY in our ancestral land and our ancient beaches!!! pic.twitter.com/8vvWnWjp9m— Yishai Fleisher يشاي ישי פליישר
(@YishaiFleisher) November 8, 2023
The Biden White House has lately been mulling a plan behind the scenes 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 the Netanyahu remarks in the ABC interview reveal different thinking in Tel Aviv and Jerusalem.
This week civilians in Gaza have been seen fleeing from the northern half of the Strip to the south while holding large white flags, after in some prior instances civilians were killed by Israeli airstrikes while traversing north-south roadways.Via AFP: A Palestinian boy carries a make-shift white flag as he arrives with his mother near the Al-Shifa hospital in Gaza City on November 6, 2023.
As for the G7 meeting, a statement produced from Tokyo said it also supports Ukraine’s defense against Russia “for as long as it takes.” The G7 statement also took aim at alleged Russian-North Korean weapons transfers, and also heavily criticized China on a range of issues.
END
ISRAEL/GAZA
IDF soldiers pray in ancient 6th century Gaza synagogue for first time in decades A number of tweets suggest that soldiers prayed at the ancient synagogue, though IDF rules have reportedly kept soldiers from sharing them for safety.By ZVIKA KLEINFloor mosaic from the ancient synagogue in Gaza(photo credit: AVISHAI TEICHER/WIKIPEDIA)
![posts[i].image.ImageName (photo credit: AVISHAI TEICHER/WIKIPEDIA)](https://ci4.googleusercontent.com/proxy/944BxGHKmnxNNW0HjvcJC0oLVuA5XCcbrfgZmxp0FGreK9CoDb5vQ7ZtJNGr0N1du3xNfbfshR9c2P9gF_StoprRY2eIprY6sWwkJqjwjSinPfo0QeF9N0qh3v2VyZBv2Q=s0-d-e1-ft#https://images.jpost.com/image/upload/c_fill,g_faces:center,h_537,w_822/562383)
One of the hottest trending Google searches in Hebrew on Wednesday in Israel is “Gaza ancient synagogue,” and the reason is than Israeli Defense Force (IDF) soldiers prayed there, the first time in close to two decades that a Jew was allowed to pray at this holy site.
Michael Freund, who established the Shavei Israel organization tweeted on X: “For the first time in decades, Israeli soldiers prayed in the ancient synagogue in Gaza which was built in the 6th century and where a beautiful mosaic floor depicting King David was unearthed years ago. Jews have returned to Gaza!!”
A number of tweets suggest that soldiers prayed at the ancient synagogue, yet no photos were shared on social media, due to the fact that there are very strict instructions on documentation during combat.
The ancient synagogue of Gaza, dating back to 508 CE during the Byzantine period, was unearthed in 1965. Situated in what was once the bustling port city of Gaza, known as “Maiumas” at the time, this historical site now resides within the Rimal district of Gaza City. The Egyptian archaeologists initially identified it as a church, but a remarkable mosaic featuring King David playing a lyre, labeled in Hebrew, was subsequently found.
This mosaic, measuring 3 meters in height and 1.9 meters in width, provided insight into the art and culture of the era. Curiously, it was first mistaken as depicting a female saint playing the harp but was later associated with Orpheus, a figure from Greek mythology, with ties to Jesus or David in Byzantine art.Synagogue mosaic of King David (credit: AVISHAI TEICHER/WIKIPEDIA)
Property damage on historical pieces
Sadly, the main figure’s face was damaged shortly after its discovery. Following Israel’s capture of the Gaza Strip in the 1967 Six-Day War, the mosaic was moved to the Israel Museum for restoration, where it remains a testament to the rich history of the region.
Nowadays, visitors can marvel at the mosaic floor of the synagogue in the Museum of the Good Samaritan, located near the Jerusalem-Jericho Road close to the Israeli settlement of Ma’ale Adumim. One of the most renowned panels in the mosaic floor portrays King David, identified by a Hebrew inscription reading “David”, as he plays the lyre with a gathering of docile wild animals before him. Go to the full article >>
END
ISRAEL/USA//ISRAEL //USA(David Stockman)
Stockman: Uncle Sam Doesn’t Have One Thin Dime For Biden’s $106 Billion War Package
WEDNESDAY, NOV 08, 2023 – 07:20 AM
Via David Stockman’s Contra Corner
When you are faced with an existential threat to your very national survival, this is what you do. You mobilize your economy for all-out struggle and impose heavy-duty “War Taxes” to pay for a dramatic build-up of military capabilities.
For instance, between 1939 and 1945 Federal government receipts rose nearly seven-fold—from $6 billion to $42 billion per year, owing to across-the-board tax increases that took the average income tax rate from 4% to 24% and the top rate to upwards of 90%. Relative to the national economy, Federal receipts (red bars) rose from 6% of GDP to a peak of nearly 20% in 1945.
Surge In Federal Outlays and Receipts As % Of GDP During WWII
On top of that came a huge amount of war bonds and borrowing. Accordingly, outlays from taxes and borrowing (blue bars), mostly for military mobilization, rose from less than 10% of GDP in 1940 to a war-time peak of 40% in 1944-1945.
Call that America’s national mobilization triggered by Pearl Harbor. It’s what a self-respecting democracy does when its very existence is called into question.
Alas, to a man and woman Israel’s leadership has likened the barbaric Hamas attacks of October 7th to Pearl Harbor. And Netanyahu in particular has insisted that Israel’s withering bombardment of Gaza must not give way to a “pause” or ceasefire just as Washington did not stand down after Pearl Harbor, either.
Fine. But then again, where is Netanyahu’s powerful “budget speech” to the Knesset akin to FDR’s famous call to arms and economic sacrifice before the Congress in January 1942? Where is Netanyahu’s lobbying campaign for an all-out Israeli economic mobilization and stiff War Taxes that would dramatically increase the government’s claim on the nation’s economic resources?
Where is the plan for a true Garrison State with the vastly expanded military budget and armed forces that would be needed in the future to protect Israel’s citizens from being caught flat-footed again? Where are the plans for the hundreds of thousands of additional soldiers that would be required to ensure that the several thousand Hamas barbarians who inhabit the open-air prison on Israel’s southern border never again break through a properly sealed-off, militarized barrier on the perimeter of the Gaza Strip?
Of course, there is no such thing in the works. There is a whole lot of lobbying going on—but it’s not in the Knesset. Instead, it’s on behalf of a largely symbolic $14 billion Israel aid package from the war finance capital of the world on the Potomac.
But in the great scheme of things that’s a false comfort to the Israelis and an unaffordable virtue signal for the Washington pols. The fact is, Uncle Sam is flat-out broke. Washington cannot afford a single dime of the $106 billion package that Biden is trying to shove down the collective throats of America’s hapless legislators. That especially includes the utter waste of another $61 billion for Washington’s insane proxy war against Russia in Ukraine and the $14 billion for Israel, as well.
In truth, Israel has not yet even begun to tighten its own economic belt to pay for the war policy that its militaristic and religious extremist government insists upon. Indeed, the pending US aid package amounts to only 2.5% of Israel’s GDP and comes on the back of Netanyahu’s ceaseless decades-long campaign for a Garrison State national security policy, but one funded on the cheap via a quasi-pacifist defense spending level.
That’s right. Israel’s military expenditures had plunged from more than 20% of GDP at the time of the last existential crisis during the Yom Kippur War of 1973 to just 5% of GDP on the eve of the October 7 attacks. In effect, Netanyahu falsely told Israeli voters that they didn’t have to take the risks and make the territorial concessions implicit in a two-state and diplomatically-based solution to the Palestine problem. But at the same time, they could also avoid having to be taxed to the gills to pay for the alternative—a costly, heavily militarized Garrison State.
The wink and nod underlying this false solution, of course, was a pitiless willingness to keep Hamas in check by “mowing the grass” every few years in Gaza, as a desperate Israeli government is now doing once again to the horror of much of the civilized world.
So even more than the failure of Israel’s vaunted intelligence operations in the run-up to the October 7th massacres, the real deep policy failure is the flaccid blue line below, slouching toward 5.0% of GDP defense spending after the Netanyahu coalition came to dominate policy in the 1990s. You simply can’t have a Garrison State policy—no negotiations with the Palestinians, no two-state solution, no continuation of the Oslo or other international negotiations process and the quarantine of 2.3 million largely destitute Palestinians in a congested dysfunctional strip of land cheek-by-jowl with the Mediterranean Sea—on a 5% of GDP war budget.
As we recently pointed out, Israel’s $25 billion defense budget is a pittance compared to its booming, technologically advanced and robust $550 billion national economy. The latter, in turn, is 20X larger than what had been the $28 billion that passes for an economy in the shambles of Gaza—a whisp of GDP mainly funded by foreign philanthropists and malign actors alike. And even that will soon virtually cease to exist.
Even if you count the aid from the so-called malign actors—a few hundred million per year from Iran and others—that flows through Qatar to Hamas, there is simply no contest. Israel is an economic Goliath relative to the thin resources of the Hamas terrorist apparatus and does not need any virtue signaling hand-outs from the politicians of the bankrupt state domiciled on the Potomac in order to handle its own security. They just need to either—
- return to the international negotiating table for a two-state solution based on the pre-1967 borders and the re-unification of Gaza and the West Bank under an internationally accountable and guaranteed authority.
- or, in the alternative, shackle their voters with heavy-duty War Taxes to fund the full military might their current rejectionist policies require.
Needless to say, Bibi Netanyahu and his coalition of rightwing religious parties would have likely never stayed in power with their “rejectionist front” against an internationally brokered and superintended two-state arrangement had they leveled with the public about the immense increase in military spending and taxes these policies required.
But even that is not the half of it. The truth is, Netanyahu is a megalomaniacal madman who has had the reckless audacity to pursue an utterly dangerous Machiavellian strategy of promoting and funding Hamas in order to kill dead as a doornail any prospect whatever of a two-state arrangement.
The public record makes absolutely clear that this is what Netanyahu clearly has done, even as he failed to tell the Israel’s public that this policy, in turn, necessitated a full-bodied Garrison State with crushing taxes to keep his Frankenstein monster contained inside the Gaza prison walls.
And we do mean crushing. To spend another $25 billion or even $50 billion on a Garrison State approach to national security, as would be needed, would amount to 5% to 10% of GDP in higher taxes. Yet according to the World Bank, the Israeli tax burden has been falling since the turn of the century when Netanyahu’s one-state policy came to dominate Israel’s national security posture.
Israel Tax Revenue As % Of GDP, 1995 to 2021
For want of doubt, the facts are these. Between 2012 and 2018 Netanyahu gave Qatar approval to transfer a cumulative sum of nearly one billion dollars to Gaza in the form of suitcases full of cash. And at least half of that is estimated to have reached Hamas, including its military wing.
According to the Jerusalem Post,
……in a private meeting with members of his Likud party on March 11, 2019, Netanyahu explained the reckless step as follows: The money transfer is part of the strategy to divide the Palestinians in Gaza and the West Bank. Anyone who opposes the establishment of a Palestinian state needs to support the transfer of the money from Qatar to Hamas. In that way, we will foil the establishment of a Palestinian state (as reported in former cabinet member Haim Ramon’s Hebrew-language book “Neged Haruach”, p. 417).
In an interview with the Ynet news website on May 5, 2019, Netanyahu associate Gershon Hacohen, a major general in reserves, said, “We need to tell the truth. Netanyahu’s strategy is to prevent the option of two states, so he is turning Hamas into his closest partner. Openly Hamas is an enemy. Covertly, it’s an ally.”
Indeed, earlier that spring Netanyahu himself was widely quoted as saying during the aforementioned meeting of Likud MKs that,
“Whoever opposes a Palestinian state must support delivery of funds to Gaza (cash in suitcases from Qatar) because maintaining separation between the PA in the West Bank and Hamas in Gaza will prevent the establishment of a Palestinian state.”
So Israel’s governing faction of religious extremists, militarists, messianic settlers and Eretz Yisrael ideologues have chosen, instead, to live in a Garrison State and to be periodically compelled to “mow the grass” in the Gaza outdoor prison. Yet if its rightwing governments want to operate a modern-day Sparta, they need to tap their own taxpayers first.
In the meanwhile, Washington needs to truly sober up. Uncle Sam’s checking account is massively overdrawn. Now is not the time to fund wars which do nothing for America’s homeland security (Ukraine) or to provide purely symbolic aid to an ally that has more than enough resources to fund the unwise war policies it insists on pursuing.
David Stockman’s Contra Corner is the place where mainstream delusions and cant about the warfare state, the bailout state, bubble finance and Beltway banditry are ripped, refuted and rebuked.
END
Netanyahu will never fall for that
((Jerusalem Post/zerohedge)
Netanyahu Rejects Biden Phone Request For 3-Day Pause In Gaza War As IDF “Tightens The Noose”
WEDNESDAY, NOV 08, 2023 – 08:25 AM
President Biden in a phone call this week urged Israeli Prime Minister Benjamin Netanyahu to implement a three-day pause in fighting. This was revealed by multiple sources to Axios Tuesday, and Biden’s request appears to have been rejected, given the call took place Monday and Israel has since reaffirmed there will be no truce until the hostages held by Hamas are released.
“According to a proposal that is being discussed between the U.S., Israel and Qatar, Hamas would release 10-15 hostages and use the three-day pause to verify the identities of all the hostages and deliver a list of names of the people it is holding, the U.S. official said,” according to the report. AFP via Getty Images
But Netanyahu on Tuesday gave a speech declaring that his forces were “reaching deeper than Hamas ever imagined” a hailed the killing of thousands of Hamas terrorists and commanders. “There will not be a ceasefire without the return of our kidnapped,” he emphasized in a message “to our enemies and our friends alike.”
Israel’s Defense Minister Yoav Gallant had at the same time declared that the IDF is fighting “in the heart” of Gaza City and is “tightening the noose” around Hamas.
Concerning the Monday phone call, Axios revealed further, “The two U.S. and Israeli officials said Netanyahu told Biden he doesn’t trust Hamas’ intentions and doesn’t believe they are ready to agree to a deal regarding the hostages.”
The Israeli leader “also said that Israel could lose the current international support it has for the operation if the fighting stops for three days, the officials said.” Netanyahu further voiced to Biden that in 2014 Hamas took advantage of a humanitarian pause to kidnap an Israeli soldier and kidnap others.
The official White House call readout from the Biden-Netanyahu meeting only said the two leaders “discussed ongoing efforts to secure the release of hostages held by Hamas” – but without offering further details.
Of the estimated total 240 captives, Hamas has so far released four hostages, reportedly in large part through Qatar’s mediation, but lately US officials have said progress has stalled since then.
Israel says it was able to free a female soldier during the initial phase of ground operations, while reports have said that in some cases deceased hostages have been found, possibly due to airstrikes.
Hamas has meanwhile continued to publish short videos of what the group says are successful ambush attacks on tanks and armored convoy units, also showing close urban combat, but typically with IDF ground troops nowhere to be seen. The IDF appears to be advancing into Gaza City purely with armor, and presumably with ground infantry troops staying in the rear until a city area is initially prepared through tank, artillery, and airstrikes.
On Wednesday Secretary of State Antony Blinken said the US stands by Israel in rejecting calls for a full ceasefire. “Israel has repeatedly told us that there is no going back to October (7) before the barbaric attacks by Hamas — we fully agree,” he said. He then said of G7 counterparts, “We all agreed humanitarian pauses would advance key objectives.”
END
ISRAEL HAMAS
‘No escape’: IDF airstrike takes out Hamas terrorists fleeing 7th Brigade
Upon discovering the weapons, the IDF wasted no time in calling in an airstrike, resulting in the damaging of the terrorist infrastructure.
The 7th Brigade of the IDF’s Armored Corps encountered and successfully neutralized terrorists who had been launching attacks from a well-coordinated position in the Gaza Strip, the IDF announced in a statement.
The encounter began when the soldiers of the brigade identified an anti-tank missile and observation station that had been in use by Hamas terrorists. It was discovered that this station was connected via an underground tunnel to a larger cache of weaponry.
Upon this discovery, the IDF wasted no time in calling in an airstrike, resulting in the damaging of the terrorist infrastructure.
Terrorists eliminated after trying to escape
As the operation unfolded, terrorists attempted to escape the initial strike by fleeing to the rooftop of a nearby building. However, their attempt to escape came to a quick end as they were targeted and eliminated in a subsequent airstrike, ensuring that they could not pose any further threat.
IDF Lt-Col G’: “There is no escape” for the terrorists (Credit: IDF Spokesperson’s Unit)
In an extension of these defensive actions, the IDF also spotted and neutralized a group of Hamas terrorists who were actively launching mortar shells into Israeli territory. With swift coordination, an aircraft, supported by a fighter jet from the Gaza Division’s Fire Control Center, executed a tactical strike.
This attack successfully hit the launch site, taking out both the position and the terrorists.
Lt.-Col. “G”, commander of the 7th Brigade assault unit, made a resolute statement in the aftermath of the operations: “There is no escape: Any terrorist who encounters the brigade will be eliminated, and any terrorist who tries to flee will fail.”
end
ISRAEL/HAMAS/BRAZIL/IRAN/
Mossad helps Brazil arrest Hezbollah-linked terrorists planning attack on Jews
O Globo reported that one of the prisoners was detained upon arriving from Lebanon. “The authorities believe that he has already arrived with information to carry out the attacks,” the report said.
By ZVIKA KLEINNOVEMBER 8, 2023 19:33Updated: NOVEMBER 8, 2023 21:58
An Iranian-backed Hezbollah terrorist cell that planned to carry out attacks against Jewish and Israeli targets in Brazil was thwarted, according to Brazilian news reports on Wednesday that were confirmed by the Prime Minister’s Office.
Brazilian Federal Police prevented imminent terrorist attacks within the country against the Jewish community, The Brazilian Report reported Wednesday, adding that the operation was aimed at dismantling groups allegedly “preparing to commit terrorist acts” and “recruiting Brazilians for extreme acts,” targeting Jewish community buildings in Brazil.
According to the report, authorities executed two temporary arrest warrants and conducted searches at 11 locations across Minas Gerais, São Paulo, and the federal capital, Brasília. The Federal Police said individuals involved in recruiting or joining terrorist organizations could face severe legal penalties, including lengthy prison sentences.
The Prime Minister’s Office said: “Security forces in Brazil, in collaboration with Mossad and its partners within the Israeli security community, as well as other international security and law enforcement agencies, successfully foiled a planned attack by the Hezbollah terrorist group – orchestrated and financed by the Iranian regime. This disruption targets a vast network that extends to several other nations globally.”
Investigations have identified the suspects’ connections to Hezbollah, according to the report. A 2014 inquiry by the Federal Police found ties between Hezbollah and Brazil’s First Command of the Capital cartel, including alleged weapons trade and the safeguarding of Lebanese prisoners in Brazil.
Op comes amid spike in antisemitic incidents in Brazil
“Amid the ongoing conflict in Gaza with the Hamas terrorist group, Hezbollah and the Iranian regime persist in their global efforts to orchestrate attacks against Israeli, Jewish, and Western targets,” the Prime Minister’s Office said. “The Mossad is active and will continue to employ a diverse array of tactics to prevent these attempts, operating wherever necessary.”
One of the prisoners was detained at São Paulo-Guarulhos Airport upon arrival from Lebanon, Rio de Janeiro-based newspaper O Globo reported.Advertisement
“The authorities believe that he has already arrived with information to carry out the attacks,” the report said.
The operation comes against the backdrop of Brazil’s strict anti-terrorism legislation enacted prior to the 2016 Rio Olympics, which takes a firm stance against acts motivated by xenophobia or racial, ethnic, and religious discrimination.
An alarming increase in antisemitic incidents in Brazil has been reported, escalating tensions and vigilance among Jewish communities. The Brazilian Report highlighted a 760% rise in school-related antisemitic incidents over the past three years, intensifying concerns of potential threats and emphasizing the need for such preemptive actions by law-enforcement agencies.
According to the World Jewish Congress, there are about 92,000 Jews in Brazil, making it the 10th-largest Jewish community in the world and second largest in Latin America, behind Argentina.
END
UKRAINE VS RUSSIA//GERMANY
What did Germany expect? Fewer than 20% Ukrainian refugees in Germany are employed
(Remix)
Fewer Than 1 In 5 Ukrainian Refugees In Germany Are Employed
WEDNESDAY, NOV 08, 2023 – 05:00 AM
Politicians from across the political spectrum have criticized the generous welfare benefits available to Ukrainian refugees which are disincentivizing many from joining the labor market…
Only a fraction of the estimated 700,000 Ukrainian refugees of working age have found employment following their arrival in Germany, a report from German newspaper Der Spiegel has revealed.
According to the report, just 19 percent of Ukrainian refugees in Germany have found work with the rest currently living off the country’s welfare state.
Several politicians from across the political spectrum expressed their concern about the sustainability of providing ongoing support.
Matthias Jendricke, chairman of the Nordhausen district council in Thuringia, described the situation as “disappointing.”
A member of the governing Social Democratic Party (SPD), Jendricke said he thought it would have been easier to integrate Ukrainians into the labor market than other refugees.
In the weeks following the Russian attack, he even bussed Ukrainian refugees from Berlin to his district as the county was in urgent need of labor.
“Things went completely wrong”, he explained, revealing that only a fraction of the refugees were interested in joining the labor market.
Joachim Walter, a member of the CDU opposition and county council president in the Tübingen district of Baden-Württemberg, held a similar view.
“The willingness of Ukrainian refugees to work has been significantly reduced because of the aid,” he claimed.
He accused the federal government of being too generous in relation to the social benefits on offer for Ukrainian refugees, claiming that “high public payments” do not “encourage people to work here.”
…
END
UKRAINE
Ukraine wishes to become the arsenal of the free world once they engage in talks with Russia
(Anzalone/Libertarian Institute)
Ukraine Seeks To Become ‘Arsenal Of The Free World’
WEDNESDAY, NOV 08, 2023 – 02:00 AM
Authored by Kyle Anzalone via The Libertarian Institute,
A top Ukrainian official said Kiev is seeking to become one of the largest arms manufacturers in the world. The statement comes as the Biden administration has begun pushing Ukraine to engage in talks with Russia on ending the war. Ukraine developing a large weapons industry and selling those arms to the enemies of Russia will likely interfere with any deals to end the conflict.
The czar of Ukraine’s weapons industry believes that Kiev should become an arms production hub for the West. Oleksandr Kamysyhin, the minister for strategic industries of Ukraine, explained, “We’re really focusing on making Ukraine the arsenal of the free world.”Ukrainian Defense Ministry Press Service/AP
He told the AP last Friday, “We are focused on producing all types of weapons and ammunition, and we show that we can test it on the battlefield and make it better during the war.” Kamysyhin added, “That’s something we can contribute to the free world, because as you see, defense industry is becoming more and more important globally.”
While Kamysyhin is eyeing exporting arms in the future, currently, Kiev and Ukraine’s Western backers are struggling to adequately provide frontline soldiers with weapons to fight Russian forces.
The US depleted its surplus stockpiles of 155MM artillery rounds and long-range missiles. This has resulted in the White House violating American laws by sending Ukraine cluster bombs. Additionally, The Biden administration has nearly exhausted the over $100 billion in funding for the war in Ukraine authorized by Congress. The White House relies on funds made available through a Pentagon “accounting error” to ship arms to Kiev.
On the battlefield, Time Magazine reports speaking with Ukrainian officials who say Kiev lacks the weapons and soldiers it needs to win the war. Gen. Valery Zaluzhnyy told the Economist, “There will most likely be no deep and beautiful breakthrough.”
The bleak outlook on the war by some in Kiev is matched in Western capitals. NBC News reports that there is a growing number of Ukraine’s key supporters who are now encouraging the Zelensky administration to start to think about negotiating an end to the war. At a conference last month, Western officials held conversations with Ukrainian leaders “included very broad outlines of what Ukraine might need to give up to reach a deal.”
A negotiated settlement to the war will conflict with Kamysyhin’s plan to turn Ukraine into an arms hub. In the early months of the conflict, Moscow was willing to reach a peace deal with Kiev that involved Ukraine declaring neutrality and demilitarizing.
Meanwhile, on Monday Zelensky put an end to any speculation that Kiev was holding elections next year. “We all understand that now, in wartime, when there are many challenges, it is utterly irresponsible to engage in topics related to an election in such a frivolous manner,” he said. “We need to recognize that this is a time for defense, a time for battle, upon which the fate of the state and its people depend. …I believe that elections are not appropriate at this time.”
Zelensky was elected to a five-year term in March of 2019, and Kiev is due to hold elections next year. Ukraine has been under martial law since the Russian invasion in 2022. Ukrainian law prohibits elections during wartime. However, last week, Foreign Minister Dmytro Kuleba said the president was considering the positives and negatives of holding elections.
end
6,VACCINE/COVID ISSUES & GLOBAL ISSUES
GLOBAL ISSUES
END
GLOBAL VACCINE/COVID ISSUES
Billions of Copies of Residual DNA in a Single Dose of COVID-19 mRNA Vaccine: Preprint
Nothing but contamination in those injections
(epoch Times)
A new preprint study up for peer review finds billions of residual DNA fragments in COVID-19 mRNA vaccine vials.
By Marina Zhang
The Epoch Times, New York
Tuesday, November 7, 2023
A new preprint study up for peer review finds billions of residual DNA fragments in the COVID-19 mRNA vaccine vials.
The lead author of the study, molecular virologist David Speicher, who has a doctorate in virology, told The Epoch Times that their study is “the largest study” on residual DNA in COVID-19 vaccines to date.
“In our study, we measured DNA copies of spike, ori (origin of replication), and SV40 enhancer genes,” he told The Epoch Times. “The loads of SV40 enhancer-promoter, ori, and virus spike in Pfizer are up to 186 billion copies per dose.”
The spike he refers to is the DNA sequence of the SARS-CoV-2 spike protein, which can be transcribed to spike mRNA to be used in the COVID-19 mRNA vaccines to be translated to spike protein. The other two DNAs—SV40 enhancer genes and ori—help facilitate the replication of spike DNA.
However, the final mRNA vaccines should only include RNA and not residual DNA instructions for spike production.
The researchers sequenced the gene material in 27 mRNA vaccine vials from 12 different lots. Nineteen vials were from Moderna, and eight were from Pfizer.
“Further work is needed to investigate if anything in these vaccines is actually integrating into the human genome and what effect that may have,” the lead author wrote.
Why Would There Be DNA in mRNA Vaccines?
The mRNA vaccines are made from DNA.
Initially, Pfizer reported that it would use a PCR machine to produce the DNA for the mRNA vaccines. The PCR machine would first make many copies of DNA, and then the same DNA would be sequenced into RNA.
However, because this process would not be fast enough to meet demands, Pfizer announced it would use bacteria to mass produce the spike DNA instead. The DNA produced from the bacteria would then be harvested and sequenced to RNA in a machine.
Moderna’s manufacturing report submitted to the European Medicine Agency also showed that the company used plasmid DNA to produce the vaccines. A plasmid is a strand of circular DNA common to bacteria and certain parasites. Plasmids are circular, while human DNA is linear.
Using bacteria to produce genes and proteins is a standard biotechnological process employed in the production of pharmaceuticals.
To have the bacteria replicate spike protein DNA, scientists first have to introduce spike protein DNA into the bacteria. As the bacteria multiply, so do the spike protein DNA they carry.
However, the spike DNA cannot be introduced alone; other sequences—such as the ori, which signals for DNA replication; the SV40 enhancer gene, which encourages more DNA replication; and an antibiotic resistance gene, which helps scientists identify the bacteria that have taken up the gene—would all be introduced together in a circular bacterial DNA.
It should be noted that the SV40 enhancer gene is a genetic sequence from the polyomavirus simian virus 40 (SV40), a DNA virus known to cause cancer in laboratory animals. The gene is not the SV40 virus itself.
Once the mRNA and DNA are harvested from the bacteria, the DNA is then supposed to be removed.
However, it wasn’t cleared efficiently, as the billions of copies of spike, ori, and SV40 enhancer DNA detected in the Pfizer vials suggest. Several millions of copies of ori and spike DNA were also found in the Moderna vials, but the SV40 enhancer gene was not detected.
Why DNA Impurities in mRNA Vaccines Are Concerning
Foreign DNA introduced into the cell alongside the mRNA is at risk of being mistaken as human DNA. If it is, it can then be integrated into the cell’s blueprint.
The presence of SV40 enhancer genes increases the risk of DNA integration, said the lead author, citing a study published in 1999 that found maximal transport of DNA using the SV40 enhancer. The peak period for SV40 publications, in terms of the overall rate of publication, spanned from the 1980s to 1999.
If the DNA for spike protein is integrated into the host genome, cells will forever contain spike protein sequences. Integration of foreign DNA into the human genome can also cause cancer, as shown in studies of viral DNA integration.
The SV40 enhancer gene is highly controversial in the field of vaccination because it comes from a virus linked to cancer.
Some of the polio vaccines administered between 1955 and 1963 were found to be contaminated with the complete SV40 virus. However, even so, studies have concluded that those vaccinated with the entire SV40 gene are not at a higher risk of developing cancer.
Vials With More DNA Fragments Related to More Adverse Events
The research paper further suggested that vials with higher doses of DNA content could potentially cause more adverse reactions like those found on the Vaccine Adverse Reaction Reports System (VAERS).
These vaccines tended to be the purple-top vials that required dilution before administration. If pharmacists forget to dilute the vials, they may accidentally inoculate children with five times the recommended dose. Therefore, the higher adverse events could also be linked to incorrect dosing of the vaccines.
The researchers used two techniques to determine DNA content dosage: fluorometry and qPCR.
The fluorometry test showed that the DNA content exceeded the U.S. Food and Drug Administration (FDA) limits of 10 nanograms per dose by 188 to over 500 times. However, the qPCR test indicated that the DNA levels detected were below the regulatory standard.
Kevin McKernan, one of the study’s authors with 20 years of experience in genomic sequencing who previously worked on the Human Genome Project and who is currently the chief scientific officer and founder of Medicinal Genomics, explained that the discrepancy in tests was because while fluorometry can detect double-stranded DNA of any size, qPCR can only detect DNA that has 100 base pairs or more.
However, while the qPCR tests rendered a result below regulatory standards, Mr. McKernan explained previously that the FDA standards were published at a time when residual DNA in the vial would only be naked DNA that would have difficulty entering cells. This is different from the current mRNA vaccines; now, DNA can be packaged into lipid nanoparticles, transporting it directly into the cell.
What’s Next?
The lead author told The Epoch Times that far more research is needed to be done investigating DNA contamination in the COVID-19 vaccines.
Other laboratories also need to trial his team’s tests and reproduce their work to come to a more accurate conclusion on the effect DNA dosage has on post-vaccination symptoms.
Other unanswered questions include whether the SV40 sequence in the vaccines is triggering “turbo cancer,” according to the lead author. Animal studies must also be done to determine whether residual DNA is causing an immune response.
As noted in recent Epoch Times reports, the FDA refused to recall Pfizer COVID-19 vaccines despite vaccine experts like Dr. Robert Malone speaking out about the vials’ DNA contamination. The European Medicines Agency also told The Epoch Times that Pfizer did not highlight that its vials included SV40 genes.
-END-
On Wed, Nov 8, 2023 at 9:39 AM Chris Powell <cpowell@gata.org> wrote:
end
DR PAUL ALEXANDER
EXCESS mortality (all-cause): has EXCESS mortality increased in highly vaccinated global nations (taking the mRNA technology gene injection)? YES! 2ND SMARTEST GUY IN THE WORLD shows +150% increase;
EXCESS MORTALITY triples! excellent scholarship + graphs, support 2nd 2020 IFR estimates by Ioannidis et al., already demonstrated a moderate IFR for all age-groups of 0.23%, and 0.05% for <70-years
| DR. PAUL ALEXANDERNOV 8 |
2nd Smartest Guy in the World
Excess mortality in the 20 most vaccinated highly developed countries almost triples!
by Ben 
Median all-cause excess mortality in the 20 most vaccinated highly developed countries increased by +149% after vaccination rollout! #COVID #COVID19 #Vaccine #MRNA #Excess #ExcessDeaths Results In 2020 median excess mortality in the top 20 highly developed countries was +4.5%, with the mass vaccine rollout in 2021, it increases to +9.9% and even f…
a day ago · 32 likes · 1 comment · 2nd Smartest Guy in the World
‘Median all-cause excess mortality in the 20 most vaccinated highly developed countries increased by +149% after vaccination rollout!
#COVID #COVID19 #Vaccine #MRNA #Excess #ExcessDeaths
Results
In 2020 median excess mortality in the top 20 highly developed countries was +4.5%, with the mass vaccine rollout in 2021, it increases to +9.9% and even further deteriorated in 2022 to +11.2%.
end
One visit, 2 shots, you get the COVID & Flu shot same visit & CDC says a 3rd, the RSV shot at the same visit! Imagine that, yet no proper research shows this is safe or effective; this is recklessness
This is propaganda & rebranding of failed COVID mRNA technology Vaccine booster plus the ineffective DOA annual shot that has NEVER worked! Makis calls them out, good scholarship, see stack
| DR. PAUL ALEXANDERNOV 8 |
CDC says:
https://www.cdc.gov/respiratory-viruses/whats-new/getting-vaccines-at-same-time.html
end
Team Trump Mulling Deploying Military to Streets on Day 1 if Elected: Report; The former president’s allies are developing a plan that would immediately deploy the military to the streets
against protestors etc.; it will not be like TRUMP 1.0; yes, 45, go after them go after all in your prior who subverted you, punish and jail them, do what the Democrats do, use the Justice Department
| DR. PAUL ALEXANDERNOV 8 |
EVOL NEWS
| WEF Professor: Parents Must Apply for License to Have ChildrenREAD MORE… |
| LATEST NEWS: |
| ‘I Mean, Wow’: CNN Hosts Become Visibly Frustrated At Trump’s Historic Approval With Black VotersRead more…Jewish man dies following altercation at pro-Palestinian protest in Greater Los AngelesRead more…Jewish man dies after being struck by pro-Palestinian protester, LA Jewish federation saysRead more…Jewish man dead, after anti-Israel protester assaults him in CaliforniaRead more…WeWork, once valued at $47 billion, files for bankruptcyRead more…Democrats concerned over Tlaib’s anti-Israel rhetoric, but are not backing new GOP censure effortsRead more…Iowa Gov. Kim Reynolds says Trump can’t win in 2024 as she endorses Ron DeSantisRead more…Netanyahu to ABC’s Muir: ‘No cease-fire’ without release of hostagesRead more… |
SLAY NEWS
| The latest reports from Slay NewsExperts Raise Alarm over Bill Gates’ ‘Global Health AI’Several leading experts have begun raising the alarm over Bill Gates’s latest artificial intelligence (AI) “initiative” that is supposedly intended to advance “global health.”READ MOREJim Jordan Launches Investigation into DOJ for Spying on Congressional LawmakersHouse Judiciary Committee Chairman Jim Jordan (R-OH) has announced he is launching an investigation into the weaponized Department of Justice (DOJ) for spying on congressional lawmakers and their members of staff.READ MOREAnti-Israel Protesters Desecrate American Revolution Monuments in D.C: ‘Death to USA’Anti-Israel protesters have taken to desecrating several monuments commemorating the American Revolution near the White House.READ MOREWatchdog Calls for Investigation into Biden Official Behind Electric Vehicle PushThe Department of Transportation’s (DOT) inspector general has been called on to investigate a top official in Democrat President Biden’s administration who has been leading the push to force Americans into switching to electric vehicles (EVs).READ MOREFetterman Tells Heckler: ‘Joke Is on You – I Had a Stroke, Can’t Fully Understand What You’re Saying’Democrat Senator John Fetterman (D-PA) told a heckler in Pennsylvania that he couldn’t “fully understand” what they were yelling at him because he’s “had a stroke.”READ MOREElderly Jewish Man Killed by Anti-Israel ‘Protester’ in CaliforniaAn elderly Jewish man has died after being attacked by a violent anti-Israel “protester” during a pro-Hamas rally in California.READ MORE‘CSI: Miami’ Actor Evan Ellingson Found Dead at 35Former child star Evan Ellingson has been found dead, according to reports.READ MOREGoogle Scraps Plan to Build 15,000 Homes in San FranciscoBig Tech giant Google has abandoned plans to build 15,000 new homes in the San Francisco Bay Area due to the project no longer being “mutually beneficial.”READ MOREIraq Leader Declares Allegiance to Iran, Praises Hamas Just One Day after Meeting BlinkenIraq’s Prime Minister Mohammed Shia al-Sudani has traveled to Tehran and declared his allegiance to Iran just one day after meeting with Democrat President Joe Biden’s Secretary of State Antony Blinken.READ MORETrump Drops Hammer on AG James during NY Testimony: ‘Political Hack, Should Be Ashamed of Herself’President Donald Trump held nothing back while testifying in court today, telling the Manhattan court that New York Attorney General Letitia James is a “political hack who wants to be governor” and “she should be ashamed of herself.”READ MOREBiden Family Whistleblower Tony Bobulinski Issues Challenge: ‘Hunter, Jim, Joe & I Should Testify before Congress, Publicly & Under Oath’Hunter Biden’s former business partner-turned-whistleblower Tony Bobulinski has issued a challenge to the Democrat president and his family.READ MORE |
By Benjamin Picton, Senior macro strategist at Rabobank
end
7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES//USA AND GLOBE
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
INDIA
Just look what New Delhi is implementing due to polluted air
(zerohedge)
New Delhi Implementing Driving Bans Due To Polluted Air
TUESDAY, NOV 07, 2023 – 10:45 PM
In move that we’re sure we’ll eventually see in U.S. cities as the climate change rhetoric continues to go parabolic (especially heading into the 2024 election), New Dehli is now implementing license plate based driving bans in order to try and restrict the number of cars on its roads at any given time.
The measure, which separates cars into license plates ending with odd and even numbers, is going to be put in place on alternate days for a week beginning on November 13, Bloomberg reported this week.
The goal is to “lower vehicular pollution”, the report says. In addition to the car ban, heavy vehicles have also been banned from the capital city, with exceptions for essential services.
Bloomberg wrote that in recent days, Delhi has persistently emerged at the pinnacle of global pollution rankings, facing alarmingly toxic air quality conditions.
In response, the regional administration has enacted emergency protocols, including the suspension of educational institutions, a moratorium on construction activities, and a push towards greater reliance on public transportation systems, the report says.
Previously, the capital has resorted to episodic vehicular restrictions in an effort to mitigate the environmental crisis.
On the judicial front, the Supreme Court of India is slated to address the issue of Delhi’s escalating pollution on November 7th. Anticipated at this hearing, representatives from Delhi and contiguous states will brief the court on the progress and measures adopted to ameliorate the air quality disaster.
We’re certain shocked liberals in the U.S. will be beside themselves that there are other places in the world not “doing their part” to fight climate change. Has anyone in India considered taking a hammer to a piece or art to try and fix the problem?
end
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0672 DOWN 0.0023
USA/ YEN 150.85 UP .456 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2259 DOWN 0.0031
USA/CAN DOLLAR: 1.3783 UP .0014 (CDN DOLLAR DOWN 14 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 4.90 PTS OR 0.16%
Hang Seng CLOSED DOWN 101.70 PTS OR 0.58%
AUSTRALIA CLOSED UP 0.30% // EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG DOWN 101.70 PTS OR 0.58%
/SHANGHAI CLOSED DOWN 4.90 PTS OR 0.16%
AUSTRALIA BOURSE CLOSED UP 0.30%
(Nikkei (Japan) CLOSED DOWN 105.34 PTS OR 0.33%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1962.40
silver:$22.40
USA dollar index early WEDNESDAY morning: 105.60 UP 22 BASIS POINTS FROM TUESDAY’s CLOSE.
WEDNESDAY MORNING NUMBERS ENDS
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And now your closing WEDNESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.362% DOWN 3 in basis point(s) yield
JAPANESE BOND YIELD: +0.844% DOWN 2 AND 4//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.678 DOWN 4 in basis points yield
ITALIAN 10 YR BOND YIELD 4.490 DOWN 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6378 DOWN 3 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0705 UP 0.0009 or 9 basis points
USA/Japan: 150.85 UP .449 OR YEN DOWN 45 basis points/
Great Britain/USA 1.2286 DOWN 0.0004 OR 4 BASIS POINTS //
Canadian dollar DOWN .0029 OR 29 BASIS pts to 1.3798
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The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.2804
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2854)
TURKISH LIRA: 28.49 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.844…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 3 in basis points from TUESDAY at 4.546% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.682 DOWN 5 in basis points ON THE DAY/12.00 PM
USA 2 YR BOND YIELD: 4.934 UP 1 BASIS PTS.
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY: CLOSING TIME 12:00 PM
London: CLOSED DOWN 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: 92.01; ROUBLE UP 0 AND 24//100
GERMAN 10 YR BOND YIELD; +2.6330 DOWN 3 BASIS PTS
UK 10 YR YIELD: 4.2935 DOWN 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0709 UP 0.0014 OR 14 BASIS POINTS
British Pound: 1.2289 DOWN .0002 or 2 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.276% DOWN 5 BASIS PTS//
JAPAN 10 YR YIELD: .844%
USA dollar vs Japanese Yen: 150.99 UP .596 //YEN DOWN 60 BASIS PTS//
USA dollar vs Canadian dollar: 1.3798 UP 29 CDN dollar DOWN 29 basis pts)
West Texas intermediate oil: 75.40
Brent OIL: 79.79
USA 10 yr bond yield DOWN 6 BASIS pts to 4.514%
USA 30 yr bond yield DOWN 9 BASIS PTS to 4.645%
USA 2 YR BOND: UP 2 PTS AT 4.932 %
USA dollar index: 105.38 UP 1 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 28.49 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 92.01 UP 0 AND 24/100 roubles
GOLD 1949.10
SILVER: 22.52
DOW JONES INDUSTRIAL AVERAGE: DOWN 39.80 PTS OR 0.12%
NASDAQ UP 17.22 PTS OR 0.11%
VOLATILITY INDEX: 14.40 UP .41 PTS (2.77)%
GLD: $180.77 UP 1.82 OR 1.00%
SLV/ $20.65 DOWN .08 OR 0.39%
end
USA AFFAIRS
USA TRADING IN GRAPH FORM
Bullion & Black Gold Breakdown As Loosening Financial Conditions Foil Fed’s Plan
WEDNESDAY, NOV 08, 2023 – 04:00 PM
As earnings season winds down and macro catalysts are scarce (Fed Chair Powell said nothing at all today on monetary policy… but speaks again tomorrow), so Treasury yields drifted lower and stocks struggled (led by banks and energy).
The reflexive (loosening) reversal in financial conditions, since The Fed bragged about the market doing its (tightening) job for them has been significant to say the least – erasing, according to Goldman, around 50bps of the 100bps implied rate-hikes that the Q3 tightening created…
Interesting, ‘hard’ data has fallen along with the tighter financial conditions…
Source: Bloomberg
…but ‘soft’ survey data has ignore the tightening financial conditions…
Source: Bloomberg
Small Caps were clubbed like a baby seal again. The Dow ended red as The S&P and Nasdaq battled it out for a green close and their 8th and 9th up-day in a row respectively…
The Nasdaq rose 10 days in a row in Nov 2021, but the S&P hasn’t risen for 9 days in a row (which it would do if green tomorrow) since 2004…
Eli Lilly’s FDA approval for its Tirzepatide GLP-1 analog drug for obesity treatment sent Obesity-based stocks higher at the expense of restaurants and gyms etc…
Source: Bloomberg
Regional banks were battered once again (after yesterday’s FHLB news)…
Treasuries were mixed today with the long-end outperforming once again (30Y -9bps, 2Y +2bps). On the week, the long-end is the big winner (-13bps) while the short-end is the only segment of the curve higher in yield (2Y +10bps, 5Y +1bps)…
Source: Bloomberg
Having dis-inverted, the yield curve (2s30s) tumbled back to one-month lows…
Source: Bloomberg
The dollar went nowhere today, hovering at those pre-payrolls-plunge highs…
Source: Bloomberg
For the second day in a row, Bitcoin jumped higher around 1130ET, but couldn’t hold the gains…
Source: Bloomberg
Gold prices continued to drift lower, but remain well off their pre-Israel lows…
Crude prices crashed to near 4-month-lows with WTI tagging a $74 handle intraday…
Is crude following tightening financial conditions with a two-month lag?
Source: Bloomberg
Or was yesterday’s record call option volume a sign of the bottom getting close?
Source: Bloomberg
Finally, liquidity in the crucially-important US Treasury market remains very poor – at its worst since 2010…
Source: Bloomberg
The last time liquidity was this bad – in March 2020 – The Fed unleashed its largest money-drop ever.
And in light of that liquidity crisis, is it any wonder that Warren Buffett is holding his drypowder.
Since the pandemic first struck, the conglomerate’s holdings of cash have declined, but its holdings of T-bills have soared past $126 billion to a record. Wondering why he is not snapping up those ‘cheap’ stocks you keep hearing about on TV?
Simple – according to his favorite indicator, stocks are only back to the same level of ‘expensive’ as they were at the peak of the dotcom bubble…
Source: Bloomberg
As Buffett once remarked, “Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.”
EARLY MORNING TRADING/THIS AFTERNOON/
TUCKER CARLSON
They’re “Completely Petrified” Of Trump: Greenwald & Carlson Unravel “The Two Defining Tragedies Of Our Age”
WEDNESDAY, NOV 08, 2023 – 12:15 PM
As we traverse the uncertain waters of the current geopolitical and domestic political landscapes, two concurrent sagas are nearing their respective denouements: the protracted war in Ukraine and the polarizing tenure of President Joe Biden.
“The two defining tragedies of our age, the war in Ukraine and the presidency of Joe Biden, are finally, both inevitably coming to an end.”
Tucker Carlson and Glenn Greenwald discuss these two interwoven issues at length, noting first the West’s palpable war-fatigue, manifesting in a reluctance to further “fund this war,” while on the ground in Ukraine, human resources are dwindling.
“The West is just tired of funding this war… they’re now dragging 45 and 50 year olds off buses and sending them to the front,” adding that “NATO seems to have acknowledged that this is not actually going to work.”
The American involvement, initially presented as an unyielding support for democracy, is facing critical examination.
Sadly, Greenwald points out that “the only thing that is going to happen is that this war will be prolonged, huge numbers of young Ukrainians… are going to die.“
Early opportunities for diplomatic solutions were brushed aside:
“We were told by the people who wanted the US involved in this war…to prevent diplomatic negotiations from taking place with the possibility of ending the war very early on.”
This has led to speculation that the true motivations for the U.S. stance might be rooted not in the high-minded ideals of liberty and self-determination but rather in a geopolitical tug-of-war with Russia.
Indeed, uncomfortable questions about the West’s commitment to the Ukrainian people are growing louder now that Israel has distracted Biden, suggesting they were, as Greenwald puts it, “willing to sacrifice Ukrainians and Ukraine at the altar of getting back at Russia.”
Parallel to the Ukrainian conflict is the political theater in the US, where Biden’s presidency is seemingly caught in the riptide of public opinion (within and without his own party over Israel support) amid a contentious political environment fraught with double standards and shifting narratives.
Primarily, the specter of former President Trump looms large over the Democratic Party and their MSM lackeys, amid all their efforts to discredit or sideline him:
“All their efforts to try and destroy Trump have failed at least until now and I don’t think the Democratic party is going to be able to figure out what to do about that.”
Greenwald continues that the “horrified tones” from leftists are about two things.
“One, there’s obviously a good chance Trump will win and they can’t understand that…
…and the other thing is that all they’ve been saying for six years is that Trump is a white nationalist, that Trump is a racist, that Trump hates all minorities. And here you have increasing numbers of non-white voters doing the exact opposite of what you would expect them to do if they trusted or believed what those people have been saying,” Greenwald continued.
Biden’s support from Latino, black, and Asian voters dropped from 63% to 47% in July, according to the poll. The drop in support could be a concern to Biden as 70% of his support in the 2020 election was from non-white voters, according to The New York Times.
“Namely, they’re voting for Donald Trump, the racist white nationalist candidate who wants to put them all into camps…
And so if you’re an employee of these media outlets, and you look at the polling numbers, you realize that these people have tuned you out…
…They don’t care what you say anymore. They don’t trust what you say anymore…
They have completely lost any control or influence over how Americans reason because most Americans are smart enough to have come to the conclusion that those people that you just showed in the media outlets for which they work are absolute liars, are just propagandists and people who exist to deceive,” Greenwald stated.
As these scenarios unfold, it becomes increasingly clear that the outcomes of the war in Ukraine and the current U.S. administration will leave indelible marks on the global stage and domestic political scene:
“It’s not just a Biden collapse, it’s in key swing states all of which he won in 2020 where Trump now has a significant lead,” Greenwald concludes.
Watch the full discussion below:https://www.zerohedge.com/political/theyre-completely-petrified-trump-greenwald-carlson-unravel-two-defining-tragedies-our
(00:17) Glenn Greenwald joins
(05:41) Will the Ukraine War Hawks ever apologize?
(07:25) Using foreign wars to punish Americans
(10:00) Free speech hypocrisy
(18:18) Biden’s awful poll numbers
(21:31) Liberal media turn on Biden
(25:09) 2024 predictions
III) USA ECONOMIC STORIES
CNH Industrial, world’s top tractor make slashes outlook.
(zerohedge)
World’s Top Tractor Maker Slashes Outlook, Trims Jobs In Response To Slowing Sales
TUESDAY, NOV 07, 2023 – 06:45 PM
CNH Industrial, a global leader in farm equipment with top brands such as Case, New Holland, and Steyr, saw its stock prices tumble on Tuesday – the largest intraday drop since June 2020. The decline followed the company’s decision to cut its revenue outlook for 2023, attributing the downward revision to a global deceleration of agricultural machinery demand. Also, the company announced an immediate restructuring program that will result in a cut of 5% of its salaried workforce.
A quick look at the Italian-American company’s yearly forecast reveals net revenue forecast from industrial activities will be between 3-6% this year, down from a previous forecast of 8-11%. It also revised its free-cash-flow estimate lower to be between $1-1.2 billion from $1.3-$1.5 billion.
YEAR FORECAST
- Sees industrial net sales +3% to +6%, saw +8% to +11%
- Sees industrial free cash flow $1 billion to $1.2 billion, saw $1.3 billion to $1.5 billion
Sales for the third quarter fell 1% to $5.33 billion, below Bloomberg’s estimate of $5.8 billion.
THIRD-QUARTER RESULTS
- Adjusted EPS 42c, estimate 43c (Bloomberg Consensus)
- Industrial net sales $5.33 billion, estimate $5.8 billion
- Industrial Sales Constant Currency -3%
- Agriculture net sales $4.38 billion, estimate $4.77 billion
- Construction net sales $948 million, estimate $975.9 million
- Agriculture Adj. Ebit $672 million, estimate $708.8 million
- Construction adj. Ebit $60 million, estimate $49.3 million
- Agriculture adj. Ebit margin 15.3%, estimate 14.8%
- Construction adj. Ebit margin 6.3%, estimate 5.04%
The decline in sales is primarily due to falling tractor demand across South America and Europe:
In North America, industry volume was up 19% year over year in the third quarter for tractors over 140 HP and was down 7% for tractors under 140 HP; combines were down 4% from prior year. In EMEA, tractor and combine demand was up 4% and down 18%, respectively. Industry volume in Europe alone was down 7% for tractors and down 40% for combines. South America tractor demand was down 16% and combine demand was down 47%. Asia Pacific tractor demand was down 10% and combine demand was up 33%.
As a result of the slowdown, the company announced an “immediate restructuring program targeting a 5% reduction in salaried workforce cost” and will be “coupled with a comprehensive rightsizing of the Company’s cost structure to be implemented early next year.”
Shares in Milan were repeatedly halted, while shares in the US fell 12%.
The news follows Caterpillar’s earnings seven days ago, where it warned about a more cautious fourth quarter and said order backlogs fell.
A softening in worldwide tractor sales could serve as a harbinger for a global slowdown, signaling growing economic turbulence due to the Federal Reserve’s aggressive monetary tightening.
end
Mish: If The US Has A Goal In Ukraine Or Israel, What The Hell Is It?
WEDNESDAY, NOV 08, 2023 – 09:55 AM
Authored by Mike Shedlock via MishTalk.com,
The US has already given Ukraine $75 billion. Biden wants another $100 billion for Ukraine and Israel. What exactly is the mission?
It seems to me that if we are going to give foreign nations hundreds of billions of dollars, we ought to have defined goals and a method of achieving them.
White House Announcement
In a White House Announcement on October 20, here are Remarks by President Biden on the United States’ Response to Hamas’s Terrorist Attacks Against Israel and Russia’s Ongoing Brutal War Against Ukraine
“You know, history has taught us that when terrorists don’t pay a price for their terror, when dictators don’t pay a price for their aggression, they cause more chaos and death and more destruction. They keep going, and the cost and the threats to America and to the world keep rising. ”
Lovely, But What’s the Goal?
Dear Mr. President, your statement sounds lovely. But what is the mission? What is the goal? How long are we willing to keep funding Ukraine and Israel to get it?
Biden says he supports a two-state solution. O.K.If that’s the idea, then why are we handing out hundreds of billions of dollars with no strings attached?
Over the years, the US has given Israel about $130 billion. What, if anything, do we have to show for it?
On NATO
“For 75 years, NATO has kept peace in Europe and has been the cornerstone of American security. And if Putin attacks a NATO Ally, we will defend every inch of NATO which the treaty requires and calls for.”
That sounds lovely too, except to thinking individuals. By the way, how much is Germany contributing to NATO?
Germany is about 960 miles from Ukraine, by road. The US is 5,600 miles away by plane.
Why is it that the US is providing nearly all the aid to Ukraine and Israel?
What Price Do We Pay?
The US has no readily discernable mission statement other than Biden’s comments to make terrorists and Putin pay a price.
What price are we willing to pay to make Putin pay a price? $200 billion? $500 billion? A trillion? Unlimited? For what precise goals? When?
Biden’s statements may sound pretty unless you really ponder the implications: We are handing out hundreds of billions of dollars for wars that are essentially none of our business, with no strings attached.
We deserve answers. But don’t expect any.
The US spent trillions of dollars in Iraq and Afghanistan without ever having a stated mission, goals, or an end game. Afghanistan lasted 20 years. US military is still in Iraq.
And here we go again.
Meanwhile, Biden’s Democratic Coalition is Splintering Over Israel and the Economy
Also, please see Five Alarm Bell – Biden Trails Trump in Five of Six Battleground States
If Biden goes down in flames over this, at least will have gotten something for our money.
One Question Answered
Meanwhile, please note we do have an answer to a question I asked previously.
Q: How long are we willing to keep funding Israel with no strings attached?
The US industrial military complex will settle for nothing less. And the best way to ensure “indefinitely” lasts for 20 years or longer is to not have a clear mission or clear goals.
end
USA/YEMEN
Clueless Joe Biden does not know what to do now. Houtis shootdown a surveillance MQ 9 reaper drone off Yemen
(zerohedge)
Houthis Claim Shootdown Of US MQ-9 Reaper Drone Off Yemen
WEDNESDAY, NOV 08, 2023 – 11:45 AM
Update(11:45ET): Yemen’s Houthis have claimed they’ve successfully shot down a US MQ-9 reaper drone over “territorial waters” off the Yemeni coast. According to a machine translation of a Houthi army statement:
Our air defenses were able to shoot down an American MQ9 aircraft while it was carrying out hostile, monitoring and spying activities in the airspace of Yemeni territorial waters and within the framework of American military support for the Israeli entity.
If confirmed as accurate, this could draw the United States deeper into what could develop into a broader regional conflict. The Pentagon has had aerial assets flying over Gaza, and the Mediterranean and Red Seas. Further US warships have been seeking to intercept ratcheting drone and missile attacks from the Houthis, with one such intercept having already occurred in the opening weeks of the Gaza war, now having reached one month.
There’s as yet been no Pentagon or US official confirmation of the alleged MQ-9 drone shootdown.
* * *
President Biden in a phone call this week urged Israeli Prime Minister Benjamin Netanyahu to implement a three-day pause in fighting. This was revealed by multiple sources to Axios Tuesday, and Biden’s request appears to have been rejected, given the call took place Monday and Israel has since reaffirmed there will be no truce until the hostages held by Hamas are released.
“According to a proposal that is being discussed between the U.S., Israel and Qatar, Hamas would release 10-15 hostages and use the three-day pause to verify the identities of all the hostages and deliver a list of names of the people it is holding, the U.S. official said,” according to the report.
But Netanyahu on Tuesday gave a speech declaring that his forces were “reaching deeper than Hamas ever imagined” a hailed the killing of thousands of Hamas terrorists and commanders. “There will not be a ceasefire without the return of our kidnapped,” he emphasized in a message “to our enemies and our friends alike.”
Israel’s Defense Minister Yoav Gallant had at the same time declared that the IDF is fighting “in the heart” of Gaza City and is “tightening the noose” around Hamas.
Concerning the Monday phone call, Axios revealed further, “The two U.S. and Israeli officials said Netanyahu told Biden he doesn’t trust Hamas’ intentions and doesn’t believe they are ready to agree to a deal regarding the hostages.”
The Israeli leader “also said that Israel could lose the current international support it has for the operation if the fighting stops for three days, the officials said.” Netanyahu further voiced to Biden that in 2014 Hamas took advantage of a humanitarian pause to kidnap an Israeli soldier and kidnap others.
The official White House call readout from the Biden-Netanyahu meeting only said the two leaders “discussed ongoing efforts to secure the release of hostages held by Hamas” – but without offering further details.
Of the estimated total 240 captives, Hamas has so far released four hostages, reportedly in large part through Qatar’s mediation, but lately US officials have said progress has stalled since then.
Israel says it was able to free a female soldier during the initial phase of ground operations, while reports have said that in some cases deceased hostages have been found, possibly due to airstrikes.
Hamas has meanwhile continued to publish short videos of what the group says are successful ambush attacks on tanks and armored convoy units, also showing close urban combat, but typically with IDF ground troops nowhere to be seen. The IDF appears to be advancing into Gaza City purely with armor, and presumably with ground infantry troops staying in the rear until a city area is initially prepared through tank, artillery, and airstrikes.
On Wednesday Secretary of State Antony Blinken said the US stands by Israel in rejecting calls for a full ceasefire. “Israel has repeatedly told us that there is no going back to October (7) before the barbaric attacks by Hamas — we fully agree,” he said. He then said of G7 counterparts, “We all agreed humanitarian pauses would advance key objectives.”
end
Mises on USA interest rates:
(Mises)
The Interest Rate Shock Will Blow Up The Government’s Ponzi Game
WEDNESDAY, NOV 08, 2023 – 02:25 PM
Authored by Thorstein Polleit via The Mises Institute,
In the international fixed-income markets, interest rates are rising, and the decades-long trend of declining bond yields has undoubtedly been broken.
On August 2, 2022, the ten-year United States Treasury yield was 0.5 percent; on October 9, 2023, it had risen to 4.8 percent. Long-term interest rates in Europe, Asia, and Latin America have also risen sharply. The key reason for the rise in capital market interest rates is the central banks’ interest rate hikes—a direct response to sky-high inflation (caused by the central banks themselves, following a huge increase in the quantity of money).
Figure 1: Ten-year US Treasury bond yield with constant maturity from January 1981 to October 11, 2023 (percent)
Initially, financial markets expected only a relatively short phase of increased interest rates. At the beginning of March 2022, the US long-term interest rate fell below the short-term yield—so the yield curve became “inverted,” a clear indication that investors expected short-term interest rates to be cut sooner rather than later.
However, since July 2023 at the latest, long-term interest rates have been rising strongly and unabatedly. Something very fundamental has presumably happened—investors are no longer willing to hold US government debt at ultra-low yields as before. Where did the change of heart come from?
Investors may have become increasingly aware of the enormous debt problem in the US, which investors had taken lightly for so long: Uncle Sam is sitting on a mountain of debt worth more than thirty-three trillion US dollars, which is equivalent to around 123 percent of US gross domestic product (GDP). Plus, the debt dynamic is relentless: by the end of the decade, the debt could reach fifty trillion US dollars. Previous large buyers of US debt—such as Japan, China, Brazil, Russia, and Saudi Arabia—are no longer interested. Who will buy the huge flood of new US government bonds intended to finance deficits of around 6 percent of GDP in the coming years?
It appears that the US administration has squandered a lot of investor confidence, not least by freezing Russia’s foreign reserves at the beginning of 2020. It has since become abundantly clear to many investors from non-Western countries that US investments carry a political risk for them. Therefore, anyone who holds US dollars or invests in US debt securities demands a higher interest rate. It’s not just the US feeling the effects of this interest rate shock; the rest of the world isn’t spared either. The increased credit costs will make life difficult or even unaffordable for many debtors—consumers and producers.
The result will be an economic slowdown, more likely even a recession because loan defaults are already increasing again and will likely dry up the credit market.
The flow of new credit and money into the system will dwindle, and the demand for goods will decline. This will be particularly problematic for many highly indebted countries.
The mountains of debt they have accumulated and continue to increase are the result of a so-called Ponzi scheme—named after its “inventor” Charles Ponzi, probably the greatest fraudster of his time.
The state Ponzi scheme goes like this: States go into debt, and when the debt comes due years later, the states pay it off by taking on new debt—increasing the existing debt load. Investors buy the government bonds because they assume that there will be investors in the future who will buy the newly issued government bonds. In turn, these future investors assume that, in the even more remote future, there will also be investors who will buy the new debt that will be issued then. So on and so forth. Of course, no one here expects actual repayment, and to be true, repayment of the debt is impossible.
Now, interest rates have fallen over the last four decades, and the fraudulent game has worked quite well—for the states and the special interest groups that seek to harness this game for their own purposes. States could easily accumulate more and more debt, and the debt that became due could be refinanced with loans at ever-lower interest rates. Now, however, the situation has changed dramatically.
As I said, interest rates are rising while debt is already very high, and there will probably be a rude awakening soon. Investors have to fear a deterioration in the debt sustainability of many countries—especially since the probability that any country will abandon their debt-accumulating spending is fairly low. So, the expectation that there will be investors willing to subscribe to newly issued bonds at relatively low interest rates will be disappointed in the future.
Then, it won’t be long before investors start to worry and panic—because they understand that the foreseeable increase in debt-related interest payments will crush many states’ finances. The painful truth is that there is no easy way out of a Ponzi scheme—at least none that would not demystify the national debt and all the lies and deception that go with it.
Maybe the bond markets will calm down again before things get explosive? Will US long-term interest rates find a new footing at, say, 5.5 to 6.0 percent? Will interest rates like in the 1980s—bond yields of more than 10 percent—return? The correct answer to these questions is of utmost importance for investment success.
In my opinion, an imminent end to the rise in interest rates on both sides of the Atlantic is rather likely. After all, officially measured inflation is already falling noticeably, and banks are putting the brakes on lending. The money supply in the major economies is already shrinking as a result of central bank interest rate increases, and the consequences of this shrinking will force economic activity to its knees. Then, once the economy contracts and mass unemployment hits like a tidal wave, it is very likely that interest rate increases will be reversed soon.
Moreover, it should also be borne in mind that the powerful “fiat money system”—the collusion of states, banks, major institutional investors, and large companies—will not be so easy to upset. Should the rise in interest rates become too strong from a political point of view, yet another deep dive into the bag of tricks can be expected. Central banks, for example, will start buying government bonds again, thereby fixing long-term and short-term interest rates at “reasonable” levels. Of course, all of these monetary policy tricks basically amount to one thing: paying off the outstanding bills with newly created money—or in other words, inflation policy.
That is the big lesson that can be drawn from the interest rate shock resulting from the Ponzi scheme in the debt markets: the systematic decline in the purchasing power of money, even if short-term relief is granted, is almost certain.
end
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
end
USA// COVID//VACCINE/
end
SWAMP STORIES
Tlaib censured by the House
(zerohedge)
Tlaib Censured By House For Saying Biden ‘Supports Genocide’ In Gaza
TUESDAY, NOV 07, 2023 – 11:25 PM
Rep. Rashida Tlaib (D-MI) was censured by the House Tuesday night after posting a video on X claiming that President Biden “support(s) the genocide of the Palestinian people.”
The clip also shows pro-Palestine protesters chanting “from the river to the sea” – a refrain which Tlaib described as “an aspirational call for freedom, human rights, and peaceful coexistence, not death, destruction, or hate,” and Jews interpret as “kill all the Jews.”
She was reprimanded by a vote of 234-188-4, with 22 Democrats joining the majority of Republicans to support the resolution, and four Republicans voting against it on free speech grounds (Buck (CO), Duarte (CA), Massie (KY), McClintock (CA)). Four voted present. Joyce (R-OH), Norcross (D-NJ), Spanberger (D-VA), Wild (D-PA).
According to Business Insider:
McCormick’s resolution focused on three aspects of Tlaib’s rhetoric:
- Her use of the word “resistance” in her statement on the Hamas attack, where she argued that the “suffocating, dehumanizing conditions” in the Palestinian territories could “lead to resistance.”
- Her claim that Israel bombed a hospital in Gaza, despite contradictory evidence. She later acknowledged that the Gaza Health Ministry’s claims were in doubt and called for an independent investigation.
- Her use of the slogan “from the river to the sea,” a slogan that many view as antisemitic but is viewed as a call for freedom and equality by many Palestinians.
In a floor speech earlier on Tuesday, Tlaib argued that Republicans were trying to censor her and dehumanized Palestinians, while fellow Democrats argued that she has a right to free speech.
“It’s a shame my colleagues are more focused on silencing me than they are on saving lives, as the death toll in Gaza surpasses 10,000,” wrote Tlaib in a statement “Many of them have shown me that Palestinian lives simply do not matter to them, but I still do not police their rhetoric or actions.”
Last week an effort to censure Tlaib failed, after Rep. Marjorie Taylor Greene (R-GA) introduced a resolution accusing Tlaib of “leading an insurrection” on Capitol Hill during an Oct. 18 protest.
end
Senate Democrats Block GOP Bill To Aid Israel Over Lack Of Money For Ukraine
WEDNESDAY, NOV 08, 2023 – 11:15 AM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
Senate Democrats on Nov. 7 blocked a Republican-led bill that would provide standalone aid to Israel.
Sen. Roger Marshall (R-Ky.) and other Republican senators called for quick passage of legislation recently approved in a bipartisan U.S. House of Representatives vote. The bill would give Israel $14 billion in the wake of it being invaded by the Hamas terrorist group.
“A timely military aid package with a unified voice from Congress showing support for Israel will not only add to Israel’s stability, it will slow down and hopefully stop the evil plots of Hamas, Iran, and its proxies,” Dr. Marshall said on the Senate floor.
He emphasized that the level of funding is the same level in President Joe Biden’s October funding request.
President Biden’s request, though, also included additional money for Ukraine.
“Our allies in Ukraine can no more afford a delay than our allies in Israel,” Sen. Patty Murray (D-Wash.), chairwoman of the Senate Appropriations Committee, said on the floor in Washington.
“There is strong support here in Congress to address these urgent priorities in one package—and that is exactly what I am working with colleagues on both sides of the aisle to do now,” she added later.
Sen. J.D. Vance (R-Ohio), a supporter of the House-passed package, argued that funding for Ukraine and Israel should not be tied together.
“The idea that these policies are not in tension with one another, the idea that what happens in Russia and Ukraine is separate from what happens in Israel is not just obvious, it is common sense, and it has been borne out by the reality of the last couple of weeks,” Mr. Vance said on the floor. “Now, my colleagues would like to collapse these packages. Too many of my colleagues would like to collapse these packages because they would like to use Israel as a political fig leaf for the President’s Ukraine policy.”
He questioned what the end goal is in Ukraine, noting the United States has already sent more than $100 billion to the country following the Russian invasion.
The supplemental funding package crafted by the House includes $4 billion for Israel’s defense systems, including the Iron Dome, as well as additional funds for replenishing stockpiles, procuring ammunition, and obtaining weapons.
The bill would also cut the same amount that would be sent to Israel from the IRS, prompting criticism from some Democrats.
But Senate Democrats primarily focused on the lack of funding for Ukraine.
“The House Republican messaging bill represents a misguided attempt to deny needed assistance to Ukraine. It’s not really about helping Israel. It’s about failing to keep our commitments to Ukraine,” Sen. Jack Reed (D-R.I.) said.
He claimed that without more funding for Ukraine, China would receive the message that “you can attack, wait the West out, and eventually they’ll concede.”
“At this moment of danger and peril around the world, we, the United States, must support our friends and democracies that are under attack from brutal adversaries,” Sen. Chris Van Hollen (D-Md.) said. “That means ensuring that Israel has the right to defend itself in the aftermath of the brutal October 7 attack of Hamas. It also means ensuring that the people of Ukraine defend themselves against Putin from Russia. This proposal on the floor today is tantamount to surrendering to Putin’s aggression. This is waving a white flag.”
After Democrats blocked the bill, Dr. Marshall decried the move.
“Democrats turned a bipartisan opportunity to help our closest ally in the Middle East into political showmanship by using the tragedy unfolding in Israel to demand another blank check for Ukraine,” he said in a statement.
Some Senate Republicans had also voiced concern about only aiding Israel.
“The Senate will soon take up a supplemental spending bill to address defense issues and any such bill should promote security abroad by providing support for our allies—specifically right now: Ukraine, Israel, and Taiwan,” Sen. John Thune (R-S.D.), the Senate minority whip, said this week.
President Biden had said that he would veto any supplemental spending packages Congress passed if they did not feature additional money for Ukraine.
“The president would veto an only-Israel bill. I think we’ve made that pretty clear,” John Kirby, a White House spokesperson, told reporters at the White House.
New House Speaker Mike Johnson (R-La.) has defended the package, saying lawmakers were “trying to be good stewards of the taxpayers’ resources” by offsetting the aid with cuts to the government.
Mr. Johnson also said that aid to Ukraine should be taken up separately.
That aid should be linked with more funding for security at the U.S.–Mexico border, Mr. Johnson has said.
“When you couple Ukraine and the border, that makes sense to people because they say if we’re going to protect Ukraine’s border … we have to take care of our own border first,” he said on Fox News.
END
“Bank Records Don’t Lie”: Biden Imbroglio Deepens As Hunter, James Slapped With Subpoenas
WEDNESDAY, NOV 08, 2023 – 03:25 PM
Following weeks of bombshell evidence showing cash transfers between Biden family members – which are either laundered payments from foreign governments, or at best, years-worth of unreported income disguised as loans, House Republicans slapped first son Hunter Biden and Joe Biden’s brother, James, with subpoenas.
Other Biden family members have also been asked to appear for transcribed interviews, including Sara Biden, Hallie Biden, Elizabeth Secundy, Melissa Cohen, and associate-turned-whistleblower Tony Bobulinski.
“The House Oversight Committee has followed the money and built a record of evidence revealing how Joe Biden knew, was involved, and benefited from his family’s influence peddling schemes. Now, the House Oversight Committee is going to bring in members of the Biden family and their associates to question them on this record of evidence,” Comer said in a statement.
“Unlike the many lies President Biden told the American people about his family’s business schemes, bank records don’t lie. These records reveal how the Bidens sold Joe Biden around to the world to benefit the Biden family, including Joe Biden himself, to the detriment of U.S. interests. The House Oversight Committee, along with the Committees on Judiciary and Ways and Means, will continue to follow the facts and deliver the transparency and accountability that the American people demand and deserve.”
Prior to issuing the subpoenas, House Oversight Committee Chairman James Comer (R-KY) told Just the News that his investigation will start by interviewing Biden family members, and that the president himself will be t he final person interviewed.
“We’re still a long way from talking to Joe Biden, but we’re, we’re ready to talk to the family members now,” he said, adding that if anyone tries to defy the subpoenas, they will be held in contempt of Congress.
The White House and the personal lawyers for the Biden family have dismissed the investigation as a political chess move—an attempt to weaken the Democratic president and bolster the prospects of former President Donald Trump in the 2024 presidential race – with Hunter lawyer Abbe Lowell characterizing the investigation as a farcical rehashing of debunked claims. In a missive directed at the new House Speaker Mike Johnson, Lowell appeals for a cessation of what he terms “partisan political games”—a plea that appears to fall on deaf ears.
House Speaker Mike Johnson (R-LA), having recently assumed his role after replacing Kevin McCarthy (R-CA), has not only blessed the inquiry but has also teased the possibility of an impending decision on whether the House will pursue articles of impeachment against President Biden.
“I think we have a constitutional responsibility to follow this truth where it leads,” Johnson told Fox News recently, adding in another interview that he would support Comer’s decision to subpoena the president’s son, saying “desperate times call for desperate measures, and that perhaps is overdue.”
Last week, the House Oversight Committee revealed that President Biden received $40,000 in Chinese funds which were “laundered” through his brother, James Biden, in a “complicated financial transaction” marked as a ‘loan,’ which took place just weeks after Hunter Biden threatened the Chinese with his father’s wrath in a July 30, 2017 text message to a CEFC China Energy employee.
The alleged 2017 transfer from first brother James Biden to the future president involves the same business deal in which Joe Biden was called the “big guy” and penciled in for a 10% cut — and would be the first proven instance of the commander-in-chief getting a piece of his family’s foreign income.
…
The money ended up in Joe Biden’s bank account on Sept. 3, 2017, via a check labeled “loan repayment” from his younger brother, who partnered with Hunter in the venture. -NY Post
“Remember when Joe Biden told the American people that his son didn’t make money in China?” asked Oversight Committee Chairman James Comer (R-KY) in a video posted to X. ““Well, not only did he lie about his son Hunter making money in China, but it also turns out that $40,000 in laundered China money landed in Joe Biden’s bank account in the form of a personal check.”
This of course came on the heels of another “loan” repayment from James to Joe for $200,000.
We look forward to this resulting in nothing of import.
THE KING REPORT
| The King Report November 8, 2023 Issue 7114 | Independent View of the News |
| Someone juiced bonds in the hours before the US Treasury Auction of $48B of 3-year notes. At 2:41 ET, USZs were unchanged at 112 15/32. Someone drove them to 113 19/32 at 5:47 ET. After a decline to 112 27/32 at 7:28 ET, another juicing took USZs to 113 28/32 at 10:48 ET. Why was someone so eager to buy US debt when the first tranche of the US Treasury auctions was looming? Historically, Street traders push USZs and government debt lower, or it drifts lower organically, until the third tranche of a refunding is finished. Then dealers do a pump & dump of auction purchases. So, a big rally into the first auction tranche is an anomaly. A fundamental reason for the rabid bond buying could be the tumble in industrial commodities, notably oil, on China’s 6.4% y/y export drop in October. Bloomberg at 9:24 ET: Preparations for today’s $48 billion 3-year Treasury auction are already underway. Dealer desks have been selling the when-issued 3-year versus the cask 3s – mainly because they will have to bid for WI 3s at the 1pm NYT bidding deadline… USZs then did a slow roll over into the 3-year auction. The results were released at 13:00 ET. The 3-year drew 4.701% vs 4.702% WI; 64.6% indirect (Foreign) bidders; 19.1% direct bidders, 16.3% dealers. USZs jumped to 114 11/32 at 14:02 ET and then retreated to 113 26/32 at 15:10 ET. They then went inert. (BBG) @economics: Bond traders are betting on a “dovish pivot” for the seventh time since the Fed embarked on its latest rate-hike cycle. They may be setting themselves up for another fall. The NY Fed is in charge on ‘managing’ the markets. The WSJ reported 25 years ago that then head of the NY Fed trading desk, Peter Fisher, spends time on the phone with Wall Street traders, swamping information and rumors. Do you discuss information and rumors with the NY Fed’s trading desk? NY Post July 10, 2003: WALL STREET IS NOT HAPPY AT LOSING FISHER THE FIXER Fisher used to be a top official at the New York Federal Reserve Bank, where he was the liaison with Wall Street firms. One extremely naive feature article on Fisher in the Wall Street Journal in November 1998 explained that Fisher back then was “the Fed’s eyes and ears on the inner workings of stock, bond and currency markets and is given a wide degree of latitude about deciding when certain events pose broader risks.” (Clinton was president at the time.) The piece itself was seen as the government’s signal to Wall Street that – in the middle of all that irrational exuberance – someone was keeping an eye out for problems and was empowered to do something to remedy the situation. Fisher was the fixer. “Mr. Fisher swaps intelligence and rumors with traders and dealers from his office in the Fed’s 10th floor executive suite that overlooks the trading floor he runs,” the Journal story said. A very odd piece of information for the Fed to leak. Its officials aren’t supposed to interact with traders and “swap” intelligence – isn’t that the same thing as inside information?… https://nypost.com/2003/07/10/wall-street-is-not-happy-at-losing-fisher-the-fixer/ During Clinton’s presidency, with Bob Rubin running the Treasury, there were beaucoup allegations of US inspired manipulation in the markets. This is when ‘impact trading’ became ubiquitous. It got so bad that when someone started to drive a future contract higher, pit traders would scream, “Bobby, Bobby!” After Rubin schooled Bill Clinton on the importance of the bond market for the US economy and his presidency/re-election, Bill Clinton’s chief strategist James Carville famously stated: “I used to think that if there was reincarnation, I wanted to come back as the President or the Pope or as a .400 baseball hitter. But now I would want to come back as the bond market. You can intimidate everybody.” “Frontline”, 2000 – Bob Rubin: When we met with the president-elect (Clinton) on January 7, what we said was that if we have fiscal discipline, and we bring the deficit down, that is obviously contractionary. That’ll reduce the rate of growth. On the other hand, if interest rates go down as a result, then that will stimulate growth, and we thought that the beneficial effect of lower interest rates would outweigh the contractionary impact of the deficit reduction. We also said to the president-elect, that there were two critical reactions in all of this. One would be the bond market. This program would not work unless it was credible with the bond market, and therefore it had to be real and had to be seen as real. And, secondly, it was obviously very important what the Fed would do. But there was absolutely no explicit or implicit agreement. . . . We talked about how the Fed would react. But there was neither an explicit nor an implicit agreement with the chairman… https://www.pbs.org/wgbh/pages/frontline/shows/clinton/interviews/rubin.html Decades ago, we asked an ex-Fed employee how the Fed manages markets without leaving an incriminating paper trail. We were told that, and this is the example that was used, ‘if Ottawa calls the US Treasury and complains about the level of the Canadian Dollar, the Treasury calls the NY Fed and tells it to boost the Loonie. The NY Fed calls friendly dealers and tells them to buy the Loonie up to X level.’ When I asked how the Fed indemnifies dealers for losses, the response was illuminating. ‘There is no indemnification; there cannot be a paper trail. However, someday a NY Fed trader will tell friendly dealers that it wouldn’t be wise to be short X currency.’ The quid pro quo is information! Inquiring minds want to know what hedgies, dealers, and large investment complexes were asked to do to help manage markets at critical financial and political times. We know what occurred in 1987! ESZs opened lower on Monday and steadily sank until they hit a daily low of 4366.00 at 6:43 ET. Buying for the NYSE opening Pump & Dump took ESZs to 4385.00 at 9:20 ET. The dump pushed ESZs down to 4372.25 at 9:38 ET. With the obvious juicing of USZs, traders poured into ESZs. A buying frenzy pushed ESZs to 4401.75 at 10:55 ET. After a modest retreat, a minor new high of 4402.50 appeared at 11:44 ET. ESZs then retreated as traders awaited the results of the 3-year auction. ESZs rallied to 4401.25 at 13:49 ET and then slowly rolled over until the last-hour manipulation began at 15:10 ET. ESZs rallied to a new high of 4403.25 at 15:45 ET; then they sank to 4389.50 at 15:55 ET. @SquawkCNBC: “We cannot have a Fed that’s reacting to yesterday’s data all the time. Their tools operate with a lag, they need to take a strategic view, and they need to stop being volatility enhancers,” says @elerianm. “This unusual volatility in the bond market is not good for the economy.” Stocks Extend Gains as Traders Snub Fed ‘Pushback’ – BBG 14:26 ET (a dynamic for 2+ years) A rally in big tech put stocks on pace for their longest winning run in two years, with investors shrugging off the latest attempts from Federal Reserve speakers to tone down Wall Street’s dovish bets. Long-time readers might recall that we have occasionally berated Fed officials for pontificating too much and appearing too much. For decades, while the Fed was running highly promiscuous monetary policies, Fed officials, particularly Bernanke, bragged that ‘Fed guidance’ was an important Fed monetary policy tool. By sending out Fed academics to woo the Street with dovish pap, the Fed could get a ‘two for’ boost in the markets via verbal intervention and then Fed action. After decades of dovish verbal intervention and ensuing dovish policies, The Street is conditioned to buying stuff on dovish Fed braying. The Street for over 2 years has steadfastly resisted Fed officials hawkish remarks and has repeatedly proclaimed that the Fed rate hike cycle was over. Recently the dopes at the Fed (Sorry for the redundancy) felt the need to go dovish and regularly expose no more rate hikes – despite inflation hitting a trough in July and rebounding. To think that the Obama-Biden appointed officials are not influenced by politics is naïve and foolish. Now that financial conditions have eased significantly on Fed officials’ calls for no more rate hikes, some Fed officials are concerned that their brethren have incubated another asset inflation wave. @AtlantaFed: On November 7, the GDPNow model nowcast of real GDP growth in Q4 2023 is 2.1%. https://bit.ly/32EYojR Credit card debt hits new record In the three-month period from July to September, total credit card debt surged to $1.08 trillion, an increase of $48 billion, or 4.6% from the previous quarter. It marks the highest level on record in Fed data dating back to 2003 and the eighth consecutive annual increase. There was also an uptick in borrowers who are struggling with credit card, student and auto loan payments. As of September, about 3% of outstanding debt was in some stage of delinquency, up from the 2.7% recorded the previous quarter… https://www.foxbusiness.com/economy/credit-card-debt-hits-new-record-delinquencies-also-rise NY Fed: Total Household Debt Reaches $17.29 Trillion in Q3 2023; Driven by Mortgage, Credit Card, and Student Loan Balances https://www.newyorkfed.org/newsevents/news/research/2023/20231107 Snowflake soared as much as 12.6% because rival cloud provider Datadog reported Q3 EPS is .45 (.34 consensus) and revenue of $547.536 million (+25% y/y). $524.125 million was expected. Positive aspects of previous session Bonds inexplicably and suspiciously soared into the 3-year note auction. The NY Fang+ Index rallied as much as 2.3% because Snowflake soared as much as 12.6% The S&P 500 Index rallied for the 7th straight session; Nasdaq rallied for the 8th straight session Negative aspects of previous session The DJTA declined 64.43 ESZs sank late in the session on trader liquidation – too many longs Ambiguous aspects of previous session Industrial commodities declined sharply good on inflation or bad on economy? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4361.91 Previous session S&P 500 Index High/Low: 4385.41; 4355.41 @LahavHarkov: Netanyahu update on the war: Says Gaza City is surrounded, thousands of terrorists killed above and below ground including some responsible for the Oct. 7 massacre. “We are reaching places Hamas thought we could not reach, and the campaign continues… If Hezbollah decides to enter the war, it will make the mistake of its life.” Netanyahu demanded the Red Cross visit all of the hostages immediately to confirm that they are alive and healthy. “There will be no ceasefire without returning our hostages…We are acting with all of our means and on all fronts to bring [the hostages] home… Our war is your war. If we don’t win, you are next in line. I always add we will win. We will not stop until victory.”… https://twitter.com/LahavHarkov/status/1721955438147608717 Israel’s military says it has key Hamas leader isolated in Gaza City bunker – Fox News Netanyahu floats plan to control Gaza security ‘indefinitely’ after Hamas war https://www.foxnews.com/live-news/november-7-israel-hamas-war? U.S. Pushes Back on Israel’s Security Plan in Gaza after War – WSJ Israeli officials aim to ward off rise of new militant groups, but say they have no plans to govern enclave Israel said it intends to retain security control of Gaza for an indefinite period once its war with Hamas ends, prompting U.S. officials to stress their opposition to a reoccupation of the enclave… https://www.wsj.com/world/middle-east/netanyahu-says-israel-will-control-gaza-security-indefinitely-5979ac93 Today – The 3-year Treasury Auction was expected to do well. The next two tranches will be telling for the short-term direction of the bond market. Dealers will be reluctant to bid for 10s, and 30s tomorrow, after the anomalous rabid bond rally. PS – Sorry for being inaccurate about the auction tranche days. ESZs will probably, like they did yesterday, follow bonds’ direction. If industrial commodities decline further on recession angst, it will trigger defensive asset allocation. Expected economic data: Sept Wholesale Inventories 0.0% m/m, Sales 0.9% m/m; Treasury Auction of 10s ($40B), tomorrow: 30s ($24B); Fed Gov. Cook 5:15 ET in Dublin, Powell 9:15 ET, NY Fed Pres Williams 13:40 ET, Fed VCEO for Supervision Barr 14:00 ET ESZs are -2.25 and USZs are +2/32 at 20:10 ET. 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 Hunter Biden prosecutor sought special charging status in 2022 but didn’t get it, Jim Jordan says https://justthenews.com/accountability/political-ethics/hunter-biden-prosecutor-sought-special-charging-status-2022-didnt @RNCResearch: Biden wanders away and the feed is promptly cut. (Audience quickly ushered out) https://twitter.com/RNCResearch/status/1722034852843717007 @RNCResearch: BIDEN: “I always used to sit there (on train). I mean it, coming home, and look out and see people sitting at their kitchen tables. Literally you can see them right along the track. I was wondering what they were thinking about, what’s on their minds.” https://t.co/jfN640rCHT @TuckerCarlson: Ep. 37 The two defining tragedies of our time — the war in Ukraine and the presidency of Joe Biden — are both finally coming to an end. https://twitter.com/TuckerCarlson/status/1722034150595522695 @henryrodgersdc: A Senate source tells me Sen. Durbin, Congresswoman Jayapal and Congresswoman Schakowsky are circulating this letter calling to open the flood gates for Palestinians to come into the U.S. https://twitter.com/henryrodgersdc/status/1722005886036570143 (What possibly could go wrong from this?) @greg_price11: Dem Rep. Debbie Dingell defends Rashida Tlaib tweeting “from the river to the sea”: “I spent all weekend in Michigan talking to all communities about the meaning of this phrase and there are really strong feelings on all sides. People interpret words in different ways.” (Deb needs Islamic voters.) https://twitter.com/greg_price11/status/1721987673852661997 @greg_price11: Dem Rep. Omar: “Rashida will stand strong and the Palestinian movement will continue for liberation.” https://twitter.com/greg_price11/status/1721995361332384136 Hamas leaders worth staggering $11bn revel in luxury — while Gaza’s people suffer https://trib.al/FoPGmqc Pennsylvania county voting machines flipping votes for superior court retention races https://justthenews.com/politics-policy/elections/pennsylvania-county-voting-machines-flipping-votes-superior-court @Travis_in_Flint: A polling location in PA was caught flipping votes for a Judge race between Democrats and Republicans. The error was eventually caught and they’ve gone to paper ballots. The County Executive says he’s frustrated and doesn’t understand how this wasn’t caught sooner. Maybe it’s time to go to all paper ballots nationwide? @nicksortor: One of the top five most LIBERAL voting precincts in Kentucky has been CLEARED OUT due to a supposed “gas leak.” Kentuckians are currently at the polls voting to decide whether or not they want to oust their Democrat Governor Andy Beshear and replace him with Trump backed Daniel Cameron AG. Highland Baptist Church in Louisville will now be having “extended voting hours” after being shut down. @jpanzar: Gov. Gavin Newsom’s standing among California voters has hit an all-time low, with 49% disapproving of his performance as governor, according to a new UC Berkeley Institute of Governmental Studies poll co-sponsored by the Los Angeles Times. (Yet he’s the choice to replace The Big Guy!) @WSJ: French prosecutors are investigating a possible Russian link to more than 200 Stars of David spray painted on buildings in France, where antisemitic acts have been sharply rising https://on.wsj.com/462LuN8 @AmyMek: In Strasbourg, France, they have declared that Christmas activities will be drastically curtailed in the face of the looming threat of Islamic attacks. Gradually, non-Muslims freedoms, joys, and lives are being eroded by the imported Islamic threat. The Muslim population in Strasbourg has well exceeded 30%, with a quarter of public school students in Strasbourg being of Islamic faith. (There is NO coming back) Alarmingly, over 10% of individuals listed for terrorism by the police have ties to the city or the broader Alsace region, revealing a deeply troubling connection to Islamic terrorism. France’s future is an Islamic one! @stevenmarkryan: Since humans have massive negativity bias (1x bad is ~10x worse than 1x good)… Those who NEED the approval of others use hating “bad” things as a shortcut for approval over supporting “good” things—hate gives 10x returns. The more desperate for approval, the stronger the HATE for whatever is “bad”. (For this reason, a dating app that matched haters was on Shark Tank.) @elonmusk: There seems to be an innate need that some people have to find a socially acceptable thing to hate. | |
GREG HUNTER
harveyorganblog.com 
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