NOV 10.2023/TODAY WAS A T.A.S. ASSISTED RAID ON OUR GOLD AND SILVER: GOLD CLOSED DOWN $30.70 TO $1933.90 WHILE SILVER CLOSED DOWN 59 CENTS TO $22.24//PLATINUM WAS HIT FOR A LOSS OF $18.60 WHILE PALLADIUM WAS WHACKED FOR A LOSS OF $34.00 DOWN TO $970.30//GOLD AND SILVER COMMENTARIES TONIGHT BY MIKE MAHARREY AND TED BUTLER//ISRAEL VS HAMAS: ISRAEL HAS SURROUNDED ALL THE HOSPITALS AS HAMAS IS HOLED UP IN THE TUNNELS BENEATH THEM//IDF RAIDS THE HOME OF SINWAR’S BROTHER//HAMAS LEADER, HANIYAH’S GRANDDAUGHTER KILLED IN IDF BOMBING// PENTAGON BEGINS TO RESTRICT SUPPLIES TO UKRAINE//COVID UPDATES/VACCINE INJURY REPORTS//DR PAUL ALEXANDER/SLAY NEWS ETC, UPDATES//USA DATA: FED’S EMERGENCY FACILITY HITS RECORD LEVELS//MONEY MARKET FUNDS SWELL WITH BANK DEPOSITS FALLING/BIDEN INTRODUCES ANOTHER STUDENT LOAN FORGIVENESS FIASCO//SWAMP STORIES FOR YOU TONIGHT//
657 C MORGAN STANLEY 1 661 C JP MORGAN 1 737 C ADVANTAGE 2
TOTAL: 2 2 MONTH TO DATE: 1,587
JPMorgan stopped 1/2 contracts.
FOR NOV.:
GOLD: NUMBER OF NOTICES FILED FOR NOV/2023. CONTRACT: 2 NOTICES FOR 200 OZ or 0.00622 TONNES
total notices so far: 1587 contracts for 158,700 oz (4.9362 tonnes)
FOR NOV:
SILVER NOTICES 97 NOTICE(S) FILED FOR 485,000 OZ/
total number of notices filed so far this month : 435 for 2,175,000 oz
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END
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES
GLD
WITH GOLD DOWN $30.70//
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 867.28 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER DOWN 59 CENTS AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .733 MILLION OZ INTO THE SLV/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 441.364 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA- HUGE SIZED 1624 CONTRACTS TO 128,737 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.17 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. WE HAD CONSIDERABLE SPEC SHORT COVERING EPISODE IN THURSDAY’S COMEX TRADING.. TAS ISSUANCE WAS AN UNBELIEVABLE HUMONGOUS SIZED 8939 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: 8939 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.17). AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A HUGE SIZED LOSS OF 1367 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 SMALL SIZED 257 ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.430 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 270,000 OZ QUEUE JUMP +0 EXCHANGE FOR RISK ISSUANCE FOR 0 OZ//NEW EXCHANGE FOR RISK .245 MILLLION:
//NEW STANDING FOR SILVER IS THUS 2.675 MILLION OZ + .245 (EX. FOR RISK) = 2.92 MILLION OZ.
//HUGE SIZED COMEX OI LOSS/ SMALL SIZED EFP ISSUANCE/VI) MEGA MEGA HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 8939 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – REMOVED 485 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 8 days, total 2789 contracts: OR 13.945 MILLION OZ (348 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 13.945 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. 13.945 MILLION OZ (GOING TO BE QUITE SMALL THIS MONTH)
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1624 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.17 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL 257 EFP ISSUANCE CONTRACTS: 257 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 NOV. OF 1.432 MILLION OZ FOLLOWED BY TODAY’S 270,000 OZ QUEUE JUMP
NEW STANDING 2,675,000 OZ + .245 MILLION OZ EXCHANGE FOR RISK: NEW TOTAL 2.92 MILLION OZ/// /// WE HAVE A HUGE SIZED LOSS OF 882 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 8939 CONTRACTS//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION. THE NEW TAS ISSUANCE THURSDAY NIGHT A HUGE (8939) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .
WE HAD 97 NOTICE(S) FILED TODAY FOR 485,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 356 CONTRACTS TO 480,477 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 716 CONTRACTS
WE HAD A SMALL SIZED INCREASE IN COMEX OI ( 356 CONTRACTS) WITH OUR $12.50 GAIN IN PRICE//THURSDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR NOV. AT 4.3514 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 100 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: 5.008 TONNES + 3.191 TONNES (EX. FOR RISK) = 8.1990 TONNES // ALL OF..THIS HAPPENED WITH OUR $12.50 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 4761 OI CONTRACTS (14.808 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 3689 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 481,193
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4045 CONTRACTS WITH 356 CONTRACTS INCREASED AT THE COMEX// AND A GOOD SIZED 3689 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4045 CONTRACTS OR 12.581 TONNES. WE HAD 0 EXCHANGE FOR RISK 0 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): AN UNBELIEVABLE AND CRIMINAL 47,158 CONTRACTS)
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3689 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (356) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 4045 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 100 OZ QUEUE JUMP: NEW STANDING 5.008 TONNES + 3.1905 TONNES EXCHANGE FOR RISK PRIOR /THUS NEW TOTAL FOR GOLD STANDING: 8.1990 TONNES // /// 3) ZERO LONG LIQUIDATION AND MEGA HUGE TAS LIQUIDATION AND WE HAD SOME SPEC SHORT COVERINGS DURING THE COMEX SESSION //4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: MEGA MEGA HUGE T.A.S. ISSUANCE: 47,158 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: 28,932 CONTRACTS OR 2,893,200 OZ OR 89.99 TONNES IN 8 TRADING DAY(S) AND THUS AVERAGING: 3616 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 8 TRADING DAY(S) IN TONNES 78.52 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 89.99/3550 x 100% TONNES 2.53% OF GLOBAL ANNUAL PRODUCTION
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. 89.99TONNES//
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF SEPT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (SEPT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER FELL BY A HUGE SIZED 1624 CONTRACTS OI TO 129,222 AND FURTHER FROM OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 257 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 257 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 257 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 1624 CONTRACTS AND ADD TO THE 257 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1367 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 6.685MILLION OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED DOWN 14.98 PTS OR 0.47% //Hang Seng CLOSED DOWN 308.03 PTS OR 1.76% /The Nikkei CLOSED UP 78.35 PTS OR 0.24% //Australia’s all ordinaries CLOSED DOWN 0.53 % /Chinese yuan (ONSHORE) closed DOWN AT 7.2895 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.3011 /Oil UP TO 76.68 dollars per barrel for WTI and BRENT UP AT 80.99/ Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 356 CONTRACTS TO 480,477 WITH OUR GAIN IN PRICE OF $12.50 ON THURSDAY TRADING.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF NOV..… THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 3689 EFP CONTRACTS WERE ISSUED: : DEC 3689 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3689CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 4045 CONTRACTS IN THAT 3689 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 356 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $12.50//THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT WAS ANOTHER TOTALLY UNBELIEVABLE 47,158 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 (8.1990 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
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $12.50) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG SIZED GAIN OF4045TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A SOME T.A.S. LIQUIDATION ON THE FRONT END OF THURSDAY’S TRADING. THE T.A.S. ISSUED ON THURSDAY NIGHT, AND IT WAS A DILLY, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. IT DID HAVE SOME SPECULATOR SHORT COVERING WITH THE MASSIVE PRICE INCREASE.
WE HAVE GAINED A TOTAL OI OF 12.581 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 100 OZ QUEUE JUMP //NEW TOTALS STANDING:5.008 TONNES +3.1905 EXCHANGE FOR RISK/PRIOR; NEW TOTAL STANDING: 8.1990 TONNES ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $12.50. 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 –716 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST
NET GAIN ON THE TWO EXCHANGES 4045 CONTRACTS OR 404,500 OZ OR 12.581 TONNES.
Total monthly oz gold served (contracts) so far this month
1587 notices 158700 oz 4.9362 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 1 customer withdrawals
i) Out of JPMorgan: 3279.402 oz
(102 kilobars)
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 25 contracts having LOST 7 contracts. We had 8 contracts filed on THURSDAY, so we gained 1 contract or an additional 100 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 20,341 contracts DOWN to 282,780 contracts.
JAN. gained 120 contracts RISING TO 996 contracts.
We had 2 contracts filed for today representing 200 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 2 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1 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 (1587x 100 oz ), to which we add the difference between the open interest for the front month of NOV. (25 CONTRACTS) minus the number of notices served upon today 1 x 100 oz per contract equals 161,000 OZ OR 5.008 TONNES + 0 TONNES EX FOR RISK TODAY/3,1905 TONNES EX. FOR RISK/PRIOR//THUS TOTAL STANDING: 8.1990 TONNES
thus the INITIAL standings for gold for the NOV.contract month: No of notices filed so far (1587) x 100 oz + (XX) {OI for the front month} minus the number of notices served upon today (1) x 100 oz) which equals 160,900oz standing OR 5.004 TONNES + 3.1905 EX FOR RISK FOR MONTH = 8.1945 TONNES
TOTAL COMEX GOLD STANDING: 8.1990 TONNES WHICH IS HUGE FOR AN ACTIVE BUT GENERALLY WEAK DELIVERY MONTH. (OCT). Somebody is after a considerable amount of gold from the comex.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 19,884,012,464 OZ
TOTAL REGISTERED GOLD 10,058,175.302 (312,85 tonnes)..cme corrected
TOTAL OF ALL ELIGIBLE GOLD: 9,825,837.162 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 8,222,875(REG GOLD- PLEDGED GOLD) 255.76 tonnes//dropping like a stone
END
SILVER/COMEX
NOV 10
//2023// THE NOV 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
678,973.160 oz Brinks
.
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
nil
No of oz served today (contracts)
97 CONTRACT(S) (485,000 OZ)
No of oz to be served (notices)
100 contracts (500,000 oz)
Total monthly oz silver served (contracts)
435 Contracts (2,175,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit
total dealer deposit: 0
total: nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 0 deposits customer account:
total customer deposit nil oz
JPMorgan has a total silver weight: 134.441 million oz/265.980 million or 50.41%
Comex withdrawals 13
i) Out of Brinks: 678,973.160 oz
total: 678,973.160 oz
adjustments: 1
customer to dealer: manfra: 477,907.900 oz
TOTAL REGISTERED SILVER: 38.804 MILLION OZ//.TOTAL REG + ELIGIBLE. 265.980 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:
silver open interest data:
FRONT MONTH OF NOV /2023 OI: 197 CONTRACTS HAVING GAINED 53 CONTRACT(S). WE HAD 1 NOTICES FILED ON THURSDAY, SO WE GAINED 54 CONTRACT OR AN ADDITIONAL 270,000 OZ WILL STAND FOR SILVER IN NOVEMBER AT THE COMEX
DEC. LOST 6149 CONTRACTS TO STAND AT 73,980
JANUARY GAINED 6 CONTRACTS TO STAND AT 669
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 97 for 485,000 oz
Comex volumes// est. volume today 66,259// good
Comex volume: confirmed yesterday 95,136 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 435 x 5,000 oz = 2,175,000 oz
to which we add the difference between the open interest for the front month of NOV. (197) and the number of notices served upon today 97 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the NOV/2023 contract month: 435 (notices served so far) x 5000 oz + OI for the front month of NOV (197) – number of notices served upon today (97 )x 500 oz of silver standing for the NOV contract month equates to 2.675 MILLION OZ + .245 MILLION OZ (EXCHANGE FOR RISK) =2.92 MILLION OZ
There are 38.980 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 10/WITH GOLD DOWN $30.70 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 867.28 TONNES
NOV 9/WITH GOLD UP $12.50 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 867.28 TONNES
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
GLD INVENTORY: 867.28 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
NOV 10/WITH SILVER DOWN 59 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .733 MILLION OZ INTO THE SLV////// //INVENTORY RESTS AT 441.364 MILLION OZ
NOV 9/WITH SILVER UP 17 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: //// //INVENTORY RESTS AT 440.631 MILLION OZ
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
CLOSING INVENTORY 441.364 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
America’s Growing Economy… Brought To You By Visa & Mastercard
Mainstream financial network pundits and government officials keep telling us that the economy is chugging along because Americans continue to spend money. But it’s clear that borrowing is the only thing sustaining this spending spree.
Surging credit card balances led the way, increasing by 4.7% to a record $1.08 trillion. Year-on-year, credit card debt spiked by $154 billion. That was the biggest annual increase since 1999.
The bigger problem is the double whammy of rising debt and rising interest rates. Average credit card interest rates eclipsed the previous record high of 17.87% months ago. The average annual percentage rate (APR) currently stands at 20.72%.
As prices skyrocketed last year, Americans blew through their savings to make ends meet. Aggregate savings peaked at $2.1 trillion in August 2021. As of June, the San Francisco Fed estimated that aggregate savings had dropped to $190 billion.
In other words, Americans ate away $1.9 trillion in savings in just two years.
Then they turned to credit cards.
“People have to deal with this somehow. After blowing through savings to buy essentials, they do what’s next: Find sources to borrow,” Villanova University finance professor John Sedunov told ABC News.
According to MarketWatch, “Americans appear to be relying more on debt to pay for their purchases. They are also using more ‘buy now and pay later’ plans.”
New York Fed economic research advisor Donghoon Lee also credited the resilience of the American consumer to Visa and Mastercard.
Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth.”
Debt.com chairman Howard Dvorkin told CNBC, “Consumers are maintaining and supporting their lifestyles using credit card debt.”
In other words, the economic growth President Biden and others keep bragging about is merely a function of borrowing.
This is not exactly indicative of a healthy economy, and it’s not sustainable.
Consumer spending, which we all know is the base of GDP, is really being held up by credit card debt and maybe it’s not sustainable,” American University economic professor Mary Hansen told ABC News.
There are some signs that the debt-fueled spending spree is slowing down. After rising by over 13% in August, revolving credit growth (primarily credit card balances) slowed to 2.9% in September, according to the latest Federal Reserve consumer credit data. This could signal a significant slowdown in spending. That would mean an end to the mythical “strong” economic growth.
Americans aren’t just borrowing using credit cards. Every other category of debt also increased in the third quarter.
Mortgage balances rose by $126 billion from the previous quarter and stood at $12.14 trillion at the end of September. The big increase in mortgage balances happened despite a drop in new mortgage originations, reflecting rapidly increasing mortgage rates.
Despite the higher rates, more Americans appear to be tapping into their home equity to make ends meet. Balances on home equity lines of credit (HELOC) increased by $9 billion and now stand at $349 billion.
Auto loan balances rose by $13 billion and now stand at $1.6 trillion. Auto loan debt has grown consistently since 2011.
Outstanding student loan debt increased by $30 billion and stood at $1.6 trillion at the end of Q3.
There are signs that Americans are starting to crack under the strain of this debt load. Delinquencies rose across all debt categories.
As of the end of September, 3% of outstanding debt was in some stage of delinquency. According to the New York Fed, delinquency transition rates increased for most debt types except student loans and home equity lines of credit.
The report noted a big jump in credit card delinquency, particularly in the 30-39 year old age range.
The continued rise in credit card delinquency rates is broad-based across area income and region, but particularly pronounced among millennials and those with auto loans or student loans,” Lee said.
Missed federal student loan payments will not be reported to credit bureaus until Q4 2024.
According to the Consumer Financial Protection Bureau, “nearly one-tenth of credit card users find themselves in ‘persistent debt’ where they are charged more in interest and fees each year than they pay toward the principal — a pattern that is increasingly difficult to break.”
The surge in household debt signals that Americans are struggling to make ends meet as prices rapidly rise, and they’re burying themselves in debt to keep their heads above water. The stimulus checks are long gone. Savings are being depleted. The average person has no choice but to borrow.
Debt is creating an illusion of prosperity and economic growth. The question is how long can that last?
Rising levels of debt are also a problem for the Federal Reserve as it tries to battle sticky price inflation with higher interest rates. The longer rates stay elevated, the harder it will be for people to maintain these massive levels of debt. At some point, something has to break.
end
2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO
END
end
END
3. CHRIS POWELL//GATA GOLD COMMENTARIES:
Chris Powell….
Gold market rigging is just part of central banking’s comprehensive rigging and deception
Submitted by admin on Wed, 2023-11-08 14:12Section: Daily Dispatches
2:31p ET Wednesday, November 8, 2023
Dear Friend of GATA and Gold:
Today’s edition of The King Report, the outstanding daily financial letter written by Bill King of M. Ramsey King Securities in Burr Ridge, Illinois, is excerpted below, reminding readers that surreptitious manipulation of the markets by the U.S. government extends far beyond gold — that it is and long has been comprehensive.
For example, who has ever seen a mainstream financial news organization, financial letter writer, or gold market analyst (outside of GATA) pursuing the bombshell that was buried in a Bloomberg report from July 31 last year about the prosecution of the JPMorganChase gold traders for manipulating the monetary metals markets? The Bloomberg report was headlined “From Profits to Pay, JPMorgan’s Gold Secrets Spill Out in Court” —
The report’s very last paragraph reads: “Another set of important clients were central banks, which trade gold for their reserves and are among the biggest players in the bullion market. At least 10 central banks held their metal in vaults run by JPMorgan in 2010, according to documents disclosed in court.”
Even Bloomberg itself does not seem to have pursued this detail — that central banks do far more with their gold reserves than let them sit in their own vaults as emergency cash; that they also store gold reserves with JPMorgan, the biggest bullion bank, because they are actively trading the monetary metal, intervening in the gold market surreptitiously to influence currency exchange rates and asset prices, as Bank for International Settlements executive William R. White admitted they do in 2005:
Manipulation of the gold market is bad enough. Indeed, it is crucial to the manipulation of other markets insofar as the price of gold powerfully influences interest rates and the price of everything else. If allowed to trade freely, gold would expose the falsity of manipulated prices.
But even worse is that even in nominally democratic countries the basic underlying purpose of modern central banking is deception.
The power of governments and central banks to create and allocate infinite money and thus control the prices of all capital, labor, goods, and services in the world is a huge power. But it is not their greatest power. Their greatest power is conferred upon them by the failure of financial news organizations to challenge them and expose their deception.
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
END
A good read from Jan.!
(Jan Nieuwenhuijs)
Jan Nieuwenhuijs: How central banks can use gold revaluation accounts to restore solvency
Submitted by admin on Thu, 2023-11-09 18:48Section: Daily Dispatches
6:47p ET Thursday, November 9, 2023
Dear Friend of GATA and Gold:
Gold researcher Jan Nieuwenhuijs today details how central banks with gold reserves can use and indeed in recent years have used their gold revaluation accounts to restore themselves to solvency.
Nieuwenhuijs’ analysis is headlined “How Central Banks Can Use Gold Revaluation Accounts in Times of Financial Stress” and it’s posted at the Gainesville Coins internet site here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
end
Ted Butler..
Ted Butler: Money vs. metal
Submitted by admin on Thu, 2023-11-09 21:30Section: Daily Dispatches
9:30p ET Thursday, November 9, 2023
Dear Friend of GATA and Gold:
Silver market manipulation foe Ted Butler writes today that he has given up hope that U.S. market regulators will ever act against the investment banks that long have been suppressing silver prices. Any such action, Butler writes, might destabilize financial system, since the market-rigging banks are so big.
But, Butler adds, he remains confident that the ordinary forces of supply and demand will liberate the silver market anyway “fairly soon,” since shortages of the metal are already apparent.
Butler’s analysis is headlined “Money vs. Metal” and it’s posted at SilverSeek here:
In every investment asset, a key factor in determining the price is the amount of investment buying, either potentially or already existing versus the amount of the asset itself that exists to be invested in. Expressed differently, price is determined by total market capitalization (the total current amount of what the asset is worth), plus or minus future buying or selling.
For example, the truly large investment markets, like stocks, have a total market capitalization of many tens of trillions of dollars, with some individual stocks having a total market cap or worth of more than a trillion dollars at current prices. The future value is based upon many factors, like future earnings, as well as external factors, like the future path of interest rates, money supply, economic conditions and investor sentiment and flows, etc.
Likewise, other markets considered investment assets, like gold and silver, also have a certain similarity to other investment markets in general in that if they experience investment inflows, prices will generally rise and if investors are net sellers, prices will fall – all things being equal. Of course, this is not to dismiss the important role of actual supply and demand away from investor demand or lack thereof, such as mining trends and industrial demand. Since gold and silver are the only practical precious metal investment assets (no knock on platinum or palladium, or any non-precious metals, like copper), I’d like to limit my comparisons to these two metals – all in the context of potential future money flows versus the amounts of metal available to absorb those money flows.
There is no question that in terms of total market capitalization, the gold market dwarfs the silver market. In bullion-equivalent terms (leaving out jewelry and similar articles), there are about 3 billion oz of gold in the world versus 2 billion oz of silver (in 1000 oz bar form), fairly similar amounts. (There are also billions of ounces of each in non-bullion form, but gold and silver in those non-bullion forms have little bearing on price, except on a very long-term basis).
But while the amounts of actual metal existing in gold and silver are fairly similar, because there is such a wide disparity between the current prices of gold and silver of more than 85 times, that means the total market capitalization of gold is roughly $6 trillion (3 billion oz x $2000) compared to a total market cap of silver of around $43 billion (2 billion oz X $23). Therefore, while similar amounts of metal exist in each, the dollar amount of gold and silver are starkly different, with the dollar amount or total market cap of gold being roughly 130 times greater than the dollar amount of silver.
Given the extremely wide disparity between the market caps in these two metals, it’s a wonder that gold and silver are even compared at all, as it would be like comparing the total market capitalization of a stock like Microsoft, at $2.6 trillion, with a stock with a total market cap of $20 billion. One would think such a comparison was irrelevant, except under certain limited circumstances. Yet that is far from the case in gold and silver, where over the years, despite the extremely wide difference in the total dollar amounts of each, silver has gained markedly in daily discussions and commentary relative to gold. Whereas 20 or so years ago, the discussion centered on gold almost exclusively, today it is rare to read a gold commentary not also featuring silver (or a discussion just on silver, leaving out gold). I’ll get into why I think this is a bit later.
Aside from the extreme difference in the total market caps (dollar worth) of gold and silver, another factor stands out. While there is roughly 50% more gold bullion than silver bullion in the world, the shocking fact is why there is not much more silver bullion than there is gold bullion. After all, the world produces and has produced (mined) many times more silver than gold over the past 5000 years and that should mean that there should be much more silver inventory in bullion form than gold. From the beginning of recorded civilization (but mostly over the last hundred years or so), it is thought that the total amount of silver taken from the earth has exceeded 45 billion oz, compared to 6 billion oz of gold. So, with world cumulative mine production of silver exceeding by 7.5 times the amount of gold taken from the earth, how the heck can there now be 3 billion oz of gold bullion and only 2 billion oz of silver bullion?
The answer is because the vast majority of silver mined throughout history has been consumed industrially and by other forms of fabrication, while relatively little gold has been industrially consumed. Most of the applications for industrial silver consumption have come about in the last 100 to 150 years, meaning not only is a good portion of current world silver mine production so consumed, so has most of the cumulative silver mine production over past centuries. This may seem like old stuff to long-time readers, but I doubt more than one out of every 100,000 people in the world (if that) know this.
Ironically, one of the (false) reasons given to explain silver price weakness at times is because it is an industrial commodity and on that particular day some report came out suggesting general economic weakness. More importantly, silver’s industrial consumption is what accounts for there being more gold metal in bullion form than silver, as well as vastly more gold in dollar terms than silver – but that is never mentioned. Remarkably, silver is so versatile an industrial commodity that even the loss of what once was its leading use, photography, hasn’t slowed its total industrial consumption due to new uses, like in solar cells.
The implication, in any way, that silver’s industrial use is anything but positive to the price is ludicrous. That’s because it has been silver’s industrial consumption that has created the absurd circumstance where, despite there having been 7.5 times more silver taken from the earth compared to gold, there is now more gold bullion in inventories than silver bullion. I don’t know if I’d go so far as suggesting that silver should be priced at or more than the price of gold per ounce, but gold should not be priced more than 85 times silver on an ounce-by-ounce basis either.
The fact is that silver’s industrial consumption has done nothing but decrease the amount of silver available to investors – period. And that should never be forgotten or misinterpreted. Still, with silver’s price in the gutter by every comparison, particularly in relation to gold, the thought comes to mind that it must somehow be the lack of investor demand that accounts for silver’s punk price. But that is far from the truth by any objective measure. While it’s true that central banks are big buyers of gold and not silver, that also means that central banks can be big sellers of gold and not of silver.
Furthermore, there is always the possibility that central banks or other government entities might turn buyers of silver for other strategic reasons. After all, there was time (close to within my lifetime) where the US Government was the largest owner of silver in the world. While I can’t imagine that recurring, that’s not to say world government entities might try to establish some silver stockpiles. Again, since there is practically no current world government ownership of silver, none can be sold (as is possible in gold).
As far as irrefutable evidence that non-government investors have been much heavier buyers of silver than gold in metal (not dollar) terms you need look no further than in the public record concerning the world’s ETFs (Exchange Traded Funds) or the sale of sovereign (official) bullion coins, like Gold or Silver Eagles from the US Mint.
The record on ETFs is particularly compelling where, even though gold ETFs got an earlier start, the amount of silver metal bought in the world’s silver ETFs is vastly greater than the amount of gold metal bought in ETF form. The record shows that despite a later introduction for silver ETFs than gold ETFs, ten times more silver metal has been bought than gold metal. Current bullion holdings in the world’s silver ETFs are more than one billion oz or 50% of all the two billion oz of silver bullion in 1000 oz bar form – compared to the 100 million oz held in the world’s gold ETFs or less than 3.5% of the world’s total gold bullion inventory. In pure metal terms, investors favor silver over gold by a very wide margin. Granted, given gold’s much higher price, the dollar amount in the world’s gold ETFs is about ten times the dollar amount in the silver ETFs.
To be clear, I have no argument with gold being too high in price, because I don’t believe that’s the case at all. The issue is obvious, silver is too low in price. It’s hard to imagine the total world inventory of silver bullion being worth less than $46 billion while the equivalent gold bullion inventory being worth close to $6 trillion, with investors buying much more silver metal than gold and there being less silver inventory in metal form. The key question, almost without asking, is why is silver so low in price – not why is gold so expensive?
The answer couldn’t be clearer – there is nothing wrong with silver, just its price. It’s clear than the price of silver is artificially suppressed and manipulated and has been for 40 years due to an ongoing and easy-to-prove phony price scheme on the COMEX, the world’s largest precious metals derivatives exchange. The manipulative price scheme involves the never-ending (to this point) fraudulent trading practices of a number of commercial banks consistently cheating another close-knit group of traders classified as managed money traders and as described on these pages and elsewhere for decades.
The real shame is that the perpetrators (the banks) are household names and are being protected by US Government regulators, in the form of the Commodity Futures Trading Commission, the Securities and Exchange Commission, the Department of Justice and the US Treasury Dept. Further, the thoroughly-crooked COMEX operation is owned and run by a large publicly-held entity, the CME Group, Inc., which is also designated as an official Self-Regulatory Organization, despite it refusing to crackdown on the 40-year silver fraud.
I believe I fully-understand the two reasons why government regulators would turn their backs to an obvious market crime in progress and, in effect, completely dishonoring their sworn oaths to enforce the rule of law. One, they ignored or argued against previous attempts by me to explain the COMEX silver manipulation for too long that admitting or taking actions to end the manipulation now would be far too embarrassing. Two, the criminals here (which included JPMorgan in the past) are also large systemically-important financial institutions which if dealt with in the manner deserved, would result in extreme stress on the financial system. No regulator would crack down on the COMEX silver manipulation if it threatened the financial system – something that could have been avoided had the manipulation been addressed decades ago, when first presented.
So yes, it would appear the ship has long sailed on any expectations for regulatory action to end the COMEX silver manipulation and based upon the sharp selloff this week, it is clear the manipulation is still in full force (with my Spidey-sense about Friday’s action completely misguided). But while the reality that the COMEX silver manipulation lives on, that doesn’t negate anything I said above about the realities in terms of metal and money when it comes to silver and gold. Again, not only is silver way too cheap relative to gold by every measure possible, the story doesn’t end there.
Where the story continues is that there is no evidence of widespread net investor silver selling, leaving the only plausible explanation for the recent declines in recorded silver inventories in the silver ETFs and in the COMEX silver warehouses being due to the metal being needed more urgently elsewhere – exactly what would be expected in an extreme physical shortage or robbing Peter to pay Paul. What this means is that in addition to the long-term COMEX suppression of silver prices over the years and decades that has resulted in an obscenely depressed price, there are now signs of a physical silver shortage on a daily basis.
Yet at the same time, it appears to be business as usual for the commercial crooks on the COMEX, based upon the sharp selloff into early Wednesday. But the funny thing about a physical commodity shortage, such as currently exists in silver, is that it is the most potent bullish force possible. Here, we are talking about the law of supply and demand – a law more powerful than any artificial pricing scheme or regulatory malfeasance. Nonetheless, it is a fact that the forces of evil (price manipulation) can succeed for a long time in frustrating the law of supply and demand – as is evident in the 40-year tenure of the COMEX silver manipulation.
But when artificially suppressed prices eventually create an actual physical shortage, the signs of which currently abound in silver, the timeline for the force of the law of supply and demand to overwhelm the phony COMEX pricing scheme is greatly accelerated. No, not to the point where it can be accurately predicted in advance (as much as I try), but with greater certainty that it will come fairly soon.
The most important point is that the combination of all I just wrote has created perhaps the greatest investment buying opportunity any of us is likely to experience in our lifetimes. The end result of the silver story of the past 40-years is not anything I could possibly imagine without all the easily-verified facts just laid out. That is has taken so long to develop is beyond remarkable and even if it takes a little longer, that will only enhance the eventual result in a price explosion of the ages.
The bottom line is that we are much closer to the actual law of supply and demand asserting itself over a long-term silver price manipulation that has created an almost unimaginable low price at the very same time more potential world buying power, measured in the hundreds of trillions of dollars exists compared to an asset that couldn’t handle the smallest fraction of one percent of that buying power without exploding exponentially.
Heck, if just one-percent of the money tied up in gold bullion ($60 billion) tried to shift into silver, you can only imagine what that would do to the price of silver, seeing as all the silver bullion in the world is only worth $46 billion. And it’s not as if that $46 billion worth of silver is just lying in the street, ownerless. Every ounce of the two billion oz in 1000 oz bars is already owned and must be bid away from the existing owners by making them an offer they can’t refuse – much higher prices.
Ted Butler
November 9, 2023
4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/ ANDREW MAGUIRE INTERVIEWING DR STEPHEN LEEB
Episode 148
Posted 10th Nov 2023
Dollar doesn’t work but gold has everlasting value. Feat. Dr Stephen Leeb
In this week’s episode of Live from the Vault, Andrew Maguire is joined by Dr Stephen Leeb, money manager and writer of the Intel for Investors newsletter, to discuss the acronym he coined: ICAG, and the expansion of BRICS.
The precious metals experts discuss gold’s role on a spiritual level as well as its place in current and future global monetary systems, before taking a closer look at the US dollar-based financial model, explaining why it no longer works.
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.2895
OFFSHORE YUAN: DOWN TO 7.3011
SHANGHAI CLOSED DOWN 14.98 PTS OR 0.47%
HANG SENG CLOSED DOWN 308.03 PTS OR 1.76%
2. Nikkei closed DOWN 78.35 PTS OR 0.24%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 105.66 EURO RISES TO 1.0687 UP 21 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.850 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 151.33/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN// OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.7080***/Italian 10 Yr bond yield UP to 4.574*** /SPAIN 10 YR BOND YIELD UP TO 3.756…**
3i Greek 10 year bond yield RISES TO 3.930
3j Gold at $1945.00 silver at: 22.51 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 02 /100 roubles/dollar; ROUBLE AT 92.06//
3m oil into the 76 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 151.11// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.835% 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 0.9018 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9638 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: 4.598 DOWN 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.772 DOWN 4 BASIS PTS/
USA 2 YR BOND YIELD: 5.009 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 28.56…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 8 BASIS PTS AT 4.3545
end
2.a Overnight: Newsquawk and Zero hedge:
Futures, Bonds Gain After Powell-Inspired Rout
FRIDAY, NOV 10, 2023 – 08:23 AM
Just when it seemed that stocks were about to go on a 9-day winning streak, Fed chair Jerome Powell opened his mouth, said to shut the “fucking door“, and crashed stonks (the catastrophic 30Y auction just minutes earlier didn’t help) ending what would have been the longest streak since 2004.
And on to Friday morning, where after yesterday’s rout, stocks and bonds rebounded modestly even as investors speculated that more central bank speakers today will echo the hawkish message from Powell. As of 8:00am, S&P futures rose 0.25% to 4,373, rising off the worst levels of the day, while Nasdaq futures gained 0.1%; meanwhile in Europe the Stoxx 600 shed 1%, reinforced by poor earnings reports. The dollar is little changed while Treasury yields are marginally higher across the curve; energy outperforms with WTI futures up about 1% on the day
In premarket trading, energy shares rose along with oil, with West Texas Intermediate climbing back above $76 a barrel. Digital advertising firm Trade Desk slumped as much as 31% in out-of-hours trading in New York after issuing a weak sales guidance, which it blamed on broader economic pressures. And watch casino stocks after their shares had a terrible day in Hong Kong. Here are the other notable premarket movers:
Blink Charging Co. shares rose 14% after the company revised FY 2023 sales higher. The company reported EPS below estimates and sales above estimates.
Groupon shares slumped 32% after the firm reported adjusted loss per share for the third quarter that missed the average analyst estimate. Eric Lefkofsky, a co-founder of the company, informed the firm of his decision to resign as a member of the Board effective Nov. 9.
Illumina shares slump 12% after the DNA-sequencing company cut its full-year revenue guidance. The company also reported third-quarter product revenue that missed estimates. Canaccord Genuity downgraded its recommendation on the stock to hold, saying the near-term outlook appeared “soft.”
Plug Power shares fell 29% after the company, which makes machines that produce hydrogen and use it as a fuel, flagged going concern warnings after reporting a weak 3Q. RBC Capital Markets downgraded to sector perform from outperform, citing limited visibility and margin pressures.
Toast shares edge higher, up 2.0%, as Baird raises its recommendation on the restaurant-software company’s stock to outperform from neutral. The broker says the upgrade comes after the stock has fallen nearly 50% from mid-year highs.
Trade Desk shares plummet 27% after the advertising technology company gave a fourth-quarter forecast that was weaker than expected for both revenue and adjusted Ebitda. Analysts cut price targets noting that the weak guidance overshadowed an otherwise strong quarter.
Unity Software shares fall 13% after the video-game tool maker reported third-quarter revenue that missed expectations. It also said it had started a “comprehensive assessment of our product portfolio,” and that as a result it would not be giving an outlook.
Wynn Resorts shares dropped 5.2% after the casino operator reported third-quarter Macau adjusted property Ebitdar that missed estimates. While the company performed well in Las Vegas, analysts focused on Macau, with Barclays saying the margins and commentary were disappointing.
“Powell’s speech was a sort of a talk-tough moment as central banks have to convince the market there will be no pivot coming tomorrow morning,” said Erick Muller, head of product and investment strategy at Muzinich & Co. in London. “Each time they see markets pricing too many rate cuts, you will hear this kind of speech saying, ‘stop right there’.”
Investors are now waiting to hear from ECB President Christine Lagarde, who will participate in a fireside chat later on Thursday. Comments are also due from from Dallas Fed President Lorie Logan, her Atlanta counterpart Raphael Bostic and San Francisco Fed’s Mary Daly. Markets were rattled yesterday after Powell said officials won’t hesitate to tighten if needed
European bonds and stocks are both in the red, tracking losses in their US counterparts on Thursday after hawkish comments by Fed Chair Powell and a soft 30-year bond auction. The Stoxx 600 is down 1% and set for its largest one-day drop in three weeks. Consumer product, food/beverage and mining shares are leading declines. Diageo plunged 16% after the UK distiller cut its profit outlook and Richemont lost 6.8% as revenue from luxury watches unexpectedly fell. There was a brief glitch in the updating of FTSE Russell indexes overnight in the UK, Italy and South Africa, which was fixed after about 38 minutes. Here are the most notable European movers:
Allianz shares rise as much as 2.3% after the German insurer reported third quarter operating profit that beat the average analyst estimate, with Jefferies “pleasantly” surprised by the results
GN Store Nord shares jump as much as 14%, the most since April 27, after the Danish hearing-aids maker reported results for the third quarter, narrowed its organic revenue forecast for the year and announced new cost savings
OTP Bank shares climb as much as 2.3% after Budapest-based lender reported a third-quarter income beat thanks mainly to its profitable subsidiaries outside Hungary
Mol shares climb as much as 1.2% after Hungary-based refiner raised its 2023 guidance for Clean CCS Ebitda after third-quarter beat estimates
JCDecaux shares rise as much as 5.1% after the outdoor advertising company reported better-than-expected organic revenue growth in 3Q
IMCD rises as much 5.1% after nine-month revenue came in lower than the prior year but KBC says the decline was a “modest” 1% in constant currency terms
Bpost rises as much as 6.1% after the postal company reported third-quarter adjusted Ebit that beat estimates and reinstated its full-year earnings outlook after market hours on Thursday
Valneva shares rise as much as 14% in Paris, the most since June 20, after the US FDA approved the French biotechnology firm’s chikungunya vaccine
Diageo shares slide as much as 12%, the biggest intraday decline since 1997, after the alcoholic beverage company warned on profit, citing a “materially weaker” performance in Latin America and Caribbean
Richemont dropped by as much as 5.3%, dragging European luxury stocks sharply lower, after the Swiss group reported an unexpected drop in earnings due to declining sales for its watches and faced adverse currency effects
Shurgard falls as much as 6.4% after an offering of up to 8.16m new shares priced at €36.75 apiece, representing a 7% discount to last close
Stabilus shares fall as much as 5.2%, the most since May. The German machinery manufacturer’s fresh guidance and Ebit margin for the full year looked “a bit conservative,” according to Oddo
Earlier in the session, Asian stocks declined as disappointing earnings hit Chinese and Japanese stocks along with a jump in Treasury yields after cautious comments by Federal Reserve Chair Jerome Powell. The MSCI Asia Pacific Index fell as much as 1.1%, erasing its gain for the week, with Chinese internet giants Alibaba and Tencent among the biggest drags. Japan’s SoftBank and Sony also weighed on the gauge after their results missed expectations. All major markets in the region were in the red Friday.
Hong Kong benchmarks were the biggest decliners after after weak profit reports from chipmaker SMIC and casino operator Wynn Macau, while a cyberattack on China’s largest lender ICBC also weighed on sentiment. A report this week showed the Chinese economy has tipped back into deflation, exacerbating concerns over the fragility of the economic recovery.
Australia’s ASX 200 initially saw the shallowest losses among the majors as the RBA’s SoMP suggested the economy had been a bit stronger than previously thought, while sectoral losses were led by Tech, Financials, and Energy although Metal and Mining bucked the trend.
Japan’s Nikkei 225 was dragged lower by hefty post-earnings losses in Nissan, Sony, and Softbank, which were all lower by 3-6%, although the index later clambered off worst levels and rose back above 32,500.
Indian stocks posted a late recovery to end higher, outperforming most Asian peers that fell on lackluster earnings from Chinese firms and hawkish comments from Fed Chair Powell.
In FX, the Bloomberg Dollar Spot Index is little changed. The pound falls 0.1% after showing little reaction to a slight beat for UK GDP. The Norwegian krone is the best performer, rising 0.7% versus the greenback after data showed inflation accelerated in October. A four-day rally in the Bloomberg Dollar Spot Index stalled as traders weighed the outlook for Fed policy and higher US yields. The gauge had gained 0.9% in the past four days as yield on policy-sensitive Treasury two-year notes rose 18 basis points. Traders now await the October US inflation data due on Tuesday. “The CPI next week will be the key driver for the dollar” following Powell’s comments, said Mingze Wu, a foreign-exchange trader at StoneX Group in Singapore. “The market is adjusting itself without any further inputs from Fed”
In rates, treasuries were narrowly mixed across the curve, broadly holding losses spurred Thursday by poor 30-year bond auction and hawkish Powell comments. Long-end underperforms, causing another bounce by 5s30s spread off 10bp level that’s been flagged as key support and a pain threshold for steepener positions. US yields are within 3bp of Thursday’s closing levels with long-end lagging slightly; 10-year TSYs dropped to 4.60% with bunds and gilts lagging by 7.5bp and 6bp in the sector, narrowing gaps that opened as Treasuries slumped toward the end of the US trading day. German 10-year yields rose 8bps while the UK equivalent adds 7bps. The dollar IG issuance slate empty so far; only one deal priced Thursday, taking weekly volumes above $43b; dealers’ forecast was for about $40b. US economic data scheduled for the session includes November preliminary University of Michigan sentiment at 10am
In commodities, crude prices advance, with WTI rising 1% to trade near $76.50. Spot gold falls 0.3%. Gold dropped 0.3%. The metal is set for a second weekly drop after fears eased that the Israel-Hamas conflict will broaden into a region-wide war.
Bitcoin extended recent gains, rising above $37,000 but it was Ethereum that stole the show suring above $2,100 after BlackRock’s Ethereum ETF plan was confirmed in a Nasdaq filing, according to CoinDesk.
Looking to the day ahead now, and data releases include UK GDP for Q3, Italian industrial production for September, and the University of Michigan’s preliminary consumer sentiment index for November. Otherwise, central bank speakers include ECB President Lagarde, Bundesbank President Nagel, and the Fed’s Logan and Bostic.
Market Snapshot
S&P 500 futures up 0.3% at 4,374
STOXX Europe 600 down 0.8% to 444.21
MXAP down 0.9% to 155.80
MXAPJ down 1.2% to 486.33
Nikkei down 0.2% to 32,568.11
Topix little changed at 2,336.72
Hang Seng Index down 1.8% to 17,203.26
Shanghai Composite down 0.5% to 3,038.97
Sensex little changed at 64,886.09
Australia S&P/ASX 200 down 0.5% to 6,976.49
Kospi down 0.7% to 2,409.66
German 10Y yield little changed at 2.72%
Euro little changed at $1.0667
Brent Futures up 0.8% to $80.65/bbl
Gold spot down 0.2% to $1,954.02
U.S. Dollar Index little changed at 105.94
Top Overnight News
The UK economy flatlined in the third quarter, defying forecasts of a small contraction and ensuring a recession is avoided this year, as strong trade came to the rescue of poor domestic activity.
On Thursday, trades handled by the world’s largest bank in the globe’s biggest market traversed Manhattan on a USB stick. Industrial & Commercial Bank of China Ltd.’s US unit had been hit by a cyberattack, rendering it unable to clear swathes of US Treasury trades after entities responsible for settling the transactions swiftly disconnected from the stricken systems.
One of the most high-profile blockchain systems in traditional banking has added a new feature that lets companies shift cash automatically. JPMorgan Chase & Co’s JPM Coin now allows clients to program their accounts by plugging in a set of key conditions, enabling them to move funds to cover overdue payments and margin calls.
More detailed look at global markets courtesy of Newsquawk
APAC stocks traded lower across the board as the downbeat sentiment from Wall Street reverberated to the region following the poor 30-year US auction coupled with Powell’s hawkish lean, whilst the APAC region itself digested earnings and China’s ongoing woes. ASX 200 initially saw the shallowest losses among the majors as the RBA’s SoMP suggested the economy had been a bit stronger than previously thought, while sectoral losses were led by Tech, Financials, and Energy although Metal and Mining bucked the trend. Nikkei 225 was dragged lower by hefty post-earnings losses in Nissan, Sony, and Softbank, which were all lower by 3-6%, although the index later clambered off worst levels and rose back above 32,500. Hang Seng and Shanghai Comp conformed to the tone but Hong Kong was the regional underperformer with Tech and Financials, among the biggest losers.
Top Asian News
A ransomware attack on the Industrial and Commercial Bank of China has disrupted the US Treasury market by stopping China’s largest bank from settling Treasury trades, according to market participants cited by FT. SIFMA told members on Thursday that ICBC had been hit by ransomware software. The attack prevented ICBC from settling Treasury trades on behalf of other market participants. ICBC (1398 HK) Financial Services confirmed they experienced a ransomware attack that resulted in disruption to certain FS systems, according to Reuters.
PBoC Governor said they are closely watching financial risks in some sectors; some provinces are facing a certain degree of debt risks and the central government is paying high attention to the matter, via state media
PBoC policy adviser said China is able to achieve slightly above 5% GDP growth this year; consumption recovery still remains weak; fiscal deficit ratio can be raised next year. China’s exports are still expected to face relatively big pressure next year. Weak external demand and inadequate domestic demand increase overcapacity pressure in China, according to Reuters.
China Vice Premier He Lifeng said the important task for the meeting with US Treasury Secretary Yellen is to implement tasks from US President Biden and Chinese President Xi. He added talks with Yellen have been constructive, and will communicate China’s concerns about their economic and investment relationship with the US. Looking for effective measures to put US-China economic and trade relations back on track, according to Reuters.
Country Garden Holdings (2007 HK) reportedly aims to inform key bondholders of its cash flow projections by year-end, according to Reuters sources; aims for a tentative plan to restructure offshore debt by year-end, and aims to start formal negotiations with offshore bondholders by February or March next year, sources added.
PBoC injected CNY 203bln via 7-day reverse repos with the rate at 1.80% for a CNY 160bln net daily injection.
Japanese government to top up fiscal loan and investment program with additional JYP 886bln in a second extra budget to beef up supply chain, according to a draft cited by Reuters.
Japan mulls a 5%+ wage hike as a condition for tax breaks, via Sankei.
BoJ is to conduct broad-based survey of companies behaviour since mid-90’s; to be conducted between Nov’23-Feb’24 as part of its long term monetary policy review.
RBA SoMP: considered the option to continue to hold policy rates steady but decided a hike would provide more assurance on inflation; Whether further tightening of monetary policy will depend on data. Click here for the full headline.
New Zealand PM Hipkins said the Governor General will be advised to extend current caretaker government arrangements until a new government is formed, according to Reuters.
European bourses reside in the red, Euro Stoxx 50 -0.8%, though the region is on track to end the week around the unchanged mark overall. Action which comes as a continuation of the post-Powell/auction hit to sentiment experienced in Thursday’s US session. Sectors are primarily softer with Food, Beverage & Tobacco hit as Diageo cuts guidance, Consumer Products/Services sold post-Richemont while Real Estate slips on SBB and Redrow. Energy bucks the trend and is modestly firmer as benchmarks attempt to once again recoup from recent pressure. Stateside, futures are near the unchanged mark within -0.2% to +0.2% parameters with the ES flat and the NQ lagging a touch as US yields inch higher. Ahead, a handful of Fed speakers will be scrutinised for any deviation from the Powell line.
Top European News
SNB’s Schlegel says a temporary increase in inflation via rent is possible.
China’s Vice Premier says they are willing to work with the EU to deepen practical cooperation in promoting industrial transformation and upgrades, via State Media; to jointly safeguard supply chain stability.
Portugal’s president dissolves parliament and calls snap elections, according to dpa. Portugal is to hold an election on March 10, 2024 according to AFR.
Peru Central Bank cuts reference rate by 25bps to 7.00%, as expected.
FX
Buck back on a recovery track as Fed Chair Powell underscores lack of confidence about current policy being restrictive enough, DXY edges closer to 106.00 from sub-105.00 w-t-d low.
Euro and Yen defend semi-psychological 1.0650 and 151.50 marks vs Dollar, Pound keeps afloat of 1.2200 against Greenback post-better than forecast UK GDP metrics.
Franc pares losses towards 0.9000 as SNB Schlegel highlights the prospect of a blip in inflation on rents, Norwegian Krona rejuvenated by hotter than consensus CPI, core especially.
PBoC sets USD/CNY mid-point at 7.1771 vs exp. 7. 2963 (prev. 7.1772)
Fixed Income
Bonds on the brink of a complete round trip from weekly peak to trough after hawkish-leaning Fed soundbites and poor US 30 year auction.
Bunds, Gilts and T-note all nearer bases of 129.45-130.13, 94.70-95.32 and 107-10+/23 respective ranges.
BTPs sub-112.00 and digesting Italy’s multi tranche mid-month issuance
Commodities
A very similar story to Thursday for the crude benchmarks, which are attempting to reclaim the modest ground they gained in the first half of that session before broader sentiment was hit by a poor US auction and Chair Powell.
WTI Dec’23 and Brent Jan’23 are at the upper-end of USD 75.31-76.49/bbl and USD 79.79-80.86/bbl respectively; however, this leaves the benchmarks around USD 5/bbl shy of their WTD bests and almost USD 20/bbl off the early-October YTD peaks.
Metals feature contained performance for spot gold, but with a slight negative bias as it eases back towards the WTD trough while base metals are pressured alongside the broader risk tone; XAU is back within relative proximity to the 200- and 100-DMAs of USD 1934/oz and USD 1927/oz respectively.
Over 60 countries are reportedly backing a deal to triple renewable energy and shift away from coal, according to Reuters citing officials.
Geopolitics
“The Israeli army announces the cessation of its airstrikes in the Gaza Strip to mitigate civilian casualties”, according to Sky News Arabia.
Israeli military said it struck a position in Syria in response to Thursday’s drone attack in Eilat, according to Reuters.
Iranian Foreign Minister said expanding the scope of war has become inevitable with the increase in escalation in Gaza, according to Sky News Arabia.
China’s Ambassador to the US Feng says US-China relations are still facing severe challenges, and there is still a long way to go to stabilise and improve relations, according to Reuters.
China Coast Guard, on the Philippines’ resupply mission on Nov 10th, urged the Philippines to immediately stop infringing on China’s sovereignty; Followed the Philippines’ resupply vessels and took control measures, according to Reuters.
Hungarian PM Orban says the EU must not begin membership discussions with Ukraine, via State Radio.
Market Snapshot
10:00: Nov. U. of Mich. Current Conditions, est. 70.3, prior 70.6
Nov. U. of Mich. Sentiment, est. 63.8, prior 63.8
Nov. U. of Mich. Expectations, est. 61.0, prior 59.3
Nov. U. of Mich. 5-10 Yr Inflation, est. 3.0%, prior 3.0%
Nov. U. of Mich. 1 Yr Inflation, est. 4.0%, prior 4.2%
DB’s Jim Reid concludes the overnight wrap
As we hit the end of another week my 6-yr old twin boys have been asked to play in an under 8s tennis tournament tomorrow. They play a lot on our patio and the longest rally I’ve ever seen (with their bikes as a net) is 3 shots. So unless they go for immediate winners down the line I’m not optimistic of success. Their current football record is one draw and eight losses against other teams so I feel I’m preparing them for life.
Generally this week it’s been a series of winners for a 60/40 portfolio but that came to a shuddering halt last night. Indeed on Tuesday we paraphrased the famous “just as you thought it was safe to buy bonds” line from the Jaws movie. That was a false alarm as longer bonds rallied back again through last week’s yield lows in Asia yesterday morning. However, the sharks have fought back with a vengeance via a bond sell-off that was made worse by a very poor 30yr auction and what was interpreted to be a hawkish Powell speech an hour later at 7pm London time. In short, both 10yr (+13.2bps) and 30yr yields (+15.1bps) saw their largest increases in four weeks, which in turn dragged the S&P 500 (-0.81%) to its first decline in 9 sessions .
While the 3yr and 10yr auctions the previous two days were well digested, the $24bn 30yr auction last night priced at 4.769%, 5.3bps above the indicated pre-sale level. Only one other 30yr auction in the last decade has had a tail around these levels. The bid-cover ratio (at 2.24) and the size of end-investor take up (at 75% vs 82% last month) were at their weakest since late 2021. 10yr and 30yr Treasury yields had already been trading c. 7bps and 11bps higher on the day but roughly doubled that move immediately after the auction (spiking by 9bps and 11bps, respectively). The 30yr yield saw a decent reversal later on but still closed +15.1bps higher on the day. On the other hand, the 10yr largely maintained its move, up +13.2bps to 4.63%, helped by some relatively hawkish comments from Powell an hour later. In Asia this morning, 10 and 30yr yields are around -1.5bps lower.
In remarks at an IMF conference, Fed Chair Powell said that “if it becomes appropriate to tighten policy further, we will not hesitate to do so” and echoed an earlier line that ”we are not confident that we have achieved such a stance” that would ensure inflation returns to 2%. There was some balance within his comments — alluding to two-sided risks and the role that improved supply has played in bringing down inflation – but adding that “going forward, it may be that a greater share of the progress in reducing inflation will have to come from tight monetary policy”. So hawkish comments overall, especially when other Fed speakers had struck a more dovish note earlier in the day. For instance, Atlanta Fed President Bostic said that “I think our policy is restrictive, and likely sufficiently restrictive”. Meanwhile, Richmond Fed President Barkin said that “we are still not seeing the full effects of policy”, and that “I believe there’s a slowdown coming”.
Powell’s comments had a larger impact on the front-end. The likelihood of another rate hike priced by Fed funds futures went up from 17% to 24% on the day, with end-24 pricing up +10.3bps to 4.56%. The 2yr yield was trading +2 to 3bps higher on the day prior to Powell’s speech, but was up +8.7bps to 5.02% at the end, the first time since the end of October that it has closed above 5%.
The moves in yields were also interesting given that there were fresh signs of the labour market softening. That came from the weekly jobless claims data, where continuing claims rose to their highest level since April over the week ending October 28, at 1.834m (vs. 1.820m expected). The initial claims were broadly as expected at 217k over the week ending November 4 (vs. 218k expected) but this still pushed the 4-week average up for a third week running. Our US economists did note in a recent report (here) that the current rise in continuing claims may be exaggerated due to excess seasonality. But even keeping this caveat in mind, their rise in the past 5 weeks (+162k) has outpaced that seen in the same period last year (+137k). So adding to the evidence from last week’s jobs report that several labour market indicators are now steadily weakening.
The spike in yields in the latter part of the US session weighed on what had been a mixed day for equities. The S&P 500 had been on course to narrowly eke out a historic 9th consecutive gain before the 30yr auction, but then fell sharply to close -0.81% lower. The losses were broad-based with the NASDAQ (-0.94%) and Dow Jones (-0.65%) seeing similar declines. The small cap Russell 2000 underperformed (-1.57%), falling for the 4th day in a row. Its -4.17% decline so far this week puts it on course for the worst weekly performance since March.
One of the outperforming assets on the day was cryptocurrencies. Bitcoin (+3.74% to $36,638) rallied to its highest level since 5 May 2022 – just before the collapse of the Terra stablecoin which then prompted a chain of stresses in the crypto space.
Back in Europe, equities outperformed their US counterparts but closed before the late slump, with the STOXX 600 advancing +0.84% on the day, with similar gains for the DAX (+0.81%) and the CAC 40 (+1.13%). Meanwhile, European bonds had seen a more modest rise in yields for the day prior to the US 30yr auction, as those on 10yr bunds (+3.1bps), OATs (+2.8bps) and BTPs (+3.3bps) all moved higher .
In Asia, the Hang Seng (-1.59%) is the biggest underperformer so far while the CSI and the Shanghai Composite are easing -0.69% and -0.45%, respectively, as concerns about the health of the world’s second-biggest economy resurfaced as China’s deflationary pressures worsened in October. Elsewhere, the KOSPI (-0.96%) and the Nikkei (-0.72%) are also losing ground in early trade. S&P 500 (+0.08%) and NASDAQ 100 (-0.02%) futures are fairly flat.
Early morning data showed that New Zealand’s manufacturing sector activity remained in contraction for the eight consecutive month as the NZ manufacturing index dropped to 42.5 in October from 45.1, notching its biggest contraction since August 2021.
Looking back at yesterday’s other data, it was a quiet day in Europe, with the one release of note being Q3 wage growth in France. This came in at +0.5% quarter-on-quarter (+1.0% prev.), marking the slowest quarterly wage growth in two years. While this data can be noisy for an individual quarter, it adds to other evidence of a slowing labour market in the euro area.
To the day ahead now, and data releases include UK GDP for Q3, Italian industrial production for September, and the University of Michigan’s preliminary consumer sentiment index for November. Otherwise, central bank speakers include ECB President Lagarde, Bundesbank President Nagel, and the Fed’s Logan and Bostic.
end
2 B) NOW NEWSQUAWK (EUROPE/REPORT))
European bourses slump, Fixed continues to slide & DXY slightly lower; Fed speak due – Newsquawk US Market Open
FRIDAY, NOV 10, 2023 – 06:26 AM
European bourses slump, whilst US futures meander on either side of the unchanged level; NQ underperforms on higher yields
Bonds continue to sell-off following yesterday’s hawkish leaning comments from Fed Chair Powell and a dismal US long bond auction
DXY is slightly lower, edging towards session lows of 105.76 with G10’s generally lifeless against the Dollar
Crude benchmarks extend gains and entirely pare back the losses seen late in yesterday’s session, whilst base metals are hit by broader negative risk tone
Looking ahead, Highlights include US UoM, Chinese M2 Money Supply, BoC SLOOS, Fed’s Logan, Bostic, Daly; ECB’s Lagarde
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
European bourses reside in the red, Euro Stoxx 50 -0.8%, though the region is on track to end the week around the unchanged mark overall. Action which comes as a continuation of the post-Powell/auction hit to sentiment experienced in Thursday’s US session.
Sectors are primarily softer with Food, Beverage & Tobacco hit as Diageo cuts guidance, Consumer Products/Services sold post-Richemont while Real Estate slips on SBB and Redrow. Energy bucks the trend and is modestly firmer as benchmarks attempt to once again recoup from recent pressure.
Stateside, futures are near the unchanged mark within -0.2% to +0.2% parameters with the ES flat and the NQ lagging a touch as US yields inch higher. Ahead, a handful of Fed speakers will be scrutinised for any deviation from the Powell line.
Click here and here for the sessions European pre-market equity newsflow, including earnings.
Buck back on a recovery track as Fed Chair Powell underscores lack of confidence about current policy being restrictive enough, DXY edges closer to 106.00 from sub-105.00 w-t-d low.
Euro and Yen defend semi-psychological 1.0650 and 151.50 marks vs Dollar, Pound keeps afloat of 1.2200 against Greenback post-better than forecast UK GDP metrics.
Franc pares losses towards 0.9000 as SNB Schlegel highlights the prospect of a blip in inflation on rents, Norwegian Krona rejuvenated by hotter than consensus CPI, core especially.
PBoC sets USD/CNY mid-point at 7.1771 vs exp. 7. 2963 (prev. 7.1772)
A very similar story to Thursday for the crude benchmarks, which are attempting to reclaim the modest ground they gained in the first half of that session before broader sentiment was hit by a poor US auction and Chair Powell.
WTI Dec’23 and Brent Jan’23 are at the upper-end of USD 75.31-76.49/bbl and USD 79.79-80.86/bbl respectively; however, this leaves the benchmarks around USD 5/bbl shy of their WTD bests and almost USD 20/bbl off the early-October YTD peaks.
Metals feature contained performance for spot gold, but with a slight negative bias as it eases back towards the WTD trough while base metals are pressured alongside the broader risk tone; XAU is back within relative proximity to the 200- and 100-DMAs of USD 1934/oz and USD 1927/oz respectively.
Over 60 countries are reportedly backing a deal to triple renewable energy and shift away from coal, according to Reuters citing officials.
SNB’s Schlegel says a temporary increase in inflation via rent is possible.
China’s Vice Premier says they are willing to work with the EU to deepen practical cooperation in promoting industrial transformation and upgrades, via State Media; to jointly safeguard supply chain stability.
Portugal’s president dissolves parliament and calls snap elections, according to dpa. Portugal is to hold an election on March 10, 2024 according to AFR.
Peru Central Bank cuts reference rate by 25bps to 7.00%, as expected.
EUROPEAN DATA
UK GDP Estimate MM (Sep): 0.2% vs. Exp. 0.0% (prev. 0.2%, Rev. 0.1%); 3M/3M (Sep) 0.0% vs. Exp. -0.10% (Prev. 0.30%); YY (Sep) 1.3% vs. Exp. 1.00% (Prev. 0.50%)
UK GDP Prelim. QQ (Q3) 0.0% vs. Exp. -0.1% (Prev. 0.2%); YY (Q3) 0.6% vs. Exp. 0.5% (Prev. 0.6%)
Norwegian Consumer Price Index YY (Oct) 4.0% vs. Exp. 3.6% (Prev. 3.3%); Core Inflation YY (Oct) 6.0% vs. Exp. 5.6% (Prev. 5.7%)
NOTABLE US HEADLINES
Meta (META) has reportedly struck a preliminary deal to sell a new, lower-priced version of its virtual-reality headset in China; the deal was struck with Tencent (700 HK), according to WSJ sources.
Announcement on the US Federal Shutdown is imminent, according to Punchbowl; “laddered CR” and a continuing resolution into January are the options.
“The Israeli army announces the cessation of its airstrikes in the Gaza Strip to mitigate civilian casualties”, according to Sky News Arabia.
Israeli military said it struck a position in Syria in response to Thursday’s drone attack in Eilat, according to Reuters.
Iranian Foreign Minister said expanding the scope of war has become inevitable with the increase in escalation in Gaza, according to Sky News Arabia.
China’s Ambassador to the US Feng says US-China relations are still facing severe challenges, and there is still a long way to go to stabilise and improve relations, according to Reuters.
China Coast Guard, on the Philippines’ resupply mission on Nov 10th, urged the Philippines to immediately stop infringing on China’s sovereignty; Followed the Philippines’ resupply vessels and took control measures, according to Reuters.
Hungarian PM Orban says the EU must not begin membership discussions with Ukraine, via State Radio.
CRYPTO
BlackRock’s Ethereum (ETH) ETF plan is confirmed in Nasdaq filing, according to CoinDesk.
APAC TRADE
APAC stocks traded lower across the board as the downbeat sentiment from Wall Street reverberated to the region following the poor 30-year US auction coupled with Powell’s hawkish lean, whilst the APAC region itself digested earnings and China’s ongoing woes.
ASX 200 initially saw the shallowest losses among the majors as the RBA’s SoMP suggested the economy had been a bit stronger than previously thought, while sectoral losses were led by Tech, Financials, and Energy although Metal and Mining bucked the trend.
Nikkei 225 was dragged lower by hefty post-earnings losses in Nissan, Sony, and Softbank, which were all lower by 3-6%, although the index later clambered off worst levels and rose back above 32,500.
Hang Seng and Shanghai Comp conformed to the tone but Hong Kong was the regional underperformer with Tech and Financials, among the biggest losers.
NOTABLE HEADLINES
A ransomware attack on the Industrial and Commercial Bank of China has disrupted the US Treasury market by stopping China’s largest bank from settling Treasury trades, according to market participants cited by FT. SIFMA told members on Thursday that ICBC had been hit by ransomware software. The attack prevented ICBC from settling Treasury trades on behalf of other market participants. ICBC (1398 HK) Financial Services confirmed they experienced a ransomware attack that resulted in disruption to certain FS systems, according to Reuters.
PBoC Governor said they are closely watching financial risks in some sectors; some provinces are facing a certain degree of debt risks and the central government is paying high attention to the matter, via state media
PBoC policy adviser said China is able to achieve slightly above 5% GDP growth this year; consumption recovery still remains weak; fiscal deficit ratio can be raised next year. China’s exports are still expected to face relatively big pressure next year. Weak external demand and inadequate domestic demand increase overcapacity pressure in China, according to Reuters.
China Vice Premier He Lifeng said the important task for the meeting with US Treasury Secretary Yellen is to implement tasks from US President Biden and Chinese President Xi. He added talks with Yellen have been constructive, and will communicate China’s concerns about their economic and investment relationship with the US. Looking for effective measures to put US-China economic and trade relations back on track, according to Reuters.
Country Garden Holdings (2007 HK) reportedly aims to inform key bondholders of its cash flow projections by year-end, according to Reuters sources; aims for a tentative plan to restructure offshore debt by year-end, and aims to start formal negotiations with offshore bondholders by February or March next year, sources added.
PBoC injected CNY 203bln via 7-day reverse repos with the rate at 1.80% for a CNY 160bln net daily injection.
Japanese government to top up fiscal loan and investment program with additional JYP 886bln in a second extra budget to beef up supply chain, according to a draft cited by Reuters.
Japan mulls a 5%+ wage hike as a condition for tax breaks, via Sankei.
BoJ is to conduct broad-based survey of companies behaviour since mid-90’s; to be conducted between Nov’23-Feb’24 as part of its long term monetary policy review.
RBA SoMP: considered the option to continue to hold policy rates steady but decided a hike would provide more assurance on inflation; Whether further tightening of monetary policy will depend on data. Click here for the full headline.
New Zealand PM Hipkins said the Governor General will be advised to extend current caretaker government arrangements until a new government is formed, according to Reuters.
DATA RECAP
China Oct vehicle sales +13.8% Y/Y (prev. +9.5%); new energy vehicle sales +33.5% Y/Y, according to the Industry Association.
END
2 c. ASIAN AFFAIRS
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED DOWN 14.98 PTS OR 0.47% //Hang Seng CLOSED DOWN 308.03 PTS OR 1.76% /The Nikkei CLOSED UP 78.35 PTS OR 0.24% //Australia’s all ordinaries CLOSED DOWN 0.53 % /Chinese yuan (ONSHORE) closed DOWN AT 7.2895 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.3011 /Oil UP TO 76.68 dollars per barrel for WTI and BRENT UP AT 80.99/ Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/ //
NORTH KOREA/
END
2e) JAPAN
3 CHINA
CHINA/
I brought this to your attention yesterday but it is worth repeating
Officially they bought 593 tonnes this year. Unofficially, I would bet it would be closer to 1200 tonnes
Jan/Gainesville coins
PBoC In A Hurry To Buy Gold: Covertly Bought 593 Tonnes Of Gold YTD
The PBoC is in a hurry to buy enormous amounts of gold, indicating 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 Q3 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’s officially disclosed at 2,192 tonnes.
The movement towards 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 People’s Bank of China (PBoC) buys gold off the radar, 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.
Every quarter we at Gainesville Coins compute an estimate of how much gold is bought by central banks surreptitiously. Of these unreported purchases about eighty percent is bought by the Chinese central bank; the other twenty percent is acquired by central banks from, for example, Saudi Arabia, according to industry sources that prefer to stay anonymous.
In the Gold Demand Trends Q3 by The World Gold Council (WGC) total estimated gold purchases by central banks, derived from publicly available data and field research, accounted for 337 tonnes. Reported gold acquisitions by central banks—data collected by the International Monetary Fund (IMF)—accounted for 211 tonnes. Eighty percent of the difference is 101 tonnes, which, added to what the PBoC publicly states to have bought in the third quarter, compounds to 179 tonnes. Year-to-date the PBoC has bought a record 593 tonnes, which is 790 tonnes annualized! (For more details on how I calculate PBoC gold holdings please read my previous article).
The start of the Ukraine war, early 2022, sparked the US to optimal dollar weaponization, which made the PBoC ramp up gold buying aggressively. Ever since, the Chinese central bank’s shopping has been a huge support for gold as evidenced by the spread between the price of bullion and the TIPS yield. Although the (inverse) correlation between gold and the TIPS yield has always been nonsensical, it took a war for the PBoC and market participants with similar interests to end it, because time was running out to diversify their dollars.
Now that the TIPS model to price gold is of less relevance (in October real rates and gold went up together), we can extend our discussion of de-dollarization. Some pundits claim there is no de-dollarization, or, even, there will be no de-dollarization. Although I agree the role of the dollar in international finance is not quickly to wane, we must make an important distinction between the dollar as a trade currency and a reserve currency. As a reserve currency there is no fiat currency that can replace the dollar. The US has broad and (usually) liquid financial markets, no capital controls, and it’s running sizable fiscal and current account deficits that can supply the world with debt securities to store dollars in.
But that doesn’t mean that gold, which has no counterparty risk, is universally accepted, and evenly distributed, can’t replace the dollar as the world’s reserve currency. Not only are China and other countries in the Global South preparing for this scenario, the European Union is doing the same. And with more war in the Middle East, and few solutions other than inflation to resolve the global debt overhang, gold’s time to shine comes closer and closer.
Regarding trade currencies, the Chinese have set up the Shanghai International Gold Exchange (SGEI) in the Shanghai Free Trade Zone that facilitates “offshore” gold trading in renminbi. The SGEI empowers foreigners to use renminbi as a trade currency that can be converted into gold to store any surpluses without affecting China’s balance of payments. (For more information read “The Shanghai International Gold Exchange and Its Role in De-Dollarization.”)
My estimate of world central bank gold holdings is at an all-time high, and gold’s share of global international reserves has been steadily increasing in recent years, from a historic low that was formed during a time of financial stability and relative peace. My expectation is that gold holdings relative to foreign exchange (mostly dollars) will continue to grow in the foreseeable future.
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
EUROPE
This is a good read especially from Draghi as he discusses the death of the Eurozone
(Mish Shedlock/Mishtalk)
Former ECB President Mario Draghi Discusses The Death Of The Eurozone
Mario Draghi, former ECB head, delivers a near certain recession outlook. A current ECB governor sees stagflation. However, an agonizing death of the Eurozone is the real story.
Draghi Says Euro-Zone Recession Almost Sure to Happen
The euro zone is nearly certain to experience a recession by the end of 2023, former European Central Bank President Mario Draghi said, according to the Financial Times.
Speaking on Wednesday to a conference in Brussels organized by the newspaper, he said the slump probably won’t be “deep” or “destabilizing.”
“It is almost sure we are going to have a recession by the year-end,” the FT cited the ex-central banker and former prime minister of Italy as saying. “It is quite clear the first two quarters of next year will show that.”
Belgian Governor Pierre Wunsch, speaking earlier in Brussels, acknowledged the impact of tighter monetary policy and said that growth risks are “tilted to the downside.” The euro zone is “entering some weak form of stagflation,” he added.
Draghi Comments
“Either Europe acts together and becomes a deeper union, a union capable of expressing a foreign policy and a defence policy, aside from all the economic policies . . . or I am afraid the European Union will not survive other than being a single market.”
“The European economy has been losing competitiveness in the last 20-plus years, with respect not just to the United States but Japan, South Korea and, of course, China.”
“In many, many technological areas, technological fields, we have lost presence, we have lost footprint.”
Draghi Presses for a Fiscal Union
Mario Draghi, is a former ECB head, former head of the Bank of Italy, and former technocrat (unelected) Italian Prime Minister.
I expect his recession comments will be repeated 100 times if not more by mainstream media. But his comments on a fiscal union is the real story here, not recession.
Draghi avoided the term fiscal union but he seeks a bailout of Southern Europe generally and Italy specifically. As ECB head, he pushed hard in monetary union direction and failed.
I have been commenting on this since 2004 or so.
The Euro is Fatally Flawed
The euro itself is fatally flawed because there is not a single interest rate that makes any sense for Germany, Greece, Italy, France, and Spain, let alone 19 countries.
It take a unanimous vote to change anything not specifically allowed by the Maastricht Treaty.
At the outset, France was allowed to force its agricultural policy on all the other nations to protect the family farm. Also at the outset, Germany demanded no fiscal union.
Every year, global trade policy fails due to France. And when Greece nearly blew up on Draghi’s watch, the EMU would neither let Greece sink nor bail it out.
Italy has needed bank reform and productivity reform for decades, but even while president Draghi made almost no progress on either front.
Single Market a Failure Too
The single market (EU) is a failure as well. There are 28 countries in the EU and to change anything important is nearly impossible.
It took decades to make a simple trade agreement with Canada, because a couple of tiny EU nations demanded changes that Canada would not accept.
Nannycrat Rules
The EU is governed collectively by a bunch of nannycrats who in the name of competitiveness, would break up every company before it even got started.
Google, Microsoft, Amazon, Facebook, and Nvidia could not exist in the EU because nannycrats would break them apart before they ever got big.
The US has the strongest, most free capital markets in the world. Chinese corporations get state support to aid exports.
In contrast, the EU has nannycrats who insist on fairness with no clear idea of what fair is.
Draghi laments ““In many, many technological areas, technological fields, we have lost presence, we have lost footprint.”
Indeed, and I just explained why.
Looking Backward, Not Ahead
Germany looks backward still attempting to protect its lead in diesel technology and analog phones. German infrastructure is pathetic due to lack of investment.
The EU is far behind the US and China on Artificial Intelligence (AI). The EU is guaranteed to drop further and further behind because instead of attempting to catch up, the EU seeks more regulation to stop everyone else.
Military and Foreign Policy
Draghi wants a” union capable of expressing a foreign policy and a defence policy, aside from all the economic policies.”
What a hoot. A single country can block any foreign policy action. Hungary and Poland both have done so, the former on Russia multiple times.
It’s as if Illinois could block whatever the President of the US wanted to do.
It is preposterous to moan about foreign policy and hint at an EU army when the EU cannot even get its act together on agricultural policy.
EU Won’t Fail, It Has Failed
Draghi laments “I am afraid the European Union will not survive other than being a single market.”
Already, the EU is nothing more than a “single market” led by dysfunctional nannycrats with endless regulatory madness and too little free market capitalism.
The EU fights over border policy, AI, G5, agriculture, trade, an EU army, and literally everything. One might say the same about the US, but it only takes a majority to change things in the US, not 50 of 50 (28 of 28 in the EU).
The EU won’t fail because it already has failed. But the cancerous death has been slow and agonizing. EU and EMU Rules make that impossible to change too.
Spotlight on Four Possibilities Noted in October 2014
Somewhere along the line, Greece, Italy, or France, is going to have enough of recession and stagnation and leave the euro in a disorderly eurozone breakup.
Germany and the Northern European states need to bail out the rest of Europe.
Germany can leave the eurozone in an orderly eurozone breakup.
Decades of stagnation if the nannycrats succeed in keeping the eurozone intact.
Option two sounds nice but is fatally flawed. Germany would never agree to bailouts of that nature, and constitutionally couldn’t if it wanted to. Besides, Italy and France are too big. Regardless of how unpalatable, there are no other options.
And a decade later, we are in exactly the same place, but with increased tensions, more loss competitiveness, more border issues, and a euro that has plunged vs the dollar.
I repeat, the EU won’t fail because it already has failed. But the cancerous death has been slow and agonizing.
Cancer will eventually consume the patient. Unfortunately, the slow agonizing death may still be decades away.
end
GERMANY
Stupid move: German government agrees to bailout Sieman’s AG struggling giant loss making wind farms
(zerohedge)
German Gov’t Agrees To Bailout Giant Loss-Making Wind Farm, UK Increases Subsidies
FRIDAY, NOV 10, 2023 – 02:45 AM
Reuters reports the German government, Siemens AG, and other parties will provide billions of euros in project-related guarantees to support Siemens AG’s struggling wind turbine division. This financial assistance comes just weeks after the company warned about mounting losses amid a meltdown across wind and solar industries.
Three people familiar with the talks said that Siemens Energy’s top shareholder, Siemens AG, with a 25.1% stake, is prepared to provide some guarantees. Details are still scant, and nothing has been decided, as an agreement needs to be formally drawn up and supported by all stakeholders.
Last month, Reuters said Siemens Energy was discussing state guarantees with the German government.
Here’s more on the report:
As a result, Siemens Energy fears it will struggle to secure guarantees from banks, and has approached the government and Siemens to obtain a guarantee framework, business news weekly WirtschaftsWoche said.
The weekly, which first reported the talks along with Spiegel magazine, said Siemens Energy is seeking up to 15 billion euros in guarantees.
The German state would assume liability for 80% of an initial 10 billion euro funding tranche, while banks would be liable for the remaining 20%, WirtschaftsWoche said.
A Siemens AG spokesperson said the company remained in “very constructive talks to define the best possible solution in the interests of all parties involved.”
Siemens Energy shares in Germany have crashed more than 70% since mid-June as it has abandoned its 2023 profit outlook after a review of its wind turbine unit revealed a billion euro problem. Shares were up 5% on Reuters’ report today.
Meanwhile, a financial crisis continues to accelerate across the wind industry, with the world’s largest offshore wind farm developer, Ørsted, pulling out of major US projects due to soaring inflation costs and a high-rate environment. And the renewable energy meltdown in wind has spread to solar as several solar power company stocks crashed on sliding demand.
And so, hot on the heels of Germany’s bailout of Siemens, Bloomberg reports that the UK government is preparing to offer significantly higher subsidies for new offshore wind farms to get the country’s clean-power strategy back on track after developers shunned a previous auction, because the price was too low for offshore wind to be viable.
Denmark’s Orsted A/S, the world’s largest offshore wind builder, will decide by December whether to proceed with a UK development, while Sweden’s Vattenfall AB shelved a giant project off the English coast earlier this year in response to soaring costs.
While higher subsidies in the next auction round, known as AR6, may well reinvigorate offshore wind development, it will likely feed through to increased electricity costs for consumers still burdened with sky-high bills in the wake of last year’s energy crisis.
The energy transition to renewables across the Western world is cracking. Remember, the Biden Administration’s Inflation Reduction Act was all about ‘sustainable’ wind power… Time for another bailout?
END
SPAIN
Right wingers are continually being attacked
(zerohedge)
Right-Wing Spanish Politician Miraculously Survives Shot In Head From Point-Blank Range In Madrid
Alejo Vidal-Quadras was shot in the head by a gunman on a motorcycle who fled the scene and remains at large…
A Spanish politician who helped found the right-wing populist Vox party was shot in the head in broad daylight on Thursday in an upmarket neighborhood in Madrid.
Alejo Vidal-Quadras, a former vice-president of the European Parliament who had also served as leader of the People’s Party of Catalonia, was shot at point-blank range by a gunman who fled the scene on a motorcycle.
The incident occurred at around 2 p.m. local time on 40 Nuñez de Balboa street in Salamanca, police confirmed.
Spanish newspaper El Mundo reported how the 78-year-old politician had been walking alone down the street when a motorcycle with two occupants approached him. The passenger, who wore a helmet to conceal his face, then fired an execution-style shot to the head before fleeing the scene.
Several bystanders tended to the politician and reported the incident to authorities. According to local media, first responders reported there had been both an entry and exit wound from the shooting.
Vidal-Quadras miraculously survived the attack and was rushed to La Princesa Hospital for treatment. He is understood to be conscious and in a stable condition.
Local authorities have cordoned off the affluent area of the Spanish capital, and the national police have taken over the investigation, requesting access to security cameras in the vicinity to ascertain the motorcycle’s license plate.
Vidal-Quadras has remained a prominent voice in Spanish politics, regularly appearing on talk shows and commenting on current affairs and the country’s political landscape.
Just hours before the shooting, he criticized on social media the proposed amnesty agreement reached between the Spanish left-wing government and Catalan separatists including exiled Carles Puigdemont, which has paved the way for incumbent Prime Minister Pedro Sánchez to remain in power following inconclusive elections.
ISRAEL surrounds the major hospitals where HAMAS is holed up. The command centre is Al Shifa hospital
(zerohedge)
Israeli Tanks Have Gaza Hospitals Surrounded As UN Decries “Hell On Earth”
FRIDAY, NOV 10, 2023 – 09:30 AM
After reports emerged starting Wednesday and Thursday that Israeli tanks had pushed to the center of Gaza City, Palestinian officials have said tanks have drawn close to and have surrounded key hospitals where thousands of Palestinians are taking shelter as wounded patients are receiving treatment. They said Friday that air strikes have hit the Strip’s biggest hospital, Al Shifa, killing at least one and wounding several others.
Other hospitals were were also reportedly struck at dawn, including strikes on the grounds of the Indonesian Hospital and the Rantissi cancer hospital, according to eyewitnesses cited in Reuters. Sprawling tent encampments of the internally displaced can be seen on the hospital campuses, but Israel claims that Hamas has ‘terror tunnels’ underneath, and further that the group has a base of operations in Rantissi hospital. Civilians waiving white flags have been trapped, in at least one instance coming under fire while trying to escape. Gazan authorities say the Israel’s military is firing on them, while Israel claims Hamas is shooting its own people to keep them as “human shields”. Prior Israeli strikes on Gaza in late October, via Anadolu Agency
Israel Defense Forces (IDF) tanks have been observed near these hospitals, with some unconfirmed video evidence emerging that civilians taking shelter there have been hit either by IDF snipers, artillery, or possibly drone strikes.
The Israeli military has ordered the immediate evacuation of these hospitals but people reportedly have not moved, fearing any attempt to exit will be more dangerous.
The White House announced Thursday that Israel agreed to implement daily four-hour pauses in fighting to facilitate a humanitarian corridor for civilians to flee south, but it’s unclear how this will effect standoff situations where civilian enclaves are surrounded by tanks.
Al Jazeera, which has correspondents on the ground, says that tanks are within a mere hundreds of meters of some of the hospitals in question: “Using tanks and armored vehicles, they have closed a roughly 100-metre perimeter around these hospitals, still sheltering thousands of wounded and displaced people,” the Friday report says.
“People have sent appeals from inside al-Rantisi Hospital and Nasser Hospital, asking to be allowed to flee,” Al Jazeera writes.
And yet the situation is growing more dangerous for civilians as the bombs fall. Gaza health ministry has alleged that Israeli jets struck al-Shifa Hospital buildings five times since Thursday night. This sent some of the civilians leaving for more potentially safe areas.
“They shelled the maternity department and the outpatient clinics building. One Palestinian was killed and several were wounded in the early morning attack,” the health ministry said.
The ministry said in response to the IDF’s evacuation order: “We are talking about 45 babies in incubators, 52 children in intensive care units, hundreds of wounded and patients, and tens of thousands of displaced people.” There are conflicting reports of casualties as gunfights have been reported on the perimeter of Shifa hospital, with reports of IDF special forces operating there:
However, according to AFP, a government statement claimed that there were “thirteen martyrs and dozens wounded in an Israeli strike on Al-Shifa compound today,” and hospital director Mohammad Abu Salmiya alleged that “Israeli tanks fired on Al-Shifa hospital.”
Israel has alleged that a Hamas military quarter lies adjacent to Shifa Hospital and has called the area “the heart” of Hamas’s intelligence and operational activities.
Meanwhile the UN and aid organizations have had new issues getting trucks into the Strip and to the necessary locations amid “hell on Earth” – as the UN Office for the Coordination of Humanitarian Affairs (OCHA) described.
Below: Palestinian sources say civilians waiving white flags who have tried to exit hospital grounds have been fired on by the IDF, while Israeli sources say Hamas is firing in order to prevent them from leaving:
“We cannot drive to the north at the current point, which is of course deeply frustrating because we know there are several hundred thousand people who remain in the north,” said OCHA spokesperson Jens Laerke.
“If there is a hell on Earth today, its name is northern Gaza,” he said. “It is a life of fear by day and darkness at night and what do you tell your children in such a situation, it’s almost unimaginable – that the fire they see in the sky is out to kill them?”
There have been reports that top US and Israeli officials are in Doha seeking potential hostage deals via Qatar government mediation. But Israeli President Isaac Herzog has said “there is no real proposal” currently on the table, NBC News reports.
Hamas has continued publishing high quality close-quarter combat footage showing IDF tanks suffering damage:
“There is no real proposal that is viable from Hamas’ side on this issue. Whilst there are many, many people who are third parties who are sending optimistic messages to the newsreels, I’m saying outright: According to my knowledge, up to now, there is no real substantial information that is showing any real offer of any process on the table,” Herzog explained.
As of Friday, Israel’s military has announced its official troop death toll has risen to 37. Some analysts believe this figure to in reality be much higher, given the extremely difficult nature of tight urban combat, and Hamas’ guerilla tactics and use of sprawling tunnels for ambush operations.
Apocalyptic scenes from Gaza like the following have now become daily…
There are around 11,000 Gazans dead at this point, mostly civilians, causing UN Secretary-General António Guterres to tell a conference this week that something has gone “clearly wrong” with Israel’s operation. “There are violations by Hamas when they have human shields. But when one looks at the number of civilians that were killed with the military operations, there is something that is clearly wrong,” he said.
END
Iran warns of inevitable expansion. Much misery but no return of the hostages.
(zerohedge)
Iran Warns Of ‘Inevitable Expansion’ Of War After IDF Conducts Flag-Raising Ceremony In Gaza
FRIDAY, NOV 10, 2023 – 03:15 PM
Update(1515ET): On Friday Israeli media produced this headline hailing that“Israeli flags wave proudly along the shores of Gaza”. Starting on Thursday footage began widely circulating online showing IDF troops holding an Israeli flag raising ceremony, laying stake to conquered areas of the Strip. In a short speech during the ceremony on a Gaza beach, just prior to leading troops in the national anthem, an IDF soldier said “this is our land” and told his forces they are leading the way for Jews “to return to our lands.”
Following this highly provocative scene, on Friday Iran issued a new warning, saying that Israel’s expansion of its operations and attacks on Gaza hospitals and other provocative acts make an expansion of the scope of the war “inevitable”.
Iranian foreign minister Hossein Amirabdollahian conveyed the statement in a phone call with Qatar’s prime minister Mohammed bin Abdulrahman bin Jassim Al Thani, according to state media.
“Due to the expansion of the intensity of the war against Gaza’s civilian residents, expansion of the scope of the war has become inevitable,” Amirabdollahian said. He separately posted to X that “time is running out” for Israel, and stated, “The only benefit of Netanyahu was that he made the foundations of the fake Israeli regime more shaky and showed the criminal, violent, and aggressive face of the Zionist regime in the massacre of women and children in Gaza.”
*end
BREAKING NEWS
IDF targets Syria in response to the drone attack on Eilat
(Jerusalem Post)
IDF attacks targets in Syria in response to drone attack on Eilat
The IDF has conducted an airstrike in Syria as a response to a drone that hit a school in Eilat on Thursday. The IDF said early Friday morning that they were able to confirm that the drone had originated from Syria, and the IDF attacked the organization that launched it in response.
“The Syrian regime is fully responsible for any terrorist act carried out from Syrian territory,” the IDF said in a statement, and vowed to “respond severely to any attempt to harm the territory of the State of Israel.”
END
This is interesting: Pro Israelis have decided to show Hamas atrocities and that has caused brawls to erupt because they do not want
the world to see what these animals did
(Jerusalem Post)
Brawls erupt outside LA Museum of Tolerance screening of Hamas atrocities footage
Critics of Israel’s war in Gaza say the film is being used to justify ongoing bombings there that some of them say is causing a “genocide” there.
By ANDREW LAPIN/JTANOVEMBER 10, 2023 02:36
A woman poses by the iconic Hollywood sign on the day members of the Writers Guild of America (WGA) approved a new three-year contract with major studios, in Los Angeles, California, U.S., October 9, 2023.(photo credit: MARIO ANZUONI/REUTERS)
Fistfights broke out Wednesday night outside a Holocaust museum in Los Angeles that was screening footage of Hamas’ Oct. 7 massacre of Israelis after pro-Palestinian protesters demonstrated against what they said was a “Gal Gadot military propaganda video.”
Several people were reportedly pepper-sprayed and detained by police following the Museum of Tolerance screening of “Bearing Witness,” a 45-minute compilation of footage largely from cameras carried by Hamas terrorists when they attacked Israeli civilians on Oct. 7. About 1,400 Israelis died in the attack and about 250 were taken hostage in Gaza, which Israel has invaded with a stated goal of demolishing Hamas.
The October 7 footage
An LAPD helicopter reportedly circulated overhead and ordered protesters to disperse. In footage of the confrontations circulating online, pro-Israel protesters sexually harassed a Jewish woman who demonstrated with pro-Palestinian protesters and accused her of being “Arab.”
The clash came days after a Jewish man in Los Angeles died after an altercation with a pro-Palestinian protester at a rally, the first known incident of a death in the United States related to protests around Israel. Police said they had identified a suspect but had not yet made any arrests in that case.A SCREEN CAPTURE from video released last month showing a Hamas terrorist who was captured on October 7. (credit: IDF)
Los Angeles Mayor Karen Bass denounced the violence. “We cannot allow current worldwide tension to devolve into this unacceptable violence in our city,” she tweeted late Thursday. “This is a time of immense pain and distress for thousands of Angelenos. We must stand together.”
The film being shown, whose title is frequently used in Holocaust discourse, was first compiled by the Israel Defense Forces and screened for foreign journalists covering the ongoing Israel-Hamas war and siege of Gaza. The IDF said it undertook the step to prove that the Hamas atrocities had actually happened amid a rising tide of denial.
Critics of Israel’s war in Gaza say the film is being used to justify ongoing bombings there that some of them say is causing a “genocide” there. The Hamas-run Gaza Health Ministry says more than 10,000 people have been killed; it does not differentiate between civilians and Hamas fighters. Israeli officials have said the number killed could be around 20,000 but said the vast majority were terrorists.
The film has since made its way to the United States with the backing of some Jewish and Israeli entertainment industry leaders, including Gadot, whose reported involvement in Wednesday’s screening had been seized on by pro-Palestinian protesters online.
Dubbing the screening a “Gal Gadot military propaganda video” and a “Zionist trap,” some left-wing social media users encouraged non-Jewish protesters to stay away from the protest to avoid being labeled as antisemitic. A screening in New York earlier in the week passed without incident.
Gadot was not present at the Museum of Tolerance screening for around 200 industry professionals, though her husband, Israeli film producer Jaron Varsano, was. The screening was invitation-only, with industry reports deeming it the town’s hottest ticket, and its location was obscured from public view out of security concerns.
“You have a film that is being shown at a time when people are calling for a ceasefire,” one protester told the Los Angeles Times. “The screening is only for a few privileged people and it doesn’t lead to conversation.”
According to the Hollywood Reporter, several other notable Jewish and Israeli industry executives were present at the screening, including “Golda” director Guy Nattiv (who also helped organize it); “Pulp Fiction” producer Lawrence Bender; and Mattel CEO Ynon Kreiz, who shepherded this year’s smash-hit “Barbie” movie.
Melissa Zukerman, a Hollywood publicist, identified herself as the main organizer at the screening and thanked a former IDF spokesperson for helping it come together. Gilad Erdan, Israel’s ambassador to the United Nations, also spoke, as did Rabbi Marvin Hier, longtime head of the Simon Wiesenthal Center, which oversees the museum.
END
Hamas has prevented GAZAN hospital workers from leaving Al Shifa and other hospitals
(Jerusalem Post//Reuters)
Verified social media shows dead and wounded at Gaza’s Shifa hospital
Hamas has prevented hospital workers from evacuating Shifa Hospital, according to Israeli media.
By REUTERS, JERUSALEM POST STAFFNOVEMBER 10, 2023 12:14Updated: NOVEMBER 10, 2023 12:59
Palestinians check the damages after a convoy of ambulances was hit, at the entrance of Shifa hospital in Gaza City, November 3, 2023.(photo credit: REUTERS/MOHAMMED AL-MASRI)
Graphic video shared on social media and verified by Reuters on Friday shows a number of dead and wounded, including children in an area of Al Shifa hospital in Gaza, which a Gaza health ministry spokesman said had been hit by Israeli defensive airstrikes.
There was no immediate Israeli military comment on the video, which a Reuters correspondent said appeared to have been made in a covered, outdoor area near the hospital’s outpatient department, where displaced people had been sleeping.
Reuters was able to confirm the location from one of the children seen in the video, a girl wearing dark trousers and a purple t-shirt, who is also seen in other footage at the entrance of the hospital.
The appearance of the hospital entrance also matched file imagery and the source has uploaded several videos from the hospital previously and was known to be there.
WHO: Gaza’s Al Shifa hospital ‘coming under bombardment’
A World Health Organization spokesperson said on Friday that the Al Shifa hospital had been “coming under bombardment”, adding that 20 hospitals in Gaza were now out of action entirely.A premature Palestinian baby lies in an incubator at the maternity ward of Shifa Hospital, which according to health officials is about to shut down as it runs out of fuel and power, as the conflict between Israel and the terrorist Hamas continues, in Gaza City October 22, 2023. (credit: REUTERS/MOHAMMED AL-MASRI)
Asked about the Gaza health ministry’s allegation of an Israeli strike on the hospital courtyard, WHO spokesperson Margaret Harris said: “I haven’t got the detail on Al Shifa but we do know they are coming under bombardment”. Asked to elaborate, she said there was “intense violence” at the site, quoting colleagues on the ground. She did not specify who was perpetuating the violence.
Foreign reports claim that as the IDF evacuates two Gaza Strip hospitals, allowing hospital administrators to bring patients through the humanitarian corridor Friday. Hamas has, in contrast, prevented hospital workers from evacuating Shifa Hospital, according to Israeli media.
END
IDF raids the office of Hamas leader Sinwar’s brother. The leader is trapped in a bunker under the control of Israelis
(Jerusalem Post)
IDF raids office of Hamas leader Yahya Sinwar’s brother
IDF soldiers uncovered dozens of weapons, missiles, drones, maps, communication devices, and technological devices in one raid.
By TZVI JOFFRENOVEMBER 10, 2023 09:19Updated: NOVEMBER 10, 2023 12:33
Weapons and devices found by the IDF in a Hamas post in Gaza.(photo credit: IDF SPOKESPERSON’S UNIT)
The IDF’s 7th Armored Brigade raided an office belonging to Muhammad Sinwar, the brother of Hamas leader Yahya Sinwar, and confiscated terrorist equipment and Hamas pamphlets, the IDF Spokesperson’s Unit said Friday.
The 7th Armored Brigade also raided a military post and training camp belonging to Hamas in the middle of a civilian area in Gaza, finding dozens of weapons, missiles, drones, maps, communication devices, mortars, and technological devices.
While working to take over the Hamas position, the 7th Armored Brigade eliminated about 30 terrorists.
The brigade also raided a military post belonging to Hamas’s “Sabra” Battalion, where they found anti-aircraft rocket activation and calibration systems. The systems were located near a rocket launcher directed toward Israel.
Drones, weapons, a loaded rocket launcher, technological devices, electronic components, and many intelligence documents used by Hamas were found at the post as well.END
IDF eliminates Hamas terrorists involved in October 7 massacre
The IDF Spokesperson’s Unit also announced earlier that the IDF has killed several commanders and terrorists from Hamas’s Nukhba unit, which was central in the October 7 massacre.
The commanders included Ahmed Musa, the commander of the Nukhba Company and Omar el-Handi, a platoon commander who was entrenched in western Jabalya.
Musa was one of the commanders of the raids that targeted the Zikim base, Kibbutz Zikim, and the Yiftah outpost. Musa also led assaults on IDF soldiers in the west Jabalya region.
Muhammad Kahlot, the head of Hamas’s sniper unit in the northern brigade, was also taken out by the IDF with the help of intelligence from the Shin Bet and Intelligence Directorate.
Additionally, 19 Hamas terrorists who were preparing to attack Israeli forces were struck by reserve forces from the 252nd Division overnight.
Rocket launchers found near residential areas
The 401st Brigade found and destroyed a container containing about 20 rocket launchers on the beach in Gaza and during an assault by the forces of the Paratroopers Brigade in the Sheikh Ijlin neighborhood of Gaza, soldiers uncovered a rocket launcher near residential buildings. All the weapons found were destroyed or confiscated.
Overnight, Palestinian media reported armed clashes between Palestinian terrorists and Israeli forces in areas near the Shifa Hospital, where the IDF says Hamas has a central underground headquarters.
end
SYRIA/USA
Pentagon confirms a series of mild new attacks on bases in Syria and Iraq. Biden is one big joke
(zerohedge)
Pentagon Confirms Series Of New Attacks On Bases In Syria, Iraq After Latest US Airstrikes
THURSDAY, NOV 09, 2023 – 10:00 PM
The overnight Pentagon airstrikes on alleged Iran-back militia targets in Syria’s east has already been met with retaliation attacks. The US strikes marked the second major such aerial operation in Syria in recent weeks since the Gaza war began.
“American troops were hit four times by Iranian-backed groups in the Middle East after a U.S. strike Wednesday on an Iranian facility in Syria,”The Hill reports based on fresh defense official statements. AFP via Getty Images
Pentagon deputy press secretary Sabrina Singh in a Thursday briefing filled in more details on the continuing tit-for-tat as US troops are in the line of fire while occupying some one-third of Syrian territory.
She indicated that in 56 American soldiers were wounded in more than 46 attacks against US bases in Iraq and Syria in the period of time spanning Oct. 17 to Nov. 9
One of the Wednesday US strikes was reportedly against an “IRGC-linked weapons storage facility” – and Singh said it was ‘successful’ as “we were able to render that building pretty much non-usable.” She described that the prior attacks on US bases have all involved rockets and suicide drones, which in total has been 24 attacks in Iraq and 22 in Syria.
“If these attacks continue against our personnel, we won’t hesitate at a time and place of our choosing to respond again,” Singh added.
Defense officials have further said that all or most of the over 50 US troop injuries have been minor, and that all have since returned to duty.
Below: an initial round of US strikes in late October:Map: BBC
The US has had some 1,000 or more troops and personnel in Syria for years. Originally claiming a “counter ISIS” mission, the US “mission” quickly became an oil and gas resource grab – ultimately with an eye toward regime change in Damascus, via suffocating sanctions and diverting of domestic energy.
END
Israel agrees to a 4 hr daily pause to get humanitarian aid to GAZA
(Jerusalem Post)
Israel agrees to 4 hours daily pause as hostage video aired
“We understand that Israel will begin to implement four-hour pauses in areas of northern Gaza” with an announcement to come three hours in advance,” national security spokesperson John Kirby said.
Palestinians at the rubble of a destroyed building after an Israeli airstrike in the central Gaza Strip, on November 5, 2023(photo credit: ATIA MOHAMMED/FLASH90)
Israel agreed to a daily four-hour pause in the fighting in northern Gaza as Palestinian Islamic Jihad published a video of two of the hostages it indicated could be released.
“We’ve been told by the Israelis that there will be no military operations in these areas over the duration of the pause,” US National Security Council spokesperson John Kirby said, adding that “this process is starting today.”
The localized pauses limited to specific areas in northern Gaza would allow people to flee along two humanitarian corridors and were significant first steps, Kirby explained.
The United States and Israel have been at odds over the details relating to humanitarian pauses, including the length of their duration, particularly given that such steps have been linked and are expected to be linked to the release of over 239 hostages held in Gaza.
Israel is looking to avoid a situation in which the fighting in Gaza is repeatedly halted due to such pauses thereby increasing the timeline of the war, and preventing it from achieving its military objective of ousting Hamas from the coastal enclave.ARMORED IDF VEHICLES are seen during their ground operations at a location inside Gaza, in an image released on Wednesday by the IDF. (credit: REUTERS)
US President Joe Biden told reporters he had asked for a three-day pause in Gaza. Prime Minister Benjamin Netanyahu, however, had preferred one that lasted for an hour or two.
Biden told reporters as he left the White House for a campaign stop on Thursday that he had sought a longer pause.
“I’ve asked for a pause longer than three days.”
Four-hour pauses with three-hour notice
Asked if he was frustrated with Netanyahu, Biden said, “It’s taken a little longer than I hoped.”
Kirby said the agreement on a daily humanitarian pause emerged out of discussions between US and Israeli officials in recent days, including talks between Biden and Netanyahu.
Israeli officials hastened to underscore the fact that the pause was localized, that the military campaign would continue, and that all ceasefire requests had been rejected.
The Prime Minister’s Office said on Thursday there will be no ceasefire without the release of the hostages.
The pauses, it explains, allow for a safe transit corridor from the north of the Gaza Strip to the south. It noted that 50,000 Palestinians in Gaza traveled this route on Wednesday.
“We once again call on the civilian population in Gaza to evacuate to the south,” the Prime Minister’s Office said.
Defense Minister Yoav Gallant stated, “We are undertaking localized and pinpoint measures to enable the exit of Palestinian civilians from Gaza City southward so that we do not harm them. These things do not detract from the warfighting.”
Israeli forces completely encircled Gaza City in recent days and the military has been allowing civilians safe passage along the main route south for three or four hours each day, with ever-growing numbers of families opting to escape.
There would be no full ceasefire for now, Gallant told reporters.
“We will not stop fighting as long as our hostages are in Gaza and as long as we have not completed our mission, which is toppling the Hamas regime and eliminating its military and governance capabilities,” Gallant said.The Sun’s cover article on November 2, 2023, featuring all children held hostage by Hamas in Gaza (credit: The Sun)
PIJ on Thursday afternoon released a video, which showed two of the hostages, Hanna Katzir, 77, and Yagil Yaakov, 12, both of Kibbutz Nir Oz. Yaakov was kidnapped alongside his father, his father’s partner, and his brother Or, 16.
“I am Hanna Katzir, from Kibbutz Nir Oz,” the silver-haired Katzir said. “I am currently here in a place that isn’t mine, I miss my home my children, my husband, Rami, and all my dear family. I am sending regards, telling you I love you. I hope I will succeed in seeing you next week. I hope everyone is healthy.”
Yaakov states in his message. “I miss my family like crazy, and my friends, and I love you all.” He also urged the IDF to halt its aerial bombings of Gaza.
“I want to say to Netanyahu, that all these explosions are crazy. You are killing us, hostages. You don’t return the water, the electricity, or medication. We as hostages also need this.”
The approval of the pauses and the video release came after the CIA and Mossad chiefs met with the Qatari prime minister in Doha on Thursday to discuss the parameters of a deal for hostage releases and a pause in the fighting in the Gaza Strip, a source briefed on the meeting told Reuters.
Qatar, where several Hamas political leaders are based, has been leading efforts to mediate between Hamas and Israeli officials for the release of hostages when they rampaged into Israel on October 7, killing 1,400 people.
Israel then launched an aerial and ground campaign to oust Hamas from Gaza. Hamas has asserted that 10,000 people have been killed in war-related violence, with 40% of them believed to be children.
US officials have been increasingly clear that humanitarian pauses are linked to hostage releases, with reports on Wednesday of a potentially larger swap of 10 to possibly even 50 people for a three-day pause in the fighting.
Last month, Hamas freed four women in two separate releases believed to be tied to humanitarian pauses.
The United Nations as well as many in the international community have called for an immediate ceasefire in Gaza, explaining that the death toll due to IDF aerial bombardments was disproportionate and unjustified.
France on Thursday held a special conference to discuss ways to provide humanitarian relief to Gaza and to promote a UN campaign to raise 1.2 billion for the enclave.
US Special Envoy for Middle East Humanitarian Issues David Satterfield told reporters that while the situation had improved in the last weeks, more needed to be done.
Israel has closed its two passages into Gaza until such time as the hostages are released. It has since allowed for an alternative system of limited aid to enter Gaza through the Egyptian border at Rafah.
Satterfield said that 100 trucks a day are now entering Gaza with the goal of increasing that to 150. “Fuel is now available from within Gaza for their use for desalination plants, for provision to hospitals in the south and center, and for the movements of the UN implementers themselves.
“We are working to make certain that there will be further fuel available for the UN – UNRWA, the ICRC, World Food Program – as this moves ahead,” he stated.
The availably of fuel, which at present is coming from storage areas in Gaza, has meant that water can now be purified. Israel has also opened up its two pipelines of water into the Strip, he said.
“I hope that the four to five-hour humanitarian pauses for safe passage north to south” will allow for increased humanitarian aid as well s “getting wounded civilians out” and allow for foreign passport holders to leave, Satterfield stated.
He cautioned Israel to protect civilians as it conducts its military campaign but stated that he understood this was difficult given that Hamas has placed its infrastructure in civilian areas.
“For 15, for 16 years, Hamas has deliberately embedded itself in, around, and under many humanitarian sites. It increases the complexity of any campaign of this kind enormously,” he said.
end
MIDDLE EAST/USA
(jerusalem Post)
Iraq Combat Vet Explains Why The US Might Be Marching On The Middle East Again Soon
THURSDAY, NOV 09, 2023 – 09:20 PM
Former Army drill instructor and Iraq combat veteran ‘Angry Cops’ offers some interesting evidence that suggests the US military is gearing up for a major deployment to the Middle East.
Where specifically? It’s hard to say.
While all eyes are currently on Israel and Gaza, US air forces are striking targets in Syria, naval units are intercepting drones and missiles from Yemen and tensions are rising with Lebanon and Iran.
It’s clear from previous statements by US and Israeli officials that Iran is the ultimate target of the growing conflict, and if this is the case there is no doubt American troops would be involved.
‘Angry Cops’ points out that two odd command decisions made simultaneously by two different military branches hint that the US government is about to take on a war posture, and they may deploy troops very soon…
end
UKRAINE VS RUSSIA/
This war is over! Pentagon is starting to restrict flow of military aid to Ukraine
(zerohedge)
Pentagon Is Starting To Restrict Flow Of Military Aid To Ukraine As Money Runs Out
With war funding for both Ukraine and Israel now seemingly snarled up beyond repair in Congress, on Thursday the Pentagon said that funding delays have forced the US to begin restricting the flow of military assistance to Ukraine, and the Pentagon has only $1 billion left to replenish stocks of weapons that were sent to the country, according to a spokeswoman.
“We have had to meter out our support for Ukraine,” Deputy Pentagon spokeswoman Sabrina Singh told reporters. “We’re going to continue to roll out packages but they are getting smaller.”
Singh urged Congress to break a deadlock and approve the Biden administration’s $61.4 billion request for emergency funds for Ukraine’s fight against Russia, part of a masive $106 billion package that would include aid for Israel and the US-Mexico border, but which now has virtually no chance of passing. House Republicans have sought to separate the aid for Ukraine and Israel, an idea both the Senate and the White House oppose.
Singh said the US had burned through about 95% of previous funding for Ukraine, which she said also totaled more than $60 billion; of course, much of that $60 billion was then rerouted back to the Military Industrial Complex and Deep state back in the US, where it served to boost various military companies, and their political supporters and assorted hanger-on lobbies.
She said the remaining $1 billion is part of a program that allows President Joe Biden to send existing US military hardware to Ukraine and replace it with new orders.
Singh’s warning was only the latest from the administration, which has said repeatedly it’s scrambling to keep military aid flowing for President Volodymyr Zelenskiy’s forces. Last month, the Pentagon’s comptroller said a government shutdown, which is also looming later this month, would slow the pace of replacing weapons stockpiles sent to Ukraine.
Perhaps realizing that Ukraine’s military forces are about to expire, Telegraph reported that Russia has amassed an estimated 40,000 troops around the key battlefront in Avdiivka as it prepares for a third wave assault on the shattered eastern town, the Ukrainian military has said.
“They are building up reserves. They’ve brought in about 40,000 men here along with ammunition of all calibres,” said Anton Kotsukon, spokesperson for the 110th separate mechanised brigade. “We see no sign of the Russians abandoning plans to encircle Avdiivka.”
Russian forces, he said, had surrounded the town on three sides and were “playing cat and mouse”, sending up “huge numbers” of drones to scout out Ukraine’s defences.
Ukrainian forces regard the town as a gateway for future advances to recapture territory in the east; alternatively the Russian army expects capture of the town to allow to penetrate deep into Ukraine territory.
end
6,VACCINE/COVID ISSUES & GLOBAL ISSUES
GLOBAL ISSUES
END
GLOBAL VACCINE/COVID ISSUES
Study: COVID-19 vaccines linked to increased risk of brain clots and stroke when combined with flu vaccines – NaturalNews.com
The analysis also revealed that the risk is greater if a person receives a COVID-19 vaccine the same day as a high-dose or adjuvanted flu vaccine.
The Medicare-FDA analysis is the second study to have found a possible link between stroke and COVID-19 and flu vaccines, but the medical establishment still claims that the risk is small.
However, Cleveland Clinic cardiologist Dr. Steve Nissen declared that the “absolute risk is minuscule,” especially compared to the risk for those over 85 of dying from COVID-19.
Marco Cavaleri, the head of the office of biological health threats and vaccines strategy at the European Medicines Agency, explained that administration of flu and COVID-19 vaccines at the same time is a common strategy with health officials who want to boost vaccine uptake and address any logistical burdens.
Like other so-called experts, Cavaleri said that he still wasn’t convinced that the increase in stroke risk was real. He also noted that stroke and related health issues are more common among those aged 85 or older.
U.S. officials first reported a possible association sometime around 2022.
At the time, data from the Vaccine Safety Datalink suggested that Americans aged 65 or older might be at increased risk of an ischemic stroke, which interrupts the blood supply to the brain, within 21 days of receiving Pfizer’s bivalent COVID-19 vaccine offered last fall.
The Vaccine Safety Datalink is a federal safety surveillance system.
In the recent study, researchers at the FDA and the CMS assessed stroke risk among nearly 5.4 million Medicare beneficiaries aged 65 years or older. The research team examined the health records of those who received a COVID-19 bivalent shot either on its own or along with the flu vaccine between Aug. 31 and Nov. 6, 2022.
An initial analysis did not find a statistically significant increase in stroke with the COVID-19 vaccines administered by themselves. When federal researchers broke down the data by age, they discovered an increased risk of stroke among those who were 85 years or older who received Pfizer’s COVID-19 vaccine, and in those who were 65 to 74 who received Moderna’s.
The link was most consistent when the bivalent COVID-19 vaccine was given at the same time as a high-dose flu vaccine or one containing an adjuvant, which is a chemical added to elicit a stronger immune response.
People who received both COVID-19 and flu vaccines experienced a 20 percent increase in the risk of ischemic stroke with Pfizer’s bivalent vaccine and an increase of 35 percent in the risk of transient ischemic stroke after the Moderna bivalent vaccine.
The bivalent shots were replaced in September with new formulations.
The scientists also studied the link between the flu vaccine and stroke in nearly seven million Medicare participants who received a high-dose or adjuvanted flu vaccine. They discovered that there was a small but statistically significant increase of about nine percent in the risk of stroke after receiving the flu vaccine alone.
Vaccines also linked to seizures in young children
While the papers were posted online last October, they are still not vetted for publication in a scientific journal. Experts in vaccine safety commented that the studies were well done.
According to experts, neither study is definitive and even if these links were confirmed, the increases are negligible and the benefits of vaccination still outweigh the risks, especially among the elderly. They added that both the flu and COVID-19 also raise the risk of stroke.
In a statement, FDA spokeswoman Cherie Duvall-Jones said that it was “making this information known at this time through publication of this paper for transparency.”
Both studies are based on observational data, which are not enough to identify cause and effect. The FDA has plans to study the occurrence of seizures in children after vaccination “using a more robust design,” added Duvall-Jones.
Daniel Salmon, director of the Institute for Vaccine Safety at Johns Hopkins Bloomberg School of Public Health, said that the findings indicate that the high-dose flu vaccine itself may be behind the increase in strokes observed in the study.
Federal researchers also calculated a separate measure called attributable risk, which is the increase in risk that can be attributed to the exposure. Except in people 85 or older, the attributable risk was roughly three additional cases of stroke for every 100,000 people who received the COVID-19 vaccine.
Experts also insisted that they were not surprised or concerned by the findings regarding seizures among vaccinated children. Experts said that children are at much smaller risk of COVID-19 than older adults, so many parents have chosen not to vaccinate them. The low numbers make it challenging to study potential risks, they added.
Women appear at greater risk from the COVID mRNA vaccines than men & typically after 2nd dose. The question is why have there been no research and policy etc. by CDC or Health Canada warning of this and taking steps to mitigate? Are women not important? Why are our young women disregarded in this manner by the Biden INC. administration who rolled out the vaccines? Is the CDC Director, a female, that clueless about the data in women? The accumulating body of evidence of greater risk of adverse effects and death in females due to the COVID vaccine?
‘99% Scientific Consensus’ on Climate Change Exposed as HoaxREAD MORE…
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MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
ECB Finally Admits Its “Temporary” Asset Purchases Are Really Permanent
FRIDAY, NOV 10, 2023 – 09:50 AM
By Bas van Geffen, Senior Macro Strategist at Rabobank
When the ECB expanded its asset purchase programme to include sovereign bonds in 2015 policymakers went to great lengths to explain that this wasn’t monetary financing, and that this programme therefore didn’t violate the Treaty on the Functioning of the European Union, which explicitly prohibits the monetary financing of sovereign debt. Policymakers said they would not participate in the primary market, and they promised that the purchases would be temporary. Pinky swear!
Yesterday, Philip Lane addressed a conference on the topic of central bank liquidity. The ECB’s Chief Economist concluded that “a durable level of central bank reserves is likely required,” even if that level is significantly lower than the current amount of liquidity. And the supply of reserves should be able to respond quickly in the event of financial stress. Few economists will disagree.
But Lane continued, “in view of the trade-offs posed by each individual instrument, it seems proportionate from a macroeconomic perspective for a central bank to use a range of instruments to provide central bank reserves.” Main refinancing operations and the marginal lending facility –the ECB’s standard instruments– can offer the flexibility needed to respond to shocks but it arguably does not create a very solid level of reserves (although operations can easily be rolled over). Lane added that “a mix of a structural bond portfolio and longer-term refinancing operations would provide longer-time liquidity to the banking system” (emphasis ours).
Yes, you read that correctly. He essentially suggests that the ECB could permanently hold (part of) the APP and/or PEPP purchases on the balance sheet. This can only be achieved by replacing maturing assets as soon as the portfolio size falls below a certain threshold. So much for temporary? And hello again Karlsruhe? It seems like ECB officials have also prepared for legal challenges already, seeing that Lane explicitly refers to the “proportionality” of such a structural portfolio.
Lane’s remarks offered little support to European fixed income, though. Yields on 10-year sovereign bonds rose across the board by some 2-3 basis points. The rise in US yields was more pronounced, after a 30y Treasury auction attracted only weak demand. Additionally, trading in Treasuries experienced some hiccups after a ransomware attack on the Industrial and Commercial Bank of China forced clients to re-route trades, potentially hitting liquidity. The question remains to what extent this also dampened demand for the new 30y Treasury. Apparently the bank creatively used USB sticks to physically transmit settlement data. Does that technically make these Treasuries bearer bonds again?
European equities, on the other hand, performed relatively well, not in the least part driven by German chemical manufacturers. Germany’s energy-intensive industrials got an uplift from a series of electricity price support measures aimed at the manufacturing sector. Earlier this week, ECB economists warned that “there is still a higher proportion of companies expecting to move production out of the EU than into the EU,” mainly citing cost factors. With a 5-year support package the government seeks to stem the departure of its industrial giants. The measures include a sharp cut in electricity taxes from €15.37 to just €0.50/MWh, topped up with additional support for energy-intensive producers. According to Economy Minister Habeck, “very energy-intensive companies can achieve an electricity price of less than 6 cents from 2025.”
The fact that this is a multi-year effort provides some much-needed certainty to these manufacturers. The German government is setting aside up to €28 billion through 2027 to fund the plan. That’s the cost of keeping vital industries in Europe, and the cost of strategic autonomy. Crucially, Germany can still foot such a bill. In fact, according to the government, the plans can be funded without risking a breach of the country’s debt brake rule. But other countries may not have that luxury – although a decision on the new fiscal governance framework has been kicked down the road for another month: “There is a strong commitment by all member states to contribute, to work together and to reach a balanced deal before the end of the year.”
Moreover, these German subsidies do not fully eliminate the risk of rationing, should Europe again find itself in as dire a situation as last year. Some manufacturers may therefore still avoid Germany, or Europe, as their production hub – or at least will be hesitant to expand into the continent. More permanent, EU-wide solutions are needed, rather than a patchwork of temporary and local subsidies in an attempt to keep and attract key manufacturing processes close to home.
This requires a re-think in Brussels, not just on the fiscal framework that has been delayed once again. France, for example, pledged to cut spending further if growth disappoints. Depending on the areas where spending is cut, that could delay Europe’s ambitions to become more self-reliant. The future of Europe requires an integrated view on fiscal policy, industrial policy, and – perhaps – monetary policy aimed both at fighting inflation whilst also supporting some of these initiatives to create a structurally stronger Europe. We coined the possibility of “rate hikes plus acronyms” to deal with new economic setbacks. But the lines in the sand are gradually shifting as European politicians get to grips with the reality they are facing. Some governments may not mind that structural bond portfolio…
Elsewhere, US continuing claims edged higher, to the highest level since mid-April. Still, Powell warned that interest rates may have to rise further: The FOMC will be careful, but “if it becomes appropriate to tighten further, we will not hesitate to do so.” The RBA’s Statement on Monetary Policy similarly warned that the fight against inflation wasn’t over yet. The RBA raised its inflation projections across the board, and continues to flag that there could be further upside surprises. This warranted the hike in November, but policymakers are mindful of the squeeze on households’ budgets
end
7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE
Renewable energy operations continue with meltdowns
(zerohedge)
Renewable Energy Meltdown Spreads: Plug Power Crashes After ‘Going Concern’ Warning
FRIDAY, NOV 10, 2023 – 07:45 AM
Shares of Plug Power, a company specializing in hydrogen and fuel-cell energy, plummeted by 30% in premarket trading in New York. This steep decline followed the company’s third-quarter earnings report on Thursday evening, which cited “unprecedented supply challenges in the hydrogen network in North America.”
Plug Power reported third-quarter losses of $283.5 million, equivalent to 47 cents per share, widening from a loss of $170.8 million, or 30 cents per share, in the same quarter one year ago. The company’s revenue increased to $199 million from $189 million a year earlier and slightly missed the Bloomberg Consensus estimate of $200.2 million.
Here’s a snapshot of the quarter:
Net revenue $198.7 million, +5.3% y/y, estimate $200.2 million (Bloomberg Consensus)
Sales of fuel cell systems, related infrastructure and equipment $145.1 million, -8.1% y/y, estimate $172.6 million
Sales from services performed on fuel cell systems and related infrastructure $9.29 million, +11% y/y, estimate $10.2 million
Sales from power purchase agreements $20.1 million vs. $9.52 million y/y, estimate $14.7 million
Sales from fuel delivered to customers and related equipment $19.4 million, +56% y/y, estimate $19 million
Other revenue $4.85 million vs. $0.32 million y/y, estimate $0.56 million
Loss per share 47c vs. loss/shr 30c y/y, estimate loss/shr 30c
Gross margin -69%, estimate -15.1%
Cash and cash equivalents $110.8 million, -94% y/y, estimate $523.1 million
In a shock, Plug Power said this year’s performance “has been negatively impacted by unprecedented supply challenges in the hydrogen network in North America.” It blamed a “severe hydrogen shortage” that has “negatively affected direct cost of service as well as the timing for implementation of fleet upgrades into customer operated equipment.” And said the negative impacts were compounded by “inflation.”
“We believe this hydrogen supply challenge is a transitory issue, especially as we expect our Georgia and Tennessee facilities to produce at full capacity by year-end,” it added.
While supply chain snarls are one thing for Plug Power, the company warned existing cash and available-for-securities and equity securities will not be sufficient to fund operations over the next 12 months. It added, “These conditions and events raise substantial doubt about the company’s ability to continue as a going concern.”
RBC Capital Markets analyst Chris Dendrinos estimates Plug Power would need more than $750 million to boost liquidity over the next 12 months.
“[Plug] management expressed confidence in executing a liquidity transaction near-term and continues to see a path for margin improvement through next year. However, at this time we think it prudent to move to the sidelines and await execution of these events,” Dendrinos wrote in a note.
KeyBanc analyst Sangita Jain warned a potential $1.5 billion loan from the Department of Energy to relieve short-term liquidity concerns might need to be approved more quickly.
Besides a meltdown in the hydrogen space, we have provided readers with the understanding that President Biden’s renewable space is in a full-blown crash. Inflation, high-interest rates, and waning demand have sent wind and solar stocks tumbling in recent weeks.
Perhaps it’s time for the Biden administration to issue ‘green’ bailouts.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
end
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0687 UP 0.0021
USA/ YEN 151.33 UP .046 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2222 UP 0.0007
USA/CAN DOLLAR: 1.3809 UP .0008 (CDN DOLLAR DOWN 8 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 14.98 PTS OR 0.47%
Hang Seng CLOSED DOWN 308.03 PTS OR 1.76%
AUSTRALIA CLOSED DOWN 0.53% // EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG DOWN 308.03 PTS OR 0.53%
/SHANGHAI CLOSED DOWN 14.98 PTS OR 0.47%
AUSTRALIA BOURSE CLOSED DOWN 0.53%
(Nikkei (Japan) CLOSED DOWN 78.35 PTS OR 0.24%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1947.80
silver:$22.55
USA dollar index early FRIDAY morning: 105.66 DOWN 11 BASIS POINTS FROM THURSDAY’s CLOSE.
The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.2898
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.3052)
TURKISH LIRA: 28.57 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.847…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 5 in basis points from THURSDAY at 4.585% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.712 DOWN 6 in basis points ON THE DAY/12.00 PM
USA 2 YR BOND YIELD: 5.018 UP 1 BASIS PTS.
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY: CLOSING TIME 12:00 PM
London: CLOSED DOWN 97.16 POINTS or 1.30%
German Dax : CLOSED DOWN 116.29 PTS OR 0.76%
Paris CAC CLOSED DOWN 68.13 PTS OR 0.96%
Spain IBEX DOWN 34.90 PTS OR 0.37%
Italian MIB: CLOSED DOWN 109.03PTS OR 0.38%
WTI Oil price 76.69 12: EST
Brent Oil: 81,00 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 92.29; ROUBLE DOWN 0 AND 26//100
GERMAN 10 YR BOND YIELD; +2.7000 UP 5 BASIS PTS
UK 10 YR YIELD: 4.35504 UP 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0684 UP 0.0017 OR 17 BASIS POINTS
British Pound: 1.2224 UP .0008 or 8 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.3735% UP 5 BASIS PTS//
JAPAN 10 YR YIELD: .842%
USA dollar vs Japanese Yen: 151.55 UP .202 //YEN DOWN 20 BASIS PTS//
USA dollar vs Canadian dollar: 1.3801 DOWN 7 CDN dollar UP 7 basis pts)
West Texas intermediate oil: 77.33
Brent OIL: 81.52
USA 10 yr bond yield DOWN 2 BASIS pts to 4.616%
USA 30 yr bond yield DOWN 4 BASIS PTS to 4.732%
USA 2 YR BOND: UP 3 PTS AT 5.050 %
USA dollar index: 105.68 DOWN 10 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 28.55 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 92293 DOWN 0 AND 26/100 roubles
GOLD 1935.50
SILVER: 22.21
DOW JONES INDUSTRIAL AVERAGE: UP 391.16 PTS OR 1.15%
It was a quiet week for macro data, but what there was ‘disappointed’ – higher continuing claims, worst deficit, slumping sentiment, and soaring inflation expectations…
Source: Bloomberg
But the ‘bad news’ sent investors fleeing into the ‘safe-haven’ arms of the Magnificent 7 once again, eschewing gold and bonds…
Source: Bloomberg
Powell put his foot down on the ‘loosening’ financial conditions since his FOMC performance…
Source: Bloomberg
Mega-Cap Tech (Nasdaq) outperformed Small Caps (Russell 2000) every day this week, ending up almost 600bps stronger Friday-to-Friday – the second biggest weekly outperformance since April 2020 and the melt-up on the back of The Fed’s COVID lockdown rescue. The Dow closed marginally green and S&P up around 1% (closing above 4400)…
…and while Nasdaq soared (best day since May), its breadth continued to plumb new depths…
Source: Bloomberg
The S&P closed back above 4400 – closing the gap from the big plunge after September’s FOMC…
The Magnificent 7 stocks are up for 10 of the last 11 days, adding a stunning $1.3 trillion in market cap during that time to the highest since the July highs…
Source: Bloomberg
TSLA underperformed on the week as MSFT hit a new record high, closing in on AAPL’s market cap…
Source: Bloomberg
Simply put, as Goldman’s Louis Miller highlighted today, the crowded-longs are outperforming and the crowded-shorts are underperforming…
Source: Bloomberg
Also, as Goldman flow traders exclaimed,US Single Stock short flows has increased for 14 straight weeks, the longest shorting streak ever on our record.
Interestingly, Defensives and Cyclical stocks ended in the red for the week, both down around 0.5%…
Source: Bloomberg
Nasdaq is now by far the most expensive its ever been relative to Small Caps…
Source: Bloomberg
And in case you’re wondering, here’s why everything melted up…
While the Russell 2000 failed on Tuesday at its 200DMA, the rest of the majors all broke back above theirs with Nasdaq Composite breaking back above its 100DMA…
Tech stocks outperformed while the Energy sector was clubbed like a baby seal while Financials ended unchish…
Source: Bloomberg
While big banks performed well, regionals were ugly, erasing over half the gains post-Bill-Gross-knife-catching…
Source: Bloomberg
Which meant Value stocks once again underperformed Growth stocks – pushing the pair to what looks like significant support…
Source: Bloomberg
Treasuries were mixed with the long-end outperforming (30Y -3bps on the week), while yields on the rest of the curve were higher on the week, led by the shortest end…
Source: Bloomberg
2Y Yields pushed back above 5.00% after the biggest weekly yield rise since May…
Source: Bloomberg
This pushed the yield curve (2s30s) down (flatter/more inverted) for 4 of the 5 days this week – the biggest weekly flattening since Nov 2022 – to its most inverted in six weeks…
Source: Bloomberg
The dollar
Source: Bloomberg
Bitcoin surged to 18-month highs on the heels of ETF approval hopes, erasing almost 50% of the losses from the record highs (and back above pre-Terra-stablecoin crisis levels)…
Source: Bloomberg
While Bitcoin got all the headlines (and Solana exploded 30% this week, up 145% in the last month), Ethereum’s 12% rally was its best week since April…
Source: Bloomberg
The ETH/BTC cross ripped higher off support, rallying over 8% in the last two weeks…
Source: Bloomberg
Gold fell for the second week in a row, tumbling almost 3% this week, the 3rd worst week of the year after spot prices topped $2,000 but could not hold it…
Source: Bloomberg
However, we note that spot gold prices did find support at their 200DMA…
Source: Bloomberg
Oil ended the week on an uptrend with, trading back up towards its 200DMA (around $78.18)
Source: Bloomberg
Finally, just as stocks were starting to ‘correct’ down to global ‘liquidity’, a buying panic comes back in…
Source: Bloomberg
But after 15 years, it’s hard to argue that either central banks start printing again or stocks fall…
Source: Bloomberg
…or it’s different this time?
EARLY MORNING TRADING
TUCKER CARLSON
II USA DATA
Huge story! The Fed’s emergency bank funding facility explodes higher. Money market funds are increasing with bank deposits contracting
(zerohedge)
Fed’s Emergency Bank Funding Facility Explodes Higher, QT Stalls As Money-Market Funds Hit Record High
THURSDAY, NOV 09, 2023 – 04:40 PM
Money-market funds saw inflows for the 3rd straight week (since the biggest outflow since Lehman), adding $16.9BN to reach a new record high of $5.71TN…
Source: Bloomberg
In a breakdown for the week to Nov. 8, government funds – which invest primarily in securities like Treasury bills, repurchase agreements and agency debt – saw assets rise to $4.66 trillion, a $9.63 billion increase.
Prime funds, which tend to invest in higher-risk assets such as commercial paper, meanwhile saw assets climb to $926 billion, a $6.35 billion increase.
Retail fund inflows continued unabated (and institutions saw their 3rd straight week of inflows)…
Source: Bloomberg
The resurgence in money-market fund inflows is diverging from bank deposits (which are gently rising on a seasonally-adjusted basis)…
Source: Bloomberg
Meanwhile, as we detailed earlier, the amount of money that investors are parking at The Fed’s reverse repo facility dropped below $1 trillion for the first time in more than two years.
Source: Bloomberg
It marks a steep decline from a record $2.554 trillion stashed on Dec. 30 and is the smallest sum since August 2021.
“It’s a big number,” said Deutsche Bank strategist Steven Zeng, referring to the decline past $1 trillion.
“I can see it falling further with dealers owning so much of the new bond.”
Demand for the facility, however, has been fading this year as the Treasury ramped up fresh bill issuance, offering an alternative for short-term investors.
But as Bloomberg notes, as usage of the Fed’s facility fades, Wall Street strategists are weighing whether there will be further impact on the central bank’s policy decisions. If demand falls toward zero, strategists say, the Fed will have to halt its quantitative tightening program because excess liquidity will have been completely drained and bank reserves will have reached a point of scarcity.
The Fed’s balance sheet contracted by a very modest $6BN last week (the balance sheet is now down over $1.1TN from its highs…
Source: Bloomberg
The Fed’s QT program stalled last week, with its securities-held RISING by $313BN…
Source: Bloomberg
Most notably, usage of The Fed’s emergency funding facility for the banks soared higher by $3.9BN to a new record high above $113BN… (the biggest jump since June)
Source: Bloomberg
Of course, having seen equity market capitalization crash back to earth and recouple with bank reserves at The Fed, this week saw equities bounce higher as reserves also increased…
Source: Bloomberg
Finally, we note that after Bill Gross apparently ‘called the bottom’ in regional banks last week, their share prices all jumped initially, but FHLB issuance limits and general risk-off has them giving some back. And we just remind those buyers that bond yields have exploded higher since SVB…
Source: Bloomberg
…and they are borrowing ever more ($113BN) from The Fed at an expensive rate to fill the holes in their balance sheets. Does that sound like the bottom is in?
end
Soft data: and yet they expect inflation expectations to soar again. Sentiment slumps
(zerohedge)
UMich Inflation Expectations Unexpectedly Soared Again In November, Sentiment Slumped
FRIDAY, NOV 10, 2023 – 10:12 AM
After soaring in October, UMich surveyed inflation expectations were expected to moderate slightly in preliminary November data. They did not!
12-month inflation expectations shot higher still from 4.2% to 4.4% (exp 4.0%) and 5-10 year inflation exp rose to 3.2% (hotter than the 3.0% prior and expected)….
hat is the highest medium-term inflation expectation since 2011.
Gas price expectations, both over the short and long run, rose to their highest readings this year.
Consensus forecast for ‘expectations’ to rise and ‘current conditions’ to fade further from October’s weakness, but consumer sentiment slipped for the fourth straight month, falling 5% in November…
“…while current and expected personal finances both improved modestly this month, the long-run economic outlook slid 12%, in part due to growing concerns about the negative effects of high interest rates.”
Overall, lower-income consumers and younger consumers exhibited the strongest declines in sentiment…
About 36% of consumers spontaneously blamed high interest rates or tight credit for poor buying conditions for vehicles; this is the highest share on record. Similarly, the share of consumers blaming similar factors for poor home and durables buying conditions are both at their highest since 1982.
As Hsu conclude: ” The combination of expectations for persistently high prices, high borrowing costs, and labor market weakness does not bode well for the prospect of continued strength in consumer spending and economic growth. “
III) USA ECONOMIC STORIES
Newsom’s polling numbers declining rapidly in his home state of California. This should end his bid for the Presidency
(zerohedge)
“Younger Voters Have Turned Against The Governor”: Berkeley Poll Reveals Record Number Of Californians Disapprove Of Newsom
THURSDAY, NOV 09, 2023 – 08:40 PM
A new poll from the University of California-Berkeley Institute of Governmental Studies (IGS) reveals that more Californians disapprove of the job Gov. Gavin Newsom (D) is doing (49%) than approve (44%) – the first time this has happened since Newsom took office in 2019.By Sabo via Unsavory Agents, support here.
This marks an 11-point decline in Newsom’s approval rating since the last time IGS asked the same question in February, just nine months ago.
“This includes significant declines among the governor’s Democratic voter base and is most prominent among two of the state’s swing voter blocs – political moderates and No Party Preference voters,” according to the poll.
“Younger voters have also turned against the governor, while voters ages 65 or older remain supportive.”
Poll Director Mark DiCamillo suggested the sharp decline was due to those with extreme views, “with the proportion strongly approving of Newsom’s performance declining from 25% to 18%, while those strongly disapproving climbed from 29% to 36%,” NY1 reports.
According to DiCamillo, the decline is “broad-based and is particularly noteworthy among political moderates and No Party Preference voters.”
While 66% of Democrats approve of the job Newsom is doing, just 37% of No Party Preference and 7% of Republicans approve. Support was strongest in San Francisco (53%), where Newsom served as mayor before being elected governor, and among females, with 46% of women approving of his job performance compared with 41% of men.
While 53% of voters age 65 or older continue to support the governor, younger voters are less approving. Just 35% of voters age 18 to 29 and 38% of voters age 30 to 39 approve of the job he’s doing. -NY1
Newsom’s declining approval rating comes as California struggles with budget shortfalls and other issues. Meanwhile, just 50% of California voters approved of Newsom’s recent trip to China to meet with President Xi Jinping, while 39% disapproved.
It also comes as Newsom stands accused of running a ‘shadow’ Presidential campaign to take the mantle if Joe Biden dies or otherwise isn’t the Democratic nominee in the 2024 US election.
end
This too will end in the dumpster: Biden’s new plan to eliminate student loans. What people do not realize is that debt forgiveness adds to the debtof the USA
(zerohedge)
2.9 Million Borrowers Pay Nothing In Biden’s ‘Most Generous Ever’ Student Loan Repayment Plan
The repayment plan, dubbed the Saving on Valuable Education (SAVE) plan, went into effect in August as part of President Joe Biden’s regulatory effort to dramatically reduce monthly obligations for student borrowers who aren’t earning very much, with many borrowers seeing their bills shrink to practically nothing.
According to the latest update from the U.S. Department of Education, about 2.9 million of the SAVE plan’s current enrollees have incomes that are low enough that they have monthly payments of $0.
The updated SAVE enrollment figure includes 1.8 million borrowers who have newly signed up for the program, as well as another 364,000 borrowers who were automatically switched to SAVE because they had already been in one of the existing income-driven repayment (IDR) plans that the Biden administration seeks to replace with SAVE.
The new figure is based upon enrollment in the program as of Oct. 15. It reflects an increase from the the 4 million borrowers that the Education Department said were enrolled in the plan at the beginning of September.
Overall, borrowers are repaying $300 billion in federal student loans on the plan. That represents about 19 percent of the $1.6 trillion in outstanding debt from the federal student loan portfolio.
One of the biggest differences between the SAVE plan and IDR plans is that the amount of income incurring no charge, or protected income, rises from 150 percent above the federal poverty guidelines to 225 percent. Under the SAVE plan, payment also drops from 10 percent of the difference between earnings and protected income to 5 percent.
In practice, this means a single person who earns less than $32,800 a year is required to pay $0 a month. The same applies to a family of four that has an annual income less than $67,500.
On top of all that, under the SAVE plan, borrowers will see their remaining loan balances wiped out after 10 years of repayments. By comparison, it takes 20 or 25 years under IDR for borrowers to get their remaining debt canceled.
“I’m thrilled to see that in less than three months, nearly 5.5 million Americans in every community across the country are taking advantage of the SAVE Plan’s many benefits, from lower monthly payments to protection from runaway student loan interest,” U.S. Secretary of Education Miguel Cardona said in a statement on Monday, promising to “not rest” in the efforts to “make paying for college more affordable.”
Biden Plan Faces Republican Challenge
The SAVE plan is expected to cost billions in taxpayer dollars, a point Republican lawmakers have been emphasizing since the plan’s announcement.
Estimates vary widely, but one analysis by the University of Pennsylvania’s Wharton School suggests that the plan will cost about $475 billion in a span of 10 years.
“About $200 billion of that cost will come from payment reduction for the $1.64 trillion in loans already outstanding in 2023,” the analysis read.
According to the leading business school, the SAVE plan will be incentivizing college students to collectively borrow billions more dollars every year in the next decade due to the expectation that they may not have to repay the debt.
“The remainder of the budget cost, or about $275 billion, comes from reduced payments for about $1.03 trillion in new loans that we estimate will be extended over the next 10 years,” it added.
Citing Wharton’s estimates, a group of 17 Republican senators in September introduced a Congressional Review Act (CRA) resolution against the plan. A CRA resolution does not only nullify an existing rule but bans the federal agency from issuing the same rule again unless Congress later passes a new law authorizing the agency to do so.
“It’s incredibly unfair to those who never incurred student debt because they didn’t attend college in the first place or because they either worked their way through school or their family pinched pennies and planned for higher education,” said Sen. Bill Cassidy (R-La.), ranking member of Senate’s education committee.
“Our resolution protects the 87 percent of Americans who don’t have student debt and will be forced to shoulder the burden of the President’s irresponsible and unfair policy,” he added.
Sen. Cassidy is joined by Sens. John Barrasso (R-Wyo.), Mike Braun (R-Ind.), John Cornyn (R-Texas), Mike Crapo (R-Idaho), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Chuck Grassley (R-Iowa), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), James Lankford (R-Okla.), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), James Risch (R-Idaho), Tim Scott (R-S.C.), John Thune (R-S.D.), and Thom Tillis (R-N.C.).
A companion CRA resolution was introduced by Rep. Lisa McClain (R-Mich.) in the lower chamber. Both chambers are expected to vote on the Republican-led resolutions in the coming weeks.
In defense of the repayment plan, Mr. Cardona implored lawmakers seeking to undo it to speak with borrowers who are “drowning in debt.”
“We’re hearing from the American people who are drowning in debt and can’t buy a home in the economy because of college costs,” he said during a Sept. 8 interview on CNN. “Those who are vehemently opposed to it have not spoken to their constituents who are drowning, who need support, who need to make higher education more accessible.”
end
A Third Major Burger King Franchisee Declares Bankruptcy
Premier Kings, a 172-unit Burger King franchisee whose owner died in 2022, declared bankruptcy protection, saying that operating losses even after the company closed restaurants forced the issue.
It’s the third time this year that a major Burger King operator has taken such a step, while several others closed restaurants around the country in the aftermath of the chain’s sales and profit challenges.
The company put the restaurants up for sale and hired the investment banker Raymond James & Associates to market the restaurants. The company closed several restaurants to “avoid further losses” and stabilize the business to prepare a sale.
But those cost cutting measures didn’t work. The company said that it faced pressure from landlords, vendors and with secured lenders.
Premier Kings generated $223 million in sales in 2022 and had an operating loss of $27 million. Bankruptcy court documents also reported $134.5 million in assets and $123.1 million in liabilities.
The company has deals with a pair of “stalking horse” bidders vying for parts of the company totaling about $34 million. One is for $15.5 million with RRG of Jacksonville for 44 stores in the Savannah, Ga., and Jacksonville, Fla., regions. The other is for $18.5 million for the purchase of 31 stores in North Alabama with the Newell-Berg Alliance AL.
A stalking horse bid is used as an opening bid in an auction. There are at least 44 potential bidders for at least some of the restaurants.
Burger King struggled with weak sales coming out of the pandemic while costs for labor and food took off. Two large-scale operators, Meridian Restaurants and Toms King, filed for bankruptcy and were sold. In both cases, however, not all of the stores were sold and numerous locations were shut down.
The company has been steering many stores into the hands of smaller operators it believes are more capable of improving operations at the restaurants and generating stronger sales in the process.
The company has shown stronger sales this year while traffic last quarter outperformed its competitors. Burger King is investing $400 million into marketing and remodels to lift sales and has focused intently on improving operations and franchisee profits. The company said that franchisee profitability is up in the “double digits” so far this year.
FREIGHT ISSUES/USA
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VICTOR DAVIS HANSON
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USA// COVID//VACCINE/
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SWAMP STORIES
The left’s plot to eliminate Trump not doing too well
(zerohedge)
Minnesota Supreme Court Dismisses Case To Keep Trump Off The Ballot
In a brief opinion and order written by Minnesota Supreme Court Chief Justice Natalie Hudson, the justices said the petition was dismissed without prejudice.
Free Speech for People, a liberal group, had sued on behalf of eight local voters, arguing that the secretary of state putting President Trump on the ballot would be an “error.”
In the opinion, Chief Justice Hudson wrote, “there is no ‘error’ to correct here as to the presidential primary election if former President Trump’s name is included on the presidential primary ballot after the Chair of the Republican Party of Minnesota provides his name to the Secretary of State.”
“Because there is no error to correct here as to the presidential nomination primary, and petitioners’ other claims regarding the general election are not ripe, the petition must be dismissed,” she wrote.
She added that this dismissal would not prevent the petitioners from bringing forth the claim again regarding the general election ballot.
President Trump commented on the decision in a Truth Social post.
“Ridiculous 14th Amendment lawsuit just thrown out by Minnesota Supreme Court. Without Merit, Unconstitutional. Congratulations to all who fought this HOAX!” he wrote.
State Secretary Powers
During a hearing on Nov. 2, the justices had seemed skeptical of the petitioner’s arguments, noting that it would give the secretary of state a great amount of power if, as petitioners argued, they had the power to decide who to put on election ballots.
The secretary of state, Steve Simon, had declined to make arguments on merit, saying only that he disagreed it was his authority to determine eligibility and would defer to the court’s decision.
In the opinion, Chief Justice Hudson wrote that allowing President Trump to appear on the ballot if the state’s Republican party deems he meets their requirements is the correct procedure under state law.
“There is no state statute that prohibits a major political party from placing on the presidential nomination primary ballot, or sending delegates to the national convention supporting, a candidate who is ineligible to hold office,” she wrote.
14th Amendment Challenges
The 14th Amendment grants citizenship and equal rights to all persons born or naturalized in the United States. Ratified after the Civil War, it also included a section that prohibited those who had participated in “rebellions” or “insurrections” against the nation from holding office.
The Minnesota petition argued that, under section three of the 14th Amendment, President Trump is disqualified from holding elected office again because he engaged in an “insurrection.”
Similar challenges have been brought in several other states, with most courts having ruled similar to Minnesota in dismissing the cases. Some note they don’t have jurisdiction over the matter, while in Minnesota justices also brought up the question of whether it was prudent for them to take on the case even if they did have jurisdiction, as it could potentially create “chaos” with ballots varying from state to state.
Likewise, secretaries of state have across the board said they don’t have the authority to determine the eligibility of a candidate under state laws, sometimes leading to petitions against them.
On Thursday, a hearing will take place in Michigan, where petitioners have sued Michigan Secretary of State Jocelyn Benson, arguing she needs to keep President Trump off the ballot. President Trump and the Trump Campaign are intervenors in this case, as they have been with other 14th Amendment challenges.
To date, only Colorado has brought such a case to trial, and a state court spent two weeks hearing substantive testimony from witnesses and experts on whether Jan. 6, 2021, constituted an “insurrection” and whether President Trump “engaged” in that.
Colorado District Court Judge Sarah Wallace will rule on the case next week.
“This is an internal party election to serve internal party purposes.”
END
Stefanik Hits “Radical Leftist” Trump Judge With Ethics Complaint
FRIDAY, NOV 10, 2023 – 11:25 AM
While the jury is still out over whether the wife of Judge Arthur Engoron made anti-Trump posts on X, Rep. Elise Stefanik (R-NY) has filed an ethics complaint against the judge himself, accusing him of displaying “inappropriate bias and judicial intemperance” towards the former president in his civil fraud trial taking place in New York.
“I filed an official judicial complaint against Judge Arthur Engoron for his inappropriate bias and judicial intemperance in New York’s disgraceful lawsuit against President Donald J. Trump and the Trump Organization,” Stefanik told NBC News. “Americans are sick and tired of the blatant corruption by radical Leftist judges in NY. All New Yorkers must speak out against the dangerous weaponized lawfare against President Trump.“
According to the complaint, Engoron has exhibited “clear judicial bias” against Trump, including telling Trump’s attorney that the former president is “just a bad guy,” who NY Attorney General Letitia James “should go after.”
“Simply put, Judge Engoron has displayed a clear judicial bias against the defendant throughout the case, breaking several rules in the New York Code of Judicial Conduct,” reads the letter.Rep. Elise Stefanik (R-NY)
“Judge Engoron entered summary judgment against the defendant before the trial even began, without witnesses, other evidence, and cross-examination,” she continued, noting that this was “despite the fact there’s disputed material evidence–and there’s no victim of the defendant’s supposed fraud. “
Stefanik also notes that Engoron and his staff are “partisan Democrat donors,” and that Engoron himself, as recently as 2018, “donated to the Manhattan Democrats.”
“If Judge Engoron can railroad a billionaire New York businessman, a former President of the United States, and the leading presidential candidate, just imagine what he could do to all New Yorkers,” the letter continues. “Judge Engoron’s lawlessness sends an ominous and illegal warning to New York business owners: If New York judges don’t like your politics, they will destroy your business, the livelihood of your employees, and you personally. This Commission cannot let this continue.”
“Section 100.2(A) states: ‘A judge shall respect and comply with the law and shall act at all times in a manner that promotes public confidence in the integrity and impartiality of the judiciary.’ Judge Engoron has grossly failed to do this,” she wrote.
Activist wife?
On Thursday, Engoron’s wife, Dawn Engoron, denied making anti-Trump posts on X, after journalist Laura Loomer claimed to have “uncovered screenshots” showing extreme bias.
Dawn Engoron denied the claims, telling Newsweek: “I do not have a Twitter account. This is not me. I have not posted any anti Trump messages.”
Engoron is overseeing Trump’s New York civil case, in which AG Letitia James has accused the former President and his organization of inflating their net worth by billions of dollars to obtain premium financing between 2011 and 2021. In September, Engoron ruled – sans jury, that Trump’s financial statements committed fraud.
Following the denial, Loomer doubled down, noting that the suspected X account has been locked, that Newsweek “admit(s) they can’t definitively say this account doesn’t belong to Arthur Engoron’s wife,” and that Engoron’s son has deleted his LinkedIn account yesterday “after I exposed him getting preferential seating from his father in the trial of President Trump.”
@SKMorefield: Ron DeSantis goes scorched earth on the Federal Reserve. “The Federal Reserve has helped create [inflation] with their reckless monetary policy… The Fed should focus on stable prices. They are not an economic central planner for the American people.” https://twitter.com/SKMorefield/status/1722444835498471844
Leftist Atlanta Fed President Bostic issued more dovish remarks on Thursday. Bostic said, “I think our policy is restrictive, and likely sufficiently restrictive… Inflation is going to get to 2%…”
Richmond Fed President Barking implies that Team Obama-Biden is cooking US economic data.
Barkin: Anecdotal Evidence Is ‘At Odds’ with Latest GDP Report – BBG 9:37 ET Barkin: Sees Slowdown Coming, Says Need to Lower Inflation – BBG 9:38 ET Barkin : Inflation Remains Too High, Despite Progress – BBG 11:00 ET Barkin Warns High Inflation Could Return If Fed ‘Undercorrects’ – BBG 11:00 ET
Barkin chastised Powell and other Fed officials that have claimed that higher long-term yields are doing the Fed’s job.
Fed’s Barkin: The movement of long-term Treasury yields is not a useful variable for deciding interest-rate policy – DJ 11:22 ET
Barkin also debunked Bostic: Fed’s Barkin: Have a Hard Time Declaring ‘Sufficiently Restrictive’ at Any Point in Time
Fed’s Bowman (Governor) Repeats She Expects Further Rate Hikes Needed – BBG 11:00 ET
BOJ may end negative rates in January, ex-central bank executive (Eiji Maeda) says The BOJ last month revised up its price estimates to project inflation to hit 1.9 percent in both fiscal 2024 and 2025, as measured by an index that strips away the effects of volatile fresh food and fuel costs. The “surprisingly big” upgrade in the projections means inflation is already on course to sustainably hit the BOJ’s 2 percent target, said Maeda, who is in close contact with policymakers… https://business.inquirer.net/430691/boj-may-end-negative-rates-in-january-ex-central-bank-executive-says#ixzz8IaMQ1TlQ
Fed’s Paese (St.L Fed interim Pres) Supported Rate Pause, May Need to Tighter Further – 12 ET Fed’s Paese: FOMC Should Act Promptly If Inflation Progress Stalls – BBG 12:00 ET
ESZs traded sharply lower (4390.50 low) when the Nikkei opened. They methodically rallied until they hit 4409.00 at 5:40 ET. After a retreat to 4401.00 near 7 ET, it was time to buy for the NYSE opening pump & dump. ESZs hit a daily high of 4413.00 at 9:13 ET. The dump then commenced (earlier than usual). ESZs sank to a daily low of 4385.25 at 10:41 ET. Barkin was a major factor in the decline. After a rebound to 4404.50 at 11:51 ET, ESZs rolled over.
USZs were moderately higher (115 12/32 high), but sideways, during Nikkei trading. They commenced a decline after the 3 ET European opening that took USZs to a daily low of 113 28/32 at 10:27 ET. USZs then went inert into the 30-year auction.
Bond and stock bulls now needed a good 30-year auction and dovish or neutral remarks from Powell. They got neither! The US 30-year auction was bad. $24B of 30-year bonds sold at 4.769% vs. 4.716% before the auction; Dealers took 24.7%, previous auction it was 18.2%; direct bidders 15.2% vs. 16.7% previous auction; indirect bidders 60.1% vs. 65.1% previous auction.
More bad news for bonds: The Fed repo facility dropped below $1 trillion for the first time in 2 years. The facility peaked at $2.554 trillion. Analysts believe most of that money has flowed into Treasuries as rates rose. They also opined that the repo facility will drop further because dealers own “about twice as much of the Treasury’s $24 billion 30-year auction as normal.” (Per BBG)
Fed Reports ‘Service Issue’ With Fedwire Security Service – BBG 15:22 ET Fedwire Securities provides transfer and settlement services for all marketable US Treasury securities…
Powell issued hawkish remarks – and climate protestors interrupted his speech at the IMF in DC.Looking behind reasons behind recent yield surge (Pro Tip: massive US debt; excess reserves)“The biggest mistake we could make is really, to fail to get inflation under control.” – WSJ“If it becomes appropriate to tighten policy further, we will not hesitate to do so.”Powell Says Fed is wary of ‘head fakes’ from inflation – DJ 15:47 ETThe Fed will take a ‘meeting to meeting’ approach on deciding policyThe Fed will not overreact to good or bad economic data.https://www.federalreserve.gov/newsevents/speech/powell20231109a.htm?s=02
This line reportedly did the most damage to bulls: “While the broader supply recovery continues, it is not clear how much more will be achieved by additional supply-side improvements. Going forward, it may be that a greater share of the progress in reducing inflation will have to come from tight monetary policy restraining the growth of aggregate demand.”
Powell infers that supply chain normalization has accomplished as much inflation reduction as possible.
A live mic caught Powell commanding “Just close the f—g door” when climate protestors approached.
Yesterday’s King Report: Historically USZs decline into the auctions but reverse after the 30-year tranche. This week, the opposite has occurred. USZs have rallied sharply into the auctions and after the auctions… And if there was a scheme to manipulate USZs higher into the auctions to abet the US Treasury, the odds of a downside reversal are even higher.
Who did the massive manipulation that aided and abetted the US Treasury?
ESZs tumbled to a daily low of 4357.75 at 15:57 ET. USZs hit a low of 112 12/32 at 13:08 ET. Beaucoup traders got trapped on the long side. For the umpteenth time in the past few years, a majority of traders got seduced by Street ‘experts’ siren song of ‘no more Fed rate hikes.’
US Initial Jobless Claims 217k, 218k expected, 220k prior revised up from 217k Continuing Claims 1.834m, 1.82m consensus, 1.812m prior revised down from 1.818m
NY state comptroller rings alarm bells over Big Apple’s dire financial situation The FY 2024-2025 budget gap for the city could reach as high as $13.8 billion… https://t.co/4sxQkadshX
Positive aspects of previous session Richmond Fed President rightfully chastised Powell & other Fed officials for inappropriate remarks The dopes that bought Treasuries after a rally into the auctions got duly punished for the stupidity
Negative aspects of previous session Stocks and bonds got hammered; Tesla -5.46% (-6.8% at low) on HSBC initial coverage as a ‘sell’ Barkin and Powell’s comments show there is conflict within the Fed
Ambiguous aspects of previous session Industrial commodities declined sharply again. Is this good on inflation or bad on economy?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open:Down; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4361.56 Previous session S&P 500 Index High/Low: 4393.40; 4343.94
Emotions are running high at the White House as some aides’ frustration with Israel is growing Biden is coming under growing pressure from members of his Democratic Party to speak out more forcefully on Israel’s tactics, although there is still strong bipartisan support in Congress for Israel’s self-defense… https://www.cnn.com/2023/11/08/politics/biden-administration-israel-hamas-war/index.html
Reuters: The Israeli government demanded explanations from Reuters and three other news groups regarding the HonestReporting article which questioned their work with Gaza-based photojournalists during the Hamas assault.
@KassyDillon: CNN statement on their freelancer who embedded with Hamas during the Oct. 7 massacre of Israeli civilians: “We are aware of the article and photo concerning Hassan Eslaiah, a freelance photojournalist who has worked with a number of international and Israeli outlets. While we have not at this time found reason to doubt the journalistic accuracy of the work he has done for us, we have decided to suspend all ties with him.”
Knesset Member @dannydanon: Israel’s internal security agency announced that they will eliminate all participants of the October 7 massacre. The “photojournalists” who took part in recording the assault will be added to that list.
U.S. Attorney Massachusetts (@DMAnews1): Three arrested for allegedly operating sophisticated high-end brothels in MA and VA. Sex buyers allegedly included politicians, executives, doctors, military officers, professors, attorneys, scientists, accountants @HSINewEngland https://t.co/TvHW3R6L6B
@dom_lucre: EXCLUSIVE INVESTIGATION: On October 7, 2022 this secret underground tunnel was found behind a painting at the Downtown St. Louis Hotel which is owned by Hyatt. On May 23, 2023, Bloomberg announced that Marriott, Hilton, and other National hotel chains were being sued for engaging, dismissing and profiting from the trafficking of children, they were also accused of having ‘underground tunnels in their suites’ (Hyatt is managed by the Pritzker family.) This is the third video in 48 hours that I have posted verifying tunnels in Hyatt hotels. I will continue this investigation by staying at these hotels myself. Please send me any information you have related to this. Stay tuned for more details. https://twitter.com/dom_lucre/status/1722433034182398433
Iran’s exiled crown prince calls out Biden’s weak policies, says Islamic regime ’emboldened’https://t.co/ICxMgXVpK4
@LucasFoxNews: Israeli PM Netanyahu tells @BretBaier : “A cease fire with Hamas means surrender to Hamas—surrender to terror and the victory of Iran’s axis of terror. So there won’t be a cease fire without the release of the Israeli hostages.”
Today – Beaucoup people are long bonds and stocks. Will the mystery manipulator save bonds and stocks? If momentum selling appears, look out below, because many shorts have been covered.
Expected economic data: Nov UM Sentiment 63.9, Current Conditions 70.3, Expectations 61, 1-year Inflation 4.0%, 5-10-year Inflation 3.0%; Dallas Fed Pres Logan 7:30 ET, Atlanta Fed Pres Bostic 9 ET
ESZs are -0.75 and USZs are -1/32 at 20:15 ET. Today could a very dangerous day!
S&P 500 Index 50-day MA: 4340; 100-day MA: 4402; 150-day MA: 4330; 200-day MA: 4255 DJIA 50-day MA: 33,831; 100-day MA: 34,263; 150-day MA: 34,044; 200-day MA: 33,813 (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 4289.98 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4382.80 triggers a buy signal
@MZHemingway: NBC “News,” home of the Russia collusion scam and a thousand other info ops, gets community noted for a cartoonishly fake fact check of Ron DeSantis. Even their stupid “fact” “check” admits it’s true, while rating it somehow false. https://twitter.com/MZHemingway/status/1722632783510880571
@MattWolking: “In a head-to-head match-up, 56% of respondents said DeSantis performed better than Haley, according to a poll of 544 viewers… In contrast, 35% said Haley did better.” When asked who was best placed to beat Trump, 53% said DeSantis and 29% said Haley. https://twitter.com/MattWolking/status/1722614523163779457
@DeSantisWarRoom: DeSantis: “If his endorsement was so important, why have Republicans been losing so many of these races where he’s endorsed?” “We have fewer governors than when” Trump got elected in 2016. “Fewer U.S. Senators, fewer U.S. House members.” https://twitter.com/DeSantisWarRoom/status/1722602965830099411
@DeSantisWarRoom: This is why his handlers wouldn’t let him debate. WATCH: Donald Trump channels Joe Biden, confusing North Korea’s Kim Jong-un and China’s Xi Jinping. “Kim Jong-un leads 1.4 billion people.” https://twitter.com/DeSantisWarRoom/status/1722477003310317816
@RonDeSantis: Trump rallies today give me deja vu. He’s promising a lot of the same things he didn’t deliver on as president. Build the wall and make Mexico pay for it? Didn’t happen. Drain the Swamp? Didn’t happen. Reducing the debt? Didn’t happen. Instead, he added over $7 trillion. https://twitter.com/RonDeSantis/status/1722626479429997056
Ronna McDaniel claps back at Vivek Ramaswamy: ‘He’s at 4% and needs a headline’https://t.co/ZHQgJNLhYc
@VivekGRamaswamy: Ronna should resign. This shouldn’t be controversial. Instead, she reportedly said the RNC won’t give me “one cent” of funding – which proves my point about RNC corruption. And this morning she is flat-out *lying* by saying I voted for Obama. Swing-and-a-miss, but keep trying. https://twitter.com/VivekGRamaswamy/status/1722671425109037062
@CollinRugg: The FBI is reportedly using tanks to hunt down a J6 protestor in Helmetta, New Jersey. The incident started after the man, Gregory Yetman, fled his home after the FBI tried serving an arrest warrant thanks to USA Today who exposed him. The small town’s mayor, Christopher Slavicek, said the manhunt has frightened the community. “A situation like this of course brings heightened anxiety — it’s not normal to see FBI agents and vehicles and tanks in your community.” “You never think something like this will happen in your own backyard.” FBI agents attempted to serve Yetman with an arrest warrant Wednesday morning after a USA Today investigation publicized the identities of J6 protestors who were videotaped at the Capitol but had not yet been charged or arrested. The hit-piece on Trump supporters identified Yetman as an individual who was seen spraying pepper spray towards Capitol police on J6. FBI are currently trying to locate Yetman by searching across local hiking trails and bodies of water. Earlier this year, Yetman told USA Today he was interviewed by the FBI after the events on J6. “Everything’s been resolved, everything’s good,” he said at the time. https://twitter.com/CollinRugg/status/1722467031415697697
Joy Behar backtracks after telling Hillary Clinton she ‘won’ in 2016: ‘I don’t care what they say’ “I don’t want the impression to be made that I didn’t accept the results of the Trump administration win, but I don’t like the Electoral College. And you won the popular vote. He won the Electoral College. And that’s the thing that needs to be addressed,” she said. “Because it’s not one person, one vote.” Co-host Sunny Hostin said the Electoral College was “based on slavery.” (False- It’s based on Virginia) https://www.foxnews.com/media/joy-behar-backtracks-telling-hillary-clinton-won-2016-dont-care-what-they-say
Sen. Joe Manchin (D-WV) said he would not seek reelection in 2024. This deep red state is likely to produce a GOP Senator in 2024. That means the GOP needs one more net senate gain for a majority.
@BillboardChris: Drunk woman plays all the victim cards. She’s non-binary, indigenous, has generational trauma, PTSD, is oppressed by white people, and triggered by being called ma’am. Well, intersectionality doesn’t reduce blood alcohol and you’re still going to jail. https://twitter.com/BillboardChris/status/1722655432739787223
Big banks are in trouble, but you are not going to hear about it until it’s too late. Banks are losing deposits at a alarming rate. Meanwhile, they have big losses on the books because of rising interest rates. This is all causing the biggest liquidity problems since the great recession. In other words, the banks need money to cover losses and conduct business. Record government interest payments mean Washington does not have the money for a bailout. The problem is not going to get better anytime soon, and it is getting worse by the day. You have been warned.
New bombings in the Middle East and we are not talking about the Israeli/Hamas war. This bombing is taking place in Syria by the U.S. Airforce. This is to punish and degrade Iran proxies who have attacked American Troops 46 times in the last few weeks. An enemy weapon storage facility was blown up but further attacks against U.S. forces keep coming. 56 soldiers have been wounded in these attacks. Secretary Lloyd Austin says he does not want “escalation,” but that is exactly what he is getting from Iran.
In the latest CV19 bioweapon vax death watch, we see a 14-year-old boy died in a ROTC fitness competition. It is being reported he died of “natural causes,” but what the heck is “natural” about a 14-year-old dying unexpectedly? There was no autopsy, so, they don’t really know what happened. The cover-up continues, and with at least 700 million CV19 injections in America alone, the bad news is not going to stop. Why is society acting like this is not a problem, and deaths like this are totally normal when it is anything but normal!! This is yet another murder from the CV19 bioweapon vax—period.
There is much more in the 44-minute newscast. Don’t forget new deals and huge savings which can be found on Sat123.com & BeReady123.com.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 11.10.23.
Renowned radio personality, filmmaker and book author Steve Quayle will be the guest for the Saturday Night Post. He will talk about the coming banking crisis, nationwide phone blackouts, power outages and terror coming to America. Quayle has top notch sources and data to back this up.
A SCREEN CAPTURE from video released last month showing a Hamas terrorist who was captured on October 7. (credit: IDF)
Rep. Elise Stefanik (R-NY)
harveyorganblog.com 
