NOV22//SECOND DAY THE CROOKS DEFEND $2,000 GOLD//GOLD CLOSED DOWN $8.45 TO $1991.45 WHILE SILVER CLOSED DOWN 21 CENTS TO $23,62//PLATINUM CLOSED DOWN $15.65 TO $925.85 WHILE PALLADIUM CLOSED DOWN $31.00 TO $1054.40//DETAILS OF THE ISRAELI HAMAS HOSTAGE/PRISONER SWAMP//ISRAEL VS HAMAS SHELLING CONTINUES AND UPDATES ON THAT//ISRAEL VS SYRIA STRIKE IN DAMASCUS//LEBANON VS ISRAEL: ISRAELI STRIKE INTO LEBANON//JIHAD TAKING PLACE ON CHURCHES IN FRANCE TERRORIST ATTACK ON THE BRIDGE BETWEEN CANADA AND USA–RAINBOW BRIDGE (BUFFALO AND FORT ERIE)/////COVID UPDATES, VACCINE INJURY//SLAY NEWS ETC//USA DATA RELEASE//SWAMP STORIES FOR YOU TONIGHT//
190 H BMO CAPITAL 15 435 H SCOTIA CAPITAL 4 661 C JP MORGAN 18 737 C ADVANTAGE 1 905 C ADM 2
TOTAL: 20 20
MONTH TO DATE: 2,005
JPMorgan stopped 0/20 contracts.
FOR NOV.:
GOLD: NUMBER OF NOTICES FILED FOR NOV/2023. CONTRACT: 20 NOTICES FOR 2000 OZ or 0.0622 TONNES
total notices so far: 2005 contracts for 200,500 oz (6.2364 tonnes)
FOR NOV:
SILVER NOTICES 39 NOTICE(S) FILED FOR 195,000 OZ/
total number of notices filed so far this month : 859 for 4,295,000 oz
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END
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES
GLD
WITH GOLD DOWN $8.45//
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 883.43 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER DOWN 21 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV:
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 441.730 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 1271 CONTRACTS TO 134,333 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.32 GAIN IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAD ZERO SPEC SHORT COVERING EPISODE IN TUESDAY’S COMEX TRADING.. TAS ISSUANCE WAS A HUGE SIZED 887 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT: 887CONTRACTS. 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 $0.32). AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A HUMONGOUS SIZED GAIN OF 1574 OI CONTRACTS ON OUR TWO EXCHANGES AS THE SPEC SHORTS TRIED AGAIN DESPERATELY TO COVER THEIR SHORTFALLS WITH ZERO SUCCESS AS THEY ARE CONTINUALLY BEING SENT TO THE SLAUGHTERHOUSE
WE MUST HAVE HAD:
A GOOD SIZED 303 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 45,000 OZ E.F.P. JUMP TO LONDON +0 EXCHANGE FOR RISK ISSUANCE FOR 0 MILLION OZ//NEW EXCHANGE FOR RISK 1.245 MILLION
//NEW STANDING FOR SILVER IS THUS 4.355 MILLION OZ + 1.245 (EX. FOR RISK) = 5.600 MILLION OZ.
//HUGE SIZED COMEX OI GAIN/ GOOD SIZED EFP ISSUANCE/VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 887 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – REMOVED A HUGE 479 CONTRACTS (the cme will no longer provide preliminary no to be except through a paywall)
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS NOV. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF NOV:
TOTAL CONTRACTS for 16 days, total 6234 contracts: OR 31.170 MILLION OZ (389 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 31.170 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. 31.170 MILLION OZ (GOING TO BE QUITE SMALL THIS MONTH)
RESULT: WE HAD A HUGE SIZED inCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1271CONTRACTS WITH OUR GAIN IN PRICE OF $0.32 IN SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD 303 EFP ISSUANCE CONTRACTS: 303 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 45,000 OZ E.F.P. JUMP
NEW STANDING 4.355 OZ + 1.245 MILLION OZ EXCHANGE FOR RISK: NEW TOTAL 5.6000 MILLION OZ/// /// WE HAVE A HUGE SIZED GAIN OF 2053OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG SIZED 887CONTRACTS//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION. THE NEW TAS ISSUANCE TUESDAY NIGHT A STRONG (887) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .
WE HAD 39 NOTICE(S) FILED TODAY FOR 195,000 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 GIGANTIC SIZED 19,746 CONTRACTS TO 508,429 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: – REMOVED A HUGE 665 CONTRACTS
WE HAD A HUGE SIZED INCREASE IN COMEX OI ( 20,411 CONTRACTS) WITH OUR $21.65 GAIN IN PRICE//TUESDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR NOV. AT 4.3514 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 300 OZ QUEUE JUMP + TODAY’S 0 CONTRACT ISSUANCE OF EXCHANGE FOR RISK FOR 0 TONNES// // EXCH FOR RISK PRIOR: 3.8125= NEW EX. FOR RISK TOTAL:5.3645 TONNES/ // TOTAL GOLD STANDING FOR NOV: 6.7900TONNES + 5.3645 TONNES (EX. FOR RISK) = 12.4262 TONNES // ALL OF..THIS HAPPENED WITH OUR $21.65 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING.WE HAD A MEGA GIGANTIC SIZED GAIN OF 28,452OI CONTRACTS (88.510PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 8045 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 509,054
IN ESSENCE WE HAVE A MEGA GIGANTIC SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 27,791 CONTRACTS WITH 19,746 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 8045 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 27,791 CONTRACTS OR 86.441 TONNES. WE HAD 0 CONTRACT EXCHANGE FOR RISK FOR 0 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG 4764 CONTRACTS.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4764 CONTRACTS) ACCOMPANYING THE HUGE SIZED GAIN IN COMEX OI (20,411) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 27,791 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 300 OZ QUEUE JUMP : NEW STANDING 6.7900 TONNES + 5.3645 TONNES EXCHANGE FOR RISK PRIOR /THUS NEW TOTAL FOR GOLD STANDING: 12.4264 TONNES // /// 3) ZERO LONG LIQUIDATION AND ZERO TAS LIQUIDATION AND WE HAD ATTEMPTED SPEC SHORT COVERINGS DURING THE COMEX SESSION AS THE SPECS ARE CONTINUALLY USHERED INTO THE SLAUGHTERHOUSE //4) HUGE SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: STRONG T.A.S. ISSUANCE: 4764 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: 55,562 CONTRACTS OR 5,556,200 OZ OR 172.82 TONNES IN 16 TRADING DAY(S) AND THUS AVERAGING: 3472 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 16 TRADING DAY(S) IN TONNES 172.82 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 172.82/3550 x 100% TONNES 4.87% 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. 172.82TONNES//WILL BE STRONG THIS MONTH, EQUAL TO OR GREATER THAN LAST MONTH.
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF SEPT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (SEPT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE SIZED 1271CONTRACTS OI TO 134,333 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 303 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 303 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 303 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1271 CONTRACTS AND ADD TO THE 303 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A GIGANTIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1574 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 10.265 MILLION 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//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 24.32 PTS OR 0.79% //Hang Seng CLOSED UP 0.71 PTS OR 0.00% /The Nikkei CLOSED UP 97.69 PTS OR 0.29% //Australia’s all ordinaries CLOSED DOWN .16 % /Chinese yuan (ONSHORE) closed DOWN AT 7.1501 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.1601 /Oil DOWN TO 75.65 dollars per barrel for WTI and BRENT DOWN AT 80.10/ Stocks in Europe OPENED MOSTLY GREEN// 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 GIGANTIC SIZED 19,746 CONTRACTS TO 508,429 WITH OUR GAIN IN PRICE OF $21.65 WITH RESPECT TO TUESDAY TRADING.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF NOV..… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 8045 EFP CONTRACTS WERE ISSUED: : DEC 8045 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 8045CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A MEGA GIGANTIC SIZED TOTAL OF 27,791 CONTRACTS IN THAT 8045 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A HUGE SIZED GAIN OF 19,746 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $21.65//TUESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT WAS A STRONG SIZED 4764 CONTRACTS. THROUGHOUT THE PAST SEVERAL 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 (12.4264 TONNES ( NON 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 $21.65) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A MEGA GIGANTIC SIZED GAIN OF27,791TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO T.A.S. LIQUIDATION ON THE FRONT END OF TUESDAY’S TRADING. THE T.A.S. ISSUED ON TUESDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. WE ALSO EXPERIENCED SOME SPECULATOR SHORT COVERING
WE HAVE GAINED A TOTAL OI OF 86.441 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 300OZ QUEUE JUMP //NEW TOTALS STANDING:6.7900 TONNES + 1.552 TONNES exchange for risk today +3.8125 EXCHANGE FOR RISK/PRIOR; TOTAL EX. FOR RISK : 5.3645 TONNES/// NEW TOTAL STANDING: 12.4264 TONNES ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $21.65. 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.
WE HAD REMOVED – A HUGE 665 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 27,791 CONTRACTS OR 2,779,100 OZ OR 86.441 TONNES.
Estimated gold volume today:// 273,020 FAIR TO GOOD
Total monthly oz gold served (contracts) so far this month
2005 notices 200500 oz 6.2364 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 Brinks 2732.835 oz Brinks (85 kilobars)
total withdrawals 2732.835 oz
Adjustments; 2
a) dealer to customer/JPMorgan: 9645.300 oz (300 kilobars)
b) customer to dealer: Brinks 482.265 oz (15 kilobaers)
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOV.
For the front month of NOVEMBER we have an oi of 198 contracts having LOST 2 contracts. We had 5 contracts filed on TUESDAY, so we GAINED 3 contracts or an additional 300 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 9180 contracts DOWN to 182,733 contracts. The Dec OI is unusually high with 6 more trading days left before FDN.
JAN. gained 182 contracts RISING TO 2,866 contracts.
We had 20 contracts filed for today representing 2000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 18 notices were issued from their client or customer account. The total of all issuance by all participants equate to 20 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped received by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)
To calculate the INITIAL total number of gold ounces standing for the NOV. /2023. contract month, we take the total number of notices filed so far for the month (2005 x 100 oz ), to which we add the difference between the open interest for the front month of NOV. (198 CONTRACTS) minus the number of notices served upon today 20 x 100 oz per contract equals 218,300 OZ OR 6.7900 TONNES + 1.552 TONNES EX FOR RISK TODAY+3.8125 TONNES EX. FOR RISK/PRIOR: total ex. for risk = 5.3645//THUS TOTAL STANDING: 12.4264 TONNES
thus the INITIAL standings for gold for the NOV.contract month: No of notices filed so far (2005) x 100 oz + (198) {OI for the front month} minus the number of notices served upon today (20) x 100 oz) which equals 218,300 oz standing OR 6.7122 TONNES + 5.3645 EX FOR RISK FOR MONTH = 12.4264 TONNES
TOTAL COMEX GOLD STANDING: 12.4264 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 GOLD: 19,879,974,395 OZ
TOTAL REGISTERED GOLD 10,051.625.867 (311.71 tonnes)..cme corrected
TOTAL OF ALL ELIGIBLE GOLD: 9,828,348.528 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 8,216,325 (REG GOLD- PLEDGED GOLD) 255.56 tonnes//dropping like a stone
END
SILVER/COMEX
NOV 22
//2023// THE NOV 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
nil OZ
.
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
913,436.670 oz
Brinks
No of oz served today (contracts)
39 CONTRACT(S) (195,000 OZ)
No of oz to be served (notices)
12 contracts (60,000 oz)
Total monthly oz silver served (contracts)
859 Contracts (4,295,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit
total dealer deposit: 0
total: nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 deposits customer account:
i)Into Brinks: 913,436.670 oz
total customer deposit 913,436.670 oz
JPMorgan has a total silver weight: 134.441 million oz/269.042 million or 49.96%
Comex withdrawals 0
total: nil oz
adjustments: 1 of which one adjustment: customer to dealer Delaware
i) 198,562.379 oz
TOTAL REGISTERED SILVER: 37.338 MILLION OZ//.TOTAL REG + ELIGIBLE. 269.082 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:
silver open interest data:
FRONT MONTH OF NOV /2023 OI: 51 CONTRACTS HAVING GAINED 9 CONTRACT(S). WE HAD 0 NOTICES FILED ON TUESDAY, SO WE GAINED 9 CONTRACTS OR AN ADDITIONAL 45,000 OZ WILL NOT STAND FOR SILVER IN NOVEMBER AT THE COMEX
DEC. LOST 6430 CONTRACTS TO STAND AT 43,196
JANUARY LOST 13 CONTRACTS TO STAND AT 1385
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 39 for 195,000 oz
Comex volumes// est. volume today 86,689// good
Comex volume: confirmed yesterday 77,215 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 859 x 5,000 oz = 4,295,000 oz
to which we add the difference between the open interest for the front month of NOV. (51) and the number of notices served upon today 39 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the NOV/2023 contract month: 859 (notices served so far) x 5000 oz + OI for the front month of NOV (51) – number of notices served upon today (39 )x 500 oz of silver standing for the NOV contract month equates to 4.355 MILLION OZ +0 MILLION OZ EXCHANGE FOR RISK TODAY + 1.245 MILLION OZ (EXCHANGE FOR RISK/PRIOR) =5.60000 MILLION OZ
There are 37.338 million oz of registered silver.
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44
END
GLD AND SLV INVENTORY LEVELS//
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
NOV 22/WITH GOLD DOWN $8.45 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD / / // // INVENTORY RESTS AT 883.43 TONNES
NOV 21/WITH GOLD UP $21.65 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD / / // // INVENTORY RESTS AT 883.43 TONNES
NOV 20/WITH GOLD DOWN $4.15 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD A MAMMOTH DEPOSIT OF 12.98 TONNES INTO THE GLD:/ / // // INVENTORY RESTS AT 883.43 TONNES
NOV 17/WITH GOLD DOWN $1.85 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 870.45 TONNES
NOV 16/WITH GOLD UP $22.70 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 870.45 TONNES
NOV 15/WITH GOLD DOWN $1.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 870.45 TONNES
NOV 14/WITH GOLD UP $16.35 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:/ / // //A DEPOSIT OF 2.3 TONNES OF GOLD INTO THE GLD// INVENTORY RESTS AT 870.45 TONNES
NOV 13/WITH GOLD UP $12.00 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD:/ / // //A DEPOSIT OF .87 TONNES OF GOLD INTO THE GLD// INVENTORY RESTS AT 868.15 TONNES
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
GLD INVENTORY: 883.43 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
NOV 22/WITH SILVER DOWN 21 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV //://// //INVENTORY RESTS AT 441.730 MILLION OZ
NOV 21/WITH SILVER UP 32 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 2.794 OZ FROM THE SLV//://// //INVENTORY RESTS AT 441.730 MILLION OZ
NOV 20/WITH SILVER DOWN 26 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1,824,000 OZ FROM THE SLV//://// //INVENTORY RESTS AT 438.936 MILLION OZ
NOV 17/WITH SILVER DOWN 6 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1,832,000 OZ FROM THE SLV//://// //INVENTORY RESTS AT 437,104 MILLION OZ
NOV 16/WITH SILVER UP 38 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 778,000 OZ FROM THE SLV//://// //INVENTORY RESTS AT 440.768 MILLION OZ
NOV 15/WITH SILVER UP 39 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV://// //INVENTORY RESTS AT 441.587 MILLION OZ
NOV 14/WITH SILVER UP 78 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 183,000 OZ INTO THE SLV ////// //INVENTORY RESTS AT 441.587 MILLION OZ
NOV 13/WITH SILVER UP 5 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: ////// //INVENTORY RESTS AT 441.364 MILLION OZ
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
CLOSING INVENTORY 441.730 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
2,c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens, John Rubino
The biggest banks in the U.S. that have been serially bailed out by the Federal Reserve since they blew up the financial system in 2008, are ripping mad at the Chairman of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg.
In addition to the FDIC and other federal banking regulators’ proposed rule to increase capital requirements on the largest banks, the FDIC just issued a final rule on November 16 that will force six banks to report an FDIC special assessment expense totaling more than $9.3 billion in the final quarter of this year. (See chart above.)
Jamie Dimon, Chairman and CEO of JPMorgan Chase, is hair-on-fire mad because his bank is getting hit with the whopping figure of approximately $3 billion according to the firm’s most recent quarterly filing (10-Q) with the SEC.
The most recent 10-Q filings with the SEC for the other five banks estimate their FDIC special assessments as follows: $1.9 billion at Bank of America; $1.8 billion at Wells Fargo; $1.5 billion at Citigroup’s Citibank; $650 million at U.S. Bancorp; and $460 million at Truist.
The FDIC’s special assessment results from the failure of Silicon Valley Bank and Signature Bank in March, where banking regulators made a Systemic Risk Determination to cover uninsured deposits at the two banks to stem a spreading banking panic. The FDIC’s Deposit Insurance Fund that protects depositors at the nation’s commercial banks and savings associations experienced a related loss of $16.3 billion attributable to the protection of uninsured depositors. The FDIC’s governing law allows it to impose this special assessment on insured depository institutions to make up for the losses.
The figures presented in the chart above may actually underestimate the final dollar figures that will be paid by the banks. When the banks published those estimates in their 10-Qs, the FDIC had estimated the losses to the Deposit Insurance Fund at $15.8 billion from covering uninsured deposits at the two banks. As of November 16 when the final rule was passed, those losses had grown to $16.3 billion according to the FDIC.
Another thing that has riled up the mega banks on Wall Street and have them whispering in the ears of their captured members of Congress to sack FDIC Chair Gruenberg, is that the FDIC dismissed out of hand their 12-page letter of objections to the methodology of the special assessment. (What good is paying millions of dollars to lobby if you don’t get what you paid for?)
The letter was sent by the Bank Policy Institute, whose Board of Directors is Chaired by none other than Jamie Dimon and includes the CEOs of the biggest banks in the U.S.
As a prime example of just how casino-like the U.S. banking system has become, Goldman Sachs, the “great vampire squid,” is allowed to own a federally-insured bank. (In October 2020, the vampire squid was criminally charged by the Justice Department for looting the Malaysian sovereign wealth fund, 1MDB in a grand bribery conspiracy.)
Goldman Sachs was peculiarly silent in its most recent 10-Q filing on how much its bank expects to pay for its share of the FDIC’s special assessment. But its 10-Q filing for the second quarter of this year estimated its tab at “$400 million (pre-tax).”
PNC Bank’s publicly traded parent has also previously reported to the SEC that it estimates that its special assessment expense, to be taken in full in the fourth quarter, will be approximately $370 million after-tax.
END
3. CHRIS POWELL//GATA GOLD COMMENTARIES:
What took them so long?
Save Canadian Mining announces Black Friday emergency session on short selling
Submitted by admin on Tue, 2023-11-21 21:06Section: Daily Dispatches
Industry Legends Eric Sprott, Wes Christian, and David Wenger to Join Save Canadian Mining Podcast
Organization Announcement via PRNewsire / Cision, Chicago Friday, November 17, 2023
TORONTO — In response to multiple developments around the world and dire actions here at home, Save Canadian Mining is making an urgent appeal.
If you are an investor in any Canadian mining stocks or a Canadian mining executive, you need to join us for this session on Black Friday, November 24, at 10 a.m. ET.
Why should you attend? We are losing a lot of money! It’s time to stop losing and start winning!
The TSXV is trading at all time non-pandemic lows despite robust commodity markets.
This is not a normal cyclical market cycle. This is very different. World leaders are finally recognizing the root of the crisis.
On November 5 South Korea banned short selling. Its leadership cited concerns about increasing market volatility and illegal short-selling practices undermining market stability.
This follows the September 29 ruling in Harrington Global Opportunity Fund Ltd. v/ CIBC World Markets Inc et al. As a result, broker-dealers can be held primarily liable for failing to fulfill their “gatekeeping responsibilities” of monitoring their clients’ trading actions. This case is about spoofing and abusive naked short selling and is reverberating in brokerage compliance offices around the world. …
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1501
OFFSHORE YUAN: DOWN TO 7.1601
SHANGHAI CLOSED DOWN 24.32 PTS OR 0.79%
HANG SENG CLOSED UP 0.71 PTS OR 0.00%
2. Nikkei closed UP 97.69PTS OR 0.29%
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX DOWN TO 103.51 EURO RISES TO 1.0904 DOWN 13 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.728 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 148.73/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN// OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.5235***/Italian 10 Yr bond yield DOWN to 4.271*** /SPAIN 10 YR BOND YIELD DOWN TO 3.510…**
3i Greek 10 year bond yield DOWN TO 3.688
3j Gold at $2001.25 silver at: 23.82 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 32 /100 roubles/dollar; ROUBLE AT 88.19//
3m oil into the 75 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 148,73// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.728% 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 0.8840 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9637 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: 4.373 DOWN 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.524 DOWN 6 BASIS PTS/
USA 2 YR BOND YIELD: 4.857 DOWN 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 28.83…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: DOWN 4 BASIS PTS AT 4.114
end
2.a Overnight: Newsquawk and Zero hedge:
Futures Rise, Oil Tumbles Ahead Of Pre-Holiday Data Deluge
WEDNESDAY, NOV 22, 2023 – 08:20 AM
Futures reversed earlier losses and traded at session highs as bond yields slid to two-month lows and oil tumbled after Bloomberg reported that the OPEC+ meeting scheduled for this weekend could be delayed amid Saudi dissatisfaction with member production levels. As of 7:40am ET, S&P futures rose 0.24%, trading at 4,562 and Nasdaq futures gained 0.4% as Wall Street headed for one of the best November rallies on record. Nvidia pared a decline in pre-market trading after investors initially reacted coolly to its latest quarterly report; the stock traded in a 6% range last night when its Q4 guidance was in the middle of the whisper range. Microsoft gained about 0.7% as Sam Altman returned to OpenAI after days of drama. The decision to restore him to the world’s best-known artificial intelligence startup marks a victory for biggest backer Microsoft, which worked with fellow investors to reverse Altman’s firing. Treasury yields dipped to two-month lows at 4.37%, while the USD rebounded from its weakest level in almost three months; commodities are under pressure ex-metals; gold remained just over $2000 as bitcoin recovered some of its overnight losses that dragged it below 35,000 following news of the Binance/CZ fine and settlement. News of a temporary halt in fighting between Israel and Hamas failed to ignite broader risk-on sentiment, with investors instead looking to data including mortgage apps, jobless claims, durable- and capital-goods orders and consumer sentiment, for clues on the direction of monetary policy.
In premarket trading, Nvidia shares gained 1% as the chipmaker reported third-quarter results that beat expectations and gave an outlook that was seen as strong but not stellar. The company, a major beneficiary of the AI trade, has climbed more than 240% this year as of its latest close. Analysts were positive on the results and forecast. Other MegaCaps are flat to up small. Farming equipment giant Deere reported its results and missed expectations, sending its shares lower. General Motors gained after the CEO of its troubled self-driving car unit resigned. Here are some other notable premarket movers:
Autodesk shares fall 5.8% as analysts tracking the software company flagged a weak FY25 revenue growth forecast. The guidance overshadowed an otherwise positive third-quarter result. Piper Sandler downgraded the stock based on the company’s tepid growth rate and tempered margin expectations.
HP Inc. shares fall 2.4% after the PC and printer company’s first-quarter forecast for adjusted earnings was weaker than expected at the midpoint, with analysts saying this reflected a tough macro backdrop and weakness in its commercial business. Some brokers, however, suggested it could mean a recovery is in the cards.
Microsoft shares rise 0.7% as OpenAI said it would bring back Sam Altman and overhaul its board to bring on new directors including Larry Summers. The stock is also outperforming other major US technology and Internet companies that are trading lower in premarket trading.
Virgin Galactic shares slide 6.6% after Morgan Stanley cut its recommendation on the stock to underweight from equal-weight, noting the rocket company has no planned revenue-generating flights from mid-2024 to 2026.
Urban Outfitters drops 7% after the clothing retailer reported third-quarter comparable sales for its namesake banner that missed estimates.
Guess slumps 15% after the clothing company reported net revenue for the third quarter that missed estimates.
Minutes of the Federal Reserve’s last rates meeting showed policymakers united around a strategy to “proceed carefully” on future interest-rate moves and base any further tightening on progress toward their inflation goal. Swap contracts linked to Fed meetings currently price in around a 25% probability of a first rate cut in March, slightly lower than before publication of the FOMC minutes.
“The fact that markets are considering the potential for rates to be lowered in the first quarter at all does indicate that it’s going to be pretty hard slating for the US dollar at this stage,” Sean Callow, senior currency strategist at Westpac Banking Corp, said on Bloomberg Television. As the Fed’s December meeting approaches, “markets would be looking for a change of language that really dials down the threat of further hikes,” he said.
European stocks also rose, with the Stoxx 600 rising up 0.4%, led by gains in the real estate, telecommunication and technology sectors. Real estate was Europe’s top-performing sector on Wednesday amid broad gains in the region, with bond yields mostly lower. The Stoxx 600 Real Estate Index rises 2% as of 12:50pm in London, with all its components in the green; subindex is trading near levels last seen in March. The technology sector also outperformed as accounting-software maker Sage Group surged after an earnings beat. Steelmaker Thyssenkrupp AG climbed after reporting fourth-quarter results. Kingfisher Plc dropped after the home-improvement retailer lowered profit guidance. Here are the biggest European movers:
Sage shares gain as much as 11% to a record high after the software company said organic sales growth in fiscal 2024 will be in-line with the previous year’s level of 10%, a target that analysts said was above estimates
Thyssenkrupp gains as much as 7.5%, the most since May 17, after reporting fourth-quarter results that analysts say were better-than-expected, with underlying earnings and cash flow beating expectations. Steel-making peers also edged higher
Severn Trent shares edge higher, after the British utility posted a revenue beat in the first half. However, gains remain capped as investors focus on the ongoing regulatory review into water companies’ spending plans
Hugo Boss rises as much as 4%, and is leading performer on the Stoxx 600 Consumer Products and Services index on Wednesday, after BofA and Deutsche Bank upgraded their ratings on the fashion retailer to buy
Fresenius Medical Care gains as much as 2.9% after the German dialysis provider said the resolution of a legal dispute with the US government will bring a €175 million windfall to fourth-quarter profits
Johnson Matthey shares jump as much as 5.2% in early trading. The British specialty chemicals firm’s results show its underlying outlook for FY24 improving, says Citi
Adevinta shares gain as much as 5.6% after a private equity consortium offered to buy the European online classifieds company in a deal valuing the company at ~€14 billion ($15 billion) including debt in one of the year’s biggest buyouts
Kingfisher shares drop as much as 7.2% after the home-improvement retailer reported third-quarter sales that missed estimates and lowered its full-year adjusted pretax profit guidance below expectations
Helvetia shares fall as much as 2.3%, most in a month after the Swiss insurer reported a higher-than-expected natural hazard claims burden in the third quarter
Britvic slips as much as 0.5% after the soft drinks producer’s full-year pre-tax profit missed consensus estimates. While analysts generally viewed the headline number as solid, Goodbody expects below-the-line items to weigh on earnings per share
Brunel International declines as much as 3.5% after Oddo downgrades the Dutch employment services company to neutral from outperform, writing that earnings visibility continues to be very limited
Victoria slumps as much as 24%, the most since Sep. 25, after first-half earnings from the beleagured British flooring firm revealed increasingly tough market conditions, which analysts say won’t improve in the near term
Earlier in the session, Asian stocks were mixed, pausing their three-day winning streak, as chip stocks dragged while Chinese tech shares advanced after earnings results. The MSCI Asia Pacific Index was little changed after seeing an early decline of as much as 0.3%. The biggest drags on the gauge were TSMC and Samsung, as semiconductor stocks dropped after Nvidia’s earnings beat estimates but fell short of lofty expectations. Chinese internet stocks such as Alibaba and Tencent advanced after Baidu rose following better-than-expected earnings.
Benchmarks in mainland China and Hong Kong were lower, after the short-lived rally following a report on a new support measure for the troubled property.
Japan’s Nikkei 225 was the outperformer and clawed back initial losses in an early turnaround despite the government cutting its view on the overall economy for the first time since January.
Australia’s ASX 200 was rangebound as losses in tech and consumer sectors were counterbalanced by resilience in defensives, while Westpac Leading Index also showed a slight contraction.
Korea’s KOSPI was pressured following the satellite launch by North Korea which plans to launch additional spy satellites.
In FX, the Bloomberg Dollar Spot Index rose as much as 0.3% after touching the lowest level since Aug. 31 on Tuesday. The yen is the weakest of the G-10 currencies, falling 0.4% versus the greenback. Most major currencies traded in narrow ranges after minutes of the Federal Reserve’s latest meeting showed policymakers were united around a strategy to “proceed carefully” on future interest-rate moves. “With underlying inflation trending down and the labor market tentatively cooling, we judge the risk of another hike to be small,” Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia, wrote about the Fed policy. “With volatility low and the market pricing a ‘soft landing’ in the US, the US dollar can stay heavy this week”
In rates, Treasury futures near highs of the day with curve flatter as long-end yields are down ~4bp. 10-year TSY yields around 4.362% trailing bunds in the sector by ~1.5bp; long-end-led gains flatten 2s10s spread by 1.5bp on the day, 5s30s by ~1bp. The move is paced by bull-flattening in German bonds, where long-end yields are 4.5bp richer vs Tuesday’s close, outperforming on the curve after 15-year bond sale. Dollar IG issuance slate empty so far; corporate bond sales are expected to remain muted ahead of US Thanksgiving holiday.
In commodities, oil tumbled after Bloomberg reported the OPEC+ talks scheduled for this weekend could be delayed. Saudi Arabia is said to have expressed dissatisfaction with other members about their oil production levels. The worry is that Riyadh might reverse its unilateral 1 million barrel-a-day curb if its counterparts don’t contribute further to the supply reductions. WTI falls ~2.2% to trade near $76 and Brent is also down over 2%. Spot gold rises 0.1%.
Looking to the day ahead now, in terms of data releases we have the US October durable goods orders, initial jobless claims and Eurozone November consumer confidence. Earnings releases include Deere, and there is a general election in the Netherlands and the UK Chancellor Hunt delivers the Autumn Statement.
Market Snapshot
S&P 500 futures little changed at 4,552.25
MXAP down 0.4% to 161.76
MXAPJ down 0.4% to 505.41
Nikkei up 0.3% to 33,451.83
Topix up 0.4% to 2,378.19
Hang Seng Index little changed at 17,734.60
Shanghai Composite down 0.8% to 3,043.61
Sensex up 0.2% to 66,060.19
Australia S&P/ASX 200 little changed at 7,073.37
Kospi little changed at 2,511.70
STOXX Europe 600 up 0.3% to 457.24
German 10Y yield little changed at 2.59%
Euro down 0.1% to $1.0899
Brent Futures down 0.2% to $82.31/bbl
Gold spot up 0.2% to $2,001.79
U.S. Dollar Index up 0.20% to 103.77
Top Overnight News
OpenAI said Sam Altman will return as chief executive of the artificial-intelligence startup that he co-founded, ending a dramatic five-day standoff between him and the board that fired him. OpenAI said the parties were “collaborating to figure out the details.” The company announced the formation of a new initial board that won’t include three of the four board members involved in removing Altman. WSJ
Chinese gov’t economic advisers are recommending a 5% growth target for 2024, the same one as for 2023, a goal that would require additional stimulus. RTRS
Country Garden, Sino-Ocean and CIFI were added to China’s draft list of 50 developers eligible for a range of financing support, people familiar said. Regulators may finalize the roster within days. BBG
Israel and Hamas agreed to a deal that would halt fighting for at least four days and see 50 hostages released by the terror group while the Israeli gov’t hands over 150 Palestinian prisoners. NYT
The United States conducted a new round of airstrikes — the second in roughly a day — in Iraq early Wednesday, destroying two facilities used by Iranian proxies that had been targeting American and coalition troops, U.S. military officials said. NYT
OPEC+ may need to announce deeper production cuts this weekend to offset surprisingly strong supply growth from the US and elsewhere, Pierre Andurand said. The outcome of the meeting will probably be bullish as Saudi Arabia wants to see higher oil prices. BBG
US authorities thwarted a conspiracy to assassinate a Sikh separatist on American soil and issued a warning to India’s government over concerns it was involved in the plot, according to multiple people familiar with the case. FT
NVDA posted another monster beat/raise print. Stock bouncing around +1% in the premarket… feels just like the reaction last qtr where a huge beat/raise = muted reaction (stock was +10 bps last qtr, T+1) given how (over) analyzed these Nvidia prints become (e.g. investors seemingly planned for every possible outcome). Positives .. #1 stand-out = upside on GMs (~75%+ in qtr and guide) … Jan qtr revs guided ~$20bn (up DDs q/q), despite China revs expected to “decline significantly” .. valuation support (just did $4.04 in EPS and guided Jan revs up 10% q/q) .. Total DC revs +41% q/q in F3Q with upbeat customer color (“Large language model startups, consumer internet companies and global cloud service providers were the first movers, and the next waves are starting to build”). GS GBM H/T Peter Callahan
DE (-7% in preopen trading) reported FQ4 upside, including EPS of 8.26 (vs. the Street 7.48) and revenue of $13.801B (vs. the Street $13.667B). For F24, the mid-point of the net income guidance is ~$8B, a fairly large shortfall compared to the print consensus forecast of ~$9.3B (~$8B represents a sizeable drop from the $10.1B just posted in F23). RTRS
Although AI continues to be a hot topic on earnings calls, the proportion of companies discussing AI fell from its high in 2Q, signaling a potential inflection in enthusiasm over the technology. Companies investing heavily in becoming leaders within the AI space discussed the spending implications of these investments, noting that they expect capex and R&D to increase. Our economists estimate that AI investment could grow rapidly in the next couple of years, approaching $100 billion in the US by 2025.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed following the weak handover from the US where sentiment was dampened amid soft data and pre-Thanksgiving positioning, while the latest FOMC minutes were uneventful and had little effect on price action. Furthermore, participants digested the latest geopolitical developments including North Korea’s satellite launch and the agreement between Israel and Hamas for a four-day pause of the fighting in Gaza and a hostages-prisoners swap. ASX 200 was rangebound as losses in tech and consumer sectors were counterbalanced by resilience in defensives, while Westpac Leading Index also showed a slight contraction. Nikkei 225 was the outperformer and clawed back initial losses in an early turnaround despite the government cutting its view on the overall economy for the first time since January. KOSPI was pressured following the satellite launch by North Korea which plans to launch additional spy satellites. Hang Seng and Shanghai Comp were cautious with price action rangebound amid a lack of fresh macro drivers from China although the Hong Kong benchmark was cushioned by strength in Baidu post-earnings.
Top Asian News
Chinese government advisers are to recommend a 4.5%-5.5% growth target for 2024, while they noted that maintaining China’s growth pace next year requires more fiscal stimulus, according to sources via Reuters.
Japan cut its view on the overall economy for the first time since January and stated that the overall economy is recovering moderately but some areas recently stalled, while it cut its view on capital spending for the first time since December 2021 and stated the pace of pickup in capital spending is pausing.
Country Garden Holdings (2007 HK) has been placed on the draft list of firms to support by China, via Bloomberg.
RBA Governor Bullock says the remaining inflation challenge we are dealing with is increasingly homegrown and demand-driven; reiterates more substantial monetary policy tightening is the right response. prices are rising strongly for the majority of the goods and services we all consume. Liaison with firms indicates that domestic cost pressure are proving persistent; also hear that capacity utilisation is very high and economic demand for the year has been stronger than expected
European bourses are in the green, Euro Stoxx 50 +0.4%, in what has been a choppy but ultimately rangebound session ahead of key US data before Thanksgiving commences. Sectors are primarily firmer, with the exception of Banks and Energy as European yields slip and energy benchmarks slump. Stateside, futures are treading water with volumes thin ahead of US IJC which coincides with the Payroll survey period, ES +0.1%. Nvidia (NVDA) – Q3 adj. EPS 4.02 (exp. 3.37), Q3 revenue USD 18.12bln (exp. 16.18bln). The chipmaker settled 1.75% lower after hours after initially falling as much as 6.3%; its Q3 results topped expectations, though it warned China sales would decline in Q4; Bloomberg suggested that the results “failed to satisfy the loftier expectations of shareholders who have bet heavily on an artificial intelligence boom.”. -0.4% in pre-market trade. Deere & Co (DE) Q3 2023 (USD): EPS 8.26 (exp. 7.47), Revenue USD 15.42bln (exp. 13.58bln). Full-year 2024 earnings forecast to be 7.75-8.25bln (exp. 9.33bln), as volumes return to mid-cyclelevels. . -4.4% in pre-market trade
Top European news
ECB FSR: shadow banks face the risk of receiving large margin calls or client redemptions they cannot meet because they do not have enough cash on hand, liquidity buffers at such intermediaries were “very low”. Many bond funds do not have enough liquid assets to withstand 30 days of severe outflows. “Any sharp increase in sovereign bond yields or a spike in financial market volatility could expose those ICPFs which use interest rate derivatives to large margin calls,”. ECB’s de Guindos says they have not seen any extreme movements in bond spreads.
German government reportedly wants to postpone Thursday’s budget meeting, according to Focus citing dpa; “Without a shortening of the deadline in the Federal Council, a decision on the 2024 budget would no longer be possible before the end of the year.”
UK CBI Trends – Orders (Nov) -35.0 (Prev. -26.0)
FX
Buck stops the rot in time for Thanksgiving as DXY bounces from 103.47 to 103.92 after holding just above 103.00 on Tuesday.
Yen retreats sharply amidst Dollar revival with USD/JPY probing 149.00 from just over 148.00 via a Fib and alongside decent expiry interest.
Aussie underpinned by more hawkish RBA rhetoric, as AUD/USD hovers around 0.6550 and AUD/NZD cross rebounds through 1.0850.
Pound maintains 1.2500+ status vs Greenback, but pensive pre-UK Autumn Statement.
Euro pivots 1.0900 against backdrop of expiries ranging from the round number to 1.0945
PBoC set USD/CNY mid-point at 7.1254 vs exp. 7.1468 (prev. 7.1406).
Fixed Income
Debt futures volatile before firm bounce led by EGBs.
Bunds breach prior session high between 131.55-130.88 bounds post-strong long dated German auctions and reports that Government wants to delay the 2024 budget meeting.
Gilts and T-notes tag along within 97.45-96.74 and 109-06/108-27 respective ranges awaiting UK Autumn Statement, US durable goods data and jobless claims for the week including November NFP.
Commodities
WTI and Brent January futures are softer intraday but within recent ranges in a holiday-shortened week with price action largely moving in tandem with broader sentiment.
Benchmarks have been oscillating just above the USD 77.00/bbl (USD 76.88-77.97/bbl range) for WTI while its Brent counterpart sits just below USD 82/bbl (vs USD 81.58-82.65/bbl range)
Spot gold is a touch firmer on the session, as US yields slip slightly and market action remains tentative ahead of afternoon events and conscious of a possible geopolitical breakthrough.
Base metals are dented by the USD and risk sentiment alongside reporting around China’s growth target for 2024, while support for Chinese real estate has kept iron ore afloat.
US Energy Inventory Data (bbls): Crude +9.1mln (exp. +1.2mln), Gasoline -1.8mln (exp. -0.2mln), Distillates -3.5mln (exp. -0.8mln), Cushing +0.6mln.
Russian Deputy PM Novak says the domestic market is fully provided with fuel, and remaining export restrictions on diesel will be lifted soon. Oil market is balanced; oil prices objectively reflect the current situation and they are on quite a good level. Declines to comment when questioned if there will be changes to OPEC+.
Geopolitics
Israeli PM’s office confirmed the government voted in favour of the proposed deal for the release of some hostages held in Gaza with 50 hostages, women and children to be released over four days during which there will be a pause in fighting.
Hamas confirmed an agreement with Israel for a four-day pause in Gaza hostilities and agreed to release around 50 women and children hostages from Gaza in exchange for Israel releasing 150 Palestinian women and children from Israeli jails. Hamas added the truce deal will allow hundreds of trucks of humanitarian, medical and fuel aid to enter all parts of Gaza and said Israel committed to not attack or arrest anyone in all parts of Gaza during the truce period.
US senior administration official said a rigorous inspection regime will ensure Hamas does not use the pause in fighting to get more weaponry, while the US hopes the pause will also be observed by Hezbollah and Israeli forces in northern Israel.
Senior Hamas figure Musa Abu Marzouq says the truce will begin tomorrow at 10:00 A.M (08:00GMT), according to Walla News’ Elster.
US Central Command said the US carried out precision strikes against two facilities in Iraq in response to an attack on US troops.
UN Secretary-General strongly condemned North Korea’s satellite launch and called for North Korea to fully comply with UN resolutions and return to dialogue, while the South Korean National Security Council condemned North Korea’s launch as a violation of UN sanctions
US Event Calendar
07:00: Nov. MBA Mortgage Applications 3.0%, prior 2.8%
08:30: Nov. Initial Jobless Claims, est. 228,000, prior 231,000
Nov. Continuing Claims, est. 1.88m, prior 1.87m
08:30: Oct. Durable Goods Orders, est. -3.2%, prior 4.6%
Oct. Durables Less Transportation, est. 0.1%, prior 0.4%
Oct. Cap Goods Orders Nondef Ex Air, est. 0.1%, prior 0.5%
Oct. Cap Goods Ship Nondef Ex Air, est. 0.1%, prior -0.1%
10:00: Nov. U. of Mich. Sentiment, est. 61.0, prior 60.4
Nov. U. of Mich. Current Conditions, prior 65.7
Nov. U. of Mich. Expectations, prior 56.9
Nov. U. of Mich. 1 Yr Inflation, est. 4.4%, prior 4.4%
Nov. U. of Mich. 5-10 Yr Inflation, est. 3.1%, prior 3.2%
DB’s Jim Reid concludes the overnight wrap
Although the overwhelming bulk of Q3 earnings season is now firmly in the rear view mirror with 95% of the S&P 500 and 92% of Stoxx 600 companies having reported, last night saw one last major hurrah with Nvidia’s Q3 release. The semiconductor producer beat analysts’ estimates on revenue ($18.1bn vs 16.1bn estimated), with stronger-than-expected revenues across data centers, gaming, professional visualization, while just missing in autos. However the stock fell in after-market trading (-1.5%) even as Q4 sales forecast were also above market expectations. Expectations may have simply been highly stretched for a stock that is up over 240% YTD. There hasn’t been much impact on US stock futures with the S&P 500 (-0.03%) and NASDAQ 100 (-0.14%) just a touch lower. Literally as we press send on this, Bloomberg has reported that a deal has been brokered for Sam Altman to return to OpenAI. We’ll see the full story later.
The other major story overnight is that a four day pause in the Israeli/Hamas conflict has been agreed in return for the release of some Israel hostages and the same for some Palestinian prisoners. Markets haven’t really reacted as it has moved on from the conflict in terms of it being a big market mover. The agreement also doesn’t mean that the hostilities are over. It’s an important development nonetheless.
Today will slow down very rapidly as the New York lunchtime approaches as planes, trains and automobiles are sequested for the annual US Thanksgiving getaway. We wish our American readers a sumptuous celebration. Ahead of that we have a squeezed data dump in the US. Initial jobless claims are interesting for two reasons. First this week corresponds to payroll survey week and secondly payrolls have been edging higher over the last month. Indeed the +236k our economists expect would be nearly +10% above the survey week from the previous payroll report. So one to watch. Durable goods will also be interesting with payback expected after a strong couple of months. Also in the US watch for the University of Michigan inflation expectations series within the consumer sentiment final read. The initial print for 5-10 year expectations were at 3.2% the highest since 2011. The final reading is often revised lower but if not this will be unwelcomed news for the Fed.
Talking of the Fed, the last FOMC minutes release last night were very similar to the Fed Chair’s remarks at the press conference. There was a unanimous decision to “proceed carefully” and that further tightening could be needed if inflation were to be persistent. Notably, the minutes showed that “ participants expected that the data arriving in coming months would help clarify the extent to which the disinflation process was continuing .” The FOMC saw aggregate demand moderating “in the face of tighter financial and credit conditions, and labor markets were reaching a better balance ” On QT, some participants noted that the balance sheet runoff could continue even after fed fund policy eased. During a discussion on financial conditions the staff noted that valuations in equities, housing, and CRE were high. While the FOMC did make note of how much financial conditions were tightened by long-end yields rising sharply, they also acknowledged that those might not persist which could affect the path of monetary policy. The market did not have a large reaction to the minutes, having heard most of this from Fed speakers in the last 2 weeks.
In terms of markets it was a quiet day before Nvidia’s release with the S&P 500 slipping -0.20% from its highest level since August. This halted a five-day rally for the index, as the information technology (-0.83%), real estate (-0.47%), and consumer discretionary (-0.38%) sectors underperformed. The tech-heavy NASDAQ fell back -0.59%, likewise breaking a streak of five days of consecutive gains. Ahead of Nvidia’s earnings release, the semiconductor and semiconductor equipment sector underperformed, down -1.44% following a poor Q1 outlook from Analog Devices (-1.40%). Nvidia itself also underperformed, falling -0.92%. The FANG+ index of megacap stocks fell back -0.41 %. The STOXX 600 slipped a more modest -0.09%.
The US Treasury curve steepened a touch, helped by slightly weak data that reinforced the more dovish Fed narrative at the moment. Existing home sales in October were below expectations, at 3.79m (vs 3.90m expected), down -4.1% month-on-month (vs -1.5% expected). The second tier Chicago Fed national activity index for October surprised to the downside at -0.49 (vs 0.00 expected), driven by a decline in production-related indicators. The auto strike could have had an impact. The Philadelphia Fed non-manufacturing activity did improve though, to -11.0 in November, from -20.3 last month .
Against this backdrop, the Fed funds rate priced in for the December 2024 meeting fell -2.6bps 4.41%, with 92.5bps of cuts now priced in for 2024. Futures have also now raised the chance of a March rate cut to 25.6%. 2yr yields fell -3.9bps, while 10yr yields fell -2.7bps, leading to a small +1.2bps steepening in the 2s10s curve to -48.3bps, up slightly from its lowest level since the end of September. Overnight 10yr yields are back up +2.3bps.
In Europe, ECB officials once again cautioned about the expectation of rate cuts. The ECB’s Simkus warned “expectations on ECB rate cuts are too optimistic”, and ECB President Lagarde also stated it was “not the time to start declaring victory on inflation”. But markets were unphased, as they instead added to expectations of ECB rate cuts, with an additional +3.0bps of rate cuts priced in for December 2024. This brings the total of expected cuts through 2024 to 98.5bps. 10yr German bund yields fell -4.5bps to their lowest level since the beginning of September. Yields on OATS also fell -4.5bps despite warnings from EU officials that France was at risk of breaching EU fiscal guidance. Across the channel, the BoE’s Bailey emphasised yesterday the market has put “too much weight on current data” as a “case [remains] for rate pause for extended period”. Despite the pushback, 10yr gilt yields fell -4.7bps on the day. Watch out for the UK Autumn Statement today which is basically a mini budget.
Briefly, over in Canada, core CPI came in below expectations at 3.5% (vs 3.6% expected). This further adds to the recent global dovish narrative. Headline inflation decelerated to 3.1% year-on-year as expected. There is now a near zero probability of an additional hike in this cycle priced into Canadian overnight index swaps.
In Asia this morning there is a little weakness led by mainland Chinese stocks as the CSI (-0.52%) and the Shanghai Composite (-0.29%) are both falling with tech and industrial companies among the laggards. Meanwhile, the Hang Seng (-0.13%) and the KOSPI (-0.32%) are also losing ground while the Nikkei (+0.32%) is bucking the trend so far.
Finally, to the day ahead now, in terms of data releases we have the US October durable goods orders, initial jobless claims and Eurozone November consumer confidence. Earnings releases include Deere, and there is a general election in the Netherlands and the UK Chancellor Hunt delivers the Autumn Statement.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Equities firmer along with DXY, JPY lags, EGB’s climb post-auction; US IJC due – Newsquawk US Market Open
WEDNESDAY, NOV 22, 2023 – 05:59 AM
European bourses marginally extend gains alongside US Futures; outperformance in RTY as it pares back losses
DXY is firmer with slight underperformance in the Yen as it gives back yesterday’s gains
EGBs climb after a stellar German auction and fresh fiscal reports
Industrial commodities dip amid a flimsy risk tone while XAU remains above USD 2k/oz
Looking ahead, highlights include US Durable Goods, IJC, EZ Consumer Confidence (Flash), UoM Inflation Expectations (Final), ECB’s Elderson & BoC’s Macklem, Supply from US
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EUROPEAN TRADE
EQUITIES
European bourses are in the green, Euro Stoxx 50 +0.4%, in what has been a choppy but ultimately rangebound session ahead of key US data before Thanksgiving commences.
Sectors are primarily firmer, with the exception of Banks and Energy as European yields slip and energy benchmarks slump.
Stateside, futures are treading water with volumes thin ahead of US IJC which coincides with the Payroll survey period, ES +0.1%.
Nvidia (NVDA) – Q3 adj. EPS 4.02 (exp. 3.37), Q3 revenue USD 18.12bln (exp. 16.18bln). The chipmaker settled 1.75% lower after hours after initially falling as much as 6.3%; its Q3 results topped expectations, though it warned China sales would decline in Q4; Bloomberg suggested that the results “failed to satisfy the loftier expectations of shareholders who have bet heavily on an artificial intelligence boom.”. -0.4% in pre-market trade.
Deere & Co (DE) Q3 2023 (USD): EPS 8.26 (exp. 7.47), Revenue USD 15.42bln (exp. 13.58bln). Full-year 2024 earnings forecast to be 7.75-8.25bln (exp. 9.33bln), as volumes return to mid-cyclelevels. . -4.4% in pre-market trade
Click here and here for the sessions European pre-market equity newsflow, including earnings.
Debt futures volatile before firm bounce led by EGBs.
Bunds breach prior session high between 131.55-130.88 bounds post-strong long dated German auctions and reports that Government wants to delay the 2024 budget meeting.
Gilts and T-notes tag along within 97.45-96.74 and 109-06/108-27 respective ranges awaiting UK Autumn Statement, US durable goods data and jobless claims for the week including November NFP.
WTI and Brent January futures are softer intraday but within recent ranges in a holiday-shortened week with price action largely moving in tandem with broader sentiment.
Benchmarks have been oscillating just above the USD 77.00/bbl (USD 76.88-77.97/bbl range) for WTI while its Brent counterpart sits just below USD 82/bbl (vs USD 81.58-82.65/bbl range)
Spot gold is a touch firmer on the session, as US yields slip slightly and market action remains tentative ahead of afternoon events and conscious of a possible geopolitical breakthrough.
Base metals are dented by the USD and risk sentiment alongside reporting around China’s growth target for 2024, while support for Chinese real estate has kept iron ore afloat.
US Energy Inventory Data (bbls): Crude +9.1mln (exp. +1.2mln), Gasoline -1.8mln (exp. -0.2mln), Distillates -3.5mln (exp. -0.8mln), Cushing +0.6mln.
Russian Deputy PM Novak says the domestic market is fully provided with fuel, and remaining export restrictions on diesel will be lifted soon. Oil market is balanced; oil prices objectively reflect the current situation and they are on quite a good level. Declines to comment when questioned if there will be changes to OPEC+.
ECB FSR: shadow banks face the risk of receiving large margin calls or client redemptions they cannot meet because they do not have enough cash on hand, liquidity buffers at such intermediaries were “very low”. Many bond funds do not have enough liquid assets to withstand 30 days of severe outflows. “Any sharp increase in sovereign bond yields or a spike in financial market volatility could expose those ICPFs which use interest rate derivatives to large margin calls,”. ECB’s de Guindos says they have not seen any extreme movements in bond spreads.
German government reportedly wants to postpone Thursday’s budget meeting, according to Focus citing dpa; “Without a shortening of the deadline in the Federal Council, a decision on the 2024 budget would no longer be possible before the end of the year.”
UK CBI Trends – Orders (Nov) -35.0 (Prev. -26.0)
GEOPOLITICS
Israeli PM’s office confirmed the government voted in favour of the proposed deal for the release of some hostages held in Gaza with 50 hostages, women and children to be released over four days during which there will be a pause in fighting.
Hamas confirmed an agreement with Israel for a four-day pause in Gaza hostilities and agreed to release around 50 women and children hostages from Gaza in exchange for Israel releasing 150 Palestinian women and children from Israeli jails. Hamas added the truce deal will allow hundreds of trucks of humanitarian, medical and fuel aid to enter all parts of Gaza and said Israel committed to not attack or arrest anyone in all parts of Gaza during the truce period.
US senior administration official said a rigorous inspection regime will ensure Hamas does not use the pause in fighting to get more weaponry, while the US hopes the pause will also be observed by Hezbollah and Israeli forces in northern Israel.
Senior Hamas figure Musa Abu Marzouq says the truce will begin tomorrow at 10:00 A.M (08:00GMT), according to Walla News’ Elster.
US Central Command said the US carried out precision strikes against two facilities in Iraq in response to an attack on US troops.
UN Secretary-General strongly condemned North Korea’s satellite launch and called for North Korea to fully comply with UN resolutions and return to dialogue, while the South Korean National Security Council condemned North Korea’s launch as a violation of UN sanctions
CRYPTO
Bitcoin is a touch softer on the session, with action thus far very much USD driven with newsflow otherwise relatively quiet.
APAC TRADE
APAC stocks traded mixed following the weak handover from the US where sentiment was dampened amid soft data and pre-Thanksgiving positioning, while the latest FOMC minutes were uneventful and had little effect on price action. Furthermore, participants digested the latest geopolitical developments including North Korea’s satellite launch and the agreement between Israel and Hamas for a four-day pause of the fighting in Gaza and a hostages-prisoners swap.
ASX 200 was rangebound as losses in tech and consumer sectors were counterbalanced by resilience in defensives, while Westpac Leading Index also showed a slight contraction.
Nikkei 225 was the outperformer and clawed back initial losses in an early turnaround despite the government cutting its view on the overall economy for the first time since January.
KOSPI was pressured following the satellite launch by North Korea which plans to launch additional spy satellites.
Hang Seng and Shanghai Comp were cautious with price action rangebound amid a lack of fresh macro drivers from China although the Hong Kong benchmark was cushioned by strength in Baidu post-earnings.
NOTABLE HEADLINES
Chinese government advisers are to recommend a 4.5%-5.5% growth target for 2024, while they noted that maintaining China’s growth pace next year requires more fiscal stimulus, according to sources via Reuters.
Japan cut its view on the overall economy for the first time since January and stated that the overall economy is recovering moderately but some areas recently stalled, while it cut its view on capital spending for the first time since December 2021 and stated the pace of pickup in capital spending is pausing.
Country Garden Holdings (2007 HK) has been placed on the draft list of firms to support by China, via Bloomberg.
RBA Governor Bullock says the remaining inflation challenge we are dealing with is increasingly homegrown and demand-driven; reiterates more substantial monetary policy tightening is the right response. prices are rising strongly for the majority of the goods and services we all consume. Liaison with firms indicates that domestic cost pressure are proving persistent; also hear that capacity utilisation is very high and economic demand for the year has been stronger than expected.
DATA RECAP
Singapore GDP QQ (Q3 F) 1.4% vs Exp. 1.1% (Prelim. 1.0%); YY 1.1% vs Exp. 0.8% (Prelim. 0.7%)
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 24.32 PTS OR 0.79% //Hang Seng CLOSED UP 0.71 PTS OR 0.00% /The Nikkei CLOSED UP 97.69 PTS OR 0.29% //Australia’s all ordinaries CLOSED DOWN .16 % /Chinese yuan (ONSHORE) closed DOWN AT 7.1501 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.1601 /Oil DOWN TO 75.65 dollars per barrel for WTI and BRENT DOWN AT 80.10/ Stocks in Europe OPENED MOSTLY GREEN// 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
end
3 CHINA
This should turn out to be interesting. Probably end in failure because the citizens just do not have the cash the purchase anything
(zerohedge)
China Picks 50 Developers For $138 Billion Gambit To Stem Real Estate Crisis
TUESDAY, NOV 21, 2023 – 10:05 PM
On Sunday we noted that Beijing would be employing several schemes to try and put a floor under its spiraling property crisis – chief among them, providing at least 1 trillion yuan (US$137 billion) in low-cost financing to renovate urban villages and build new, affordable housing (which, according to Bloomberg‘s Ye Xie, George Lei and Henry Ren, might not be enough).Photo: Bloomberg
Beijing announced the two-pronged approach over the past few weeks, which have top-level political backing for financing equivalent to approximately 10% of annual new home sales in what Bloomberg described as the “Singapore” model.
Singapore, while a mecca of private-sector business and financial activity, is renowned for a residential market that’s dominated by public housing. If China’s new plan works, officials might be able to both end a nearly three-year slump in property construction and meet President Xi Jinping’s aims to promote “common prosperity.”
“The plan is more of a longer-term structural adjustment in the property sector toward a Singaporean model,” said Betty Wang, senior economist at Australia & New Zealand Banking Group in Hong Kong. “I don’t think it’s just a short-term effort to boost property investment — instead, it’s about China’s 2035 common prosperity goals.”
50 developers
Now, Bloomberg reports that Chinese regulators are quickly moving forward with the two projects – and have drafted a list of 50 developers eligible for a range of financing, according to people familiar with the matter. The list comprises both private and state-owned developers, who will vie for support from financial institutions loans, debt, and equity financing.
The yet-to-be-finalized list would expand on previous rosters created by banks that only focused on some “systemically important” state-backed firms. It underscores Beijing’s growing concerns about the sector following record defaults, a swathe of unfinished apartments and a deep contraction in real estate investment that threatens to derail growth in the world’s second-largest economy.
Some Chinese builders’ dollar bonds rallied after the report. Vanke’s 3.5% note due 2029 climbed 3.9 cents on the dollar, set for the biggest jump in two weeks, according to data compiled by Bloomberg. Longfor’s 3.85% note due 2032 rose 3.2 cents, while Seazen’s 4.8% bond due 2024 climbed 2.2 cents. -Bloomberg
According to a recent statement from Beijing, China’s largest banks, brokerages and distressed asset managers were told during a Friday gathering to meet all “reasonable” funding needs from property developers, and to “treat private and state-owned developers the same” when it comes to lending. Regulators were also asked at the event to ensure that loan issuance to private builders doesn’t outpace the industry average rate, given that China’s outstanding property loans fell for the first time on an annual bases in Q3.
China has attempted several previous schemes to mitigate its housing crisis, which is putting a serious drag on the economy despite other indicators such as industrial production marking improvement in recent months. The real estate industry, on the other hand, contracted 2.7% in Q3, the largest drop this year.
“The results so far are disappointing, because these measures mainly focus on boosting demand but overlook the supply side, namely, the financing needs of developers,” according to Macquarie Group Ltd. economists led by Larry Hu wrote in a Nov. 17 note. “A key thing to watch is whether and when policymakers would take bolder actions.”
END
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY
Court ruling throws havoc in Germany’s budgetary spending plans
(Reuters)
Germany freezes new spending commitments as budget woes deepen
Chancellor Olaf Scholz speaks next to Finance Minister Christian Lindner and Economy and Climate Minister Robert Habeck during a hearing at Germany’s lower house of parliament Bundestag in Berlin, Germany, November 15, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing Rights
Summary
Companies
Minister warns of ‘chain reaction’ from court ruling
Budge freeze halts new commitments in 200 bln euro fund
Some senior SPD members call for debt brake reform or suspension
Greens, FDP ministers put on show of unity at event
Poll shows 58% of Germans think coalition will continue
BERLIN, Nov 21 (Reuters) – The German government has imposed a freeze on most new spending commitments in what officials on Tuesday said was a necessary step as Chancellor Olaf Scholz’s coalition struggled to find a way out of a deepening budget crisis.
The government’s spending plans were thrown into disarray by a court ruling last week that blocked the government from transferring 60 billion euros ($65 billion) in unused funds from the pandemic towards green initiatives, potentially starving some German industry of support to keep it competitive.
The verdict has compounded tensions in the loveless three-way coalition between Scholz’s ruling Social Democrats Party (SPD), the pro-spending Greens and fiscally conservative Free Democrats (FDP) over whether to suspend self-imposed limits on raising new debt.
A Forsa poll showed that while support for the ruling parties together is as low as 34%, some 58% of Germans expect the trio to continue to govern until the next election in 2025.
The finance ministry has frozen future spending pledges across almost the entire federal budget, a letter by the budget state secretary showed, in a sign of how seriously it was taking the potential fallout to its finances.
The measure applies to all ministries and a 200 billion-euro fund that was set up to support companies through the pandemic and the energy crisis after Russia’s invasion of Ukraine.
LEGAL CHALLENGE?
Berlin has blocked spending from the Economic Stabilisation Fund for this year after the court ruling, a source close to the finance ministry said on Tuesday.
The 200-billion-euro fund has come under threat by a prospective legal challenge from the resurgent main opposition Christian Democrats (CDU), which had brought the successful lawsuit against the so-called Climate and Transformation Fund last week.
The government wants to close the stabilisation fund by the end of the year, a government source told Reuters.
Economy Minister Robert Habeck has warned that the court ruling could severely hit Germany’s ability to support its industry through a green transition and keep jobs and value creation from moving abroad.
That could include planned chip factories, the expansion of the battery supply chain and the decarbonisation of steel, government sources said on Monday.
“These funds are not an add-on that one can carelessly do without … the loss to the economy if investments were not made now would be even greater,” Habeck said at a digital summit in the eastern city of Jena.
So far, the coalition is sticking to its timetable of completing consultations for next year’s budget, a member of the parliamentary budget committee said. The lower house is due to vote on the budget on Dec. 1.
DEBT BRAKE SUSPENSION?
Pressure is mounting within the SPD for the government to change a constitutionally enshrined debt brake to free up more spending, a move Finance Minister Christian Lindner has opposed as the brake is sacrosanct to many within his FDP.
“The debt brake in its current form is not suitable for the challenges of the future, as the constitutional court ruling … has shown,” said the leaders of the SPD parliamentary groups in the Bundestag lower house, European Parliament and states.
“There is no avoiding the fundamental reform of this brake on the future,” they said in a joint resolution.
Berlin is considering suspending the debt brake this year again, a government source said, noting its justification for this would have to follow the guidelines laid out in the court ruling. The brake was lifted in 2020 until 2022 to ease the economic fallout from COVID and Russia’s invasion of Ukraine.
Public opinion appears to be divided on how the government, whose popularity has sunk amid a weak economy and rising inflation, should proceed.
According to a survey by the RTL/ntv broadcaster, 44% of Germans believe the government should plug budget holes by making cuts elsewhere, while 38% think it should largely forgo projects that had been earmarked in the 60 billion-euro fund.
The CDU on Tuesday said the 2024 budget as it stands was not fit for purpose as a result of the court verdict.
However, there were also signs that the CDU’s decision to take the government to court could rebound on federal states where the party heads the local government.
Hendrik Wuest, the state premier of the CDU-run government in North Rhine-Westphalia, said the federal government had to ensure that money kept flowing to industry especially energy-intensive companies, in his state to protect jobs.
($1 = 0.9168 euros)
Reporting by Holger Hansen, Riham Alkousaa, Andreas Rinke; writing by Matthias Williams and Madeline Chambers; editing by Sharon Singleton and Bernadette Baum
END
(zerohedge)
Europe Plunges Into Chaos After Germany Freezes Public Spending Following Shock Top Court Decision
Europe, already sliding into a stagflationary recession, is about to unleash the same crushing austerity that brought the continent to the verge of collapse over a decade ago.
One day after the German constitutional court ruled a decision to move €60BN from unused pandemic funds in 2021 into the Energy and Climate Fund, later renamed the Climate and Transformation Fund (KTF), was unconstitutional and void, the German government froze public spending for the rest of the year, dealing a blow to Europe’s recovery and efforts to beef up Zelensky’s offshore bank accounts Ukraine’s military and reduce carbon emissions.
The court decision, details of which are laid out below courtesy of SocGen, will widen the economic speed gap between Europe, whose economy has stagnated for over a year, and the US, which grew at an annualized 5% in the three months through September, turbocharged by massive fiscal stimulus which led to a crisis era-like $2 trillion budget deficit in 2023.
Germany’s economy, Europe’s largest, is contracting as surging energy prices and trade tensions cast doubt on its export-oriented business model. Chancellor Olaf Scholz’s government had been counting on that old virtue signaling switcheroo – a flood of spending on “green-energy projects and technology”, from chips to batteries, to revive the old model. That way, if anyone asks why Germany is deficit-spending its way to mercantilist utopia, Berlin could always lie and say it was doing the right thing for the world and wasn’t interested in a debt-funded stimulus. Alas, now the “Cardinals of Karlsruhe” have made this impossible.German constitutional court judges in their native plumage.
And without a new spending stimulus, Germany may be doomed: as the WSJ notes, energy prices are expected to remain permanently above pre-Ukraine war levels (much to the benefit of US LNG exporters and the Biden regime which directly benefits from monopolizing the trade route that previously was dominated by Moscow) which will squeeze out energy-intensive manufacturing, while an aging population and a labor force that is projected to shrink will likely constrain potential growth.
Berlin’s decision to freeze all federal spending for the rest of the year came after the court defunded the government’s €60 billion —the equivalent of more than $65 billion—green-transition project. The court said Berlin couldn’t repurpose unspent credits originally earmarked to tackle the Covid-19 pandemic to fund environmental and energy projects. It said Berlin was bound by the country’s constitutionally enshrined fiscal rules that limit budget deficits to 0.35% of gross domestic product in normal times.
Berlin now faces a choice of finding equivalent budget cuts or raising taxes—or both—if it wants to go ahead with the plan, which includes, among other items, multibillion-euro subsidies to build chip-making plants.
The judgment also raises questions about the use of off-budget special funds to finance public investments, including a €100 billion plan to revamp Germany’s underfunded military that was announced after Russia’s invasion of Ukraine.
In short, not only Germany’s economy is about to get crushed, Zelensky’s visions of a comfortable retirement in some Polynesian island followed suit.
While some German economists welcomed the ruling, which they said would impose much-needed fiscal discipline at a time of high interest rates, others think it could prevent Scholz and his successors from retooling an economy that has been losing competitiveness.
More importantly, in the short term, the government must decide which policy areas—from boosting Europe’s collective defenses to supporting Ukraine or cushioning the impact of surging energy prices and inflation on businesses and households—it should give priority to. Berlin must also review all debt-financed expenditures in the last eight years to ensure it was compliant with the new ruling (spoiler alert: it wasn’t).
German officials in Brussels told European Union counterparts Friday that they would continue supporting a €50 billion four-year EU budget package for Ukraine, which is supposed to take effect next year, according to two people briefed on discussions. However, Berlin made it clear it wouldn’t back an additional €50 billion spending request from the European Commission on migration and other Brussels priorities. Germany pays for around a quarter of EU spending.
And with that, following the recent decision by the House majority to effectively stop the Zelensky money train, Ukraine’s money has dried out.
Meanwhile, things for Germany’s establishment are going from bad to worse: the emergency belt-tightening comes amid growing political fragmentation and accumulated crises that have eroded the ratings of Germany’s three-party coalition. The antiestablishment opposition party Alternative for Germany, or AfD, is now polling at 22%, making it the first far-right group to obtain such support since the 1930s. The party opposes German military spending in Ukraine and generous outlays on refugees.
“The verdict will have profound effects on the practice of statecraft,” Finance Minister Christian Lindner said.
Following the Ukraine war, Germany embarked on a spending spree to support Kyiv, fortify its own defenses and cut its dependence on Russian natural gas and oil. It also pledged to fund a shift to a zero-emissions economy by supporting consumers and businesses at home and in the EU, and it expanded Germany’s already generous welfare state to keep voters on board.
All these projects are now frozen.
According to the WSJ, lawyers and government officials said Germany’s Constitutional Court ruling last week offered the strictest legal interpretation to date of the country’s fiscal rules—themselves among the toughest in Europe. They said it could severely constrain any future government’s fiscal margin of maneuver unless it can raise more taxes—an unlikely prospect given that Germany already has the second-highest taxes on labor among Organization for Economic Cooperation and Development countries.
Senior government officials said one option under consideration would be to retroactively declare a state of budgetary emergency for 2023, invoking a clause in the fiscal rules that allows for a suspension of the spending limits in exceptional circumstances. Previous governments invoked the exception during the pandemic.
Unfortunately, for Germany’s stimmy-starved politicians, the plan is fraught with legal difficulties, in part because the constitutional court prepared for just this eventuality when it raised the bar for declaring such emergencies, according to Lars Feld, an economist who advises the government.
Strengthening resilience and transforming the economy amid geopolitical crises and climate change was seen as a necessity that required taking on debt, but the court ruling has challenged those assumptions, Feld wrote in the Frankfurter Allgemeine newspaper.
Hilariously, the court said that unlike war and natural disasters, climate change was a foreseeable crisis that had been long in the making and could no longer justify emergency spending. Which, however, means that all Germany will have to do is politely request that the CIA start a new war… or that Fauci mail orders a new virus from Wuhan.
Germany’s fiscal rules were enshrined in the constitution under former Chancellor Angela Merkel. They affect both the federal and state governments and are more constraining than the EU’s own fiscal rules. The cap was one reason Germany didn’t raise borrowing, kept taxes high and faced a shortfall in public investment in transport, education, defense and other critical areas during the years of low interest rates.
It’s not just Germany. European finance ministers are expected to agree next month on new rules to tighten their purse strings after years of heavy spending during the pandemic. At that point Europe’s descent into another austerity-driven sovereign debt crisis will be complete, and central banks – their infllation fighting days long forgotten – will be pumping out new digital currencies by the quadrillions.
Appendix – details on the German Constitutional Court decision below, courtesy of SocGen:
Background:
On 15 November, the German constitutional court ruled a decision to move €60bn from unused pandemic funds in 2021 into the Energy and Climate Fund, later renamed the Climate and Transformation Fund (KTF), unconstitutional and void. Germany has a long habit of squirreling money into off-budget reserve funds (there are some 30 of them totalling around €870bn). While this has earmarked money for specific purposes, e.g. €100bn for defence spending following the start of the Ukraine war, it has also made the fiscal stance less transparent with question marks over how consistent the practice is with the constitutionally protected debt-brake and EU fiscal rules. The debt brake rule, limiting the structural budget deficit to 0.35% of GDP, was suspended from 2020 to 2023 due to the pandemic, with the intention of returning to it next year. This allowed the government to issue much more debt, incidentally also at a time of exceptionally low interest rates. In 2021, as it became clear that the additional €60bn would not be needed, it was transferred to the KTF, boosting it from €42.6bn to €102.6bn and making it possible to use the funds in subsequent years. However, the transfers were made retroactively in 2022 for the 2021 budget, while allowing it to be used for other objectives than the pandemic. There have been further top-ups of the fund, most recently in August this year by €30bn to about €212bn.
Court ruling:
In its judgement, the Constitutional court ruled that the supplementary 2021 budget, which retroactively amended the 2021 budget, is incompatible with the Basic Law and is void. The court’s decision was based on the following: 1) the government failed to sufficiently demonstrate the necessary connection between the emergency (the pandemic) and the measures taken in response. 2) decoupling the declaration of an emergency from the actual use of the borrowing is incompatible with the constitutional principles of budgeting. The use of emergency borrowing authorisations in subsequent fiscal years without counting them towards the ‘debt brake’ rule for those years (and instead counting them as ‘debt’ for the 2021 fiscal year) is therefore not allowed. Third, the adoption of the supplementary Budget Act 2021 after the end of the 2021 fiscal year violates the principle that the budget must be determined in advance. The court’s decision thus directly means that the volume of the KTF is reduced by €60 billion.
Implications:
The Constitutional court’s decision is a major blow to the German government, at a time when tension within the coalition over the direction of fiscal policy is already increasing. Germany has been one of the few countries with fiscal room to address the pandemic and the war in Ukraine with fiscal policy, raising public debt by some 10% of GDP to 69% in 2021, while arguably still having policy room for further action. However, the debt-brake rule limits the rise in debt by limiting the annual deficits. With a shortfall of €60bn in the KTF, the decision is thus to either cut spending, raise taxes or prolong the suspension of the debt brake rule. The government could also draw on other reserve funds but with unclear legal consequences. Suspending the debt brake for another years seems implausible as it has been ruled out by the opposition CDU party (which brought the court case in the first place). That leaves spending cuts and possibly tax increases, with the latter ruled out by the Free Democrats (FDP).
1) 2024 budget
While there is still much uncertainty as regards the full implications of the ruling and possible solutions, especially to what extent it impacts on other reserve funds (raised during the pandemic or before), the 2024 budget will need to be amended. Around €40bn of funding had originally been planned from the KTF but according to some media reports, the shortfall for 2024 could be lower, around €24bn if other available funds are taken into account. This is still a significant amount (0.6% of GDP) and will require some drastic, pro-cyclical, measures in key spending areas like climate, welfare and housing, and industry support. Recently, there has been much debate on supporting ailing industries, suffering from higher energy prices. Measures have included a corporate tax relief (around €7bn over four years) and an electricity tax relief amounting to €12bn in 2024. Such measures have also drawn the ire of the European Commission, for providing state support to businesses that could distort the Single Market. Plugging the funding needs might thus affect these measures and thus go to the core of the differences between the coalition parties (Greens, Social and Free democrats). Most likely, compromises will need to be made by all parties, possibly even including tax increases, and ultimately the question will be if there is the will, especially for the FDP, to remain in the coalition or break out, also in view of elections awaiting in September 2025. While lawyers will need some time to go through the ruling and the impact on budgets beyond 2024, in an optimistic scenario, the government has only lost €60bn of funding (which should improve the debt ratio by about 1.4% of GDP) while becoming more contained to the annual budgets for its spending plans. However, our reading of the ruling suggests that more funds will be affected.
2) What to do about the debt brake rule and the green transition?
There has already been much debate about the wisdom of having a deficit-limiting fiscal rule at a time when German industry is facing significant structural change (see Germany: cyclically okay, but facing massive structural headwinds). Introduced in 2009 as a way of securing that debt trended back to 60% in normal times, it requires a 2/3 majority in parliament to be changed (the creation of a €100bn fund for defence spending following the Russian invasion of Ukraine should not be affected by the court’s decision as it was done by an amendment of the law with 2/3 majority). The ruling by the Constitutional court clearly highlights the limitations of any progressive government to fundamentally change and adjust the economy to new realities, be it regarding energy sources, climate transition, supporting traditional industries or social reform. Supply side reform and tax increases may thus again come into focus until there is sufficient agreement, if at all, in parliament and a 2/3 majority to amend or abolish the debt brake rule. We expect this to be a key topic in the 2025 election campaign and see many reasons why there should be more flexibility to face multi-year but transitory challenges. Options include harmonising the German fiscal target (0.35% of GDP) with the EU one which is slightly less ambitious (of 0.5% of GDP) and introducing an investment (golden) rule.
3) Fiscal policy in Germany and EU
Given the relative strength of German public finances and the challenges ahead, we still expect Germany to pursue ambitious fiscal reforms in the coming years, albeit with a more limited ability to use dedicated reserve funds. With much less flexibility due to its domestic fiscal target, it is also possible the Germany will be less inclined to accept additional flexibility in the EU fiscal rules framework. This is currently under discussions, but given Germany’s domestic position, it is hard to see Germany willingly accepting much less ambitious fiscal policy in other EU countries. Next year will thus be very interesting in terms of countries formulating 2025 budgets against a background of much lower inflation and likely a still weak growth outlook.
END
Conservatives winning everywhere> Today Holland
HOLLAND
Geert Wilders’ Conservatives Surge To Top Of Polls Just Days Before Dutch Election
A shock new poll saw Wilders’ Party for Freedom (PVV) enjoy a dramatic rise in support to put it on equal footing with the governing VVD…
Geert Wilders’ Party for Freedom (PVV) has experienced a dramatic rise in popularity among Dutch voters in a matter of days, rising from fourth place to now polling joint top with the governing VVD after an impressive performance in the latest television debate.
In the most recent survey conducted by pollster MDH, the right-wing populist party strengthened its electoral position by five percentage points to reach 26 percent, on par with the party of outgoing Prime Minister Mark Rutte, now led by Turkish-born Justice Minister Dilan Yeşilgöz-Zegerius.
The increase in support appears to be at the expense of Pieter Omtzigt’s New Social Contract, the centrist party fighting its first national election, whose party’s popularity dropped by the same margin.
“The past week has seen the biggest changes in polling of this campaign. This directly relates to the fact that Geert Wilders was only involved in a debate on television for the first time on Nov. 12,” pollster Maurice de Hond explained.
The Dutch mainstream media has been accused of bias concerning the exposure it gives the more establishment parties in the country in comparison to those advocating a conservative, nationalist approach, particularly regarding immigration.
Earlier this week, data published by a diversity watchdog revealed that no politician from Wilders’ PVV or Thierry Baudet’s Forum for Democracy (FvD) has featured on the leading late-night talk show, Op1, since the fall of the Dutch government back in July, while mainstream parties seemingly deemed to be more palatable by producers, have been invited on dozens of times during the election period.
The SBS debate this week, of which de Hond says “Wilders clearly appeared to be the winner,” seems to have drastically shifted the odds in favor of Wilders’ party being a part of the next Dutch government, or at the very least having a considerable influence on the composition of any coalition government.
“In the penultimate poll, conducted five days before the elections among almost 7,000 respondents, we see this drastic shift: PVV increases by five seats and NSC decreases by five seats. That is a reinforcement of last week’s trend,” the pollster added.
In the last two weeks, the PVV has increased its estimated vote share by seven percentage points, while NSC has seen its support plummet by the same figure to its lowest recorded level since its recent formation. Support for the governing VVD has remained broadly consistent.
Dutch voters head to the polls on Nov. 22 to elect a new government after Mark Rutte’s coalition government collapsed primarily over disagreements relating to asylum and immigration policy.
The election falls under a backdrop of an asylum crisis that is rapidly getting out of control, evidenced by new figures from the Immigration and Naturalization Service (IND) this week which revealed that over 42,000 asylum seekers resident in the Netherlands are awaiting a decision on their asylum application, and the average waiting time for applications to be processed has exceeded a year.
In July 2023, Muslims torched the 12th century Saint-Georges De La Haye church in Descartes, France. (Image source: Joël Thibault/Wikimedia Commons)
Christian churches are under attack throughout Western Europe, with very recent examples from Austria, Germany, Italy and Sweden.
No Western nation, however, seems to experience as many attacks on its churches as France, once known as the “Eldest Daughter of the Church.”
Investigative journalist Amy Mek tweeted on July 1, 2023:
“Attacks on Churches are the norm in France; two Churches a day are vandalized — they are being burned, demolished, and abandoned, and their adherents are being sacrificed on the altar of political correctness. Priests are under constant threat. At what point will France’s open border politicians be held responsible?”
That last question inadvertently identifies the culprits — namely, migrants from the Muslim world, where attacks on churches are not abnormal.
In July 2023, for instance, Muslims attacked and desecrated several churches in France, by breaking the doors and windows of one church and spray-painting anti-Jesus and pro-Muhammad graffiti on its walls. The men also torched at least two historic churches — a 16th century church in Drosnay, and the 12th century Saint-Georges De La Haye-Descartes church — after general riots prompted by the June 27 police shooting of Nahel Merzouk, a Muslim criminal.
Not only did French authorities pretend that these two heritage churches simply “caught fire” — “probably due to a storm” — but they insisted that it was the police killing that prompted otherwise peaceful Muslims to riot at all.
If this was the case, what does one make of the fact that Muslims have been attacking churches in France for decades? Below is a recent sampling of attacks that occurred before the June 27 shooting of Merzouk:
June 26: Saint-Lazare church, which stands near another church that was heavily vandalized by Muslims on July 5, was desecrated and robbed.
June 20: A “gang of college students” stormed into the Saint Roch Church in Nice, mockingly doused themselves with holy water, and began shouting “Allahu akbar,” which, the report notes, is “regularly heard during Islamist attacks.” The first deputy mayor of Nice, Anthony Borré, responded in a letter to his apparently indifferent higher ups, urging them to take such matters seriously:
“Since October 29, 2020 and the Islamist attack on the Notre-Dame Basilica in our city [when another “Allahu akbar” yelling Muslim slaughtered two French women—one by beheading—and a man inside a church], you are not unaware of how traumatic it can be for our fellow citizens to hear such remarks within a church and the painful memories that they can revive. Faced with these attempts to destabilize society and with the attacks on our secular Republic, we must provide a strong and collective response.”
June 23: Three Muslims, aged between 12 and 13, barged into Saint Joseph Church in Nice, during an afternoon mass, and also began shouting “Allahu akbar.” Nice, it bears remembering, is also where another Muslim murdered 84 people in 2016.
June 12: After breaking into church property, a gang of Muslims — described only as a “group of young people” — savagely beat Fr. Joseph Eid of Notre-Dame-du-Liban parish and called him a “dirty Christian.” While fleeing intervening passersby, they spewed other “anti-Christian insults.”
Muslims also thrashed the 80-year-old Catholic priest of Saint Vincent de Paul in Saint-Étienne. After knocking Fr. Francis Palle to the ground, they continued beating and kicking the octogenarian, until he fell unconscious (last reported he was in critical condition). Although this attack occurred on June 30, three days after the police killing of Nahel Merzouk, the diocese said that it had nothing to do with the riots, but was, rather, standard fare.
June 3, The Church of Mailhac was heavily vandalized.
May 28: Several “unidentified” people broke into and vandalized the Saint-Laurent church in Cugnaux, which has a large Muslim presence: they defaced a crucifix, overturned candles onto the ground, and damaged icons — before setting the church aflame. A passerby, however, quickly intervened, including by calling the fire department which arrived swiftly and put out the flames. In response, Albert Sanchez, the mayor of Cugnaux, called for more “dialogue and understanding between the different religious and cultural communities of our city,” since “diversity is our strength and our pride.”
May 4: “Long live Islam,” as well as Arabic writing, were found spray-painted on the walls of a church in Lieusaint in Seine-et-Marne. The report adds that “This is not the first time this church has been vandalized… Several statues had been damaged and knocked over.”
March 16: A man, previously “on file for his Islamist radicalization,” stormed the Saint-Hippolyte Church in Paris and disrupted its service. He also stole the church’s six-foot-tall Plexiglas cross, which had supported a 400-year-old wooden Christ. It was later found nearby “smashed into many pieces,” said police.
March 8: A Muslim migrant entered into the Saint-Louis church cemetery in Évreux and proceeded to break off and desecrate the crucifixes affixed to some 30 graves.
March 2: A man described as of an “African type,” vandalized Saint-Eustache, one of the largest churches in Paris, in part by smashing the protective glass of an altar with a fire extinguisher. The report notes that “The suspect’s modus operandi … [is] comparable to that of the Saint-François-Xavier church [vandalism], where damage had been committed on Tuesday, February 28.”
While discussing these Paris church attacks, a March 17 report noted that a total of eight Parisian churches were vandalized or set on fire during the ten weeks between January and mid-March of 2023.
The above, as mentioned, are just a few examples: most attacks on churches in France are not even reported by local media. Investigative journalist Sonja Dahlmans offers more details:
“Crucifixes, organs, altars and other religious symbols are regularly destroyed or stolen [from the churches of France]. Statues of saints also suffer. In the church of Angers, seven statues of saints were beheaded or amputated in April this year. A statue of Mary was beheaded in the St. Martin’s Church in Choicy-le-Roi. Stained glass windows of old churches are also regularly smashed by vandals, such as in Guerlesquin. Extreme violence was used last October in the Saint-Joseph Chapel in Saint-Pol-de-Léon. There, vandals smashed the church doors with an ax and smashed all the church windows. All crucifixes and other religious symbols were destroyed by the perpetrators.
“Church cemeteries and graves cannot escape vandals. In Velsy, this involved damaging and robbing 150 graves in June 2022. The crosses on the graves and other religious symbols were taken or destroyed by the perpetrators. Eighteen graves of the church in Rocquemont were destroyed in May of the same year. A statue of Mary at the Guignicourt-sur-Vence cemetery was stolen in August 2022.”
It would seem that a full blown jihad has been declared on the churches of France, and the country’s leadership is looking the other way.
A map, published by Christianophobie.fr, which marks with a red pin every spot where a church in France was attacked between just 2017-2018, looks like a war zone. Virtually the entire map of France is covered in red. Even Snopes, which presents itself as the final arbiter on what is real or fake news, admitted the accuracy of the map, while trying to minimize its findings:
“While this image [the map] is often shared as if it shows all of the churches that were ‘destroyed’ in France, this map actually documents a wide range of nefarious activity, such as vandalism, theft, and arson, that occurred at both churches and cemeteries over an apparent span of two years (not four), covering 2017 and 2018.
“It should also be noted that while this map does document some relatively serious crimes, such as arson or the toppling of church statues, many of these pins correspond to graffiti-related incidents. We also found one pin related to a person’s simply interrupting a church service.”
In other words, according to Snopes, having jihadist, anti-Christian graffiti spray-painted on a church, or having a church service interrupted by a Muslim intruder screaming “Allahu akbar,” is not sufficiently “serious.”
One wonders if they would be so casual if a Christian vandalized a mosque, or broke into a mosque while screaming Christian slogans?
It should, incidentally, be unsurprising that the official mainstream response to the jihad on French churches is one of feigned ignorance, as captured by one somewhat surreal Newsweektitle: “Catholic Churches Are Being Desecrated Across France—and Officials Don’t Know Why.”
While this report does a decent job of summarizing the “spate of attacks against Catholic churches” — including through “arson,” “vandalism,” and “desecration” — the words “Muslim,” “migrants,” or even “Islamists” appear nowhere in the report. Rather, “anarchist and feminist groups,” angry at churches because they are “a symbol of the patriarchy that needs to be dismantled,” are alluded to.
Meanwhile, even deductive reasoning makes clear that Muslims perpetrate the lion’s share of attacks on churches. Dahlmans reports:
“[A]ccording to a 2022 OSCE report, France is in the top five European countries with the most recorded anti-Christian hate crimes. The other countries in the top five are Spain, Germany, the United Kingdom and Sweden.”
There is something else that these top five nations have in common: significantly large Muslim populations. Put differently, while Poland, Hungary and other Eastern European nations have their share of “anarchist and feminist groups,” they have very few attacks on churches — and even fewer Muslims.
There are, of course, “practical” reasons why all of these Muslim attacks on French churches are massively obfuscated and dissembled. Imagine, for instance, how the tragic burning of the Notre Dame Cathedral in 2019 might be understood if it was common knowledge that countless churches in every corner of France have been and continue to be under constant attack, including through arson, by that nation’s significant Muslim population (hundreds of whom made it a point to gloat as Notre Dame went up in flames)?
Cabinet approves partial hostage deal in late night vote
“We are at war and will continue to be at war until we obtain all our objectives, to destroy Hamas and to return all our captives.”
By TOVAH LAZAROFFNOVEMBER 21, 2023 14:19Updated: NOVEMBER 22, 2023 04:16
An artist sprays a graffiti for the release of Israelis held hostage by Hamas terrorists in Gaza, in the Jezreel Valley, on October 30, 2023(photo credit: Anat Hermony/Flash90)
The government approved early Wednesday morning a partial hostage deal that includes a pause in the Gaza war in exchange for a release of up to 80 out of over 239 people seized by terrorists during Hamas’ infiltration of southern Israel on October 7.“We have a difficult decision before us tonight, but it is a correct decision,” Prime Minister Benjamin Netanyahu said at the start of the meeting.
Opponents of the deal warned that it will harm Israel’s ability to secure the release of all the hostages and complicate Israel’s military campaign to oust Hamas from Gaza. They also warned that it will be difficult to resume the war once it has been temporarily halted.
Netanyahu dismissed those charges explaining that the IDF planned to resume the war once the deal was executed.
“I want to clarify. We are at war and will continue to be at war until we obtain all our objectives, to destroy Hamas and to return all our captives and missing persons,” he said.
“We will also ensure that there won’t be any entity in Gaza that will threaten Israel,” Netanyahu stated.
A supporter of the families of hostages who are being held in the Gaza Strip after they were seized by Hamas gunmen on October 7 prepares missing signs posters depicting hostages, in Tel Aviv, Israel November 21, 2023. (credit: REUTERS/AMIR COHEN)Advertisement
He recalled how he and the war cabinet had met with the families of the hostages the previous night.
“I told them that the return of the hostages is a sacred and primary mission that I swore to complete,” Netanyahu said.
“This war has phases and so does the return of the hostages,” he said.
The entire security establishment fully backs this deal, he said. This agreement will allow the IDF to better prepare for the rest of the war, Netanyahu said, adding that neither the lives of the soldiers nor the intelligence gathering apparatus would be harmed in that period.
Netanyahu said he had spoken with US President Joe Biden. As a result of that talk, Biden had intervened and secured better terms for the deal, Netanyahu explained.
The deal, mediated by Qatar, will create the first long-term pause in the fighting since Israel embarked on its military campaign to oust Hamas from Gaza. It comes amid increased international pressure for a ceasefire.
Under the broad contours of the deal, 50 hostages will be released, within the first four days in exchange for a pause in the fighting during those 96 hours.
Some 40 children and 13 mothers are held hostage. The approved deal includes 30 children, eight mothers, and 12 other women.
The 50 hostages will be freed in smaller groups during those days and not all at once.
Israel will in exchange release some 150 Palestinian women and minors held in its jails on security related offenses, but none of them would be those directly involved in terror attacks with fatalities.
There is a possibility for the release of an additional 30 hostages held in Gaza should the pause in the fighting be extended for up to another four days.
All those slated for release are alive and have Israeli citizenship.
Hamas could release Thai citizens
Separately Hamas may unilaterally free those among the hostages who have Thai citizenship. It’s also possible that other governments may work out other deals for their citizens held in Gaza.
During the government meeting, Netanyahu clarified that the deal also included an agreement by which representatives from the International Committee of the Red Cross could visit the hostages who would remain in captivity and supply them with medicine.
As part of the deal, fuel can enter Gaza during the pause in the fighting. Israel has objected to the entry of fuel to the enclave out of fear that Hamas would seize it for military use.There will be a six-hour window each day during which IDF aerial surveillance of Gaza will be halted.
“There are other intelligence-gathering capabilities. We will not be blind in those 6 hours when there are no drones and balloons in the air,” an Israeli official told reporters.
Those Palestinians who fled northern Gaza for the south during the last weeks of fighting will not be allowed to return home during the pause, given that the IDF is expected to resume its military campaign once the pause is ended.
The IDF, the Mossad, and the Shin Bet were in favor of the broad outline of the deal.
The deal has sparked sharp debate within the Israeli public and among coalition politicians, even as the government was expected to pass it.
The Religious Zionist party headed by Finance Minister Bezalel Smotrich and the Otzma Yehudit party headed by Public Security Minister Itamar Ben Gvir stated before the meeting that they planned to oppose the deal, although the Religious Zionist party ultimately voted in favor of the deal early Wednesday morning.
Such an agreement is “bad for Israeli security, bad for the captives, and bad for the IDF soldiers,” the RZP stated before the meeting.
It noted that obviously, its heart went out to the families and that it, like them, wanted to see all the captives safely returned.
“It is precisely for this reason that the deal should not be approved,” the RZP said.
The pressure exerted by the IDF’s military campaign is working or Hamas would not have agreed to this initial proposal, it said.
Israel should continue to exert that kind of pressure until Hamas agrees to release all the hostages rather than prematurely making a deal, it stated.
Hamas is “desperate” for a pause in the fighting so that it can restrengthen its forces and be better prepared to battle the IDF, the Religious Zionist Party stated.
This deal also abandoned the majority of the hostages and ensures that Hamas will demand a higher price for their release, the RZP said. It could even allow for Hamas to more successfully hide them within Gaza, it stated.
Then there is the issue of the IDF soldiers in Gaza who will be exposed to potential attacks and kidnapping attempted during the temporary truce, it said.
Such a step increases the risk of additional kidnappings both in Israel and around the globe, the RZP explained.
The party said it planned to stand firm “like a wall” against any attempt to discontinue the military campaign as it insisted that Hamas must be ousted from Gaza and all the hostages returned.
Labor Party leader Merav Michaeli, who is not a member of the government, said she supported the deal.
“My heart goes out to the families of the hostages for the grief that the politicians of the messianic right are causing them, and I stand with all those from the security establishment that support the deal.”
“The opposition of Smotrich and Ben Gvir exposes their long-standing scam: for them, the State of Israel is the Messiah’s donkey, which in the end is to be a theological state for which Jewish lives must be sacrificed,” she stated.
“Therefore, they have no problem sacrificing the lives of the hostages; they know that a deal will bring the end of the fighting closer and the return to the Gush Katif settlements will be further away. These are people who need to be distanced from the government and from public life to save not only the hostages but also the State of Israel,” Michaeli said.
Hamas welcomes agreement, says they’ll ‘keep their hands on the trigger’
Hamas welcomed the agreement early Wednesday morning, stating “after difficult and complex negotiations for many days, we announce, with the help and success of God Almighty, that we have reached a humanitarian truce agreement (temporary ceasefire) for a period of four days, with persistent and appreciated Qatari and Egyptian efforts.”
Hamas stated that the agreement includes the entry of hundreds of trucks of humanitarian aid and fuel to all areas of the Gaza Strip, including the north. The terrorist movement added that all IAF activity over the southern Gaza Strip would cease for the entirety of the ceasefire, while air traffic over the northern Strip would be halted from 10 a.m. to 4 p.m. each day.
“The terms of this agreement were formulated in accordance with the vision of the resistance and its determinants, which aim to serve our people and strengthen their steadfastness in the face of aggression, and it was always mindful of their sacrifices, suffering and concerns, and it conducted these negotiations from a position of steadfastness and strength in the field, despite the occupation’s attempts to prolong and procrastinate the negotiations,” said Hamas.
The terrorist movement warned that they would keep “their hands on the trigger.”
END
Israeli Cabinet Approves Major Hostage Deal, Multi-Day Ceasefire With Hamas
TUESDAY, NOV 21, 2023 – 09:00 PM
Update(2100ET): In a rare moment of positive news, Netanyahu’s cabinet has approved the hostage release and ceasefire deal which has been long in development in the early hours of Wednesday morning (local). Below are the developing details of the deal (in an official govt. statement), which will see a multi-day ceasefire take effect – the first of the more than one-month long war which has claimed over 13,000 Palestinian lives and over 1,200 Israeli lives:
“The Israeli government is committed to bringing all the abductees home. Tonight, the government approved the outline for the first stage of achieving this goal, under which at least 50 abductees – women and children – will be released over a span of four days, during which there will be a lull in the fighting,” the statement said.
“The release of every ten additional abductees will result in an additional day of respite,” it added.
“The Israeli government, the IDF and the security forces will continue the war to return all the abductees, complete the elimination of Hamas and ensure that Gaza does not renew any threat to the State of Israel.”
A prisoner swap is a key feature of the deal. According to Israeli media, “Israel also agreed to release Palestinianwomen and minors from prison and let them return to their homes, mostly in the West Bank and East Jerusalem.”
“Israel has avoided offering a specific number, but Hebrew media has placed the figure at 150,” writes Times of Israel. “A Palestinian Authority minister told Al Arabiya on Tuesday that 350 jailed Palestinian minors and 82 jailed Palestinian women would be freed in the swap.”
So clearly the deal has been structured (with Qatari mediation) to be extended based on how the initial phase of the captive/prisoner releases goes.
end
Israel-Hamas hostage deal will be repeated, Palestinian source claims – report
The official, who spoke on condition of anonymity, said it would mean a total release of 100 of the around 240 people Hamas seized during its October 7 attack in southern Israel.
By REUTERSNOVEMBER 22, 2023 15:45Updated: NOVEMBER 22, 2023 16:27
Families of Israelis held hostage by Hamas militants in Gaza set a symbolic shabbat table with more than 200 empty seats for the hostages, at “Hostage Square”, outside the Art Museum of Tel Aviv, October 20, 2023.(photo credit: TOMER NEUBERG/FLASH90)
The Israel-Hamas deal agreed on Wednesday for the freeing of 50 hostages held in Gaza in exchange for the release of 150 Palestinian security prisoners will be repeated later this month, a Palestinian official told Reuters.
The official, who spoke on condition of anonymity, said that would mean a total release of 100 of the around 240 people Hamas seized during its October 7 attack in southern Israel.
In return, Israel would free a total of 300 Palestinian prisoners in the two exchanges – a number corresponding to a list of women and teenage male inmates it published on Wednesday as candidates.
As part of the current deal, which is due to begin on Thursday, Israel will pause its almost seven-week-old Gaza war to enable both the staggered recovery of the 50 hostages – all of them women or children – and entry of aid for Palestinians.
A woman reacts, as people gather in front of the United Nations Headquarters in Jerusalem demanding for action to be taken to return the hostages kidnapped by Hamas during the October 7 attacks, in Jerusalem November 13, 2023. (credit: REUTERS/AMMAR AWAD)
Second deal would have same conditions as first
“The second batch will follow the first batch. They would need four or five days to organize it will involve 50 Israeli (hostages) in return for 150 Palestinian (prisoners),” the Palestinian official said. He said the prisoners would include elderly, women, and children and the conditions will be the same.
Israeli officials did not immediately confirm this. But Israel has offered, in a cabinet statement, to extend the pause by a day for every additional 10 hostages handed over by Hamas.
end
Dangers to watch during the ceasefire
(Jerusalem Post)
Troops in Gaza during ceasefire: Dangers, opportunities
The Iranians may use the ceasefire to increase attacks from Iran-backed Hezbollah and the Houthis, or from Iran-backed militias in Syria and Iraq.
By SETH J. FRANTZMANNOVEMBER 21, 2023 21:25Updated: NOVEMBER 21, 2023 21:58
Israeli forces operate across the Gaza Strip on November 20, 2023(photo credit: IDF SPOKESPERSON’S UNIT)
A ceasefire in Gaza could provide both Israel and Hamas an opportunity to pause fighting and size up the situation. Israel has been fighting on the ground for three weeks. Israel’s soldiers have made major progress. They have degraded 10 Hamas battalions of terrorists.Hamas cannot replace the terrorists it lost easily. It doesn’t have a pool to recruit from in northern Gaza, because most Palestinians have fled Gaza City to the south.Hamas is also surrounded in Gaza City. The IDF 36th division is pressing in from south of the city, moving into the Zaytun neighborhood.
IDF troops from the north are also pushing into Jabalya and moving in from the coast. Hamas has much less room to maneuver. A pause in fighting will give Hamas units a chance to regroup.Hamas has short internal lines now, because it is surrounded. It can reposition its forces, move what weapons stocks it has to the front and prepare ambushes and also potentially try to exploit the calm to enter tunnels and try to infiltrate the IDF lines.Hamas will also have time in the south to reposition forces. While it can’t bring forces north, it could move them toward staging areas such as Bureij or Nuseirat, near the frontline with the IDF controlling an area across Gaza north of these areas.Hamas could also begin to restock its rocket arsenal and set up new rocket barrages. Over the last week its ability to fire rockets has been reduced. Hamas could also use the time to set up explosives along roads where the IDF might advance.Advertisement
Israeli forces operate across the Gaza Strip on November 20, 2023 (credit: IDF SPOKESPERSON’S UNIT)
These types of IEDs (improvised explosive devices) might adopt Iranian practice, such as in making EFPs (explosively formed penetrators) a special type of shaped charge designed to penetrate armor. Overall, Hamas appears to be running low on missiles. In addition, the IDF has overrun many rocket-firing positions.Hamas also suffered losses in its anti-tank forces and air defense array. It has lost numerous battalion commanders. It can’t easily replace them, but it could try to recruit a few thousand more volunteers and use an extended ceasefire to train some recruits.
Hamas could use allied terror groups against Israel
Hamas has no shortage of small arms, such as AK-47s. Hamas could also use this time to move hostages around and work with other terrorist groups, such as Palestinian Islamic Jihad, as well as Gaza civilians who participated in the massacre and kidnappings, to try to exploit the ceasefire. It goes without saying that Hamas would continue exploiting the opportunity for propaganda, putting out videos.The Iranians may also use the ceasefire to increase attacks from Iran-backed Hezbollah and the Houthis, or from Iran-backed militias in Syria and Iraq. In addition, the focus will shift to the humanitarian situation.Hamas uses human shields, so it could try to infiltrate areas that are supposed to be safe zones. It might even try to exploit the field hospitals that are now being supported by various Arab states. Hamas will want to use this time to do outreach to Iran, Qatar, Turkey, Russia, and China.At the same time, the IDF can utilize the break to rotate troops around, dig in, and get to know the areas it has taken from Hamas. This can improve situational awareness. An army can’t maneuver all the time. The IDF can repair vehicles, improve defense positions and shelters, and increase the efficiency of logistics.In addition, troops will be able to rest while Israel prepares its own next steps. Hamas doesn’t have the initiative.
The IDF now chooses when and where to fight and how Israel’s technological superiority will be employed during the ceasefire to prepare for the next phase.
END
ISRAEL/HAMAS
Morale among Hamas suffers as they abandon their weapons and head south. In a symbolic move, Israelis put mezuzahs on Gaza doorposts.
(zerohedge)
Hamas morale suffers as Israel gains ground in Gaza, fleeing from IDF
Senior officials eliminated, scarce resources, and IDF dominance in Gaza war have harmed Hamas’s morale. In a symbolic move: IDF installs mezuzahs in temporarily seized Gaza houses.
By AMIR BOHBOT/WALLA!NOVEMBER 22, 2023 13:37Updated: NOVEMBER 22, 2023 16:06
Activity of Unit 36 forces in the Zeitoun neighborhood. November 20, 2023(photo credit: IDF SPOKESPERSON’S UNIT)
Evidence from the battlefield in Gaza reveals that Hamas morale has been dealt a significant blow, causing many terrorists to retreat southward in Gaza, abandoning guns after clashes with IDF soldiers.
Reasons for this decline in morale among Hamas terrorists include the IDF’s successful elimination of senior officials, a lack of supplies, and difficulties in carrying out attacks.
Activity of Unit 36 forces in the Zeitoun neighborhood. November 20, 2023 (Credit: IDF Spokesperson’s Unit) END
IDF breaches blast door in Hamas tunnel under Gaza’s Shifa Hospital
Health Ministry accuses WHO of ignoring terror activities at medical centers in the Strip; military says hostage deal won’t impact mission of toppling Hamas
The military on Tuesday said it breached a blast door at the end of a Hamas tunnel discovered by forces last week underneath Gaza’s Shifa Hospital, where Israel alleges the terror group operates a key command center.
The Israel Defense Forces published two images, one showing the open door and the other further inside the tunnel.
Earlier this week, the IDF released footage showing the inside of the tunnel shaft and part of the tunnel. After around 55 meters, the tunnel ended with a blast door, likely protecting Hamas assets below ground.
The IDF has said for weeks that a major network of tunnels and bunkers exists under Shifa.
The tunnel shaft had been located on the hospital grounds under a canopy, where IDF troops had also found a Hamas pickup truck with weapons in it, similar to those used by the terror group in the October 7 attacks.
Along with Shifa, Israel accuses Hamas of using other hospitals in the Strip for terror purposes.
Hamas terrorists bring a hostage into Shifa Hospital as seen on surveillance footage from October 7, 2023. (IDF)
In a letter sent Tuesday to the World Health Organization, the heads of the Health Ministry protested Hamas operations at Shifa, noting the closed-circuit video clips from showing terror activity — including the holding of hostages — in the above-ground areas of the hospital. The letter reminded the WHO that such activity is unethical and contravenes all rules of war.
“On November 2, Dr. Michael Ryan, director of WHO health emergencies program, said he knew what was going on ‘above ground’ at Shifa and was aware that the use of medical facilities for military purposes is forbidden according to international law. At the same time, he claimed he doubted that any terror activities were happening at Shifa,” wrote Health Minister Uriel Busso and Health Ministry director-general Moshe Bar Siman Tov.
Based on evidence from the closed-circuit video, the Health Ministry accused Ryan of providing an incorrect and misleading description of the situation at Shifa to the international community.
“It is clear now that WHO has ignored the use of medical facilities as human shields and of Hamas’s refusal to allow civilians to evacuate from them… WHO’s failure to address these issues amounts to its contribution to the continuation of a conflict that is causing much suffering to so many,” the letter said.
A Hamas pickup truck is seen at Gaza City’s Shifa Hospital, as seen on surveillance footage from October 7, 2023. (IDF)
The Health Ministry also referred in the letter to terrorists Israel says are hiding underneath Shifa, other hospitals, and schools in Gaza contrary to international law.
“WHO must demand an immediate halt to the use of human shields and health facilities for terror purposes. It must also demand the evacuation of all civilian populations to safe zones and the immediate and unconditional release of all hostages,” the ministry’s letter said.
IDF says hostage deal won’t impact mission to topple Hamas
IDF Chief of Staff Lt. Gen. Herzi Halevi said Tuesday that military pressure on Hamas was creating “better conditions” for the release of hostages held by the terror group in the Gaza Strip, and that such pressure will continue.
The military chief’s comments came ahead of a cabinet vote in which ministers were expected to approve an agreement that will see Hamas release some 50 hostages — children, mothers, and women — in exchange for a ceasefire of 4-5 days and the release of 150-300 Palestinian prisoners.
During a visit to the Gaza Strip Tuesday, Halevi told troops they were doing a “great job, it really is very impressive.” But he added that “the road is still long.”
“We are determined to follow this road and really bring maximal achievements. Also to dismantle Hamas — militarily and governmentally — also to bring security around the region, to the communities in the [area surrounding Gaza], and also to return the hostages,” Halevi said.
“All these things work together… the maneuver also creates better conditions for the return of the hostages. It deals blows to Hamas, it creates pressure, and we will continue this pressure,” he added.
IDF Chief of Staff Lt. Gen. Herzi Halevi speaks with troops in the Gaza Strip, November 21, 2023. (Israel Defense Forces)
Speaking during a daily press briefing, IDF Spokesman Rear Adm. Daniel Hagari implied the hostage deal taking shape, which will include a temporary ceasefire in the Gaza Strip, will not impact the military’s main goal of eliminating the Hamas terror group.
“The goal of returning the hostages is significant. Even if it results in the reduction of some of the other things, we will know how to restore our operational achievements,” Hagari said in response to a question.
Addressing reports of the deal, Hagari said the military will first update the families of the hostages, and then the public.
“I recommend only listening to reports from official sources. We will update the truth to the public when we have the facts,” he said.
Following the expected resumption of fighting, the IDF has no plans to allow Palestinians to move back to northern Gaza when the military expands its ground offensive into the southern part of the Strip.
The Times of Israel has learned that the IDF instead plans to direct the civilian population to areas away from the expected ground offensive in southern Gaza, in order to reduce civilian casualties.
The population may move around in southern Gaza, but not northward, according to information seen by The Times of Israel.
So far, the IDF has declared the small al-Mawasi area on the southern coast of Gaza as a “safe zone” amid the ground offensive in the north and airstrikes across the Strip.
The IDF believes the humanitarian situation in Gaza is reasonable given the circumstances, and wishes to avoid a major crisis that would harm Israel’s legitimacy to continue its operations in the Strip.
Palestinians flee to the southern Gaza Strip along Salah al-Din Street in Bureij, designated as a humanitarian corridor by the IDF to escape Gaza’s north, November 9, 2023. (AP Photo/Hatem Moussa)
The fighting in Gaza has been raging since 3,000 Hamas terrorists stormed through the border with Israel on October 7, killing at least 1,200 people, most of them civilians, and taking some 240 hostages. Israel declared war on Hamas in response, launching an aerial campaign and a subsequent ground offensive that is aimed at toppling the terror group, which has ruled Gaza since 2007, and securing the release of the hostages.
Sixty-eight Israeli soldiers have been killed in the ground operation that began October 27.
The Hamas-run Gaza health ministry claims that over 13,000 people have been killed in Gaza since the start of the war on October 7, including at least 5,500 children and 3,500 women. The figures provided by the terror group cannot be independently verified and do not differentiate between civilians and Hamas operatives, and also do not distinguish between those killed by Israeli airstrikes and those killed by failed Palestinian rocket launches.
As of Tuesday, the UN agency for Palestinian refugees UNRWA has estimated that some 160,000 people remain in shelters in northern Gaza, despite the United Nations agency being unable to provide care for them and Israel’s repeated calls for them to evacuate to a safe zone in the south via humanitarian corridors operated by the IDF.
Some 1.7 million Palestinians, about three-fourths of Gaza’s population, have fled their homes, many packing into UN-run schools and other facilities across the enclave’s south.
As shelters have overflowed, people have been forced to sleep on the streets outside, with little protection against winter rains that have hit the region in recent days.
The UN has warned that Gaza’s 2.3 million people are running critically short of food and water and said the amount of fuel being provided is only half of the daily minimum requirement. Israel says Hamas has plundered Gaza’s resources, including fuel, and has expressed concern this will continue and let the terror group continue powering its rockets and tunnel network.
Israel has resisted calls for a ceasefire unless a significant number of some 240 hostages abducted on October 7, including all women and children, are released in exchange. There has also been concern that an extended pause in the fighting would allow Hamas and other terror groups to regroup and prepare for the next stage of fighting, impeding the IDF’s ability to operate.
Times of Israel staff and agencies contributed to this report.
END\
huge story: the powerful IDF Givati soldiers raid Hamas quarters in Gaza’s north
(Jerusalem Post)
WATCH: IDF Givati soldiers raid Hamas headquarters in Gaza’s north
The Givati Brigade eliminated dozens of terrorists in the area and destroyed the outpost.
Their headquarters were located Sheikh Zayed area of the strip where many of the senior members of the Hamas terrorist organization currently live.
The IDF stated that there were Hamas outposts in the neighborhood that were being used by the terrorist organization’s Nukhba forces and were located in the heart of the civilian populations.
The forces carried out an armored raid on the outpost and located several shafts going deep underground, including a wide strategic shaft 50 meters deep and 7 meters wide. Launch complexes were located that included a lathe for the production of rockets, underground pits intended for launching, and other means of warfare.
The Givati Brigade eliminated dozens of terrorists in the area and destroyed the outpost.
Weapons were found inside a mosque in the same area
In another operation in the same area, Givati soldiers located weapons inside a mosque on a vehicle that was likely used by Hamas terrorists in the October 7 massacre, the IDF said.
The IDF confirmed the death on Wednesday of St.-Srg. Eitan Dov Rosenzweig, an IDF soldier in the Givati Brigade who fell during fighting in northern Gaza
end
Then they raid the southern section of the headquarters of Hamas
WATCH: IDF paratroopers raid Hamas military intelligence headquarters
Soldiers in the IDF’s Givati Brigade the same day raided the headquarters of Hamas in the northern part of the Gaza Strip.
By GADI ZAIGNOVEMBER 22, 2023 17:27Updated: NOVEMBER 22, 2023 19:18
IDF strikes a Hamas intelligence headquarters in Gaza City (CREDIT: IDF SPOKESPERSON’S UNIT)
IDF paratroopers raided the military intelligence headquarters and outpost of Hamas Wednesday evening in Tel al-Hawa neighborhood in southern Gaza City.
Israeli forces collected Hamas intelligence materials that included significant information about the underground infrastructure that the terrorist organization constructed. Terrorists were also eliminated in the operation and forces located a workshop that produced anti-tank missiles and explosive drones and charges.
WATCH: ‘Post’ joins Israeli forces in Hamas’s Gaza tunnel underworld
This was the first time a reporter from the Post crossed into Gaza since the IDF withdrawal in 2005.
By YONAH JEREMY BOBNOVEMBER 22, 2023 19:00Updated: NOVEMBER 22, 2023 19:03
The Jerusalem Post’s Yonah Jeremy Bob on the ground with Israeli forces in Gaza (CREDIT: YONAH JEREMY BOB)
The IDF on Wednesday brought The Jerusalem Post and select other media outlets to view Hamas’s terror infrastructure at Al-Shifa Hospital, especially its several hundred-meter tunnel network, up close.
This was the first time a reporter from the Post crossed into Gaza since the IDF withdrawal in 2005 and brought up close all of the cumulative findings of the IDF since November 15 of what Hamas tried desperately to hide at Al-Shifa.
Laid out next to the Qatar facility within the Shifa complex was a vast amount of not only Hamas’s guns and grenades which the IDF found hidden throughout the hospital, but also rocket-propelled grenade launchers, large and small advanced drones for delivering explosives, and a variety of sophisticated intelligence platforms.
JPost enters the depths of Hamas’s terror tunnels
The vastness of the tunnel itself, with the Post viewing a variety of sophisticated rooms and the blast door which the IDF showed earlier this week, was testimony to how important this location was to Hamas.
Among the rooms, was a very large bedroom with two spaced-out beds and a large modern air conditioning unit, a kitchenette, a bathroom, and other facilities, as well as extensive plumbing and electrical wiring to enable all of the infrastructure.
Two members of the IDF’s special Yahalom unit for uncovering tunnels and IDF Chief Spokesman Brig. Gen. Daniel Hagari described the process of discovering the tunnel as a huge riddle.
Before I get into today’s story about the huge tunnel shaft we exposed today, I wanted to provide an update from the ongoing work in the major Shifa tunnel. We have moved past the blast door and discovered full subterranean complex, complete with a dormitory, kitchen, bathroom, and more. The scale of this tunnel, parts of which Hamas worked to bury is absolutely incredible:
When you look at pictures of Gaza, you’re not looking at all of Gaza.
The ‘Gaza Underground’ – the network of tunnels underneath Gaza is no secret.
But what you might not have realized is how deep they go.
Recently, soldiers of the Givati Brigade were operating in the headquarters of Hamas’ Northern Brigade, which is located in the Sheikh Zayed area of Gaza.
This neighborhood is infamous for being the home of senior Hamas terrorists, including of members “Nukhba” commando force, who spearheaded the October7th attack on Israel. Their outposts in the area are located (surprise, surprise) deeply embedded in civilian infrastructure.
As you’d expect, we found tunnel shafts.
Some of them are massive.
One was 50 meters deep and 7 meters wide. (That’s 160 feet deep and 23 feet wide for my non-metric system readers).
Just look at this thing.
Let me put this in context. This tunnel shaft is as deep as half a football field.
This is where Hamas is sinking it’s resources.
One of 400
This might be the biggest tunnels we’ve found. Unfortunately, it’s not the only one.
To date, IDF soldiers have exposed and destroyed approximately 400 terror tunnel shafts. I just want to be clear. Operating primarily in northern Gaza, we have already unearthed a huge amount of tunnels, many under mosques, schools, buildings and, of course, hospitals.
The destruction of the tunnels is mostly done out by the elite Combat Engineering unit, ‘Yahalom’ (Diamond).
Caution: Yahalom at Work
The Rest of Givati’s Discovery
The tunnel wasn’t the only thing uncovered by the Givati Brigade at Sheikh Zayed.
They also found:
A scaled-down model simulating an IDF armored fighting vehicle
A wall simulating the security fence of Gaza
A rocket manufacturing facility including a lathe
Underground pits for launching rockets
Assorted weapons
As part of the activity, the soldiers eliminated dozens of terrorists in the area. At the end of the operation, the soldiers destroyed the outpost.Later on they found a vehicle and weapons used during the October 7th massacre.
These operations are exactly what we need to be doing to ensure that Oct 7th never happens again. Find the terrorists. Find the infrastructure. Neutralize it, and move to the next objective.
Operational Updates
Southern Front
As I’m sure you’ve gathered from the first section of today’s newsletter, IDF troops continue to operate in the Gaza Strip to neautralize terrorists, destroy terrorist infrastructure, and locate weapons stored inside civilian buildings
During IDF operation in in Sheikh Za’id, Hamas spotters were identified in the area and killed.
IDF troops conducted targeted raids in the area of Beit Hanoun. During the operation, the troops located numerous weapons, AK-47 rifles, and ammunition stored inside a civilian residence. Troops also engaged in combat and eliminated a number of terrorist cells.
Israeli Navy forces struck several Hamas military targets, including a sniper nest as well as several military posts located along the coastline.
Following reports of a hostile aircraft near Eilat, an IAF fighter jet successfully intercepted a cruise missile that was launched toward Israel.
Northern Front
This morning there were a number of rocket launches from Lebanon toward the areas of Netu’a, Zar’it and Yiftah. The launches fell in an open area and no injuries were reported. The IDF struck back at the source of the launches
IDF fighter jets struck a number of Hezbollah targets in Lebanon. Among the targets were terrorist infrastructure and a Hezbollah military site. Additionally, an IDF tank struck a military post belonging to Hezbollah.
Quote of the Day
“Tell your families that we appreciate you very much. We know that it is not easy. We very much appreciate that you are here helping us advance as much possible. And we know that behind each one of your there is a family, there is a job. The whole country highly appreciates this. On behalf of the IDF, I convey my deepest appreciation and with your spirit, we are determined to decisively advance.”
– Chief of the General Staff, Herzi Halevi, speaking with reserve soldiers in the Gaza Strip
What I’m Watching
ABC News reporting from Nir Oz, one of the hardest hit communities on October 7th.
LEBANON/ISRAEL/NATO/THE WEST
Seems that these mysterious military flights between Israel and Lebanon has something to do with breaking Hezbollah’s communication apparatus
(zerohedge)
Mysterious Military Flights Between Israel, Lebanon Observed: Report
Mysterious foreign military cargo flights, potentially carrying equipment for use against Hezbollah, continue to land at the Beirut and Hamat airports, Al-Akhbarreported on Tuesday.
Between the 14th and 20th of November, nine planes from various NATO countries were recorded landing at Beirut and Hamat airports, including several flying from Tel Aviv, according to IntelSky, a website monitoring aircraft movement in the region.
Since the October 7 Hamas attack on settlements surrounding Gaza, in which 1,200 Israelis were killed and 240 more taken captive, Israel and Hezbollah have engaged in deadly tit-for-tat clashes on the Lebanese-Israel border area.
Hezbollah’s communication network played a key role during the July 2006 war against Israel, which later led to US pressure on the government of then-Lebanese Prime Minister Fouad Siniora to call for dismantling the resistance group’s communications network in 2008.
The same sources speaking with Al-Akhbar confirmed that the security authorities at Beirut and Hamat airports do not seriously inspect the cargo of the planes that land, with Hamat Air Base lacking even a scanning device. The final destination of the cargo in Lebanon is also unknown.
IntelSky reported that the movement of foreign military aircraft is proceeding at a level that Lebanon had not witnessed in years. Between October 8 and November 10, 32 planes landed, nine of which belonged to the US, Dutch, and British Air Forces and landed at the Hamat base, and 23 planes belonging to the US, French, Dutch, Spanish, Canadian, Italian, and Saudi armies landed at the base designated for military and diplomatic aircraft on the west side of Beirut Airport.
Although Lebanese law prohibits direct flights between Lebanon and Israel, Intelsky monitored three planes landing at Beirut Airport originating in Tel Aviv.
A British Royal Air Force Airbus A400M Atlas landed in Beirut on 14 November, coming from Tel Aviv. The plane carried out a “touch and go” operation (touching the runway and taking off directly without stopping) at a British military base in Cyprus to technically comply with Lebanese law banning direct flights from Israel.
After taking off from Beirut, the plane returned to Tel Aviv after carrying out another touch-and-go operation at the British base in Akrotiri, Cyprus.
On November 16, a US Air Force Boeing C-17A Globemaster III also flew from Tel Aviv to Beirut. The Intelsky website recorded that the plane allegedly landed in Cyprus as well but disappeared from radars before landing and reappeared after the supposed take-off. The plane was absent from radars over Larnaca for 4 minutes at an altitude of 1,264 meters, suggesting it did not land in Cyprus.
On November 21, a British Royal Air Force (Airbus A400M Atlas landed in Beirut after making only a camouflaged landing in Akrotiri, at an altitude of only 375 meters above the base, which means that the flight violated Lebanese law and was in effect a direct flight from Tel Aviv to Beirut.
It should be noted that daily flights between the Akrotiri base and Tel Aviv have been recorded since the outbreak of the “Al-Aqsa Flood” operation on October 7.
Al-Akhbar notes these flights raise suspicions about whether these trips are part of a broader strategy related to the conflict with Israel and may be intended to enhance the military capabilities of some parties in the region working on behalf of Israel and NATO, or to provide them with logistical support that includes transporting necessary equipment and supplies.
The Israeli army has not commented on the flight, except for a statement issued on November 10 confirming that “part of the air traffic at the airport is a routine movement to transfer military aid to the Lebanese army.”
The statement was issued after the Intelsky website monitored the movement of foreign military aircraft at a level that Lebanon had not witnessed in years. Between the 8th of last October and the 10th of this month, 32 planes landed, 9 of which belonged to the American, Dutch, and British Air Forces and landed at the Hamat base, and 23 planes belonging to the American, French, Dutch, Spanish, Canadian, Italian, and Saudi armies landed at the base designated for military and diplomatic aircraft on the west side of Beirut Airport.
end
IRAN/USA (IRAQ)
The new AC 130 gunship deployed. It attacks the pro Iranian militants in Iraq
(zerohedge)
In First, US Deployed AC-130 Gunship To Attack Pro-Iran Militants In Iraq
TUESDAY, NOV 21, 2023 – 07:25 PM
The US deployed an AC-130 gunship over Iraqi territory in response to fresh attacks by Iranian-backed militia fighters who attacked an air base west of Baghdad housing US troops. The incident happened Monday night but was revealed in a Tuesday Pentagon briefing.
“Ain al-Asad air base was attacked by a close-range ballistic missile that resulted in eight injuries and minor damage to infrastructure, two U.S. officials said,” as cited in international reports. AC-130 military file image
Already the Pentagon had said at least 60 personnel had suffered minor injuries or in some cases ‘traumatic brain injury’ in dozens of attacks going back to mid-October.
Pentagon spokesperson Sabrina Singh confirmed in a Tuesday press briefing, “The United States responded using an AC-130 aircraft already in the air and it hit an Iranian-backed militia vehicle and a number of personnel involved in the attack.”
She described that the AC-130 was able to track the point of origin for the attack in real-time, resulting in firing back on the militants’ positions.
Singh said that this is the first publicly revealed US military retaliation on Iraqi soil in response to the recent spate of attacks. She indicated there have been other instances which haven’t been disclosed.
The Pentagon has responded in three major instances against militant groups in Eastern Syria, after a series of attacks on small US bases there.
Currently the US has an estimated 900 troops in Syria and 2,500 in Iraq. However, there are likely thousands more private military contractors and intelligence and State Dept personnel in both countries as well.
Both the Syrian and Iranian governments, as well as Russia, have condemned the US troops presence in Syria as an illegal occupation and resource theft, considering also the US has control of Syria’s oil and gas regions. The US has meanwhile sought to justify it by framing it as a ‘counter ISIS’ mission or else to ‘counter Iranian influence’.
END
IRAQ/USA
(JERUSALEM POST)BREAKING NEWS
USA strikes the militants in southern Baghdad. Why does not the fool Biden attack Iranian assets
(zerohedge)
Iraq condemns US strikes south of Baghdad, says were not coordinated with Iraqi authorities
By REUTERSNOVEMBER 22, 2023 12:37
The Iraqi government condemned overnight US strikes on targets south of Baghdad, saying they were not coordinated with Iraqi authorities in a clear violation of Iraqi sovereignty.
A government statement said the strikes were also a clear violation of the mission of the international coalition to fight ISIS.
end
IRAN/USA (HOUTHIS)/ISRAELBREAKING NEWS
Israel shoots down Houth cruise missile launched from Yemen
The Yemeni naval forces confirmed on Wednesday that their “activity targets ships flying the Israeli flag, managed by Israeli companies or owned by Israelis.”
Yemeni-Houthi Naval Officer Muhammad Hussein Al-Mansour told Al-Masirah TV that the Houthi navy’s mission is to “target Zionist interests in the Red Sea – whether American or even Arab intervention on behalf of Israeli ships would make them legitimate targets of the Yemeni armed forces.”
end
ISRAEL/SYRIA
Iranians used the Shrine to store munitions. They knocked out the building but no casualties
(zerohedge)
Israel Bombs Near Revered Shia Shrine In Damascus Hours Ahead Of Gaza Truce
WEDNESDAY, NOV 22, 2023 – 11:05 AM
A mere hours after Netanyahu’s cabinet approved a major hostage and ceasefire deal with Hamas, Israel conducted airstrikes against Damascus, specifically targeting a town known for its revered Shia shrine which is frequented by Iranian pilgrims.
Syria’s state SANA cited a military source as saying, “At approximately 3:15 p.m. this afternoon, the Zionist enemy carried out an air attack with two missiles from the direction of the occupied Syrian Golan, targeting some points in the vicinity of the city of Damascus.”Illustrative file image: AFP
“Our air defense forces responded to the aggression, shot down one of the missiles, and the losses were limited to material losses,” the official statement continued.
The specific location is being widely reported as Sayeda Zainab, which lies south of Damascus. Black plumes of smoke were seen rising over the Damascus suburb in the early morning hours.
An unidentified building was demolished in the airstrikes, local media reports. Israel frequently says it targets ‘Iranian weapons depots’ or else Hezbollah related sites.
Lebanese media reports say Hezbollah has agreed to respect and adhere to the truce, after daily rocket fire into northern Israel, per regional reports:
A ceasefire deal recently approved by the Israeli government that would see the release of hostages from Hamas will also apply as a truce on the northern border with Lebanon, according to a Lebanese report in Nidaa al-Watan.
“Hezbollah will adhere to the ceasefire on the condition that Israel does too,” the first report announced on Wednesday morning, following a meeting between the leaders of the Lebanese and Palestinian terrorist organizations.
However, other sources contradict these claims and say that Hezbollah will not observe the truce.
Additional questions remain as to whether during the truce period Iran-backed militias in Syria and Iraq will halt their attacks on US bases. This week militants in Iraq published and circulated the following footage:
Regardless of whether the Israel-Hamas truce holds, regional militants are likely to keep up the pressure on the Pentagon presence in Iraq and Syria. Along with Damascus and Tehran, Russia and Turkey also want to see US troops depart. In Turkey’s case, it has long accused the US of backing Kurdish ‘terrorists’ as it sees no distinction between the outlawed PKK and the Syrian Kurdish groups US advisers are assisting.
END
LEBANON/HEZBOLLAH/ISRAEL
IDF fighter jets destroy Hezbollah terror targets in Lebanon
IDF fighter jets have destroyed a series of targets where Hezbollah terrorists operated in Lebanon on Wednesday.
Targets included terror infrastructure, a military site belonging to Hezbollah, and a terror squad from the terror organization that launched strikes from Lebanon into Israeli territory near kibbutz Hanita.
END
Here are the list of 300 Palestinian prisoners. Actually most of them are from East Jerusalem
(Jerusalem Post)
Israel lists 300 Palestinian prisoners to be released under Hamas hostage deals
Many of those listed are prisoners under the age of 18 in addition to women, to be released in waves, dependent on the expansion of the hostage deal.
By JOANIE MARGULIESNOVEMBER 22, 2023 08:25Updated: NOVEMBER 22, 2023 12:33
IDF with Palestinian demonstrators during a rally in solidarity with six Palestinian prisoners who managed to esacpe from an Israeli prison a few days ago, in Hebron, September 9, 2021.(photo credit: WISAM HASHLAMOUN/FLASH90)
The Justice Ministry published the list of terrorists who will be released as part of the expected deal with Hamas early on Wednesday morning. Prisoners to be released come from groups such as Hamas, Palestinian Islamic Jihad, Fatah, and the Popular Front for the Liberation of Palestine (PFLP).
Some of the prisoners have a blue ID card, meaning that they live in east Jerusalem (as opposed to Gaza or the West Bank, whose residents have green ones), but they are not Israeli citizens. Most of the prisoners to be released are residents of east Jerusalem.
Those to be released were tried in military and civilian courts alike, according to Israeli media.
GLOBAL VACCINE/COVID ISSUES
END
DR PAUL ALEXANDER:
SLAY NEWS
The latest reports from Slay News
IMF Calls on Governments to Replace Cash with CBDCThe International Monetary Fund (IMF) has called on governments around the world to eliminate physical cash and replace their sovereign currencies with a single Central Bank Digital Currency (CBDC).READ MORE
OUTRAGEOUS: Massachusetts High School Cancels ‘USA Day’ Citing Concerns of Being Too ‘Politicized’Wellesley High School faculty in the Boston, Massachusetts area put the kibosh on “USA Day” during its spirit week activities due to concerns that the theme was too political, as reported by Boston 25 News on Saturday. According to the report: “Spirit Week at Wellesley High is meant to unify the school ahead of their Thanksgiving football game. Students dress up …READ THE FULL REPORT
Republican Mayor Signs Ban on ‘Bump Stocks’ and Gun-Building Kits in Omaha, NebraskaOmaha, Nebraska Mayor Jean Stothert signed two gun control measures this month; one bans ‘bump stocks,’ and the other prohibits the sale of gun-building kits. Although Nebraska’s elections are nonpartisan, Stothert declared her affiliation as a Republican during her filing for the 2017 election. The Nebraska Examiner reported that Stothert signed the ban on ‘bump stocks’ on Thursday and the …READ THE FULL REPORT
Federal Court Strikes Blow to Voting Rights ActOn Monday, a federal appeals court ruled against a crucial instrument used to enforce the Voting Rights Act, setting up another Supreme Court battle over the civil rights era legislation. The 8th US Circuit Court of Appeals found in a case arising from an Arkansas redistricting issue that private entities cannot sue under a component of the legislation known as Section 2. If …READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
END
7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE
Oil Tumbles After OPEC+ Meeting Delayed
WEDNESDAY, NOV 22, 2023 – 08:15 AM
Oil prices are lower this morning as the usual malarkey of leaks, rumors, and denials dominates price action ahead of the planned OPEC+ meeting this weekend.
The selling started with a report by Bloomberg claiming that the Saudis expressed dissatisfaction with other members about their oil production levels.
The worry, Bloomberg claims, is that Riyadh might reverse its unilateral 1 million barrel-a-day curb if its counterparts don’t contribute further to the supply reductions.
That sent prices lower.
Then, at 0801ET this headline hit:
OPEC+ MEETING TO GO AHEAD ON SUNDAY AS PLANNED – RIA
Then at 0806ET, this headline hit:
*OPEC+ MEETING SCHEDULED FOR WEEKEND HAS BEEN DELAYED: DELEGATES
And prices legged lower still…
We remind readers that while Goldman’s base case is that Saudi Arabia and Russia will announce an extension of their extra voluntary cuts through at least 2024Q1 (because Brent is $8 lower than when they announced an extension in September), they see a sizeable 35% subjective probability of an announcement of a deeper group cut.
Policymakers may take out insurance against the possibility that Brent drops below our $80/bbl estimate of the OPEC put in Q1 when demand is seasonably softer.
A deeper group cut appears more likely than a deeper unilateral cut because only the former tends to boost revenues.
Fox News reports, citing sources, that the vehicle explosion at the Rainbow Bridge border crossing in Niagara Falls was an attempted terrorist attack.
FBI INVESTIGATING RAINBOW BRIDGE VEHICLE EXPLOSION AS AN ATTEMPTED TERRORIST ATTACK -FOX NEWS— zerohedge (@zerohedge) November 22, 2023
Here’s more from Fox sources:
Explosives were in the vehicle at the time and two people who were in the car are dead, the sources told Fox News. A border officer was injured.
The vehicle was driving from the US to Canada and were attempting to drive toward the border officer building, the sources said. Fox News
🚨 BREAKING: The car explosion at the border between U.S. and Canada was an “attempted terrorist attack” and there were “a lot of explosives” in the vehicle pic.twitter.com/94yOf2U8Vq— Benny Johnson (@bennyjohnson) November 22, 2023
* * *
An explosion involving a vehicle occurred just outside the US border inspection area on the Rainbow Bridge at the US-Canada Border in Niagara Falls.
Footage from the scene shows smoke billowing into the sky. It’s unclear what caused the explosion and if any injuries.
Car explodes at border checkpoint in Niagara Falls, on the New York-Canada border. Cause unclear. FBI investigating pic.twitter.com/I8IBSm4uEx— BNO News (@BNONews) November 22, 2023
An explosion has been reported at the Rainbow Bridge in Niagara Falls at the Canada-U.S. Border. pic.twitter.com/nDePTXiPnM— Citizen Free Press (@CitizenFreePres) November 22, 2023
BREAKING: Photo after reports of incident involving vehicle coming into the US on the Rainbow Bridge in Niagara Falls, NY Gov. Hochul says being briefed on incident. All 4 international border crossings between the US-Canada in Western New York closed https://t.co/v3rws2450Mpic.twitter.com/B2rFfYfRo9— Insider Paper (@TheInsiderPaper) November 22, 2023
A car exploded this morning at the Ontario / New York border near Niagara Falls, aka Rainbow Bridge pic.twitter.com/4e4R4vdYbl— 🌈 Tess T. Eccles-Brown, PhD (@TTEcclesBrown) November 22, 2023
The Rainbow Bridge is closed after there was an incident (looks like a fire or explosion) this morning involving a vehicle coming into the U.S. causing significant damage.
In a post on X, New York Governor Kathy Hochul said, “I’ve been briefed on the incident on the Rainbow Bridge in Niagara Falls and we are closely monitoring the situation. State agencies are on site and ready to assist.”
I’ve been briefed on the incident on the Rainbow Bridge in Niagara Falls and we are closely monitoring the situation. State agencies are on site and ready to assist.— Governor Kathy Hochul (@GovKathyHochul) November 22, 2023
According to the Peace Bridge Authority, all border crossings from Canada along the Niagara River have been closed after the incident. Besides Rainbow Bridge, Peace Bridge, Lewiston-Queenston Bridge, and Whirpool Bridge are currently shut down in both directions.
Expect heavy traffic delays across the Niagara area.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0904 DOWN 0.0013
USA/ YEN 148.73 UP 587 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2537 DOWN 0.0006
USA/CAN DOLLAR: 1.3720 UP 19 (CDN DOLLAR DOWN 19 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 24.33 PTS OR 0.79%
Hang Seng CLOSED UP 0.71 PTS OR 0.99%
AUSTRALIA CLOSED DOWN 16% // EUROPEAN BOURSE: MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG UP 0.71 PTS OR 0.00%
/SHANGHAI CLOSED DOWN 24.33 PTS OR 0.79%
AUSTRALIA BOURSE CLOSED DOWN 0.16%
(Nikkei (Japan) CLOSED UP 97.69 PTS OR 0.29%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2002.50
silver:$23.85
USA dollar index early WEDNESDAY morning: 103.57 UP 12 BASIS POINTS FROM TUESDAY’s CLOSE.
The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.1566
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.1713)
TURKISH LIRA: 28.784EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.726…VERY DANGEROUS
Your closing 10 yr US bond yield UP 2 in basis points from TUESDAY at 4.432% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.567 DOWN 1 in basis points ON THE DAY/12.00 PM
USA 2 YR BOND YIELD: 4.921 UP 4 BASIS PTS.
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY: CLOSING TIME 12:00 PM
London: CLOSED DOWN 12.48 POINTS or 0.17%
German Dax : CLOSED UP 57.29 PTS OR 0.36%
Paris CAC CLOSED UP 31.28 PTS OR 0.43%
Spain IBEX UP 59.90 PTS OR 0.61%
Italian MIB: CLOSED UP 1.49 PTS OR 0.01%
WTI Oil price 74.56 12: EST
Brent Oil: 79.26 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 88,35; ROUBLE DOWN 0 AND 48//100
GERMAN 10 YR BOND YIELD; +2.5645 UP 1 BASIS PTS
UK 10 YR YIELD: 4.2065 UP 10 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0885 DOWN 0.0032 OR 32 BASIS POINTS
British Pound: 1.2493 DOWN .0051 or 51 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.208% UP 3 BASIS PTS//
JAPAN 10 YR YIELD: .726%
USA dollar vs Japanese Yen: 149.58 UP 1.431 //YEN DOWN 143 BASIS PTS//
USA dollar vs Canadian dollar: 1.3698 DOWN 0.0002 CDN dollar UP 2 basis pts)
West Texas intermediate oil: 76.92
Brent OIL: 81.77
USA 10 yr bond yield DOWN 0 BASIS pts to 4.416%
USA 30 yr bond yield DOWN 3 BASIS PTS to 4.554%
USA 2 YR BOND: UP 3 PTS AT 4.908 %
USA dollar index: 103.81 UP 36 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 28.85 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 88.35 DOWN AND 48/100 roubles
GOLD 1990.50 3:30 PM
SILVER: 23,65 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 184.48 PTS OR 0.53%
NASDAQ UP 67.77 PTS OR 0.43%
VOLATILITY INDEX: 12.90 DOWN 0.45 PTS (0.43)%
GLD: $184.56 DOWN 0.79 OR 0.43%
SLV/ $21.67 DOWN .10 OR 0.46%
end
USA AFFAIRS
USA TRADING IN GRAPH FORM
Bond Yields & Bitcoin Jump As Black Gold Dumps’n’Pumps
BY TYLER DURDEN
WEDNESDAY, NOV 22, 2023 – 04:00 PM
Jobless claims surged on an un-adjusted basis, durable goods orders dumped, consumer sentiment slumped, and inflation expectations jumped… US macro data is not signaling a ‘soft landing…
Source: Bloomberg
…but apart from that “the consumer is resilient and look over there at NVDA’s earnings”. But, despite smashing it on earnings, NVDA actually traded lower (as anxiety over Biden’s China crackdown weigh a smidge)…
Stocks took a spill around 1200ET, with some suggesting it was due to the explosion on the US, but managed to maintain some gains ahead of Turkey day. Small Caps outperformed modestly but all the majors traded pretty much in sync amid low liquidity…
Energy stocks are the only sector red on the week, despite the big rebound today as Healthcare and Tech (an unusual pair) lead on the week…
Source: Bloomberg
Apple topped the $3 trillion market cap level intraday …
Source: Bloomberg
VIX tumbled to a 12 handle close (the lowest for the day before Thanksgiving since 2019)…
Treasury yields were up across the curve today with the short-end underperforming (2Y +3bps, 10Y +1bp)…
Source: Bloomberg
The dollar rallied into the green for the week briefly and then faded back…
Source: Bloomberg
Bitcoin was bid back above $37,000…
Source: Bloomberg
Spot Gold prices fell back below $2,000…
Source: Bloomberg
Oil prices dumped on headlines that OPEC+ was delaying its meeting, then pumped back as analysts suggested that the meeting delay is “counter-intuitively reassuring” as it will help create “cohesion around collective cuts”…
Finally, stocks are playing catch-up to seasonals…
…to the moon!
EARLY MORNING TRADING//
TUCKER CARLSON
‘Trust Your Gut’: Tucker Carlson Warns Of Chaos, Ignoring Your Instincts During ‘History-Changing’ Events
WEDNESDAY, NOV 22, 2023 – 11:45 AM
This probably goes in the ‘must watch’ category.
Tucker Carlson delivered an insightful speech at last weekend’s Risk On360! Global Success Conference in Las Vegas, where he began by explaining how just about everyone he knows is “angry and paranoid.”
“I flew out here across the country this morning and spent five hours texting people … and I gotta tell you, every single person I texted, with the exception of my wife — who’s not on the internet at all — was angry and paranoid,” said Carlson.
“Seriously, and these are not crazy people. These are normal good people with like kids and stuff. With a vested interest in Americans’ success. These are not the burn-it-down caucus. These are the, you know, these are the people you want voting.”
Trust your intuition
Carlson suggested that people need to trust their gut, expressing a strong belief that the upcoming year would be particularly chaotic, and unlike anything the country has gone through.
“Your gut is the one thing that doesn’t lie to you. Your gut only has your interest in mind. It is not trying to sell you a product, or convince you to vote for it,” he said, suggesting that people use their intuition going into the upcoming chaos.
“I’m just telling you once again, what you already know, which is this is going to be — the next year is going to be, I think I’d bet my house on it, really like nothing we’ve ever seen in the country. And everyone can kind of feel that. You know, most of our perceptions come through intuition rather than reason.” said Carlson, adding “If something bad is about to happen, everybody gets jumpy and everybody’s really jumpy right now.”
“But if you’re close to your dog, you know, the dog knows exactly what’s going on … they just watch and they feel. And people are very much the same. And if something bad is about to happen, everybody gets jumpy. And everybody’s really jumpy right now,” Carlson continued.
Past the political stage
Tucker described politics as “a human-conceived system whereby civilized people settle their differences without violence, and by consensus,” and parties negotiate for an outcome that is a compromise on both sides.
“We’re past the political stage. Nothing that is happening now can be explained through conventional political terms,” Carlson opined. “There is no upside to the great trends of our age. So why are they doing that? What you’re seeing is evil done for its own sake.”
Tucker also criticized the transgender children’s movement, saying “There’s no upside to pushing transgenderism on our kids. Period. None… So why are they doing it?”
“If 40% of the girls in your 8th grade class identify as non-binary, that’s being pushed on them. What you’re seeing is evil done for its own sake.”
Dire state
Turning to politics, Carlson offered a bleak assessment of the current landscape. He described the presidential race as a reflection of the country’s deep-seated issues, with candidates who are either out of touch or embroiled in controversy. This scenario, according to Carlson, is not just political but a fundamental shift in the way power is being exercised and contested in the U.S.
“You’ve got two people people running for president — one of them is literally senile,” he said, adding that Biden is “not running” the show at the White House, “Yet he’s standing for reelection at the age of 80.”
Trump, on the other hand… “Every time he gets indicted and every time they tack years onto this potential sentence, he becomes more popular — and now he’s winning.”
“Nothing that is happening now or that has happened for the last five or six years can be explained through conventional political terms.”
“It takes a very rare person to lie in the way that we’re being lied to and it takes a very rare moment to see lying at this scale,” said Carlson. “But the final fact is that they’re not just lying. They hate the truth. They’re offended by things purely because they are true.”
Empire of Lies
Carlson also lashed out against wokescold censors such as Media Matters, which Carlson described as “a censorship organization funded by George Soros and others who hate Western civilization designed to prohibit people from saying certain things,” adding “Well, the things they’re saying are 100% true. That’s why they prohibit it.”
“You cannot punish people for telling the truth period or else you become an Empire of lies,” he said.
At the end of the day, Carlson advised people to retain their dignity, self-respect, and most importantly, their commitment to the truth.
“The right to say what you actually think,” said Carlson, “is the line” between freedom and slavery.
II USA DATA
Jobless claims surge
(zerohedge)
‘Unadjusted’ Jobless Claims Surged To 4-Month Highs, Led By California
WEDNESDAY, NOV 22, 2023 – 08:34 AM
The number of Americans filing for jobless benefits for the first time tumbled to just 209k (from 233k the prior week). However, at the same time, un-adjusted claims jumped to 238.7k – the highest in four months…
Source: Bloomberg
The surge in unadjusted claims was led by California…
Continuing Claims dipped from 1.862mm to 1.84mm last week, still hovering near two-year highs…
Source: Bloomberg
However, it’s going to get worse, as Goldman reminds us that ongoing seasonal distortions have increasingly weighed on the level of continuing claims over the last six months, and we now expect that the reversal of those distortions could exert a cumulative boost of 375k to the level of continuing claims between now and March.
We’re gonna need more seasonal adjustments.
end
USA durable goods orders plunge in October as war spending sinks
(zerohedge)
US Durable Goods Orders Plunge In October As War-Spending Sinks
WEDNESDAY, NOV 22, 2023 – 08:42 AM
After soaring in September (by the most in three years), on the back of a 92.5% MoM surge in non-defense aircraft spending, it is no surprise that durable goods orders were expected to decline MoM in preliminary October data released this morning.
Against expectations of a 3.2% MoM decline, early October data actually plunged 5.4% (and September’s 4.6% jump was revised down to +4.0%).
Source: Bloomberg
This dragged the YoY change for Durable Goods Orders down to just 0.9% (and that is nominal, not inflation-adjusted).
Core capital goods shipments, a figure that is used to help calculate equipment investment in the government’s gross domestic product report, were little changed for a second month.
UMich Inflation Expectations Continued Soaring In November
WEDNESDAY, NOV 22, 2023 – 10:11 AM
UMich inflation expectations rose even further intra-month, jumping from 4.4% to 4.5% final (for 1Y inflation outlook) and from 3.1 to 3.2% final (for 5-10Y outlook)…
Source: Bloomberg
That is the highest medium-term inflation expectation since 2011.
Despite easing prices ate the pump, for some consumers, food and gas prices continue to weigh heavily on their economic views; about 18% of consumers spontaneously mentioned food prices, and about 17% referenced gas prices.
These concerns pass through to inflation expectations; those who alluded to food or gas prices held year-ahead inflation expectations of over 5%, considerably higher than other consumers.
More-favorable current assessments and expectations of personal finances were offset by a notable deterioration in expected business conditions. In particular, long-run business conditions plunged by 15% to its lowest since July 2022.
Source: Bloomberg
Buying conditions weakened for all segments, most notably Large Household Durables reversed…
Source: Bloomberg
Younger and middle-aged consumers exhibited strong declines in economic attitudes this month, while sentiment of those age 55 and older improved from October.
III) USA ECONOMIC STORIES
Wealthy citizens cut back their spending
(zerohedge)
High-End Retailers Face Downturn As Wealthy Americans Cut Back On Spending
TUESDAY, NOV 21, 2023 – 02:45 PM
As Black Friday looms, a concerning trend has emerged: Affluent Americans are cutting back on spending – a shift which signals potential trouble for an economy reliant on robust consumer expenditure to ward off recession.
According to Bloomberg Second Measure Data of debit/credit card transactions by US consumers, in the three months leading to the holiday season,a collection of retailers serving the upper middle class, such as Apple, Coach, and Nordstrom, experienced their steepest sales decline in two years.This data, derived from Bloomberg Second Measure, also reflects a downturn in affluent mall traffic, contradicting the general uptick in retail sales figures.
On Tuesday,Best Buy Co. and Lowe’s Cos. cut their forecastsand warned that shoppers were pulling back on big-ticket items like appliances ahead of the holiday season.Kohl’s Corp.reported its seventh-straight drop in comparable sales, as a partnership with Sephora drew in customers but didn’t spur them to spend more money on other items at the department stores. Even positive results at some retailers left investors wanting moreas shares slumped at Abercrombie & Fitch Co. and American Eagle Outfitters Inc.–Bloomberg
Kayla Bruun, a senior economist at Morning Consult, notesthat the upper middle class “had been driving a lot of the stronger-than-expected spending.” However, households with incomes over $100,000 are becoming more frugal.
Bloomberg’s affluence index, comprised of 30 high-end retailers across various sectors, shows a marked deterioration in sales. All of the companies in the index have an average purchase price of at least $100, with some retailers such as Apple ($267) and West Elm ($292) far surpassing that. Since January,70% of these companies experienced a sales decline, with a median drop of 14% — the worst in two years. The few exceptions, like Ugg, are in the minority.
Seattle resident Julie Robinson-Jasper, whose household income exceeds $100,000, is planning to tighten the reins this year – capping gifts for her two kids at $600 (consistent with the past three years, but with less purchasing power thanks to Bidenonimcs). Her family is also employing cost-saving measures like dining at home and checking out thrift stores. We don’t want to be caught with our pants down if something were to happen again, like a layoff or an illness,” she told Bloomberg.
Meanwhile, according to data from Placer.ai,a similar trend is happening with mall foot traffic, particularly in affluent areas. In October, 21 out of 25 top shopping destinations across the US reported a decrease in visits – from Birmingham, Alabama, to Garden City, New York, and Bellevue, Washington. This decline, the first since early 2021, could be an early warning sign for the overall economy.
The softness extends to areas that have gained population post pandemic. On the outskirts of booming Houston, where household income is 20% higher than in Texas overall, the Baybrook Mallsaw foot traffic drop by 660,000 visits this year, or about 6%, according toPlacer.ai, which analyzes mobile-phone location data. -Bloomberg
“Everybody is kind of in window-shopping behavior right now,” says Bre Clinton, an assistant manager at the Body Shop in Baybrook Mall, Texas. “They don’t have many bags in their hands.“
To entice customers, the store has resorted to giving away trial-size products.
Interestingly however, Brookfield Properties, owner of Baybrook Mall, reported an increase in retail sales in the past 12 months, suggesting a complex and varied retail landscape.
However, the broader economic context cannot be ignored. Persistent high inflation and rising interest rates have dampened consumer moods. The Federal Reserve’s significant rate hikes have made credit purchases, like for luxury items and appliances, more costly.
The slowdown at malls and retailers serving the upper middle class contrasts with the headline US retail-sales numbers, which have posted year-over-year growth since 2020, when the pandemic shut the economy down.While in lockdown, higher-end shoppers began splurging on their homes and new wardrobes.As Covid faded, spendingshifted to servicesand experiences like vacations, restaurants and Taylor Swift concerts.
But years of high inflation and rising interest rates have soured the moods of some consumers. While the job market has remained strong, real incomes have had periods of decline, with parts of the upper middle class taking a bigger hit. -Bloomberg
According to Brunn, the Morning Consult senior economist, richer Americans have grown increasingly worried about their jobs, and are opting to pay off debt after splurging on summer travel. Shoppers have already reduced spending on big-ticket items such as washing machines, Botox and teeth straightening.
Edel O’Sullivan of Harley-Davidson encapsulates the sentiment, noting customers are “sitting on the sidelines” and “just putting this level of a discretionary purchase to the side in 2023.”
Revolve Group’s Co-CEO, Mike Karanikolas, echoes this concern, pointing to the diminished spending capacity of “aspirational luxury consumers.”
“Aspirational luxury consumers who were flush with cash 18 months ago just don’t have the same capacity to spend,” he said.
The pullback in spending by wealthier Americans is not just a blip, but yet another barometer of the economy’s health. With real incomes declining and property values in major markets dropping, the upper middle class’s spending cuts could presage broader economic challenges.As this key demographic pulls back, the ripple effects may be felt across various sectors, from retail to real estate, potentially steering the US economy into uncharted waters.
END
David Stockman On Washington’s Fiscal Doomsday Machine
Here’s one that will make your hair stand on end: The US Treasury closed the books on FY 2023, bringing the four-year cumulative deficit to $9.0 trillion!
That’s right. During the last 1,461 days (FY 2020 thru FY 2023), Uncle Sam has generated $6.2 billion of red ink each and every day including weekends, holidays and snow-days. For anyone keeping score at home, that’s $4.2 million of red ink per minute.
For the purpose of perspective, here’s how long it took to generate the first $9 trillion of US government debt: It took all of 43 presidents and 219 years to reach $9 trillion of public debt in July 2007. So the national debt clock has now accelerated to hyper-drive.
Market Value of Public Debt Outstanding, 1940 to July 2007
And, yes, we do mean accelerate. It turns out that when you remove the budgetary Mickey Mouse from the numbers, the federal deficit for FY 2023 clocked in at over $2.0 trillion, or double the comparable level in FY 2022. The reported numbers, of course, do not look quite as alarming, posting at $1.4 trillion last year and $1.7 trillion this year.
But as The Wall Street Journal cogently explained recently, that comparison is very misleading because it includes a $380 billion budgetary shuffle between the two years. It seems that Sleepy Joe’s student debt cancellation got recorded as a cost in September 2022, but then got canceled by the courts in FY 2023, turning it into a giant “savings”!
When the Biden administration announced its plan to forgive federal student debt held by 40 million Americans in September 2022, it logged the long-term cost of the program, $379 billion, on the budget all at once, even though effectively no money was spent on it that year… But in June 2023, the Supreme Court tossed the debt-cancellation program, meaning most of that money wouldn’t actually be spent. Rather than update last year’s deficit numbers, though, the Treasury recorded the changes as a $333 billion spending cut in August 2023.
We do not use the Mickey Mouse epithet lightly, but surely booking the next 50 years of student loan repayments during the single month of August 2023 amounts to exactly that. Still, the “Joe Biden” thing behind the teleprompter has the audacity to keep making the hideous claim that he has been slashing the federal deficit!
Actually, Biden is surrounded by the usual Keynesian suspects when it comes to fiscal policy, but even they did not historically recommend a dramatic increase in the deficit at a time of so-called full employment, when the official unemployment rate is just 3.8% and the economy is still straining under severe labor shortages. Indeed, the $2.0 trillion cash deficit for FY 2023 amounted to 7.5% of GDP — a level that was supposed to happen only at the very dark bottom of an unusually bad recession.
Needless to say, these dismal fiscal figures are just one more indictment of the baleful rule of Washington’s Uniparty. When they get done funding the nation’s $1.3 trillion Warfare State, ring-fencing $4.2 trillion per year of Social Security, Medicare and other sacrosanct entitlements, filling up the pork barrels of domestic discretionary spending to the brim, warding off any and all ideas about raising revenues and facing the music on the exploding cost of net interest on the public debt, you get a four-year $9 trillion warm-up for an even greater tsunami of red ink in the years just ahead.
Indeed, that’s now baked into the cake. The world is on the verge of breaking out into a hot war in the Middle East, and Ukraine is hanging by a thread, both owing to the neocon perfidy of the last several decades. So the $1.3 trillion comprehensive national security budget (Department of Defense, International security assistance and operations and Veterans) is going nowhere except up. Way up.
Likewise, Donald Trump has a virtual lock on the Republican nomination even if he ends up behind bars before November 2024. So, his new GOP 11th commandment will prevail. Namely, do not touch Social Security or Medicare, even though they will cost $34 trillion over the next decade, their trust funds will be insolvent by the early 2030s and trillions of those benefits represent pure transfer payments, not a return on payroll taxes contributed by beneficiaries over their working lifetimes.
As to the “pork” in the small (less than 15%) part of the budget called “non-defense discretionary spending,” the Washington GOP has already signed its confession papers. Between FY 2017 (Obama’s last budget) and FY 2021 (Trump’s final budget), this fiscal component soared from $610 billion to $895 billion. That’s a 47% gain at a time when the GOP controlled the veto-pen in the White House and one or both houses of Congress.
And then you get to the real skunk in the woodpile — namely, the soaring cost of debt service owing to the long-delayed but not nearly finished normalization of interest rates.
If there were ever any doubt that Washington was wandering about in financial la-la land thanks to the Fed’s drastic suppression of interest rates, the data for the weighted average cost of debt service should resolve the matter.
As it happened, on the eve of FY 2020 and the aforementioned $9 trillion public debt explosion that followed, the federal debt held by the public had already more than tripled, from $5 trillion in late 2007 to nearly $17 trillion at the end of FY 2019. Owing to the Fed’s heavy foot on interest rates, however, the weighted average interest rate on the federal debt was just 2.5% on September 30, 2019.
Then came the $9 trillion borrowing explosion, but mirabile dictu (wonderful to relate), the cost of servicing the federal debt just kept on sinking. By early March 2022, when the Fed finally pivoted to inflation fighting, the weighted average interest rate reached just 1.56%!
That’s right. Washington was in the midst of the greatest spending and borrowing frenzy in recorded history, but thanks to the Fed, the average yield on the public debt had declined by 40%.
Reality has interposed itself painfully ever since. By the end of August 2023, the weighted carry cost was up to 2.92%. Accordingly, the annualized run rate of federal interest expense soared from $578 billion in Q3 2019 to $910 billion in Q2 2023. That’s a 57% gain, but it is barely a warm-up for what’s coming down the pike.
Virtually every maturity of Treasury paper from 30-day bills to 30-year bonds is currently trading at +/- 5.0%, meaning that when current outstandings roll over, debt service will rise by a further $500 billion per year, even before new trillions are added to the total of Uncle Sam’s debt load.
And besides that, 5% is surely not the ultimate limit on Treasury yields. Given runaway public borrowing and the nation’s historically low savings rate, the average yield on the public debt is likely heading even higher. And there won’t be any rescue from the Fed this time, either, because inflation isn’t collapsing, meaning that a new cycle of “easy money” has only faded further down the horizon.
In this context, the core economic policy platform of the Washington GOP is a tale straight from fantasyland. That is to say, even as they want even more for the Warfare State and are loudly taking a powder on the Welfare State, they still feel compelled to demand that the Trump tax cuts be permanently extended when they expire in 2025.
That would cost a cool $3.5 trillion in foregone revenue over the next decade, and that’s on top of the $25 trillion of new debt built in under current policy for the 10-year budget window ahead.
In short, the Uniparty has seconded the nation’s finances to a fiscal doomsday machine that is literally unstoppable.
* * *
Unfortunately, there’s little any individual can practically do to change the trajectory of this trend in motion. The best you can do is to stay informed so that you can protect yourself in the best way possible, and even profit from the situation. Most people have no idea what really happens when a currency collapses, let alone how to prepare… How will you protect your savings in the event of a currency crisis? This just-released video will show you exactly how. Click here to watch it now.
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
end
USA// COVID//VACCINE/
end
SWAMP STORIES
This is good! Mike Lindell, Mr Pillow wins a court battle and will now expose the George voting machine fraud
(zerohedge)
“This Is Going To Expose Everything”: Mike Lindell Says Georgia Voting Machine Ruling “Opened The Door That No Man Can Shut”
According to Totenberg, there is sufficient cause to believe that there may be “cybersecurity deficiencies that unconstitutionally burden Plaintiffs’ First and Fourteenth Amendment rights and capacity to case effective votes that are accurately counted.”
What’s more, in a footnote within her 135-page ruling, Totenberg said the evidence in the case “does not suggest that the Plaintiffs are conspiracy theorists of any variety.”
“Indeed, some of the nation’s leading cybersecurity experts and computer scientists have provided testimony and affidavits on behalf of Plaintiffs’ case in the long course of this litigation,” she wrote.
“This is going to expose everything,” Lindell said during a Monday appearance on Steve Bannon’s War Room podcast, where he ripped off a tinfoil hat.
“The public’s going to demand that this amazing trial is going to go forward,” he added.
He also appeared on Real America’s Voice with Human Events’ Jack Posobiec to celebrate:
Lindell, appearing on the Lindell Report, also discussed the recent election in Argentina.
Lindell’s trial is scheduled to begin on Jan. 9, 2024.
END
Media Matters is in big trouble as Musk sues them. The owner is such a bigot!
This should bring down mass media
(zerohedge)
“Japs, Jewry And Trannies”: Media Matters President’s Bigoted Blogs Resurface Amid Spat With Musk
TUESDAY, NOV 21, 2023 – 11:25 PM
On Monday, Elon Musk’s X sued Media Matters, claiming that the David Brock-founded leftist ‘watchdog’ group manipulated the platform to show major ads next to Nazi imagery, causing a flood of advertisers to leave the platform.
“The end result was a feed precision-designed by Media Matters for a single purpose: to produce side-by-side ad/content placements that it could screenshot in an effort to alienate advertisers,” causing “all but one of the companies featured in the Media Matters piece withdrawing all ads from X, including Apple, Comcast, NBCUniversal, and IBM—some of X’s largest advertisers.”
The move by Media Matters was a successful attempt to brand Elon Musk and his platform as antisemitic, after Musk took fire for agreeing with a post suggesting that liberal Jews – who “have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them,” are now on the receiving end of things.
Japs, Jewry And Trannies
What happened next couldn’t have been better scripted in pre-woke Hollywood. It turns out that Media Matters President Angelo Carusone wrote super antisemitic blog postsin the early 2000s, which were uncovered by the Daily Caller‘s Peter Hasson in 2019, and have been making the rounds of late given the Musk controversy.Angelo Carusone (MSNBC via YouTube)
In one blog post titled “Tranny Paradise,” the future Media Matters president went on a lengthy diatribe against a ‘tranny-loving author.’
In another post that same month, Carusone suggested in response to a male basketball coach’s alleged sexual and physical abuse of female players; “lighten up Japs.”
In an October 2005 post, Carusone said of his boyfriend, “despite his jewry, you KNOW he’s adorable.”
In another post, he suggested that his Jewish boyfriend only leaned conservative “as a result of his possession of several bags of Jewish gold.”
We know, we know – who cares, right?
The point is that Carusone is a massive, virtue-signaling hypocrite for suggesting that Musk was antisemitic for agreeing with a defensible observation, while he himself broke several ‘cardinal rules’ of being a liberal wokescold.
As even the Washington Post noted at the time of the Caller article, “Carusone’s postings are indeed offensive, and if he’s going to serve as president of an organization renowned for unearthing overlooked and objectionable comments from people’s past, he deserves to be called out on his own transgressions.”
Carusone said in reply, “It’s true: I wrote some gross things on my blog while I was in college. A few posts parodying living my life as if I were a self-loathing, bigoted Limbaugh right-winger.”
Ah yes, just parody.
But wait, there’s more!
Apparently a bunch of Media Matters employees hate Israel. The thing Media Matters is accusing Musk of. And hey, it’s a free country – but the hypocrisy is just too thick to ignore.
Amazing!
END
THE KING REPORT
The King Report November 22, 2023 Issue 7124
Independent View of the News
Home sales fell to a 13-year low in October as prices rose Existing home sales in October were 14.6% lower than they were a year earlier. The median price of an existing home sold in October was $391,800, an increase of 3.4% from October 2022. Sales of previously owned homes were 4.1% lower in October compared with September, running at a seasonally adjusted annualized rate of 3.79 million units, according to the National Association of Realtors. It was the slowest sales pace since August 2010. Analysts were expecting a smaller drop, to 3.9 million units… https://t.co/4OrzXlylLO
Amazon Chairman Jeff Bezos May Be `Aggressively’ Selling Shares on Tuesday – CNBC Bezos may be selling as much as 8 million to 10 million shares or potentially $1 billion worth of stock, CNBC’s David Faber said, citing market speculation among traders. Bezos sold about 1.67 million shares last week. Bezos, the billionaire co-founder of Amazon and Blue Origin, owns 988 million shares. “He’s selling a lot of stock,” Faber said. “He’s got a lot of things going on. A lot of stuff to fund.” https://seekingalpha.com/news/4039172-amazon-chairman-jeff-bezos-may-be-aggressively-selling-shares-on-tuesday-cnbc
Binance Founder Changpeng Zhao Agrees to Step Down, Plead Guilty (anti-money laundering requirements) Zhao’s crypto exchange will also admit wrongdoing and agree to pay $4.3 billion in fines The deal would allow Zhao to retain his majority ownership of Binance… He would face sentencing at a later date… https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40
‘Magnificent 7’ bets drive hedge fund crowding to record high – Goldman Sachs Megacap growth and technology stocks accounted for 13% of the aggregate hedge fund long portfolio, twice their weight at the start of 2023, with companies like Microsoft and Amazon.com remaining popular long positions… The Goldman report analyzed the holdings of 735 hedge funds with $2.4 trillion of gross equity positions. It showed the average hedge fund held 70% of its long portfolio in its top 10 positions… https://www.reuters.com/business/finance/hedge-flow-magnificent-7-bets-drive-hedge-fund-crowding-record-high-goldman-2023-11-21/
ESZs traded modestly higher but flat during Nikkei trading. They broke lower after the 1 ET Nikkei close. After hitting a bottom of 4555.25 at 4:54 ET, ESZs traded sideways, in a 10-handle range, until they commenced a sharp decline at 7:46 ET. ESZs hit a daily low of 4537.75 at 10:30 ET.
The 2nd Hour Reversal generated enthusiastic buying that took ESZs to 4553.30 at 12:57 ET. After a retreat to 4544.50 at 13:25 ET, traders bought ESZs on anticipation of dovish Fed Minutes (Nov. 1) being released at 14:00 ET. The minutes were a tad hawkish; officials are inclined to hike if inflation persists; and Fed officials support keeping rates at restrictive levels for ‘sometime.’ (FOMC Minutes at link) https://www.federalreserve.gov/monetarypolicy/fomcminutes20231101.htm
ESZs quickly dropped 6 handles and then traded sideways. Traders wanting to be long for expected great Nvidia results, and jiggy AI guidance, due after the close, kept stocks buoyant. ESZs traded modestly lower after 14:45 ET; but buying for the late manipulation (and NVDA) started at 15:57 ET. ESZs hit 4554.75 at 15:02 ET and then fell to 4547.00 at 15:33 ET. ESZs hit 4553.25 at 15:54 ET and then fell.
USZs traded flat during early Nikkei trading but commenced a rally at 19:17 ET that hit a peak of 116 12/32 at 24:07 ET. USZs then traded sideways, in a 14/32 range, until they broke lower 3:37 ET. USZs eventually hit a daily low of 115 8/32 at 13:32 ET. (It’s as if someone knew the FOMC Minutes early!)
Positive aspects of previous session Bonds rallied moderately during Asian trading US stocks rallied after a sharp early decline
Negative aspects of previous session ESZs sank after the Nikkei closed. US stocks sank until the 2nd Hour Reversal appeared Gold rallied sharply
Ambiguous aspects of previous session Will there be an equity reversal after Thanksgiving Weekend?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open:Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4535.28 Previous session S&P 500 Index High/Low: 4541.90; 4525.51
@elonmusk: There is a large graveyard filled with my enemies. I do not wish to add to it, but will if given no choice. Those who pick fights with me do so at their own peril, but maybe this is their lucky day…
Nvidia reported EPS of 4.02 (3.37 exp.) and revenue of $18.12B ($16.1B exp.), data center revenue of $14.51B ($12.82B exp.), gaming revenue of 2.86 ($2.70B exp.). Nvidia said it expects sales to China to decline significantly in Q4. On the EPS release, NVDA jumped to 509.17 (499.44 close). It then plunged to 468.00 on the China sales warning. NVDA bounced to 506 but fell to 491.00 at 19:40 ET.
Today – As we noted earlier this week, stocks tend to rally during Thanksgiving Week if stocks were strong into the week. Then, stocks reverse in the window marked by late Wednesday and Monday. Activity should be lame due to high absenteeism ahead of the Thanksgiving Weekend.
ESZs are -3.00 and USZs are +8/32 at 20:10 ET. The Israeli cabinet has approved a hostage deal with Hamas, per the PM office. Reports have the US striking two Iranian-backed militia ‘facilities’ in Iraq.
Expected economic data: Initial Jobless Claims 2227, Continuing Claims 1.875m; Oct Durable Goods Orders -3.2% m/m, Ex-Trans 0.1%, Nondef Ex-Air 0.1%, Shipments 0.1% Nov. UM Sentiment 60.8, 1 Year Inflation 4.4%, 5-10 Year Inflation 3.1%
S&P 500 Index 50-day MA: 4342; 100-day MA: 4411; 150-day MA: 4349; 200-day MA: 42671 DJIA 50-day MA: 33,862; 100-day MA: 34,332; 150-day MA: 34,096; 200-day MA: 33,848 (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 positive – a close below 4425.18 triggers a sell signal Daily: Trender and MACD are positive – a close below 4427.87 triggers a sell signal Hourly: Trender and MACD are negative– a close above 4553.96 triggers a buy signal
GOP Rep. @mattgaetz: Whoever thought sending this message out was a good idea is definitely gonna be answering questions under oath in the Armed Services Committee.
GOP @RepJimBanks: “Participation with groups such as Turning Point Action could jeopardize their continued service in the US military.” The Biden DoD has declared war on its political enemies. I am demanding answers from the Air Force about this partisan weaponization of our military!!
House Republicans probe leaked NSA glossary that featured ‘white fragility,’ ‘genderqueer’https://trib.al/pzWzchK
@TheInsiderPaper: Tucker Carlson: “Media Matters is a censorship organization funded by George Soros and others who hate Western civilization designed to prohibit people from saying certain things.” https://twitter.com/TheInsiderPaper/status/1727120063814324400
Abraham Enriquez @AbeEnriquez: Spanish news used fear tactics to influence Hispanics for years. Leftist groups want to boycott @Univision after a fair interview. Why? Because they know that when their audience is exposed to good policy they lose their grip on the Hispanic vote. Univision should stand firm.
Melatonin doled out to American kids in record numbers even as experts warn of possible dangershttps://trib.al/JYSeZhK
Karen Kingston is a biotech analyst and former Pfizer employee who has warned from the very beginning the dangers of the so-called CV19 “vaccines.” Kingston repeatedly showed the dangers of the nanotechnology called mRNA. Big Pharma patents say it is, in fact, an electromagnetic device that now is secretly slated to be in all vaccines. mRNA “synthetic biology” is also already showing up in our food, water and many medicines. Big Tech will not be happy until it is in literally everything. Meanwhile, the public is waking up to the mRNA disaster with the CV19 bioweapon vax. Kingston explains, “People are waking up to the fact the Covid 19 injections contain mRNA, and mRNA has been an epic failure. It’s my understanding less than 2% of American got this last round of the boosters. . . . Although people are waking up to the fact that the Covid injections or the mRNA injections are causing disease, disabilities and death, they are not preventing anything. I think people are also waking up to the fact that mRNA is being used in all vaccines. This includes routine childhood vaccines and the annual flu vaccine. This is not being disclosed to them. Dr. Peter McCullough has said, and I said last year, no more shots—at all. . . . They made this an Emergency Use Authorization, and that means the government will not be disclosing that to them. I think any of the shots is another big danger right now – and I mean any of these shots.”
Big Pharma has big plans to put mRNA in everything: medicine, food, water. This is something people are going to have to work at to avoid. Kingston says, “I no longer want my body or my child’s body to be exposed to non-human DNA or bio-digital technology. I am going to do everything in my power to stop being inoculated with this stuff. It’s going to require people to find local farmers. It’s going to require people to put their foot down and not get traditional medicines. They are putting this in pills. Dr. Ana Mihalcea (aka Dr. Ana) has found this in dental supplies like Novocain. Dr. Ana has found it in insulin, as well. Before the devil can destroy, he must deceive. They have this Luciferian agenda. They don’t want to suffer the wrath of God. So, they need us to agree to this inhumane criminal experimentation. If you say you don’t agree to it, then the wrath of God falls back on them. This is also a spiritual war. I think this is why I was targeted. The train has left the station, and you can’t put it back. I think this is why Xi Jinping came to California recently. He met with bankers and Big tech and said this is how we silence people in China . . . . This is basically the Executive Order (EO) Biden wrote, which I think was written by the CCP, on how to control the narrative in America. This EO will turn up the heat and make your life a living hell if you go outside that narrative. . . . That is going to go into place starting January 17, 2024.”
Kingston contends that the synthetic biology and new mRNA creations by Big Pharma were predicted in the Bible. Kingston points out, “The same kind of chaos and tribulation the planet is going to go through is the same when God originally created all life forms. The Bible says ‘There has not been such tribulation since the days of creation that God created until now.’ It is saying another entity started creating life. Verse 20 (Mark) says . . . ‘Unless the Lord had shortened the days, no life would have been saved. So, for the sake of the elect, whom he chose, he shortened those days.’ Other than God coming down with his wrath, I don’t see how this is going to be stopped.”
There is much more in the 54-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with renowned biotech analyst Karen Kingston as she gives another update on the bioweapon mRNA/nanoparticle injections and why this deadly “synthetic biology” is going to be in everything for 11.21.23.
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