GOLD PRICE CLOSED DOWN $49.55 TO $2739.60
SILVER PRICE DOWN $1.26 TO $32.65
Gold ACCESS CLOSED $2747.60
Silver ACCESS CLOSED: $32.69
Bitcoin morning price:$72241 UP 430 DOLLARS.
Bitcoin: afternoon price: $70336 down 1475 DOLLARS
Platinum price closing DOWN $20.85 TO $994.30
Palladium price; DOWN $36.20 TO $1117.60
END
*CANADIAN GOLD: $3824.99 DOWN 49.37 CDN dollars per oz( * NEW ALL TIME HIGH 3,872.51 CDN DOLLARS PER OZ//OCT 30 2024)
*BRITISH GOLD: 2130.24 DOWN 19.19 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///2148.36 BRITISH POUNDS/OZ) OCT 30/2024
*EURO GOLD: 2,525.00 DOWN 40.15 Euros per oz //* (ALL TIME CLOSING HIGH: 2565.55 EUROS PER OZ//OCT 30 //.2024)
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END
EXCHANGE
JPMorgan stopped 0/4
GOLD: NUMBER OF NOTICES FILED FOR NOV/2024. CONTRACT: 555 NOTICES FOR 55,500 OZ 1.726 TONNES
total notices so far: 555 contracts for 55,500 Oz (1.726 tonnes)
FOR OCT
SILVER NOTICES:527 NOTICE(S) FILED FOR 2.636 MILLION OZ/
total number of notices filed so far this month : 527 for 2.635 million oz
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GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $49.55 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT 0F 2.87 TONNES OF GOLD INTO THE GLD.
/ /INVENTORY RESTS AT 892.65 TONNES
INVENTORY RESTS AT 892.65 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $ 1.26 AT THE SLV
HUGE CHANGES IN SILVER INVENTORY INTO THE SLV: A DEPOSIT OF 3.647 MILLION OZ OF SILVER INTO THE SLV
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 481.189 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUGE SIZED 677 CONTRACTS TO 155,643 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR STRONG LOSS OF $0.38 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A FAIR GAIN OF 283 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE THE STRONG LOSS OF $0.38 IN PRICE. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS ON WEDNESDAY COMEX TRADING AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S CONTINUAL PRICE RISE WITH SOME SUCCESS YESTERDAY AND TODAY. WE HAD SOME MINIMAL SHORT COVERING BY OUR SPECS DURING THE COMEX TIME ZONE WEDNESDAY.. WE HAD A HUMONGOUS 960 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY A STRONG 448 CONTRACT T.A.S ISSUANCE WHICH WILL BEING USED IN FUTURE TRADING. IN ESSENCE WE GAINED A HUGE 672 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE
PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN ON LAST FRIDAY AND AGAIN THIS WEEK. THE ACCUMULATED T.A.S. IS BEING USED TO MANIPULATE PRICES AT THE COMEX NOW EVERY DAY..
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 WEDNESDAY NIGHT: A STRONG 448 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES AND THUS THE REASON FOR CONSTANT RAIDS BUT TO NO AVAIL. IT ALSO LOOKS LIKE THE FED (GOV’T) IS BEHIND EVERY DAY TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY 38 CENTS) BUT WERE UNSUCCESSFUL IN KNOCKING ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A FAIR GAIN OF 283 TOTAL OI CONTRACTS ON OUR TWO EXCHANGES
WE HAD A HUGE 960 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 2.810 MILLION OZ (FIRST DAY NOTICE)
//NEW STANDING FOR SILVER//NOV AT 2.810 MILLION OZ
WE HAD:
/ FAIR SIZED COMEX OI LOSS//HUGE SIZED EFP ISSUANCE/ VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 448 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: removed XXX CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS OCT. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF OCT
TOTAL CONTRACTS for 21 DAYS, total 19,497 contracts: OR 97.485 MILLION OZ (926 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 97.485 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 111.035 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. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV.
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 677 CONTRACTS WITH OUR LOSS OF $0.38 IN PRICE OF SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 960 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 GOOD INITIAL SILVER OZ STANDING FOR NOV OF 2.810 MILLION OZ ON FIRST DAY NOTICE
//NEW TOTAL STANDING FOR NOV AT 2.810 MILLION OZ
WE HAVE A FAIR GAIN OF 283 OI CONTRACTS ON THE TWO EXCHANGES DESPITE OUR LOSS IN PRICE…..THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG SIZED 448 CONTRACTS ( WILL BE USED FOR THURSDAY’S TRADING),//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION, AS OUR CROOKS ARE DESPERATE TO CONTAIN SILVER’S PRICE
/ ZERO SHORT COVERING FROM OUR SPEC SHORTS DESPITE THE LOSS IN PRICE WEDNESDAY/ . ALSO SOME OF OUR LONGS EXERCISED THEIR RIGHT AND TENDERED FOR PHYSICAL SILVER MUCH TO THE ANGER OF OUR BANKERS. SILVER IS NOT BASEL III COMPLIANT SO THE BANKERS CAN TAKE THEIR TIME WITH THE DELIVERY OF SILVER.
THE NEW TAS ISSUANCE WEDNESDAY NIGHT (448) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND LATELY ON A DAILY BASIS INCLUDING TODAY.
WE HAD 527 NOTICE(S) FILED TODAY FOR 2.635 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 4977 OI CONTRACTS TO 584,445 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 482 CONTRACTS//
WE HAD A STRONG SIZED INCREASE IN COMEX OI (4977 CONTRACTS) OCCURRED WITH OUR GAIN OF $26.10 IN PRICE WEDNESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR NOV AT 2.488 TONNES ON FIRST DAY NOTICE FOLLOWED
NEW STANDING FOR NOVEMBER: 2.488 TONNES
/ ALL OF THIS HAPPENED WITH OUR $26.10 GAIN IN PRICE WITH RESPECT TO WEDNESDAY’S COMEX TRADING///. WE HAD A VERY STRONG GAIN OF 8402 OI CONTRACTS (26.13 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE LAST THURSDAY MORNING AND THIS CONTINUED ON LAST FRIDAY, AND THROUGHOUT THIS WEEK WITH MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! YOU CAN VISUALIZE THIS WITH THE DAILY QUEUE JUMPING WE ARE WITNESSING
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3425 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 584,927
IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8442 CONTRACTS WITH 4977 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3425 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 8402 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED 3315 CONTRACTS, WE HAD CONSIDERABLE LIQUIDATION OF T.A.S CONTRACTS WITH OUR GAIN IN PRICE WEDNESDAY PLUS WE ALSO HAD MONTH END SPREADER LIQUIDATION.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3425 CONTRACTS) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 4977 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 8402 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR NOV 2.488 TONNES
//NEW STANDING NOVEMBER: 2.488 TONNES.
/ 3) CONSIDERABLE T.A.S. LIQUIDATION AND SPREADER LIQUIDATION (TRYING TO CONTAIN GOLD’S PRICE RISE TO NO AVAIL WEDNESDAY , AND WITH ZERO NET LONG SPECS BEING CLIPPED. STICKY GOLD’S LONGS WERE NOT FOOLED AND THEY WERE REWARDED TUESDAY AS GOLD RESUMES ITS ATMOSPHERIC RISE…AND THIS CONTINUED ON WITH WEDNESDAY’S RISE IN PRICE DESPITE OPTIONS EXPIRY WEEK IN FULL THROTTLE. THE CROOKS HAVE DECIDED THAT THURSDAY IS THEIR RAID DAY AS THEY ARE WHACKING PAPER GOLD AND SILVER
4) STRONG SIZED COMEX OPEN INTEREST INCREASE 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S. ISSUANCE: 3315 T.A.S.CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
OCT
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT :
TOTAL EFP CONTRACTS ISSUED: 89,285 CONTRACTS OF 8,928,500 OZ OR 277.71 TONNES IN 21 TRADING DAY(S) AND THUS AVERAGING: 4251 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 21 TRADING DAY(S) IN TONNES 277.71 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 277.71 DIVIDED BY 3550 x 100% TONNES = 7.80% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..
MARCH:. 276.50 TONNES (STRONG AGAIN/
APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)
MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)
JUNE: 247.54 TONNES (FINAL)
JULY: 188.73 TONNES FINAL
AUGUST: 217.89 TONNES FINAL ISSUANCE.
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
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. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.
JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.
SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END UP WITH THE 3RD HIGHEST ISSUANCE EVER RECORDED.
OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS 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 SEPTEMBER. 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 NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
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 (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A STRONG SIZED 677 CONTRACTS OI TO 156,032 AND FURTHER FROM THE 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 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 960 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 960 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 960 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 577 CONTRACTS AND ADD TO THE 960 E.FP. ISSUED
WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 283 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.415 MILLION OZ OCCURRED DESPITE OUR $0.38 LOSS IN PRICE
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
THURSDAY MORNING WEDNESDAY NIGHT
ASIA TRADING/THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED UP 13.59 PTS OR 0.42%
//Hang Seng CLOSED DOWN 63.31 PTS OR 0.31%
// Nikkei CLOSED DOWN 196.14 PTS OR 0.50%//Australia’s all ordinaries CLOSED DOWN 0.21%///Chinese yuan (ONSHORE) CLOSED UP TO 7.1196 CHINESE YUAN OFFSHORE CLOSED UP TO 7.1273// Oil UP TO 69.17 dollars per barrel for WTI and BRENT DOWN AT 73.79 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 4977 CONTRACTS TO 584,445 WITH OUR HUGE GAIN IN PRICE OF $26.10 WITH RESPECT TO WEDNESDAY’S TRADING. , WE LOST ZERO IN NUMBER LONGS WITH THE HIGHER PRICE FOR GOLD AS YOU WILL SEE BELOW. WE HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3425). AND THINGS MUST BE DESPERATE AS FIRSTLY ON TUESDAY, OCT 2, WE HAD THE FIRST ISSUANCE IN OVER 3 MONTHS FOR THAT STUPID EXCHANGE FOR RISK, WHEREBY THE BUYER ASSUMES THE RISK FOR DELIVERY. WHY ON EARTH WOULD A BUYER ASSUME SOMETHING LIKE THIS WHEN YOU ARE GUARANTEED DELIVERY VIA AN EXCHANGE FOR PHYSICAL VIA LONDON? UNLESS FOR HUGE MONEY! WELL, ON THURSDAY, OCT 10 WE RECEIVED NOTICE OF A SECOND ISSUANCE OF EXCHANGE FOR RISK, AT 239 NOTICES OR 23,900 OZ (.7433 TONNES). LAST NIGHT ZERO EXCHANGE FOR RISK WAS ISSUED. THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY AND IT SURELY WAS ON DISPLAY THIS ENTIRE WEEK
THE FED IS THE MAJOR SHORT OF AROUND 157+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES ONCE THE BRICS BEGIN THEIR INITIATIVE AND ABANDON THE US DOLLAR. THIS IS SCHEDULED TO HAPPEN LATE OCT 2024/(AS OUTLINED IN OUR GOLD PHYSICAL COMMENTARIES). THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE. THESE PAST TWO MONTHS. THEY ARE TOTALLY TRAPPED. THUS THE REASON FOR THE CONTINUAL RAIDING OF OUR PHYSICAL ANCIENT METAL OF KINGS AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY! THIS WEEK HAS BEEN A STELLAR WEEK FOR GOLD PRICE INCREASES.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + 1 BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD MUST BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
WE HAD A HUGE T.A.S. LIQUIDATION THROUGHOUT LAST WEEK’S GAIN IN PRICE AND AGAIN WITH THIS WEEKS TRADING, WITH ZERO LONGS BEING CLIPPED (AS YOU WILL SEE BELOW). THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF THE SPREADERS // T.A.S DURING LAST WEEK AND THIS WEEK IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW ENTERING INTO THE ACTIVE DELIVERY MONTH OF OCT.… 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 A STRONG SIZED 3425 EFP CONTRACTS WERE ISSUED: : /DEC 3425 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3425 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD DELIVERED COMES FROM LONDON.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG TOTAL OF 8402 CONTRACTS IN THAT 3425 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 4977 COMEX CONTRACTS..AND THIS VERY STRONG GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE ADVANCE IN PRICE OF $26.10 WEDNESDAY// COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AS MENTIONED ABOVE.
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT, A STRONG SIZED 3425 CONTRACTS, WAS USED TO REPLENISH SUPPLIES.. ALMOST ALL OF THE TRADING AND SUPPLY OF CONTRACTS WAS ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK)
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL 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/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ARE HAVING A HARD TIME TRYING TO CONTROL THE PRICE OF GOLD AND THUS THE NEED FOR STRONG T.A.S. ISSUANCE (AND SPREADERS LATE IN THE MONTH). THE USE OF T.A.S. IS OF EXTREME IMPORTANCE TO OUR CROOKS IN LAST WEEK’S AND THIS WEEK’S TRADING.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: NOV (2,488 TONNES) WHICH IS GOOD FOR OUR NON ACTIVE NOV DELIVERY MONTH.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 46 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK PRIOR =60.391 TONNES
NOV . 2.488 TONNNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $26.10/)//AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A VERY STRONG SIZED GAIN IN OUR TWO EXCHANGES. WE DID HAVE CONSIDERABLE T.A.S. SPREADER LIQUIDATION WEDNESDAY COUPLED WITH MONTH END SPREADER LIQUIDATION BUT THIS COULD NOT STOP GOLD’S ADVANCE. CENTRAL BANK LONGS, SEIZING THE MOMENT, EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING.
WE HAVE GAINED A TOTAL OF 27.63 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR NOV (2.488TONNES) ON FIRST DAY NOTICE
//NEW STANDING FOR NOV 2.488 TONNES
NEW STANDING FOR NOVEMBER: 2.488 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR STRONG GAIN IN PRICE TO THE TUNE OF $26.10
WE HAD XXXX CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES 8884 CONTRACTS OR 888,400 OZ (27.63 TONNES)
confirmed volume WEDNESDAY 216,854 contracts fair
//speculators have left the gold arena
END
OCT 31 OCT GOLD CONTRACT
/ /// THE NOV 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 2360.500 oz Brinks Enhanced inventory stored in London /with London good delivery bars . |
| Deposit to the Dealer Inventory in oz | NIL |
| Deposits to the Customer Inventory, in oz | 1. INTO LOOMIS: 32,504.661 OZ (1011 LILOBARS) 2. INTO MALCA: 57,871.800 OZ (1800 KILOBARS) TOTAL; 90,376.461 OR 1911 KILOBARS |
| No of oz served (contracts) today | 555 notice(s) 55500 OZ 1.726 TONNES |
| No of oz to be served (notices) | 245 contracts 24500 OZ 0.7620 TONNES |
| Total monthly oz gold served (contracts) so far this month | 555 notices 55,500oz 1.726 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 |
dealer deposits: 0
total dealer deposits: nil oz
we have 2 customer deposits
i) Into Loomis: 32,504.661 oz (1011 kilobars)
ii) Into Malca: 57,871.800 oz (1800 kilobars)
total deposits 90,376.461 oz oz
withdrawals: 1
I) out of Brinks 2760.500 enhanced (London good delivery bars)
TOTAL WITHDRAWALS: 2760.500 oz London good delivery bars
adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOV.
For the front month of NOV: we have an oi of 800 contracts having LOST 92 contracts
THUS BY DEFINITION, THE INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF NOVEMBER IS AS FOLLOWS:
800 NOTICES X 100 OZ PER NOTICE = 80,000 OZ OR 2.488 TONNES.
DECEMBER, THE BIGGEST DELIVERY MONTH LOST 876CONTRACTS TO 437,889
FEBRUARY GAINED 5198 CONTRACTS TO 89,498 .
We had 555 contracts filed for today representing 55,500 oz
This is a huge major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 555 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 64 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for NOIV /2024. contract month, we take the total number of notices filed so far for the month (555 x 100 oz ) to which we add the difference between the open interest for the front month of NOV(245 CONTRACTS) minus the number of notices served upon today (555 x 100 oz per contract( equals 80,000 OZ OR 2.488 TONNES.
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (555 x 100 oz +we add the difference for front month of OCT (800 OI} minus the number of notices served upon today (555 x 100 oz which equals 80,000 oz (2.488 TONNES) +
TOTAL COMEX GOLD STANDING FOR NOV.: 2.488 TONNES WHICH IS GOOD FOR THIS NON ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,604,347.348 oz 49,90 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,066.284.221 OZ
TOTAL REGISTERED GOLD 7,692,100.435/// 239.25tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,286,167.825 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,087.753 oz (REG GOLD- PLEDGED GOLD)= 189.35 tonnes //
END
SILVER/COMEX
OCT 31. 2024
INITIAL
//2024// THE NOV 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 630,338.120oz CNT Loomis . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | 601,071.426 oz Loomis Delaware |
| No of oz served today (contracts) | 527 CONTRACT(S) (2.635 OZ) |
| No of oz to be served (notices) | 11 contracts (55,000oz) |
| Total monthly oz silver served (contracts) | 527 Contracts (2.635 MILLION 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 : NIL oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 2 customer deposits
i) Into Loomis 599,179.426 oz
ii) Into Delaware: 1892.106
total customer deposits 601,071.436 oz
We had 0 withdrawals
total withdrawal nil oz
JPMorgan has a total silver weight: 134.401million oz/308.598million or 43.55%
adjustment 1
dealer to customer/ASAHI 45,308.300 oz
TOTAL REGISTERED SILVER: 70.072MILLION OZ//.TOTAL REG + ELIGIBLE. 308.398million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT
silver open interest data:
FRONT MONTH OF NOV /2024 OI: 562 OPEN INTEREST FOR A LOSS OF 7 CONTRACTS
THUS BY DEFINITION THE INITIAL AMOUNT OF SILVER STANDING FOR DELIVERY AS AS FOLLOWS;
562 NOTICES X 5000 OZ PER NOTICER = 2.810 MILLLION OZ
DECEMBER SAW A LOSS OF 947 CONTRACTS DOWN TO 124,308 CONTRACTS
JANUARY SAW A LOSS OF 9 CONTRACTS DOWN TO 918
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 527 for 2.635 MILLION oz
CONFIRMED volume; ON WEDNESDAY 80,933 strong
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 527x 5,000 oz = 2.365 MILLION oz
to which we add the difference between the open interest for the front month of NOV (562) and the number of notices served upon today (527)x (5000 oz)
Thus the standings for silver for the NOV 2024 contract month: 527 Notices served so far) x 5000 oz + OI for the front month of NOV(562) number of notices served upon today minus (527)x 5000 oz of silver standing for the NOV contract month equates to 2.810 MILLION OZ.
New total standing: 2.810 million oz.
There are 70.077 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.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
GLD AND SLV INVENTORY LEVELS//
GLD
OCT 31 WITH GOLD DOWN $49.55 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.87 TONNES OF GOLD INTO THE GLD.// . // .///INVENTORY RESTS AT 892.65 TONNES
OCT 30 WITH GOLD UP $20.10 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD INTO THE GLD.// . // .///INVENTORY RESTS AT 889,78 TONNES
OCT 29 WITH GOLD UP $25.35 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD.// . // .///INVENTORY RESTS AT 891.50 TONNES
OCT 28 WITH GOLD UP $1.50 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.02 TONNES OF GOLD FROM THE GLD.// . // .///INVENTORY RESTS AT 889.78 TONNES
OCT 25 WITH GOLD UP $6.40 ON THE DAY; NO CHANGES IN GOLD AT THE GLD: // . // .///INVENTORY RESTS AT 893.80 TONNES
OCT 24 WITH GOLD UP $19.60 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.44 TONNES // // . // .///INVENTORY RESTS AT 893.80 TONNES
OCT 23 WITH GOLD DOWN $29.40 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.45 TONNES // // . // .///INVENTORY RESTS AT 895.24 TONNES
OCT 21 WITH GOLD UP $9.30 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.277 TONNES // // . // .///INVENTORY RESTS AT 888.63 TONNES
OCT 18 WITH GOLD UP $22.30 ON THE DAY; NO CHANGES IN GOLD AT THE GLD // // . // .///INVENTORY RESTS AT 884.59 TONNES
OCT 17 WITH GOLD UP $17.30 ON THE DAY; NO CHANGES IN GOLD AT THE GLD // // . // .///INVENTORY RESTS AT 884.59 TONNES
OCT 16 WITH GOLD UP $13.60 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD //A MONSTER DEPOSIT OF 4.02 TONNES OF GOLD INTO THE GLD.; // . // .///INVENTORY RESTS AT 884.59 TONNES
OCT 15 WITH GOLD UP $2.85 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD //A MONSTER DEPOSIT OF 4.31 TONNES OF GOLD INTO THE GLD.; // . // .///INVENTORY RESTS AT 880.57 TONNES
OCT 11 WITH GOLD UP $36.55 ON THE DAY; NO CHANGES IN GOLD AT THE GLD; // . // .///INVENTORY RESTS AT 876.26 TONNES
OCT 10 WITH GOLD UP $14.50 ON THE DAY; NO CHANGES IN GOLD AT THE GLD; // . // .///INVENTORY RESTS AT 876.26 TONNES
OCT 9 WITH GOLD DOWN $8.50 ON THE DAY; NO CHANGES IN GOLD AT THE GLD; // . // .///INVENTORY RESTS AT 876.26 TONNES
OCT 8 WITH GOLD DOWN $28,.95 ON THE DAY; NO CHANGES IN GOLD AT THE GLD; // . // .///INVENTORY RESTS AT 876.26 TONNES
OCT 7 WITH GOLD DOWN $1.85 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD; A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD// . // .///INVENTORY RESTS AT 876.26 TONNES
OCT 4 WITH GOLD DOWN $11.20 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD; A DEPOSIT OF 12.57 TONNES OF GOLD INTO THE GLD// . // .///INVENTORY RESTS AT 877.41 TONNES
OCT 3 WITH GOLD DOWN $8.95 ON THE DAY; NO CHANGES IN GOLD AT THE GLD; . // .///INVENTORY RESTS AT 874.82 TONNES
OCT 2WITH GOLD DOWN $20.05 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD; A DEPOSIT OF 2.88 TONNES OF GOLD INOT THE GLD. // .///INVENTORY RESTS AT 874.82 TONNES
OCT 1 WITH GOLD UP $28,55 ON THE DAY; NO CHANGES IN GOLD AT THE GLD; // .///INVENTORY RESTS AT 871.94 TONNES
SEPT 30 WITH GOLD DOWN $6.50 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD; A WITHDRAWAL OF 5.18 TONNES OF GOLD FROM THE GLD// .///INVENTORY RESTS AT 871.94 TONNES
SEPT 27 WITH GOLD DOWN $26.60 ON THE DAY; NO CHANGES IN GOLD AT THE GLD .///INVENTORY RESTS AT 877,12 TONNES
SEPT 26 WITH GOLD UP $11.20 ON THE DAY; NO CHANGES IN GOLD AT THE GLD .///INVENTORY RESTS AT 877,12 TONNES
SEPT 25WITH GOLD UP $9.25 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD ./// /:// A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD//////INVENTORY RESTS AT 877,12 ONNES
SEPT 24WITH GOLD UP $23.60 ON THE DAY; NO CHANGES IN GOLD AT THE GLD ./// /:// //////INVENTORY RESTS AT 875.39 ONNES
SEPT 23 WITH GOLD UP $6.65 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1,43 TONNES OF GOLD INTO THE GLD../// /:// //////INVENTORY RESTS AT 875.39 ONNES
SEPT 20 WITH GOLD UP $32.10 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1,73 TONNES OF GOLD INTO THE GLD../// /:// //////INVENTORY RESTS AT 873,96ONNES
SEPT 19 WITH GOLD UP $17,05 ON THE DAY; NO CHANGES IN GOLD AT THE GLD/// /:// //////INVENTORY RESTS AT 872.23TONNES
SEPT 18 WITH GOLD UP $5.95 ON THE DAY; NO CHANGES IN GOLD AT THE GLD/// /:// //////INVENTORY RESTS AT 872.23TONNES
SEPT 17WITH GOLD DOWN $15.35 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD A HUGE DEPOSIT OF 1.52 TONNES INTO THE GLD /:// //////INVENTORY RESTS AT 872.23TONNES
GLD INVENTORY: 892.65 TONNES, TONIGHTS TOTAL
SILVER
OCT 31 WITH SILVER DOWN $1.26 : HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.647 MILLION OZ OF SILVER INTO THE SLV//.//// //INVENTORY AT SLV RESTS AT 481.189 MILLION OZ
OCT 30 WITH SILVER DOWN 38 CENTS : NO CHANGES IN SILVER INVENTORY AT THE SLV.//// //INVENTORY AT SLV RESTS AT 477.542 MILLION OZ
OCT 29 WITH SILVER UP 49 CENTS : HUGE CHANGES IN SILVER INVENTORY AT THE SLV’ A WITHDRAWAL OF 0.628 MILLION OZ OUT OF THE SLV..//// //INVENTORY AT SLV RESTS AT 477.542 MILLION OZ
OCT 28 WITH SILVER UP 15 CENTS : HUGE CHANGES IN SILVER INVENTORY AT THE SLV’ A WITHDRAWAL OF 1.431 MILLION OZ OUT OF THE SLV..//// //INVENTORY AT SLV RESTS AT 478.180 MILLION OZ
OCT 25 WITH SILVER DOWN $0,02 : HUGE CHANGES IN SILVER INVENTORY AT THE SLV’ A DEPOSIT OF 3.06 MILLION OZ INTO THE SLV..//// //INVENTORY AT SLV RESTS AT 480.281 MILLION OZ
OCT 24 WITH SILVER UP $0,01 : SMALL CHANGES IN SILVER INVENTORY AT THE SLV’ A WITHDRAWAL OF 0.684 MILLION OZ OF SILVER OUT OF THE SLV..//// //INVENTORY AT SLV RESTS AT 477.177 MILLION OZ
OCT 23 WITH SILVER DOWN $1.15 : SMALL CHANGES IN SILVER INVENTORY AT THE SLV’ A WITHDRAWAL OF 0.228 MILLION OZ OF SILVER OUT OF THE SLV..//// //INVENTORY AT SLV RESTS AT 477,861 MILLION OZ
OCT 22 WITH SILVER $0.93 : HUGE CHANGES IN SILVER INVENTORY AT THE SLV’ A DEPOSIT OF 3.329 MILLION OZ OF SILVER INTO THE SLV..//// //INVENTORY AT SLV RESTS AT 478.089 MILLION OZ
OCT 18 WITH SILVER $1.46 : NO CHANGES IN SILVER INVENTORY AT THE SLV//// //INVENTORY AT SLV RESTS AT 473.483 MILLION OZ
OCT 17 WITH SILVER DOWN 18 CENTS : HUGE CHANGES IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF 3.419 MILLION OZ INTO THE SLV// //INVENTORY AT SLV RESTS AT 473.483 MILLION OZ
OCT 16 WITH SILVER UP 25 CENTS : NO CHANGES IN SILVER INVENTORY AT THE SLV// //INVENTORY AT SLV RESTS AT 470.064 MILLION OZ
OCT 15 WITH SILVER DOWN 2 CENTS : SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 456,,000 OZ FORM THE SLV. //INVENTORY AT SLV RESTS AT 470.064 MILLION OZ
OCT 11 WITH SILVER UP 53 CENTS : HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 932,000 OZ FORM THE SLV. //INVENTORY AT SLV RESTS AT 470.520 MILLION OZ
OCT 9 WITH SILVER UP 7 CENTS : HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 2.964 MILLION OZ FORM THE SLV..: /INVENTORY AT SLV RESTS AT 471.432 MILLION OZ
OCT 8 WITH SILVER DOWN $1.41 : HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 2.007 MILLION OZ FORM THE SLV..: /INVENTORY AT SLV RESTS AT 468.468 MILLION OZ
OCT 7 WITH SILVER DOWN 39 CENTS : HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 684,000 OZ FORM THE SLV..: /INVENTORY AT SLV RESTS AT 466.461 MILLION OZ
OCT 4 WITH SILVER UP 0 CENTS : NO CHANGES IN SILVER INVENTORY AT THE SLV.: /INVENTORY AT SLV RESTS AT 465.777MILLION OZ
OCT 3WITH SILVER UP 69 CENTS :HUGE CHANGES IN SILVER INVENTORY A WITHDRAWAL OF 1.643 MILLION OZ FORM THE SLV//.: /INVENTORY AT SLV RESTS AT 467.555MILLION OZ
OCT 2WITH SILVER DOWN $0.23 : NO CHANGES IN SILVER INVENTORY: /INVENTORY AT SLV RESTS AT 469.198MILLION OZ
OCT 1 WITH SILVER UP $0.30 : HUGE CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 1.368 MILLION OZ INTO THE SLV/. /: .///./// /INVENTORY AT SLV 469.198MILLION OZ
SEPT30 WITH SILVER DOWN $0.33 : HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 1.094 MILLION OZ INTO THE SLV/. /: .///./// /INVENTORY AT SLV 470.566MILLION OZ
SEPT27WITH SILVER DOWN $0.58 : HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 4.653 MILLION OZ INTO THE SLV/. /: .///./// /INVENTORY AT SLV 469.472MILLION OZ
SEPT26WITH SILVER UP $0.29 : NO CHANGES IN SILVER INVENTORY:/. /: .///./// /INVENTORY AT SLV 464.819 MILLION OZ
SEPT25WITH SILVER DOWN $0.26 : HUGE CHANGES IN SILVER INVENTORY:. A WITHDRAWAL OF 2.281MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 464,819 MILLION OZ
SEPT24 WITH SILVER UP $1.26 : HUGE CHANGES IN SILVER INVENTORY:. A DEPOSIT OF 9,305 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 467,100 MILLION OZ
SEPT23 WITH SILVER DOWN $0.39 : HUGE CHANGES IN SILVER INVENTORY:. A WITHDRAWAL OF 1.824MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 457.795MILLION OZ
SEPT20 WITH SILVER UP $0.08 : NO CHANGES IN SILVER INVENTORY:. A WITHDRAWAL OF 1.46 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 459,619 MILLION OZ
SEPT19 WITH SILVER UP $0.85 : HUGE CHANGES IN SILVER INVENTORY:. A WITHDRAWAL OF 1.46 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 459,619 MILLION OZ
SEPT18 WITH SILVER DOWN $0.29 : HUGE CHANGES IN SILVER INVENTORY:. A WITHDRAWAL OF 1,551 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 461.079 MILLION OZ
SEPT17 WITH SILVER DOWN $0.13 : HUGE CHANGES IN SILVER INVENTORY:. A WITHDRAWALOF 5.976 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 462MILLION OZ
CLOSING INVENTORY 481.189 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY//BILL HOLTER:
3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
THIS IS BIG!!
VP candidate Vance says he agrees with Ron Paul on curtailing Fed’s power
Submitted by admin on Thu, 2024-10-31 10:16 Section: Daily Dispatches
From EconoTimes, Seoul, South Korea
Sunday, October 27, 2024
U.S. Sen. J.D. Vance has publicly aligned himself with former U.S. Rep.’s staunch critique of the Federal Reserve, signaling a significant ideological turn within the Republican Party.
Vance, the Republican candidate for vice president, has typically taken a mainstream conservative approach to economic issues, but announced he now “comes around to the Ron Paul argument” on the Federal Reserve’s role in U.S. monetary policy. This endorsement of Paul’s position could mark a shift in conservative economic policy, raising questions about central bank authority, inflation control, and currency valuation
Vance’s statements have resonated with a segment of the Republican Party increasingly skeptical of central bank policies and their long-term impact on the American economy.
In a recent interview, Vance emphasized his concerns about the Fed’s power, echoing Paul’s longstanding criticism that the institution holds too much influence over the economy without sufficient oversight.
“We’ve seen the impacts of unchecked power in the Federal Reserve for decades, and I’ve come to believe it’s not in America’s best interest,” Vance explained, referencing Paul’s advocacy for transparency and accountability in monetary policy.
Paul, who famously pushed to “audit the Fed” during his time in Congress, has long argued that the Federal Reserve’s monetary interventions harm the economy, leading to boom-and-bust cycles and inflationary pressures that destabilize the financial system.
Vance appears to be taking up this mantle, questioning whether the Fed’s influence aligns with the needs of American citizens and businesses. “The unchecked ability to print money and control interest rates without accountability is unsustainable,” Vance added. …
… For the remainder of the report:
* * *
At Sprott Money, GATA secretary reviews the month for gold and silver
Submitted by admin on Wed, 2024-10-30 15:55 Section: Daily Dispatches
3:53p ET Wednesday, October 30, 2024
Dear Friend of GATA and Gold:
Your secretary/treasurer was interviewed yesterday by Craig Hemke for Sprott Money’s monthly review for October, discussing gold buying by central banks, the gradual shift away from the U.S. dollar by the BRICs nations and others, and what he sees as the inevitable devaluation of major currencies and the corresponding increase in monetary metals prices.
The interview is 22 minutes long and can be found at Sprott Money here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
India’s central bank repatriates more gold reserves, 60% now held domestically
Submitted by admin on Wed, 2024-10-30 15:43 Section: Daily Dispatches
By Dipak Mondal
The New Indian Express, Chennai
Tuesday, October 29, 2024
NEW DELHI — Between March and September the Reserve Bank of India brought back to India another 102 tonnes of gold, which were kept in safe custody at the Bank of England and the Bank for International Settlements.
The RBI now holds 60% of its total gold reserve of 854.73 tonnes domestically.
The banking regulator on Tuesday reported that at end-September 2024 it held 854.73 tonnes of gold, of which 510.46 tonnes were held domestically. While 324.01 tonnes of gold were kept in safe custody with the Bank of England and the BIS, 20.26 tonnes were held in the form of gold deposits.
In value terms, the share of gold in the total foreign exchange reserves increased from 8.15% at end-March 2024 to about 9.32% as at end-September 2024. By March 2024, the RBI held 822.10 tonnes of gold, with 408.31 tonnes held domestically, 387.26 tonnes held in custody at the Bank of England and the Bank for International Settlements, while 26.53 tonnes were held in the form of gold deposits.
Earlier this year the RBI moved 100 tonnes of gold back from the Bank of England, making it the first big move to bring back gold to India after the government’s 1991 pledging of gold to raise money.
Meanwhile, the RBI in its foreign reserve management report released Tuesday said that forex reserves increased from $646.42 billion at end-March 2024 to $705.78 billion at September 2024.
As per the report, by the end of June 2024, forex reserves cover of imports stood at 11.2 months (11.3 months at end-March 2024). The foreign currency assets comprise multi-currency assets that are held in multi-asset portfolios as per the existing norms, which conform to the best international practices followed in this regard.
At end-September 2024, out of the total foreign currency assets of $617.07 billion, $515.30 billion was invested in securities, $60.11 billion was deposited with other central banks and the BIS, and the balance $41.66 billion comprised deposits with commercial banks overseas.
4. OTHER GOLD COMMENTARIES//LIVE FROM THE VAULT/no 196 ANDREW MAGUIRE
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:
.
6 CRYPTOCURRENCY NEWS
END
ASIA TRADING THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED UP 13.59 PTS OR 0.42%
//Hang Seng CLOSED DOWN 63.31 PTS OR 0.31%
// Nikkei CLOSED DOWN 196.14 PTS OR 0.50%//Australia’s all ordinaries CLOSED DOWN 0.21%///Chinese yuan (ONSHORE) CLOSED UP TO 7.1196 CHINESE YUAN OFFSHORE CLOSED UP TO 7.1273// Oil UP TO 69.17 dollars per barrel for WTI and BRENT DOWN AT 73.79 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.1196
OFFSHORE YUAN: DOWN TO 7.1273
SHANGHAI CLOSED CLOSED UP 13.59 PTS OR 0.42%
HANG SENG CLOSED CLOSED DOWN 63.31 PTS OR 0.31%
2. Nikkei closed DOWN 196.14 POINTS OR 0.50%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 10387 EURO RISES TO 1.0869 UP 11 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +0.949 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 160.86…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and DOWN FOR UP this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.4105 Italian 10 Yr bond yield UP to 3.659 //SPAIN 10 YR BOND YIELD UP TO 3.103
3i Greek 10 year bond yield UP TO 3.280
3j Gold at $2772.30 /Silver at: 33.26 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 23/100 roubles/dollar; ROUBLE AT 97.30
3m oil into the 69 dollar handle for WTI and 72 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 152.75 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.949% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8654 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9406 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: 4.285 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.477 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 4.1814 UP 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 34.20…
10 YR UK BOND YIELD: 4.4530 UP 3 PTS
10 YR CANADA BOND YIELD: 3.276 UP 3 BASIS PTS
5 YR CANADA BOND YIELD: 3.069 UP 1 PTS.
2a New York OPENING REPORT
Futures Slide Dragged By Meta, Microsoft
Thursday, Oct 31, 2024 – 08:19 AM
Futures fell ahead of the busiest day of the earnings season, dragged down by META and MSFT which are both down about 4% following last night’s earnings releases. As of 8:00am ET S&P futures are down 0.6%, but off session lows; Nasdaq futures retreat about 0.7% after Microsoft and Meta growth outlooks fail to impress investors, with the pair together representing half of the losses in Nasdaq futures. The rest of Mag7 is also lower: AMZN, GOOG, NVDA are all down 1% – 1.4%. AAPL, which had been used as a funding source is -33bps. Bond yields are flat to down 1bps; the USD is flat. Cmdtys are getting hit with the global risk-off tone, but WTI is higher while Brent is lower. The macro data focus today is on ECI, Income/Spending, jobless claims, and the monthly PCE numbers. Mag7 earnings conclude (ex-NVDA which is Nov 20) with AAPL and AMZN.
In premarket trading, Microsoft shares dropped 3.6% after the software giant forecast slower quarterly cloud revenue growth. Morgan Stanley notes that supply constraints are continuing to limit growth in the GenAI-related businesses. Meta Platforms shares fall 2.6% after the Facebook parent reported third-quarter results. Analysts are broadly positive, but note that capital expenditure plans did raise concerns. Among other premarket stock movers, Uber slumped following a muted holiday forecast for the ride-hail service. Estee Lauder Cos. Inc. tumbled 18% after the cosmetics maker pulled its guidance for the year. EBay Inc. dropped after missing revenue forecasts. Comcast Corp. jumped after a profit beat. Here are all the notable premarket movers:
- US-listed shares Arm Holdings (ARM) fell 4.47% after Bernstein lowered its view on the chip-design company — one of the biggest winners of this year’s artificial intelligence spending boom.
- Biogen (BIIB) shares slip 1.2% after Morgan Stanley downgraded the drugmaker to equalweight from overweight saying the launch of its Alzheimer’s drug, Leqembi “has tracked below our expectations.”
- Carvana (CVNA) shares soar 20% after the used car retailer reported another strong quarter as sales growth coupled with cost-cutting measures helped boost profits. Analysts note strong retail unit sales growth and encouraging earnings trends.
- Coinbase (COIN) shares fall 2.7% after the cryptocurrency platform operator’s earnings fell short of expectations, with analysts pointing to an impact from weaker crypto asset prices during the quarter. The update prompted some brokers to question Coinbase’s competitive advantage going forward.
- DoorDash (DASH) shares rise 3.5% after the food delivery company reported earnings that surpassed analyst expectations and issued strong guidance for the fourth quarter as its market share grows. Brokers said the update bodes well for next year and profitability going forward.
- EBay (EBAY) shares drop 7.9% after the e-commerce company’s projections for the fourth quarter fell short of analyst expectations. Baird said the outlook reflected the decision to move to a no-fee model in the UK for consumer-to-consumer (C2C) transactions.
- Etsy (ETSY) rises 5.2% after the retailer reported third-quarter results in which revenue, and marketplace revenue, beat estimates. Analysts are generally positive on take rate and profitability but see guidance as mixed
- Estée Lauder (EL) shares fell 20% after the beauty company pulled its guidance for the year, citing uncertainty over a new chief executive and weak demand in China.
- Meta Platforms (META) shares fall 2.6% after the Facebook parent reported third-quarter results. Analysts are broadly positive, but note that capital expenditure plans did raise concerns.
- Merck & Co. (MRK) fell 1.3% after the company lowered the top end of its full-year sales guidance after demand for its HPV vaccine fell for a second straight quarter in China.
- Microsoft (MSFT) shares drop 3.6% after the software giant forecast slower quarterly cloud revenue growth. Morgan Stanley notes that supply constraints are continuing to limit growth in the GenAI-related businesses.
- Robinhood (HOOD) shares fall 11% after failing to meet high revenue expectations. While analysts point to disappointing key metrics for 3Q, they are generally encouraged by management commentary and October trading conditions.
- Root (ROOT) shares soar 81% after the auto insurance platform said it reached net income profitability for the first time as third-quarter revenue topped estimates.
- Starbucks (SBUX) rose 0.4% after the coffee chain reported fourth-quarter earnings. Since the company preannounced the results last week, analysts were focused on strategic changes that were laid out by new CEO Brian Niccol. Morgan Stanley said Niccol’s vision was “aspirational, like the Starbucks brand when at its best,” while TD Cowen said Niccol had succeeded in diagnosing the challenges faced by the company.
- Twilio (TWLO) shares jump 13% after the cloud communications firm showed continued improvement in its operating margins, spurring Morgan Stanley and JPMorgan to raise their price targets on the stock. Twilio also upgraded its organic revenue growth guidance for the full year.
The disappointing set of results from Microsoft and Meta was hurting sentiment, said Marija Veitmane, a senior multi-asset strategist at State Street Global Markets. Investors are questioning whether the companies can sustain profit growth while ramping up spending on artificial intelligence and cloud services.
“The market is concerned with the continued increase in investments, and that is likely to weigh on stocks in the short term,” she said. “In the medium term, however, we still see weakness in tech stocks as a buying opportunity. It’s a very crowded position, so it is getting sold on any sign of disappointment, but we always see investors coming back as there’s no other alternative if you want quality.”
The dollar and treasuries were steady (more below) , with the two-year Treasury yield, which is most sensitive to interest-rate moves, hovering at a three-month high. In addition to the resilient US economy, investors are worried that a resurgence in inflation after the US election may delay or prevent interest-rate cuts.
“Who becomes president changes the perspective of the investment cycle,” Daniel Yoo, head of asset allocation, Yuanta Securities, said on Bloomberg Television, highlighting the potential effects of higher tariffs and lower corporate taxes under a potential Donald Trump presidency. “That will probably accelerate the process of inflation pressure and therefore the lowering of interest rates may be taken at a slower pace or not even happen.”
In Europe, the Stoxx 600 retreated for a third day after its worst day since September and on track for its biggest monthly decline in a year. French lender BNP Paribas SA was the biggest drag on the index, plunging more than 7% after reporting third-quarter earnings. Peers BBVA SA, Banco Sabadell SA and ING Groep NV also dropped after their results. Societe Generale SA stood out among lenders, soaring 11% after beating estimates. Here are some of the biggest movers on Thursday:
- SocGen shares advanced as much as 11%, most since March 2022, after beating 3Q estimates on the back of higher trading income and a rebound in the French retail business.
- Jeronimo Martins shares rise as much as 10% after the operator of Polish grocery chain Biedronka reported a third-quarter earnings beat, providing signs of recovery in sales and margins.
- Geberit shares jumped as much as 7.1%, most in nearly a year, after the Swiss maker of building materials boosted its guidance for the full year as management expects more robust development in the renovations business.
- Erste shares gain as much as 5.8% to the highest level since 2007 after the bank raised its forecast for net interest income growth this year.
- Airbus gains as much as 3.8%, the most since Oct. 17, after the planemaker reported third-quarter results that topped analysts’ expectations.
- Maersk shares rise as much as 3.3% after the Danish shipping company’s results showed improvement in the logistics division, while the ocean division’s higher rates drove revenue and Ebitda.
- Stellantis shares rise as much as 1.6% as analysts say the carmaker’s European revenue helped offset woes in North America, thanks to stronger-than-expected mix.
- SoftwareOne shares tumbled as much as 28%, to a new record low after the Swiss IT service provider cut its margin guidance for the full year – the second downgrade in the space of a few months.
- Smith & Nephew shares plunge as much as 14%, after the medical devices company reported results for the third quarter that disappointed analysts and cut its outlook for the year.
- BNP shares fall as much as 7.5% with analysts pointing to disappointment in the lender’s retail banking trends, especially in France and Belgium, while its capital was weak.
- AB InBev slides as much as 4.5% after reporting a sharper drop in organic volumes than anticipated in the last quarter, leading to sales and Ebitda growing less than expected.
- AXA shares fall as much as 2.2% after nine-month results, with the French insurer’s solvency ratio a small disappointment for analysts.
Earlier in the session, shares in Japan, Australia and South Korea declined, weighing on an index of the region’s equities, which headed for its worst monthly performance since August 2023. Mainland Chinese shares were mixed and those in Hong Kong rose, after a report showing monthly Chinese manufacturing data registered its first expansionary reading since April. Kospi drops almost 1% after Samsung chip profit disappoints. Hang Seng climbs 0.5% and mainland indexes advance after Chinese factory activity unexpectedly expands. The BOJ kept its benchmark interest rate unchanged after uncertainties increased over the outlook of the economy and the stability of the government after the ruling coalition suffered its worst electoral result since 2009. The yen strengthened below 153 per dollar.
In rates, treasuries advance across the curve in a moderate bull-flattening move, with 5s30s spread back to tightest level since July. US yields richer by as much as 3bp across the curve with 2s10s, 5s30s spreads flatter by 1bp and 2bp on the day; 10-year near 4.28% is ~2.5bp richer on the day with UK 10-year underperforming by around 8bp. European bonds dipped after data showed euro-area inflation accelerated more than expected in October — matching the ECB’s target and boosting arguments for interest rates to be lowered gradually. Treasuries also sharply outperform gilts as UK financial markets absorb Labour government’s plans for increased borrowing and fiscal stimulus. UK front-end yields are up about 10bp in an aggressive bear-flattening move as money markets unwind the extent of Bank of England interest-rate cuts expected in 2025. UK 10-year yields rose another 6 bps to 4.41% – the highest since November 2023. Bunds also fall, albeit to a lesser extent. German 10-year yields rise 2 bp to 2.40% with little reaction to an upside surprise in euro-area headline and core inflation for October. US session includes employment cost index, weekly jobless claims and PCE price indexes.
In FX, the dollar slipped, though it remains on pace for its best month in more than two years as investors trimmed bets on Fed policy easing after robust economic-growth and jobs data Wednesday. One-week implied volatility on the Bloomberg Dollar Spot Index rose to the highest since December 2022, indicating that traders expect wild swings in the greenback over the US presidential election. The Japanese yen topped the G-10 FX leader board, rising 0.7% against the greenback after the BOJ left rates on hold and maintained it’s on track to achieve its inflation target.
In commodities, oil edged higher, extending its gains from the previous session; WTI rose 0.7% to $69.10. Gold dropped after touching a fresh record in the prior session; spot traded down $6 to $2,781/oz. Demand for the precious metal was partly supported by the uncertainty posed by next week’s vote.
Looking at today’s calendar, US economic data calendar includes October Challenger job cuts (7:30am), 3Q employment cost index, September personal income and spending with embedded PCE price indexes, jobless claims (8:30am) and October MNI Chicago PMI (9:45am, several minutes earlier to subscribers). Fed officials are in self-imposed quiet period ahead of Nov. 7 policy announcement.
Market Snapshot
- S&P 500 futures down 0.8% to 5,803.75
- STOXX Europe 600 down 0.6% to 508.62
- MXAP down 0.2% to 186.49
- MXAPJ down 0.4% to 591.63
- Nikkei down 0.5% to 39,081.25
- Topix down 0.3% to 2,695.51
- Hang Seng Index down 0.3% to 20,317.33
- Shanghai Composite up 0.4% to 3,279.82
- Sensex down 0.7% to 79,416.69
- Australia S&P/ASX 200 down 0.2% to 8,160.03
- Kospi down 1.5% to 2,556.15
- German 10Y yield little changed at 2.40%
- Euro little changed at $1.0857
- Brent Futures down 0.2% to $72.38/bbl
- Gold spot down 0.3% to $2,778.56
- US Dollar Index little changed at 103.96
Top Overnight News
- China’s NBS manufacturing PMI for Oct came in at 50.1, above the Street’s 49.9 forecast, up from 49.8 in Sept, and higher than the 50 expansion/contraction demarcation point for the first time in 6 months as the government’s stimulus measures show signs of bolstering activity. China’s NBS non-manufacturing PMI for Oct came in at 50.2, up from 50 in Sept but a tiny bit below the consensus forecast of 50.3 RTRS
- China tells its auto makers to halt major investments in Eurozone countries that support higher EV tariffs. RTRS
- The yen climbed after BOJ Governor Kazuo Ueda said currency movements are having a major impact on the economy and price trends. Policymakers kept rates unchanged, as expected, and signaled the central bank’s on track for further rate hikes. BBG
- France’s CPI for Oct came in at +1.5%, up 10bp from Sept and inline w/the Street (the +1.5% remains far below the ECB’s 2% target). BBG
- Lebanon’s PM said Israel and Hezbollah could agree to a ceasefire agreement within days. RTRS
- OPEC+ could delay its planned production hike beyond Dec as it looks to bolster oil prices. RTRS
- BNP shares dropped as its largest operating business continued to suffer headwinds including ill-timed hedges. BBG
- Uber fell premarket after it reported weaker-than-expected ride bookings and issued a middling forecast for the holiday quarter. BBG
- Microsoft shares fell premarket after a disappointing forecast for its Azure cloud-computing business, though Bloomberg Intelligence sees growth picking up in the second half. Meta also declined after warning of worsening AI losses. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mixed albeit with most major indices subdued following the negative handover from the US and heading into month-end, while participants also digested a slew of data releases including somewhat mixed Chinese PMIs. ASX 200 declined amid losses in utilities and consumer stocks with retailer Coles pressured after its quarterly update. Nikkei 225 briefly dipped beneath the 39,000 level after mixed data and cautiousness heading into the BoJ announcement which lacked any major fireworks as the central bank kept rates unchanged as expected and refrained from any fresh policy clues. Hang Seng and Shanghai Comp were underpinned with earnings in focus and strength in Chinese banks after the Big 4 registered profit growth, although the upside was limited in the mainland after the mixed PMI data which showed manufacturing activity topped estimates and printed at a surprise expansion although non-manufacturing missed forecasts.
BOJ/Top Asian News
- BoJ kept its short-term policy rate unchanged at 0.25%, as expected, through a unanimous decision and said it will conduct monetary policy from perspective of sustainably and stably achieving the 2% price target, while it stated given that real interest rates are at very low levels, the BoJ will continue to raise the policy rate if the economy and prices move in line with its forecast. BoJ said Japan’s economy is recovering moderately although some weaknesses are observed and underlying consumer inflation is likely to be at a level generally consistent with the 2% target in the second half of the projection period through fiscal 2026. BoJ also stated that risks to prices are skewed to the upside for FY 2025 and noted uncertainty surrounding Japan’s economy and prices remains high. Furthermore, it must be vigilant to financial and FX market moves and their impact on the economy and prices, as well as scrutinise US and overseas economic developments, while it added that financial conditions remain accommodative and it mostly maintained its forecasts in the Outlook Report.
- BoJ’s Ueda says the domestic economy is recovering moderately, though some weak moves are seen. Did not need to use the language at this meeting that they can afford to spend time scrutinising risks. Uncertainties remain but markets have slowly regains stability. Can’t currently say how much wages would need to increase for them to hike further; if wage hikes are similar to this year’s Spring negotiations that would be a “positive development”, but that does not mean we decide to hike with only that
European bourses, Stoxx 600 (-0.7%) began the European session entirely in the red, and continued to traverse worse levels throughout the morning. European sectors hold a strong negative bias; Construction & Materials takes the top spot whilst Retail is found at the foot of the pile. US Equity Futures (ES -0.8% NQ -1.1% RTY -0.4%) are entirely in the red, with sentiment hit following post-earning losses tech heavyweights Meta (-3.8%) and Microsoft (-3.8%).
Top European News
- UK Chancellor Reeves says there will be more plans to boost growth. Is not going to come back for more money in the spring. Commenting on yesterday’s budget, says “will not have to do anything like that ever again”.
- ECB President Lagarde said the inflation goal is in sight but cannot say inflation is completely under control, while they will base the size and order of cuts on economic data. Lagarde added that no Euro area recession is expected in 2024-2026 and she reaffirmed commitment to a continued interest rate reduction, according to Le Monde.
- German engineering orders -8% Y/Y in September (Domestic -15%; Foreign Orders -5%); Jun-Sept-4% Y/Y (Domestic -16%, Foreign Orders Unch.), according to VDMA.
- ECB’s Panetta says rates need to come down; inflation is easing and need to pay attention to weakness of the economy. ECB needs to avoid the risk of pushing inflation below target.
Earnings
- Meta Platforms Inc (META) Q3 2024 (USD): EPS 6.03 (exp. 5.24), Revenue 40.59bln (exp. 40.27bln). Expects Q4 total revenue to be in the range of USD 45bln-48bln (exp. 46.3bln). Co. shares were lower by 3.1% after-hours with some desks questioning the Co.’s growth outlook amid potential AI-related losses
- Microsoft Corp (MSFT) Q1 2025 (USD): EPS 3.30 (exp. 3.10), Revenue 65.6bln (exp. 64.51bln). Microsoft Cloud revenue 38.9bln (exp. 38.11bln). Co. shares were lower by 3.7% after-hours following its disappointing cloud growth forecast
- Amgen Inc (AMGN) Q3 2024 (USD): Adj. EPS 5.58 (exp. 5.11), Revenue 8.50bln (exp. 8.52bln)
- Shell (SHEL LN) Q3 (USD): Adj. Profit 6.03bln (exp. 5.39bln), Adj. EBITDA 16bln (exp. 15.40bln); plans a share buyback program of USD 3.5bln; Cuts FY24 Capex “less than” 22bln (prev. guided 22-25bln). Shares +1.1%
- Stellantis (STLAM IM/STLAP FP) Q3 (EUR) Revenue 33bln (exp. 33.1bln); notes it is clear the Chinese rivals are coming into Europe and taking a “very aggressive stance”; affirms guidance. Shares +2.4%
- STMicroelectronics (STM FP) Q3 (USD): EPS 0.37 (exp. 0.33), Revenue 3.25bln (exp. 3.22bln). Guides Q4 Revenue 3.32bln (exp. 3.38bln). Trims FY24 revenue 13.3bln (exp. 13.3bln, prev. guided 13.2-13.7bln). Launches new company-wide program to restore manufacturing footprint; “based on our current customer order backlog and demand visibility, we anticipate a revenue decline between Q4’24 and Q1’25 well above seasonality.”(Newswires) Shares -2.4%
- TotalEnergies (TTE FP) Q3 (USD): adj. Net Income 4.07bln (exp. 4.27bln), adj. EBITDA 10bln (exp. 10.06bln); confirms investment guidance for 2024; interim dividend of EUR 0.79/shr for FY, +7% Y/Y; to execute a USD 2bln share buyback in Q4. Shares -7.2%
- Maersk (MAERSKB DC) Q3 (USD): Revenue 15.7bln (exp. 14.78bln), PBT 3.25bln (exp. 2.3bln), EBIT 3.3bln (exp. 2.99bln), EBITDA 4.8bln (exp. 4.4bln), EPS 193 (ex. 178). Lifted guidance. Shares +2.1%
FX
- DXY is lower as JPY strength acts as a drag on the index. Today sees core PCE metrics and weekly jobless claims, ahead of NFP on Friday. DXY is currently just below the 104 mark after briefly dipping below Wednesday’s trough at 103.97.
- Little follow-through for the EUR from above-expected EZ CPI given that regional releases had suggested such an outcome. EUR/USD is currently in close proximity to its 200DMA at 1.0869 and yesterday’s high at 1.0871.
- GBP is attempting to claw back Wednesday’s post-budget losses, whereby concerns around borrowing forecasts from the OBR have subsequently embedded more of a fiscal risk premium into the GBP. Cable has been unable to make its way back onto a 1.30 handle and is currently stuck below its 100DMA at 1.2976.
- JPY has strengthened in the wake of the BoJ policy decision. The announcement itself provided little in the way of surprises. However, the JPY began to pick up steam as Governor Ueda spoke and downplayed concerns over financial stability risks acting as an impediment to further policy tightening. USD/JPY briefly made its way onto a 151 handle but has since stabilised around the 152.50 mark.
- Antipodeans are both broadly steady vs. the USD. No real follow through seen for AUD from mixed Australian Retail Sales, nor mixed Chinese PMI metrics.
Fixed Income
- Gilts gapped lower from Wednesday’s 94.92 close, briefly stabilised and attempted a rebound but remained around 24 ticks shy of that mark at best. Benchmark down to a 94.05 base, 28 ticks below Wednesday’s trough and at a fresh contract low; UK paper then lifted off worst levels after a relatively strong Green 2053 outing.
- Bunds were weighed on, in-fitting with Gilts into Flash HICP for October. The pan-EZ figure came in hotter-than-expected, but given the skew from data earlier in the week this had no real impact. Bunds down to 131.32 at worst this morning, since picked up modestly and erring back towards opening levels but remain well into the red overall.
- USTs are softer as Gilts weigh on the complex generally and as we look ahead to today’s monthly PCE number before tomorrow’s NFP print, a payrolls report which has the potential to print sub-zero. At a 110-14 trough, half a tick below Wednesday’s base.
- UK sells GBP 2.25bln 1.50% 2053 Green: b/c 3.15x (prev. 3.26x), average yield 4.831% (prev. 4.545%), tail 0.5bps (prev. 0.6bps)
Commodities
- Crude is in the green but only modestly so. Action which comes amidst a soft USD and as the geopolitical environment remains tense. Brent Jan’25 currently holding around USD 72.50/bbl.
- Spot gold is softer while the correlation has broken down, ongoing UK-led yield upside is likely weighing. The yellow metal awaits key US data today and tomorrow, currently towards session lows around USD 2773/oz.
- Base metals are mixed. LME Copper essentially unchanged as we await key US events over the next few days/week which will help determine the near/medium-term macro direction. Furthermore, leads from China were mixed with Manufacturing PMI making its way just back into expansionary territory though non-manufacturing missed consensus slightly.
- Energy Intel’s Bakr says, re. recent OPEC+ source reports, that “they didn’t even talk about this yet”.
Geopolitics: Middle East
- Lebanon’s Prime Minister said they hope for a ceasefire with Israel in the coming hours or days.
- Cypriot President said he is optimistic that a ceasefire in Lebanon could be reached in the next 1-2 weeks.
- Israeli military said it attacked fuel reservoirs in Lebanon’s Bekaa region located in military complexes of Hezbollah’s logistical empowerment unit, while it added that Iran is behind supplying Hezbollah with fuel as part of its military support and it targeted oil depots belonging to Hezbollah’s 4400 Logistics Armament Unit in the Bekaa.
- Hezbollah bombed gatherings of Israeli enemy soldiers in the settlement of Kiryat Shmona with a rocket barrage.
- CNN cited a senior source familiar with Iran’s intentions who stated that the Israeli attack would be met with a “decisive and painful response”, while the source did not provide a date but said it would “likely take place before the US election”.
- Israel Broadcasting Corporation reported that Tel Aviv is considering launching a large-scale pre-emptive attack against Iran, according to Sky News Arabia.
- White House said the US will support Israel if Iran does respond.
Geopolitics: Other
- North Korea launched a ballistic missile towards the East Sea which set a new record, while North Korean leader Kim said the missile test was appropriate military activity as their enemies’ dangerous moves have emphasised the need to strengthen the nuclear force and North Korea will never change its stance of strengthening its nuclear arsenal, via KCNA.
- South Korea’s National Security Council plans to designate new sanctions on North Korea and South Korea’s military said the US is to respond to North Korea’s missile test by deploying strategic assets for drills, according to Yonhap.
- South Korean Defence Minister said Russia could aid North Korea with technology for tactical nuclear weapons and ICBMs in exchange for North Korean troops.
- White House said the US condemns North Korea’s intercontinental ballistic missile test, but noted North Korea’s intercontinental ballistic missile test did not pose an immediate threat to US personnel, territory, or its allies.
- Japanese PM Ishiba will hold a national security council meeting and Defence Minister Nakatani said they will closely cooperate with the US and South Korea over North Korea’s missile launch.
US Event Calendar
- 07:30: Oct. Challenger Job Cuts YoY 50.9%, prior 53.4%
- 08:30: Oct. Initial Jobless Claims, est. 230,000, prior 227,000
- Oct. Continuing Claims, est. 1.88m, prior 1.9m
- 08:30: Sept. Personal Income, est. 0.3%, prior 0.2%
- Sept. Personal Spending, est. 0.4%, prior 0.2%
- Sept. Real Personal Spending, est. 0.3%, prior 0.1%
- Sept. PCE Price Index MoM, est. 0.2%, prior 0.1%
- Sept. PCE Price Index YoY, est. 2.1%, prior 2.2%
- Sept. Core PCE Price Index MoM, est. 0.3%, prior 0.1%
- Sept. Core PCE Price Index YoY, est. 2.6%, prior 2.7%
- 08:30: 3Q Employment Cost Index, est. 0.9%, prior 0.9%
- 09:45: Oct. MNI Chicago PMI, est. 47.0, prior 46.6
DB’s Jim Reid concludes the overnight wrap
Happy Halloween to you all. If you want to be scared I’m going to a Halloween themed fancy dress party tomorrow night as Marilyn Manson. The PVC trousers have arrived from Amazon and my wife is licking her lips at applying make-up to me! There’s been lots of tricks and treats for markets over the last 24 hours with some of the highlights being a -22.3% drop for the Trump Media and Technology group, a 10-13bps rise in 2yr European yields and a 15bps climb in Gilt yields off the lows for the day across the curve after the budget. Just as it looked like US moves were going to be tame by comparison a late sell-off encouraged US 2yr yields +8.6bps on the day. It’s a big day today with US PCE inflation, a continuation of European inflation numbers that helped move markets yesterday, and Apple and Amazon reporting after the closing bell.
The big move in Trump’s media group was partly down to fresh CNN polls which showed Harris with sizeable +5pt and +6pt leads in the swing states of Michigan and Wisconsin, although still tied with Trump in Pennsylvania. These stronger polls saw the FiveThirtyEight model’s probability of a Trump victory decline to 51% from 54% the day before, while the odds on Polymarket fell from 67% to 64%. To be fair, much of the decline in Trump Media may have reflected its sharp recent rise (+324% from the low in late September), with a large correction always possible after such a run up in a short space of time. The reversal in other Trump proxy trades was more modest, with Bitcoin down -1.14%.
Over in Europe, the big moves followed stronger-than-expected GDP and inflation data. The first showed euro area GDP growing by a solid +0.4% quarter-on-quarter in Q3 (vs. +0.2% expected), with upside surprises in Germany (+0.2% vs -0.1% expected), France (+0.4% vs +0.3%) and Spain (+0.8% vs +0.6%) outweighing the downside in Italy (0.0% vs. +0.2% expected). On the inflation side, Germany’s flash inflation print for October saw the harmonised HICP measure come in at +2.4% yoy (vs. +2.1% expected). Following this upside surprise, our European economists see today’s euro area release tracking at 1.96% yoy for headline HICP and 2.69% yoy for core, nearly a tenth higher than they expected prior to yesterday.
The stronger data saw hawkish-leaning ECB officials speak in favour of only gradual easing, with Schnabel saying that “a gradual approach to removing policy restriction remains appropriate”, while Nagel commented that “my advice is to remain cautious and not to rush”. Market pricing of a 50bps rate cut by the ECB in December fell from 41% to 20% yesterday, with -11.2bps of cuts priced out over the next three meetings in total. 2yr bund yields (+11.5bps) posted their largest increase in over three weeks, with OATs (+11.0bps) and BTPs (+12.5bps) seeing similar moves. At the long-end, 10yr bund yields (+5.1bps) rose to their highest in three months at 2.39%, while 10yr BTPs (+7.5bps) underperformed after the weak GDP data there.
Stronger data also helped to put upward pressure on US yields, albeit after an initial false start. 2yr and 10yr Treasury yields ended the day +8.6bps and +4.6bps higher, respectively, with the 10yr reaching 4.30% for the first time since early July. It’s dipped back to 4.276% this morning in Asia. The highlight of the data was a strong rise in the ADP employment survey (+233k vs +111k expected) ahead of Friday’s payrolls release. We also had Q3 GDP, which came in a touch beneath expectations (+2.9% vs +2.8%) but with strong growth in personal consumption (+3.7% vs +3.3% expected), and the September pending home sales print, which saw the strongest monthly jump since the first post-Covid lockdown rebound in summer 2020 (+7.4% vs. +1.9% expected).
Here in the UK, gilts actually outperformed the euro area and the US with yields ‘only’ 3-5bps higher across the curve. That was mostly thanks to a decline early in the day before the budget announcement. However, 2yr yields then rose as much as 24bps off the lows at one point, with long-end yields rising only slightly less. This came as the market digested a post-budget announcement from the UK Debt Management Office that gross financing needs for 2024/25 would be GBP 23bn higher than projected back in April, with a further GBP 145bn cumulative increase over the following 4 years. Yields settled back down 5 to 10bps from the highs before the close but it was certainly a volatile session. In terms of implications for the BoE, the market takeaway was that it would likely keep rates higher for longer with the June 2025 pricing rising by +15.9bps on the day.
Our UK economist Sanjay Raja notes that this is very much a historic budget in its scale, with announced net spending measures adding up to GBP 70bn a year on average over the next five years, partially offset by GBP 36bn a year in net tax increases. All up, this marks one of the largest fiscal loosening of any UK fiscal event in decades. See Sanjay’s full reaction piece here.
Equities had a relatively challenging session, amid a rout for chipmakers that saw the Philadelphia semiconductor index fall by -3.35%. That had some specific drivers, with Advanced Micro Devices falling -10.62% after its underwhelming results the previous evening, while server maker Super Micro Computer fell by -32.7% after its auditor resigned from its role, citing “integrity” concerns. The NASDAQ fell by -0.56%, though the Mag-7 (-0.02%) was essentially unchanged, helped by Alphabet’s +2.82% rise after its results. And US equities did not fare too badly otherwise, with 49% of the S&P 500 stocks higher on the day, as financials (+0.42%) and real estate (+0.39%) outperformed amid the stronger data. Over in Europe, tech losses led more substantial declines, with the Stoxx 600 (-1.25%) seeing its weakest session in over a month as all of its 25 industry groups fell on the day.
After the US market close, earnings reports from Microsoft and Meta added to the more negative tech mood. Microsoft delivered an upbeat Q3 performance, but announced a weaker forecast for cloud revenue growth, while Meta’s narrow beat was overshadowed by its warning of still rising losses from its Reality Labs division that focuses on AI and augmented reality. Both stocks fell by between -3% and -4% in after-hours trading. This morning, the Nasdaq 100 futures are -0.71%, underperforming S&P 500 (-0.50%).
In the commodity space oil prices rose by more than 2% yesterday following a Reuters report that OPEC+ could delay the oil output hike planned for December and EIA data showing a decline in US stockpiles of crude and refined products.
Overnight in Asia, most main equity indices are struggling with the Nikkei 225 (-0.43%) and the Kospi (-1.16%) trailing Chinese markets as the CSI 300 (-0.03%) and the Hang Seng (+0.15%) manage to slightly outperform. In terms of macro events, there was a hold from the BoJ overnight, with the yen subsequently strengthening, as well as an upbeat official manufacturing PMI print from China, with the gauge moving back above 50 (50.1 vs 49.9 expected) for the first time since April, while the non-manufacturing index showed a small miss (50.2 vs 50.3 expected).
Looking to the day ahead, in terms of US data we will have the personal income and spending data for September, including the PCE inflation print, as well as the Q3 employment cost indicator and the weekly jobless claims. In Europe, we get the October inflation prints for France, Italy and the euro area, while ECB’s Panetta and BoE’s Breeden are due to speak. In earnings, Apple and Amazon will round off this week’s Mag-7 releases, with Mastercard, Uber, Merck and Intel other highlights in the US. In Europe, earnings include AB Inbev, TotalEnergies and AP Moller – Maersk.
2B) European report.
2C ASIAN REPORT
APAC stocks subdued post-US losses and BoJ rate hold; EU & US futures fall on Meta and Microsoft – Newsquawk Europe Market Open
Thursday, Oct 31, 2024 – 02:49 AM
- APAC stocks were mostly subdued following the negative handover from the US; participants also digested mixed Chinese PMIs.
- BoJ kept rates unchanged as expected and refrained from any fresh policy clues.
- European equity futures are indicative of a negative cash open with the Euro Stoxx 50 future -0.5% after the cash market closed lower by 1.3% on Wednesday.
- US equity futures (ES -0.5%, NQ -0.7%) were hampered by after-market earnings from Meta (-3.1% after-hours) and Microsoft (-3.7% after-hours).
- DXY is steady and just above the 104 mark, JPY leads peers post-BoJ with other majors steady.
- Looking ahead, highlights include German Retail Sales, EZ CPI, US Challenger Layoffs, PCE (Sept), Initial Jobless Claims, Employment Costs, Canadian GDP, NZ HLFS Jobs, Comments from BoJ Governor Ueda & BoE’s Breeden, Supply from the UK.
- Earnings from Mastercard, Merck, Linde, Uber, Comcast, Eaton, ConocoPhillips, Bristol-Myers Squibb, Regeneron Pharmaceuticals, Southern Company, ICE, Cigna, Altria, Estee Lauder, Kellogg, International Paper, Hyatt Hotels, Mobileye, Norwegian Cruise Line, Universal Music Group, ING, BBVA, Caixabank, Repsol, Societe Generale, STMicroelectronics, TotalEnergies, BNP Paribas, Carlsberg, Haleon, Shell, Smith & Nephew, Intesa Sanpaolo, Prysmian, Stellantis
SNAPSHOT
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US TRADE
EQUITIES
- US stocks were ultimately pressured in the midst of earnings season and the NDX underperformed owing to the weakness in semis as AMD’s earnings offset the strong results from Alphabet, and with Super Micro shares plummeting after its auditor Ernst & Young sent it a letter of resignation. Aside from a deluge of earnings, participants also digested mixed data releases as Q3 GDP disappointed but ADP jobs data surged, while the attention was also on the UK Budget announcement which saw Gilts tumble on the inflationary prospects of the Budget and heavy supply forecasts.
- SPX -0.33% at 5,814, NDX -0.79% at 20,388, DJIA -0.22% at 42,142, RUT -0.23% at 2,233.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Meta Platforms Inc (META) Q3 2024 (USD): EPS 6.03 (exp. 5.24), Revenue 40.59bln (exp. 40.27bln). Expects Q4 total revenue to be in the range of USD 45bln-48bln (exp. 46.3bln). Co. shares were lower by 3.1% after-hours with some desks questioning the Co.’s growth outlook amid potential AI-related losses
- Microsoft Corp (MSFT) Q1 2025 (USD): EPS 3.30 (exp. 3.10), Revenue 65.6bln (exp. 64.51bln). Microsoft Cloud revenue 38.9bln (exp. 38.11bln). Co. shares were lower by 3.7% after-hours following its disappointing cloud growth forecast
- Amgen Inc (AMGN) Q3 2024 (USD): Adj. EPS 5.58 (exp. 5.11), Revenue 8.50bln (exp. 8.52bln)
APAC TRADE
BOJ
- BoJ kept its short-term policy rate unchanged at 0.25%, as expected, through a unanimous decision and said it will conduct monetary policy from perspective of sustainably and stably achieving the 2% price target, while it stated given that real interest rates are at very low levels, the BoJ will continue to raise the policy rate if the economy and prices move in line with its forecast. BoJ said Japan’s economy is recovering moderately although some weaknesses are observed and underlying consumer inflation is likely to be at a level generally consistent with the 2% target in the second half of the projection period through fiscal 2026. BoJ also stated that risks to prices are skewed to the upside for FY 2025 and noted uncertainty surrounding Japan’s economy and prices remains high. Furthermore, it must be vigilant to financial and FX market moves and their impact on the economy and prices, as well as scrutinise US and overseas economic developments, while it added that financial conditions remain accommodative and it mostly maintained its forecasts in the Outlook Report.
EQUITIES
- APAC stocks were mixed albeit with most major indices subdued following the negative handover from the US and heading into month-end, while participants also digested a slew of data releases including somewhat mixed Chinese PMIs.
- ASX 200 declined amid losses in utilities and consumer stocks with retailer Coles pressured after its quarterly update.
- Nikkei 225 briefly dipped beneath the 39,000 level after mixed data and cautiousness heading into the BoJ announcement which lacked any major fireworks as the central bank kept rates unchanged as expected and refrained from any fresh policy clues.
- Hang Seng and Shanghai Comp were underpinned with earnings in focus and strength in Chinese banks after the Big 4 registered profit growth, although the upside was limited in the mainland after the mixed PMI data which showed manufacturing activity topped estimates and printed at a surprise expansion although non-manufacturing missed forecasts.
- US equity futures (ES -0.5%, NQ -0.7%) were hampered by after-market earnings from Meta (-3.1% after-hours) and Microsoft (-3..7% after-hours)
- European equity futures are indicative of a negative cash open with the Euro Stoxx 50 future -0.5% after the cash market closed lower by 1.3% on Wednesday.
FX
- DXY traded rangebound above the 104.00 level after mixed data releases in which Advanced GDP disappointed but the Core PCE component was firmer than expected and ADP National Employment surged, while the attention now turns to the Fed’s preferred PCE inflation metric later today and then on to Friday’s NFP report.
- EUR/USD held on to most of the prior day’s gains against the buck, following a series of hot data releases out of Europe including German and Spanish CPI figures, as well as stronger-than-expected German and EZ Flash GDP.
- GBP/USD languished beneath 1.3000 after whipsawing in the aftermath of the Budget announcement which the OBR assessed would increase UK interest and gilt rates by 0.25% and that firms would pass most of the NI costs via lower wages and higher prices.
- USD/JPY traded indecisively amid an unsurprising BoJ decision but was eventually pressured after the dust settled given that there was very little to suggest a deviation from the central bank’s stance in which it reiterated to continue to raise the policy rate if the economy and prices move in line with its forecast and noted risks to prices are skewed to the upside for FY 2025
- Antipodeans traded sideways and largely ignored the latest data releases including somewhat mixed Chinese PMI figures.
FIXED INCOME
- 10yr UST futures remained subdued following the prior day’s curve flattening owing to mixed data and the quarterly refunding announcement, while a collapse in Gilts in the aftermath of the UK Budget provided headwinds for global peers.
- Bund futures languished at multi-month lows after yesterday’s sharp drop which also followed firm EU data.
- 10yr JGB futures lacked firm direction with prices choppy following the lack of surprises from the BoJ policy decision.
COMMODITIES
- Crude futures marginally extended on gains after rebounding yesterday with the help of bullish inventory data and an OPEC+ source report that noted the group could delay the planned oil output hike scheduled for December by a month or more.
- Spot gold lingered around its record levels and continues to eye an approach towards the USD 2,800/oz level.
- Copper futures were rangebound as price action reflected the cautious mood and mixed data releases.
- Chile’s Codelco September YTD copper output fell 4.9% Y/Y to 918k metric tonnes and it sees 2024 copper output at between 1.325-1.352mln metric tonnes.
CRYPTO
- Bitcoin traded indecisively and pulled back after hitting resistance around the USD 72,500 level.
NOTABLE ASIA-PAC HEADLINES
- EU is set to send envoys to China to discuss an EV tariff alternative, according to Bloomberg.
DATA RECAP
- Chinese Manufacturing PMI (Oct) 50.1 vs Exp. 49.9 (Prev. 49.8)
- Chinese Non-Manufacturing PMI (Oct) 50.2 vs Exp. 50.4 (Prev. 50.0)
- Chinese Composite PMI (Oct) 50.8 (Prev. 50.4)
- Japanese Industrial Production MM (Sep) 1.4% vs. Exp. 1.0% (Prev. -3.3%)
- Japanese Retail Sales YY (Sep) 0.5% vs. Exp. 2.3% (Prev. 2.8%, Rev. 3.1%)
- Australian Building Approvals (Sep) 4.4% vs. Exp. 3.0% (Prev. -6.1%, Rev. -3.9%)
- Australian Retail Sales MM Final (Sep) 0.1% vs. Exp. 0.3% (Prev. 0.7%)
- Australian Retail Trade (Q3) 0.5% vs. Exp. 0.5% (Prev. -0.3%, Rev. -0.4%)
GEOPOLITICS
MIDDLE EAST
- Israeli officials said Israel and the US had reached preliminary understandings on the principles for a political settlement to end the war in Lebanon, according to Axios’s Ravid. A senior Israeli official said Israel and the US “see eye to eye” on the principle that an agreement will first be reached and only then will the ceasefire begin, while the official estimated that it would take several weeks to reach an agreement.
- US envoy Hochstein is working on drafting an agreement between Israel and Lebanon, while the army will withdraw from Lebanon within a week and will resume its operations if the agreement is violated, according to Al Jazeera. However, US officials cited by Axios said Washington has not reached a final agreement with either the Lebanese or Israeli parties.
- Lebanon’s Prime Minister said they hope for a ceasefire with Israel in the coming hours or days.
- Cypriot President said he is optimistic that a ceasefire in Lebanon could be reached in the next 1-2 weeks.
- Israeli military said it attacked fuel reservoirs in Lebanon’s Bekaa region located in military complexes of Hezbollah’s logistical empowerment unit, while it added that Iran is behind supplying Hezbollah with fuel as part of its military support and it targeted oil depots belonging to Hezbollah’s 4400 Logistics Armament Unit in the Bekaa.
- Hezbollah bombed gatherings of Israeli enemy soldiers in the settlement of Kiryat Shmona with a rocket barrage.
- CNN cited a senior source familiar with Iran’s intentions who stated that the Israeli attack would be met with a “decisive and painful response”, while the source did not provide a date but said it would “likely take place before the US election”.
- Israel Broadcasting Corporation reported that Tel Aviv is considering launching a large-scale pre-emptive attack against Iran, according to Sky News Arabia.
- White House said the US will support Israel if Iran does respond.
OTHER
- North Korea launched a ballistic missile towards the East Sea which set a new record, while North Korean leader Kim said the missile test was appropriate military activity as their enemies’ dangerous moves have emphasised the need to strengthen the nuclear force and North Korea will never change its stance of strengthening its nuclear arsenal, via KCNA.
- South Korea’s National Security Council plans to designate new sanctions on North Korea and South Korea’s military said the US is to respond to North Korea’s missile test by deploying strategic assets for drills, according to Yonhap.
- South Korean Defence Minister said Russia could aid North Korea with technology for tactical nuclear weapons and ICBMs in exchange for North Korean troops.
- White House said the US condemns North Korea’s intercontinental ballistic missile test, but noted North Korea’s intercontinental ballistic missile test did not pose an immediate threat to US personnel, territory, or its allies.
- Japanese PM Ishiba will hold a national security council meeting and Defence Minister Nakatani said they will closely cooperate with the US and South Korea over North Korea’s missile launch.
EU/UK
NOTABLE HEADLINES
- UK DMO’s CEO said the Gilt market has reacted ‘quite positively’ to an increased issuance after the Budget and has a strong track record in absorbing higher prices.
- ECB President Lagarde said the inflation goal is in sight but cannot say inflation is completely under control, while they will base the size and order of cuts on economic data. Lagarde add that no Euro area recession is expected in 2024-2026 and she reaffirmed commitment to a continued interest rate reduction, according to Le Monde
- ECB’s Nagel said price stability is not far off, but the last stretch of the road still has to be covered.
3B NORTH KOREA/SOUTH KOREA
NORTH KOREA/RUSSIA/USA
North Korean Troops Fighting In Ukraine Will ‘Surely Return In Body Bags’: UN
Thursday, Oct 31, 2024 – 11:05 AM
Using surprisingly blunt words which are clearly a warning and a threat, the United States envoy to the UN, Robert Wood, has said that North Korean forces entering Ukraine “will surely return in body bags.”
Wood issued the words while speaking before the UN security council on Wednesday. He said that if Pyongyang’s forces “enter Ukraine in support of Russia, they will surely return in body bags.” He then warned, “I would advise Chairman Kim [Jong-un] to think twice about engaging in such reckless and dangerous behavior.”
Over the past couple of weeks it has been widely reported that some 10,000 North Korean troops are in Russia, having arrived at Russia’s far eastern port of Vladivostok.
US Defense Secretary Lloyd Austin separately addressed the issue in a Wednesday briefing, saying from the Pentagon, “I call upon them to withdraw their troops out of Russia” – in reference to the North Koreans.
Austin described that the United States will “continue to work with allies and partners to discourage Russia from employing these troops in combat.”
Earlier this week the White House said these foreign forces would become “legitimate military targets” if they enter the fight against Ukraine.
Austin in follow-up also affirmed that the NK troops would be “co-belligerents, and you have every reason to believe that …they will be killed and wounded as a result of battle.”
But Austin also forewarned Ukraine and the Western allies that despite all of these repeat warnings, there remains a “good likelihood” that Moscow is still going to move forward.
He explained that if North Korean troops “are fighting alongside Russian soldiers in this conflict and attacking Ukrainian soldiers, Ukrainian soldiers have the right to defend themselves.”
Ukraine has thus far alleged that these forces are helping Russia to establish control in Kursk province, which has seen Ukrainian forces occupy broad swathes of land since the risky cross-border incursion which began in early August:
Ukrainian President Volodymyr Zelensky has said he is expecting clashes between North Korean and Ukrainian troops within days.
In an interview with the Korean Broadcasting System, the national broadcaster of South Korea, Zelensky said: “So far, North Korean troops have not participated in battles. They are preparing to participate in battles (in Kursk).”
Earlier this week NATO Secretary General Mark Rutte also put Moscow and Pyongyang on notice, saying “The deepening military cooperation between Russia and North Korea is a threat to both the Indo-Pacific and Euro-Atlantic security.” He claimed further that “The deployment [of] North Korean troops to Kursk is also a sign of Putin’s growing desperation.”
The Kremlin has since then appeared to admit some level of North Korean military troop assistance related to the Ukraine conflict:
In a response, Russia’s Foreign Minister Sergey Lavrov pointed to a security and defense treaty signed by Moscow and Pyongyang in June.
“We have said many times that the treaty is not secret, it is public, the entire text has been published, and it in no way violates any provisions of international law, because it involves, among other things, the providing of assistance in case one of the countries that is a party to the treaty is militarily attacked,” he told a press conference in Moscow, in comments reported by the Interfax news agency.
Lavrov added: “So our position here is absolutely honest and open.” But nothing has been disclosed in terms details of precisely where DPRK soldiers might be operating.
3C JAPAN
3D. CHINA
China Hemorrhages Third Of All Billionaires Amid Property Market Crisis
Thursday, Oct 31, 2024 – 02:45 AM
Chinese billionaires have lost massive wealth due to the property market downturn and turmoil in the world’s second-largest economy. In response, Beijing has rolled out yet another stimulus package, this time on Tuesday, as the Communist Party of China seeks to appear more proactive in supporting the economy amid a decades-long, investment-driven growth model that has hit stumbling blocks over the last several years.
The multi-year economic downturn has roiled the billionaire class in China, with many losing their billionaire status and being downgraded to centi-millionaire.
Financial Times cites new data from research group Hurun, which shows the number of dollar billionaires plunged by over one-third in the last three years. The destruction of the billionaire class has been met with a barrage of stimulus measures to address underlying structural problems (debt, fertility crisis, deflation, property market woes, ect…), crushing the economy into a slow growth regime.
Hurun data shows that at the 2021 peak, there were 1,185 dollar billionaires in China. By the second half of 2024, that number plunged to 753, or about a 36% plunge, surpassing a 10% drop in the renminbi’s value against the dollar over the same period. This year alone, the number of dollar billionaires in China tumbled 16%, when the renminbi only depreciated by 2.5% against the dollar.
China’s decades-long investment-led growth boom in the property market minted billionaires upon billionaires. However, the downturn has wiped out many entrepreneurs with huge fortunes tied to property developer firms.
Rupert Hoogewerf, chair of the Hurun Report, commented on the billionaire list, indicating it “has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year.”
Topping the list is ByteDance founder Zhang Yiming. He surged to the top, beating out “bottled water king” Zhong Shanshan, with a net worth of $49.3 billion.
The Hurun report said that newly minted billionaires represent a “new generation of entrepreneurs in China that is much more international than their predecessors.”
As we explained early Tuesday following the announcement of yet another Chinese stimulus package, the 10 trillion yuan package may be insufficient to kickstart the economy … and explained in “Why China’s Rally Won’t Have Legs” … is that China’s peak credit impulse – the all-important reflationary variable that propagates across the global economy – has dwindled, and so has the boost to growth.
In other words, to achieve the same stimulus level as a % of GDP, China would need to inject tens of trillions more. And since it can’t do that, at least not without its middle class kicking and screaming (literally), China’s house price will continue to slide, having recently tumbled by a record YoY amount…
What does this mean for the Chinese billionaires tied to the housing market? Well, the pain train will continue until Beijing unleashes a real stimulus bazooka.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
UK
looks really scary to me.
“It Looks Like A VaR Shock To Me”: Gilts, Pound Crash Amid Panic Over Unsustainable UK Deficit
Thursday, Oct 31, 2024 – 10:24 AM
As we warned yesterday in our review of the just announced UK Budget (see “UK Gilt Yields Soar After Reeves Reveals Budget: Market Braces For Inflationary Debt Surge“), debt has always been the UK’s Achilles’ heel. That’s because “while the US has the world’s reserve currency, the UK doesn’t have that privilege, only an ability to print as much of a currency that fewer and fewer people want. That’s potentially very inflationary in the longer term, and that’s precisely why the market is reacting the way it is.”
Our bottom line was that with markets once again waking up to the likelihood that rates in the UK aren’t likely to fall as much previously expected, or the BOE would want, and should the blow out in yields continue, we may be just days away from another emergency QE action by the BOE in the past two years as the world is reminded that the only reason why the US can and continues to borrow like a drunken sailor, is because it still has the world’s reserve currency, although judging by the explosion in gold and bitcoin in recent days, that won’t last long.
This morning we are getting confirmation that we may have been right once more, because both 2Y and 10Y Gilt yields are blowing out, and trading literally on top of each other as the entire gilt curve pancakes. The 10Y is trading at the highest level since Oct 2023, while the 2Y is back to May levels.
The sudden blowout is not just confined to gilts however: as UBS trader Leo He notes, as the UK 2y yield is spiking, GBPUSD is selling off sharply.
“It looks like a VaR shock to me”, He warns, and adds that “the US 2y yield is following the sharp rise in the UK 2 yield.”
No wonder why we used a lettuce for teaser image for our budget review post.
Commenting on the huger move in gilts, DB’s Jim Reid agrees with our take and writes this morning that “the main catalyst was that markets realized the true scale of the fiscal easing, as the UK Debt Management Office’s (DMO) revised gross financing needs were twice (c.£146bn) what DB expected between 2025-2029.”
As DB’s economist Sanjay Raja noted in his review here, “today’s budget marks one of the largest fiscal loosening of any fiscal event in decades”.
Surprising it took the market one full day to figure it out.
Anyeay, the chart below from DB’s Sanjay shows that the only bigger fiscal loosening in the last decade-and-a-half was the pandemic easing.
As Reid notes, it is interesting that 10yr Gilts are now only 10bps lower than the closing peak two business days after the ill-fated “mini-budget” under PM Liz Truss back in September 2022. On the day of that budget, they climbed around 42bps and then 26bps the following day. In terms of comparing the two budgets, in 2022 there were £45bn of unfunded tax giveaways, whereas yesterday’s had £32bn of unfunded commitments. One could argue the credibility of yesterday’s is enhanced by around 1/3rd of increased government spending being targeted for investment in the economy rather than the tax cuts of two years ago.
As Reid further reminds us, the Truss mini-budget would have been a complete reversal of economic policy in the UK, with a massive package of tax cuts, just as the Fed was still raising rates by 75bps while inflation remained high. They’d also just announced a significant energy price guarantee a couple of weeks earlier. So it was fuel to a fire, and then the LDI pension crisis occurred and the Bank of England intervened, with Truss standing down as PM shortly after.
The market reaction to yesterday’s budget probably wasn’t helped by strong European data pushing up yields on the continent and with general upward pressure on US yields as Trump looks to have generally improved his standing in the polls in recent weeks.
Still, let’s put this all in perspective: the UK budget deficit between 2025 and 2029 is expected to average around 2.5% of GDP. In the US, it could be 7-9% without offsetting measures to the campaign promises of the two candidates. This, Reid echoes our note from yesterday, “helps highlight the exorbitant privilege of the US in having the world’s reserve currency.”
After all, other countries with smaller deficits are starting to hit debt and deficit levels where markets are now raising their eyebrows (and term premia) as a minimum and concern (in the case of 2022) at the extremes. The continuing French budget issues are another example of this.
So in conclusion, yesterday’s budget was probably two-thirds of the Truss mini-budget, in terms of a fiscal easing but rather than biased towards tax cuts the bulk of the higher borrowing is due to a lot more investment, albeit ones that aren’t expected to bear fruit in growth terms until after the 5yr time horizon.
end
EU/CHINA
EU Caves: Europe Seeks To Strike Deal With Chinese EV Makers That Avoids Tariffs
Thursday, Oct 31, 2024 – 12:25 PM
In the end, we’re all just suckers for lower prices and higher quality…almost as if that’s how and why free markets work…
On that note it looks like the EU is starting to cave on preventing Chinese EV makers from doing business in Europe. Previously, the EU had sought to implement devastating tariffs on Chinese companies for supposedly skewing the European market with more supply and lower prices.
In fact, the European Union is sending officials to Beijing for further talks to explore alternatives to tariffs on Chinese electric vehicles, according to a new report from Bloomberg.
Reaching a deal to replace the new tariffs remains complex, with plans still in development but the two sides are examining a “price undertakings” agreement to regulate export prices and volumes as an alternative to tariffs.
Bloomberg writes that after eight rounds of talks, the proposals on the table still fall short of EU standards, including WTO compliance and enforceability requirements.
Negotiators have recently made progress, considering ways to simplify terms for potential price undertakings, particularly for new EV models not yet exported. One focus is preventing cross-compensation, where EV pricing deals might be offset by sales of hybrids or other goods.
However, another challenge is China’s insistence on a single umbrella deal for all manufacturers, managed by a national trade group representing key exporters, like SAIC Motor and BMW Brilliance.
Recall, we wrote just days ago that Chinese EV makers were having a bang-up end of the year regardless. China’s major EV makers ended Q3 stronger than last year, with solid deliveries reducing the need for discounts.
Now, analysts predict a sales surge in Q4. EV and hybrid sales are booming, driven by expanded subsidies, boosting stock prices and Tesla’s best Chinese quarter. In September, EVs and hybrids made up about 53% of new car sales.
Bloomberg Intelligence analyst Joanna Chen commented: “Industry demand has been better than expected since the third quarter following China’s beefed-up subsidies but many automakers still need a major push in the fourth quarter to hit their annual sales targets.”
She continued: “The first nine months usually contribute 70% of annual car sales and automakers below that threshold are under greater pressure to step up discounts in the quarter.”
Chinese EV sales are expected to rise further following a recent directive for government agencies to increase purchases of new energy vehicles. For example, Zhejiang Leapmotor, Nio, and Zeekr are thriving through major deals and brand expansions. Top-sellers BYD and Geely are on course to hit ambitious sales targets of 4 million and 2 million, respectively. BYD’s earlier pricing strategies triggered months of market-wide discounting, we noted.
Yale Zhang, managing director at Shanghai-based consultancy AutoForesight, added:
“I do not see a need to launch another price war. Most of them are in pretty good shape. The majority of these NEV or carmakers will reach their volumes.”
GERMANY/RUSSIA
Moscow Warns German Arms Factory In Ukraine Is ‘A Legitimate Target’
Thursday, Oct 31, 2024 – 04:15 AM
The Dusseldorf-based German arms manufacturer Rheinmetall this week announced that it has completed delivery of twenty more 20 Marder 1A3 infantry fighting vehicles (IFVs) to Ukraine.
But its relationship with Kiev has gone much further, becoming among the very first major European arms companies to open a factory in Ukraine. This has provoked outrage among Kremlin officials, who are now warning that military action could be taken against the Rheinmetall plant.
Kremlin Spokesman Dmitry Peskov has told reporters in a briefing that “A plant of Rheinmetall, a German arms manufacturer, launched in Ukraine, is a legitimate military target for the Russian Armed Forces.”
“Certainly it is,” he emphasized in response to a question on whether the factory is now a target by being established inside Ukraine.
Not only is the German company going to produce armored vehicles, and maintain and repair them from inside the war-ravaged country, but it is even seeking to develop a local gunpowder and munitions plan.
TASS notes that Rheinmetall is NATO member Germany’s largest defense contractor. “It substantially profits from the Ukrainian conflict and anticipates further increased revenues. In 2023, its turnover went up by 12%, to 7.1 bln euros, with its net income growing by 9%, up to 0.6 bln euros,” the report reviews.
Rheinmetall has indicated it eventually plans to open no less than four military production installations inside Ukraine, with the ammo side expected to begin within the next two years.
The company downplayed the Tuesday threat from Peskov, saying the “production of weapons in Ukraine is well protected and this is not the first time they have heard threats from the Kremlin.” It plans to move forward despite the threats.
Among Russia’s key rationales for the February 2022 invasion was to ‘demilitarize’ Ukraine amid accusations that NATO is building up its military infrastructure inside the country which shares a large border with Russia. But now it appears the Western military alliance is rushing to do just that.
CEO of Rheinmetall AG, Armin Papperger, issued the following statement earlier this week: “Things are progressing. The first plant is already ready. The second one is on the way. And now I insist on speeding up all of this work, because we don’t have much time, we shouldn’t waste it.”
Papperger added, “We are fully committed to supporting Ukraine’s defense industry, ensuring that essential equipment can be produced and maintained within the country.”
Pro-Russian pundits have underscored that this makes peaceful settlement more & more unlikely:
This past summer US intelligence officials made an astounding claim, later denied by Russia:
U.S. intelligence discovered that Russia planned to assassinate the chief executive of German arms manufacturer Rheinmetall which has been producing artillery shells and military vehicles for Ukraine, CNN and the New York Times reported on Thursday.
The plot to kill Rheinmetall CEO Armin Papperger was one of a series of Russian government plans to assassinate defense industry executives across Europe who were supporting Ukraine’s war effort, CNN reported, citing five unidentified U.S. and Western officials as saying the plot was discovered earlier this year.
Ukrainian officials and media have hailed the strong support from the German arms giant, saying of factory development in the country, “One down, three to go.” It remains uncertain what NATO would do in the event its factories are actually targeted, given this could induce Brussels to invoke Article 5.
EU
END
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
END
ISRAEL/HEBOLLAH/LAST NIGHT
Hezbollah agrees to withdraw beyond Litani – report
Hezbollah agrees to withdraw beyond Litani River as US pushes for pre-election deal, but Israeli officials remain skeptical
By ANA BERSKYOCTOBER 31, 2024 02:44
Despite Hezbollah’s declarations throughout the war, the terrorist organization has agreed to drop its demands and is ready to withdraw beyond the Litani River, Lebanon’s MTV website, which is associated with Hezbollah opponents, reported Wednesday night.
The report indicated that Hezbollah agreed to establish a demilitarized zone, with all its weapons to be moved beyond the river. It was also claimed that Hezbollah no longer insists on being directly connected to events in Gaza.
MTV Lebanon noted that a three-day ceasefire draft is being discussed in Lebanon, and American officials are expected to present it to Israel in the coming days. It was also noted that Amos Hochstein, Biden’s envoy to the region, told Lebanese Prime Minister Najib Mikati that he sensed a change in Netanyahu‘s position, which gave him hope regarding the contacts.
Regarding this change, Hochstein said he would travel to Israel tomorrow.
However, Lebanese Parliament Speaker Nabih Berri was quoted in Arab media saying, “It’s out of the question to change the wording of UN Resolution 1701 even by one word. The ball is now in Netanyahu’s court. I’ve completed all points related to the ceasefire, army deployment, and implementation of Resolution 1701. We’re waiting for Hochstein’s understandings with Netanyahu.”
Additionally, Lebanon’s Prime Minister addressed the war that began with Hezbollah’s terrorist organization firing over a year ago, saying, “We hope that within hours or days a ceasefire agreement will be reached.”
Senior Israeli sources told Maariv on Wednesday that the American administration is very active in both directions: in efforts to advance negotiations for a hostage deal and ceasefire in Gaza, and also in attempting to bring about a ceasefire arrangement in the north.
This, according to the sources, stems from the desire to achieve significant progress before the US elections on November 5. American sources told Maariv that the Israeli side has shown willingness and interest in moving forward with an agreement in the north. Still, it’s doubtful that the work will be completed before the elections.
The proposed deal
According to reports, White House envoy Amos Hochstein is expected to arrive in Israel and Lebanon in the coming days, hoping to reach final agreements before the US elections. Under the reported agreement, northern residents would return to their homes, while most IDF forces would withdraw from Lebanon.
On the other hand, government sources express skepticism. According to these sources, “Israel will not back down from any of the demands it set as conditions for reaching an arrangement. At this point, we don’t identify Hezbollah’s willingness to agree to the outline and conditions we presented, with all due respect to the American administration’s investment and effort.”
As mentioned, Israel estimates that the northern arrangement won’t be achieved by the US elections, and after the elections, the administration is expected to apply massive pressure on Israel, including measures at the UN and in weapons supply.
Avichai Stern, mayor of Kiryat Shmona, made a firm statement to city residents expressing his opposition to immediate return.
“They won’t buy us with money that will run out quickly,” Stern said, “Don’t return until we tell you to return and not a minute before.”
Moshe Davidovich, head of Mateh Asher Regional Council and chairman of the Confrontation Line forum, also responded to the diplomatic talks, saying, “I don’t interfere with the IDF’s military considerations, but at the political level – the real threat to our residents hasn’t been removed! There’s direct anti-tank missile fire on border communities, and it’s still happening.”
Following Monday’s approval of the UNRWA ban laws, which passed with an overwhelming majority of coalition and opposition Knesset members, Israel estimates that the American administration won’t be satisfied with criticism and condemnations against the action but is expected to implement ‘consequences.’ The assessment is that what’s being considered in Washington is passing a binding resolution in the UN Security Council calling for an immediate ceasefire between Israel and Hezbollah.
French President Emmanuel Macron has been talking about the need and intention to raise such a resolution in the UN Security Council for some time. Israel has estimated that so far, the initiative hasn’t been advanced at the request of the American administration, which isn’t interested in sharp measures before the elections.
According to an Israeli source, “The assessment is that we’ll see the implications of approving the UNRWA laws after November 5. With no low probability, after the elections, the Americans will give the green light to advance the ceasefire in the north, including a binding Security Council resolution. Ahead of this move, President Biden’s special envoy, Amos Hochstein, has again arrived in the region.”
“What’s being advanced and what will likely come up is what’s called ‘Resolution 1701+’, giving Israel some freedom of action to prevent Hezbollah from rearming. There’s an assessment that shortly after the elections, an effort will be made to impose a ceasefire in the north on Israel based on Resolution 1701+, with the next threat being a weapons embargo.”
END
ISRAEL HEZBOLLAH/
Lebanon ceasefire draft revealed: IDF withdrawal within a week, US supervision – report
The main points attributed to this draft outline that from the moment of signing, UN Resolution 1701 will be recognized and brought into full effect.
By JERUSALEM POST STAFFOCTOBER 30, 2024 20:38
The draft of the ceasefire between Israel and Lebanon was revealed on Wednesday evening by Israeli state broadcaster KAN.
The document, allegedly drafted by Amos Hochstein, has reportedly been presented to Israel’s political establishment.
The main points attributed to this draft outline that, from the moment of signing, UN Resolution 1701 will be recognized and brought into full effect, specifically that Hezbollah and other armed groups in the area will not take action against Israel, according to KAN.
The report stated that the Lebanese Armed Forces would be the only armed body in southern Lebanon other than UNIFIL.
Additionally, Israel would not carry out offensive operations in Lebanon, including those against military and government targets.
The Lebanese government will supervise any weapons sales to Lebanon or weapons production, the draft added.
Additionally, according to the draft, Israel would have to withdraw from southern Lebanon within one week.
It would reportedly be replaced by the Lebanese Armed Forces, which would be supervised by the US and other international bodies.
END
Flipping approach, US pursues calm in Lebanon that will then spread to Gaza
After months of arguing truce in Gaza needed for one in Lebanon, Biden aides say Hezbollah willingness to disconnect from Strip offers opportunity, hope that Hamas will take notice
By Jacob Magid FollowToday, 5:23 am
US Special envoy Amos Hochstein, center, gives a statement to the media after his meeting with Parliament Speaker Nabih Berri in Beirut, Lebanon, Tuesday, June 18, 2024. (AP Photo/Bilal Hussein)
WASHINGTON – The Biden administration now views securing a ceasefire in Lebanon as the best way to end the war in Gaza, two US officials told The Times of Israel on Wednesday, acknowledging that Washington has flipped its assessment in recent weeks after months of asserting that calm in the Strip is what would de-escalate tensions along the Blue Line.
The shift follows the significant widening of Israeli operations against Hezbollah in mid-September, which included mass detonations of the terror group’s communication devices (which Israel has not claimed credit for), the elimination of much of its top leadership and a limited ground invasion that has dismantled much of its military infrastructure in southern Lebanon.
Before those developments, US officials repeatedly pointed to Hezbollah’s vow not to cease its cross-border attacks against Israel until there is a ceasefire and Jerusalem accepts that the road to calm along the Lebanon border runs through the Palestinian enclave.
“The first thing that we want to get is a ceasefire in Gaza… because we think that would allow us to unlock a diplomatic resolution across the Blue Line,” said State Department spokesperson Matthew Miller on September 17, referring to the demarcation line between Israel and Lebanon.
The same message was regurgitated by Biden officials in August, July, June and May, as they prioritized efforts to secure a hostage release and ceasefire deal in Gaza.
But amid Israel’s intensified military campaign against Hezbollah, officials from the terror group began indicating they were prepared to accept a ceasefire, regardless of whether a truce is reached in Gaza beforehand.
Civil defence rescuers search for survivors at the site of an Israeli airstrike on the village of Haret Saida, near Lebanon’s southern city of Sidon, on October 29, 2024. (Mahmoud Zayyat/AFP)
The military gains by Israel and the willingness of Hezbollah to de-link from the conflict in Gaza have allowed the US to make progress in recent days toward a ceasefire along the Blue Line.
Accordingly, US special envoy Amos Hochstein will arrive in Jerusalem on Thursday for meetings with top Israeli officials about his new proposal for a ceasefire in Lebanon.
A draft of the US proposal published Wednesday by the Kan public broadcaster describes a 60-day implementation period for the deal during which Israel would initially withdraw its forces from southern Lebanon and the Lebanese Armed Forces would deploy there instead, dismantling remaining Hezbollah infrastructure in the process.
Through the establishing of new enforcement mechanisms, the US proposal aims to ensure the full enforcement of UN Security Council Resolution 1701, whose stipulations that Hezbollah must disarm and retreat beyond the Litani River 18 miles from the border have gone unimplemented since it was adopted at the end of the 2006 Second Lebanon War.
Hochstein’s decision to travel to Israel followed indications from Jerusalem and Beirut that they were prepared to move forward with the US proposal and that Hezbollah is willing to follow suit, an Israeli official told The Times of Israel.
The Israeli official clarified that a deal wasn’t likely before next week’s US presidential election, but a one-month timeframe for its approval was “very realistic.”
People watch Hezbollah’s newly named leader Naim Qassem delivering a televised speech, in the southern port city of Sidon, Lebanon, October 30, 2024. (AP Photo/Bilal Hussein)
Taking Hezbollah at its word
Meanwhile, the US has begun changing its rhetoric regarding the connection between the conflicts in Gaza and Lebanon.
“We have always thought that [a ceasefire in Lebanon] should be delinked from Gaza,” Miller said on Wednesday.
The US has indeed spoken out against Hezbollah’s decision to begin launching near-daily attacks at Israel on October 8, 2023, and has rejected the notion that it amounts to solidarity with the Palestinians.
At the same time, Washington had all but adopted as its operating theory the Hezbollah assertion that calm on the Israel-Lebanon border was predicated on a Gaza ceasefire.
Asked last month why calm in Gaza would likely have to come first, Miller responded, “It is the fact that Hezbollah has made clear there won’t be any end to the terrorist attacks against Israel until there’s a ceasefire in Gaza.”
Palestinians search through the rubble of a building after an Israeli strike in Beit Lahiya, in the northern Gaza Strip, October 29, 2024. (AFP)
Stuck in Gaza
A US official speaking to The Times of Israel maintained that Hezbollah’s willingness to disconnect from the Gaza war not only boosts the chances for a ceasefire in Lebanon, but also improves the prospects that Hamas will subsequently ease its stance in hostage talks when it understands that it’s increasingly fighting Israel alone.
Mediators from the US, Egypt and Qatar have sought to restart hostage talks since Israel killed Hamas leader Yahya Sinwar two weeks ago.
Washington has framed Sinwar’s death as an opportunity to achieve a breakthrough, arguing that the Hamas leader was the primary obstacle to a deal.
Egypt and Qatar have been less convinced, arguing that Sinwar’s killing de-centralizes Hamas’s decision-making process, thereby complicating efforts to secure a deal.
Nonetheless, Egypt proposed a 12-day ceasefire earlier this week, during which four hostages seized by Hamas during the October 7 onslaught last year would be released in exchange for at least 100 Palestinian security prisoners. During those 12 days, the sides would agree to negotiate a longer-term hostage deal.
Demonstrators protest for the release of Israelis held hostage in the Gaza Strip and for early elections, near the Knesset in Jerusalem, October 28, 2024. (Arie Leib Abrams/Flash90)
Mediators are working to sell the proposal to the parties, and CIA Director Bill Burns departed for Cairo on Wednesday to discuss the offer further.
A second US official clarified that the US is “working Gaza and Lebanon simultaneously,” noting that both Hochstein and White House Mideast czar Brett McGurk will arrive in Israel on Thursday, with the former tasked with discussing the Lebanon ceasefire and the latter aiming to advance a Gaza truce.
However, the official acknowledged that the Lebanon negotiations are currently better positioned to succeed.
“The hope is that this will then translate to success in Gaza,” said the US official.
CIA Director William Burns (C) departs after testifying before the US Senate on Capitol Hill in Washington, DC, March 11, 2024. (Mandel Ngan / AFP)
Does correlation equal causation?
But this isn’t the first time talks for a Lebanon ceasefire appeared more advanced than those in Gaza. In late September, the US unveiled an initiative a 14-day ceasefire after it believed it had secured the support of Jerusalem and Beirut.
But that effort failed to gain traction before collapsing altogether after Israel killed Hezbollah leader Hassan Nasrallah two days later.
The first US official argued that this latest round of Lebanon talks is different because Hezbollah has “dropped Gaza from the equation.” New Hezbollah leader Naim Qassem said Wednesday that his group was prepared to reach a ceasefire with Israel if the terms are “suitable,” while making no mention of the ongoing war in the Strip.
An Arab diplomat, also speaking on condition of anonymity, was less generous in his explanation of the shift in the US approach, saying it had more to do with “throwing as many ideas at the wall and hoping one sticks.”
“They had tried the ‘Gaza first’ strategy and that those talks are still stuck, so now they’re flipping the script,” said the diplomat.
“If the ‘Lebanon first’ strategy succeeds and a ceasefire in Gaza follows, I’m not so sure correlation will have meant causation,” they added, arguing that each conflict is playing out at its own pace and will wrap up accordingly.
END
ISRAEL /HEZBOLLAH
US supports Israel’s right to go after legitimate Hezbollah targets in Lebanon, State Dept says
The Israeli air force was targeting Hezbollah command centers, as well as terrorist infrastructure in Baalbek on Wednesday.
By REUTERS, JERUSALEM POST STAFFOCTOBER 30, 2024 19:34Updated: OCTOBER 30, 2024 22:12
The United States on Wednesday urged Israel to protect civilian lives and cultural sites in Lebanon after Israel began heavy airstrikes on the historic city of Baalbek and surrounding villages in the eastern Bekaa region.
The Israeli air force was targeting Hezbollah command centers, as well as terrorist infrastructure in Baalbek and Nabatieh, the IDF later said in a statement.
“Hezbollah systematically abuses civilian infrastructure and areas throughout Lebanon to plan and execute terrorist activities, deliberately endangering the lives of Lebanese civilians,” the IDF said.
Several steps were taken to mitigate civilian harm before the strike, the IDF noted, including sending advanced warnings to the civilian population in the area.
While the US supports Israel’s right to pursue legitimate Hezbollah targets in Lebanon, State Department spokesperson Matthew Miller said it was critical its operations do not threaten civilians, especially in densely populated areas such as Baalbek.
Tens of thousands of Lebanese, including many who had sought shelter in the city from other areas, fled after an Israeli evacuation warning was issued.”We have made clear that the campaign they are conducting in Lebanon should not, cannot, must not look like the campaign that they have conducted in Gaza. We do not want to see that type of widespread damage,” Miller said when asked about Baalbek at a regular news briefing.Miller said the US has ongoing conversations with Israel in pursuit of a diplomatic resolution in Lebanon, believing any civilian deaths are too many. Washington will engage with the Israelis privately about the path forward, he said.
The Israeli military has made significant progress in striking and dismantling Hezbollah infrastructure along the border, Miller said.
Working on a ceasefire proposal
Fighting between Israel and Hezbollah erupted in parallel with the war in Gaza and has dramatically escalated over the last five weeks.Reuters reported on Wednesday that US mediators are working on a proposal to halt hostilities between Israel and Lebanese armed group Hezbollah, starting with a 60-day ceasefire, according to two sources.
Miller declined to comment on the reporting.
END
ISRAEL//HEZBOLLAH
IAF strikes Hezbollah fuel depots in Lebanon
By JERUSALEM POST STAFFOCTOBER 30, 2024 18:57
The Israel Air Force struck Hezbollah fuel depots inside Lebanon, the IDF reported Wednesday evening.
The fuel depots, supplied by Iran, belonged to Hezbollah’s Logistical Reinforcement Unit 4400 in the Beqaa Valley, the military added.
This unit is responsible for transferring weapons from Iran and its proxies to Hezbollah, which uses these fuel depots to provide fuel to its military vehicles, which are critical for the operations of the terror organization, the IDF noted.
END
ISRAEL/HEZBOLLAH
Hezbollah is firing missiles indiscriminately and yet they scold Israel for hitting civilians quite unintentionally
(Jerusalempost)
Five killed, another seriously wounded in Hezbollah strikes on Israeli farm
Israeli media reported that one citizen, a farmer, was killed in the attack, along with four foreign workers.
By JERUSALEM POST STAFFOCTOBER 31, 2024 13:30Updated: OCTOBER 31, 2024 17:23
Five people were killed in an agricultural area in Metulla, in northern Israel, following Hezbollah rocket fire from Lebanon, Israeli media reported on Thursday afternoon.
Omer Weinstein, 47 years old, from Kibbutz Dafna, was named as one of the people who were killed in the strike, Israeli media reported later on Thursday.
Weinstein left behind a wife and four children.
The IDF confirmed earlier on Thursday two rockets were launched from Lebanon and fell in “open areas,” which, according to early indications, were agricultural sites near the town.
A citizen and four foreign workers killed in attack
Israeli media reported that one citizen, a farmer, was killed in the attack, along with four foreign workers.
A sixth person was seriously wounded in the incident, with severe wounds sustained from shrapnel. They were transferred for emergency medical assistance at Rambam Health Care Campus in Haifa.
This is a developing story.
END
7 people killed in Hezbollah rocket attacks, marking deadliest day in months for north
Israeli and four foreign nationals killed in Metula orchard; pair, reportedly mother and son, killed in olive grove near Haifa; IDF hits Hezbollah sites in Syria, warns Baalbek
By Emanuel Fabian Follow
and ToI StaffToday, 3:05 pm
First responders carry the shrouded body of a woman who was killed when a rocket fired from Lebanon hit an area near Kiryat Ata on October 31, 2024. (AHMAD GHARABLI / AFP)
Hezbollah rocket attacks on northern Israel killed seven people in agricultural fields near Metula and Haifa Thursday, marking what appeared to be the deadliest day in months for civilians inside Israel.
The deaths, which raised the number of civilians killed in the last year of cross-border attacks on northern Israel to 39, were likely to loom large in meetings between Israeli officials and US mediators hoping to end over a month of fighting, as the military continued to expand its strikes on Hezbollah sites deep inside Lebanon.
Authorities said five people working in an apple orchard near the border town of Metula were killed when a rocket fired from Lebanon struck them late Thursday morning.
Another person was seriously wounded in the attack.
The victims were all agricultural laborers who had been working in the orchard at the time of the strike. One was an Israeli citizen, while the others were foreign nationals.
The Israeli was named by Kibbutz Dafna as Omer Weinstein, a member of the community.
The Israel Defense Forces confirmed in a short statement that two rockets had been fired from Lebanon at the Metula area, and said the details of the incident were being examined.
Hours later, two more people were killed while in an olive grove outside the Haifa suburb of Kiryat Ata as Hezbollah fired dozens of rockets at the area, authorities said.
The two, described as a woman in her 60s and a man in his 30s, were killed by falling shrapnel, according to the Magen David Adom rescue service.
An ambulance in Metula following a deadly rocket attack on October 31, 2024. (Ayal Margolin/Flash90)
Hebrew media reports described the two as a mother and son who had been harvesting olives when the rocket hit. They were named in reports as Mina Hasson, 60, and Karmi Hasson, 21, from the Arab-majority city of Shfaram.
Rescuers found the pair in a field near Gilam junction, along with a man in his 70s, who was hospitalized with light injuries.
Buses and cars at the busy intersection were strafed by shrapnel, but no other major injuries were reported.
People stand next to a crater where a rocket fired from Lebanon hit an area near Kiryat Ata on October 31, 2024. (Ahmad GHARABLI / AFP)
According to the IDF, Hezbollah fired some 25 rockets at the Haifa region and other parts of the north in the attack. “Some were shot down and some fell in the area,” the IDF said.
The death toll for a single day of cross-border fire was among the highest since Hezbollah began lobbing rockets and drones into northern Israel on October 8, 2023.
It appeared to mark the deadliest day for northern Israel since fighting intensified last month and since a July 27 Hezbollah rocket attack that killed 12 children at a park in the Druze town of Majdal Shams.
First responders transport a woman to an ambulance following a rocket attack from Lebanon near Kiryat Ata on October 31, 2024. (Ahmad GHARABLI / AFP)
Following the attack on Metula, local council head David Azoulay lambasted the country’s leaders for “normalizing the situation” in the north.
It wasn’t long before rocket warning sirens blared once more, this time in Karmiel and other communities across the Galilee region, as Hezbollah launched a barrage of some 30 rockets toward northern Israel. No casualties were reported in that attack.
According to the military, some 60 rockets and drones were fired at northern Israel as of Thursday afternoon.
Some of the projectiles were intercepted by air defenses, the IDF said, while others struck open areas.
Security forces gather near a damaged car inside a cordoned-off area, following a rocket attack from Lebanon near Kiryat Ata in northern Israel’s Haifa district on October 31, 2024, as the war between Israel and Hezbollah continues. (Photo by Ahmad GHARABLI / AFP)
Meanwhile in Lebanon, the IDF issued warnings for a second day running to residents of northeast Lebanon’s Baalbek and surrounding suburbs to evacuate immediately ahead of airstrikes on Hezbollah sites.
“You are in a combat zone where the IDF intends to attack and target Hezbollah infrastructure, assets, installations and weapons, and does not intend to harm you,” Col. Avichay Adraee said on X, attaching a map of the areas that will be targeted.
Dozens of cars could be seen speeding out of the area after Thursday’s warning, with wafts of black smoke still visible emanating from the town of Douris, where an Israeli strike the previous day destroyed Hezbollah fuel stocks, according to the Israeli military and a Lebanese security source.
Lebanon’s state-run National News Agency reported a strike on a motorcycle rider in the Beqaa Valley, where Baalbek is located.
Troops operating in Lebanon in an undated photo released for publication by the military on October 31, 2024 (Israel Defense Forces)
A Lebanese security source told AFP that one person was killed by an Israeli drone strike on the Araya-Kahhale road, which links the capital Beirut to the eastern Beqaa Valley.
The drone strike targeted a car, killing the driver, the source said, without identifying the victim.
Thousands fleeing the violence in Baalbek have sought shelter in the nearby Christian-majority town of Deir al-Ahmar, where local official Jean Fakhry said authorities were struggling to cover even a fraction of their needs and some people had to spend the night in their cars.
“We cannot continue this way,” Fakhry said.
The killing of six Lebanese health workers and wounding of four others in three separate strikes across south Lebanon on Thursday brought the total toll of health workers killed and wounded in over a year of Israeli strikes to 178 and 279 respectively, the Lebanese health ministry said.
Smoke rises from the site of an Israeli airstrike on Hezbollah in Khiam village in southern Lebanon on October 31, 2024 (AFP)
The army also announced strikes on sites belonged to Hezbollah’s elite Radwan Force and the terror group’s armament unit in Syria’s al-Qusayr region, near Lebanon’s northern border.
The armament unit is responsible for storing weapons in Lebanon, and according to the IDF, it recently expanded its activities to Syria, where it stored weapons in al-Qusayr.
Elsewhere in Lebanon, an Israeli drone strike hit a motorbike near the coastal town of Naqoura, NNA reported.
The IDF said on Thursday that the commander of a Hezbollah anti-tank guided missile unit had been killed in a recent airstrike.
Screen grab of video on social media said to show explosions after Israeli fighter jets struck weapons depots and command centers belonging to Hezbollah in the al-Qusayr area of Syria, close to Lebanon’s border, October 31, 2024 (Used in accordance with Clause 27a of the Copyright Law)
According to the IDF, a strike carried out by fighter jets this week in the southern Lebanon village of Burj Qallawiyah killed Muhammad Khalil Alian.
Alian was the commander of Hezbollah’s anti-tank array in the Hajjar regional unit, which is responsible for attacks on northern Israel’s Ramim Ridge region.
Meanwhile, the IDF said a Wednesday drone strike in Mazraat al-Yahoudiyeh, just north of Tyre, killed a cell of Hezbollah members who launched a missile at an Israeli Air Force unmanned aerial vehicle, adding that the UAV was not harmed in the incident.
The IAF released footage of the drone strike.
The strikes were carried out in tandem with the ongoing ground campaign in southern Lebanon, where the IDF’s 91st and 146th divisions are continuing to operate against Hezbollah.
The continued exchange of fire between Israel and the terror group in Lebanon came as senior US envoys Amos Hochstein and Brett McGurk were in Israel for meetings with Prime Minister Benjamin Netanyahu and other top officials to discuss a possible deal to end the fighting in Lebanon and secure Israel’s northern borders, allowing tens of thousands of displaced residents to return home.
Netanyahu’s office said he told the pair that the most important element of an agreement to end fighting between Israel and Hezbollah in Lebanon was not the piece of paper it’s written on, but “Israel’s determination and ability to enforce the agreement and to foil any threat to its security from Lebanon, in a manner that will return residents to their homes safely.”
Prime Minister Benjamin Netanyahu (2L) meets in his Jerusalem office with US special envoy Amos Hochstein and Middle East czar Brett McGurk, alongside other officials, in Jerusalem October 31, 2024. (Ma’ayan Toaf/GPO)
Defense Minister Yoav Gallant and Strategic Affairs Minister Ron Dermer also met with McGurk and Hochstein to discuss “security arrangements” for the north and efforts to secure the release of hostages in Gaza, the Defense Ministry said.
Reports have indicated that israel is seeking a ceasefire agreement that would bolster UN Security Council Resolution 1701, but allow it to take action against Hezbollah if it is threatened.
The Kan public broadcaster on Wednesday published the details of what it said was the draft agreement drawn up by the US for a ceasefire in Lebanon and the implementation of Resolution 1701, which forbids Hezbollah from maintaining a presence south of the Litani River.
First responders battle flames following an Israeli airstrike that targeted Hezbollah in the industrial zone in the southern Lebanese village of Abbasiyeh near Tyre on October 30, 2024 (KAWNAT HAJU / AFP)
If accurate, the draft agreement would allow Israel the freedom to operate against Hezbollah should it violate the agreement. Oversight in Lebanon would also be increased, with the establishment of a new International Monitoring and Enforcement Mechanism chaired by the US.
Since October 8, 2023, Hezbollah-led forces have attacked Israeli communities and military posts along the border on a near-daily basis, with the group saying it is doing so to support Gaza amid the war against the Hamas terror group there.
Some 60,000 residents were evacuated from northern towns on the Lebanon border shortly after Hamas’s October 7 onslaught in southern Israel, amid fears Hezbollah would carry out a similar attack, and increasing rocket fire by the terror group.
The attacks on northern Israel since October 2023 have resulted in the deaths of 39 civilians. In addition, 61 IDF soldiers and reservists have died in cross-border skirmishes and in the ensuing ground operation launched in southern Lebanon in late September.
Israeli soldiers lower into the grave the flagged-covered coffin of reservist Yedidia Bloch, 31, during his funeral at Mevo Horon settlement, West Bank, Oct. 30, 2024 (AP Photo/Francisco Seco)
Two soldiers have been killed in a drone attack from Iraq, and there have also been several attacks from Syria, without any injuries.
The IDF estimates that more than 2,000 Hezbollah operatives have been killed in the conflict. Around 100 members of other terror groups, along with hundreds of civilians, have also been reported killed in Lebanon.
Hezbollah has named 516 members who have been killed by Israel amid the fighting, mostly in Lebanon but some also in Syria. These numbers have not been consistently updated since Israel began a new offensive against Hezbollah in September.
ISRAEL/IRAN
Iran said threatening ‘definitive and painful’ response to Israel before US election
White House says Tehran shouldn’t respond to Israeli retaliation * Troops kill Hamas operative in Tulkarem who IDF says was planning imminent attacks
- 2hr agoAir raid sirens sound in northern coastal cities of Nahariya and Acre
- 4hr agoIDF downs drone that triggered Nahariya sirens; says Lebanon rockets landed in open
- 5hr agoDrone alerts activated in Nahariya and nearby towns
- 6hr agoIDF says troops killed Hamas operative in Tulkarem who was planning imminent attacks
By ToI StaffToday, 2:19
People walk past a billboard bearing a message in Farsi and in Hebrew that reads “another storm is coming,” in Tehran on October 27, 2024. (Atta Kenare/AFP)
Source to CNN: Iran will deliver ‘definitive, painful’ response to Israeli attack
30 October 2024, 9:39 pm
Iran’s Supreme Leader Ayatollah Ali Khamenei waves to the crowd in a meeting in Tehran, Iran, October 27, 2024. (Office of the Iranian Supreme Leader via AP)
Iran will deliver a “definitive and painful” response to Israel’s recent attack on its territory, likely before the US presidential election on November 5, CNN reports, citing an anonymous senior source.
The source, who has knowledge of deliberations in Iran tells the network: “The response of the Islamic Republic of Iran to the Zionist regime’s aggression will be definitive and painful.”
Israel has been expecting a potential Iranian response to the strike, itself retaliation for Iran’s Oct. 1 barrage of ballistic missiles on the country. But Iran has so far been seen as seeking to minimize that strike, and it was unclear whether it would attempt a major response.
Israel has warned Tehran that any further attacks on its territory will be met with resolute action.
END
ISRAEL WEST BANK
IDF says troops killed Hamas operative in Tulkarem who was planning imminent attacks
By Emanuel Fabian FollowToday, 12:15 am
A Hamas member planning to carry out imminent terror attacks was killed by Israeli special forces in the West Bank city of Tulkarem a short while ago, the IDF, police and the Shin Bet say.
According to a joint statement, members of police’s Yamam counter-terrorism unit and Shin Bet agents, with IDF support, operated in Tulkarem to eliminate Hussam al-Malah, who they identify as a prominent Hamas member.
The statement says al-Malah was involved in planning imminent terror attacks with Islam Odeh and Zahi Oufi, two Hamas operatives killed by Israel in separate incidents in recent weeks.
The three, along with other members in a Hamas network in Tulkarem, were allegedly planning a major terror attack on the October 7 anniversary.
The military says that after Odeh and Oufi were killed, al-Malah continued to lead the Hamas network and worked to plan imminent attacks in recent days.
END
ISRAEL /IRAN/RUSSIAN AGENTS (NOT SURE IF JEWISH)
Israeli pair arrested on suspicion of spying for Iran; couple allegedly gathered intel on Mossad, were asked to find assassin
Today, 9:31 aM
File – A national flag of Iran waves in front of the building of the International Atomic Energy Agency, IAEA, in Vienna, Austria, Dec. 17, 2021 (AP Photo/Michael Gruber, File)
A couple from Lod have been arrested on suspicion of spying for Tehran, the Shin Bet and police say, the latest in a number of such cases of alleged espionage for Tehran to be revealed in recent weeks.
Officials say one of the pair was tasked with finding an assassin on behalf of his Iranian handlers.
According to the statement, Rafael and Lala Guliyev, both aged around 32, carried out intelligence gathering missions on security and national infrastructure sites, as well as tracking an academic at a security think tank with the intention of her being harmed.
Rafael Guliyev was allegedly also asked to find an assassin.
The pair were said to have been recruited as part of an Iranian ring that recruits Israelis who are part of the community of immigrants from the Caucasus region.
The pair were said to have been recruited by an Israeli of Azerbaijani origin.
According to security officials, Rafael Guliyev carried out surveillance tasks on security sites in Israel, including the Mossad’s headquarters, and collected information on an academic working at Institute for National Security Studies (INSS).
He was said to have been assisted by his wife in a number of the missions.
The statement does not reveal if the couple was believed to have been motivated by financial or ideological reasons.
A Shin Bet official says the investigation revealed “once again the efforts of the Iranian intelligence agencies to recruit and exploit Israeli citizens in order to promote espionage and terrorist activity in Israel.”
END
ISRAEL HEZBOLLAH./LATE THIS AFTERNOON
END
ISRAEL/IRAN
end
ISRAEL/IRAN/PROXIES
end
ISRAEL/HEZBOLLAH
END
ISRAEL/HEZBOLLAH
ISRAEL/HAMAS
END
UKRAINE/RUSSIA/USA
end
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
PAUL ALEXANDER
BOOM! In this stack Latypova makes a statement & it must be stated here: ‘Do not inject your children with anything! If your doctor administers vaccines, do not go back to that doctor. Do not take
your child to “well” visits, they don’t need them, and do not go for “annual checkups” yourself. Do not use any diagnostic screening tests, unless you are actually ill with symptoms, and even then, do
| Dr. Paul AlexanderOct 30 |
not use PCR or “antibody” tests, those are totally useless and even dangerous. Do not comply.’
Latypova (support) gets better with time, and we may not agree on all, but I agree on lots of what she says, she is very bright. Smart. Attacked by the COVID Freedom Fighters so makes me admire her more.
Alexander MAGA Trump news; fake PCR created non-pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
‘All childhood vaccines can be claimed countermeasures and be covered by PREP Act
Criminals do not follow laws, they write them.’
Start Sasha here:
‘You may have seen headlines such as this one: “Rep. Paul Gosar’s End the Vaccine Carveout Act would eliminate the general immunity vaccine manufacturers enjoy from vaccine injury civil suits under the federal National Childhood Vaccine Injury Act of 1986”.
end
Why It’s IMPOSSIBLE to “Vaccinate” Against Anything and Why “Vaccines” Are the PERFECT POISONS’; Exposing The Darkness Lioness of Judah Ministries, “Please stop and think about the implications of
what’s explained here.” “vaccines,” essentially, work in the exact opposite way as we’re told they do—meaning it’s literally impossible to make a vaccine that does anything but poison somebody.”
| Dr. Paul AlexanderOct 30 |
Excellent stack by Lioness and showcasing superb insight from Latypova, Watt etc.
‘While we’re told that “vaccines” work by giving us a small amount of a toxic substance—e.g. a bacteria or virus— in turn allowing us to create immunity against future infections, what the injections actually do is make us vulnerable to said toxins. Furthermore, “vaccines” prime our bodies to react badly to *anything* that’s injected into us, including benign substances like milk or egg proteins. Hence the proliferation of allergies, such as allergies to milk, eggs, wheat, peanuts, etc.
Alexander MAGA Trump news; fake PCR created non-pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Incredibly, Latypova explains how this has been known since 1913, when Charles Richet—a French physiologist and self-proclaimed eugenicist—won a Nobel Prize for figuring out that injecting animals with toxins primes them for harmful or deadly reactions if they encounter the same toxins in the environment, even in small amounts. He called these reactions “anaphylactic” reactions, but said that these reactions also included allergies.
After researching this topic and analyzing Richet’s work, Latypova says she’s come to the conclusion that “everybody who is…closely familiar with this history and work cannot think that it’s possible to vaccinate.” The pharma insider adds, “It’s impossible to vaccinate for anything. And Richet has demonstrated it conclusively and was given Nobel Prize for it…because he figured out how to poison everyone by sensitizing them to the most commonly occurring things in their environment.”
“It’s the most ingenious way of poisoning,” Latypova says.
“The eugenicists never went away. They all still think that way. They all still think that they should poison us and limit our reproduction because, you know, we’re polluting the earth now. We’re causing climate change,” Latypova adds. “They’re brainwashing themselves and their followers into thinking that this is actually acceptable. It’s acceptable to poison people. It’s acceptable to sterilize people. It’s acceptable to lie to people because it’s for the greater good. So what started with Richet continues today.”‘
‘Partial transcription of clip:
“One of the historical examples, Katherine [Watt] and I ran into, and and this became a huge, epiphany for me is, Charles Richet, who was a French researcher in that in that time. So he worked in early 1900s. In 1913, he was given Nobel Prize for this work, and he is credited with the work on anaphylaxis, although he wasn’t the only one, but so he received the Nobel Prize. And so that that to me, you know, opened so much kind of I was like, of course. You know, why didn’t I see this before? But, basically, you know, when you look at this work and then when you look what preceded and what went after, you kind of understand a few things.
“First of all, everybody who is, let’s say, closely familiar with this history and work cannot think that it’s possible to vaccinate. It’s impossible to vaccinate for anything. And Richet has demonstrated it conclusively and was given Nobel Prize for it…because he figured out how to poison everyone by sensitizing them to the most commonly occurring things in their environment. It’s the most ingenious way of poisoning.
“He was a committed eugenicist. And at that time, you know, everyone should realize, eugenicism was a fashionable society attitude. So, you know, all the well-to-do classes were subscribing to it. The web the the good breeding was always, you know, promoted. And, at the time, the sentiment was, well, how can we help the poor being less dirty and less numerous? Make them less humorous. And AKA kill them. Because this side of them is so offensive to us when we ride our horses through the park and, you know, and then there’s like them. What can we do about it? And what can we do about it became into let’s figure out how to control their, overbreeding because they tend to reproduce reproduce too much, and they tend to live in crowded conditions, and they tend to have poor hygiene and no sanitation.
“So instead of working on those issues, they will decide, oh, let’s vaccinate them. And, actually, the same same thing continues with Bill Gates in Africa and India for the same reason. And, you know, but but all of these thoughts extended now to us, to normal people.
“Now all of the globalist and this, you know, elites, I don’t call them elites, but they all think of us that way. That’s, you know, that’s what people need to understand. The eugenicists never went away. They all still think that way. They all still think that they should poison us and and limit our reproduction because, you know, we’re polluting the earth now. We’re causing the climate change. Whatever those ideas are, but they’re brainwashing themselves and their followers into thinking that this is actually acceptable. It’s acceptable to poison people. It’s acceptable to sterilize people. It’s acceptable to lie to people, because it’s for the greater good. You know? So what what started with Richet continues today.”‘
SLAY NEWS
| The latest reports from Slay News |
| Cancer Deaths Are Still Soaring Among Covid-Vaxxed, CDC Data ShowsOfficial data from the U.S. Centers for Disease Control and Prevention (CDC) shows that cancer cases and related deaths are continuing to soar among the Covid-vaccinated.READ MORE |
| Pro-Vax Doctor Suffers Stroke after Mocking ‘Meltdown of Anti-Vaxxers’A prominent doctor, who used her large social media following to smear and mock those who chose not to receive Covid mRNA “vaccines,” has suffered a stroke.READ MORE |
| AOC: Kamala Harris Working with Liz Cheney Is Making ‘Plenty of People Unhappy’Radical Democrat Rep. Alexandria Ocasio-Cortez (D-NY) has conceded that “plenty of people” are unhappy that disgraced former Rep. Liz Cheney (R-WY) and Democrat presidential candidate Kamala Harris are working together.READ MORE |
| Trump: ‘Mentally Deranged’ Jack Smith ‘Should Be Thrown Out of the Country’President Donald Trump has called for “mentally deranged” Jack Smith to be “thrown out” of the country.READ MORE |
| Supreme Court Unlikely to Intervene in 2024 Election Disputes, Experts PredictLegal experts are predicting that the United States Supreme Court is unlikely to get involved in any post-election disputes after November 5.READ MORE |
| NBC’s Gabe Gutierrez: Harris ‘Has Tried to Distance Herself’ from Biden Ahead of Election DayIt has become increasingly obvious that Democrat presidential candidate Kamala Harris is attempting to distance herself from lame-duck President Joe Biden’s administration.READ MORE |
| Grammy Awards ‘MAGA Dress’ Designer Forced to Remove Pro-Trump Signs at Home & Business Due to ‘Karens’The dress designer who created the infamous “Make America Great Again” gown worn at the 2017 Grammy Awards, has been forced to take down signs supporting President Donald Trump.READ MORE |
| Pennsylvania Democrat Arrested for Threatening to ‘Shoot’ TrumpA 74-year-old Pennsylvania Democrat has been arrested for making threats against President Donald Trump’s life ahead of his rally in the state. Authorities arrested Paul J. Gavenonis, a male who claims to be “transgender” and uses “she/her” pronouns. According to the Centre County Public Defender’s Office, Gavenonis threatened to kill Trump by declaring: “I’d like to shoot that guy.” Gavenonis was …READ MORE |
| Biden Smears Trump Supporters as ‘Garbage’Lame-duck Democrat President Joe Biden has just declared that half of the American people are “garbage.”READ MORE |
| DHS Employee Raised Concerns About Tim Walz’s ‘Unusual’ Ties to Communist ChinaA Department of Homeland Security (DHS) official raised concerns about Democrat vice presidential candidate Tim Walz’s ties to Communist China, a House Oversight Committee investigation has revealed.READ MORE |
| Trump: Kamala Harris Is Running on a ‘Campaign of Destruction,’ a ‘Message of Hate & Division’President Donald Trump has accused Democrat presidential candidate Kamala Harris of running her campaign on a “message of hate and division.”READ MORE |
| Joe Rogan Reveals Demands from Kamala Harris to Appear on PodcastPodcaster Joe Rogan has revealed that Democrat presidential candidate Kamala Harris agreed to appear on his hit show but only if he complies with a list of her demands.READ MORE |
| Kamala Harris Gives Up on North Carolina, Pulls Massive Planned Ad Campaign from StateDemocrat presidential candidate Kamala Harris has apparently given up hope of winning North Carolina and has just pulled a massive planned ad campaign from the state.READ MORE |
NEWS ADDICTS
| ABC ‘Mistakenly’ Airs Election Results Showing Kamala Harris WinA local ABC station in Pennsylvania “mistakenly” aired 2024 presidential election results that showed Kamala Harris winning the state by 5%.READ THE FULL REPORT |
| Biden Bites Babies During Halloween Event at White HouseDuring Halloween celebrations at the White House on Wednesday, US President Joe Biden was seen biting a baby dressed as a turkey.READ THE FULL REPORT |
| Watch: Trump Rolls Up to Key Swing State in MAGA Garbage Truck After Biden Trashes AmericansPresident Donald Trump responded to Joe Biden’s comments about his supporters being “garbage” on Tuesday night.READ THE FULL REPORT |
| Democrat Mayor Gets Into Heated Exchange with Trump Campaign Worker Over Rally Site: ‘You’re Out of Your F***ing Mind’Video posted on social media Tuesday showed Democratic Mayor Matt Tuerk of Allentown, Pennsylvania, arguing with a Trump campaign employee near the site of a rally held by former President Donald Trump.READ THE FULL REPORT |
| Jimmy Kimmel’s 19-Minute Anti-Trump Rant Immediately BackfiresJimmy Kimmel’s attempt to sway Republicans with a 19-minute anti-Trump monologue has backfired with viewers.READ THE FULL REPORT |
EVOL NEWS
| LATEST NEWS: |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
BRICS MEETING
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0869 UP 0.0011
USA/ YEN 152.75 DOWN 0.485 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//
GBP/USA 1.2982 UP 0.0028
USA/CAN DOLLAR: 1.3917 UP 0.0008 (CDN DOLLAR DOWN 8 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 13.59 PTS OR 0.42%
Hang Seng CLOSED DOWN 63.31 PTS OR 0.31%
AUSTRALIA CLOSED DOWN 0.21%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 63.31 PTS OR 0.31%
/SHANGHAI CLOSED UP 13.59 PTS OR 0.42%
AUSTRALIA BOURSE CLOSED DOWN .21%
(Nikkei (Japan) CLOSED DOWN 196.14 POINTS OR 0.50%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2779.90
silver:$33.52
USA dollar index early THURSDAY morning: 103.87 DOWN 0 BASIS POINTS FROM WEDNESDAY’s CLOSE.
THURSDAY MORNING NUMBERS ENDS
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And now your closing THURSDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 2821% UP 9 in basis point(s) yield
JAPANESE BOND YIELD: +0.948% UP 0 AND 4/ 10 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.122 UP 10 in basis points yield
ITALIAN 10 YR BOND YIELD 3.686 UP 13 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.4450 UP 12 BASIS PTS
END
IMPORTANT CURRENCY CLOSES : THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0875 UP .0017 OR 17 basis points
USA/Japan: 152.74 DOWN .495 OR YEN IS UP 50 BASIS PTS//
Great Britain 10 YR RATE 4.5360 UP 19 BASIS POINTS //
Canadian dollar UP .0006 OR 6 BASIS pts to 1.3902
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The USA/Yuan, CNY ON SHORE CLOSED UP 7.1152 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.1251)
TURKISH LIRA: 34.26 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +0.948
Your closing 10 yr US bond yield UP 4 in basis points from WEDNESDAY at 4.308% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.497 UP 2 in basis points /11:00 AM
USA 2 YR BOND YIELD: 4.198 UP 4 BASIS PTS.
GOLD AT 11;00 AM 2762.15
SILVER AT 11;00: 33.06
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 49.53 PTS OR 0.61%
German Dax : CLOSED DOWN 179.80 OR 0.93%
Paris CAC CLOSED DOWN 77.99 PTS OR 1.05%
Spain IBEX CLOSED DOWN 42.60 OR 0.36%
Italian MIB: CLOSED DOWN 221.46 OR 0.64%
WTI Oil price 69.31 12 EST/
Brent Oil: 72.77 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 97.30 ROUBLE DOWN 0 AND 28/100
GERMAN 10 YR BOND YIELD; +2.4450 UP 12 BASIS PTS.
UK 10 YR YIELD: 4.5360 UP 19 BASIS POINTS
CDN 10 YEAR RATE: 3.280 UP 7 BASIS PTS.
CDN 5 YEAR RATE: 3.075 UP 6
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0873 UP 0.0015 OR 15 BASIS POINTS
British Pound: 1.2884 DOWN 0.0074 OR 74 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.4805 UP 7 BASIS PTS//
JAPAN 10 YR YIELD: 0.948
USA dollar vs Japanese Yen: 152.02 DOWN 1.219 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.3918 UP 0.0008 CDN dollar DOWN 8 BASIS PTS
West Texas intermediate oil: 70.63
Brent OIL: 74.15
USA 10 yr bond yield DOWN 1 BASIS pts to 4,278
USA 30 yr bond yield DOWN 3 BASIS PTS to 4.471%
USA 2 YR BOND: UP 0 PTS AT 4.174
CDN 10 YR RATE 3.248 DOWN 5 BASIS PTS
CDN 5 YEAR RATE: 3.043 DOWN 3 BASIS PTS
USA dollar index: 103.99 DOWN 22 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 34.27 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 97.02 UP 0 AND 48/100 roubles
GOLD 2,786.60 3:30 PM
SILVER: 33.86 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 378.35 PTS OR 0.90%
NASDAQ DOWN 497,28 PTS OR 2.44%
VOLATILITY INDEX: 22.48 UP 2.13 PTS OR 10.47%
GLD: $253.51 DOWN 3.99 OR 1.55%
SLV/ $29.81 DOWN 1.00 OR 3.25%
TORONTO STOCK INDEX// TSX INDEX: DOWN 309.22 PTS OR 1.24%
end
USA AFFAIRS
USA TRADING TODAY IN GRAPH FORM
Hunt For ‘Red October’ Over As Earnings & Inflation Kill ‘Goldilocks’ Narrative
Thursday, Oct 31, 2024 – 04:00 PM
The market drifted lower on a combination of 1) disappointing tech prints (MSFT -6% & META -4%), 2) Poor liquidity (according to Goldman Sachs trading desk), and 3) Core PCE posting its biggest monthly gain since April.
Not exactly ‘goldilocks’!!
Inflation surprises are picking up post rate-cut…
Source: Bloomberg
…bolstering the case for a slower pace of rate cuts…
Source: Bloomberg
Goldman’s trading desk noted that market volumes continue to be strong, +14% vs the 20dma, although S&P top of book poor compared to the start of the week.
We are better to buy as a floor (~1B net demand) led by HFs buying pockets of Tech & Industrials (net to buy across almost all sectors) + LOs buying Comms Svcs. LOs stand out as sellers of Macro Products.
A very ugly end to the month for Nasdaq smashed it into the red for October along all the other majors…
Source: Bloomberg
Should we really be surprised by the decline given that EPS expectations have been guided lower for the last six months?
Source: Bloomberg
Hedge funds had a fun day with losses on their VIP Longs offset by gains on their biggest shorts…
Source: Bloomberg
All the MAG7 stocks were lower today led by MSFT, META, and NVDA…
Source: Bloomberg
The basket of MAG7 stocks erased most of the month’s gains today…
Source: Bloomberg
…and Most Shorted stocks shit the bed…
Source: Bloomberg
While the major indices ended red, buying “Trump” and selling “Kamala” was a huge winner in October…
Source: Bloomberg
The weakness in stocks should not come as a huge shock given the massive surge in Treasury yields we have seen this month. The belly is up almost 60bps on the month and almost 70bps since The Fed cut by 50bps…
Source: Bloomberg
The yield curve flattened significantly in October and has been flattening sicne The Fed cut, suggesting for anyone who wants to listen that fears of a policy error are very real…
Source: Bloomberg
And in the mean time, mortgage rates have soared back above 7.00% in October since The Fed cut…
Source: Bloomberg
The dollar also soared in October (its biggest monthly rise since Sept 2022) having touched unchanged on the year at the end of Sept (after the rate cut)…
Source: Bloomberg
Despite the dollar strength , gold also exploded higher in October (up for the 8th month of the last 9 ) to a new record high (albeit with some weakness today). Since The fed cut rates, gold has been off to the races…
Source: Bloomberg
Quite a decoupling between the dollar and gold this year…
Source: Bloomberg
Despite a puke today, Bitcoin had a huge month (best month since May), rallying up to record highs yesterday near $74,000…
Source: Bloomberg
BTC ETF inflows have been huge in October…
Source: Bloomberg
Oil prices rebounded on Israel-Iran retaliation headlines once again and that lifted WTI into the green for the month…
Source: Bloomberg
Finally, bigger picture, since The Fed cut rates, USA Sovereign risk has exploded higher…
Source: Bloomberg
Not exactly resounding support from the market.
…and brace for a structurally higher VIX…
Source: Bloomberg
…not just past next week.
MORNING TRADING/
AFTERNOON TRADING///
II USA DATA
Initial Jobless Claims Plunge To 6-Month-Lows
Thursday, Oct 31, 2024 – 08:48 AM
With the impacts of the hurricanes wearing off, initial jobless claims plunged last week to 216k (from 228k) – the lowest since April…
Source: Bloomberg
North Carolina has retraced all of its job losses from Helene and Florida is starting to recover from the claims spike after Milton…
Source: Bloomberg
Continuing Claims also fell, from 1.888mm Americans to 1.862mm Americans (but remains near its highest since Dec 2022…
Source: Bloomberg
So jobless claims at their lowest in six months – not exactly the kind of data that The Fed doves want to see to justify another rate-cut (we guess it all depends on who wins next week whether we get a cut or not?)
end
Core PCE hotter than expected
(zerohedge)
Fed’s Favorite Inflation Indicator Hotter Than Expected In September As Govt Handouts Soar
Thursday, Oct 31, 2024 – 08:41 AM
The Fed’s favorite inflation indicator – Core PCE – printed hotter than expected in September (+2.7% vs +2.6% exp), flat with August’s 2.7% rise…
Source: Bloomberg
The headline PCE rose 0.2% MoM, which dragged down YoY PCE to +2.1% – its lowest since Feb 2021…
Source: Bloomberg
On a MoM basis, PCE appears to be accelerating with Durable Goods and Services costs picking up…
Source: Bloomberg
And finally, the so-called SuperCore PCE (Services Ex-Shelter) rose 0.3% MoM leaving the YoY cange ‘sticky’ at around 3.2%…
Source: Bloomberg
Of significant note is the fact that cyclical inflation is awkwardly stuck extremely high while the cyclical segment of inflation has reverted to normal…
Source: Bloomberg
Personal Incomes rose 0.3% MoM (as expected) but Spending rose by more (+0.5% vs 0.4% exp)…
Source: Bloomberg
But on a YoY basis, bond spending and income growth is slowing…
Source: Bloomberg
On the income side, Private wage growth 6.4% in Sept, unch while Government wage growth 6.7% in Sept, down from 6.9%, and well below record high 7.9% in March…
Source: Bloomberg
Overall, the savings rate declined. BUT, as is clear from out chart below, this ‘higher’ savings rate is a nonsense-ly revised higher level…
Source: Bloomberg
…which means personal savings tumbled by $49 Billion in September to $1.00 trillion…
Source: Bloomberg
And finally, imagine how bad things would be if the government wasn’t having over billions to ‘we, the people’ all of a sudden…
Source: Bloomberg
Not exactly the kind of data that enshrines The Fed with a god-given right to cut rates.
III USA ECONOMIC NEWS
Rogan Rages At YouTube Censorship: “You Can’t Suppress Shit… It Doesn’t Work!”
by Tyler Durden
Wednesday, Oct 30, 2024 – 07:15 PM
“If you Google’d Rogan-Trump you could only get clips, you couldn’t find the full episode,” exclaimed Joe Rogan this afternoon, after numerous reports of censorship/suppression of his legendary interview with former President Trump on YouTube.
“We reached out to them,” he continued, “and they fixed it,” but, he went on “Elon was furious and contacted Daniel Ek at Spotify and they put it on X as well. Now it has more views than ever.”
In fact, on top of the unknown tens of millions who watched/listened to it on Spotify, almost 20 million people have watched the Rogan-Trump interview on X now…
…and a further 41 million on YouTube…
Rogan forthrightly explained to those who will not listen: “You can’t suppress shit. It doesn’t work. People are going to realize what you’re doing.
“This is 2024.
“If my video isn’t trending, then what is? Why is my video not trending?
If one show has 36 million downloads in one day, that’s not trending?
There’s no way this was a mistake. It could have been a rogue engineer or something.”
We suspect Rogan is being generous with that thought.
“They’re desperate because they had no idea it was going to be that popular. It’s a runaway train and they hate it because they’re ideologically oppose to Trump being more popular.
Mass reporting could also have done it, but that’s a symptom of the left too.”
Watch the full clip here:
Have the Democrats and their media shills never heard of the ‘Streisand Effect’?
END
ROBERT H:
Trump Holds Press Conference In Garbage Truck En Route To Green Bay Rally | ZeroHedgE
One has to admire the symbolic use of mistakes his opponents make. He maybe a Showman but he darn good. His Social Media Team is great!
end
sluggish demand at Ford
Ford Reportedly Idling F-150 Lightning Production For Seven Weeks Amid Sluggish Demand
Thursday, Oct 31, 2024 – 09:35 AM
Demand for the Ford F-150 Lightning pickup must be so abysmal that the legacy automaker is reportedly planning to shutter the production line for the EV truck in the coming weeks through the end of the year. This should be no surprise to readers, given that the Tesla Cybertruck has become America’s best-selling electric pickup.
“Ford Motor Co. plans to stop building its F-150 Lightning from mid-November through the end of the year amid lower-than-expected demand for the electric pickup,” Automotive News’ Michael Martinez reported on Thursday morning.
At the start of October, John Lawler, Ford’s vice chair and CFO, told reporters in a conference call, “We’re seeing a tremendous amount of competition,” adding, “In fact, S&P Global … said that there are about 143 EVs in the pipeline right now for North America — and most of those are two-row and three-row SUVs.”
Ford scrapped plans to roll out an all-electric three-row SUV in August. This year has been doom and gloom for legacy automakers (from the US to Europe) as they aggressively scale back on EV investments.
The reality is that the Biden-Harris administration, lawmakers, and Wall Street, all wearing climate crisis blinders, stoked the most massive green energy bubble that collapsed. In doing so, legacy automakers who poured billions of dollars into EVs, severely misjudged consumer demand – and now paying the consequences:
- Ford Ditches Plans For Electric SUV As Industry Continues To Backpedal From EVs
- “This Is Starvation”: VW Union Head Warns 3 Plants Closing, Thousands In Layoffs, Amid Auto Crisis
- “Doghouse Is Back!”: Stellantis CFO Instructs Staff To Take “Drastic Measures” To Conserve Cash
Remember when Ford CEO Jum Farley was raving about the F-150 EV?
Also, by the way, F-150 EV used prices on Bring A Trailer imploded…
Meanwhile, the Tesla Cybertruck has become America’s best-selling electric pickup…
“Tesla’s Cybertruck was the third best-selling electric vehicle in the United States in the third quarter, beating out every other EV not made by Tesla. The only two vehicles that sold better were the Model 3 sedan and Model Y SUV,” according to TechCrunch.
The revival of Americana certainly shows that tastes among the younger generation are abruptly changing towards cool, innovative brands, such as the ones Musk owns.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
end
END
FREIGHT ISSUES/USA/
END
VICTOR DAVIS HANSON OR NEWT GINGRICH/TUCKER CARLSON
KING REPORT
| The King Report October 31, 2024 Issue 7360 | Independent View of the News |
| Super Micro Computer Stock Plummets (-34.3% at low) as Ernst & Young Resigns as Company’s Auditor – The accounting firm said it is “unwilling to be associated with the financial statements prepared by management.”… https://finance.yahoo.com/news/super-micro-computer-stock-plummets-142258914.html Super Micro is Nvidia’s 3rd largest customer. NVDA tumbled to a low of 136.81, -3.1%, at 9:44 ET. US Q3 GDP is 2.8%, despite profligate government spending and a dubious drop in the GDP Price Index. 2.9% was expected, prior 3%. Consumption 3.7% 3.3% exp,; 2.8% prior; GDP Price Index 1.8%, 1.9% exp., 2.5% prior; Core PCE 2.2%, 2.1% exp., 2.8% prior Government added 0.85 percentage points to GDP, 0.52 prior (Federal .60); Consumption 2.46, prior 1.9; Net Exports -.56, prior -.90; Inventories -0.17, prior +1.05 (Table 2) https://www.bea.gov/sites/default/files/2024-10/gdp3q24-adv.pdf October ADP Employment Change 233k, 111k expected. Large firms (500+ employees) +140k https://adpemploymentreport.com/ Bond Rout Deals Fresh Blow to Fast-Money Quants in ‘Year of the Whipsaw’ CTAs lose about 2% in October as bullish rate bets backfire Further debt losses may spur $240 billion liquidation: Nomura This month’s rout in Treasuries is hammering trend-chasing quant investors who had built up massive bullish positions in bonds… https://www.bnnbloomberg.ca/investing/2024/10/30/bond-rout-deals-fresh-blow-to-fast-money-quants-in-year-of-the-whipsaw/ Sept. US pending home sales are +7.4% m/m & +2.6% y/y, the biggest m/m gain since June 2020. 1.9% m/m and -1.1% y/y were expected. https://www.nar.realtor/newsroom/pending-home-sales-advanced-7-4-in-september ESZs rallied smartly during early Nikkei trading on Google’s good results; but ESXs hit the daily high of 5893.00 at 21:37 ET. They then declined to 5874.50 at 1:49 ET. The standard rally for the 3 ET European opening took ESZs to 5885.25 at 3:16 ET. ESZs went inert until they broke lower at 6:43 ET. After tumbling to a daily low of 5845.50 at 9:41 ET, traders aggressively bought ESZs on October performance gaming and for expected great MSFT and Meta results after the NYSE close. ESZs eventually hit a peak of 586.00 at 11:40 ET. They then sank to 5855.25 at 13:30 ET. The afternoon rally took ESZs to 5870.75 at 14:08 ET. After a drop to 5854.00 at 15:06 ET, ESZs rallied to 5863.00 at 15:13 ET and rolled over to 5851.75 at 15:37 ET. The late rally was lame; ESZs inched up to 5860.00 at 15:41 ET. Alas, ESZs slid to 5846.25 at 15:57 ET and were 5851.75 at the NYSE close. JD Vance Shocks GOP: ‘I’ve Come Around to Ron Paul’s Argument on the Fed!’—Senator’s Bold Stance Sparks Debate on Central Banking – “We’ve seen the impacts of unchecked power in the Federal Reserve for decades, and I’ve come to believe it’s not in America’s best interest,” Vance explained, referencing Paul’s advocacy for transparency and accountability in monetary policy. https://econotimes.com/JD-Vance-Shocks-GOP-Ive-Come-Around-to-Ron-Pauls-Argument-on-the-FedSenators-Bold-Stance-Sparks-Debate-on-Central-Banking-1691912 @charliebilello: 1. Stocks: all-time high; 2. Home Prices: all-time high; 3. Gold: all-time high; 4. Bitcoin: all-time high; 5. National Debt: all-time high; 6. Core CPI Inflation: >3% for 41 straight months, longest period of high inflation since early 1990s; 7. Fed: cutting rates again next week Positive aspects of previous session USZs rallied as much as 1 6/32 (9:55 ET) but were -4/32 at 15:35 ET. Negative aspects of previous session SMCI pushed Nasdaq sharply lower and mitigated Google’s positive impact on the NY Fang+ Index Gold hit another all-time high with physical gold hitting 2790. Gasoline and oil soared on low inventories. The DJIA -91.45; the S&P 500 Index -19.20; Nasdaq -104.82; Naz 100 -162.95 Ambiguous aspects of previous session Has the trading top arrived? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5825.31 Previous session S&P 500 Index High/Low: 5850.94; 5811.28 Over 62 million votes have already been cast, about 40$ of the total votes cast for POTUS in 2020. After the NYSE close, MSFT reported Q1 EPS of 3.30, 3.11 exp.; Rev of $65.59B, $64.52B exp.; Cloud Rev of $38.9B, $38.1B exp. MSFT fell to 419.34 (432.53 close); zoomed to 444.95 but is -4% at 17 ET. Meta reported Q3 EPS of 6.03, 5.25 exp.; Rev of $$40.59B, $40.25B exp.; Sees Q4 Rev of $45B to $48B, $46.09B prior. META sank as much as 4% in after-hour trading but has rescinded about 1/3 of the loss. Meta warns of ‘significant acceleration’ in costs tied to AI after strong Q3 https://trib.al/jyztseS Today – Equity traders want to force stuff higher to game October performance and they want to be long for Amazon and Apple’s results, which are due after the NYSE close. The earnings season rally window usually closes near Apple’s results. It will be interesting to see if traders will liquidate into the NYSE close to avoid the negative fallout from the possibility that the BLS might craft a better-than-reality jobs report ahead of the election to aid & abet Harris. Stocks have sagged during peak Fang reporting season, and today is the end. Plus, Microsoft and Meta were both negative, after great results at 16:00 ET. It is clear stocks are tired. ESZs -19.25; NQZs are -107.50 (on MSFT & META’s drops); and USZs are -11/32 at 20:30 ET. Expected econ data: Q3 Employment Cost Index 0.9%; Sept Personal Income 0.3% m/m, Spending 0.3%; Sept PCE Price Index 0.2% m/m & 2.1% y/y, Core PCE 0.3% m/m & 2.6% y/y; Initial Jobless Claims 230k, Continuing Claims 1.88m; Oct Chicago PMI 47 Expected impact earnings: CI 7.23, MRK 1.48, K .85, CMCSA 1.06, COP 1.65, MA 3.73, BMY 1.49, MO 1.35, IP .25, INTC -0.03, AMZN 1.14, AAPL 1.60 S&P Index 50-day MA: 5697; 100-day MA: 5586; 150-day MA: 5454; 200-day MA: 5350 DJIA 50-day MA: 41,894; 100-day MA: 40,795; 150-day MA: 40,125; 200-day MA: 39,765 (Green is positive slope; Red is negative slope) S&P 500 Index (5813.72 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5033.40 triggers a sell signal Weekly: Trender and MACD are positive – a close below 5509.91 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 5788.27 triggers a sell signal Hourly: Trender is positive; MACD is negative– a close below 5806.66 triggers a sell signal Polymarket betting odds to win POTUS: DJT 67%, Harris 33.2% (as of Wed. morning) https://x.com/cb_doge/status/1851551170436743404 Trump did a presser from a Trump 2024 garbage truck in Green Bay and will ride to his rally in it! “How do you like my garbage truck? This truck is in honor of Kamala and Joe Biden.” https://x.com/TrumpWarRoom/status/1851753216934903956 Full presser: https://x.com/JackPosobiec/status/1851755256033489327 @ElectionWiz: Trump delivers rally speech in Green Bay, WI wearing garbage man vest https://x.com/ElectionWiz/status/1851766188025745762 @america: BRETT FAVRE: “I want to address the comment that Joe Biden made yesterday that said the supporters of Donald Trump, us, are garbage… How dare he say that. Looking out I see police officers, teachers, nurses, grandparents, students… everyday Americans that make this country great.” https://x.com/america/status/1851750754094043186 Daily Mail: Joe Biden calls Trump supporters ‘GARBAGE’ in shock moment evoking Hillary Clinton’s infamous ‘deplorables’ insult https://trib.al/dMzNG29 @alx: CNN’s Abby Phillip: Joe Biden “may have done some pretty significant harm” to Kamala Harris’ campaign by calling Trump supporters “garbage.” https://t.co/OzpKOLLIHc CNN‘s Collins: ‘Hard‘ to Buy Spin on Biden‘s ‘Garbage‘ Comments When You Can Watch Video https://t.co/YKExsOzHor White House transcript attempts to alter Biden’s ‘garbage’ dig at Trump supporters in desperate bid to spin massive campaign blunder – “His demonization of Latinos is unconscionable. That’s all I meant to say,” the president claimed… https://nypost.com/2024/10/30/us-news/bidens-garbage-comment-due-to-missing-apostrophe-white-house/ @GOPoversight: Biden-Harris White House may have violated the law by altering President Biden’s “garbage” remarks in official transcript… In a letter to White House Counsel Edward Siskel, the lawmakers demand that the White House retain and preserve all documents and internal communications related to President Biden’s statement and the release of the inaccurate transcript. They also call on the White House to issue a corrected transcript containing the accurate wording. https://x.com/GOPoversight/status/1851727058251948288 @TrumpWarRoom: Disgusting arrogance from Kamala’s campaign, which says they “won’t lose a single voter” after Biden called half the country “garbage” and Kamala refused to disavow it. https://x.com/TrumpWarRoom/status/1851702537285402980 Axios’s @AlexThomp: My write up: I also asked the WH how they knew Biden only meant “supporter’s” as they have it in this transcript. Did they talk to Biden to ask him what he meant? The spokesperson asked to go off the record. We declined. They didn’t comment further. https://t.co/IFLJAcyvXS @JerryDunleavy: Kamala just now on Biden calling Trump supporters “garbage” last night: “Listen, I think that first of all, he clarified his comments. But let me be clear. I strongly disagree with any criticism of people based on who they vote for.” https://t.co/EzKuAcTctg @CortesSteve: Kamala Harris refuses to condemn Joe Biden calling Trump supporters “garbage”: Reporter: “Do you sympathize with any voters who do feel offended by or insulted by the ‘garbage’ comment?” Kamala: “I am running for President of the United States! I will be traveling to three states today.” https://x.com/CortesSteve/status/1851631733155779066 @kerpen: The video of Biden’s special counsel interview they have hidden in a vault must be amazing. Some pundits believe that The Big Guy purposefully sabotage Kamala Harris and the MSM on Tuesday night when Biden called Trump’s supporters “garbage.” This occurred while Harris was making her uber-hyped ‘closing argument’ against Trump at the Ellipse in DC, where DJT spoke on Jan 6. @LarryOConnor: All the planning and stagecraft and expense and hype for Kamala’s “Closing Argument” speech and THIS 15 second clip steals all the attention. It’s almost like he did it on purpose... https://x.com/LarryOConnor/status/1851432129080471761 @TheCalvinCooli1: Pennsylvania Governor (Dem) Josh Shapiro’s response to Biden’s comments on Trump’s supporters: “I’m giving you my fresh reaction to it. I would never insult the good people of Pennsylvania or any Americans even if they chose to support a candidate I didn’t support.” Via: CNN https://x.com/EndWokeness/status/1851442596733669769 @JerryDunleavy: Now the person who runs Biden’s Twitter account is trying to claim that his “garbage” comment was only directed at the “hateful rhetoric” of Kill Tony. This is false. Biden clearly said that “the only garbage that I see floating out there is his [Trump’s] supporters.” Own it, Joe. White House can’t even decide on their spin. In the so-called transcript given to Gabe of NBC News (reporter who broke story), White House claimed Biden said “supporters’” (plural possessive), but in transcript given to Weijia & others, it is “supporter’s” (singular possessive). https://x.com/JerryDunleavy/status/1851439532220223647 Much of the regime media debased themselves further by misrepresenting Biden’s garbage statement. @libsoftiktok: Unreal. Politico edited Biden’s direct quote which we literally have on record, to cover for Biden and Kamala. This is Orwellian. https://t.co/hukbccmExj A step-by-step look at how the White House, media sprung into action after Biden’s ‘garbage’ comment toward Trump supporters https://trib.al/gCkGDZL @JDVance: Here’s the actual video. The fact that these “journalists” are covering for a catastrophic error from Kamala’s campaign is a scandal. https://x.com/JDVance/status/1851431364421435819 Will the networks that obsessively covered a joke from a comedian at a Trump rally cover the fact that the Kamala Harris campaign is insulting half of the country? Will they even report honestly on this disgusting behavior from our present leadership? @shellenberger: The New York Times says Biden only “appeared” to call Trump voters “garbage.” That’s disinformation. What Biden said is clear from the video. And now the White House has altered the official transcript in a potential violation of the Presidential Records Act. https://t.co/ZxHJQpjTee @bonchieredstate: We are now at the point where the press is telling you what the President of the United States says is less important than what a roast comic says… CNN analyst (Mark Preston) stunningly declares Biden should ’embrace’ calling Trump supporters ‘garbage’ https://trib.al/iMXR98m Team Obama-Harris and their MSM stooges slammed Trump over a comic’s offensive joke about Puerto Rico. The Big Guy’s ‘garbage’ tirade undermined that effort – and overshadowed Kamala Harris’s ‘closing argument’ that was widely-reported to be her “Hail Mary” for the election. Dana Loesch on Tuesday night said, ‘the orderlies should be notified; Biden got loose.’ The garbage comments will alienate many undecided voters. Kevin O’Leary said it is like Hillary’s ‘deplorable’ moment. O’Leary said it will motivate many lazy voters to go to the polls. https://x.com/KarluskaP/status/1851428221184585903 PS – Puerto Rico Shadow Senator Zoraida Buxó endorsed Trump on Tuesday night! @TrumpWarRoom: @BradOnMessage (on CNN): “I think this was political malpractice to put her in front of this White House. 68% of Americans think this country’s on the wrong track, and they blame Joe Biden — and increasingly, they’re blaming Kamala Harris. By standing in front of that White House tonight, she’s going to own all 68% of that disapproval.” https://x.com/TrumpWarRoom/status/1851422078941216871 @RealAmVoice: “EVERYONE KNOWS THAT NO ONE RESPECTS HER, NO ONE TRUSTS HER, NO ONE TAKES HER SERIOUSLY.” – President @RealDonaldTrump https://x.com/RealAmVoice/status/1851431444935041520 Kamala Harris mentions Trump 24 times in fired-up ‘closing’ plea to voters to put her in the White House https://trib.al/dBkLvpf @Heminator: Joe Biden was known for saying foolish and hot-tempered stuff long before his brain was applesauce… Kamala faces onslaught of backlash for Biden’s mental acuity, ‘border czar’ claims after promising to ‘always tell you the truth’ https://t.co/8d3e4E61ch Pollster @NateSilver538: The fact that he can’t consistently speak clearly to a point of reasonable comprehension might also seem to imply that he shouldn’t be the President of the United States. @zerohedge: 51 former spies sign letter that it wasn’t Biden who was recorded on tape but a Kremlin deep fake. @BuckSexton: Don’t focus so much on Joe Biden’s dementia that you forget he’s been a total A-hole for 50 years @TrumpWarRoom (candid video of forlorn Harris on train): Kamala is exhausted — cracking under the rigors of a presidential campaign after she was installed as a nominee who didn’t earn a single vote. Yikes! https://x.com/TrumpWarRoom/status/1851625000589042124 @TrumpWarRoom: Kamala comes unglued after her speech is repeatedly interrupted by protesters: “RIGHT NOW I AM SPEAKING!” The joy has dried up. https://x.com/TrumpWarRoom/status/1851727538172674243 Protesters heckle Kamala Harris, label veep a ‘war criminal’ at her own rally Another protester then blew a whistle and shouted “you’re a war criminal!”… https://trib.al/SzwhleH @TrumpWarRoom: CBS: You compared Trump supporters to Nazis. Biden called them “garbage.” Hillary called them “deplorables.” Doesn’t that undercut your fake “unity” message? TIM WALZ: “No, certainly not.” https://x.com/TrumpWarRoom/status/1851599770579538012 @JohnnyWoodard: @JonStewart… “I find that guy very funny. I’m sorry, I don’t know what to tell you. I mean, bringing him to a rally and having him not do roast jokes? That’d be like bringing Beyoncé to a rally and not … “ https://x.com/JohnnyWoodard/status/1851127881402855864 @CollinRugg: “The Democrats are running around in Bucks County, PA with badges trying to pretend like they are elections officials. These people are not officials.” – @JamesBlairUSA (DJT political dir.) https://x.com/CollinRugg/status/1851397608331223084 @JamesBlairUSA: We just won our lawsuit in Bucks County for extended Early Voting through Friday at 5:00 PM. Thank you to the court for making the right decision and for finding that Bucks County violated the Pennsylvania election code and providing the requested relief. @AP: The Supreme Court allows Virginia to resume its purge of voter registrations. @Heminator: How dishonest can you be?! They’re removing *self-declared noncitizens* from the rolls. It’s not a random purge here. @TheBabylonBee: In Devastating Blow to Democrats, Supreme Court Rules In Favor Of Following The Law https://buff.ly/4e5afvX @BreannaMorello: Facebook was looking to earn favors with the Biden-Harris regime when they censored the Hunter Biden laptop story. I’ve just obtained the full 82-paged report that the Judiciary Committee is about to release. “Obviously, our calls on this could colour the way an incoming Biden administration views us more than almost anything else…” said Faecbook’s then- Vice President of Global Affairs Nick Glegg in an internal message. One Microsoft employee said the, “FBI tipped us all off last week that this Burisma story was likely to emerge.” This happened on October 14, 2020. That’s the same day The New York Post released the story… Full Judiciary Committee Report on Intel Community’s Role in Suppressing Hunter Biden Laptop Story https://breannamorello.substack.com/p/exclusive-facebook-suppressed-the Journalism Dies in Lockstep- To the outrage of their readers and staff, the Washington Post and Los Angeles Times withhold endorsement in the presidential race. There is no indication that Bezos and Soon-Shiong (LA Times) are anything other than sincere in their stated desire to dial back on the media’s partisanship. Bezos is refreshingly clear-sighted when he observes of the Washington Post and the New York Times: “Increasingly we talk only to a certain elite.” The problem with their stated reasons is not that those reasons are false but rather that Bezos and Soon-Shiong have massively underdiagnosed the problem. Endorsements are a trivial part of the media’s loss of credibility. The erosion of public trust derives from daily news coverage in which reporters uninhibitedly pass off their own political views as “fact,” editorializing with as much abandon as any editorial writer. It was under Bezos’s tenure that the Washington Post dedicated itself to its anti-Trump Democracy Dies in Darkness crusade. It was under Soon-Shiong that the Los Angeles Times ran one white-privilege mea culpa after another during the George Floyd race riots… The hysterical backlash against the two papers’ non-endorsement decisions only confirms that those decisions were correct… https://www.city-journal.org/article/journalism-dies-in-lockstep Congress to subpoena ActBlue as feds confirm suspicious activity tied to Democrat fundraising GOP lawmakers worried foreign adversaries like China, Iran, Venezuela and Russia are exploiting loopholes to route illicit foreign money to Democrat candidates… https://justthenews.com/accountability/political-ethics/congress-subpoena-actblue-feds-confirm-suspicious-activity-tied @robbystarbuck: @FDRLST caught @KamalaHarris team red handed trying to manipulate community notes on @X to censor criticism and to attack opponents with false… https://t.co/kH37P5YfH8 @elonmusk: We are investigating this Kamala Harris campaigns even less than Hillary Clinton as Trump visits 14 more cities https://trib.al/BYo5nlq @BillMelugin_: Per four law enforcement sources to me & colleague @GriffJenkins, the suspect charged w/ shooting a Jewish man as he walked to a Chicago synagogue on Saturday is a Mauritanian illegal alien who was caught & released in Border Patrol’s San Diego, CA sector in March 2023. Police say 22-year-old Sidi Mohamed Abdallahi walked up to the Orthodox Jew, who was wearing traditional Jewish clothing, and shot him multiple times without saying a word. He then got into a shootout with responding officers, and he was shot himself. He is now charged with 14 felonies. Fox is told that sanctuary policies in Cook County, IL prohibit local authorities from cooperating with ICE on a detainer request on Abdallahi. Local Jewish leaders believe this was a targeted hate crime, but no hate crime charges have been filed as of now. The victim survived the attack. (Reportedly the Abdallahi shouted, “Allahu Akbar!” after he shot the victim.) The MSM is outraged at reports of illegals eating cats but is mum on an illegal shooting a Jewish man! @libsoftiktok: Tim Walz refuses to answer whether he believes there should be any restrictions on abortions even in the 3rd trimester… https://x.com/libsoftiktok/status/1851682038530666663 @TrumpWarRoom: Tim Walz, who compared Trump supporters to Nazis, claims he stands “with the joyful people over hate.” Never underestimate how much deranged Democrats like Tampon Tim hate you. https://x.com/TrumpWarRoom/status/1851725795204764112 ABC ‘mistakenly’ airs election results sparking wild conspiracy theories It showed Kamala Harris taking the state with 52 percent of the votes… https://trib.al/H1H8ldy For the past several presidential elections, major networks have posted pre-election results that have the Democrat candidate winning. ‘They’ always retort, ‘it is just a test for Election Night.’ How come ‘they’ NEVER have the GOP candidate winning in the ‘test for Election Night?’ At a rally in North Carolina on Wed., Trump chastised “Barack Hussein Obama” for being a divider. @mdeperno: After reviewing the Qualified Voter File (QVF) of votes actually cast as of yesterday, Oct 29, 2024, the database identifies 114,545 Michigan voters who have cast 279,113 ballots from multiple addresses across the state. This results in 164,568 excess ballots as of 10/29/2024. Below is one Voter ID. (1 person cast 29 ballots!) https://x.com/mdeperno/status/1851652442288464365 @LaraLeaTrump: Our election integrity team received reports of thousands of duplicate ballots in Michigan. We immediately investigated and have CONFIRMED that it was a glitch in the system – these duplicates were not and WILL NOT BE COUNTED. We are on it and protecting the vote! @kylenabecker: Massive election scandal in Wisconsin. A federal lawsuit has been filed against the Wisconsin Department of Transportation for allegedly turning over confidential DMV data containing the “personal info of millions of Americans and non-citizens for targeted voter registration and outreach efforts.” @_CitizenAG filed the federal lawsuit after discovering Wisconsin’s DOT gave the two nonprofits the confidential DMV data… https://x.com/kylenabecker/status/1851710329752834389 Non-citizen allegedly cast ballot in Michigan, faces criminal charges (But vote will still count!) The Detroit News reported that the voter is a University of Michigan student from China… https://justthenews.com/politics-policy/elections/non-citizen-voter-allegedly-cast-ballot-michigan-faces-criminal-charges @nicksortor: Michigan Secretary of State Jocelyn Benson says there is a “NATIONWIDE ISSUE with Dominion Voter Access Terminals,” preventing voters from making certain selections… https://x.com/nicksortor/status/1851665473240187322 @Travis_4_Trump: It’s now been confirmed by Dominion that their voting machines have a programming issue that will affect vote counts, but you can’t talk about it because our injustice system will bankrupt you for criticizing them @9NEWS: Colorado Secretary of State posted spreadsheet with voting system passwords They are passwords needed to configure system settings… (CO SOS tried to remove DJT from ballot) https://www.9news.com/article/news/politics/elections/colorado-secretary-of-state-posted-voting-system-passwords/73-c9264216-7a0a-4d5b-9f64-60a28eb57e4d Voter registration probes launched in crucial Keystone State counties amid claims of potential fraud – Election officials in Pennsylvania are looking into suspicious voter registration applications they received ahead of the state’s deadline https://www.foxnews.com/politics/voter-registration-probes-launched-crucial-keystone-state-counties-amid-claims-potential-fraud @elonmusk: If you are aware of any election integrity issues, please report them to the 𝕏 Election Integrity Community Retribution? IRS agent who blew whistle on Biden family given ultimatum: accept demotion or leave – The IRS portrayed the ultimatum as part of a diversity program for “development of future leaders” but Gary Shapley’s lawyer alleges it is retaliation. https://justthenews.com/accountability/whistleblowers/retribution-irs-agent-who-blew-whistle-biden-family-given-ultimatum Beauty queen claims Donald Trump groped her (1993) after luring her back to suite at NY’s Plaza Hotel https://www.dailymail.co.uk/news/article-13983755/beauty-queen-beatrice-keul-donald-trump-groped-plaza-hotel.html GOP Sen. @TomCottonAR: What a joke. Schumer refused to vote before the election on the House’s bipartisan antisemitism bill because he didn’t want vulnerable Democratic senators offending the antisemitic wing of their party. U.S. President Joe Biden bites a baby during a trick-or-treaters celebration for Halloween at the White House in Washington – Reuters https://x.com/corinne_perkins/status/1851763775486972214 Video: https://x.com/DrewHLive/status/1851775055442907241 Fox’s @JacquiHeinrich: Will the transcript call it a bite or a nibble? Trenchant note on WH transcript fudging Biden’s garbage remark by Fox’s @JacquiHeinrich: The apostrophe here is doing a lot of heavy lifting. But if it is to carry the meaning the WH says, it should have appeared after the s… https://x.com/JacquiHeinrich/status/1851435664451026962 GOP @RepMikeCollins on DJT’s MCD and garbage truck photo-ops: The economy is so bad that everyone needs two jobs. https://x.com/RepMikeCollins/status/1851771474279018975 PS – Many political pundits and pollsters that detest Trump and had him losing now say Trump will win due to Biden’s garbage blunder. For some, it’s a way to walk back their ‘Trump is losing’ forecasts. | |
SWAMP STORIES FOR YOU TONIGHT
White House May Have Violated Presidential Records Act By Altering Biden’s “Garbage” Remark In Transcript
Thursday, Oct 31, 2024 – 12:45 PM
Authored by Michael Shellenberger vai Public substack,
Yesterday, former President Donald Trump drove around Wisconsin in a garbage truck saying, “250 million people are not garbage.”
Trump was referring to President Joe Biden’s comment on a Zoom call on Tuesday, “The only garbage I see floating out there is his [Trump’s] supporters.”
The White House and media say Biden was misunderstood. Biden only “appeared” to call Trump voters “garbage,” said the New York Times.
The Washington Post called the “garbage” reference “disputed.”
The White House told reporters that Biden wasn’t referring to Trump’s supporters but to the comedian who on Saturday made a joke about Puerto Rico’s garbage problem. And in the official White House transcript of Biden’s Zoom call, the sentence reads, “The only garbage I see floating out there is his supporter’s — his — his demonization of Latinos…”
But what Biden said is clear from the video, even progressive news outlets now admit that Biden did, indeed, call Trump’s supporters “garbage,” and, as we were the first to point out yesterday morning, the White House appears to have violated the Presidential Records Act by altering official transcripts.
By 4:45 pm yesterday, House Republican Conference Chairwoman Elise Stefanik and Oversight Chairman James Comer had sent a letter to the White House demanding that it preserve all communications and documents related to the editing.
“White House staff cannot re-write the words of the President of the United States to be more politically on message,” they wrote.
The Washington Post, whose owner Jeff Bezos on Tuesday recommitted his newspaper to balanced coverage, reported that what Biden said was just part of his “record of verbal gaffes,” whereas “Trump has for years vilified his political opponents with vicious… attacks…”
Such spin shows that the newspaper has a long way to go to achieving the balance Bezos seeks.
While Trump has said harsh things about his political opponents, he has never labeled the Americans who voted for his opponents as garbage.
And Biden’s remark is consistent with the contempt Democratic leaders have shown for Trump voters. Barack Obama faulted voters who “cling” to their religion by voting for his opponents. Hillary Clinton called Trump voters “deplorables.” And both Barack and Michelle Obama recently claimed black men who voted for Trump were sexist.
These events suggest we could be in for a rough ride between now and election day. What could happen?
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Read more here at Michael’s substack..
GREG HUNTER
SEE YOU FRIDAY
harveyorganblog.com 
More Dr. Pail Alexander BS. All vaxenes are poison. Harvey, you are publishing bull shit and doing a huge disservice to you readers
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