GOLD PRICE CLOSED DOWN $2.45 TO $2736.95

SILVER PRICE DOWN $0.08 TO $32.47

Gold ACCESS CLOSED $2736.75

Silver ACCESS CLOSED: $32.47

Bitcoin morning price:$68,832 DOWN 288 DOLLARS.

Bitcoin: afternoon price: $67,565 down 1267 DOLLARS

Platinum price closing UP $0.80 TO $995.10

Palladium price; DOWN $7.05 TO $1110.55

END

*CANADIAN GOLD: $3804.48 DOWN 12.50 CDN dollars per oz( * NEW ALL TIME HIGH 3,872.51 CDN DOLLARS PER OZ//OCT 30 2024)

*BRITISH GOLD: 2112.67 DOWN 5.10 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///2148.36 BRITISH POUNDS/OZ) OCT 30/2024

*EURO GOLD: 2,516.58 DOWN 9.04 Euros per oz //* (ALL TIME CLOSING HIGH: 2565.55 EUROS PER OZ//OCT 30 //.2024)

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END

EXCHANGE

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,738.600000000 USD
INTENT DATE: 11/01/2024 DELIVERY DATE: 11/05/2024
FIRM ORG FIRM NAME ISSUED STOPPED

---

190 H BMO CAPITAL 12
323 C HSBC 7
363 H WELLS FARGO SEC 89
435 H SCOTIA CAPITAL 3
624 H BOFA SECURITIES 74
661 C JP MORGAN 3
686 C STONEX FINANCIA 115
732 C RBC CAP MARKETS 60
737 C ADVANTAGE 19 12
905 C ADM 6

---

TOTAL: 200 200
MONTH TO DATE: 1,568

JPMorgan stopped 3/200

GOLD: NUMBER OF NOTICES FILED FOR NOV/2024. CONTRACT: 200 NOTICES FOR 20,000 OZ  0.6220 TONNES

total notices so far: 1568 contracts for 156,800 Oz (4.877 tonnes)

FOR  NOV

SILVER NOTICES: 98 NOTICE(S) FILED FOR 0.490 MILLION OZ/

total number of notices filed so far this month : 649 for 3.245 million oz

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END

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 $2.45 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL 0F 3.16 TONNES OF GOLD INTO THE GLD.

/ /INVENTORY RESTS AT 888.63 TONNES

INVENTORY RESTS AT 883.63 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER DOWN $0.08 AT THE SLV

SMALL CHANGES IN SILVER INVENTORY INTO THE SLV: A WITHDRAWAL OF 547,000 OZ

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 480.642 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUMONGOUS SIZED 2999 CONTRACTS TO 152,149 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 DESPITE OUR TINY LOSS OF $0.10 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S TRADING. WE HAD A HUGE LOSS OF 1679 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE THE TINY LOSS OF $0.10  IN PRICE. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS ON FRIDAY COMEX TRADING AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S CONTINUAL PRICE RISE WITH NO REAL SUCCESS FRIDAY TRADING. WE HAD SOME SHORT COVERING BY OUR SPECS DURING THE COMEX TIME ZONE FRIDAY..  WE HAD A  HUMONGOUS 1320 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY A HUMONGOUS 972 CONTRACT T.A.S ISSUANCE WHICH WILL BEING USED IN FUTURE TRADING AND THEY PLAY AN INTEGRAL PART DURING RAIDS. IN ESSENCE WE LOST A HUGE 1670 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR TINY 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 FRIDAY NIGHT: A HUMONGOUS 972 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 $0.10) AND WERE SUCCESSFUL IN KNOCKING OFF CONSIDERABLE NET SILVER LONGS FROM THEIR PERCH EQUAL OF 1679 TOTAL OI CONTRACTS ON OUR TWO EXCHANGES

WE HAD A HUGE 1320 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 2.810 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 485,000 OZ QUEUE JUMP//NEW STANDING: 3.4500 MILLION OZ

//NEW STANDING FOR SILVER//NOV AT 3.4500 MILLION OZ

WE HAD:

/ HUMONGOUS SIZED COMEX OI LOSS//HUGE SIZED EFP ISSUANCE/ VI)  HUMONGOUS SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 972 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: added 8 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 2 DAYS, total 1955 contracts:   OR 9.775 MILLION OZ  (997 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  9.775 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. 9.775 MILLION OZ

RESULT: WE HAD A HUMONGOUS SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3007  CONTRACTS DESPITE OUR GAIN OF $0.15 IN PRICE OF SILVER PRICING AT THE COMEX//FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE  CONTRACTS: 1320 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 FOLLOWED BY TODAY’S 485,000 OZ QUEUE JUMP

//NEW TOTAL STANDING FOR NOV AT 3.450 MILLION OZ 

WE HAVE A HUGE LOSS OF 1679 OI CONTRACTS ON THE TWO EXCHANGES DESPITE OUR TINY GAIN IN PRICE…..THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS SIZED 972 CONTRACTS ( WILL BE USED FOR MONDAY’S TRADING),//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION

/ SOME NET SHORT COVERING FROM OUR SPEC SHORTS DESPITE THE GAIN IN PRICE FRIDAY/ . 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 FRIDAY NIGHT   (972) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND LATELY ON A DAILY BASIS INCLUDING TODAY.

WE HAD 98 NOTICE(S) FILED TODAY FOR 0.490 MILLION OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 6,339 OI CONTRACTS  TO 562,253 AND FURTHER FROM 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 743 CONTRACTS//

WE HAD A VERY STRONG SIZED DECREASE  IN COMEX OI (5,596 CONTRACTS) OCCURRED DESPITE OUR  GAIN OF $0.15 IN PRICE FRIDAY. 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 BY TODAY’S STRONG 8500 OZ QUEUE JUMP//NEW STANDING 5.0389 TONNES

NEW STANDING FOR NOVEMBER: 5.0389 TONNES

/ ALL OF THIS HAPPENED WITH OUR $0.15 GAIN IN PRICE  WITH RESPECT TO FRIDAY’S COMEX TRADING///. WE HAD A SMALL LOSS OF 161 OI CONTRACTS (0.500 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 WEEK, 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 (AND TODAY’S STRONG QUEUE JUMP OF 8500 OZ)

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUGE SIZED 6176 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 562,253

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 161 CONTRACTS  WITH 6339 CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 6176 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 161 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED 2230 CONTRACTS, WE HAD SOME LIQUIDATION OF T.A.S CONTRACTS WITH OUR GAIN IN PRICE FRIDAY

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6176 CONTRACTS) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 6178 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 161 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 FOLLOWED BY TODAY’S HUGE 8500 OZ QUEUE JUMP 

//NEW STANDING NOVEMBER: 5.0389 TONNES 

 / 3) CONSIDERABLE T.A.S. LIQUIDATION (TRYING TO CONTAIN GOLD’S PRICE RISE WITH LIMITED SUCCESS FRIDAY , AND WITH ZERO NET LONG SPECS BEING CLIPPED. STICKY GOLD’S LONGS HOWEVER ARE NOT FOOLED AS THEY WERE REWARDED THURSDAY AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL

  4)  STRONG SIZED COMEX OPEN INTEREST DECREASE 5)  STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S.  ISSUANCE: 2230 T.A.S.CONTRACTS

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY

NOV

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: 13,290 CONTRACTS OF 1,329,000 OZ OR 41.337 TONNES IN 2 TRADING DAY(S) AND THUS AVERAGING: 6645 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAY(S) IN  TONNES  41.337 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  41.337 DIVIDED BY 3550 x 100% TONNES = 1.22% 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)

NOV: 41,337 TONNES (WILL PROBABLY BE A HUGE 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 HUMONGOUS SIZED 2999 CONTRACTS OI  TO 152,149 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 1320 CONTRACTS

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

DEC 1320 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1320 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 2999   CONTRACTS AND ADD TO THE 1320 E.FP. ISSUED

WE OBTAIN A GIGANTIC SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1679 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  TOTALS 8.395 MILLION OZ OCCURRED DESPITE OUR   $0.10 GAIN  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//

MONDAY MORNING SUNDAY  NIGHT

ASIA TRADING/MONDAY MORNING/SUNDAY  NIGHT

SHANGHAI CLOSED UP 38.19 PTS OR 1.17%

//Hang Seng CLOSED UP 61.09 PTS OR 0.30%

// Nikkei CLOSED//Australia’s all ordinaries CLOSED UP 0.51%///Chinese yuan (ONSHORE) CLOSED UP TO 7.0930 CHINESE YUAN OFFSHORE CLOSED UP TO 7.0972// Oil UP TO 71.54 dollars per barrel for WTI and BRENT UP AT 75.16 Stocks in Europe OPENED MOSTLY ALL GREEN

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 FELL BY A STRONG SIZED 6339 CONTRACTS TO 562,253 WITH OUR TINY GAIN IN PRICE OF $0.15 WITH RESPECT TO FRIDAY’S TRADING. , WE LOST ZERO NET IN NUMBER LONGS WITH THE SLIGHTLY HIGHER PRICE FOR GOLD AS YOU WILL SEE BELOW. WE HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2230).

THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT LAST 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 112+ 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//VIEW ANDREW MAGUIRE LATEST LIVE FROM VAULT 197 AS HE TACKLES THIS IMPORTANT TOPIC). 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. HOWEVER MANY LONGS WERE CLIPPED ON THURSDAY’S AND FRIDAY’S RAID (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 NON ACTIVE DELIVERY MONTH OF NOV.…  THE CME REPORTS THAT THE BANKERS ISSUED A  HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A HUGE SIZED 6178 EFP CONTRACTS WERE ISSUED: :  /DEC  6178 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6178 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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL TOTAL OF 161 CONTRACTS IN THAT 6178 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG SIZED LOSS OF 6178 COMEX  CONTRACTS..AND THIS  SMALL GAIN  ON OUR TWO EXCHANGES HAPPENED WITH OUR SMALL GAIN IN PRICE OF $0.15 FRIDAY// 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 FRIDAY NIGHT, A STRONG SIZED 2230 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 (5.0389 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 . 5.0389 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY  $0.15/)//AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A SMALL LOSS IN OUR TWO EXCHANGES. WE DID HAVE CONSIDERABLE T.A.S. SPREADER LIQUIDATION FRIDAY BUT THIS COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING.

WE HAVE LOST A TOTAL OF 0.500 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR NOV (2.488TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 85 CONTRACTS OR 8500 OZ (.2643 TONNES). THESE GUYS UNDERWENT A STRONG QUEUE JUMP BOLTING AHEAD OF OTHER LONGS TO OBTAIN BADLY NEEDED PHYSICAL GOLD.

//NEW STANDING FOR NOV 5.0389 TONNES

NEW STANDING FOR NOVEMBER: 5.0389 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR TINY GAIN IN PRICE  TO THE TUNE OF $0.15

WE HAD 743 CONTRACTS REMOVED FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.

NET LOSS ON THE TWO EXCHANGES 161 CONTRACTS OR 16100 OZ (0.500 TONNES)

confirmed volume FRIDAY 207,832 contracts fair

//speculators have left the gold arena

END

NOV 4  OCT  GOLD CONTRACT

/ /// THE NOV 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	NIL           .
Deposit to the Dealer Inventory in oz	NIL
Deposits to the Customer Inventory, in oz	NIL
No of oz served (contracts) today	200 notice(s) 81300 OZ 2/528 TONNES
No of oz to be served (notices)	52 contracts    5200 OZ 0.1617 TONNES
Total monthly oz gold served (contracts) so far this month	1568 notices 156,800oz 4.8777 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 0 customer deposits

total deposits NIL oz 

withdrawals: 0

adjustments: 1

DEALER TO CUSTOMER/Manfra:
30,093.336 oz (936 kilobars)

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOV.

For the front month of NOV: we have an oi of 252 contracts having LOST 728 contracts. We had 813 contracts served on FRIDAY so we gained a huge 85 contract gain as they underwent a strong queue jump of 8500 oz (.2653 TONNES OF GOLD)

DECEMBER, THE BIGGEST DELIVERY MONTH LOST 10,740CONTRACTS TO 407,622

JANUARY GAINED 5 CONTRACTS TO STAND AT 16

FEBRUARY GAINED 3703 CONTRACTS TO 95,123 .

We had 200 contracts filed for today representing 20,000 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 200 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 3 notice(s) was (were) stopped  (received) by J.P.Morgan//customer account   

To calculate the INITIAL total number of gold ounces standing for NOV /2024. contract month, we take the total number of notices filed so far for the month (1568 x 100 oz ) to which we add the difference between the open interest for the front month of  NOV(252 CONTRACTS)  minus the number of notices served upon today  (200 x 100 oz per contract( equals  162,000 OZ  OR 5.0389 TONNES.

thus the INITIAL standings for gold for the NOV contract month:  No of notices filed so far (1568 x 100 oz +we add the difference for front month of NOV  (252 OI} minus the number of notices served upon today (200 x 100 oz which equals  162,000 oz (5.0389 TONNES)  +

TOTAL COMEX GOLD STANDING FOR NOV.: 4.0389 TONNES WHICH IS GOOD FOR THIS  NON ACTIVE DELIVERY MONTH IN THE CALENDAR. 

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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: 1,581,764.492  oz 49.200 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD:  17,133,368.992 OZ  

TOTAL REGISTERED GOLD 7,692,007,097/// 238.32tonnes). 

TOTAL OF ALL ELIGIBLE GOLD: 9,471,361.893 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 6,110243 oz (REG GOLD- PLEDGED GOLD)= 190.05 tonnes //

END

SILVER/COMEX

NOV   4. 2024

INITIAL

//2024// THE NOV 2024  SILVER CONTRACT//INITIAL

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	69235.310oz CNT .
Deposits to the Dealer Inventory	nil oz
Deposits to the Customer Inventory	4,032.620 oz Delaware
No of oz served today (contracts)	98 CONTRACT(S)    (490,000 OZ)
No of oz to be served (notices)	41 contracts  (205,000oz)
Total monthly oz silver served (contracts)	649 Contracts  (3.245 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  1 customer deposits

i) Into Int. Delaware: 4032.610

total customer deposits 4032.610 oz

We had 1 withdrawals

i) CNT 69,235.210 oz

total withdrawal 69,235.210 oz

JPMorgan has a total silver weight: 134.401million oz/308.510million  or 43.42%

adjustment 0

TOTAL REGISTERED SILVER: 70.073MILLION OZ//.TOTAL REG + ELIGIBLE. 308.516million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT

silver open interest data:

FRONT MONTH OF NOV /2024 OI: 139 OPEN INTEREST FOR A HUGE GAIN OF 73 CONTRACTS

WE HAD 24 NOTICES FILED ON FRIDAY SO WE GAINED A STRONG 97 CONTRACTS OR 485,000 OZ UNDERWENT A QUEUE JUMP IN A DESPERATE SEARCH FOR PHYSICAL METAL OVER ON THIS SIDE OF THE POND.

DECEMBER SAW A LOSS OF 4658 CONTRACTS DOWN TO 117,215 CONTRACTS

JANUARY SAW A GAIN OF 21 CONTRACTS UP TO 921

.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 98 for 0.490 MILLION oz

CONFIRMED volume; ON FRIDAY 78,495 large

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 649x 5,000 oz = 3.245 MILLION oz 

to which we add the difference between the open interest for the front month of NOV (139) and the number of notices served upon today (98)x (5000 oz)

Thus the  standings for silver for the NOV 2024 contract month:  649 Notices served so far) x 5000 oz + OI for the front month of NOV(139) number of notices served upon today minus (98)x 5000 oz of silver standing for the NOV contract month equates to 3.450 MILLION OZ. 

 New total standing: 3.450 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

NOV 4 WITH GOLD DOWN $2.45 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 3.16 TONNES OF GOLD OUT OF THE GLD.// . // .///INVENTORY RESTS AT 888.63 TONNES

NOV 1 WITH GOLD UP 0.15 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 0.86 TONNES OF GOLD INTO THE GLD.// . // .///INVENTORY RESTS AT 891 TONNES

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: 888.63 TONNES, TONIGHTS TOTAL

SILVER

NOV 4  WITH SILVER DOWN $0.08 :SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 547,000 OZ.//// //INVENTORY AT SLV RESTS AT 480.642 MILLION OZ

NOV 1  WITH SILVER DOWN $0.10 : NO CHANGES IN SILVER INVENTORY AT THE SLV:.//// //INVENTORY AT SLV RESTS AT 481.189 MILLION OZ

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 480.642 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:

Gold – Best Asset In 2000s, But You Ain’t Seen Nothing Yet!

by Tyler Durden

Monday, Nov 04, 2024 – 02:25 PM

Authored by Egon von Greyerz via VonGreyerz.gold,

There is a fine line between happiness and misery, as Dickens describes in David Copperfield. Copperfield’s landlord, Mr Micawber, was just on the wrong side of happiness by six pence. 

In a recent article called THE END OF THE US ECONOMIC AND MILITARY EMPIRE AND THE RISE OF GOLD, I stated: “Unsustainable deficits and galloping debt levels, combined with a crumbling military, are the perfect recipe for the end of an Empire.”

So, we are obviously not talking about a six-pence deficit in the case of the virtually bankrupt US empire but instead about a debt that is growing exponentially, now by several trillions of dollars annually.

History doesn’t just rhyme, but it repeats itself over and over and over again. 

Let’s just look at the final stages of a debt crisis. 

The table below shows the disastrous result of irresponsible governments during the last 54 years.

Governments never tell their people that they consistently destroy the value of the people’s money. 

In 1971, when Nixon took away the dollar’s gold backing, he said: “YOUR DOLLAR WILL BE WORTH AS MUCH TOMORROW”.

If Tricky Dick was still alive today, he can, of course, argue that he didn’t lie.

Because a dollar today is still worth a dollar, he would argue. But he wouldn’t tell anyone that the dollar 53 years later has lost 99% of its purchasing power.

Gold is up 78X since Nixon closed the gold window in 1971. The next phase will be acceleration.

As I explain in this article, gold will rise by multiples in the coming years (obviously with corrections).

The Roman emperors who ruled the Roman Empire from 190 to 290 AD could argue the same, although the Denarius silver coin went from almost 100% silver content to zero. 

The same was true for Friedrich Ebert, the president of the Weimar Republic in the early 1920s. He would have argued that a Mark is always a Mark, even when it has lost 100% of its purchasing power. 

But gold doesn’t lie. Measured in real money, an ounce of gold in 1923, was worth 87 trillion Marks.

Until a currency totally dies in a hyperinflationary collapse, the deceit of the leaders is never revealed to public.

But we must never forget what Voltaire said in 1729 – “Paper money eventually returns to its intrinsic value – ZERO.”

When have we ever heard of a leader telling us that we must protect ourselves against the fraudulent destruction of our wealth by constantly debasing the value of money?

As Alan Greenspan said in 1967:

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value…The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”

Have a look at the tables above again.

These are but a few examples of thousands of currencies having been destroyed throughout history.

Governments create inflation by printing money and by allowing the financial system to create unlimited amounts of credit in the fractional reserve banking system. 

In short, it means that banks and other financial institutions receive a deposit of, say, $100 and can lend 10 to 50X or $1,000 to $5,000 against that. Add derivatives, which allows the system to create trillions of dollars out of thin air. 

This immoral and totally undisciplined financial model doesn’t just create unlimited leverage for financial players, whether they do it in banks, hedge funds, private equity, or any part of the shadow banking system. 

This is how the total global debt of $350 trillion probably is in the quadrillions of dollars if we include all these creative “financial weapons of mass destruction”, as Warren Buffett called them. See the debt pyramid below.

Until now, conventional investment assets like stocks and property have been excellent \protection as they have gone up substantially as a result of the constant growth of credit and money supply.

So, this massive liquidity injection has created colossal paper fortunes for most investors.

WHEN WILL IT END

That party is now coming to an end. Valuations of these bubble assets are now at perilous levels. History tells us that manias always end badly. 

But history doesn’t tell us when they will end. Will it be tomorrow, in six months or several years? 

So, can we forecast the end?

Well, the most exact of all sciences is hindsight. With the benefit of this very accurate method, many people will tell us afterwards that the crash was bound to happen. 

Sadly, no one realises that this time, dip buying will fail. Still, investors will buy dip after dip until they are exhausted. So when the market has fallen further than anyone expects most investors will sit tight based on greed and FOMO (fear of missing out). And just at that point, the biggest wealth destruction in history will take place. 

Very few will think of alternative investments like gold to preserve wealth until it is too late.

And at that point, gold will have gone up so much in value with very few participating. Everyone will find gold too expensive. Very few will realise that gold isn’t going up, but paper money is down.

A FASCINATING JOURNEY LEADING TO A POT OF GOLD

I was born in Sweden and have dual Swedish / Swiss citizenship. I started my career in banking in Switzerland and then in corporate life in the UK. 

In 1972, I was offered a job by a bank client, a small listed retail company called Dixons. I became Finance Director in 1974 at the age of 29. I was thereafter appointed Vice-Chairman. 

We made the company to be the biggest electric and consumer electronic retailer in the UK and a FTSE 100 company. 

It was an incredibly stimulating time building a dynamic business both organically and by acquisition. As business leaders we experienced adversity as a positive challenge. We sold electrical goods including televisions by candle light in 1974 when there was only electricity for 3 days per week due to a major coal miners’ strike. And we grew by contested takeovers of companies much bigger than ourselves.

Corporate life in a dynamic business is extremely exciting. But since I started that career in my late 20s, I felt it was time to do my own thing in my early 40s. 

So, in the 1990s, I started investing my own funds as well as the capital of some wealthy friends. 

I have always been interested in understanding risk and protecting the downside, both in banking and in corporate life. 

In the 90s I started to be concerned about the growth of debt and derivatives. So I was looking at the best ways of preserving wealth. 

Having experienced Nixon closing the gold window and the subsequent 24X growth of the gold price from $35 in 1971 to $850 in 1980, I had always been fascinated by gold. 

Seeing debt and especially derivatives growing with no shackles and especially tech stocks becoming a massive bubble in the late 1990s, I was convinced that gold par excellence was the best asset to preserve wealth.

Having experienced gold go from $35 in 1971 and then correct from $850 in 1980 to $250 in 1999, I was closely watching the gold price for confirmation of a bottom. So in early 2002 we invested heavily into physical gold at $300 for ourselves and a group of co-investors that we were advising. 

We haven’t looked back since and only increased our investment in gold over the years. Since we had created a superb system for buying and storing physical gold based on our stringent wealth preservation principles, people around the world started to ask for help.  That led to the creation of Matterhorn Asset Management / GoldSwitzerland. The name was changed at the beginning of this year to VON GREYERZ AG. 

Today we have clients in over 90 countries and are probably the biggest company in the world outside the banking system for HNWIs acquiring and storing gold. 

We have been actively involved in gold for soon a quarter of a century and experienced almost 10X growth in the gold price since we started the business. 

Still, we believe that the gold journey is only starting now.

Why, you may ask. 

Well, gold is the best-performing asset class in this century, better than the S&P including reinvested dividends and still NOBODY OWNS GOLD.

Only 0.5% of global financial assets are invested in gold. 

It is totally incomprehensible that gold has gone up 9.5X. This century, investors are not even looking at it. 

So why is gold still so unloved?

Gold held in the investor’s name in safe vaults and jurisdictions outside the financial system is the ultimate form of wealth preservation.

But asset managers and banks dislike gold since they can’t churn commission with an asset that can’t be turned over at regular intervals. So no commission and no performance fees. Also, very few people understand gold. 

In my view, gold is now ready to explode, measured in paper money. 

I have explained the reason for gold’s coming explosion in many articles, including this recent one.

But remember that gold never goes up. All it does is to reflect governments’ and central banks’ destruction of fiat money.

Gold is just stable purchasing power in a world where goods and services go up exponentially in price because the money you buy it with always goes to ZERO. 

Having said that, I do expect gold to do better than just keeping pace with purchasing power in the next few years.

Again let me make it clear – no paper money has ever, ever, ever survived in history (in its original form). 

With such a perfect record of destroying money, why should we believe that the FED, ECB, BoE (Bank of England) or BoJ (Bank of Japan) or any other central bank will stand a chance to save the global financial system with $2-3 quadrillion of toxic exposure?

Well, I can personally guarantee that they won’t. 

Remember that destroying the value of money by printing quadrillions is a technical default, although no central bank will call it that. 

And creating digital money for the central bank is just a technical diversion. 

Debt can never be written off without totally destroying the value of the assets it supports. That is how a balance sheet or double-entry accounting works. 

So, this global financial system will collapse, as they all have. But this is the first time it has been global. 

BRICS countries will also suffer, but not as much as the West. 

The coming era will be commodity-based. Take Russia, for example, with $85 trillion of natural reserves. They will be one of the major winners in the coming commodity era. They also have low debts. 

So, let’s look at the risks.

WAR RISK 

There are today two major wars that could lead to global conflicts and potentially nuclear war. 

The US is directly involved in both conflicts with weapons and money, although US territory is not threatened. The best chance for the world to avoid a global conflict is for Trump to be elected. He has both proven and stated that he will stop the war, especially in Ukraine. Harris will not change the direction of Biden and the neocons, which means a much higher risk of global conflict.

COLLAPSE OF GLOBAL FINANCIAL SYSTEM

As outlined above, this collapse is inevitable. The only question is when and to what extent. I strongly believe that most of the BRICS countries will suffer less from the collapse and emerge from it much faster. 

The West, with its massive debt bubble and moral decadence, has already started a major secular decline that could last for centuries.

WEALTH PRESERVATION 

Gold is not the panacea for the problems outlined above. However, history proves that in any period of crisis, gold has always stood as a protector, both financially and for personal safety.

But what is more important than anything else is protecting and helping family and friends. 

Strong family ties and a group of close friends are more important than all gold in the world. 

As Dickens said:

Secure your wealth against inflation with JM Bullion.

BUY GOLD & SILVER TODAY

3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES

Conditions exist for an equity market crash

History shows that an initial rise in bond yields doesn’t undermine equities. It’s the second rise which kills the bull.

Alasdair MacleodNov 4∙Paid

READ IN APP

The relationship between the credit cycle and equity markets is well established. The credit cycle has its foundation in bank credit, which expands while economic conditions first recover, then improve, and finally are backed by widening confidence. Bankers are caught up in this changing sentiment, starting with lending caution, increasing confidence in the trading outlook, and finally competing for loans, perhaps targeting rival banks’ customers or lending to businesses and business sectors to build future banking relationships.

This ends with banks cutting their margins to attract business, inevitably fuelling malinvestments. And their balance sheets become highly leveraged in the process. Inevitably, the application of bank credit for other than purely productive purposes fuelling price and wage inflation, undermining business plans, and leading borrowers to demand more credit to bolster cash flows.

Banks now find themselves highly leveraged with the prospect of increasing levels of bad debts, which exposes their shareholders to unacceptable risk. So what do banks do?

They ration loans and demand higher interest rates to compensate. A combination of rising interest rates and credit rationing as the economy slows undermines corporate profitability even further, and also the value of corporate bonds which get two hits, from rising short-term interest rates and a market perception of increased risk.

For these reasons, government debt is seen as the ultimate safe haven when the lending (or bank credit) cycle peaks and turns down. But government bonds also have duration risk, so while they may be regarded as a safe haven from a downturn in bank lending, it is only true for short maturities, such as T-bills. Indeed, this is why the US Treasury is only able to fund substantial amounts in the T-bill market.

In practice, the relationship between equities and bank lending is slightly more complex. In the later stages of a bull market, equities tend to be driven by momentum more than value considerations. Consequently, when interest rates start rising, bond values begin to decline while equities continue to rise. The greater the credit stimulus early in the cycle, the greater the disparity between value and momentum tends to be.

Therefore, the initial rise in bond yields sees equities continuing to rise. It is the second rise which crashes the market. Now look at the behaviour of the US Treasury’s long bond:

Since September, its yield has risen from 3.9% to 4.5%. Phase One was from 1% in early-2020 to 5.15% in October 2023. The fall in CPI inflation and lingering talk of recession then led to a decline in yield to the 3.9% low in September. But bear in mind that the banks are still highly leveraged and with bond yields now rising they are only prepared to lend at punitive rates, if at all.

This credit cycle has an additional problem: the US government’s debt trap. At the margin, foreigners who are already overloaded with debt are reluctant to buy Treasury debt. And with the prospect of even greater budget deficits this debt can only be funded by issuing short-term T-bills. This is highly inflationary, being funding by expanding near-cash credit.

History in other jurisdictions, notably the UK in the 1970s clearly points to a mounting funding crisis which can only be resolved at far higher bond yields. Therefore, the increase in US T-bond yields from September has only just started and will go substantially higher. This danger is only just beginning to be recognised in mainstream commentary, so the consequences for equity markets will be to tip them into bear markets very soon.

But that is not all. The valuation differential between equities and bonds is already stretched to the highest level in decades, maybe for ever:

A few words of explanation: I have inverted the yield on the long bond to show the close negative correlation with the S&P 500 index. Obviously, there are variations in the relationship, notably when the Fed suppressed its funds rate to zero in 2020. The T-bond yield collapsed, relative to equities.

Currently, the valuation gap is the other way, with equities overvalued relative to the T-bond. In fact, this disparity is over twice as great than at the time of the dot-com bubble, which tells us how vulnerable equities are today.

Conclusion

 Forget who wins the presidential election, it will not stop an equity bear market commencing in the coming weeks, likely to be of crash proportions. In fact, over the last two weeks, the bullish momentum in equities has visibly slowed, with NASDAQ failing to overcome its July peak. When positive momentum is replaced by valuation considerations the damage will be immense.

if Trump wins, meet your new Fed Governor, a gold bug!

(zerohedge)

America’s Out Of Control Debt “Is A National Security Threat” – Judy Shelton On Gold & Global Peace

Sunday, Nov 03, 2024 – 08:25 PM

“I want the United States to be the leader if there’s any kind of gold backing to a currency.”

– Judy Shelton

Economic advisor to former President Donald Trump, Judy Shelton, joins GoldTelegraph’s Alex Deluce for a captivating conversation spanning a wide range of subjects.

Judy Shelton is a Senior Fellow at the Independent Institute and author of the book Good as Gold: How to Unleash the Power of Sound Money.

She is the former Chairman of the National Endowment for Democracy and former U.S. Director of the European Bank for Reconstruction and Development. She has testified before the U.S. Senate Banking, Senate Foreign Relations, House Banking, House Foreign Affairs, and Joint Economic Committee.

In their conversation, Deluce and Shelton explore a series of compelling topics, highlighted by Judy’s riveting career stories, including her interactions with figures like Alan Greenspan, Paul Volcker, and other influential central bankers.

One of the most powerful revelations she shared was Paul Volcker’s frank admission: he had always believed the United States would eventually return to the Bretton Woods system.

For those unfamiliar, Volcker was referencing the pivotal moment known as the Nixon Shock in 1971, when President Nixon abruptly suspended the U.S. dollar’s convertibility into gold, shattering the foundation of the Bretton Woods system.

At that historic moment in history, Volcker served as the Under Secretary of the Treasury for International Monetary Affairs.

This marked the transition to a pure fiat monetary system.

Deluce and Shelton get into a wide-ranging conversation that covers many topics, which include:

• The US Dollar
• The U.S. National Debt as a Security Threat
• Federal Reserve’s Role in America’s debt and Financial Instability
• Historical Perspectives on Monetary Policy
• Potential Return to a Gold-Backed System
• Comparisons Between Soviet Central Planning and Current Economic Policies
• BRICS Countries and Global Financial Shifts
• Treasury Bond Backed by Gold and the Potential for Gold Backed Stablecoins

TIMESTAMPS:

0:49 – How much does the US dollar’s global dominance depend on the upcoming election?

2:08 – Is debt a threat to U.S. national security?

3:20 – How responsible is the Federal Reserve for America’s current debt level?

7:54 – How has the Federal Reserve contributed to the financial instability we face today?

13:22 – How do you see today’s shifting global landscape, given your deep background in historical analysis?

19:46 – Are we on the verge of another major global monetary shift, and what might it look like?

29:13 – Was there a specific moment or event early in your career that sparked your interest in the study of gold?

34:09 – Memorable stories from your conversations with Alan Greenspan, Paul Volcker and Robert Mandel

39:22 – How do you define sound money?

46: 14 – How interconnected are sound money, economic opportunity, stability, and global peace, especially in today’s polarized world?

49:51 – Why do you think so many policymakers dismiss and mock gold, even as global demand is at records and central banks are stockpiling?

54:13 – How does the Fed’s dual mandate open it to political vulnerabilities, and could a rules-based system address these issues?

59:37 – How does the Fed’s centralized control over interest rates affect what is supposed to be a market-based economy?

1:02:48 – Are central banks aggressive policies eroding or undermining capitalism and the concept of free markets?

1:06:23 – Are BRICS nations positioning gold to become a unit of account and medium of exchange, potentially bypassing the traditional financial system?

1:09:38 – Could imposing tariffs on countries that move away from the dollar actually help America maintain its financial muscle?

1:14:47 – What gives you hope for potential reforms that could create a monetary system supporting economic freedom and stability for everyone?

1:16:58 – Could we potentially see you in the next administration advocating for these policies?

Watch the full interview below:

https://twitter.com/i/status/1853109702248280206

GOLD SWAPS REDUCED ABY 45 TONNES

we are now doing to 112 tonnes. It is interesting that Poland has called in its gold at the BIS

and they probably had north of 50 tonnes on deposit there.

(Robert Lambourne)

Robert Lambourne: BIS gold swaps fell from 157 tonnes in August to 112 in September

Submitted by admin on Sat, 2024-11-02 22:34 Section: Daily Dispatches

By Robert Lambourne
Saturday, November 2, 2024

The September statement of account for the Bank for International Settlements was published this week — 

Click to access statofacc240930.pdf

—  and it indicates that the volume of gold swaps undertaken by the BIS fell from 157 tonnes at month-end in August to 112 tonnes at month-end in September, a decline of 45 tonnes or almost 29%.

Table 1 below sets out the historical level of monthly gold swaps estimated since August 2018. As is evident from the table there is still a considerable level of gold being traded via these swaps. While gold swaps are down significantly from the 501 tonnes estimated in January 2022, the level seemingly remains quite volatile, suggesting the use of swaps to cover shorter-term trading requirements.

To repeat the point made regularly in these reports, it seems that these swaps are undertaken by the BIS for one or more of its central bank customers with the swapped gold being accounted for as being held in a BIS-registered sight account at a central bank. Given what is happening in the gold market more generally, it appears reasonable to assume that the Federal Reserve is the BIS’ customer for the swaps transactions. 

The evidence strongly suggests that bullion banks are the source of this gold and the supply comes from gold registered as being held by gold exchange-traded funds.

The 2023-24 annual report for the BIS —

Click to access areport2024.pdf

— confirms GATA’s estimate of the bank’s gold swaps as of March 31 in Table 1 of 72 tonnes. 

The BIS annual report contains information that also confirms certain assumptions used to estimate the swap volumes. This includes confirmation that the BIS continued to hold 102 tonnes of its own gold. The annual report also provides strong support, via its reporting on transactions with related parties, that the gold comes from bullion banks rather than central banks.

However, the BIS continues to offer no explanation for why it is undertaking gold swaps. 

The BIS first reported gold swaps in its annual report for 2009-10, so gold swaps have been provided by the BIS for its customer central banks for more than 15 years. See Table 2 below for the year-end level of gold swaps reported by the BIS in its annual reports since March 2010.

Table 1 — Gold swaps estimated by GATA from BIS monthly statements of account

Month …. Swaps
& year … in tonnes

Sep-24 …. /112
Aug-24 …. /157
Jul-24 …. /148 
Jun-24 …. /116
May-24 …. /109
Apr-24 …. /78
Mar-24 …. /72
Feb-24 …. /68
Jan-24 …. /117
Dec-23 …. /121
Nov-23 …./100
Oct-23 …./68
Sep-23 …./96
Aug-23 …./129
Jul-23 …. /103
Jun-23…. /87
May-23 …. /188
Apr-23 …. /135
Mar-23 …. /77*
Feb-23 … /136
Jan-23 … /103
Dec-22 … /0
Nov-22 … /105
Oct-22 ….. /7
Sep-22 …../57
Aug -22 ….. /75
Jul-22 ….. /56
Jun-22 ….. /202
May-22 ….. /270
Apr-22 ….. /315
Mar-22 …. /358
Feb-22 …. /472
Jan-22 ….. /501
Dec-21…. /414
Nov-21…. /451
Oct-21…. /414
Sep-21 …. /438
Aug-21 …. /464
Jul-21 …. /502
Jun-21 …./471
May-21 …./517
Apr-21 …. /472
Mar-21…. /490+
Feb-21 …../552
Jan-21 …. /523
Dec-20 …. /545
Nov-20 …. /520
Oct-20 …. /519
Sep-20…../ 520
Aug-20…../ 484
Jul-20 ….. / 474
Jun-20 …. / 391
May-20 … / 412
Apr-20 …. / 328
Mar-20 …. / 326**
Feb-20 …. / 326
Jan-20 …. / 320
Dec-19 …. / 313
Nov-19 …. / 250
Oct-19 …. / 186
Sep-19 …. / 128
Aug-19 …. / 162
Jul-19 ….. / 95
Jun-19 …. / 126
May-19 …. / 78
Apr-19 ….. / 88
Mar-19 …. / 175
Feb-19 …. / 303
Jan-19 …. / 247
Dec-18 …. / 275
Nov-18 …. / 308
Oct-18 …. / 372
Sep-18 …. / 238
Aug-18 …. / 370

* The estimate originally reported by GATA was 78 tonnes but the BIS annual report states 77 tonnes. It is believed that slightly different gold prices account for the difference.

+ The estimate originally reported by GATA was 487 tonnes but the BIS annual report states 490 tonnes. It is believed that slightly different gold prices account for the difference.

** The estimate originally reported by GATA was 332 tonnes but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.

GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.

*

There seem to be no reasons to alter the assumption that the BIS is continuing to enter these swaps on behalf of the Federal Reserve. There is no evidence to suggest that any other major central bank is actively trading this much gold, and many central banks are still accumulating physical gold.
  
As noted above, the basic transaction that the BIS is believed to undertake is to swap dollars for gold that is transferred from a bullion bank, then to deposit this gold in a gold sight account at a central bank, presumed to be the Fed but almost certainly being the central bank that is using the BIS to execute the gold swap on its behalf. 

Given the recent volatility in BIS gold swaps, it seems likely that most are of a short duration. Why a central bank needs the BIS to undertake gold swaps isn’t clear. The swaps are likely connected with short-term trading needs and perhaps are being used to aid suppression of the gold price via the futures markets.

The volatility in the volume of swaps is clear from a review of Table 1 above. Volumes of swaps in 2023 and so far in 2024 remain well below the average seen in the preceding four years, but they remain significant. The gold price increased from $2,503 at August 30 to $2,635 at September 30 (per USAGold.com). 

Using the September 30 gold price, the 112 tonnes of gold swaps outstanding via the BIS at the month-end are valued at about $9.5 billion. 

So the recent trading in BIS gold swaps has high dollar value and shows that gold remains a significant monetary asset still actively traded on behalf of at least one central bank, presumably the Fed.

As ever with the BIS, it remains unlikely that more information about why it undertakes these transactions will be provided. No such information was provided in the recently published annual report, which covered the year ending March 31, 2024.

GATA commentary on gold price suppression

GATA’s research on gold price suppression indicates that an active policy of price suppression was implemented around 30 years ago and was primarily intended to hold down interest rates. Recent updates on this research are provided by the presentations GATA secretary/treasurer Chris Powell and Chairman Bill Murphy made in November 2023 at the New Orleans Investment Conference:

https://www.gata.org/node/22886

https://www.gata.org/node/22889

In a more recent dispatch Powell laments that so much of the bullish commentary on gold fails to highlight the regular and repeated efforts to suppress the gold price during the past 30 years. He argues that this bullish commentary provides an incomplete view of the risks as well as the rewards of gold ownership even as the financial outlook for the U.S. government seems fraught amid so much debt:

https://www.gata.org/node/22993

This influential report from 2005 about “Gibson’s Paradox” remains relevant and highlights work in this area by former U.S. Treasury Secretary and Harvard University President Lawrence Summers:

https://goldensextant.com/gibsonsparadox/

It also remains relevant to highlight the following remarks made in a speech by Summers on September 8, 1999, as reported in the book “The Wealth of Progressive Nations: The Collected Lectures of Lawrence Summers.” The remarks below are an extract of a section of the speech titled “A New Economic Paradigm.”

“Most important of all, the Clinton-Gore administration has established a new paradigm for the management of our nation’s budget, with enormous cumulative benefits for our economy and our citizens. It has become a commonplace to remark on how exceptional today’s 4.2% unemployment rate is relative to any expectation at the beginning of the decade. It is no less remarkable that today, after 8.5 years of expansion, long-term interest rates are around 2 percentage points lower than they were at its start.”

From this it is reasonable to conclude that keeping interest rates lower was considered a priority by the Clinton-Gore administration and succeeding at it was thought to be “remarkable.” While this is not proof that gold price suppression was undertaken specifically to reduce interest rates, it shows that reducing interest rates was a priority for the U.S. government. 

Further evidence of this priority is provided by an interview with former Treasury Secretary Robert Rubin about his time working in the Clinton administration after January 1993. In answer to a question on the initial decision to prioritize deficit reduction,  Rubin remarks: “On the other hand, if interest rates go down as a result, then that will stimulate growth, and we thought that the beneficial effect of lower interest rates would outweigh the contractionary impact of the deficit reduction”:

https://www.pbs.org/wgbh/pages/frontline/shows/clinton/interviews/rubin.html

Hence there is plenty of evidence that keeping interest rates low was a major goal of the Clinton presidency.

In the context of gold price suppression being used to reinforce efforts to reduce interest rates, the following report issued by GATA in 2007 with an analysis of the gold market by Frank Veneroso is a notable reference as it confirms that GATA’s primary assertions about gold price suppression were plausible: 

https://www.gata.org/node/5275

More recent trends in U.S.  government deficits

The remarks of Rubin and Summers on the U.S. government’s priorities in the 1990s are reminders of how much the financial positions of Western nations have worsened since then.

The worsening trend for Western nations, especially the United States, probably reduces the appeal to the BIS of undertaking gold swaps on behalf of any central bank where a liability to return swapped gold is incurred. The trend possibly also reduces the appeal of any such swaps to the central bank or banks for which the BIS has been acting. 

A report issued by GATA in 2012 is worth revisiting as it highlights the acknowledgment of gold price suppression by a former chairman of the BIS, Jelle Zijlstra, a Dutch politician, economist, and central banker. So it seems likely that BIS management understands what the swaps are being used for and why no reasons for the transactions are given.

https://www.gata.org/node/11304

The conundrum facing the Federal Reserve about dollar interest rates has seemingly been resolved for now with the Fed’s decision to reduce rates close to the upcoming presidential election with further cuts suggested for November and December. Further market turmoil driven possibly by Japanese interest rates and currency levels may change this assumption rapidly given the high level of government debt in both countries. 

Despite its opaque rhetoric, the Fed needs to sustain confidence in the U.S. stock market and the Treasuries market when the government’s ever-increasing debt has become so controversial. Forthcoming new debt issuance is being monitored even more closely by investors.

The Treasury Department’s monthly report on September 2024 revenue and expenditure shows a 12-month deficit of $1.83 trillion and points toward a broadly similar or higher level of cash outflows in the current fiscal year to September 2025. The total of Treasury securities outstanding at September 30 is about $35.5 trillion, including about $7.2 trillion of notional debt held by federal government-supported trust funds (Special Debt). 

The higher interest charge being reported virtually each month is one reason for the deficit to increase. The run rate of gross interest costs reported in the last 12 months has now reached $1.13 trillion, despite a more muted level of annual interest payments on the approximately $7.2 trillion of Special Debt. This more muted increase is perhaps indicative of the pressure to keep a lid on interest costs.

In these circumstances the room for the Fed to raise interest rates in the next few years seems restricted and hence it seems likely as noted above that the BIS and some of its member central banks might be questioning the role of the BIS in these swaps and the obligation to make future deliveries of gold, since the Fed may be unable to move interest rates high enough to contain inflation.

In this context the relatively stable price of oil is relevant as it seems that strong forces want to keep oil prices subdued despite developments that might be expected to result in higher prices, such as production cuts by major producers and the dangers to shipments through the Red Sea. With 2024 being a presidential election year in the United States, there appear to be strong political incentives to contain oil prices and even recent moves to consolidate the number of oil producers in the U.S. might have been tacitly encouraged in return for commitments to keep production high. 

The direction of oil prices after the election might prove to be important influences on the timing of a gold price reset, as there appears to be little effort by the Fed and Treasury Department to acknowledge that federal debt levels have become extremely high.

The report at the following link, which reviews the possible connection between hedge funds’ basis trades in U.S. Treasuries and the Fed’s program of quantitative tightening, could be read as another sign of how difficult it is to locate purchasers of U.S. Treasuries at current prices:

https://www.gata.org/node/22873

Perhaps the easiest way to picture this apparent correlation is to view this chart:

Click to access Lambourne-Chart1A.pdf

This further link contains a commentary on the apparent enrichment of certain hedge funds and the individuals involved as a result of the apparent support from the Fed to the hedge fund basis trade used to effect “quantitative tightening”:

https://www.gata.org/node/22972

It also seems that the incentives for foreigners to own U.S. Treasuries are diminishing as efforts to confiscate Russian assets appear to be moving forward. Saudi Arabia has apparently warned that any such confiscation may cause it to sell its holding of U.S.Treasuries.

Again, it seems appropriate to note that a report titled “Living with High Public Debt,” authored by Serkan Arslanalp and Barry Eichengreen, was published in August 2023 by the Federal Reserve Bank of Kansas City. This report reinforces just how difficult it is to handle high federal government debt with spending far in excess of revenue.

The report can be found at the Kansas City Fed’s internet site and at GATA’s:

https://www.kansascityfed.org/Jackson%20Hole/documents/9749/Living_With_High_Public_SA_Sep_2_2023.pdf

https://www.gata.org/sites/default/files/Living_With_High_Public_Debt_Sep_2_2023.pdf

Here is an excerpt from the conclusions:

“Looking forward, the challenges are daunting. Given aging populations, governments will have to find additional finance for healthcare and pensions. They will have to finance spending on defense, climate change abatement, and adaptation, and the digital transition. A growing number of low-income countries are already in debt distress. 

“Living with high public debt therefore means avoiding steps that make a bad situation worse. This means minimizing unproductive public spending. It means targeting social transfers as a way of limiting pressures on the expenditure side. It means limiting contingent liabilities by, inter alia, adequately regulating banks and avoiding recapitalization costs. 

“It means contemplating tax increases where revenues are low by international standards. It means further developing financial markets where markets are underdeveloped and where a diverse population of local investors in debt securities is absent. It means embracing legal and procedural changes that streamline and speed restructuring for countries whose debts are unsustainable. 

“This modest medicine does not make for a happy diagnosis. But it makes for a realistic one.”

In the circumstances, vividly described in the report, it seems unsurprising that the price of gold has increased so far in 2024. The report offers yet more reason to question whether gold swaps undertaken via the BIS, probably on behalf of the Fed, are being used to suppress the dollar gold price.

Debt problems in China and other countries

The IMF has highlighted the high level of non-financial debt in many countries in recent reports and its own figures for non-financial debt to GDP include as of Q2 2023 Japan 414%, France 323%, China 308%, USA 253%, UK 237%, Germany 186%, and India 182%. The IMF is clearly signaling concern over the debt overhang.

Recent reports in Western media on efforts by the Chinese government to stimulate a recovery in its economy, especially its property sector, are worthy of comment as at least one experienced long-term observer of the Chinese economy considers that China needs to devalue its debt and possibly achieve this by way of a gold price revaluation.

Napier goes further and suggests in the video that Chinese President Xi Jinping has the ability to decide when to trigger a gold price reset and that it will change global trade dramatically. A decision by China to devalue the yuan versus gold would almost certainly force the United States to follow and would probably lead to bans or extremely high tariffs on Chinese exports to the U.S. 

If Professor Napier is correct, then any attempts by Donald Trump, if he becomes the next president, to introduce substantial tariffs might trigger a decision by the Chinese to reset the yuan gold price, since one of the major adverse consequences of a gold price reset — namely the loss of their export trade to the U.S. — would have already happened. 

So the price of gold could soar if Trump carries out what he has said he will do.

If Vice President Kamala Harris wins or if Trump acts more moderately, then maybe an agreed gold price reset might occur next year. The chances that the U.S. federal deficit would continue to be willingly funded seem really bleak, especially as hedge funds have already been used and seemingly are really only holding Treasuries as a stopgap for maybe two years, a term that will start running out later in 2025.

In the opinion of this writer, Napier’s ideas on how gold may be re-used in a new financial system are credible. They fit in with a trend identified by people close to governments such as Robin Niblett, the former head of Chatham House, a research organization specializing in international relationships. Niblett’s book “The New Cold War” examines the likely future competition between China and the U.S. Niblett makes no reference in his book to the use of gold in the future.

Another interesting book is “The Red Emperor” by Michael Sheridan, which examines Xi Jinping and modern China. The prologue to the book is set out below in the appendix. It provides an insight into an unusual and powerful man who may be a key decision maker in ending the current version of gold price suppression.

... Historical context of the gold swaps…

The BIS rarely comments publicly on its gold activities, but its first use of gold swaps was considered important enough to cause the bank to give some background information to the Financial Times for an article published on July 29, 2010, coinciding with publication of the bank’s 2009-10 annual report.

The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were carried out with commercial banks and so did not involve central banks. It also seems highly likely that the BIS’ remaining swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.

The swap transactions potentially created a mismatch at the BIS, which may have ended up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold required to be returned to swap counterparties). This possible mismatch has not been reported by the BIS.

The gold banking activities of the BIS have been a regular part of the services it offers to central banks since the bank’s establishment 90 years ago. The first annual report of the BIS explains these activities in some detail:

http://www.bis.org/publ/arpdf/archive/ar1931_en.pdf

A June 2008 presentation made by the BIS to potential central bank members at its headquarters in Basel, Switzerland, noted that the bank’s services to its members include secret interventions in the gold and foreign exchange markets:

https://www.gata.org/node/11012

The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks doesn’t appear ever to have been as large a part of the BIS’ gold banking business as it has been in recent years, although the recent declines suggest this may be changing.

As of March 31, 2010, excluding gold owned by the BIS, there were 1,706 tonnes held in the name of the BIS in gold sight accounts at major central banks, of which 346 tonnes or 20% were sourced from gold swaps from commercial banks.

If the BIS was adopting the level of disclosure made by publicly held companies, such as commercial banks, some explanation of these changes probably would have been required by the accounting regulators. This irony may not be lost on those dealing with regulatory activities at the BIS. Presumably the shrinkage of the BIS’ gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form — that is, as allocated gold.

Table 2 below highlights recent BIS activity with gold swaps, and despite the recent declines, the recent positions estimated from the BIS monthly statements have regularly been large, especially in early 2022, and the volume of trading has been significant.

Table 2

March 2010: 346 tonnes
March 2011: 409 tonnes
March 2012: 355 tonnes
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes
March 2020: 326 tonnes
March 2021: 490 tonnes
March 2022: 358 tonnes
March 2023: 77 tonnes
March 2024: 72 tonnes

——

end

4. OTHER GOLD COMMENTARIES//LIVE FROM THE VAULT/no 197 ANDREW MAGUIRE

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES: ALUMINA

.

6 CRYPTOCURRENCY NEWS

END

ASIA TRADING MONDAY MORNING/FRIDAY  NIGHT

SHANGHAI CLOSED UP 38.19 PTS OR 1.17%

//Hang Seng CLOSED UP 61.09 PTS OR 0.30%

// Nikkei CLOSED//Australia’s all ordinaries CLOSED UP 0.51%///Chinese yuan (ONSHORE) CLOSED UP TO 7.0930 CHINESE YUAN OFFSHORE CLOSED UP TO 7.0972// Oil UP TO 71.54 dollars per barrel for WTI and BRENT UP AT 75.16 Stocks in Europe OPENED MOSTLY ALL GREEN

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

ONSHORE YUAN:   CLOSED UP AT 7.0930

OFFSHORE YUAN: UP TO 7.0972

SHANGHAI CLOSED CLOSED UP 38.19 PTS OR 1.17%

HANG SENG CLOSED CLOSED UP 61.09 PTS OR 0.30%

2. Nikkei closed

3. Europe stocks   SO FAR: MOSTLY ALL GREEN

USA dollar INDEX UP TO  103.57 EURO RISES TO 1.0906 UP 76 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +0.943 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 UP /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 DOWN TO +2.400 Italian 10 Yr bond yield DOWN to 3.669 //SPAIN 10 YR BOND YIELD DOWN TO 3.098

3i Greek 10 year bond yield DOWN TO 3.213

3j Gold at $2741.60 /Silver at: 32.81  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 83/100  roubles/dollar; ROUBLE AT 98.77

3m oil into the 71 dollar handle for WTI and  75 handle for Brent/

3n Higher foreign deposits moving out of China//  huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 151.69  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.945% 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 0.8627 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9410  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: 4.291 DOWN 8 BASIS PTS…

USA 30 YR BOND YIELD: 4.480 DOWN 8 BASIS PTS/

USA 2 YR BOND YIELD:  4.152 DOWN 5 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 34.35…

10 YR UK BOND YIELD: 4.4501 UP 2 PTS

10 YR CANADA BOND YIELD: 3.251 DOWN 4 BASIS PTS

5 YR CANADA BOND YIELD: 3.039 DOWN 3 PTS.

2a New York OPENING REPORT

Futures Rise As Trumpflation Trades Slide One Day Before The Election

Monday, Nov 04, 2024 – 08:13 AM

US equity futures are higher with Mag7 names mixed but NVDA higher on its Dow inclusion with semis also ticking higher; the dollar and yields are lower as the Trump reflation trade took a hit after several polls over the weekend showed a rebound for Kamala Harris. As of 8:00am ET, S&P futures are up 0.1%, while Nasdaq futures are flat; small caps are underperforming as the yield curve bull flattens with the USD weaker on a reversal in the Trumpflation trade. Commodities are catching a bid, led by Energy as OPEC+ decided to delay its production increase again. Today’s macro data is likely to be ignored but given the weaker than expected NFP, investors may want to know the state of the economy as we get past the Election and the Thursday’s Fed mtg. ISM-Services tomorrow is the most important print this week with Sentiment updates on Friday.

In premarket trading, Nvidia and Sherwin-Williams advanced after S&P Dow Jones Indices said on Friday that the pair would be added to the Dow Jones Industrial Average. Nvidia (NVDA US) +2.3%, Sherwin-Williams (SHW US) +4.5%. Intel, which is to be taken out of the Dow Jone, dropped 2.3%, while Apple fell 0.4% after Buffett’s Berkshire Hathaway continued its sale of shares in the iPhone maker. Talen Energy shares slide 13% as the company said it was evaluating its options after the Federal Energy Regulatory Commission (FERC) rejected a nuclear power pact on Friday. In sympathy, we saw sharp drops across the nuclear sector: Constellation Energy (CEG US) -7.4% Vistra (VST US) -3.8%, PSEG (PEG US)-3.8%. Here are some other notable premarket movers:

• Abercrombie & Fitch (ANF US) shares gain 2.4% after Citi opened a 30-day positive catalyst watch on the apparel retailer, expecting another strong profit beat when it reports third-quarter results on Nov. 26.
• Air Transport Services Group shares (ATSG US) jump 22% after a Reuters report on Sunday said that Stonepeak Partners is in advanced talks to acquire the provider of aircraft leasing and cargo transportation services for about $3.1 billion including debt.
• Roblox (RBLX US) shares rise 3.6% after Morgan Stanley upgraded to overweight from equal-weight following the video-game company’s results.
• Viking Therapeutics (VKTX US) shares soar 14% after the biotech’s experimental pill, VK2735, showed increased weight loss in patients at higher doses. Shares in fellow makers of weight-loss drugs fall. Eli Lilly (LLY US) -1.7%, Novo Nordisk (NOVOB DC) -1.1% in Copenhagen

As noted above, the dollar fell and Treasuries rallied as investors eased back bets on Donald Trump winning the presidential election after weekend polls indicated Kamala Harris was gaining ground. The Bloomberg dollar index dropped the most in more than a month, while the Mexican peso — widely viewed as the closest proxy for Trump’s victory odds after it tumbled in the aftermath of Trump’s 2016 victory — was the top performer among 16 major currencies. The argument goes that Trump’s support for looser fiscal policy and steep tariffs will deepen the federal deficit and fuel inflation, pushing up interest rates to the detriment of Treasuries but the benefit of the dollar.

Sentiment shifted after Harris received encouraging signals from an ABC News and Ipsos poll giving her a 49%-46% edge nationally against Trump in the race for the White House, while the New York Times/Siena survey released Sunday showed the Democratic nominee ahead in five of seven swing states. A psy-oped survey by the Des Moines Register that pointed to a lead for Harris in Iowa — a state that Trump has won in both of his previous contests — was a certain outlier, but served to sow doubt in the Trump victory narrative and underscore the ever-shifting dynamics of the race. Still, Harris’ advantage across all of the surveys was within the margin of error, and a NBC News poll released Sunday showed the race deadlocked 49%-49%.

“Somehow markets persuaded themselves that Trump was well ahead and had been priced as if it was quite a clear victory for him, which seems crazy,” Erik Nielsen, group chief economics advisor at UniCredit SpA, told Bloomberg TV. “What you’re seeing now is a realization that we got ahead of ourselves.”

Elsewhere, the Fed is expected to cut rates by 25 basis points Thursday, after the latest jobs data showed US hiring advanced at the slowest pace since 2020 while the unemployment rate remained low. Even so, the numbers were distorted by severe hurricanes and a major strike. Economists also expect the Bank of England to lower its benchmark rate by a quarter point to 4.75%.

European stocks also gained in thin Monday trading, with investor eyes keenly focused on Tuesday’s US presidential election. The Stoxx 600 gained 0.3% to 512.19 with 398 members up, 187 down, and 15 unchanged. Bachem and Burberry lead gains on the Stoxx 600, with Swedish landlord SBB among the day’s biggest fallers after a local business paper recommended its readers sell shares in the firm. Here are the biggest movers Monday:

• Bachem shares gain as much as 7.3%, the most since March, after JPMorgan analysts initiated coverage on the Swiss biochemical manufacturer with an overweight recommendation
• Burberry shares rally as much as 8% to the highest in almost four months, following a report by online fashion publication Miss Tweed that Moncler could be considering making a bid for the British luxury goods firm
• Jenoptik gains as much as 3.8%, the most in more than a month, after Oddo BHF upgrades to outperform from neutral and says that risks to the German optoelectronics firm’s 2025 targets are already reflected in the shares
• Chemring shares rise as much as 4.5% after the supplier to the defense and aerospace markets won two new contracts worth £278m in total and said it remains on course to deliver FY expectations
• ALSO gains as much as 4.4%, the most since July, after ZKB initiated coverage with an outperform recommendation. It cited upside ahead for the Swiss computer hardware and software wholesaler from its Westcoast UK acquisition
• EssilorLuxottica gains as much as 4% after BFM Business reported Meta will invest EU5 billion in the company to take a 4-5% in the firm, quoting unnamed sources
• Anglo American shares climb as much as 2.1% after the miner struck a deal to sell its stake in a joint venture that owns steelmaking coal mines in Australia for A$1.6 billion, with analysts impressed with the valuation
• Swedish real estate group SBB tumbled as much as 27% in Stockholm on Monday after newspaper Dagens Industri advised readers to sell the stock
• Schneider Electric shares drop as much as 2% after the company’s surprise announcement that CEO Peter Herweck has been replaced by Oliver Blum, who currently leads the firm’s biggest division
• Reckitt Benckiser falls as much as 1.8% as Bernstein cuts its recommendation to market perform from outperform following the UK staple-goods company’s biggest rally in about four years on Friday
• PostNL shares fall as much as 2.6% after the letter and parcel distributor warned earnings and free cashflow will be at the bottom end of its previous guidance range as it announced a change in chief executive

Earlier in the session, Asian stocks also climbed, fueled by the weaker dollar, a rise in South Korean shares and hopes for more economic stimulus from the Chinese government. The MSCI Asia Pacific Excluding Japan Index rose as much as 0.9%, putting it on course for its best day in more than two weeks. Taiwan Semiconductor Manufacturing Co., SK Hynix Inc. and Commonwealth Bank of Australia contributed the most to the gauge’s gains. South Korean shares rallied after the nation’s main opposition party said it supported the government’s decision to drop a plan that would have imposed a capital gains tax on retail investors. A jump in Samsung Electronics Co. and LG Energy Solution Ltd. helped fuel a widespread advance in equities. In China, the top legislative body reviewed a proposal to move some local governments’ off-balance-sheet debt onto their official accounts, a highly-anticipated move to ease their financial burden that has been foreshadowed by officials.

In FX, the dollar is on track for its largest fall since late August while Treasury yields also retreated as traders pare so called ‘Trump trades’ in response to the latest US election polls.  The Bloomberg Dollar Spot Index fell 0.7%. The moves came after a poll by the Des Moines Register showed Kamala Harris with a 47%-44% lead in Iowa — a state Trump has won in each of his prior elections. Subsequent rebalancing of Trump trades weighed on the dollar. Still, Harris’ advantage across all of the surveys was within the margin of error, and a NBC News poll released Sunday showed the race deadlocked. “Trump is still favored to win, but the odds have retraced quite a bit of the moves seen in October across a range of markets,” Michael Wan, senior currency analyst at MUFG Bank Ltd., writes in a note. “The Fed is likely to cut rates by 25bps in its upcoming meeting this week, but the result of the US election could matter materially for how the Fed thinks about the longer-term path beyond 2024.”

• USD/JPY fell as much as 0.9% to 151.71 after rising in the last five weeks
• AUD/USD rose 0.7% to 0.6603; NZD/USD gained 0.6% to 0.5997

In rates, US 10-year yields drop 10 bps to 4.29% as Treasury futures reach session highs in early US trading after an opening gap higher, leaving yields 5bp-11bp lower across a flatter curve while the long-end-led gains flatten 2s10s by ~5bp, 5s30s by ~1.5bp. In 10-year sector bunds and gilts lag Treasuries by 10bp and 12bp on the day. The rally in Treasuries has not filtered through to European government bonds which have likely been hampered by a jump in oil prices. UK and German 10-year borrowing costs rise 2-3 bps each.

In commodities, West Texas Intermediate rose 2.5% Monday while Brent crude futures climbed 2.2% to around $74.70 a barrel, as OPEC+ agreed to push back its December production increase by one month while Iran resumed its escalation of rhetoric against Israel. Spot gold rises $5 to around $2,742/oz. 

Today’s US economic data calendar includes September factory orders at 10am; ahead this week are ISM services index and University of Michigan sentiment. Fed officials are in self-imposed quiet period ahead of Nov. 7 policy announcement

Market Snapshot

• S&P 500 futures little changed at 5,759.50
• STOXX Europe 600 little changed at 511.23
• MXAP up 0.6% to 186.25
• MXAPJ up 0.6% to 595.76
• Nikkei down 2.6% to 38,053.67
• Topix down 1.9% to 2,644.26
• Hang Seng Index up 0.3% to 20,567.52
• Shanghai Composite up 1.2% to 3,310.21
• Sensex down 1.2% to 78,782.41
• Australia S&P/ASX 200 up 0.6% to 8,164.59
• Kospi up 1.8% to 2,588.97
• German 10Y yield up 1 bp at 2.43%
• Euro up 0.6% to $1.0899
• Brent Futures up 2.6% to $75.01/bbl
• Gold spot up 0.2% to $2,742.21
• US Dollar Index down 0.53% to 103.73

Top Overnight News

• With scant detail on how Beijing aims to stimulate its way out of its economic downturn, some investors have speculated that the U.S. presidential election might prompt the big “bazooka” markets have hoped for. According to people involved in policy discussions, that is wishful thinking: A bazooka isn’t coming—at least not this year. WSJ
• Chinese authorities are demanding wealthy individuals and companies double-check their taxes for unpaid liabilities in a move that threatens to further dent investor confidence in the world’s second-largest economy. FT
• Germany’s coalition gov’t seems to be on the brink of collapse over budgetary disagreements and probably won’t last until the next scheduled election in Sept 2025. NYT
• UK PM Starmer attempts to reassure markets over the government’s new budget in an FT editorial following last week’s rise in borrowing costs. FT
• Amid U.S. warnings against a counterattack on Israel, Iran is sending a defiant diplomatic message: It is planning a complex response involving even more powerful warheads and other weapons, said Iranian and Arab officials briefed on the plans. WSJ
• Harris’s team shifts its view on the race, and no longer consider themselves to be the underdog (Trump’s team “scoffs” at such a change, and notes that strong early voting numbers from Republicans bodes well for them). WaPo
• The dollar weakened and Treasuries extended gains as investors walked back bets on Donald Trump winning the election after polls gave Kamala Harris a slight edge nationally and in some swing states. Still, Harris’ advantage across all of the surveys was within the margin of error. BBG
• OPEC+ agreed to delay a production hike by one month, from Dec until Jan (it was expected that the Dec restart would be postponed, but a 30-day delay probably won’t provide a major boost to oil prices). BBG
• Berkshire Hathaway slashed its stake in Apple by roughly 25% last quarter, helping boost its cash pile to a record $325.2 billion. Operating profit fell and the firm declined to buy back its own stock for the first time since 2018. BBG

A more detailed look at global markets

APAC stocks began the week mostly positive but with the gains capped amid the holiday closure in Japan and as global markets braced for this week’s major risk events including the US Presidential Election. ASX 200 was led by strength in tech, telecoms and utilities, while financials also benefitted after Westpac’s earnings. Hang Seng and Shanghai Comp were mixed as the former traded indecisively with strength in automakers offsetting the losses in the property sector, while the mainland was underpinned amid tailwinds from an unwinding of the Trump trade and with the NPC Standing Committee convening this week with participants eyeing the approval of over CNY 10tln of additional debt issuance for the next few years.

Top Asian News

• China’s NPC reviews local government debt swap, according to Xinhua; reviewed bill on raising ceiling on local government debt to replace existing hidden debt.
• China’s Commerce Ministry files lawsuit against the EU’s final EV tariff.
• China’s Commerce Minister met with Australia’s Trade Minister on Sunday and said China hopes Australia will continue to improve its business environment and treat Chinese companies fairly and equitably. China’s Commerce Minister also met with French Foreign Trade Ministerial Delegate Sophie Primas and stated the EU’s countervailing investigation on China’s electric vehicles has ‘seriously hindered’ China-EU auto industry cooperation.
• China is not planning “bazooka” stimulus for this year, according to WSJ sources; Chinese authorities reportedly set to signal after the NPC that more steps to support growth are in the pipeline.
• RBNZ said geopolitical tensions were highlighted as a risk to stability, while it noted that concern about geopolitical tensions has been increasing recently and potential impacts from geopolitical risks cannot be underestimated.
• Indonesia extended its tax holiday policy with an adjustment amid global minimum tax implementation, while it is considering extending tax incentives to property and electric vehicles sectors in 2025 and is considering making it longer for exporters to retain earnings in the domestic market beyond three months.

European bourses, Stoxx 600 (+0.1%) are generally modestly firmer, having initially traded tentatively throughout most of the European morning. European sectors are mixed; Autos takes the top spot alongside Energy, with the latter buoyed by strength in underlying oil prices. Tech is found at the foot of the pile, hampered by losses in STMicroelectronics, after it received a couple of broker downgrades. US Equity Futures (ES +0.1%, NQ U/C, RTY U/C) are mixed, with the ES and NQ trading tentatively on either side of the unchanged mark in the run-up of the US Election.

Top European News

• UK Chancellor Reeves said she was wrong to tell British voters before the election that Labour wouldn’t announce new tax increases and she didn’t appreciate the size of the fiscal deficit but noted that Labour won’t need a similar budget during Parliament, according to Bloomberg.
• Former UK Secretary of State for Business and Trade Kemi Badenoch won the race to be the next leader of the Conservative Party after beating Robert Jenrick in the months-long contest, according to Sky News.

FX

• USD is on the backfoot vs. all peers as a shift in polling in the US election towards Harris has seen a scaling back of “Trump trades” across the board, one of which was a stronger USD. DXY slipped below its 200DMA at 103.82 and been as low as 103.62, matching its 21DMA.
• EUR is underpinned by the twin effects from last week’s EZ GDP and inflation metrics as well as a paring back in the risk of a Trump Presidency which carries risk for the Eurozone. As such, EUR/USD has made its way back onto a 1.09 handle, peaking at 1.0904. GBP is not as sensitive to the Trump trade unwind and therefore is getting outmuscled by some peers. Cable has been unable to make its way back onto a 1.30 handle, topping out at 1.2998.
• USD/JPY has been as low as 151.61 with JPY benefitting from a potential reappraisal of the Fed easing trajectory in lieu of the shift in US polling over the weekend. Currently trading just shy of 152.00
• Antipodeans are both enjoying a session of gains vs. the broadly softer USD. AUD/USD briefly made its way back onto a 0.66 handle but was unable to hold above the level.
• GBP is firmer vs. the USD but softer vs. the EUR.
• PBoC set USD/CNY mid-point at 7.1203 vs exp. 7.1208 (prev. 7.1135).
• Turkish CPI MM (Oct) 2.88% vs. Exp. 2.61% (Prev. 2.97%); YY 48.58% vs. Exp. 48.2% (Prev. 49.38%)

Fixed Income

• USTs enter the election week higher, bolstered by polls showing that Harris could clinch victory in Iowa and with betting odds shifting towards a Harris victory overall. Given this, the Trump Trade is paring with USTs 15+ ticks higher at best to a 110-16+ peak. Thereafter, the complex was weighed on amid reports that China’s NPC is reviewing local government debt swaps; USTs trimmed back to a 110-09 trough, but still firmer on the session.
• Bunds are slightly softer, though off a 131.40 trough which is just below Friday’s base but clear of last week’s 131.15 WTD trough. Weighed on by the above election dynamcs and are also softer as domestic political risk heats up once again, following the leak of Finance Minister Lindner’s economic reform plan.
• Gilts are modestly firmer, caught between the diverging leads from Germany and the US. Weekend press round from Chancellor Reeves saw her stress that the Labour party won’t need to announce a similar budget (in the context of tax rises) during the parliamentary term. Pivoting the 94.00 mark, in a 93.88-94.34 range.

Commodities

• Firmer trade across the crude complex amid several factors; (1) OPEC+ is delaying the planned return of production by a month (2) Geopolitical concerns remained heightened (3) China’s NPC Standing Committee is due to meet from Nov 4th-8th (4) The Dollar is on a weaker footing amid an unwind of the Trump trade. Brent Jan’25 sits towards the upper end of a USD 73.88-74.91/bbl parameter.
• Precious metals hold a modest upward bias across precious metals against the backdrop of a softer Dollar, heightened geopolitical tensions, and in the run-up to the US Presidential Election. Spot gold currently remains tucked in a narrow range between USD 2,731.93-2,744.93/oz parameter.
• Positive bias across base metals amid a softer dollar coupled with some optimism (or anticipation) as China’s top legislative body, the National People’s Congress (NPC) Standing Committee, convenes from today through to Friday 8th November.
• OPEC+ agreed to delay the December oil output increase by one month, according to a Reuters source, while OPEC confirmed that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman extended the 2.2mln bpd voluntary adjustments for one month until the end of December.
• Libya’s NOC said production rates of the Waha Oil Company reached above 335k bpd.
• Canada is to unveil details of a proposed emissions cap on the oil and gas sector on Monday.
• BP (BP/ LN) CEO says that the conflict in the Middle East is the “top risk we hold right now”.
• ENI (ENI IM) CEO says gas demand is increasing worldwide; volatility in energy markets will continue in 2025.

Geopolitics: Middle East

• Iranian Foreign Ministry spokesman says Iran is to use all of its means and full strength in its response to Israel.
• Iran’s Supreme Leader Khamenei said the US and Israel should know they will undoubtedly receive a crushing response for what they do against Iran and the resistance front, according to state media. It was also reported that Iran’s Islamic Revolutionary Guard Corps said the country will “certainly” launch a new attack against Israel, according to ISNA.
• Iran is planning a strong and complex response to Israel involving even more powerful warheads and other weapons, according to WSJ citing Iranian and Arab officials briefed on the plans.
• US warned Iran that it won’t be able to restrain Israel if Iran attacks, according to Axios. It was separately reported that US B-52 bombers arrived in the Middle East after Washington announced their deployment as a warning to Iran, while the Pentagon said the move aims to protect US personnel and interests in the region, according to AFP and France 24.
• Israeli PM Netanyahu said pushing Hezbollah back beyond the Litani River is key to returning residents to homes in northern Israel. It was separately reported that Netanyahu cancelled his visit to Metula after a Hezbollah drone explosion occurred just 20 minutes prior to his arrival, according to Israeli media reports.
• Israeli troops detained a Syrian citizen in recent months who they said was an Iranian operative in Syria who had gathered intelligence on Israeli troops in the border area. It was separately reported that Israeli commandos launched a seaborne raid into northern Lebanon on Saturday and seized a senior Hezbollah operative, while Israel said that it killed Hezbollah’s rocket unit commander in southern Lebanon, according to Reuters and FT.
• Israel officially notified the UN that it is cancelling the agreement that regulates UNRWA operations in Israel, the West Bank and Gaza, according to Axios’s Ravid.
• Israel’s Channel 12 quoting a senior official noted expectations of reaching an agreement to end the war in Lebanon within two weeks at most, according to Sky News Arabia.
• Hamas senior official Hamdan said dialogue among Palestinian factions in Cairo is positive but added that he didn’t want to jump to any conclusions and noted that Hamas has not received any written proposals regarding a possible ceasefire in Gaza, according to Reuters citing Al Aqsa TV.
• Hamas insists on unified negotiations to prevent Israel from resuming fire after a prisoner release and Egypt continues mediation efforts with Palestinian and Israeli parties to reach a Gaza ceasefire and increase humanitarian aid access, according to a senior security source cited by Egypt’s Al Qahera News.
• Political adviser to Iraqi Prime Minister Fadi al-Shammari told Sky News Arabia that an Israeli strike on Iraq cannot be ruled out but added that they do not want to give justifications for Israel to do so.
• Yemen’s Houthis said it will continue the maritime blockade against Israeli vessels amid intelligence reports of asset transfers and said it will not recognise changes in ownership of Israeli shipping companies, as well as warned against collaboration.

Geopolitics: Other

• Russia’s Deputy Chairman of the Security Council Medvedev said the US is mistaken if it thinks that Russia will not use nuclear weapons in case of a threat to its existence, according to TASS.
• Russian forces took over Vyshneve village in Ukraine’s Donetsk region, as well as captured Pershotravneve and Kurakhivka in eastern Ukraine, according to the Russian Defence Ministry.
• North Korea and Russia reaffirmed a commitment to implement the strategic partnership reached in June and their foreign ministers agreed to hold more dialogues going forward, according to KCNA.
• India’s Foreign Ministry spokesperson said India and China have commenced verification patrolling on mutually agreed positions in both Demchok and Depsang.

US Event Calendar

• 10:00: Sept. Durable Goods Orders, est. -0.8%, prior -0.8%
• 10:00: Sept. Durables-Less Transportation, est. 0.4%, prior 0.4%
• 10:00: Sept. Factory Orders, est. -0.5%, prior -0.2%
• 10:00: Sept. Factory Orders Ex Trans, prior -0.1%
• 10:00: Sept. Cap Goods Ship Nondef Ex Air, prior -0.3%
• 10:00: Sept. Cap Goods Orders Nondef Ex Air, prior 0.5%

DB’s Jim Reid concludes the overnight wrap

Unless you’ve been hiding out on Mars, and if so who could blame you, then tomorrow will shape the direction of the world economy and geopolitics for the next four years. It almost makes the FOMC meeting that concludes on Thursday seem parochial by comparison.

We arrive at this monumental election week with bond markets having been on shaky ground of late with October seeing the worst month for the Bloomberg Global Agg since September 2022 when inflation was only just off its peak, the Fed was still raising by 75bps clips, and the Truss budget and UK LDI pension crisis had exaggerated the sell-off. Last week 10yr US yields rose +14.4bps with +10bps of it on Friday and a little surprisingly after a soft, albeit weather impacted, payrolls report. The most impressive part of last week’s price action though was that it occurred alongside prediction markets pulling back from the Red sweep expectation that peaked the previous week. As an example, last weekend Trump has a probability of 61% on PredictIt versus 52% on Friday and 48% on Saturday while slightly rebounding this morning to currently stand again at 51%. On Polymarket.com Mr Trump was as high as 67% on Wednesday but this dropped to around 59% on Friday and over the weekend fell to as low at 53% (currently 56%), with a Republican sweep now at 39% having been as high as 49% last Tuesday. The dip over the weekend came after a highly anticipated Selzer De Moines Register Iowa poll was released on Saturday. The poll saw Harris with a 3-point lead in a state where polling averages have Trump 9 points ahead. Many political commentators had been waiting for this poll as it has one of the best track records amongst pollsters with FiveThirtyEight describing Selzer as “the best pollster in politics”.

Anyone who has read “Fooled by Randomness” will be aware of Nassim Taleb’s view that its often difficult to assess the difference between luck and skill when it comes to someone with a good track record. Someone always has to have the best track record. That could be skill or it could be say choosing heads five times in a row and getting it right. For now Treasuries are closed due to a Japanese holiday but long bond futures are up over a point which recoups more than half of Friday’s losses. The dollar index, which has been correlated to some degree with a Trump victory, is down just over half a percent and flirting with the largest drop in two months.

Ahead of the vote, our US economists have published “Everything you need to know for election week” which provides a comprehensive overview of the “swing states” that will decide the election, a list of bellwether counties to pay attention to within those states, as well as a precise recap of the time line for vote reporting and media projections of the winner in 2020. They also cover the rules for challenging the voting results in the swing states as well as rule changes at the federal level adopted in the wake of the last election. They note that while a winner is likely to be declared in MI, AZ, WI and NV within the first 24 hours of the polls closing on Tuesday, PA and GA are likely to take longer to assess – potentially 3-4 days or longer if there are recounts. If states are disputed, we may not know until December 11, which is the federal deadline for states to certify their electors. So there remains a large degree of uncertainty around both the result, including the very tight House race, and when we will know it. Our economists’ chart book also details the potential economic and market implications of the election outcome. This includes an assessment of the possible paths for fiscal policy, trade, immigration and regulation as well as their implications for economic growth, the fiscal deficit and financial markets. So it’s well worth having on your bedside table as you monitor the latest through blearly eyes tomorrow night.

On Thursday, when we may or may not know who the next President is going to be, we should almost certainly see a 25bps cut from the Fed and a reiteration from Powell that the Fed’s subsequent meetings will be data dependent. This potential cut is likely to be unanimous but subsequent meetings could easily be less so. The data dependency will mean it might be tough to garner too much from the meeting, especially if the election outcome and with it future fiscal and trade policies are unknown. Even if the election outcome is known the full extent of policy change could take months to become apparent, especially on trade if Trump wins.

With all due respect to the rest of the week’s events they’ll pale into insignificance versus the above. However, the brief day-by-day main highlights outside of this include US factory orders and a 3yr UST auction today; China’s Caixin services ISM, the RBA meeting, US ISM services and a 10yr UST auction tomorrow; German factory orders, Eurozone PPI and a 30yr UST auction on Wednesday; German industrial production, Eurozone retail sales, US productivity, claims and unit labour costs, alongside BoE, Riksbank and Norges rate decisions on Thursday; with the UoM consumer survey on Friday.

In China, the focus will be on the Standing Committee of the National People’s Congress meeting expected to be held today through Friday as investors seek more details on stimulus measures. Our economists note that a fiscal stimulus package could be announced after the meeting on Friday.

For the BoE, our UK economist expects the central bank to make a quarter point cut for the second time this cycle, taking Bank Rate to 4.75%. He also highlights that the BoE’s projections that are also due next week will incorporate this week’s Autumn Budget (our economist breaks it down here). See his full preview of the meeting here.

Asian equity markets are mostly on the rise this morning, with the KOSPI (+1.50%) leading the gains, followed by the S&P/ASX 200 (+0.73%), the CSI (+0.72%), the Shanghai Composite (+0.53%), and the Hang Seng (+0.11%). Elsewhere, Japanese markets are closed for a holiday with S&P 500 (+0.24%) and NASDAQ 100 futures (+0.38%) both higher. Oil prices are climbing, with Brent futures up by +1.57% to $74.25 per barrel after OPEC+ agreed to delay its December production increase by one month.

Looking back on last week now and markets struggled across the board, as investors grappled with a weak US jobs report, disappointing earnings from big tech, along with growing uncertainty around the US election. Overall, that meant the S&P 500 lost ground for a second consecutive week, thanks to a -1.37% decline (+0.41% Friday), whilst the STOXX 600 in Europe fell -1.52% (+1.09% Friday). That was echoed on the rates side, with the 10yr Treasury yield ending the week up +14.4bps higher at 4.38%, its highest since early July. That included a +10.0bps sell-off on Friday despite the weak payrolls print. Likewise in Europe, yields on 10yr bunds were also up +11.4bps (+1.6bps Friday) to 2.40%, their highest since July as well.

Those losses came against the backdrop of an underwhelming jobs report on Friday, where nonfarm payrolls grew by just +12k in October (vs. +100k expected), marking the weakest growth since December 2020. In fact, the number was only positive thanks to an increase in government payrolls, as private payrolls actually fell by -28k. To be fair, the report was impacted by weather-related disruption from Hurricane Milton, along with the recent strikes. But even so, the previous two months were also revised down, and the 3-month average of payrolls now stands at just +104k, which is the weakest of this cycle so far. Elsewhere, the unemployment rate was at 4.1% as expected, but if you look at the next decimals, it was actually up almost a tenth from 4.051% to 4.145%.

One factor dragging down markets were those losses among big tech firms, and the Magnificent 7 fell -1.84% (+1.07% Friday). Indeed for the NASDAQ, it meant the index ended a run of 7 consecutive weekly gains, posting a -1.50% decline (+0.80% Friday). Otherwise, there were notable losses among UK gilts following the government’s Budget, with yields on 10yr gilts rising every day of the week. By Friday, that meant they were up +21.2bps over the week (-0.1bps Friday) to 4.45%, reaching their highest level in a year. The spread of 10yr gilt yields over bunds also widened by +9.8bps over the week (-1.7bps Friday) to 204bps.

Finally, oil prices fell back last week, with Brent crude down -3.88% (-0.08%% Friday). However, there were significant moves across the week, with a sharp downturn on Monday (-6.09%) after Israel’s strikes on Iran over the previous weekend were focused on military targets rather than any oil facilities. But later in the week, there was then a recovery in prices, particularly after Axios reported that Israeli intelligence suggested Iran was planning a retaliatory strike against Israel using its proxies in Iraq.

It’s fair to say reviewing the week in 7 days’ time from now will be fascinating!

2B) European report.

DXY and US yields softer as Trump trades unwind after weekend polls – Newsquawk US Market Open

Monday, Nov 04, 2024 – 06:17 AM

• European bourses generally trade very modestly in positive territory, alongside slight gains in US futures.
• PredictIt odds shifted over the weekend in favour of a Harris election victory; NYT/Siena final polls showed the race was deadlocked in 6/7 battleground states.
• USD is on the backfoot as a shift in polling in the US election towards Harris has seen a scaling back of “Trump trades” across the board.
• USTs benefit from a scaling back of the Trump trade, whilst Bunds lag; reports suggesting that China’s NPC is reviewing local government debt swaps weighed on the complex.
• Crude benefits amid reports that OPEC+ agreed to delay the December oil output increase by one month; base metals move higher in anticipation of the ongoing China NPC meeting.
• Looking ahead, US Employment Trends, Durable Goods, Australian PMIs (Final), Comments from ECB’s Elderson, Holzmann, Supply from the US. Earnings from Fidelity National Information Services, NXP Semiconductors, Vertex Pharmaceuticals, Diamondback Energy, Palantir Technologies, Marriott International & Fox.

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EUROPEAN TRADE

EQUITIES

• European bourses, Stoxx 600 (+0.1%) are generally modestly firmer, having initially traded tentatively throughout most of the European morning.
• European sectors are mixed; Autos takes the top spot alongside Energy, with the latter buoyed by strength in underlying oil prices. Tech is found at the foot of the pile, hampered by losses in STMicroelectronics, after it received a couple of broker downgrades.
• US Equity Futures (ES +0.1%, NQ U/C, RTY U/C) are mixed, with the ES and NQ trading tentatively on either side of the unchanged mark in the run-up of the US Election.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• USD is on the backfoot vs. all peers as a shift in polling in the US election towards Harris has seen a scaling back of “Trump trades” across the board, one of which was a stronger USD. DXY slipped below its 200DMA at 103.82 and been as low as 103.62, matching its 21DMA.
• EUR is underpinned by the twin effects from last week’s EZ GDP and inflation metrics as well as a paring back in the risk of a Trump Presidency which carries risk for the Eurozone. As such, EUR/USD has made its way back onto a 1.09 handle, peaking at 1.0904. GBP is not as sensitive to the Trump trade unwind and therefore is getting outmuscled by some peers. Cable has been unable to make its way back onto a 1.30 handle, topping out at 1.2998.
• USD/JPY has been as low as 151.61 with JPY benefitting from a potential reappraisal of the Fed easing trajectory in lieu of the shift in US polling over the weekend. Currently trading just shy of 152.00
• Antipodeans are both enjoying a session of gains vs. the broadly softer USD. AUD/USD briefly made its way back onto a 0.66 handle but was unable to hold above the level.
• GBP is firmer vs. the USD but softer vs. the EUR.
• PBoC set USD/CNY mid-point at 7.1203 vs exp. 7.1208 (prev. 7.1135).
• Turkish CPI MM (Oct) 2.88% vs. Exp. 2.61% (Prev. 2.97%); YY 48.58% vs. Exp. 48.2% (Prev. 49.38%)
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs enter the election week higher, bolstered by polls showing that Harris could clinch victory in Iowa and with betting odds shifting towards a Harris victory overall. Given this, the Trump Trade is paring with USTs 15+ ticks higher at best to a 110-16+ peak. Thereafter, the complex was weighed on amid reports that China’s NPC is reviewing local government debt swaps; USTs trimmed back to a 110-09 trough, but still firmer on the session.
• Bunds are slightly softer, though off a 131.40 trough which is just below Friday’s base but clear of last week’s 131.15 WTD trough. Weighed on by the above election dynamcs and are also softer as domestic political risk heats up once again, following the leak of Finance Minister Lindner’s economic reform plan.
• Gilts are modestly firmer, caught between the diverging leads from Germany and the US. Weekend press round from Chancellor Reeves saw her stress that the Labour party won’t need to announce a similar budget (in the context of tax rises) during the parliamentary term. Pivoting the 94.00 mark, in a 93.88-94.34 range.
• Click for a detailed summary

COMMODITIES

• Firmer trade across the crude complex amid several factors; (1) OPEC+ is delaying the planned return of production by a month (2) Geopolitical concerns remained heightened (3) China’s NPC Standing Committee is due to meet from Nov 4th-8th (4) The Dollar is on a weaker footing amid an unwind of the Trump trade. Brent Jan’25 sits towards the upper end of a USD 73.88-74.91/bbl parameter.
• Precious metals hold a modest upward bias across precious metals against the backdrop of a softer Dollar, heightened geopolitical tensions, and in the run-up to the US Presidential Election. Spot gold currently remains tucked in a narrow range between USD 2,731.93-2,744.93/oz parameter.
• Positive bias across base metals amid a softer dollar coupled with some optimism (or anticipation) as China’s top legislative body, the National People’s Congress (NPC) Standing Committee, convenes from today through to Friday 8th November.
• OPEC+ agreed to delay the December oil output increase by one month, according to a Reuters source, while OPEC confirmed that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman extended the 2.2mln bpd voluntary adjustments for one month until the end of December.
• Libya’s NOC said production rates of the Waha Oil Company reached above 335k bpd.
• Canada is to unveil details of a proposed emissions cap on the oil and gas sector on Monday.
• BP (BP/ LN) CEO says that the conflict in the Middle East is the “top risk we hold right now”.
• ENI (ENI IM) CEO says gas demand is increasing worldwide; volatility in energy markets will continue in 2025.
• Click for a detailed summary

NOTABLE DATA RECAP

• EU Sentix Index (Nov) -12.8 vs. Exp. -12.5 (Prev. -13.8)
• EU HCOB Manufacturing Final PMI (Oct) 46.0 vs. Exp. 45.9 (Prev. 45.9)
• German HCOB Manufacturing PMI (Oct) 43.0 vs. Exp. 42.6 (Prev. 42.6)
• French HCOB Manufacturing PMI (Oct) 44.5 (Prev. 44.5)
• Italian HCOB Manufacturing PMI (Oct) 46.9 vs. Exp. 48.5 (Prev. 48.3)
• Spanish HCOB Manufacturing PMI (Oct) 54.5 vs. Exp. 53.1 (Prev. 53.0)

NOTABLE EUROPEAN HEADLINES

• UK Chancellor Reeves said she was wrong to tell British voters before the election that Labour wouldn’t announce new tax increases and she didn’t appreciate the size of the fiscal deficit but noted that Labour won’t need a similar budget during Parliament, according to Bloomberg.
• Former UK Secretary of State for Business and Trade Kemi Badenoch won the race to be the next leader of the Conservative Party after beating Robert Jenrick in the months-long contest, according to Sky News.

US ELECTION

• US VP Harris leads former US President Trump in Iowa at 47% vs 44% in a new Des Moines Register/Mediacom Iowa Poll as she picked up support from women in the ruby-red state which Trump had won in 2016 and 2020. Furthermore, PredictIt odds shifted over the weekend in favour of a Harris election victory.
• NYT/Siena final polls showed the race was deadlocked in six out of the seven battleground states and that all seven of them were within the margin of error with Harris leading Trump in Nevada at 49% vs 46%, North Carolina at 48% vs 46%, Wisconsin at 49% vs 47% and Georgia at 48% vs 47%, while Trump leads in Arizona at 49% vs 45% and the candidates were tied in Pennsylvania at 48% vs 48% and in Michigan at 47% vs 47%.
• Political Polls noted via social media platform X that the updated Nate Silver model on the electoral college shows Harris taking the lead with 270 vs Trump at 267.

GEOPOLITICS

MIDDLE EAST – EUROPEAN MORNING

• Iranian Foreign Ministry spokesman says Iran is to use all of its means and full strength in its response to Israel.

MIDDLE EAST

• Iran’s Supreme Leader Khamenei said the US and Israel should know they will undoubtedly receive a crushing response for what they do against Iran and the resistance front, according to state media. It was also reported that Iran’s Islamic Revolutionary Guard Corps said the country will “certainly” launch a new attack against Israel, according to ISNA.
• Iran is planning a strong and complex response to Israel involving even more powerful warheads and other weapons, according to WSJ citing Iranian and Arab officials briefed on the plans.
• US warned Iran that it won’t be able to restrain Israel if Iran attacks, according to Axios. It was separately reported that US B-52 bombers arrived in the Middle East after Washington announced their deployment as a warning to Iran, while the Pentagon said the move aims to protect US personnel and interests in the region, according to AFP and France 24.
• Israeli PM Netanyahu said pushing Hezbollah back beyond the Litani River is key to returning residents to homes in northern Israel. It was separately reported that Netanyahu cancelled his visit to Metula after a Hezbollah drone explosion occurred just 20 minutes prior to his arrival, according to Israeli media reports.
• Israeli troops detained a Syrian citizen in recent months who they said was an Iranian operative in Syria who had gathered intelligence on Israeli troops in the border area. It was separately reported that Israeli commandos launched a seaborne raid into northern Lebanon on Saturday and seized a senior Hezbollah operative, while Israel said that it killed Hezbollah’s rocket unit commander in southern Lebanon, according to Reuters and FT.
• Israel officially notified the UN that it is cancelling the agreement that regulates UNRWA operations in Israel, the West Bank and Gaza, according to Axios’s Ravid.
• Israel’s Channel 12 quoting a senior official noted expectations of reaching an agreement to end the war in Lebanon within two weeks at most, according to Sky News Arabia.
• Hamas senior official Hamdan said dialogue among Palestinian factions in Cairo is positive but added that he didn’t want to jump to any conclusions and noted that Hamas has not received any written proposals regarding a possible ceasefire in Gaza, according to Reuters citing Al Aqsa TV.
• Hamas insists on unified negotiations to prevent Israel from resuming fire after a prisoner release and Egypt continues mediation efforts with Palestinian and Israeli parties to reach a Gaza ceasefire and increase humanitarian aid access, according to a senior security source cited by Egypt’s Al Qahera News.
• Political adviser to Iraqi Prime Minister Fadi al-Shammari told Sky News Arabia that an Israeli strike on Iraq cannot be ruled out but added that they do not want to give justifications for Israel to do so.
• Yemen’s Houthis said it will continue the maritime blockade against Israeli vessels amid intelligence reports of asset transfers and said it will not recognise changes in ownership of Israeli shipping companies, as well as warned against collaboration.

OTHER

• Russia’s Deputy Chairman of the Security Council Medvedev said the US is mistaken if it thinks that Russia will not use nuclear weapons in case of a threat to its existence, according to TASS.
• Russian forces took over Vyshneve village in Ukraine’s Donetsk region, as well as captured Pershotravneve and Kurakhivka in eastern Ukraine, according to the Russian Defence Ministry.
• North Korea and Russia reaffirmed a commitment to implement the strategic partnership reached in June and their foreign ministers agreed to hold more dialogues going forward, according to KCNA.
• India’s Foreign Ministry spokesperson said India and China have commenced verification patrolling on mutually agreed positions in both Demchok and Depsang.

CRYPTO

• Bitcoin is incrementally lower and trading just beneath USD 69k, as the “Trump trade” unwinds, given the recent shift in polling in favour of Harris.

APAC TRADE

• APAC stocks began the week mostly positive but with the gains capped amid the holiday closure in Japan and as global markets braced for this week’s major risk events including the US Presidential Election.
• ASX 200 was led by strength in tech, telecoms and utilities, while financials also benefitted after Westpac’s earnings.
• Hang Seng and Shanghai Comp were mixed as the former traded indecisively with strength in automakers offsetting the losses in the property sector, while the mainland was underpinned amid tailwinds from an unwinding of the Trump trade and with the NPC Standing Committee convening this week with participants eyeing the approval of over CNY 10tln of additional debt issuance for the next few years.

NOTABLE ASIA-PAC HEADLINES

• China’s NPC reviews local government debt swap, according to Xinhua; reviewed bill on raising ceiling on local government debt to replace existing hidden debt.
• China’s Commerce Ministry files lawsuit against the EU’s final EV tariff.
• China’s Commerce Minister met with Australia’s Trade Minister on Sunday and said China hopes Australia will continue to improve its business environment and treat Chinese companies fairly and equitably. China’s Commerce Minister also met with French Foreign Trade Ministerial Delegate Sophie Primas and stated the EU’s countervailing investigation on China’s electric vehicles has ‘seriously hindered’ China-EU auto industry cooperation.
• China is not planning “bazooka” stimulus for this year, according to WSJ sources; Chinese authorities reportedly set to signal after the NPC that more steps to support growth are in the pipeline.
• RBNZ said geopolitical tensions were highlighted as a risk to stability, while it noted that concern about geopolitical tensions has been increasing recently and potential impacts from geopolitical risks cannot be underestimated.
• Indonesia extended its tax holiday policy with an adjustment amid global minimum tax implementation, while it is considering extending tax incentives to property and electric vehicles sectors in 2025 and is considering making it longer for exporters to retain earnings in the domestic market beyond three months.

2C ASIAN REPORT

PredictIt odds shifted over the weekend in favour of Harris; OPEC+ sources in focus – Newsquawk Europe Market Open

Monday, Nov 04, 2024 – 01:16 AM

• APAC stocks began the week mostly positive but with the gains capped ahead of this week’s major risk events including the US Presidential Election.
• PredictIt odds shifted over the weekend in favour of a Harris election victory; NYT/Siena final polls showed the race was deadlocked in 6/7 battleground states.
• European equity futures are indicative of a steady cash open with the Euro Stoxx 50 future +0.1% after the cash market closed higher by 1.0% on Friday.
• DXY is softer vs. peers in a scaling back of the USD supportive “Trump trade”; JPY and antipodeans have been the main beneficiaries.
• OPEC+ agreed to delay the December oil output increase by one month, according to a Reuters source.
• Looking ahead, highlights include EZ Sentix Index, Manufacturing PMIs, US Employment Trends, US Durable Goods, Australian PMIs (Final), Comments from ECB’s Elderson, Supply from EU & US.
• Earnings from Volvo Car AB, Ryanair, Kingspan, Fidelity National Information Services, NXP Semiconductors, Vertex Pharmaceuticals, Diamondback Energy, Palantir Technologies, Marriott International & Fox.

SNAPSHOT

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day

US TRADE

EQUITIES

• US stocks closed in the green on Friday with the major indices boosted by the soft US payrolls report in which the headline printed just 12k (exp. 113k, prev. 223k), but was likely weighed on by the hurricanes and strike activity, while the unemployment rate was unchanged and average earnings printed inline with estimates. Furthermore, participants also reflected on recent earnings including the impressive results from Amazon (AMZN) although Apple (AAPL) was pressured.
• SPX +0.41% at 5,729, NDX +0.72% at 20,003, DJIA +0.69% at 42,052, RUT +0.61% at 2,210.
• Click here for a detailed summary.

NOTABLE HEADLINES

• US VP Harris leads former US President Trump in Iowa at 47% vs 44% in a new Des Moines Register/Mediacom Iowa Poll as she picked up support from women in the ruby-red state which Trump had won in 2016 and 2020. Furthermore, PredictIt odds shifted over the weekend in favour of a Harris election victory.
• NYT/Siena final polls showed the race was deadlocked in six out of the seven battleground states and that all seven of them were within the margin of error with Harris leading Trump in Nevada at 49% vs 46%, North Carolina at 48% vs 46%, Wisconsin at 49% vs 47% and Georgia at 48% vs 47%, while Trump leads in Arizona at 49% vs 45% and the candidates were tied in Pennsylvania at 48% vs 48% and in Michigan at 47% vs 47%.
• Political Polls noted via social media platform X that the updated Nate Silver model on the electoral college shows Harris taking the lead with 270 vs Trump at 267.

APAC TRADE

EQUITIES

• APAC stocks began the week mostly positive but with the gains capped amid the holiday closure in Japan and as global markets braced for this week’s major risk events including the US Presidential Election.
• ASX 200 was led by strength in tech, telecoms and utilities, while financials also benefitted after Westpac’s earnings.
• Hang Seng and Shanghai Comp were mixed as the former traded indecisively with strength in automakers offsetting the losses in the property sector, while the mainland was underpinned amid tailwinds from an unwinding of the Trump trade and with the NPC Standing Committee convening this week with participants eyeing the approval of over CNY 10tln of additional debt issuance for the next few years.
• US equity futures (ES +0.3%, NQ +0.4%) were mildly pressured at the reopen but then rebounded albeit with price action rangebound amid the uncertainty heading into Tuesday’s Presidential Election as polls continued to point to a coinflip although Harris was seen gaining further momentum and was even predicted by pollster Ann Selzer for a shock win in the red state of Iowa.
• European equity futures are indicative of a steady cash open with the Euro Stoxx 50 future +0.1% after the cash market closed higher by 1.0% on Friday.

FX

• DXY was pressured after the Trump trade unwound owing to recent polls which showed Harris gaining momentum and was in the lead in most of the battleground states although all remained within the margin of error, while PredictIt odds shifted in favour of a Harris victory and the updated Nate Silver electoral college model also showed Harris taking the lead with 270 electoral votes.
• EUR/USD benefitted from the dollar weakness and briefly returned to the 1.0900 level amid light EU-specific newsflow.
• GBP/USD approached just shy of the 1.3000 handle with the dollar pressure the main driver across the FX space.
• USD/JPY trickled lower to beneath the 152.00 territory with price action not helped by the lack of Japanese participants.
• Antipodeans were among the outperformers amid the mostly positive risk tone and stronger yuan, while the RBA also began its 2-day policy meeting with the central bank expected to maintain rates and its hawkish tone.
• PBoC set USD/CNY mid-point at 7.1203 vs exp. 7.1208 (prev. 7.1135).

FIXED INCOME

• 10yr UST futures gapped higher on an unwinding of the Trump trade after polls from over the weekend were in favour of the Harris campaign including a shock poll that showed her ahead in the ruby-red state of Iowa which Trump won twice previously, although further upside was capped as overnight cash trade remained shut owing to the holiday closure in Japan.
• Bund futures were mildly positive but remained beneath the 132.00 level with little fresh catalysts from Europe.

COMMODITIES

• Crude futures climbed at the open after reports OPEC+ agreed to delay the December oil output increase by a month, while geopolitical concerns remained heightened with Iran planning a strong and complex response to Israel.
• OPEC+ agreed to delay the December oil output increase by one month, according to a Reuters source, while OPEC confirmed that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman extended the 2.2mln bpd voluntary adjustments for one month until the end of December.
• Libya’s NOC said production rates of Waha Oil Company reached above 335k bpd.
• Canada is to unveil details of a proposed emissions cap on the oil and gas sector on Monday.
• Spot gold traded rangebound following last week’s pullback from record levels but with prices kept afloat by a softer dollar.
• Copper futures were underpinned alongside the mostly constructive mood in Asia but with further gains capped with markets bracing for this week’s major risk events.

CRYPTO

• Bitcoin ultimately shrugged off the Trump trade unwind and reversed an initial dip to climb above the USD 69,000 level.

NOTABLE ASIA-PAC HEADLINES

• China’s Commerce Minister met with Australia’s Trade Minister on Sunday and said China hopes Australia will continue to improve its business environment and treat Chinese companies fairly and equitably. China’s Commerce Minister also met with French Foreign Trade Ministerial Delegate Sophie Primas and stated the EU’s countervailing investigation on China’s electric vehicles has ‘seriously hindered’ China-EU auto industry cooperation.
• RBNZ said geopolitical tensions were highlighted as a risk to stability, while it noted that concern about geopolitical tensions has been increasing recently and potential impacts from geopolitical risks cannot be underestimated.
• Indonesia extended its tax holiday policy with an adjustment amid global minimum tax implementation, while it is considering extending tax incentives to property and electric vehicles sectors in 2025 and is considering making it longer for exporters to retain earnings in the domestic market beyond three months.

GEOPOLITICS

MIDDLE EAST

• Iran’s Supreme Leader Khamenei said the US and Israel should know they will undoubtedly receive a crushing response for what they do against Iran and the resistance front, according to state media. It was also reported that Iran’s Islamic Revolutionary Guard Corps said the country will “certainly” launch a new attack against Israel, according to ISNA.
• Iran is planning a strong and complex response to Israel involving even more powerful warheads and other weapons, according to WSJ citing Iranian and Arab officials briefed on the plans.
• US warned Iran that it won’t be able to restrain Israel if Iran attacks, according to Axios. It was separately reported that US B-52 bombers arrived in the Middle East after Washington announced their deployment as a warning to Iran, while the Pentagon said the move aims to protect US personnel and interests in the region, according to AFP and France 24.
• Israeli PM Netanyahu said pushing Hezbollah back beyond the Litani River is key to returning residents to homes in northern Israel. It was separately reported that Netanyahu cancelled his visit to Metula after a Hezbollah drone explosion occurred just 20 minutes prior to his arrival, according to Israeli media reports.
• Israeli troops detained a Syrian citizen in recent months who they said was an Iranian operative in Syria who had gathered intelligence on Israeli troops in the border area. It was separately reported that Israeli commandos launched a seaborne raid into northern Lebanon on Saturday and seized a senior Hezbollah operative, while Israel said that it killed Hezbollah’s rocket unit commander in southern Lebanon, according to Reuters and FT.
• Israel officially notified the UN it is cancelling the agreement that regulates UNRWA operations in Israel, the West Bank and Gaza, according to Axios’s Ravid.
• Israel’s Channel 12 quoting a senior official noted expectations of reaching an agreement to end the war in Lebanon within two weeks at most, according to Sky News Arabia.
• Hamas senior official Hamdan said dialogue among Palestinian factions in Cairo is positive but added that he didn’t want to jump to any conclusions and noted that Hamas has not received any written proposals regarding a possible ceasefire in Gaza, according to Reuters citing Al Aqsa TV.
• Hamas insists on unified negotiations to prevent Israel from resuming fire after a prisoner release and Egypt continues mediation efforts with Palestinian and Israeli parties to reach a Gaza ceasefire and increase humanitarian aid access, according to a senior security source cited by Egypt’s Al Qahera News.
• Political adviser to Iraqi Prime Minister Fadi al-Shammari told Sky News Arabia that an Israeli strike on Iraq cannot be ruled out but added that they do not want to give justifications for Israel to do so.
• Yemen’s Houthis said it will continue the maritime blockade against Israeli vessels amid intelligence reports of asset transfers and said it will not recognise changes in ownership of Israeli shipping companies, as well as warned against collaboration.

OTHER

• Russia’s Deputy Chairman of the Security Council Medvedev said the US is mistaken if it thinks that Russia will not use nuclear weapons in case of a threat to its existence, according to TASS.
• Russian forces took over Vyshneve village in Ukraine’s Donetsk region, as well as captured Pershotravneve and Kurakhivka in eastern Ukraine, according to the Russian Defence Ministry.
• North Korea and Russia reaffirmed a commitment to implement the strategic partnership reached in June and their foreign ministers agreed to hold more dialogues going forward, according to KCNA.
• India’s Foreign Ministry spokesperson said India and China have commenced verification patrolling on mutually agreed positions in both Demchok and Depsang.

EU/UK

NOTABLE HEADLINES

• UK Chancellor Reeves said she was wrong to tell British voters before the election that Labour wouldn’t announce new tax increases and she didn’t appreciate the size of the fiscal deficit but noted that Labour won’t need a similar budget during Parliament, according to Bloomberg.
• Former UK Secretary of State for Business and Trade Kemi Badenoch won the race to be the next leader of the Conservative Party after beating Robert Jenrick in the months-long contest, according to Sky News.

3B NORTH KOREA/SOUTH KOREA

NORTH KOREA/RUSSIA/UKRAINE

Brilliant! just what we needed!

Zelensky Calls For ‘Preemptive’ Long-Range Strikes On North Korean Troops

Monday, Nov 04, 2024 – 12:00 PM

Once again Ukrainian President Volodymyr Zelensky has taken his requests and demands of Western backers a big step further while lambasting lack of action and adequate support.

In a weekend Telegram post he warned that North Korean troops are already mustering just inside Russia within striking distance from Ukraine, and that long-range missiles are needed from the West to directly attack their encampments.

“Now we see every site where Russia is accumulating these soldiers from North Korea on its territory – all their camps,” The Ukrainian leader began. He urged that Ukraine needs the capability to attack “preemptively”. 

“We could strike preemptively if we had this opportunity – to strike at a sufficiently long range. And it depends on the partners,” Zelensky continued.

That’s when he lashed out against his own allies who have provided Ukraine’s military billions up to this point. “But instead of such necessary long-range attacks, America is watching, Britain is watching, Germany is watching,” he stressed. “Everyone is just waiting for the North Korean military to start attacking Ukrainians as well.”

The Russian and North Korean governments have still not overtly or definitively confirmed the deployment, but have have strongly hinted at it, pointing to the defense pact inked between Presidents Putin and Kim Jong Un in Pyongyang this past summer.

But things might not be going so well with attempts to integrate Russian and North Korean soldiers on the ground. While the story is unverified, Newsweek mentions the following:

A Russian soldier has spoken of how North Korean troops deployed to fight against Ukraine endangered their own unit by shooting in the wrong direction.

The claims in a clip posted on social media comes as Kyiv said that the first North Korean soldiers stationed in Russia’s Kursk region had come under fire. Concern grows internationally at the addition of a third party into the conflict.

Some reports say that Russian commanders really don’t known what to do with the North Korean units, and there will remain obvious problems of communication and differences of military culture as well.

As for what’s in it for North Korea, the same report details the following based on regional reports:

Pyongyang will get money, food, and space technology from Russia in return for their contribution to Putin’s war effort, The Korea Herald newspaper reported on Sunday. It cited Wi Sung-lac, a South Korean lawmaker it said had been briefed by the country’s National Intelligence Service (NIS).

North Korean soldiers will also get $2,000 per month salary, making a price tag of around $240 million a year if 10,000 soldiers are deployed, he said.

As for this latest escalation of Zelensky’s rhetoric complaining about the Western alliance, the West has indeed still been resisting Ukraine’s demands to greenlight long-range missile strikes deep into Russian territory. Putin has warned that this would cross all ‘red lines’ and unleash major war.

https://twitter.com/i/status/1759295756488348036

Any such escalation could also impact the Korean peninsula if North Korean troops are in the midst of direct conflict in Eastern Europe as well. All of this suggests the slow, increasing internationalization of the war.

END

3C JAPAN

3D. CHINA

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EUROPE

Europe’s Gas Crisis Isn’t Over Despite Full Storage

Monday, Nov 04, 2024 – 03:30 AM

Authored by Irina Slav via OilPrice.com,

• Despite high storage levels, European gas prices remain volatile due to supply disruptions.
• The EU’s dependence on Russian gas continues, with alternative sources from the U.S. and Azerbaijan facing limitations in meeting Europe’s total demand.
• Experts: Europe’s gas supply outlook might worsen in 2025 compared to 2024.

A year ago, European politicians declared the gas crisis from the near-complete halt of Russian supplies was over. The EU had turned to alternative natural gas suppliers, assuring there would be enough to prevent shortages and steep prices. These assurances now appear premature.

Last week, European benchmark gas prices hit the highest in a year on the news of a production outage in Norway. On Friday, the Dutch Title Transfer Facility hit 43.68 euros per MWh, which was the highest since December 2023. It seems the future holds more price spikes—because that spike occurred despite full European gas storage caverns ahead of peak demand season.

It all started innocently enough. On Tuesday, Norway’s state major Equinor suspended production at one of its platforms due to a smoke alert. Norway is the European Union’s largest natural gas supplier at the moment. It supplies some 30% of the EU’s gas. When it reported the incident, Equinor noted it would not interfere with its export commitments. Yet gas prices spiked.

It’s all about supply security, of course. It was supply security that drove European gas buyers to rush to build a reserve early on in the year and make sure there was enough in storage before winter season began. Right now, gas in storage in the EU is at 95%, which is exemplary work—only it won’t save the bloc from shortages if the winter turns out to be colder than the last two.

Early forecasts suggest this is exactly what could happen, yet again highlighting the fact that the only reason the EU made it through winter 2022-23 was luck, which brought the continent a milder-than-usual winter. Luck is not something to lean on when it comes to the security of energy supply—which is why Russia is the EU’s second-largest supplier of natural gas, sanctions and all.

The EU admitted as much itself in its State of the Energy Union Report, released in September. “The share of Russian gas in EU imports dropped from 45% in 2021 to 18% by June 2024, while imports from trusted partners like Norway and the US have increased,” the EU wrote, but no matter how much it tries to highlight the shift to Norwegian and U.S. gas, the fact is that Russia supplies more gas to Europe than the United States—regardless of how much EU politicians are trying to stifle these supplies.

The fact this continues is simple proof that Europe still needs a lot of gas despite its voluntary demand destruction since 2022. That demand destruction, per the State of the Energy Union Report, stood at 138 billion cu m between August 2022 and May 2024. It is not something to be proud of—not when businesses are shutting down because of prohibitive energy prices. Yet the EU has done its best to put a positive spin on the demand destruction story, presenting it as a success in reducing the bloc’s dependence on Russian natural gas.

Focusing on that, however, those doing the spin seem to have forgotten that alternative supply is far from guaranteed. The recent price spikes are a rough reminder of that. The Biden “pause” on new LNG export terminal approvals was struck down in court, but it will still be a while before all the planned new capacity gets built. In fact, it will be years. And Europe needs the gas now—because Ukraine said it would not renew its gas transit deal with Russia, and the Ukrainian pipe is the only one still carrying Russian gas, besides LNG, into the EU.

Bloomberg reported this week that the EU was discussing alternative supplies with Azerbaijan that would replace Russian gas flowing along Ukraine’s pipeline network to Europe—but only partially. “The contract would need to involve a so-called swap agreement between Azerbaijan and Russia because Azerbaijan doesn’t have enough export capacity to replace the existing supplies,” Bloomberg explained.

The news, when it broke, pushed TTF prices down understandably. Yet the decline did not last long, and prices rebounded soon enough. Because demand for natural gas is growing internationally, winter is coming, and the deal with Azerbaijan is not yet finalized.

All these factors “have raised risks that the gas supply outlook for Europe may not be any better in 2025 compared to 2024, but, in fact, could be worse,” HSBC’s head of European oil and gas research, Kim Fustier, told Bloomberg.

Unless the EU finds a complete replacement for Russian gas, it could end the winter with gas storage just 30% full and even higher prices. For context, last winter, the EU emerged from heating season with storage full at 58%, which was quite a comfy level that led to comfy prices. In a worst-case scenario, Europe might even empty its storage caverns to keep the lights on and the heating on—Asia likes LNG, too, and the winter is not normally the optimal season for wind and solar. Europe’s gas problems are far from over.

end

GERMANY/

GERMANY’s embrace of green technology has put the country into economic shambles. Now Germany is Europe’s major problem

Godefridi/Gatestone

Europe’s German Problem

Monday, Nov 04, 2024 – 02:00 AM

Authored by Drieu Godefridi via The Gatestone Institute,

Today, Germany embraces the ideologies of “green energy” and a zero-carbon society — a society that no longer emits CO2. Germans seem serious about ideology; they seem serious about everything. Once they buy into an ideology, it might be hard to change their mind.

This is how Chancellor Angela Merkel came to power (2005-2021). Many forget that she did not emerge from the extreme green left, although judging by her record, one might think so. She came, in fact, from the CDU/CSU, Germany’s “center-right” party.

Merkel’s record is clear: 1) the demographic Islamization of Germany by opening its doors to a flood of migrants alien to German culture, and apparently with less than no interest in absorbing it; 2) the subordination of Germany’s energy to Russia, 3) the destruction of Germany’s nuclear heritage. If Merkel had have been an agent of the Russian regime — which trained her — she might have acted no differently.

With Merkel gone, Germany finds itself on an accelerating trajectory of impoverishment. According to the Süddeutsche Zeitung, the German Economy Ministry now projects a 0.2% GDP contraction for 2024, reversing its earlier prediction of 0.3% growth. Germany also faces industrial annihilation.

BASF, for instance, a flagship of Germany’s industrial sector since 1865, symbolizes the nation’s manufacturing strength. With nearly 400 production sites across 80 countries, its heart remains in Ludwigshafen, Germany, where it operates a vast complex with 200 plants and employs around 39,000 people. However, this hub has recently become a focal point for BASF’s challenges.

Over the past two years, the company has shut down one of its two ammonia units and idled several others at this location due to their lack of competitiveness, resulting in the loss of 2,500 jobs, explains Chemical and Engineering News. BASF also experienced a significant decline in 2023, with sales dropping by 21.1% and adjusted earnings plunging by 60.1%. Adding to these woes, BASF recently announced plans to cut costs by an additional $1.1 billion in Ludwigshafen, foreshadowing further job cuts.

As a result of this industrial disaster, the German establishment is confronting a democratic revolt by growing segments of its people, as shown by the recent regional elections in Thuringia, Saxony and Brandenburg, which saw the surge of the right-wing AfD party, which demands that Germany say goodbye to the green energy myths that are destroying its industry.

One might have hoped that the German right would learn a few lessons from the Merkel disaster. It has not. Federal polls and the recent regional elections seem to agree, predicting a disaster for the left, while the center-right CDU/CSU and the right-wing AfD are on the ascent.

While logic demands that the center-right and the right, which together have a large majority, govern — their policy convergences, whether on migration or energy, are numerous — the center-right has made clear its absolute refusal to govern with the AfD, in any way whatsoever.

This is forcing the CDU to consider governing tomorrow with… the Greens, Europe’s most radical extreme left (along with the Belgian and French environmentalists) — the party most opposed to the CDU on the issues of migration, the environment and prioritizing nuclear energy. The movement responsible for the destruction of Germany’s energy resources, and a direct accomplice of the Russian regime and under its patronage — the Greens — who signed and celebrated the dismantling of Germany’s nuclear power stations in the middle of the war in Ukraine after destruction of Nord Stream 2 gas pipeline; nuclear power stations that were still operational and could have continued to produce cheap energy for years.

Is the CDU actually preparing to close the borders with those who want to abolish borders; to send back unintegrable migrants despite the Greens’ opposition to deportation; to lower energy prices with the authors of the very policies that caused the prices to explode in the first place, and to counter Islamism with the help of its most dedicated allies?

This collaboration is being facilitated by a massive ideological convergence: both the CDU and the Greens believe in the necessity of the Energiewende (“energy transition”). The elimination of fossil fuels and nuclear power is to be replaced by the “renewable energies” — mainly wind and solar — which are intermittent, often unaffordable and of limited practical use. Wind and solar are massively impacted by weather conditions. Solar panels produce less on cloudy days, and wind turbines generate less during calm periods. This variability makes it difficult to ensure a consistent energy output.

The center-right CDU supports the market economy, the Atlantic alliance and German industry — but also adheres to environmentalists’ ideology. That view helps to explain why the European People’s Party (EPP), the largest political group in the European Parliament — in which the CDU is a member party — appointed Ursula von der Leyen as head of the European Commission. Under her leadership of the European Union, the economy is collapsing, industry is disappearing and Islamism is proliferating. Supposedly, all of that does not matter because Europeans have the Holy Grail: the “energy transition” to a “zero-carbon” Europe, and more regulations than all the other civilizations combined.

Unfortunately, that policy is an absolute myth. “Zero-carbon Europe”, a physical impossibility, will never happen. Even if it did, it would make no difference to the global explosion in CO2 emissions. Europe accounts for just 8% of global CO2 emissions. Even if Europe ceased to exist, it would make little difference to global CO2 emissions. They would continue to grow on all five continents. The destruction of European industry by the German right would have no effect on the climate — zero.

Today, with environmentalists touting the “zero-carbon society” and “100% renewable energy,” Germany has locked itself in myths hardly better than the Lebensraum of the previous century.

Today, as yesterday, these myths risk precipitating the ruin not only of Germany, but of the whole of Europe.

To get Germany and Europe out of this rut, would it not be more constructive for the CDU to consider governing with the AfD?

END

 

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

END

ISRAEL/HAMAS

IDF says it hit terrorists hiding in Gaza hospital, claims Hamas crumbling in Jabalia

Military publishes video of former UNRWA employee telling interrogator Hamas looted refugee aid agency; COGAT figures said to show drop in aid entering Strip for October

By ToI Staff, Emanuel Fabian Follow
and Agencies31 October 2024, 9:28 pm

Rubbish and debris are scattered near damaged buildings in the vicinity of the Kamal Adwan hospital in Beit Lahiya in the northern Gaza Strip on October 31, 2024. (AFP)

Israeli forces struck a Gaza hospital where it said “dozens of terrorists” had been found hiding out Thursday, as the military pushed an offensive in the north of the Strip, claiming regrouped terror cells in the city of Jabalia were falling apart.

There were no reports of any casualties at Kamal Adwan Hospital in Beit Lahiya after an IDF strike hit the third floor of the building, though Hamas-run health authorities in Gaza reported that at least 30 Palestinians were killed in other attacks throughout the Strip, without clarifying how many were combatants.

The Israel Defense Forces said it was continuing to strike targets in Jabalia and elsewhere, releasing what it said was testimony from a United Nations worker testifying that Hamas members had raided aid supplies and used UN vehicles to move around.

Northern Gaza, where Israel said in January it had dismantled the terror group’s command structure, is currently the main focus of the IDF’s operations in the Palestinian enclave. Earlier this month, it sent tanks into Jabalia, Beit Hanoun, and Beit Lahiya to flush out terror operatives it said had regrouped in the area.

Eid Sabbah, director of nursing at Kamal Adwan, told Reuters some staff had suffered minor burns from the strike on the hospital.

The IDF said in a statement following Thursday’s strike that “during the operation, it was found that dozens of terrorists were hiding in the hospital, with some even posing as hospital staff.”

Israeli forces who raided the hospital last week captured around 100 suspected Hamas operatives, the IDF said at the time.

In this image made from an Associated Press video, medic Abed Al Aziz Bardini mourns next to the body of his mother on Wednesday, Oct. 30, 2024, in Deir al-Balah in the Gaza Strip. (AP Photo/Abed Al Kareem Hana)

Medical charity Médecins Sans Frontières (MSF) said on Thursday that one of its doctors at the hospital, Mohammed Obeid, had been detained last Saturday by Israeli forces. It called for the protection of him and all medical staff who “are facing horrific violence as they try to provide care.”

Israel maintains that its military campaign takes pains to avoid casualties among civilians and aid workers, blaming the Hamas terror group for using innocent Gazans and international aid organizations as cover, putting them in the line of fire.

In a video published by the army’s public affairs arm Thursday, a Jabalia man described as a former security guard for UNRWA, the UN agency for Palestinian refugees, tells an Israeli interrogator that following the outbreak of the war on October 7, 2023, Hamas members came into an UNRWA facility and “took everything” by force.

The man said that Hamas members brazenly looted trucks loaded with “supplies,” and then commandeered the UNRWA vehicles as well, using them as a shield.

“It’s a form of defense for them, so they can move around easily, transport and get things et cetera,” the man said, according to a translation provided by the military.

https://twitter.com/i/status/1852035212315693538

“The surrender of terrorists and their attempts to move south as a result of military pressure testifies to the breaking of the terror stronghold of Jabalia,” the IDF said.

The army announced Thursday that a soldier with the Givati Brigade’s Rotem Battalion was seriously wounded during operations in northern Gaza. He was taken to a hospital in Israel for treatment.

Palestinians displaced amid the ongoing war between Israel and Hamas, walk in Beit Lahia, in the northern Gaza Strip on October 31, 2024. (AFP)

In central Gaza, meanwhile, the military said on Thursday that troops destroyed a site used for the production of munitions.

Aid reported down

US State Department spokesperson Matthew Miller said on Wednesday that since the US sent a letter to Israel on October 13 warning that continued security assistance was at risk if it didn’t take significant steps to improve the humanitarian crisis in Gaza within 30 days, the measures Jerusalem has taken have been minor and insufficient.

While there has been some improvement in the number of delivery routes to aid, the uptick has been minor and the humanitarian “situation still remains at a level that we don’t find acceptable,” Miller said.

A truck driver walks between trucks carrying humanitarian aid just before they cross into the Gaza Strip at Erez crossing in southern Israel, Monday, Oct. 21, 2024. (AP/Tsafrir Abayov)

He said there continue to be breakdowns in communications between the IDF and aid agencies and issues in which approvals aren’t granted by the IDF for aid workers to operate throughout Gaza, or issues where authorizations are given but they aren’t transmitted to officers on the ground. There are also still Palestinian armed gangs that have been looting some of the aid coming into Gaza, Miller said.

Citing figures from COGAT, the Israeli military body responsible for facilitating the delivery of aid into Gaza, Haaretz revealed Thursday that the amount of aid in tons that entered the Strip during the month of October was the least this year.

On Tuesday, US Ambassador to the UN Linda Thomas-Greenfield expressed her horror over reports from humanitarian agencies that no food assistance has reached the northern Gaza cities of Jabalia and Beit Lahiya in nearly a month.

“The United States has made clear to Prime Minister Netanyahu that one year into this conflict, Israel must address the catastrophic humanitarian crisis in Gaza; that the United States rejects any Israeli efforts to starve Palestinians in Jabalia, or anywhere else,” she said in her remarks to UN Security Council session on the war in Gaza.

Troops operating in the Gaza Strip in an undated photo released for publication by the military on October 31, 2024. (Israel Defense Forces)

The war in Gaza erupted after Hamas’s October 7 massacre, which saw some 3,000 terrorists burst across the border into Israel by land, air and sea, killing some 1,200 people and seizing 251 hostages, mostly civilians, many amid acts of brutality and sexual assault.

Vowing to destroy Hamas and free the hostages, the IDF launched a wide-scale campaign in the Strip, which the Hamas-run Gaza health ministry says has left more than 42,000 people dead or presumed dead.

This toll cannot be verified and does not differentiate between civilians and fighters. Israel says it had killed some 17,000 combatants in battle as of August and another 1,000 terrorists inside Israel on October 7.

END

ISRAEL/HAMAS

WATCH: IDF uncovers Hamas weapons production tunnel in civilian area near Zeitoun, Gaza

The tunnel contained several long-term living areas used by Hamas terrorists throughout the war.

By JERUSALEM POST STAFFNOVEMBER 2, 2024 17:32Updated: NOVEMBER 2, 2024 17:51

https://player.jpost.com/public/player.html?player=jpost&media=3792937&url=https://www.jpost.com/israel-news/article-827245IDF footage from an underground weapons manufacturing facility in central Gaza. November 2, 2024. (Credit: IDF Spokesperson’s Unit)

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https://www.jpost.com/israel-news/article-827245

Soldiers from the 5th Brigade located an underground tunnel route within the civilian population near Zeitoun containing a Hamas weapons manufacturing facility, the military announced on Saturday evening. 

The troops operated under the direction of the 252nd Division.

The IDF reportedly located workshops and hundreds of supplies for producing rockets, shells, grenades, and diving equipment intended for terrorist infiltration by sea inside the structure.

The tunnel route contained several long-term living areas equipped with an oven, stove, food supplies, beds, and offices used by terrorists throughout the war, the military added. 

Combat engineering troops, under the direction of Southern Command and in cooperation with the Yahalom Unit and the Defense Ministry’s Engineering and Construction Directorate, located and dismantled the tunnel. 

https://player.jpost.com/public/player.html?player=jpost&media=3792934&url=www.jpost.comFootage from soldiers’ head cameras inside a subterranean weapons manufacturing facility in central Gaza. November 2, 2024. (Credit: IDF Spokesperson’s Unit)

As a result, the weapons production capabilities were damaged and mitigated the possibility for Hamas to produce weapons, the military noted. 

END

ISRAEL/HAMAS

Two soldiers killed in north Gaza; IDF says 900 terror operatives dead in Jabalia op

Army says another soldier seriously hurt in incident; troops destroy Hamas underground weapons plant in Gaza City, as IDF denies claims by WHO, Hamas that it hit vaccination center

By Emanuel Fabian Follow
and ToI Staff2 November 2024, 10:47 pmUpdated: Today, 2:55 a

Soldiers killed in the northern Gaza Strip on November 2, 2024: Staff Sgt. Itay Parizat (L) and Staff Sgt. Yair Hananya. (Courtesy)

Two Israeli soldiers were killed during fighting in the northern Gaza Strip on Saturday, the military announced.

The slain troops were named as Staff Sgt. Itay Parizat, 20, from Petah Tikva, and Staff Sgt. Yair Hananya, 22, from Mitzpe Netofa.

Both served in the Givati Brigade’s Shaked Battalion.

Another soldier was seriously wounded in the same incident, the Israel Defense Forces said.

The military said it was still probing the deadly incident.

Their deaths brought Israel’s toll in the ground offensive against Hamas in Gaza and in military operations along the border with the Strip to 370.

Illustrative: Palestinians checking the destruction in the aftermath of an Israeli strike on the Jabalia refugee camp in the Gaza Strip, on November 1, 2023. (AFP)

Meanwhile, the IDF announced Saturday that, according to the latest assessments, Israeli troops have killed some 900 terror operatives during an ongoing operation in northern Gaza’s Jabalia, which began last month.

Another 700 Palestinians have been detained, among which at least 300 have so far been confirmed to be members of terror groups, according to the IDF.

In Gaza City, the IDF located and demolished a large underground weapons manufacturing plant operated by Hamas.

The inside of a Hamas weapons manufacturing tunnel, found in the central Gaza Strip, in a handout image published by the IDF on November 2, 2024. (Israel Defense Forces)

The army said that troops with the 252nd Division located the tunnel network, where Hamas had previously manufactured weapons.

The site was located “in the heart of a civilian population,” near Gaza City’s Zeitoun neighborhood, the IDF said.

In the tunnel, the IDF said troops found lathes and hundreds of components used to build rockets, mortars, grenades, and diving equipment, which would have been used by Hamas terrorists to infiltrate into Israel via the sea

.https://www.timesofisrael.com/two-soldiers-killed-in-north-gaza-idf-says-900-terror-operatives-dead-in-jabalia-op/

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Also in the tunnel, the IDF said it found several rooms where Hamas operatives could reside for long periods. The rooms included kitchens, bedrooms and offices.

Combat engineers mapped out the tunnel system before demolishing it.

The IDF said that by demolishing the tunnel and seizing the equipment, it “foiled another attempt by the Hamas terror organization to rearm.”

Throughout the war, Israel has said it seeks to minimize civilian fatalities and stressed that Hamas uses Gaza’s civilians as human shields, fighting from civilian areas including homes, hospitals, schools and mosques.

Also on Saturday, the IDF denied claims made by the World Health Organization and Hamas that it had carried out a strike against a vaccination center in Gaza City earlier in the day, wounding six.

“We have received an extremely concerning report that the Sheikh Radwan primary health care center in northern Gaza was struck today while parents were bringing their children to the life-saving polio vaccination in an area where a humanitarian pause was agreed to allow vaccination to proceed,” WHO chief Tedros Adhanom Ghebreyesus said in a post on X.

“Six people, including four children, were injured,” he added.

The WHO chief did not specify who carried out the strike, but a source in the Hamas-run civil defense agency tells AFP that it allegedly was “an Israeli quadcopter that fired two missiles which hit the wall of Sheikh Radwan clinic.”

Palestinians transport their belongings as they walk through a street in Gaza City on November 2, 2024. (Photo by Omar AL-QATTAA / AFP)

In response to a query on the matter, the IDF said it was aware of claims that civilians were hurt at the vaccination center, but contrary to the reports, it said that no Israeli strike had been carried out in the area at that time.

“Today, a vaccination operation began, in coordination with the IDF via COGAT, and in cooperation with the international community, within which the population is allowed to safely reach the medical centers where the vaccinations will be given to the population,” the military said.

“We are aware of a claim about the harm to Palestinian civilians at the Sheikh Radwan vaccination center in the northern Gaza Strip. Contrary to what was claimed, a preliminary investigation reveals that there was no strike by IDF forces in the area at the time in question,” the IDF said.

The IDF added that it “emphasizes that the Hamas terror organization deliberately fires from civilian areas, systematically violates international law, and cynically exploits the civilian population as a shield for terror acts against the State of Israel.”

The war erupted when Hamas-led terrorists attacked southern Israel on October 7, killing some 1,200 people, mostly civilians, and taking 251 hostages to Gaza.

According to the Hamas-run Gaza health ministry, 43,314 Palestinians have been killed and 102,019 injured in the fighting so far, though the toll cannot be verified and does not differentiate between civilians and fighters. Israel says it has killed some 18,000 combatants in battle and another 1,000 terrorists inside Israel on October 7.

ISRAEL/HEZBOLLAH

IDF captures senior Hezbollah official in northern Lebanon, Arab media claims – report

The terrorist captured is named Emad Fadel Amhz, a senior member of Hezbollah, according to Al-Hadath. Reports also state that he is part of the Lebanese Navy.

By JERUSALEM POST STAFF, REUTERSNOVEMBER 2, 2024 13:25Updated: NOVEMBER 2, 2024 14:26

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-827228&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20241029_144f805a0edf4b0e07d15d558838209e93a0670f&useBunnyCDN=0&themeId=140&unitType=tts-player

Israeli naval forces have reportedly landed in the coastal city of Batroun in northern Lebanon and captured a Hezbollah operative overnight between Friday and Saturday, Hebrew media reported the following afternoon citing Hezbollah-affiliated Arab media.

The terrorist captured is named Emad Fadel Amhz, a senior member of Hezbollah, according to Al-Hadath. Reports also state that he is part of the Lebanese Navy.

The operation was reportedly carried out in certain coordination with German naval forces operating as part of UNIFIL, Hebrew media reported citing claims by Lebanese officials.

https://twitter.com/i/status/1852671068500025469

More than two dozen in the operation

More than 25 people were involved in the operation, with a report by KAN saying that these IDF soldiers entered a cabin near the beach and kidnapped Amhz who was staying there alone.

Lebanese media reported that Lebanon’s security forces are investigating the incident, N12 reported.

Pro-Hezbollah journalist Hassan Illaik said in a post on X that a large group of Israeli troops made a landing in the resort town and captured the man, before departing on speed boats.

He shared CCTV footage appearing to show soldiers walking in a street, two of them holding a person.

Lebanese transport minister Ali Hamiye, who represents Hezbollah in Lebanon’s government, said the video was accurate but did not provide further details.

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The Lebanese city is about 140 kilometers away from Israeli’s coast and 55 kilometers north of Beirut.

This is a developing story.

END

SAME STORY AS ABOVE

(TIMES OF ISRAEL)

Lebanese minister confirms civilian ship captain captured by Israeli commandos

By Emanuel Fabian

Lebanon’s Minister of Public Works and Transport, Ali Hamie, confirms that a Lebanese man was captured by Israeli naval commandos in northern Lebanon yesterday.

Hamie tells the local Al Jadeed News station that the man, named by media reports as Imad Amhaz, was a captain of civilian ships and was studying at a civilian naval institute after some reports claimed he was in the Lebanese Navy.

The Saudi Al-Hadath outlet reported that Amhaz was a Hezbollah official.

https://twitter.com/SufianSamarrai/status/1852676260612165721

end

Wearing Lebanese uniforms, some 20 Israeli commandos took part in Friday raid – report

Hezbollah-affiliated media says special forces were likely in area for reconnaissance before nabbing alleged terror operative, reiterates claim German Navy coordinated with Israel

By ToI Staff and Emanuel Fabian Follow
Today, 2:48 pm

Lebanese soldiers inspect the beach at a reported landing site of an Israeli naval commando raid in the coastal town of Batroun on November 2, 2024. (Ibrahim Chalhoub/AFP)

New alleged details emerged on Sunday about an Israeli naval raid in northern Lebanon in which commandos captured a Hezbollah operative over the weekend, in a report by a publication affiliated with the Iran-backed terror group.

According to the Al-Akhbar report, operatives from the Navy’s Shayetet 13 commando unit were disguised as Lebanese security forces during the unusual raid in Batroun, south of Tripoli, some 140 kilometers (87 miles) north of Israel’s maritime border with Lebanon.

While the Israeli military has attacked northern Lebanon via airstrikes, its ground forces have been operating only in the country’s south.

The late Friday raid lasted a mere four minutes and involved some 20 operatives, along with several unidentified civilians, the report said, adding that some Israeli special forces had likely been in the area for reconnaissance and surveillance before the operation.

While surveillance footage from a nearby building apparently captured part of the Israeli commando raid, Al-Akhbar reported that recordings were deleted from the residential building from which the Hezbollah operative, Imad Amhaz, was captured.

The report also said that Lebanese investigators believe a young man riding a bicycle seen in the widely circulated footage of the operation was part of the Israeli commando unit.

timesofisrael.com/wearing-lebanese-uniforms-some-20-israeli-commandos-took-part-in-friday-raid-repor

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The Hezbollah-affiliated outlet cast doubt on the Israel Defense Forces’ assertion that Amhaz is a “significant source of knowledge” in the terror group’s naval force.

The IDF said Amhaz was taken to Israel to be questioned by the Military Intelligence Directorate’s Unit 504 — which specializes in HUMINT, or human intelligence — on Hezbollah’s naval operations.

Imad Amhaz, a Hezbollah official captured by Israeli naval commandos on November 1, 2024. (Social media)

The Al-Akhbar report on Sunday also reiterated earlier accusations in Lebanese media that the German Navy operating within UN peacekeeping forces in the area had assisted with the Israeli raid.

UNIFIL, the United Nations peacekeeping force in Lebanon, denied involvement in the operation, with an unnamed deputy spokesperson telling the Saudi channel Asharq News on Saturday that the organization “has no involvement in facilitating any kidnapping or any other violation of Lebanese sovereignty.”

Smoke rises from the site of an Israeli strike in the southern Lebanese village of Khiam on November 1, 2024. (AFP)

The Friday raid came as Israel pressed on with its military campaign against Hezbollah in Lebanon. The operation aims to allow the fade return of some 60,000 displaced residents of northern Israel who were evacuated from their homes near the Lebanon border shortly after Hamas’s October 7, 2023, onslaught, amid fears Hezbollah would carry out a similar attack and persistent rocket fire by the terror group.

After warning for nearly a year that it would not tolerate the ongoing attacks, Israel launched a major operation against Hezbollah in September, eliminating much of its leadership and crippling some of its fighting capabilities.

In October, it launched a ground offensive in Lebanon’s south to clear the border area of terror infrastructure it said was to be used in an October 7-style attack on northern communities.

end

ISRAEL.HEZBOLLAH/MONDAY

WATCH: IAF eliminates Hezbollah Radwan anti-tank missile system cmdr. Riad Rida Ghazzawi in Lebanon

Additionally, IDF soldiers have been operating in wooded, thicketed terrain in southern Lebanon along Israel’s border fence to dismantle Hezbollah’s terror infrastructure.

By JERUSALEM POST STAFFNOVEMBER 4, 2024 13:33Updated: NOVEMBER 4, 2024 15:55

https://player.jpost.com/public/player.html?player=jpost&media=3794140&url=https://www.jpost.com/breaking-news/article-827503IAF airstrike kills Hezbollah Radwan Force anti-tank missile system commander Riad Rida Ghazzawi. November 4, 2024. (Credit: IDF Spokesperson’s Unit)

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The Israeli air force (IAF) eliminated Hezbollah’s Radwan Force‘s anti-tank missile system commander, Riad Rida Ghazzawi, in an airstrike on the Sultaniyeh area of southern Lebanon on Monday, the IDF announced.

The strike was reportedly conducted according to intelligence provided by the Military Intelligence Directorate.

Ghazzawi planned and executed many attacks on Israel, including firing anti-tank missiles at Israeli citizens and soldiers operating in southern Lebanon. 

In a separate strike, the IAF struck Hezbollah infrastructure in Safad El Battikh in southern Lebanon, including buildings in which a Hezbollah Command Unit terrorist operated. This terrorist was responsible for smuggling weapons to Hezbollah terror cells and rehabilitating terror operations in the Bint Jbeil area, according to the IDF. 

Concurrently, IDF soldiers have been operating in wooded, thicketed terrain in southern Lebanon along Israel’s border fence to uncover and dismantle Hezbollah infrastructure, the IDF reported Monday. 

https://player.jpost.com/public/player.html?player=jpost&media=3794187&url=www.jpost.comIDF Brigade 188 operates in thicketed terrain in southern Lebanon, November 4, 2024 (IDF Spokesperson’s Unit).

WATCH: IAF eliminates Hezbollah Radwan anti-tank missile system cmdr. Riad Rida Ghazzawi in Lebanon

Additionally, IDF soldiers have been operating in wooded, thicketed terrain in southern Lebanon along Israel’s border fence to dismantle Hezbollah’s terror infrastructure.

By JERUSALEM POST STAFFNOVEMBER 4, 2024 13:33Updated: NOVEMBER 4, 2024 15:55

https://player.jpost.com/public/player.html?player=jpost&media=3794140&url=https://www.jpost.com/breaking-news/article-827503IAF airstrike kills Hezbollah Radwan Force anti-tank missile system commander Riad Rida Ghazzawi. November 4, 2024. (Credit: IDF Spokesperson’s Unit)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-827503&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20241104_98fa9a249be2004d76a28af1646dbd98741f3a5a&useBunnyCDN=0&themeId=140&unitType=tts-player

The Israeli air force (IAF) eliminated Hezbollah’s Radwan Force‘s anti-tank missile system commander, Riad Rida Ghazzawi, in an airstrike on the Sultaniyeh area of southern Lebanon on Monday, the IDF announced.

The strike was reportedly conducted according to intelligence provided by the Military Intelligence Directorate.

Ghazzawi planned and executed many attacks on Israel, including firing anti-tank missiles at Israeli citizens and soldiers operating in southern Lebanon. 

In a separate strike, the IAF struck Hezbollah infrastructure in Safad El Battikh in southern Lebanon, including buildings in which a Hezbollah Command Unit terrorist operated. This terrorist was responsible for smuggling weapons to Hezbollah terror cells and rehabilitating terror operations in the Bint Jbeil area, according to the IDF. 

Concurrently, IDF soldiers have been operating in wooded, thicketed terrain in southern Lebanon along Israel’s border fence to uncover and dismantle Hezbollah infrastructure, the IDF reported Monday. 

https://player.jpost.com/public/player.html?player=jpost&media=3794187&url=www.jpost.comIDF Brigade 188 operates in thicketed terrain in southern Lebanon, November 4, 2024 (IDF Spokesperson’s Unit).

Dismantling terror infrastructure in southern Lebanon

Combat engineering teams in Brigade 188 have been working to uncover and destroy terror infrastructure, including military buildings and weaponry.

Earlier on Monday, following sirens in several cities in the Upper Galilee at 11:00 a.m., approximately 30 rockets were counted being launched from Lebanon toward Israel. Some were intercepted, and some fell in open areas. 

Before this salvo, the IDF struck a rocket launcher from which approximately 30 rockets were launched toward the Upper Galilee at 9:25 a.m. Also, during this barrage, some rockets were intercepted, and the rest fell in open areas.

Approximately 60 rockets have been fired into Israel from Lebanon on Monday as of 3:00 p.m. in total, according to the IDF. 

Dismantling terror infrastructure in southern Lebanon

Combat engineering teams in Brigade 188 have been working to uncover and destroy terror infrastructure, including military buildings and weaponry.

Earlier on Monday, following sirens in several cities in the Upper Galilee at 11:00 a.m., approximately 30 rockets were counted being launched from Lebanon toward Israel. Some were intercepted, and some fell in open areas. 

Before this salvo, the IDF struck a rocket launcher from which approximately 30 rockets were launched toward the Upper Galilee at 9:25 a.m. Also, during this barrage, some rockets were intercepted, and the rest fell in open areas.

Approximately 60 rockets have been fired into Israel from Lebanon on Monday as of 3:00 p.m. in total, according to the IDF. 

END

ISRAEL HEZBOLLAH/opinion

Bombing Hezbollah’s drug empire is the key weakening its power – opinion

Israel’s destruction of Hezbollah’s drug empire could not be timelier or less controversial. 

By MICHAEL ORENNOVEMBER 1, 2024 10:18Updated: NOVEMBER 1, 2024 10:23

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Back in 1997, at the height of Hezbollah’s relentless campaign to drive the IDF out of Israel’s security zone in southern Lebanon, I made an out-of-the-box suggestion. 

Along with attacking the terrorists head-on, I gave an opinion in The Jerusalem Post that Israel should strike at one of their principal sources of funding – drugs.

Back then, Hezbollah and its Syrian allies were regional leaders in the production of heroin. The poppy fields from which the opiates were extracted blanketed the Bekaa Valley and other fertile areas. Defoliate them, I argued, and deprive the terrorists of their oxygen. 

My proposal went unremarked by Israel’s security establishment, and, in May 2000, the last Israeli soldier exited Lebanon. 

Over the course of the next twenty-five years, Hezbollah swelled from a relatively small terrorist force into an immense terrorist army, one of the Middle East’s most formidable military forces. 

The 15,000 rockets and missiles Israel confronted in the 2006 Second Lebanon War ballooned into more than 150,000.

Since invading southern Lebanon in September, the IDF has uncovered a vast network of attack tunnels, each lavishly equipped with weapons, designed to facilitate Hezbollah’s planned conquest of the Galilee. 

All of those armaments, the infrastructure, and training cost billions of dollars. Much of this sum was remitted from Iran, but a no less lucrative moneymaker is – still – the drug trade.

Hezbollah’s new focus: Captagon 

However, the nature of the business has changed. While the Bekaa region still produces prodigious amounts of opium and cannabis, Hezbollah’s focus is now on fenethylline, a synthetic amphetamine and psychostimulant best known by its brand name, Captagon. 

Illegal in most countries, Captagon is produced in Syria, which is responsible for 80% of the global market, and is distributed by Hezbollah.

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Controlling Captagon’s supply routes across the Middle East into Jordan and Iraq and its exports abroad via the Port of Beirut has enriched Hezbollah. 

The drug’s annual sales of $5.7 billion – representing a quarter of Syria’s GDP—account for 40% of Hezbollah’s budget.

Joseph Braude, founder of the Center for Peace Communications, has documented Hezbollah’s exploitation of Lebanon for narcotics and human trafficking and its virtual enslavement of innocent Lebanese as mules. “Together with Iranian support,” he told Bari Weiss’s podcast Honestly. “The sex and the drugs are a big part of how they [Hezbollah] fund their operations and their war machine.” 

Hezbollah’s drug enterprise encompasses much more than the Middle East, though. In cooperation with South and Central American cartels, it plays a prominent role in smuggling drugs into the United States. 

Nevertheless, Washington has reacted sluggishly, if at all.

Project Cassandra, launched by the DEA in 2008, investigated Hezbollah’s cooperation with the cartels only to be quashed by an Obama administration determined to achieve a nuclear deal with Hezbollah’s patron, Iran. 

More recently, in December 2022, President Biden signed into law the Captagon Act, mandating efforts to disrupt the Captagon trade. 

Congress passed a bipartisan bill requiring new sanctions against the drug’s manufacturers and traffickers. Whether these measures have impacted the Captagon market or in any way diminished Hezbollah’s profits remains to be seen.

Meanwhile, Israel is at war with Hezbollah and eager to destroy not only the terrorists’ military and command centers but also its financial centers. 

On October 21, Israeli warplanes bombed the Hezbollah-linked Al-Qard Al-Hassan financial association in Beirut along with several of its Bekaa Valley branches.

While highly critical of Israel’s airstrikes in the Lebanese capital, the US was hard-pressed to denounce the destruction of a sanctioned bank that, according to the Treasury Department, “illicitly moves funds through shell accounts and facilitators, exposing Lebanese financial institutions to possible sanctions.”

From Israel’s perspective, the objective was clear, as a senior Israeli military source told the Wall Street Journal. “The purpose of the strike is to target the ability of Hezbollah to function both during the war but also afterward, to rebuild and rearm.”

Achieving goals through bombing narcotics industry 

That same goal can be achieved, perhaps with even greater efficacy, by bombing Hezbollah’s narcotics industry. Former Mossad terrorism division head Oded Ailam agreed, saying, “Targeting the organization’s drug labs in the Bekaa Valley could hurt its operations.”

My 1997 Post op-ed concluded by quoting, of all sources, the Wicked Witch of the West who, in The Wizard of Oz, cackled, “Poppies. Poppies will make them sleep.” The time had come to put Lebanon’s poppies to sleep, I urged. Thirty-seven years later, Israel’s destruction of Hezbollah’s drug empire could not be timelier or less controversial. 

The United States – and much of the world – will thank us.

The writer, a former Israeli ambassador to the United States and past MK and deputy minister for diplomacy in the Prime Minister’s Office, is thee founder of the Israel Advocacy Group and the author of the Substack, Clarity.

.

END

ISRAEL /HEZBOLLAH/HAMAS/JABILYIA AND RAFAH

Two Hezbollah commanders in coastal sector eliminated by IDF

Mousa Izz al-Din was the commander of Hezbollah’s forces in the coastal sector, and Majid Daib was the terrorist organization’s artillery commander in the same sector.

By JERUSALEM POST STAFFNOVEMBER 2, 2024 10:29Updated: NOVEMBER 2, 2024 12:40

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Farticle-827215&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20241029_144f805a0edf4b0e07d15d558838209e93a0670f&useBunnyCDN=0&themeId=140&unitType=tts-player

The IDF eliminated two Hezbollah coastal commanders on Friday who were responsible for firing over 400 projectiles into Israeli territory throughout the last month.

The IDF made the announcement of two terrorists’ deaths on Saturday morning, Mousa Izz al-Din and Hassan Majid Daib. Al-Din was the commander of Hezbollah’s forces in the coastal sector, and Daib was the terrorist organization’s artillery commander in the same sector. The latter was responsible for Thursday’s projectile fire towards Haifa Bay.

Friday also saw the IAF striking up to more than 120 terror targets against Hamas in the Gaza Strip and Hezbollah in Lebanon, with targets struck in the latter location including further infrastructure used by them, facilities that stored weapons, and anti-tank missile launching sites.

Meanwhile, on the ground in southern Lebanon, the IDF stated that soldiers have been continuing to conduct limited and targeted raids against Hezbollah targets while locating weapons belonging to the terrorist organization.

What of operations in Gaza?

In the Gaza Strip, IDF soldiers have also been continuing operations in Jabaliya and Rafah, with the former city seeing hundreds of Hamas terrorists eliminated in IDF operations both from the ground and airborne, with many others arrested.

The IDF’s Kfir Brigade joined the 162nd Division in fighting Hamas terrorists in Jabaliya which included Givati and the 401st Brigade.

The IDF in Givati reported that Hamas terrorists fired an an RPG at them. Israeli forces located the terrorists responsible and eliminated them. There were no Israeli casualties in the fighting.

The IDF reported that operations in the southern city of Rafah included the continuation of eliminating Hamas terrorists and dismantling their infrastructure.

END

ISRAEL//HEZBOLLAH

At least 41 killed in Israeli strikes on Lebanon’s Baalbek region, governor says

By REUTERSNOVEMBER 1, 2024 19:45Updated: NOVEMBER 1, 2024 21:23

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-827188&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20241029_144f805a0edf4b0e07d15d558838209e93a0670f&useBunnyCDN=0&themeId=140&unitType=tts-player

At least 41 people have been killed in Israeli strikes on Lebanon’s Baalbek region on Friday, the regional governor said.

Israeli attacks have killed at least 2,897 people and injured 13,150 in Lebanon, with 30 fatalities reported in the past 24 hours, Lebanon’s health ministry said on Friday.

ISRAEL/HEZBOLLAL LEBANON DRUZE

Hezbollah ‘imposed this on us’: Christian-Druze town in Lebanon fights terrorist takeover

Residents insist that they just want peace, and are ensuring the war doesn’t touch them by guarding against a Hezbollah takeover.

By JERUSALEM POST STAFFNOVEMBER 3, 2024 11:59Updated: NOVEMBER 3, 2024 13:02

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Farticle-827329&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20241029_144f805a0edf4b0e07d15d558838209e93a0670f&useBunnyCDN=0&themeId=140&unitType=tts-player

The Christian-Druze southern Lebanese town of Hasbayya has consolidated efforts to ensure it does not join the list of Hezbollah strongholds, the New York Times reported on Sunday. 

Volunteers from some of the 30,000 residents of the town monitor the local border day and night. The active residents are quick to report suspicious vehicles or unknown persons to the police – mindful of Hezbollah’s takeover of civilian infrastructure in other parts near the border with Israel.

Negotiating with terrorists 

In addition to informal watch groups, the Times reported that some village leaders took it upon themselves to negotiate with Hezbollah – ensuring that it does not fire rockets from within the village’s territory. 

The Lebanese terror organization began firing rockets at Israel on October 8, a day after its ally, Hamas, invaded and conducted massacres in southern Israel. The attacks forced the evacuations of tens of thousands of northern Israeli residents, prompting Israel to later conduct a land operation in Lebanon. 

The agreement to prevent Hezbollah from launching rockets from the vicinity was secured over a year ago, the Times reported, citing Wissam Sliqqa, a Druze sheik and local leader in Hasbayya.

We asked them “not to launch rockets from inside the town,” said Sliqqa. “We wanted to preserve the safety of our residents and ensure they could remain in their homes.” 

Turning away the displaced

Trying to ensure the security of their village, Habayya leaders reportedly turned away evacuated residents of nearby Shiite Muslim villages. Sources told the Times they were concerned that Hezbollah terrorists might covertly take over the village, despite negotiated agreements, posing as displaced internal refugees.

“We don’t want any strangers or anyone related to Hezbollah here,” said Ghassan Halabi, the deputy mayor of Hasbayya. “It took us years to build this town, and it could all be destroyed within minutes. We can’t allow that to happen.”

Hasbayya had initially turned the local high school into a shelter for the displaced but eventually began turning families away.

“Families came, and we told them, respectfully, there is no more space in our shelters,” said the town’s deputy mayor. 

---

---

Curfews

Adding to the precautions taken, the town’s mayor enacted an 8 p.m. curfew. After this time, residents must remain in their homes, and drivers cannot drive through the town.

“We’re worried,” said Kanj Nawfal, a municipal police officer who oversees the volunteer guards. “We are trying to be careful, but if something happens…This war is bigger than us.”

Nearby villages suffered collateral damage from Israeli airstrikes on Hezbollah terrorists and launchers.

Despite the extensive efforts of the town to remain untouched by the war, Israel reportedly conducted an airstrike on a guesthouse within its limits – reportedly killing three journalists.

“We don’t have problems with anyone, we don’t have outgoing rockets, we just want stability,” 59-year-old town resident Nayef el Hassaniyeh told the Times.

“This war has been imposed on us. Did we choose it as Lebanese? No. They imposed it on us,” Hassaniyeh said, referring to Hezbollah. “We just want to protect ourselves. We just want peace.”

ISRAEL/IRAN

Israeli retaliatory attack on Islamic Republic severely damaged air defenses, missile program – WSJ

The report also claimed that the attack also left these facilities more exposed for any further strikes Israel may plan to conduct in the future.

By JERUSALEM POST STAFFNOVEMBER 2, 2024 13:10

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Firan-news%2Farticle-827216&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20241029_144f805a0edf4b0e07d15d558838209e93a0670f&useBunnyCDN=0&themeId=140&unitType=tts-player

Missile production facilities and air defenses of the Islamic Republic of Iran were severely damaged in Israel’s retaliatory strike last month, the Wall Street Journal cited US and Israeli officials saying on Saturday.

Satellite photos have shown the damage done to the Parchin military site near Tehran and the IRGC-run Shahroud ballistic missile and space center, as well as damaging Russian-made S-300 missile defense systems.

The report also claimed that the attack also left these facilities more exposed for any further strikes Israel may plan to conduct in the future. The vulnerability of these targets will be further exposed should Iran decide to launch another large-scale missile attack that would provoke yet another Israeli response, the Journal noted.

Islamic Republic can still hit Israel – report

The Islamic Republic still has missiles in the hundreds with the capabilities of hitting the Jewish state, the report further states, citing Western officials’ concern that they can do severe damage if Israeli defense systems are penetrated. However, the report also compares Israel’s defenses to Iran’s, and that the damage it has sustained gives Israel a better aim against sensitive targets.

Former CIA Middle East specialist was quoted by the Journal saying that “the operational debate in Iran is likely dominated less by what can Iran do but how will Iran defend itself when Israel retaliates.”

The report notes that such sensitive targets in Iran include nuclear sites, energy infrastructure, or the Islamic Republic’s own leadership.

“We wanted them to realize they were exposed,” an Israeli regional security officer was quoted by the Journal on Friday, alluding to Israel being capable of striking Iran all over the country. The Journal also quoted retired US Central Command Gen. Frank McKenzie saying that “Iran is the most vulnerable they have been in many years to another Israeli attack.”

end

ISRAEL/HEZBOLLAH/BEIRUT

ISRAEL/IRAN

Khamenei issues new threats to US, Israel as Middle East prepares for third Tehran attack

“Enemies, including America and the Zionist regime, should know that they will undoubtedly receive a crushing response for what they do against Iran and the resistance front,” Khamenei said.

By REUTERS, JERUSALEM POST STAFFNOVEMBER 2, 2024 11:02Updated: NOVEMBER 2, 2024 11:16

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-827217&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20241029_144f805a0edf4b0e07d15d558838209e93a0670f&useBunnyCDN=0&themeId=140&unitType=tts-player

Iran’s Supreme Leader Ali Khamenei said on Saturday that the United States and Israel will “undoubtedly receive a crushing response” for what they do against his country, state media reported.

“Enemies, including America and the Zionist regime, should know that they will undoubtedly receive a crushing response for what they do against Iran and the resistance front,” Khamenei said.

He made the comments to students ahead of the anniversary of the 1979 seizure of the US embassy in Tehran by hardline students shortly after the Islamic revolution that ousted the US-backed Shah.

When will Tehran attack?

While Khamenei didn’t clarify on when the attack will come, intelligence sources believe that Tehran will likely attack before the presidential elections and may do so from Iraqi territory.

The expected attack will be the third direct assault from Tehran since Hamas attacked southern Israel on October 7, kickstarting the current conflict.

END

ISRAEL/IRAN/USA

US Warns Tehran It Will Not Restrain Israel If Iran Retaliates

Sunday, Nov 03, 2024 – 04:55 PM

Iran has kept up its saber-rattling in the wake of last week’s Israeli aerial attack, which itself was the much anticipated response to the Iranian ballistic missile attack of October 1st. Washington is now warning Tehran that it “won’t be able to hold Israel back” if the Islamic Republic retaliates, US and Israeli officials told Axios Saturday.

“We told the Iranians: We won’t be able to hold Israel back, and we won’t be able to make sure that the next attack will be calibrated and targeted as the previous one,” the US official said.

The message was reportedly passed to Iranian officials via Swiss intermediaries, the Axios report details, which is a rare public disclosure.

Ayatollah Ali Khamenei the same day warned of “tooth-breaking” response for Israel’s actions. Recent international reports have also suggested Iran-linked paramilitaries in Iraq could be preparing a new attack on Israel.

The Iranian Supreme Leader has also said, “We will do whatever is necessary in confronting arrogance, whether in terms of military and armament or politically. The Iranian people and officials will never hesitate in facing global arrogance and the criminal apparatus ruling the world order.”

“The issue is not just about revenge, but rather acting with logic and confrontation consistent with religion, ethics, Sharia, and international laws. The issue is confronting international injustice, and for the Iranian people, confronting oppression and arrogance is a mandatory duty,” he added. 

The Iranians are signaling that an attack is “definitely” coming, per Axios:

• Esmail Kowsari, a member of the national security committee in Iran’s parliament, said Saturday that Iran’s security council had agreed on a response but not yet on the exact date and scope.
• Kowsari said the attack will be executed in coordination with other “resistance” groups in the region and will be stronger than Iran’s Oct. 1 attack, which involved 180 ballistic missiles.

But the reality is that Iran also is signaling its own domestic population with all this tough talk, as well as enemies across the region, even if it doesn’t actually intend to hit back against Israel.

https://twitter.com/i/status/1852815086106153444

With the Oct.1st attack, and Israel’s retaliation, Tehran is still able to claim ‘victory’ of sorts for its strikes involving over 180 ballistic missiles. It sent a strong message, and now that status quo has been restored to some extent.

The US days ago began moving extra B-2 bombers and other major military assets in the region, as a precaution in the scenario of another Iranian strike on Israel.

END

IRAN ISRAEL/CHINA/ RUSSIA

Iranians Frustrated By China, Russia For Meager Response To Israeli Strikes

Sunday, Nov 03, 2024 – 02:00 PM

Via Middle East Eye

China and Russia’s response to Israel’s attacks on Iran has drawn widespread criticism, with many deeming the reactions insufficient and delayed.

The Tehran-based Ham-Mihan daily newspaper emphasized that given the extensive promotion of strategic relations between Tehran, Moscow and Beijing in recent years, there was an expectation that Russia and China would officially condemn the attacks on Iran.

The newspaper wrote: “Three days passed after the Israeli military attack on sites in three Iranian provinces before China’s foreign ministry responded. The Russian foreign ministry spokesperson also commented on the attack only hours afterwards. In the end, neither Beijing nor Moscow condemned Israel’s actions.”

The daily continued to criticize the stances of these two countries, comparing them to some European nations that have tense relations with Iran.

As western sanctions against Iran have increased in recent years, Tehran has strengthened economic ties with Moscow and Beijing, with one key outcome being the sale of cheap oil to China.

However, the expansion of these political ties has consistently faced criticism within Iran and discontent has intensified following recent direct conflicts between Iran and Israel.

Calls for direct military action against Israel

A newspaper affiliated with Iran’s so-called “hardliners” has called for direct military action against Israel, arguing such attacks are essential for ensuring regional stability.

In an article titled “Killing the Dog”, the Agaah daily emphasized the need to intensify military confrontations with Israel, saying: “Attacks on the interests of the Zionist regime worldwide guarantee the security of the region.” The report featured images of Israel’s political and military leaders alongside suggested targets, including military and economic centers.

This is not the first instance Agaah has advocated direct action against Israel. Last month, the daily released a list of sites that could potentially be targeted by Hezbollah’s missiles and drones. The list included food factories, power facilities, technology plants and chemical production sites. 

Moreover, the Dimona nuclear plant was identified as a target for Hezbollah, reportedly within range of Iran’s Fateh-110 missiles.

Ex-legislator: Iran’s diplomacy hampered by internal conflicts

The former head of the Iranian parliament’s National Security and Foreign Policy Commission has criticized the government’s handling of “extremist” groups within the country, saying they are undermining diplomatic efforts.  

In an op-ed, Hashmatullah Falahat Pishe argued that the failure to unify domestic political forces has led to setbacks in the nation’s foreign policy. “Diplomacy is accepted and trusted globally when it reflects a unified and strong voice within a country. Therefore, the key obstacles to diplomacy here are internal,” he wrote, adding: “Mr Pezeshkian’s government must address these issues first.”

Falahat Pishe also mentioned Foreign Minister Abbas Araghchi’s recent visits to nine Middle Eastern countries, stressing that the activities of extremist groups in Iran have undermined these diplomatic efforts.

“This shows the government has not yet resolved its internal challenges with extremist factions. The government must first prove its ability to address foreign policy issues internally. Only then can diplomacy succeed,” he concluded.

ISRAEL /IRAN/USA

B-52 Stratofortress arrives in Middle East area from US amid Iranian threat

The B-52 Stratofortress is a long-range heavy bomber that has the ability to perform various missions, according to the US Air Force.

By KESHET NEEVNOVEMBER 3, 2024 02:52Updated: NOVEMBER 3, 2024 03:47

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Farticle-827280&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20241029_144f805a0edf4b0e07d15d558838209e93a0670f&useBunnyCDN=0&themeId=140&unitType=tts-player

B-52 Stratofortress strategic bombers have arrived in the Middle East area after being deployed by the US, the United States Central Command (CENTCOM) announced late on Saturday night in an X/Twitter post.

According to the post, the B-52 bombers arrived in CENTCOM’s area of responsibility, which includes the Middle East region, and were sent from the Minot Air Force Base’s 5th Bomb Wing.

https://twitter.com/CENTCOM/status/1852847593153294451

The B-52 Stratofortress is a long-range heavy bomber that has the ability to perform various missions, according to the US Air Force.

Furthermore, the  US Air Force said the B-52 is capable of flying at “high subsonic speeds,” and it can carry “nuclear or precision guided conventional ordnance with worldwide precision navigation capability.” 

“In a conventional conflict, the B-52 can perform strategic attack, close-air support, air interdiction, offensive counter-air and maritime operations,” the US Air Force added.

The timing of B-52 bombers’ arrival to the region comes as Israel prepares for an anticipated Iranian attack in response to the Israeli strike last week on missile production facilities in the Islamic Republic.

Iran vows a ‘crushing response’ 

Iran’s Supreme Leader Sayyid Ali Khamenei vowed a “crushing response” to the US and Israel for “what they do against #Iran and the #Resistance Front” in a Saturday night X post.

The arrival of the B-52 Bombers came after the US said on Friday that it would deploy B-52 bombers, fighter jets, refueling aircraft, ballistic missile defense destroyers, and Navy destroyers to the Middle East.

The Pentagon said on Friday that the deployment would occur throughout the coming months. 

---

---

“Should Iran, its partners, or its proxies use this moment to target American personnel or interests in the region, the United States will take every measure necessary to defend our people,” Pentagon spokesperson Air Force Major General Patrick Ryder said in a statement.

How does the B-52 Stratofortress operate? 

According to the US Air Force, the B-52s can be equipped with electro-optical viewing sensors to improve targeting and combat ability.

Pilots operating the bombers wear night vision goggles during night operations. Additionally, the B-52s are reportedly effective for ocean surveillance and have the ability to “monitor 140,000 square miles (364,000 square kilometers) of the ocean surface,” the US Air Force noted.

During Desert Storm, B-52s delivered 40 percent of all the weapons dropped by coalition forces, the US Air Force added.

Tovah Lazaroff and Reuters contributed to this report. 

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//MOLOVA

This is dangerous: with mail in ballots assisting (probably fraudulently) Moldova votes for the pro war alignment EU against Russia. Moldova has pro dominant Russian speaking citizens and this will definitely set off alarm bells to Putin.

(zerohedge)

With Mail-In Ballots Assisting, Moldova Votes For Pro-War Alignment With EU/NATO – Conflict Is Now Imminent

by Tyler Durden

Monday, Nov 04, 2024 – 11:40 AM

Authored by Sundance via The Conservative Treehouse,

For more than two years we have been saying to keep an eye on Moldova in the background.  Yesterday Moldova held their national election, and while the actual number of people living in Moldova voted for the anti-war position, once the overseas ballots were added the results changed.  The nationalists became the minority and the pro-war/pro-EU globalists declared victory.

This may seem like a relatively ‘over there’ and small issue.  However, the people who control Joe Biden, the U.S. State Dept and the CIA have been positioning themselves in/around Moldova for several years now.  Watch out for Moldova to become the spark that leads to escalated conflict with Russia.

Moldova has a significant population of pro-Russia citizens in the east, which makes the internal domestic dynamic a little strenuous to manage. It is very similar to Ukraine in that regard. It is much smaller than Ukraine, but similar inside the national political dynamic.  Additionally, the geopolitical dynamic that is unfolding with the use of Moldova is identical to how the U.S/NATO exploited Ukraine.

A lot depends on what happens tomorrow in the U.S. election.  This aspect cannot be overstated.  However, there is now a high degree of confidence, if the people behind Kamala Harris are able to pull off a manipulated USA election, Moldova will immediately become the fulcrum for expanded direct conflict between the “west”, led by the USA, and Russia.

With the globalists and pro-war EU institutions how cemented into the national politics of Moldova, all of the elements for an unstable powder keg are in place.  Just like Ukraine, Vladimir Putin will not permit the open use of geographical proximity to provoke conflict directly on Russia’s border.  What Ukraine was, Moldova now is.

ASSOCIATED PRESS – CHISINAU, Moldova (AP) — Moldova’s pro-Western President Maia Sandu has won a second term in a pivotal presidential runoff against a Russia-friendly opponent, in a race that was overshadowed by claims of Russian interference, voter fraud, and intimidation in the European Union candidate country.

With nearly 99% of votes counted in the second round of the presidential election held Sunday, Sandu had 55% of the vote, according to the Central Electoral Commission, or CEC, compared to 45% for Alexandr Stoianoglo, a former prosecutor general who was backed by the pro-Russia Party of Socialists.

The result will be a major relief for the pro-Western government, which strongly backed Sandu’s candidacy, and her push for closer Western ties on Moldova’s path toward the EU.

[…] When polls closed locally at 9 p.m. (1900 GMT), turnout stood at more than 1.68 million people — about 54% of eligible voters, according to the CEC. Moldova’s large diaspora, which cast ballots in record numbers of more than 325,000 voted, heavily in favor of Sandu in the runoff. (read more)

It was the Moldovan ex-pat community, living outside Moldova, that overwhelmingly decided the fate of this small nation that borders Russia.

Oddly, and I have made ancillary mention to this in the past, there is an absolutely massive population of ex-pat Moldovans living in/around Jackson Hole Wyoming.  Years ago I started noticing it, but I had no real context to understand why there was such a dense population of people from a relatively obscure country all in one place. We all know who else lives in Jackson Hole, Wyoming: Dick and Liz Cheney.

The people living in Moldova are majority aligned with Russia.  However, the people voting in the election from outside Moldova changed the dynamic of the election.  This reality creates a major source of angst for Russia and Vladimir Putin.  This dynamic also creates the point on the stick the EU/USA and CIA will use to poke the bear.

Watch closely.

War is more imminent today than it was yesterday.

end

6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUE

How stupid can one be?

(Phillips/EpochTimes)

Hospital Mask Mandates Come Back in California’s Bay Area: What We Know

by Tyler Durden

Monday, Nov 04, 2024 – 09:15 AM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Multiple counties in California’s San Francisco Bay Area region reinstated mask mandates in health care settings starting Nov. 1, while other municipalities have recommended face coverings.

Counties with mask requirements for employees include San Francisco, Alameda, Contra Costa, Santa Clara, Napa, and San Mateo. But Santa Clara County, which includes San Jose, and San Mateo County also require visitors and patients in those health care facilities to wear masks.

Those mandates, which were announced weeks or months ago, run from Nov. 1, 2024, until March 31, 2025. A similar mandate was imposed across the Bay Area during the 2023–24 winter and spring months.

Health Care Orders Issued

Santa Clara County announced it will require all people inside health care facilities, including visitors and patients, to wear masks from Nov. 1, 2024, to March 31, 2025.

The county said it is making exceptions for children under age 2 and for people with medical issues that make it difficult for them to breathe in a mask or to remove a mask without assistance.

“Preventive measures like wearing a mask in crowded indoor places and staying home when you are sick continue to add layers of protection against respiratory viruses,” the county said in a statement in September.

“Just like last year, the April 2023 health order will continue to require masks in all patient care areas of health care facilities starting November 1 and continuing through the winter respiratory virus period.”

In early October, San Mateo County mandated “health care personnel and visitors in patient care areas of skilled nursing facilities to wear face masks,” adding that the county health officer has the ability to “adjust the dates.”

Alameda County, which encompasses Oakland, issued an order in September that requires staff at health care facilities to wear masks throughout the rest of the year and the early spring.

“The fall and winter of 2023–2024 saw substantial waves of RSV, flu and COVID19, and a similar pattern is expected this year,” Alameda officials said in the order, adding that those respiratory infections “typically circulate and peak in Alameda County during the late fall and winter months.”

Authorities in Contra Costa County issued a similar health order on Sept. 26, mandating health care staff, but not patients, to wear masks until March 31 of next year.

“The masking of personnel in these facilities is necessary to provide a layer of protection to patients during the respiratory season when risk of exposure is highest,” the county said.

Napa County released a health order on Oct. 1 for a similar mandate, only requiring staff to wear masks in facilities.

California Hospital Reinstates Mandate

Aside from government mandates, a hospital system in Monterey, California, reinstated a mandate for patients, visitors, and staff.

In a statement issued on Oct. 29, Montage Health wrote that masks will be mandated “for everyone” who enters Community Hospital of the Monterey Peninsula patient care areas regardless of their vaccination status.

Other locations operated by Montage Health will only impose a mask recommendation, not a mandate, the company said.

NYC Offers Recommendation, but No Mandate

Earlier this week, New York City’s Department of Health suggested in a post on X that residents wear masks ahead of the flu season and to protect against COVID-19. The department suggested that people use respirator-style masks such as KN95s, KF94s, or N95s.

“Wearing a mask in crowded indoor settings can help protect you from viruses like COVID-19 and the flu this season. Masking up also protects others if you’re sick,” the department said in the Oct. 28 post.

Some studies have found that masking did not make much difference in reducing the risk of contracting COVID-19 during the pandemic.

The Cochrane Institute, in a review issued in early 2023, found that “wearing a mask may make little to no difference in how many people caught a flu‐like illness” or COVID-19.

However, studies cited by the U.S. Centers for Disease Control and Prevention have said that face masks and respirator-style masks “effectively filter virus-sized particles in laboratory settings” and that “use of respirators with higher filtration capacity was associated with the most protection, compared with no mask use.”

But, it added, “The real-world effectiveness of face coverings to prevent acquisition of SARS-CoV-2 infection has not been widely studied.”

GLOBAL ISSUES

MARK CRISPIN MILLER

PAUL ALEXANDER

Dr. Robert Redfield, former CDC Director under POTUS Trump who helped destroy 45’s re-election with fake fraud COVID & lockdown lunacy response & who recently had lunch with Bobby Jr., says BIRD FLU

is BOOKED & coming, will be lab created & will have 50% mortality; sorry Robert Redfield has ZERO credibility, ZERO & you must turn him off, if they did create one in lab, its a crime against HUMANITY

Dr. Paul AlexanderNov 1

READ IN APP

Vaccine = money and here Redfield is shilling Malone Bancel Sahin mRNA gene vaccine, two crooked inept Bobs.

Their formula is mRNA vaccine = $money. Not mRNA vaccine = harms and possible deaths.

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.

Upgrade to paid

Redfield is not credible and Bobby Jr. did a boo boo to showcase that lunch. Redfield is unreliable. It’s that simple.

But that is their business, ours as the people is to fight these fuckers and I hope Bobby Jr. told Redfield in their lunch how much of a stupid inept nonsensical academically sloppy, specious, laughable, intellectually lazy idiot he was and dangerous public health official. For what he did to Trump. He was the one that said the 6-foot social distancing rule was made up, with no scientific basis whatsoever. And that the masks worked. Redfield harmed us.

You go Bobby Jr.! Full support.

Turn him off and if they did create one in lab, if able to, then we hang them high, all of them. Redfield has no credibility and should stfu!

STFU Bob Redfield! You shilled the Malone Bourla et al. mRNA vaccine that killed people…so shut to fuck up!

See LIONESS of JUDAH’s Ministry and Dr. Mike Yeadon also saying basically stfu!

END

Again, COVID was 100% LIE! Virus, origin (wet market, lab leak, gain of function; lies), OWS response, Malone et al. mRNA technology vaccine, all lies, never a pandemic! Trump was COMPLETELY fooled!

There was NO novel pathogen, no new virus, COVID was NEVER ever a pandemic (we never had one in history, a made-up term), it was a PCR created fake non-crisis underpinned by the lie of asymptomatic

Dr. Paul AlexanderNov 2

READ IN APP

transmission where to date not one case of asymptomatic spread, we can find not one case;

Trump approved operation warp speed (OWS) for NOTHING, for ZERO, there was no need to, he did not know the COVID Task Force, those clowns on the stage save Giroir, were conspiring with CDC, NIH, FDA, health officials, RINOs, legacy media, globalists, deepstate etc. in destroying his 2020 re-election and it is why he lost in November 2020;

let me be clear, the OWS lockdowns hurt people badly, killed many, and costed POTUS Trump and you may not want to face it or admit it, but that is the truth! The deadly lockdown lunatic response killed people, and Trump also approved the deadly Malone Bourla et al. mRNA gene-based vaccine based on lies by all involved, it was not needed, it was safety untested, and it was ineffective and deadly; to state today October 2024 that OWS and the Malone mRNA vaccines were successful is an outright falsehood and deception. POTUS Trump knows the vaccine killed people and he will soon say so. I have pleaded with his people to say it now. There are folk like me who have tried.

Again, I am learning as I go and admit there is lots to know still on this non-pandemic fraud. If I make a mistake, I am prepared to admit and to re-arrange and update my thinking. I wish to learn.

end

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Potentially POTENT ‘anti-cancer’ protocol using Vit C, Vit D, Zinc, Ivermectin, Fenbendazole, mebendazole, DON, Ketogenic diet, water fast, intermittent fasting (autophagy), hyperbaric oxygen (HBOT),

exercise, physical activity etc. Protocol is worth looking at for those with cancer, at risk, at various stages. Modern allopathic medicine, chemo etc. has failed, IMO cancer research etc. is a fraud$

Dr. Paul AlexanderNov 3

READ IN APP

A peer-reviewed Ivermectin, Mebendazole, Fenbendazole etc. Protocol in Cancer, see 2nd Smartest clarion call on this…I say what do we have to lose, we try any and everything if seriously ill.

Given this publication and seeming reasonable approaches and safe and effective OTC, I am asking The Wellness Company (TWC) to consider a kit separate for this, not to make anti-cancer cure claims, NO NO NO, but these should be added, at least fenbendazole.

Consider this protocol:

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Proposed Hybrid Orthomolecular Protocol

Based on our review of the scientific literature, the following protocol combining orthomolecules, drugs and additional therapies for targeting the MSCC in cancer treatment is proposed:

1. Intravenous Vitamin C
   Intermediate- and high-grade cancers: Dose of 1.5g/kg/day, 2-3x per week (Fan, et al., 2023).
   Established as a non-toxic dose for cancer patients (Wang, F., et al., 2019).
   .
2. Oral Vitamin D
   All cancer grades: Dose of 50,000 IU/day for patients with a blood level ≤ 30ng/mL; 25,000 IU/day for levels 30-60ng/mL; and 5000 IU/day for levels 60-80ng/mL.
   Established as a non-toxic dose (Cannon, et al., 2016; Ghanaati, et al., 2020; McCullough, et al., 2019).
   It is necessary to reach a blood level of 80 ng/mL of vitamin D (25-hydroxyvitamine D (25(OH) D) (Kennel, et al., 2010; Mohr, et al., 2014; Mohr, et al., 2015). This level is non-toxic (Holick, et al., 2011). Once this level is reached it must be maintained with a reduced daily dosage of ≈ 2000 IU/day (Ekwaru, et al., 2014). The vitamin D blood concentration should be measured every two weeks for high doses and monthly for lower doses.
   .
3. Zinc
   All cancer grades: Dose of 1 mg/kg/day is established as a non-toxic dose for cancer patients (Hoppe, et al., 2021; Lin, et al., 2006). The reference range for serum zinc concentration is 80 to 120 μg/dL (Mashhadi, et al., 2016; Yokokawa, et al., 2020). Once this level is reached it must be maintained with a reduced daily dosage of 5mg/day (Li, et al., 2022). The zinc blood concentration should be measured monthly.
   .
4. Ivermectin
   Low-grade cancers: Dose of 0.5mg/kg, 3x per week (Guzzo, et al., 2002).
   Intermediate-grade cancers: Dose of 1mg/kg, 3x per week (Guzzo, et al., 2002).
   High-grade cancers: Dose from 1 mg/kg/day (de Castro, et al., 2020) to 2 mg/kg/day (Guzzo, et al., 2002).
   All these doses have been established as tolerable for humans (Guzzo, et al., 2002).
   .
5. Benzimidazoles and DON
   Low-grade cancers: Mebendazole: Dose of 200 mg/day (Dobrosotskaya, et al., 2011).
   Intermediate-grade cancers: Mebendazole: Dose of 400 mg/day (Chai, et al., 2021).
   High-grade cancers: Mebendazole dose of 1,500 mg/day (Son, et al., 2020) or Fenbendazole 1,000 mg 3x per week (Chiang, et al., 2021).
   All these doses have been established as tolerable for humans (Chai, et al., 2021; Chiang, et al., 2021; Son, et al., 2020). Benzimidazoles can be replaced or combined with DON, administered without toxicity; intravenously or intramuscularly: 0.2 to 0.6 mg/kg once daily; or orally: 0.2 to 1.1 mg/kg once daily (Lemberg, et al., 2018; Rais, et al., 2022). Benzimidazoles are much easier to obtain than DON. However, for metastatic cancers, which rely heavily on glutamine (Seyfried, et al., 2020), a combination of DON and Benzimidazoles should be considered (Mukherjee, et al., 2023).
   .
6. Dietary Interventions
   All cancer grades: Ketogenic diet (low carbohydrate-high fat diet, 900 to 1500 kcal/day) (Weber, et al., 2020).
   Ketone metabolic therapy consists of approximately 60-80% fat, 15-25% protein and 5-10% fibrous carbohydrates. Adequate hydration and single-ingredient whole food ketogenic meals are necessary to achieve a glucose ketone index (GKI) score of 2.0 or below (Meidenbauer, et al., 2015; Seyfried, Shivane, et al., 2021). GKI should be measured 2–3 hours postprandial, twice a day if possible (Meidenbauer, et al., 2015; Seyfried, Shivane, et al., 2021).
   Intermediate- and high-grade cancers: The ketogenic diet should be coupled with a water fast for 3 to 7 consecutive days in advanced cancers (Phillips, et al., 2022; Arora, et al., 2023). The water fast should be repeated several times (≈ every 3-4 weeks) throughout the treatment (Nencioni, et al., 2018), but fasting needs to be undertaken cautiously in individuals using certain drugs and those with < 20 BMI, to prevent loss of lean body mass. For patients who can not fast, the Fasting-Mimicking Diet (300 to 1,100 kcal/day of broths, soups, juices, nut bars, and herbal teas) can be used (Nencioni, et al., 2018).
   .
7. Additional Therapeutics
   All cancer grades: Moderate physical activity, 3x per week. Increased heart and respiratory rate for a period of 45 to 75 minutes (Bull, et al., 2020) with activities such as cycling, running, swimming, etc.
   Intermediate- and high-grade cancers or individuals who are unable to engage in physical activity: Hyperbaric oxygen therapy, 1.5 to 2.5 ATA for 45 to 60 minutes 2-3x per week (Gonzalez, et al., 2018; Poff, et al., 2015).

SLAY NEWS

Autism Surging in Young Children, Study of 12 Million Americans WarnsA massive peer-reviewed study of 12 million Americans has confirmed that Autism has surged in young children, with rates of the disorder now far higher than the official data previously shown.READ MORE

Bill Gates Calls for Globalists to Create a ‘New Religion’ for the PublicMicrosoft co-founder Bill Gates has called on globalists to create a “new religion” to keep humans occupied in the AI-dominated near future.READ MORE

Texas TV News Anchor Kris Radcliffe Dies Suddenly at 51Popular Texas TV news anchor Kris Radcliffe has tragically died suddenly, his local NBC affiliate network has announced.READ MORE

White House Deceptively Altered Biden’s ‘Garbage’ Transcript Despite Warnings from StenographersWhite House officials deceptively altered the transcript for President Joe Biden’s shocking “garbage” remarks, despite warnings from stenographers that the move was a protocol violation, according to reports.READ MORE

Vulnerable Democrat Senator Sherrod Brown Disagrees with Biden’s Labeling of Trump Supporters as ‘Garbage’Lame-duck President Joe Biden’s characterization of Trump supporters as “garbage” has ignited a wave of criticism and distancing among Democrats as Election Day draws near.READ MORE

Colorado’s Voting System Passwords Publicly Leaked on State’s Website, Officials Downplay Risk to ElectionSerious concerns are being raised about election integrity after the passwords for Colorado’s voting system were leaked online.READ MORE

Kamala Harris ‘Exhausted’ as Campaigning Takes Toll in Final Days Before Election DayA video has emerged showing Democrat presidential candidate Kamala Harris looking exhausted as her election campaign enters its final days.READ MORE

Minnesota Supreme Court Sides with GOP Over Improperly Appointed Election Judges Overseeing Mail-In BallotsThe Minnesota Supreme Court has sided with Republicans regarding a dispute over election judges who were improperly appointed to handle mail-in ballots.READ MORE

Facebook Expected to Win Favor with Biden White House by Censoring Hunter’s Laptop Story, Internal Emails ShowFacebook expected to win favor with a potential Democrat-controlled White House by censoring information that was damaging to President Joe Biden’s 2020 election campaign, the social media company’s internal email show.READ MORE

Kamala Harris Blasts Trump’s ‘Offensive’ Pledge to Protect Women from Illegal Alien CrimeDemocrat presidential candidate Kamala Harris has argued that President Donald Trump’s pledge to protect American women from illegal alien crime is “offensive.”READ MORE

Mark Cuban Campaigns for Kamala Harris: No ‘Strong, Intelligent Women’ Support TrumpBillionaire Mark Cuban has regurgitated yet more divisive rhetoric while campaigning for Democrat presidential candidate Kamala Harris.READ MORE

Female Bodybuilding Star Johanna Perez Dies Suddenly at 35Popular female bodybuilding star Johanna Perez has tragically died suddenly, according to her family.READ MORE

John Legend’s Manager Recalls ‘Terrifying Situation’ at Diddy Party, Blasts ‘Toxic’ Music IndustryTy Stiklorius, the longtime manager of liberal musician John Legend, has recalled a “terrifying situation” she experienced while attending a party of disgraced rap mogul Sean “Diddy” Combs.READ MORE

The latest reports from Slay News

Japan Issues Red Alert Over ‘Shocking’ Surge in Deadly Diseases Among Covid-VaxxedScientists in Japan have issued a chilling warning after uncovering direct links between Covid mRNA “vaccines” and “shocking” surges in dozens of deadly diseases.READ MORE

Biden-Harris Admin Licenses ‘DNA Vaccines’ in the U.S Food SupplyThe Biden-Harris administration has begun licensing the use of “DNA vaccines” in the United States food supply, according to reports.READ MORE

Bill Clinton: ‘Economy Was Better’ Under TrumpBill Clinton has admitted that the United States “economy was better” under President Donald Trump.READ MORE

Washington DC Braces for Post-Election Day ViolenceWashington D.C. is preparing for political violence in the wake of Election Day on November 5.READ MORE

Federal Judge Rules North Carolina Must Count Insecure Absentee Ballots in Violation of State LawA federal judge has ordered election officials in North Carolina to violate state law by counting insecure absentee ballots.READ MORE

Speaker Johnson: Fundraising Platform ActBlue Laundered Foreign Money to Democrat CandidatesHouse Speaker Mike Johnson (R-LA) has revealed that investigators have uncovered a “massive scandal” involving the Democrat fundraising platform ActBlue.READ MORE

Melania Trump Blasts Media’s ‘Hitler’ Attacks Against Husband in Final Days of CampaignMelania Trump has defended her husband from the latest onslaught of fabricated corporate media attacks.READ MORE

Trump Blasts ‘Fake News’ Media for Pushing Liz Cheney ‘Execution’ HoaxPresident Donald Trump has blasted the “fake news” corporate media for pushing false reports that he called for former Rep. Liz Cheney (R-WY) to be executed.READ MORE

Illegal Alien Arrested for Raping 5-Year-Old Girl in New YorkAn illegal alien from Honduras has been arrested for the shocking rape of a 5-year-old girl in New York, authorities have revealed.READ MORE

Democrat Group in Arizona Under Investigation over ‘Fraudulent’ Voter Applications in PennsylvaniaProsecutors in Pennsylvania are investigating a Democrat group in Arizona after discovering batches of “fraudulent” voter registration forms and mail-in ballot applications in the Keystone State.READ MORE

Kamala Harris Responds to Rally Hecklers with Word Salad MeltdownDemocrat presidential candidate Kamala Harris suffered a meltdown while getting heckled by protesters during her rally in Nevada.READ MORE

NEWS ADDICTS

Kentucky County Clerk: Voting Booth ‘Glitch’ Shifted Trump Votes to KamalaEarlier in the day, a video went viral of voters in Kentucky having ‘issues’ with an electronic voting machine that selected “Kamala Harris” when the voter had pressed on “Donald Trump”… Watch: This is in Kentucky. I took this video, it was my vote. I tried to pick Trump 10 times, it would not work, so I began recoding and …READ THE FULL REPORT

WATCH: Joe Rogan’s podcast with JD Vance is now LIVEJD Vance sat down with Joe Rogan for three hours to discuss all things Trump and politics and you can watch it below. It just went live less than 15 minutes ago and I’m sure it’s going to be a good one to watch.  I’ll be posting Trump’s next rally live stream, which will be in New Mexico, in just …READ THE FULL REPORT

Beloved Veteran TV News Anchor Dead at 51: ‘He Was Simply the Best’A beloved Texas news anchor who was described as a kind, funny and warm presence unexpectedly died at age 51, his news station announced Wednesday. NBC affiliate KCEN 6 News — a local Texas TV station where Kris Radcliffe worked for 22 years — revealed his sudden death during its evening newscast. “Kris sat in the chair right beside me, …READ THE FULL REPORT

Tucker Carlson Says He Was Inspired to Read the Bible After Being ‘Physically Mauled’ by a DemonTucker Carlson described in detail what he believed was a supernatural attack from a demon and said that the incident inspired him to read the Bible. The former Fox News host recounted the story in a video clip released on social media from a documentary entitled “Christianities.” He says that the presence of evil is forcing people to turn to …READ THE FULL REPORT

JD Vance Lights It Up in Terrific Interview with Joe Rogan, with Hilarious Moments About KamalaJD Vance’s three-hour interview with Joe Rogan hit the Internet today, and a lot of people are buzzing about it. This interview follows President Donald Trump’s three-hour interview, which has garnered more than 42 million views. Kamala Harris didn’t dare do this. Indeed, she was trying to negotiate to have it under her own terms and only be an hour. …READ THE FULL REPORT

LATEST REPORTS FOR NEWS JUNKIES

SCOTUS Allows Pennsylvania to Count Contested Provisional BallotsThe Supreme Court on Friday rejected an emergency appeal from Republicans that could have led to thousands of provisional ballots not being counted in the battleground state. The justices left in place a state Supreme Court ruling that elections officials must count provisional ballots cast by voters whose mail-in ballots were rejected. As of Thursday, about 9,000 ballots out of …READ THE FULL REPORT

Megyn Kelly SLAPS DOWN Liz Cheney for claiming Trump wants her executedLiz Cheney went all in on claiming that Trump threatened her with death even though that’s just a big fat lie. She tweeted: “This is how dictators destroy free nations. They threaten those who speak against them with death. We cannot entrust our country and our freedom to a petty, vindictive, cruel, unstable man who wants to be a tyrant.” …READ THE FULL REPORT

These States Are Already Having Voting IssuesPeople are experiencing voter suppression at its finest while waiting to cast their ballot at Levittown, Pennsylvania— a Republican stronghold— because of an apparent staff shortage. Voters lined up to vote on Friday were told they had to leave because there wasn’t enough staff to cover the long lines of people wanting to cast their ballots. Due to the overwhelming …READ THE FULL REPORT

Megyn Kelly’s Bold US Election PredictionLess than five days before the 2024 election, journalist Megyn Kelly thinks the biggest bombshells of this campaign are still yet to drop. ‘I don’t think we’ve gotten the October surprise yet,’ Kelly, host of The Megyn Kelly Show podcast, told DailyMail.com in an exclusive interview on the eve of the vote. ‘I bet we’re still going to get something …READ THE FULL REPORT

Body Cam Footage: Jordan Neely Still Had a Pulse After Daniel Penny Released Him from ChokeholdOpening arguments began on Friday morning in the case of Daniel Penny, a former Marine accused of manslaughter in the death of homeless man Jordan Neely on an uptown F train in Manhattan in 2023. Video from Neely’s final moments was shown in court and it revealed that by the time NYPD officers arrived, Neely still had a pulse. Neely …READ THE FULL REPORT

EVOL NEWS

Megyn Kelly SLAPS DOWN Liz Cheney for claiming Trump wants her executed – EVOLREAD MORE…

LATEST NEWS:

SCOTUS Allows Pennsylvania to Count Contested Provisional Ballots – EVOLRead more…These States Are Already Having Voting Issues – EVOLRead more…Megyn Kelly’s Bold US Election Prediction – EVOLRead more…Body Cam Footage: Jordan Neely Still Had a Pulse After Daniel Penny Released Him from Chokehold – EVOLRead more…AOC Fakes It Again with Gibberish ‘Arabic’ Campaign Ad – EVOLRead more…‘Prison Time’: Biden DOJ Jailed Memester for Joke Like Jimmy Kimmel Just Made – EVOLRead more…Americans Outraged as Hospitals Bring Back COVID-Era Mask Mandates for Visitors and Patients – EVOLRead more…Kamala Harris Gets Bad News on Economy as Jobs Report Underwhelms – EVOLRead more…

WATCH: Joe Rogan’s podcast with JD Vance is now LIVE – EVOLREAD MORE…

LATEST NEWS:

Kentucky County Clerk: Voting Booth ‘Glitch’ Shifted Trump Votes to Kamala – EVOLRead more…Trump SLAMS Mark Cuban over disgusting insults to female MAGA supporters – EVOLRead more…Tucker Carlson Says He Was Inspired to Read the Bible After Being ‘Physically Mauled’ by a Demon – EVOLRead more…JD Vance Lights It Up in Terrific Interview with Joe Rogan, with Hilarious Moments About Kamala – EVOLRead more…Hilarious: Trump Has Crowd Roaring with Laughter Telling Story of Wearing Garbage Workers’ Vest – EVOLRead more…Pennsylvania Judge Hands Democrats a Loss in Their Bid to Stop Elon Musk’s Election Efforts – EVOLRead more…Diddy Investigators Have Interviewed Male Escorts About His Infamous ‘Freak Off’ Parties — And They’re ‘Happy to Talk’ – EVOLRead more…Watch: DC Begins Boarding Up Ahead Of Election Over Social Unrest Fears – EVOLRead more…

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

November Weekend Surprises

Monday, Nov 04, 2024 – 10:25 AM

By Benjamin Picton, senior macro strategist at Rabobank

Election day looms and market pricing has tightened substantially for Kamala Harris. Prediction markets which had recorded leads of more than 30pts for Donald Trump this time last week now have that lead down to single digits. In the case of PredictIt, Kamala Harris is now narrowly favoured to win, although on Polymarket Trump’s lead has returned.

https://embed.polymarket.com/election.html?event=presidential-election-winner-2024&features=volume&theme=light

On top of the dramatic tightening in prediction markets, we have also seen some curious polling results in the final days of the campaign. A NYT/Sienna poll found Vice President Harris leading in North Carolina and Georgia, while Donald Trump closed the gap in Pennsylvania and remained well ahead in Arizona. AtlasIntel found that Donald Trump leads in every swing state, including Georgia and North Carolina, and Rasmussen found that Trump has a 3-point lead in their national polling! Meanwhile, Ann Selzer published a poll showing Kamala Harris leading 47-44 in Iowa, which raised plenty of eyebrows given the state’s reputation as a Republican stronghold and Selzer’s strong reputation for the accuracy of her predictions.

https://twitter.com/tomselliott/status/1853218979088662623?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm

Given the variability and contradictory nature of these recent results, it might be best to adopt the Nate Silver perspective of “we just don’t know who is going to win”. Silver has recently suggested that pollsters have been “herding” by publishing a lot of polls showing a statistical tie. Silver says that the probability of that many polls turning up that result (even if it is accurate) is infinitesimally small, so there’s some funny business going on. Silver himself has the election as a virtual coinflip, though he does award a slight edge to Trump, while RealClearPolitics also has Trump ahead in a very tight race.

witter.com/jacobkschneider/status/1853245133837214033?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%

Nevertheless, if the published polls that serve as inputs to these models really are herding, we might be headed for a more decisive result that the polling figures have been suggesting. Could the rapid tightening in betting markets be a head-fake?

While attention has been understandably focused on the US election, October non-farm payrolls printed at just 12,000 on Friday evening. This was a big miss compared to the median estimate of 100,000 on the Bloomberg survey, which was already a low figure to account for the effects of Hurricanes Helene and Milton.

Two surveyed analysts actually predicted a worse number, but the end result was still almost 3 standard deviations from the median, suggesting that it came as a bit of a shock to the economics profession at large. That probably shouldn’t have been the case given that the September JOLTS report released earlier in the week showed the total number of job openings was more than 100,000 below even the most pessimistic forecast in the Bloomberg survey. Perhaps its time for analysts to revise their Beveridge Curve models?

Private payrolls declined by 28,000 and manufacturing payrolls were down by 46,000, suggesting that the market economy is in retreat and the sacred cow of good manufacturing jobs is looking a little shaky, despite bipartisan efforts to amp up protectionism over the last 7.5 years. The two-month revision to net employment was -112,000 (continuing the run of job gains being given away in subsequent downward revisions) and participation dropped by a tenth of a percentage point to keep the unemployment rate constant at 4.1%. All things considered, this looks to be the worst jobs report of the Biden Presidency arriving just days out from the beginning of his lame-duck period.

Back in May of this year Jerome Powell said that he didn’t “see the stag’ or the ‘flation” in the US economy, but it looks like the stag might be getting a little easier to spot. Our own US analyst Philip Marey has been suggesting that the Fed would be cutting rates this year not because the inflation fight had been won (core PCE printed at 2.7% YoY last week), but because the Fed would be getting worried about the shape of the jobs market and the outlook for future growth. Powell and Co starting the easing cycle with a 50bps bang in September and saying that they did not want to see further deterioration in the labour market seems to suggest that Philip was on the money

OIS futures are now pricing in an extra 4bps of cuts to the Fed Funds rate in 2024 compared to this time last week. A 25bps cut from the FOMC later this week is 98.5% priced into the futures, but a follow up cut in December is slightly less assured. Powell himself issued forward guidance to suggest that 25bps cuts at each meeting was the base case, but a few Fed speakers since then have intimated that the Fed might skip cutting at one of the two remaining meetings in 2024.

While the short end of the curve parsed the vagaries of employment data and Fed talking points to fine-tune rate cut expectations, long end yields continued to march higher last week. The US 10-year finished the week more than 14bps higher, but comments from Iranian Supreme Leader Khomeini over the weekend might temper some of the selloff.

Khomeini said that Iran would deliver a “crushing response” to recent Israeli strikes on Iranian military targets. The Wall Street Journal reports that Iranian attacks would not occur before the US elections, but would take place before the next President can be inaugurated and would not be limited to missiles and drones, as the two previous strikes were. This leaves Joe Biden in the hotseat to coordinate a response with an expired electoral mandate, and Israel in the position where a strike on Iranian oil or nuclear assets may again need to be countenanced given that Iran doesn’t seem to be getting the message.

Oil prices are up a little more than $1/bbl since the close on Friday. This is likely due to a combination of factors, including the Khomeini speech and news from OPEC+ that the 180,000 bb/day production cuts due to expire in December will be extended for at least one more month. RaboResearch’s energy analysts see the global crude oil market in a state of oversupply over the remainder of 2024 and into 2025. Our expectation is therefore for risk rallies to remain capped by the laws of arithmetic in the absence of supply interruptions. Having said that, it would be a brave trader who shorts this market as it would only take a few Israeli missiles headed toward Kharg Island to change the calculus completely.

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 MONDAY MORNING 6;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR:  1.0906 UP 0.0076

USA/ YEN 151.19 DOWN 1.18 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 1.2967 UP 0.0067

USA/CAN DOLLAR:  1.3900 DOWN 0.0030 (CDN DOLLAR UP 30 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 38.19 PTS OR 1.17%

 Hang Seng CLOSED UP 61.09 PTS OR 0.30%

AUSTRALIA CLOSED UP 0.51%

 // EUROPEAN BOURSE:     MOSTLY ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  MOSTLY ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 61.09 PTS OR 0.30%

/SHANGHAI CLOSED UP 38.19 PTS OR 1.27%

AUSTRALIA BOURSE CLOSED UP .51%

(Nikkei (Japan) CLOSED

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 2741.25

silver:$32.83

USA dollar index early MONDAY  morning: 103.57 DOWN 62 BASIS POINTS FROM  FRIDAY’s CLOSE.

MONDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing  MONDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 2.862% UP 1 in basis point(s) yield

JAPANESE BOND YIELD: +0.945% UP 2 AND 2/ 10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.101 DOWN 2 in basis points yield

ITALIAN 10 YR BOND YIELD 3.664 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.3925 DOWN 1 BASIS PTS

END

IMPORTANT CURRENCY CLOSES :   MONDAY  

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

Euro/USA 1.0900 UP .0070 OR 70 basis points

USA/Japan: 151.84 DOWN 1.024 OR YEN IS UP 102 BASIS PTS//

Great Britain 10 YR RATE 4.4900 DOWN 1 BASIS POINTS //

Canadian dollar UP .0043 OR 43 BASIS pts  to 1.3887

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY ON SHORE CLOSED UP 7.0982 (ON SHORE)  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. (7.1029)

TURKISH LIRA:  34.35 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +0.924

Your closing 10 yr US bond yield DOWN 8 in basis points from FRIDAY at  4.284% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.475 DOWN 8 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 4.143 DOWN 6  BASIS PTS.

GOLD AT 11;00 AM 2743.85

SILVER AT 11;00: 32.75

Your  11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 11:00 AM//

London: CLOSED UP 7.09 PTS OR 0.809%

German Dax :  CLOSED DOWN 107.12 OR 0.56%

Paris CAC CLOSED DOWN 37.40 PTS OR 0.50%

Spain IBEX CLOSED DOWN 32.90 OR 0.32%

Italian MIB: CLOSED DOWN 135/44 OR 0.37%

WTI Oil price  71.75 12 EST/

Brent Oil:  74.96 12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  99.05 ROUBLE DOWN 1 AND  14/100      

GERMAN 10 YR BOND YIELD; +2.3925 DOWN 1 BASIS PTS.

UK 10 YR YIELD: 44900 DOWN 1 BASIS POINTS

CDN 10 YEAR RATE: 3.247 DOWN 6 BASIS PTS.

CDN 5 YEAR RATE: 3.040 DOWN 4

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0877 UP 0.0047 OR 47 BASIS POINTS

British Pound: 1.2954 UP 0.0056 OR 56 basis pts

BRITISH 10 YR GILT BOND YIELD:  4.4590 DOWN 4 BASIS PTS//

JAPAN 10 YR YIELD: 0.945

USA dollar vs Japanese Yen: 152.15 DOWN 0.772 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.3898 DOWN 0.0032 CDN dollar UP 32 BASIS PTS

West Texas intermediate oil: 71,69

Brent OIL:  75.15

USA 10 yr bond yield DOWN 6 BASIS pts to 4,309

USA 30 yr bond yield DOWN 78 BASIS PTS to 4.493%

USA 2 YR BOND: DOWN 3 PTS AT  4.176

CDN 10 YR RATE 3.274 DOWN 3 BASIS PTS

CDN 5 YEAR RATE: 3.075 DOWN 2 BASIS PTS

USA dollar index: 103.80 DOWN 40 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 34.35 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  99.00 DOWN 1 AND  09/100 roubles

GOLD  2,737,15 3:30 PM

SILVER: 32.50 3:30 PM

DOW JONES INDUSTRIAL AVERAGE: DOWN 257.59 PTS OR 0.61%

NASDAQ DOWN 69.54 PTS OR 0.35%

VOLATILITY INDEX: 22.16 DOWN 0.28 PTS OR 1.28%

GLD: $252.83 UP 0.36 OR 0.14%

SLV/ $29.42 UP 0.09 OR 0.29%

TORONTO STOCK INDEX// TSX INDEX: DOWN 5/61 PTS OR 0.02%

end

USA AFFAIRS

USA TRADING TODAY IN GRAPH FORM

Bonds Bid, Bitcoin Skids As Traders Take Profits On ‘Trump’ Bets

Monday, Nov 04, 2024 – 04:00 PM

The equity market was mixed today with The Dow lagging and Small Caps leading (S&P/Nasdaq modestly lower) ahead of tomorrow’s big day. NOTE the drop in the morning was reportedly triggered by WSJ HLs that Russia is suspected of a plot to send incendiary devices on US-bound planes, citing Western security officials, but that was quickly BTFD back…

The bigger theme of the day was profit-taking on the so-called “Trump Trade” after extreme outpereformance of the Kamala basket in recent weeks…

Source: Bloomberg

VIX ended the day notably elevated with the vol term structure extremely inverted ahead of this week’s extreme event risks…

Source: Bloomberg

…in fact this is the VIX’s longest stretch above its 200dma since 2019…

Source: Bloomberg

For the first time since early 2019, VIX Specs are net long futures…

Source: Bloomberg

Maybe this is more than an election-uncertainty trade… maybe it’s structural…

Source: Bloomberg

Mega-Cap Tech fell once again today but has found support for now…

Source: Bloomberg

After Friday’s utter chaos in bond land, reality set in that piss poor payrolls means lower yields and Treasury yields tumbled across the board with the long-end outperforming (2Y -3bps, 30Y -8bps). Yields are still marginally higher from Thursday’s close…

Source: Bloomberg

The 10Y yield ended back at pre-payrolls levels…

Source: Bloomberg

The dollar continued to drift lower (ignoring the manic buying after payrolls)…

Source: Bloomberg

Arguably another “Trump Trade” continues to build as the Mexican Peso plunges to its weakest since Sept 2022

Source: Bloomberg

Despite the dollar weakness, gold trod water today, holding just above support around $2730…

Source: Bloomberg

Bitcoin fell again after tagging record highs last week. BTC is finding support in the $67-68k region for now

Source: Bloomberg

Oil prices rallied (with WTI back up near $72), erasing last week’s plunge on Israel-Iran optics…

Source: Bloomberg

With oil prices rising again, we wouldn’t question you for being surprised that pump-prices are testing multi-year lows (right ahead of the election)… probably nothing, right?

Source: Bloomberg

Finally, what happens to USA Sovereign Risk tomorrow?

Source: Bloomberg

From 12-month highs – will a divided govt soothe the pain?

MORNING TRADING

AFTERNOON TRADING///

II USA DATA

US Factory Orders Tumbled In September

Monday, Nov 04, 2024 – 10:45 AM

US Factory Orders fell 0.5% MoM (confirming the flash print) in September, which dragged orders down 1.6% YoY…

Source: Bloomberg

Core orders (ex-Transportation) rose 0.1% MoM (from a 0.2% MoM decline in August). Durable Goods Orders (Final) fell 0.7% MoM (and core durable goods orders rose 0.5% MoM – better than expected).

Orders placed with US factories for business equipment declined in preliminary October data and the prior month’s gain was revised lower, suggesting firms are more guarded about investment.

Source: Bloomberg

Finally, for the sixth month in the last seven, durable goods orders were revised lower (August revised from -0.2% MoM to -0.8% MoM!)…

Source: Bloomberg

How is The Fed – or anyone – supposed to make ‘decisions’ when the data is revised so aggressively and consistently? Will the reality rug get pulled if Trump wins?

III USA ECONOMIC NEWS\\

very telling everything is too expensive

(zerohedge)

Buffett Calls The Top: Berkshire Dumps 100 Million Apple Shares As Unprecedented Selling Spree Boosts Cash To Record Quarter Trillion Dollars

Saturday, Nov 02, 2024 – 04:55 PM

Back in August, when discussing Buffett’s ongoing liquidation of his Bank of America stake, we said that “Berkshire’s rising cash stockpiles merely reflect the firm’s inability to find deals in today’s overvalued and weak economic environment”, little did we know just how accurate that would be, because just one day later we and the rest of the market were stunned to learn that far from only dumping Bank of America, the 94-year-old Omaha billionaire had been busy quietly liquidating his most iconic holding in an unprecedented selling spree that sent Berkshire’s cash pile soaring by a record $88 billion to an all time high $277 billion at the end of Q2.

That was just the beginning, however, and this morning we subsequently learned that through the end of Q3, Berkshire’s unprecedented cash build continued, and the world’s largest conglomerate added another $48 billion to its cash – through both “harvesting” (i.e., selling of existing holdings) and cash from operations, taking it to a record $325.2 billion, or nearly a quarter trillion in cash. As shown for context in the chart below, Berkshire has nearly doubled its cash holdings from $168 billion at the start of the year to a staggering $325 billion 9 months later, up 94%!

The bulk of the new cash came from sales: in the third quarter, Berkshire sold a net $34.6 billion worth of stock, following the record $75.5 billion in Q2 liquidations, the bulk of which we now know came from Buffett’s sale of half his Apple shares. In other words, the third quarter was the 8th consecutive quarter in which Berkshire has been a net seller of stocks.

And the selling continued: while there was no 13F filed yet to go with the Berkshire’s 10Q, the company provided a snapshot of its top holdings, revealing that as of Sept 30 it held only $69.9 billion in Apple stock, down a quarter from the $84.2 billion as of June 30, down 62% from $135.4 billion as of March 31 and down 70% from the $174.3 billion as of Dec 31, 2023. This translates into just 300 million shares of AAPL held as of Sept 30, less than a third of what Berkshire owned at the end of 2023, and 30% of Buffett’s peak AAPL holdings of 1 billion shares as of 2018. 

Buffett said in May that Apple would likely remain Berkshire’s top holding, indicating that tax issues had motivated the sale. “I don’t mind at all, under current conditions, building the cash position,” he said at the annual shareholder meeting. It was unclear if BRK shareholders understood that to mean a sale of 70% (and rising) of the AAPL holdings.

Going down the list, with the exception of Bank of America (where Buffett is the single largest shareholder) which we already knew was also being aggressively sold – and in Q3 Buffett confirmed that he took down his BAC holdings by 23%, from 1033 million shares to 799 million which in turn made the BAC stake his 3rd largest after American Express –  the rest of Berkshire’s top 5 holdings (American Express, Coca Cola and Chevron) was largely untouched in Q3, meaning that Buffett clearly decided that it was time for Apple and Bank of America to go (we have since learned that subsequent to the end of Q2, Buffett also started to dump a large portion of his Bank of America shares where he is the single largest shareholder).

While Berkshire’s cash balance rose by a record $35 billion – where proceeds from the sale of Apple and Bank of America were the bulk of the new cash – the company also generated substantial cash from its own operations, and in Q3 Berkshire reported operating earnings of $10.09 billion, down from the $11.6 billion in Q2 and down 6% from a year ago, as insurance underwriting earnings slumped. The company also recorded a $1.1 billion foreign-currency-exchange loss during the quarter.

Berkshire has for years struggled to find ways to deploy its mountain of cash in a sluggish deal environment, lamenting the lack of cheap opportunities. At the firm’s annual shareholder meeting in May, Buffett said he wasn’t in a rush to spend “unless we think we’re doing something that has very little risk and can make us a lot of money.” It now appears that not only was Buffett not in a rush to spend, but taking advantage of the AI bubble, he has been aggressively liquidating his biggest holding.

Finally, it’s not just AAPL that Buffett believes is overvalued and is aggressively dumping: the billionaire clearly believes the entire market is way expensive, and in the third quarter, Berkshire refused to repurchase any of its own shares, the first time it has done that since the company changed its buyback policy in 2018.

It’s hardly a surprise why:  as we noted in “Berkshire’s Growing Cash Pile Has A Hidden Message On Stocks” the Buffett Indicator has rarely signaled a more expensive market.

Bottom line: unlike October 2008, when Buffett led the clarion call to “Buy American“, this time he is selling American at a never before seen pace.

Are you?

One thing we know, Buffett is fearful.

END

This is where we are headed especially if Trump loses (due to cheating/or other)

(zerohedge)

‘A Coordinated Effort’ To Rig States – Rogan Exposes Democrats’ Plan To Destroy American Democracy…

Monday, Nov 04, 2024 – 05:45 AM

“Undeniably,” admits Pennsylvania Senator John Fetterman to podcaster Joe Rogan, “immigration is changing our nation.”

 The two men spoke about a wide variety of political topics ranging from how Donald Trump won in 2016 to how immigration stands as a key issue in the election today.

Specifically, Fetterman played the Democratic Party card, claiming that Republicans in 2024 “had an opportunity to do a comprehensive border-bipartisan-and that went down because Trump, he declared that that’s a bad deal after it was negotiated with the other side.”

Rogan then brutally ‘fact-checked’ the stammering senator, pointing out the reality that that the deal made many concessions that Republicans concerned about the border found to be unacceptable.

“But, didn’t that deal also involved amnesty,” responded Rogan,“and didn’t that deal also involve a significant number of illegal aliens being allowed into the country every year?” 

Silence from Fetterman.

Rogan continued:

“I think it was 2 million people. So still the same sort of situation. And their fear is exactly what I talked about, that these people will be moved to swing states and that that will be used to essentially rig those states and turn them blue forever.“

Finally, the PA Senator responded

“I’ve never witnessed those kinds [illegals voting] of a thing… I don’t think there’s that level kinds of organization.“

But Rogan once again would not allow the politician to ‘lie’ pointing out that “there is an organization that’s moving these people [illegals] to swing states.”

“There’s a significant number of these people that are illegal immigrants that have made their way to swing states.

And then there’s been calls for amnesty. There’s been calls for allowing these people to have a pathway to citizenship and allow them to vote.

The fear that a lot of people have is that this is a coordinated effort to take these people that you’re allowing to come into the country, then you’re providing them with all sorts of services like food stamps and housing and setting them up and then providing a pathway to amnesty.

And then you would have voters that would be significantly voting towards the Democrats because they’re the people that enabled them to come into the country in the first place, first place and provided them with those services.

This is a big fear that people have and that you’re rigging this system and that this will turn all these states into essentially locked blue like California is.”

Fetterman’s responds:

“undeniably,” adding that “immigration is changing our nation.”

“I haven’t spent a lot of time in Texas but it’s very clear that immigration has remade Texas and I think it’s generally, it’s a good thing.”

Watch the discussion on immigration below:

https://twitter.com/i/status/1852792215464198487

end

crazy world!!

NEW ORLEANS

Illegal Immigrant Sexually Assaults 4 Minors In New Orleans Suburb

Monday, Nov 04, 2024 – 08:05 AM

Authored by Mary Lou Lang  via The Epoch Times (emphasis ours),

Kenner, Louisiana, a suburb of New Orleans, has been dealing with a surge of sex crimes, gang violence, traffic infractions, and other crimes, due to an influx of illegal immigrants.

The latest crime reported by the Kenner Police Department on Oct. 29 involved a 17-year-old old illegal immigrant who was arrested for sex crimes involving two minors in the city. Two additional minors were also found to be abused, Police Capt. Mike Cunningham told The Epoch Times on Oct. 30.

Luis Renan Bonilla-Alfaro allegedly inappropriately touched four minors aged 4 to 13 and performed sexual acts with them in a trailer park.

Bonilla-Alfaro confessed and admitted that he filmed the acts with the minors. Kenner Police found sexually explicit videos on his phone of him and the minors.

“We have identified two additional victims, one of whom was the unidentified we found on [the] suspect’s phone,” said Cunningham. “A total of four victims, all under the age of 13, all males.”

Cunningham said the Kenner Police Dept. will be filing additional charges once forensic interviews of the two additional victims are completed.

Cunningham said they do not know when Bonilla-Alfaro crossed the border and that they “only know he came across as a family unit and there was contact with Border Patrol.”

Immigration and Customs Enforcement did not respond to a request for comment by The Epoch Times.

“With the failure that continues at our border the burden and challenges fall to the boots on the ground, local law enforcement, to keep our communities safe. As these illegal aliens migrate further east over time—the problems that were unique to Texas are now here in Louisiana,” said Kenner Police Department Chief of Police Keith Conley in an email to The Epoch Times.

“The most alarming trend I have seen since being elected Chief in 2022 is the sexual assault of juveniles by illegal aliens. Earlier this year we had an illegal alien rape a 15-year-old girl, then the next night he stabbed a man in the face.”

Another case he noted was of an illegal immigrant who raped a 14-year-old girl at knifepoint.

This latest case involves sexual offenses on boys ages 4, 7, and 8, and a fourth young boy his police department is working to identify, Conley said.

“We did have HSI [Homeland Security Investigations] put a detainer on this predator,” Conley said. “These children should never have been  victimized, our borders should have been secured! This is a failure at the highest level.”

Kenner police also encountered more than a dozen members of the 18th Street Gang in the city and found they were attempting to recruit members from the local high school, Bonnabel High School, according to Cunningham.

The 18th Street Gang is a violent international gang that engages in numerous criminal activities, including murder, kidnapping, assault, robbery, firearms, and narcotics trafficking, according to the Department of Justice.

Like the violent MS-13 Gang, the 18th Street Gang recruits teenagers, and after two years of initiation, the new recruit must commit murder to become a full-fledged gang member, according to the Federal Bureau of Investigations.

Most of the 18th Street Gang members found in Kenner have been deported, Cunningham said.

The city of 70,000 has a mandatory arrest policy, which applies to anyone driving a vehicle who does not have a driver’s license and has led to several arrests a day, according to Conley. It has led to taking “some really bad people off the streets as a result,” he said.

Fraudulent temporary license plates, unlicensed and uninsured motorists, and traffic problems are more prevalent than ever before now, according to Conley, which is putting Kenner residents in danger and driving up insurance costs.

The rise in crime and traffic infractions is also draining the resources of the police department.

“It should also be noted that Kenner enjoys a large Hispanic population—20-30 percent. It is leaders from this community that have reached out to my office, asking us to work towards keeping those from coming here illegally,” Conley said. “They feel that they came to this country legally to make a better life for their family–they worry that the criminal element and trends from those countries they fled from will now become more prevalent here.”

Bonilla-Alfaro so far has been charged with first-degree rape, two counts of sexual battery, two counts of pornography involving juveniles, and indecent behavior with juveniles. Additional charges are expected to be filed, according to the police.

People on the Kenner Police Department’s Facebook page expressed outrage at the crimes against the innocent children and cited the open border as the reason.

Kedin Ribera wrote, “Those who are doing bad things should be punished with the full weight of the law, but the majority of Hispanic people are dedicated to working honestly.”

“Joe Biden Kamala Harris this is what happens when you have open borders,” wrote Chad Brown.

Mauro Rene Carbajal, who indicated she is a minority, wrote, “100% in favor of  close [d] borders, sorry my people may hate me for it, but it’s the only way to keep our families safe.”

Bonita Atchison Toca, in her Facebook posting, noted the increase in sexual abuse by migrants and wrote: “This right here is despicable!!!! Kamala Harris 2024 take him to your house!!!!!! This is the results of open borders!!! It’s more and more in Kenner Louisiana, horrible!”

The Epoch Times reached out to both the Trump campaign and the Harris campaign for comment on the latest crime in Kenner, as the open border is a major issue for voters this election.

“This is further proof that Kamala Harris refuses to fulfill her role as border czar, ignores the invasion of dangerous gangs like Tren De Aragua at the southern border, and has allowed her inhumane wide-open border policies to drive up crime,” RNC spokesperson Taylor Rogers said in an email to The Epoch Times.

“Thanks to failed border czar Kamala Harris, apartment complexes are being taken over by violent gangs, more than 32,5000 children are unaccounted for, and innocent victims like Jocelyn Nungaray, Laken Riley, and Rachel Morin have been brutally killed by illegal immigrants. America deserves a president that will close our border, deport illegal immigrants, protect our border patrol agents, and put America First. Kamala Harris broke our border security, but President Trump will fix it.”

Vice President Kamala Harris did not respond to a request for comment by publication time.

However, while on a September trip to the border, Harris said that if she is elected president, she will fix the immigration system and secure the border.

“As your president, I will protect our nation’s sovereignty, secure our border, and work to fix our broken system of immigration. And I will partner with Democrats, Republicans, and independents to do it,” Harris said.

Harris also said she will bar those who cross illegally from the country.

“Those who cross our borders unlawfully will be apprehended and removed and barred from reentering for five years. We will pursue more severe criminal charges against repeat violators, and if someone does not make an asylum request at a legal point of entry and instead crosses our border unlawfully, they will be barred from receiving asylum,” Harris said.

END

The Biden-Harris’ Economic Time-Bomb: A Warning To Trump & Mus

Monday, Nov 04, 2024 – 03:05 PM

Authored by Daniel Lacalle,

The insane neo-Keynesian policies implemented by the Biden-Harris administration have created persistent inflation and record levels of debt with two objectives: to bloat Gross Domestic Product and jobs with public spending and government jobs.

The United States’ insane inflation is solely due to out-of-control spending and currency printing. Corporations, wars, or supply chains cannot cause aggregate prices to rise, nor can they consolidate the increase even at a slower pace. Although this can have an impact on individual prices, the only factor that causes aggregate prices to rise year after year is the decline in the value of the US dollar that the government issues.

Over 20.5% accumulated inflation over the past four years, government deficit spending has reached nearly $2 trillion annually despite record tax receipts and a growing economy, public debt has reached almost $36 trillion, and the monthly job figure includes an astonishing 43,000 new government jobs each month. In 2023, nearly 25% of all job gains were government ones, and the entirety of the growth of the labor force in the past four years came from foreign workers. The latest jobs figure is so poor it seems disingenuous to blame it on hurricanes and strikes, as if economists and forecasters had not considered those two factors in their estimates. Furthermore, the only factor that continued to increase uncontrollably was the number of government jobs, adding 40,000 new positions to an overall total of just 12,000 jobs. No wonder the labor participation rate and employment-to-population ratios remain below 2019 levels. Furthermore, in the latest GDP figure, government spending accounted for 30% of the annualized growth, while investment was basically stagnant. In the past nine quarters, government spending has been one of the top drivers of GDP growth, and its contribution to GDP in the third quarter of 2024 was the largest in a year.

This is upside-down economics in full swing. Private sector investment weakness, higher taxes for the productive economy and government spending and debt driving the economy. Of course, this never ends well.

The Harris-Biden administration arrived in January 2021, when the economy was bouncing back strongly. Instead of allowing the private sector to thrive, it embarked on a strategy of out-of-control spending and tax increases with two objectives: increase the size of government in the economy so much that the next administration would be unable to reduce it enough in four years. The second objective was to bloat growth and job figures so aggressively that the next administration will see a recession if it reduces public sector growth. You may ask yourself why they would do it if Harris intended to win the elections. If Kamala Harris wins, she will continue to expand the size of government, inflate prices through spending and printing, and blame companies and stores for these actions.

The Biden-Harris administration has left a massive time bomb for Trump and Elon Musk’s government efficiency office if they win. It will be almost impossible to avoid a recession if they cut discretionary spending and eliminate duplicate jobs. It is the same strategy that the socialists followed in Greece, Spain, and France, by the way.

However, the socialist strategy may backfire. The evidence is that citizens do not value Biden’s policies and the state of the economy. The approval rate regarding the economy is atrociously low, 39.8%, according to RCP. United States citizens do not believe that they are better off than in January 2021. Inflation, immigration, and rising taxes have crippled small businesses and families. Furthermore, a strong pro-growth strategy and lower taxes will likely boost the dormant investment figure, create jobs in the private sector, and help small businesses achieve critical mass and grow. In Argentina, Milei recognized the necessary actions and cautioned the citizens about the inevitable reduction of the bloated state. The Kirchner socialists left a more significant time bomb legacy than what Trump might inherit. The response has been overwhelmingly positive. Lower inflation led to lower taxation, an eight-month budget surplus, and rapidly improving public finances.

The biggest risk for the United States economy and the US dollar as the world’s reserve currency is out-of-control public spending and constant currency printing added to tax hikes. Healing public finances and reducing government jobs may have a temporary negative impact on GDP, but higher exports, investment, and private sector jobs will likely compensate for it, and the result will be better for the US dollar and American citizens.

More government is always poorer citizens. The potential of the United States economy’s private sector is much greater than the short-term negative impact of efficiency and budget control on headline GDP.

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 November 4, 2024 Issue 7362

Independent View of the News

Holy Pre-election Employment Report Disaster, Batman!   October NFP +12k, 100k exp; September revised 31k lower, to 223k from 254k; August revised 81k lower, to 78k from 159k. Private-sector jobs were -28k, the first negative reading since Covid!  Manufacturing -46k jobs!  It’s as if people at the BLS wanted to confess before the hanging judge arrives! https://www.bls.gov/news.release/empsit.nr0.htm   The BLS reduced the October 2024 seasonal adjustment, lowering it to -1,002m from -1,046m in October 2023!  (Table B-1) https://www.bls.gov/news.release/empsit.t17.htm   Birth/Death Model jobs for October 2024: 368k; October 2023: 425k  https://www.bls.gov/web/empsit/cesbd.htm   The usual cads in the media tried to downplay the horrible October Employment Report by blaming it on “storms and strikes.”  Didn’t Wall Street’s best & brightest for these events in their NFP estimates?  And how can you blame the 2-month 112k downward revision on “storms and strikes.”   CNN: Messy October jobs report muddied by strikes and storms ahead of Election Day https://www.cnn.com/business/live-news/us-jobs-report-october-11-01-24   BBG: US Payrolls Increase by Just 12,000, Hit by Storms and Strikes   Government and government-dependent sectors kept the October establishment report positive. Government +40k; Health care & social assistance +51.3k https://www.bls.gov/news.release/empsit.b.htm   Wages 0.4% m/m & 4% y/y, 0.3% m/m and 4% y/y were consensus.   The Household Survey’s Unemployment Rate remained at 4.1% even though ‘Employed’ is -368k!  ‘Unemployed’ +150k!  Not in Labor Force +428k and Civilian Labor Force -220k (Hurricane or BS?) https://www.bls.gov/news.release/empsit.a.htm   @FrogNews: This one irks me.  BLS never said a work about response rates when the jobs numbers were great even though I’ve been b***hing about them for years.  We get a bad report, they bring up low response rates. But they’re not political…really.   BLS: “The initial collection rate for the October establishment report was well below average.” https://www.bls.gov/news.release/empsit.nr0.htm   The October ISM Manufacturing fell to 46.5 from 47.2, 47.6 expected.  Prices Paid jumped to 54.8 from 48.3, 50 expected.  New Orders 47.1 from 46.1, 47 exp; Employment 44.4 from 43.9, 45 exp.   Friday’s King Report: Traders will play for a rebound, the Friday Rally, and start-of-November buying.  Stocks are due for a trading bounce…   Stocks soared and bonds sank on Friday.  With Fangs reporting over, traders ran to Nvidia because it has not reported results yet (due 11/20). After the close, reports said Nvidia will replace Intel in the DJIA.  Did someone trade on inside info?  Sherwin Williams will replace Dow in the DJIA.   The interesting action on Friday was in bonds.  USZs tumbled to a then daily low of 117 7/32 at 8:28 ET on expectations of a good October Employment Report.  After the report was officially released at 8:30 ET, USZs soared to a daily high of 118 25/32 (+26/32) at 8:52 ET.  USZs then commenced a decline that produced a daily low of 116 16/32 (-1 15/32) at 16:20 ET.  The higher wages in the poor October Employment Report and stagflationary (Prices Paid jumped) ISM report for October were factors.   ESZs traded mostly positive but sideways from the Nikkei opening on Friday until they broke higher after 4:00 ET.  A plodding rally moved ESZs moderately higher until they surged on the NYSE opening.  ESZs hit a daily high of 5803.75 at 10:32 ET on aggressive trader buying.   Alas, once again, traders and operators got too jiggy on equities and ESZs.  ESZs then stair-stepped lower for the remainder of the session.  ESZs hit 5752.50 at 15:52 ET and were 5761.25 at the NYSE close.   Berkshire Hathaway’s cash fortress tops $300 billion ($325.5B) as Buffett sells more stock, freezes buybacks… Berkshire dumped about a quarter of its gigantic Apple stake in the third quarter… Berkshire shed $36.1 billion worth of stock in the third quarter…     For the third quarter, Berkshire’s operating earnings, which encompass profits from the conglomerate’s fully-owned businesses, totaled $10.1 billion, down about 6% from a year prior due to weak insurance underwriting. The figure was a bit less than analysts estimated… https://www.cnbc.com/2024/11/02/berkshire-hathaways-cash-fortress-tops-300-billion-as-buffett-sells-more-stock-freezes-buybacks.html   BlackRock Reportedly Uses TikTok Influencers at ETF Launch Party…in New York City to promote a new exchange-traded fund focused on the top 20 US stocks…  https://t.co/MpDCQMlkyX   Positive aspects of previous session Stocks rallied sharply led by Fangs and related trading sardines in early NYSE trading.   Negative aspects of previous session Bonds declined sharply; the US 10-year hit 4.384%, the highest yield (4.433%) since July 2! US stocks peaked near the end of the first hour of NYSE trading.   Ambiguous aspects of previous session When will The Street give up on their huge US bond positions?   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]: 5741.54 Previous session S&P 500 Index High/Low: 5772.52; 5723.22   Boeing dismantles diversity department, Bloomberg news reports (Preparing for DJT?) https://www.nbcnews.com/nbc-out/out-news/boeing-dismantles-diversity-department-bloomberg-news-reports-rcna178296   U.S. ramps up pressure on Israel to address Gaza crisis ahead of deadline (Should be front-page!) The Biden administration is ratcheting up pressure on the Israeli government to meet a set of demands from the U.S. to address the humanitarian crisis in Gaza.  Why it matters: If Israel fails to fully implement the U.S. demands by Nov. 13, the U.S. could suspend its military assistance to Israel — a step the Biden administration has avoided so far but is gaining more support inside the State Department, according to a U.S. official… https://www.axios.com/2024/11/01/gaza-humanitarian-crisis-israel-us-pressure   WSJ: Iran Tells Region ‘Strong and Complex’ Attack Coming on Israel Tehran has warned diplomats that it is planning to use more powerful warheads and other weapons https://www.wsj.com/world/middle-east/iran-tells-region-strong-and-complex-attack-coming-on-israel-2804179f   Today – This is Fed Week, and Tuesday is the US General Election.  Traders will play for the Monday and Fed Week Rallies.  Astute operators and institutions are likely to be caution ahead of the election.  So, a determined few can manipulate stuff more easily.  Let the day traders play; wait for the election!   ESZs -2.75; NQZs are +15.50; and USZs are +23/32 (on Iran attack reports) at 20:45 ET.     Expected econ data: Sept Factory Orders -0.4% m/m; Sept Durable Orders-0.8% m/m, Ex-Trans 0.4%   S&P Index 50-day MA: 5702; 100-day MA: 5593; 150-day MA: 5460; 200-day MA: 5359 DJIA 50-day MA: 41,938; 100-day MA: 40,857; 150-day MA: 40,155; 200-day MA: 39,810 (Green is positive slope; Red is negative slope)   S&P 500 Index (5828.80 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5112.80 triggers a sell signal Weekly: Trender and MACD are positive – a close below 5509.91 triggers a sell signal Daily: Trender and MACD are negative – a close above 5869.08 triggers a buy signal Hourly: Trender and MACD are negative– a close above 5788.95 triggers a buy signal   @Peoples_Pundit: Talking about social desirability bias in the polling from 2016 to 2024, Robert Cahaly said it’s different this year because “it’s not shame, it’s fear. It’s fear of being put on a list.”   @seanmdav: In its final poll of the campaign, the New York Times admits it has no idea how to poll white Republicans because they don’t respond to pollsters.  “Across these final polls, white Democrats were 16 percent likelier to respond than white Republicans. That’s a larger disparity than our earlier polls this year, and it’s not much better than our final polls in 2020 — even with the pandemic over. It raises the possibility that the polls could underestimate Mr. Trump yet again.” https://x.com/johnnywestt/status/1853065164108496923   The White House altered the transcript of President Joe Biden’s “garbage” remarks despite stenographer concerns, AP sources say… The change was made after the press office “conferred with the president,” according to an internal email from the head of the stenographers’ office that was obtained by The AP… The supervisor, in the email, called the press office’s handling of the matter “a breach of protocol and spoliation of transcript integrity between the Stenography and Press Offices.”     The supervisor, a career employee of the White House, raised the concerns about the press office action — but did not weigh in on the accuracy of the edit — in an email to White House communications director Ben LaBolt, press secretary Karine Jean-Pierre and other press and communications officials… https://t.co/dhVhNhWJ37   @shellenberger: Biden didn’t call Trump supporters “garbage,” the media said. But he did. And now two officials and an internal email reveal that the White House press office altered the transcript after it “conferred with the president” in direct violation of the Presidential Records Act.   House Gov Oversight Chair @RepJamesComer: The Biden-Harris White House just got caught in a clear effort to lie to the American people. This White House needs to immediately turn over the emails & communications.  @EliseStefanik & I demanded yesterday & make fed employees involved available to talk with @GOPoversight.   @kristina_wong: But it’s not over yet — we want the names of the White House officials who pressured the White House stenographers to alter the transcript and released it without the supervisor’s permission and all the relevant White House documents.  And why the White House not want to say on the record whether Biden knew about the alteration, and then later claim that he did? Lots more to know…   Politico’s Jonathan Lemire Ripped for ‘Dishonest Spin’ of Biden’s ‘Garbage’ Smear After Report of Cover-Up – Politico’s White House bureau chief, Jonathan Lemire, immediately suggested the edit was correct. “The full Biden quote from the Zoom tonight, which is being taken out of context,” he posted on X… https://t.co/FsHIzblSLo   Biden campaign calls scrapped as outrage over his nasty ‘garbage’ remark about Trump supporters continues: report https://t.co/LmkxUZ83qZ   @greg_price11: Biden: “Trump supporters are garbage.  “Media: “It’s out of context because there was an apostrophe!” Trump: “Liz Cheney is a Warhawk. How would she feel if she was being sent to fight in a war?” Media: “He just called for her execution!”   DJT remark on Liz Cheney: “She’s a radical war hawk. Let’s put her with a rifle standing there with nine barrels shooting at her, ok? Let’s see how she feels about it. You know, when the guns are trained on her face. You know, they’re all war hawks when they’re sitting in Washington in a nice building saying, ‘oh gee, let’s send 10,000 troops right into the mouth of the enemy.’ But she’s a stupid person…she always wanted to go to war with people.” https://x.com/JackPosobiec/status/1852367066013069478   Jonah Goldberg @JonahDispatch: This morning on CNN I referred to Trump’s “rifles” quote as him advocating a “firing squad” for Liz Cheney… I was wrong to say he was calling for a firing squad execution… Trump was making – albeit in his customary fashion – a different argument about Cheney’s alleged foreign policy views and the use of force… https://x.com/JonahDispatch/status/1852408548161929267   @CollinRugg: Mayor of Hamtramck, Michigan Amer Ghalib, absolutely rips Kamala Harris for having ‘bloodthirsty’ Liz Cheney as her top military advisor. Hamtramck is the only Muslim-majority city in the US.  Ghalib is warning Muslims that Harris and Cheney would send Americans to fight wars in the Middle East…  https://x.com/CollinRugg/status/1852421204860346523   @TheCalvinCooli1: President Trump slams Liz Cheney in Dearborn, Michigan: “She’s a Warhawk. She wants to kill people unnecessarily. If she had to do it herself. If she had to face the consequences of battle, she wouldn’t be doing it. She is actually a disgrace.” https://x.com/TheCalvinCooli1/status/1852443529177706845   @greg_price11: TRUMP: “It’s easy for Liz Cheney to say she wants to start wars from the comfort of her nice home or her father’s lavish home that he got from killing a big portion of the Middle East… They want to draft your kids but will never fight themselves.”   Rattled Kamala Harris Turns on Nevada Rally Hecklers with Rambling Scold “We are here because we are fighting for a democracy,” the vice president obliquely declared as nobody said it was at risk. “Fighting for a democracy.  And understand the difference here, understand the difference here, moving forward, moving forward, understand the difference here,” Harris continued… https://t.co/5vqmiJvhfd   @greg_price11: Kamala: “Understand the difference here moving forward. Moving forward, understand the difference here. What we are looking at is a difference in this election. Let’s move forward and see where we are.”  https://t.co/vOmvpXFUm9   @charliekirk11: JD Vance (on Joe Rogan) compares the way Kamala lies to how his toddler recently lied about stealing Oreo cookies. It’s brilliant. (Toddler: “I didn’t eat the Oreo cookies; you did!”) https://x.com/charliekirk11/status/1852084090868240582   @paulsperry_: Kamala on Colbert Show: “I grew up in California.” Fact-check: Misleading.  Kamala spent her formative years–ages 11 through 18–growing up in CANADA. And she attended all of middle school and all of high school in CANADA, roughly 10% of her life — omitted from her campaign bio.  And no, Kamala did not grow up “middle class.” That’s a crock. She was never middle class. She took ballet lessons, piano lessons and French lessons, and she lived in a Victorian house in an affluent neighborhood of Montreal.   @GuntherEagleman: @mcuban are you going to address the claims that you have been benched from interviewing for the Harris Campaign? Or are you not allowed to?   @FarmGirlCarrie: JD Vance tossing truth bombs right on top of Mark Cuban’s head lol: “Kamala Harris surrogate Mark Cuban said that the Trump campaign doesn’t surround itself with smart and accomplished women. You know, Mark, my wife is way out of your league. So is Melania Trump, so is Susie Wiles… The reason they’ve decided to insult people is because they don’t have a record to run on.”  https://x.com/FarmGirlCarrie/status/1852398327696109759   @EricLDaugh: Trump campaign files FEC complaint against Harris campaign & Washington Post for “illegal in-kind contributions”  “According to reports, the Post is using its advertising powers to promote pro-Kamala and anti-Trump coverage to voters in the final days of the election.” https://x.com/EricLDaugh/status/1852374509740777705   DJT election atty @pnjaban: The people allegedly behind these illegal PA registrations— Fieldcorps — have been paid more than $2.9M by Arizona Democrats alone so far this year, and hundreds of thousands by Mi Familia Vota, Democrats’ favorite vehicle for court challenges to tear down AZ voter protections! https://t.co/IdEoNsqXo2   @RickyDoggin: Voters in Tarrant County, Texas are reporting that the voting machines are flipping their votes from Trump to Kamala Harris.  The voters are urging everyone else to check their printed ballots before submitting them… https://x.com/RickyDoggin/status/1852188758260748602   We must reiterate: Why do virtually all voting glitches favor Democrats?   Tim Walz refers to Elon Musk as ‘that gay guy’ – his campaign claims he misspoke https://t.co/z7fpKRPpdB      @kerpen: If Vance had said this it would have been a hate crime and the outrage of the day.   @DailyCaller: ROGAN: “This enormous percentage of Hollywood kids are trans…”  VANCE: “It becomes a social signifier for a lot of parents.”  https://x.com/DailyCaller/status/1852345989870301629   Tucker Carlson: “I realized that people in Washington DC hated Trump because they were guilty of crimes. How did these people get so rich? By stealing. That had never occurred to me until Trump came. Yet everyone involved in the grift knew that if Trump got in, the jig was up.” https://x.com/AutismCapital/status/1852194516780093598   Longtime Washington Post columnist Hugh Hewitt quits newspaper Hewitt quit after walking off newspaper’s ‘Washington Post Live’ show      “Does it seem like Donald Trump is laying the groundwork for contesting the election by complaining that cheating was taking place in Pennsylvania?” Capehart asked Marcus. “By suing Bucks County for alleged irregularities, and this is on top of his continual assertion that if he loses, it’s because of cheating.”      “Well, I’ve just got to say, we’re news people, even though it’s the opinion section,” Hewitt said. “It’s got to be reported. Bucks County was reversed by the court and instructed to open up extra days because they violated the law and told people to go home. So that lawsuit was brought by the Republican National Committee, and it was successful. The Supreme Court ruled that Glenn Youngkin was successful.  We are news people, even though we have opinions, and we have to report the whole story if we bring up part of the story,” Hewitt added. “So, yes, he’s upset about Bucks County, but he was right and he won in court. That’s the story.”…     Hewitt stood up and said, “I won’t come back, Jonathan. I’m done. I’m done. This is the most unfair election ad I’ve ever been a part of. You guys are working. That’s fine. I’m done.”… https://www.foxnews.com/media/longtime-washington-post-columnist-hugh-hewitt-quits-newspaper-after-seven-year-run   @RNCResearch: Crooked Joe Biden is completely gone. Kamala covered up the decline and hid it from the American people for years, then lied about it repeatedly — one of the many, many reasons she’s unfit for office.   https://x.com/RNCResearch/status/1852454426608275713   Diddy’s Ex-Girlfriend Urges Americans to Trust Her Judgment Jennifer Lopez, one-time companion of the now-disgraced entertainment mogul Sean “Diddy” Combs, appeared on stage at a political rally to endorse Vice President Kamala Harris in yet another strong display of her outstanding ability to judge a person’s character….  https://buff.ly/3YsWLUZ   @TheChiefNerd: “New York City’s progressive $65,000/year Fieldston School is letting students take off the day after the election in case they experience ‘emotional distress.’” https://x.com/TheChiefNerd/status/1852720939315696021   Democrats lean into porn as new talking point to voters shortly before Election Day https://trib.al/JHea7zD (When you can’t run on the economy, crime, or foreign affairs…)   @akafacehots: Cardi B’s teleprompter was broken (at Harris rally), and she had no idea what to do for over a minute until someone ran on the stage to give her a phone to read off. Holy embarrassing. https://x.com/akafacehots/status/1852537202770575646      @thevivafrei: Couldn’t she have just recited the lyrics from WAP? That would have killed some time…  “Whores in this house… (very vulgar lyrics)” https://x.com/thevivafrei/status/1852721740176118228   @WhitlockJason: Imagine this as a scene in a movie. Rapper whose biggest song is Wet A$$ P***y, chosen to speak at a presidential rally. Teleprompter doesn’t work. Has to read speech from a smartphone. Half the media pretends like it’s not embarrassing. You would think the movie is unrealistic.   @bennyjohnson on Sat: Kamala Harris Campaign just called the cops on an independent journalist for posting photos of a poorly-attended Kamala Harris ‘rally.’ However, it was easy to find me because there were only 150 people there. Kamala really does not want you to see this… https://x.com/bennyjohnson/status/1852742227430105183   As of midday Saturday, about 75 million Americans have voted, almost 50% of the total in 2020!   @CatchUpFeed on Sat: Biden ignores the car waiting for him and decides to go for a stroll instead. https://x.com/CatchUpFeed/status/1852702176193163704   @vincentgalko on Sat: CNN’s @Kevinliptakcnn just reported only around 100 people showed up for rally with “Scranton Joe” Biden in his hometown today.  That is beyond shocking.   @DrewHLive: The Harris Campaign let Joe campaign and he’s just screaming at NPC’s at his tiny rally https://x.com/DrewHLive/status/1852768690150011305   The Big Guy directed more hateful, violent rhetoric at Trump on Saturday.  Will the MSM slam him?  Is Joe trying to hurt Harris with this type of remark?  From nibbling on babies to smacking DJT’s butt!   Biden blasts Trump as someone ‘you’d like to smack in the a–‘ at Pa. campaign event “I know some of you guys are tempted to think he’s this macho guy …but, I’m serious, these are the kind of guys you’d like to smack in the a–,” Biden said, gritting his teeth… https://nypost.com/2024/11/02/us-news/biden-says-trump-is-someone-youd-like-to-smack-in-the-a-at-pa-campaign-event/      Video: https://x.com/RNCResearch/status/1852801908815122507   @EricLDaugh: Outrage is ensuing after Fulton County, Georgia is reportedly not allowing poll watchers to observe “special” weekend operations in the deep-blue area.  Elections official: “There are NO WATCHERS approved for ballot drop off! Do not let them in.”   @LaraLeaTrump: Update on Georgia — working with the SOS and AG, we have been able to confirm that our observers WILL be allowed in the room while these ballots are being processed.   New York Republicans vote early in record numbers — but Dem turnout in ‘total free fall’ https://trib.al/dnPfYnu     @elonmusk: No amount of Diddy party “celebrity” endorsements can save Kamala   FBI, Biden spy chief say Russia attempting to interfere in election by amplifying GOP concerns about potential fraud https://trib.al/25IzJjV   Babylon Bee: Democrats Worried Republicans May Take Lead Beyond Margin of Cheating https://buff.ly/3fzDeQf   @ReedReports: Senior VP Harris Campaign official tells reporters: “We fully expect that [Trump] will [declare victory]” regardless of actual outcome. (Hoping for another early morn massive ballot drop?)   Election guru Nate Silver accuses pollsters of putting ‘finger on the scale,’ lying to keep presidential race close (We mentioned this dynamic in Friday’s missive.)  https://nypost.com/2024/11/01/us-news/election-guru-nate-silver-accuses-pollsters-of-putting-finger-on-the-scale-lying-to-keep-presidential-race-close/   Generally, there are two main reasons for fudging political polls: To influence voter psychology (encourage or discourage voting) and fund raising.  With Trump, there is a third reason: To allay, someone would say ‘to gaslight Trump supporters,’ fears that the election was rigged if DJT loses.   On Friday morning, reports surfaced the Team Obama-Harris was telling reporters that Kamala was surging in their internal polling – and it was due to Trump’s Madison Square Garden rally.  If they omitted the MSG rally crap, their claim might have been more believable.  This lark induced Harris to jump in the betting markets.  Pundits later warned that Team Obama-Harris would continue to make this claim to their media stooges – and the MSM would hype this over the weekend and into Monday.   On Friday, some political pundits and reports warned readers that ‘last’ polls would be fudged as part of a psyop to aid and abet Kamala Harris.  They were right!   @JackPosobiec: Just one week ago, Trump went out on Rogan and predicted polls would come out just before the election designed to suppress MAGA voters… https://t.co/VWJXjB1K8Q   @EricLDaugh: FINAL VIRGINIA poll: Harris: 45%, Trump: 45% – Chism Strategies | 10/28-30 | LVs   Fox: Harris holds commanding 10-point lead over Trump in Virginia: Roanoke College poll (10 points discrepancy with Chism!)   @EricLDaugh at 6:38 PM on Fri, Nov 01, 2024: If the rumors I am hearing are true, get ready for a serious polling psyop this weekend.   For the record – this is unconfirmed BUT I am letting you all know in the event you see numbers that make no sense. They wouldn’t make sense for a reason.   @seanmdav at 6:44 PM on Fri, Nov 01, 2024: The regime media shenanigans over the next 3-4 days designed to suppress and depress GOP voting are going to be completely insane. You are about to witness something that is almost unimaginable in its depravity. So be warned.   @charliekirk11: FINAL IOWA POLL (EMERSON 11/1-2) Trump: 53.2% (+10.5), Harris: 43.7%   @EricLDaugh: Emerson has Trump winning Iowa by 10.5 points. Selzer has Harris winning Iowa by 3    Unlike some pollsters, Emerson has given us the crosstabs. They are as follows: SAMPLE: R36%/D32%/I32%; 2020 VOTE: Trump+8; Emerson College | 11/1-2 | N=800LV   Iowa voter registrations show Republicans +10.4%; it was +1% in 2020 https://x.com/RealSKeshel/status/1852852379487744131/photo/1   @Peoples_Pundit: There are two very glaring nuggets suggesting it’s an outlier, save for the fact the president has won Iowa easily in the past two election. 1. Most important issues looks like she interviewed people in a Starbucks line in Manhattan (Future of democracy & Abortion). 2. The recalled vote doesn’t add up.   If Iowa were this close, Trump and/or Harris campaigns be putting resources into the state.  The GOP governor won in 2022, after the SCOTUS overturned Roe v Wade, by 18.5 points!   @CollinRugg: Ann Selzer poll shows Kamala Harris leading by three points in Iowa… The same poll had Biden leading by 18 points in June, an unbelievable 21-point swing. I said this exact quote two days ago: “I am seeing a coordinated left-wing operation claiming there is a “momentum shift” towards Harris.”  “I’ve seen this on X, TT, IG and you are now seeing it in the media. It has ramped up in the past few days.” “They are creating a narrative that Kamala Harris is seeing a surprising surge in support. This is only to discourage right-wingers from voting. They do this every election and they are doing it now.” The same poll claims Harris gained 30 points with seniors compared to their Biden 2020 poll.   @EricLDaugh: IOWA early voting – by the years: 2020: D+12; 2022: D+18; 2024: Tie; GOP shift of +12 points from 2020   The betting odds on Trump plunged on the Seltzer Poll but rebounded when traders read the details.   @seanmdav: Recall that it in 2020, Ann Selzer and the corrupt Des Moines Register spiked their own poll because it showed Bernie Sanders winning, and the Democrat party (which stole Iowa from Bernie in 2016 and 2020) could not abide Sanders winning that state. https://x.com/Cernovich/status/1223804822891032576   The People’s Pundit (Rich Baris) claims Democrats were passing around the Ann Selzer Iowa poll yesterday [Friday] (Harris+3). Per @EricLDaugh (Collusion with a psyop?)   @CollinRugg on Sunday: Polling guru Ann Selzer, who released the poll in Iowa showing Harris up by 3, apparently doesn’t know what the “D” and “R” mean in her cross tabs. Halperin: Can you respond to the criticisms of your poll? Selzer: That’s a little difficult for me to see. What, what, what does this D represent and the R represent?  https://x.com/CollinRugg/status/1853236355834519718   Selzer’s cross tabs show her poll sampled 3 percentage points more Dems; and in 2020, the vote was GOP +8.  And as we noted, current Iowa voter registrations show GOP +10.4.  When asked about her D+3 poll, Selzer defected to ‘senior women really seem to like Harris.’   @Peoples_Pundit: Final Atlas Intel National Poll: Trump +1.4% (Most accurate pop vote pollster 2020)   @EricLDaugh on Sat night: Let’s run down through the polls we received in the past 3 hours. I am going to let the collective IQ of the audience decide which one doesn’t belong. Let’s begin.  NATIONAL: Trump+2; ARIZONA: Trump+6.8; NEVADA: Trump+5.5; NORTH CAROLINA: Trump+3.6; IOWA: Harris+3; GEORGIA: Trump+1.8; IOWA: Trump+10.5; VIRGINIA: Tie; PENNSYLVANIA: Trump+1.7; MICHIGAN: Trump+1.5; MINNESOTA: Harris+5; WISCONSIN: Trump+1.3   @EricLDaugh: Final poll – American swing counties: Trump: 47% (+1), Harris: 46%, Who is your neighbor voting for? Trump: 51% (+7), Harris: 44% Redfield & Wilton | 10/21-23 | N=1,400LV   NBC aiding & abetting Harris: AP: Kamala Harris will appear on SNL in last episode before election   FCC Commissioner @BrendanCarrFCC: This is a clear and blatant effort to evade the FCC’s Equal Time rule.  The purpose of the rule is to avoid exactly this type of biased and partisan conduct – a licensed broadcaster using the public airwaves to exert its influence for one candidate on the eve of an election. Unless the broadcaster offered Equal Time to other qualifying campaigns.      In the 2016 cycle, President Obama’s FCC Chair made clear that the agency would enforce the Equal Time rule when candidate Trump went on SNL. NBC stations publicly filed Equal Opportunity notices to ensure that all other qualifying candidates could obtain Equal Time if they sought it. Stations did the same thing when Clinton appeared on SNL.      I would hope my Commission colleagues would agree with me that this requires FCC action.  FCC action here would require action by the FCC Chair.   SNL bans Harris and Trump cameos this year not to run afoul of election laws  October 1, 2024 https://www.yahoo.com/entertainment/snl-bans-harris-trump-cameos-225152259.html   Kamala Harris’ SNL appearance sparks fury as she’s slammed as a ‘hypocrite’ (For avoiding Rogan & Al Smith Dinner) https://trib.al/LzzP4xG   @EndWokeness: Kamala cancelled her trip to Michigan to do this in NYC… Hillary 2016 playbook.   ‘SNL’ accused of ‘ripping off’ Trump’s 2015 skit with Fallon for Kamala Harris’ surprise appearance (Appropriate symbolism for Kamala)  https://search.app/pivJ5jbi772gAw1Q6   @JacquiHeinrich: Trump campaign senior advisor tells FOX that SNL did not extend an invitation to President Trump. Also worth noting that SNL’s executive producer said last month he had no plans to invite either candidate, because of this very law:    “You can’t have the main candidates without having all the candidates, and there are lots of minor candidates that are only on the ballot in, like, three states and that becomes really complicated,” Lorne Michaels told the Hollywood Reporter.   @DrewHLive (Sunday): President Trump slams the swing states that have announced Election Results may not be announced on election night.  https://x.com/DrewHLive/status/1853120199798452319   @AutismCapital (Sunday): TRUMP ON VOTER FRAUD AND VOTER ID: “In Lancaster they found 2600 ballots all done by the same exact hand. The same pen, the same penmanship, the same everything. Then they try to say this is a conspiracy theory. The whole world watches this. Even third world countries say they take fingerprints before they vote. In California they’re not even allowed to ask for Voter ID, if they do ask, they can go to jail.” https://x.com/AutismCapital/status/1853114401257291905 @RealAmVoice (Sunday): “IT’S A DAMN SHAME, and I’m the only one that talks about it (vote fraud) because everyone’s afraid to damn talk about it! Then they accuse you of being a conspiracy theorist!” – President @RealDonaldTrump   https://x.com/RealAmVoice/status/1853113460504059908   Trump fumes about fake polls, peddles election concerns https://t.co/3Mhp9ZLwFf   Donald Trump jokes assassins would have to ‘shoot through the fake news’ to kill him and launches blistering presidential election attack https://t.co/FVD4MwT67y   @PhilipWegmann (Sunday): Trump campaign polling memo on the NYT/Sienna poll: “The New York Times is polling an electorate that looks far to the left of 2020… to drive a voter suppression narrative against President Trump’s supporters…”  https://x.com/PhilipWegmann/status/1853110702023569532   Chuck Schumer labeled ‘traitor’ after damning report reveals he quietly advised Columbia leaders to ignore criticism of campus antisemitism https://t.co/5pkpgbP0Uf   @William_E_Wolfe: “Because of what Ronald Reagan did with the 1986 amnesty, California is now effectively a permanently blue state.” Vance is absolutely nailing it. Incredible to see the New Right GOP leadership honestly critique Reagan. Best VP pick possible. https://t.co/XzduhkJx34   NY Gov Kathy Hochul calls Trump, GOP voters ‘anti-American’ and ‘anti-women,’ sparking furor: ‘Asinine’ (Can you feel the ‘unity?’) https://t.co/n3aYuad2U0   @greg_price11: Kamala was just asked how she voted on California’s Proposition 36, which would increase criminal penalties for shoplifters and drug traffickers: “I am not gonna talk about the vote on that because, honestly, it’s the Sunday before the election.” https://t.co/3wlkWkM0Ax   CBS’s @kathrynw5: President Biden has no public events tomorrow, the final day of Harris’ campaign. But First Lady Jill Biden will be campaigning all over North Carolina.

SWAMP STORIES FOR YOU TONIGHT\

GREG HUNTER INTERVIEWING MARTIN ARMSTRONG

Trump Wins, Eliminates Federal Income Tax, Economy Booms – Martin Armstrong

By Greg Hunter On November 2, 2024 In Political Analysis2 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Post)

Legendary financial and geopolitical cycle analyst Martin Armstrong is back with some important predictions in his last appearance before the 2024 Election.  First, Armstrong’s Socrates computer is still predicting a Trump landslide.  Socrates actually factors in cheating to make this “Trump Wins” call.  Armstrong says, “In the 2020 Election, it came out the computer said it was 50/50.  It did not show a huge landslide one way or another.  They rigged it, but it was in Congress is where they did it. . . . There were seven states that were going to be challenged. . . . On January 6 (during the so-called insurrection at the capitol), the FBI has testified they could not even tell how many people they had there. . . . as soon as this happens, Pelosi calls emergency rules.  When she did the emergency rules, she shut down any challenge to the seven states. . . . That’s how the 2020 Election was really rigged. . . . in 2024, the gap is too big this time.  In 2020, the computer said it was tight.  This one, I don’t think they can cheat that much to actually overthrow it.”

If Trump does win, one of the huge changes going to be pushed is the elimination of federal income taxes.  Let that sink in.  When you hear Donald Trump say he is contemplating doing away with federal taxes, it is not some campaign promise that he intends to break.  Armstrong says this is more than doable.  When Trump says he can fix the economy, Armstrong contends eliminating federal income tax is a turbocharger for the American economy.  Armstrong explains, “If you eliminate the income tax, what will happen is all these other companies that are in different countries are going to want to come here.  It’s going to be the biggest economic boom in absolute history.”

Is this why Trump keeps saying he can “fix the economy”?  Armstrong says, “Oh yes.  The U.S. will make more money than you can ever imagine.  When I testified in front of Congress, I said at least lower the tax rate to 15% on corporates. . . . 15% is what Hong Kong was charging, and that was the only reason people were there. . . . We do not need the income tax anymore because we create money anyway.  We don’t need to get some money back like gold coins from the public so we can pay our bills.  This is an old theory.  So, income tax is something we do not need, and we certainly do not need to borrow anymore.  Our national debt is exploding because of interest expenditures. . . . You eliminate the income tax, and you are going to have the biggest economic boom in absolute history.  You will create so many jobs.  You won’t have to worry about the debt. . . . We would get rid of the debt, and the equity would be private companies.  If you wanted to create your own studio, there would be capital available to do that.”

Armstrong also talks about gold, who is really running the country and extreme civil unrest coming to America after the 2024 Election.

There is much more in the 54-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Martin Armstrong as he gives his analysis on Trump Winning and creating a boom economy by eliminating the federal income tax for 11.2.24.

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:https://usawatchdog.com/trump-wins-eliminates-federal-income-tax-economy-booms-martin-armstrong/

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SEE YOU TUESDAY