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EXCHANGE: COMEX
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 4755 CONTRACTs NOTICES FOR 475,500 OZ or 14.790 TONNES
total notices so far: 4755 contracts for 475,500 OR 9.970 tonnes)
SILVER NOTICES: 1994 NOTICE(S) FILED FOR 9.940 MILLION OZ/
total number of notices filed so far this month : 1994 CONTRACTS (NOTICES) for 9.970 million oz
INITIAL STANDING FOR NOV: 11.575 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
AND NOW NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ.
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY!
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
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 OCT. 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 ROSE BY A HUGE SIZED 1092 CONTRACTS OI TO 159,144 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 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 100 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 100 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1092 CONTRACTS AND ADD TO THE 100 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 1192 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR HUGE GAIN OF $0.95 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 5.960 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $0.95
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
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
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED DOWN 32.11 POINTS OR 0.81%
//Hang Seng CLOSED CLOSED DOWN 376.04 PTS OR 1.43%
// Nikkei CLOSED : UP 1085.73 PTS OR 2.12% //Australia’s all ordinaries CLOSED DOWN 0.01%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.1131// OFFSHORE CLOSED DOWN AT 7.1169/ Oil UP TO 60.24 dollars per barrel for WTI and BRENT UP TO 64.06 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING DOWN TO 7.1131 // OFFSHORE YUAN TRADING DOWN TO 7.1169 :/ONSHORE YUAN TRADING ABOVE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A VERY SMALL 155 CONTRACTS TO 456,333 OI WITH OUR GAIN IN PRICE OF $15.20 WITH RESPECT TO THURSDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2074). WE HAD LITTLE T.A.S. LIQUIDATION THURSDAY. HOWEVER AGAIN, IT WAS THE MAJOR SPECULATORS THAT WENT SHORT AGAIN AND THE BANKERS WHO TOOK THE LONG SIDE AS THE SHORTS WERE LED BY THE NOSE BY THE BANKERS. THEN MUCH TO THH SPECS HORROR, THE BANKERS TENDERED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD. THAT IS WHAT PROPELLED THE GOLD PRICE HIGHER DESPITE OPTIONS EXPIRY //LONDON OTC CONTRACTS.
WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 2230 CONTRACTS (OR 6.936 TONNES).THEN WE WERE NOTIFIED OF A 0 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS ISSUED FOR NIL OZ OR 0 TONNES OF GOLD.
EXCHANGE FOR PHYSICAL//GOLD ISSUANCE//OCTOBER:
THUS THE TOTAL NUMBER OF CONTRACTS EXCHANGE FOR RISK ISSUED FOR THE MONTH OF OCT FOR GOLD REMAINS AT 14.553 TONNES OF GOLD UNDER THE GUIDANCE OF 6 ISSUANCES.
A LITTLE HISTORY ON OUR EXCHANGE FOR RISK ISSUANCES/ GOLD:
HERE IS A CLOSER LOOK AT EXCHANGE FOR RISK ISSUANCES FOR THESE PAST 4 MONTHS;
(TOTAL EXCHANGE FOR RISK LAST 4 MONTHS 70.097 TONNES//BANK OF ENGLAND TOTAL RESERVES LISTED AT 310 TONNES.)
JULY:
SUMMARY: EXCHANGE FOR RISK ISSUANCE IN JULY/2025: 2 ISSUANCES//3.75 TONNES
ON WEDNESDAY MORNING,JULY 23, MUCH TO MY SHOCK, AFTER A TWO MONTH HIATUS,THE CME ANNOUNCED A 500 EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 50,000 OZ OR 1.555 TONNES. THEN JULY 30 THE CME ANNOUNCED (ISSUED) MUCH TO MY HORROR ITS SECOND EXCHANGE FOR RISK FOR 706 CONTRACTS OR 70,600 OZ (2.195 TONNES) AS THE BANK OF ENGLAND WAS NOT SATISFIED AND NEEDS MORE GOLD TO COVER ITS LEASES TO BULLION BANKS. ( IT WAS NOT THE FRBNY WHO ALSO OWES GOLD TO THE BIS AND THEY NEED TO COVER BADLY AS YOU WILL SEE).THE TOTAL EXCHANGE FOR RISK FOR THE MONTH OF JULY WAS RECORDED AT 3.750 TONNES OF GOLD WHICH WAS ADDED TO OUR REGULAR DELIVERY TO GIVE US OUR FINAL TOTALS FOR JULY!
AUGUST:
SUMMARY EXCHANGE FOR RISK ISSUANCE IN AUGUST; 7 ISSUANCES//44.696 TONNES
AUGUST: 7 ISSUANCES FOR A MONTHLY MONSTER 14,370 CONTRACTS OR 1,437,000 OZ ( 44.696) TONNES). EARLY IN THE MONTH THE CME ISSUED THE 2ND HIGHEST EVER MONTHLY RECORDED ISSUANCE OF 2924 CONTRACTS AND THIS IS FOLLOWED BY THURSDAY’S HUGE ISSUANCE OF 2226 CONTRACTS THUS BECOMING THE 4TH HIGHEST EVER RECORDED BY THE CME, SLIGHTLY BELOW AN ISSUANCE OF 2924 CONTRACTS. THE HUGE NUMBERS OF EXCHANGE FOR RISK SUGGEST THAT A MAJOR CENTRAL BANK IS DEMANDING ITS GOLD BACK.
SEPT:
SEPTEMBER: SEVEN ISSUANCES SO FAR TOTALLING 7,370 CONTRACTS OR 737,000 OZ OR 22.923 TONNES.
THESE ISSUANCES WILL OF COURSE BE ADDED TO OUR NORMAL DELIVERIES TO GIVE US OUR TOTAL SEPT STANDING FOR GOLD.
AND NOW OCTOBER: 6 ISSUANCES//FINAL
WE RECEIVED NOTICE THAT OUR INITIAL EXCHANGE FOR RISK ISSUED ON FIRST DAY NOTICE WAS FOR 500 CONTRACTS OR 50,000 OZ /1.555 TONNES OF GOLD!!THAT WAS FOLLOWED BY A STRONG 650 CONTRACT ISSUED THURSDAY OCT 2 FOR 2.0217 TONNES AND THAT WAS FOLLOWED THE NEXT DAY BY ANOTHER HUGE 1320 CONTRACT ISSUANCE FOR 13,200 OZ OR 4.1057 TONNES AND THIS WAS FOLLOWED BY SATURDAY’S OCT 4: 180 CONTRACT ISSUANCE FOR 18,000 OZ OR .5596 TONNES:THIS BRINGS US TO OCT 8 WITH A HUGE ISSUANCE OF 1000 CONTRACTS FOR 100,000 OZ OR 3.1104 TONNES. NOW AFTER A TWO WEEK HIATUS, OCT 21: 1029 CONTRACTS FOR 10290 OZ OR 3.200 TONNES TOTAL ISSUANCES 6 OCCASIONS FOR 4679 CONTRACTS OR 467,900 OZ OR 14.553 TONNES
HISTORY: LAST 8 MONTH’S EXCHANGE FOR RISK
IN FEBRUARY:
WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.
IN MARCH:
THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.
IN APRIL:
WE CONCLUDED APRIL WITH 7 ISSUANCE OF EXCHANGE FOR RISK FOR A TOTAL TONNAGE OF 8.3571 TONNES.
IN MAY:
MAY: 3 EX. FOR RISK ISSUED SO FAR FOR 3025 CONTRACTS OR 302,500 OZ OR 9.4054 TONNES. THIS WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US TOTAL STANDING FOR MAY!THIS IS THE 6TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK//NEW TOTAL EX FOR RISK IS 9.4054 TONNES FOR THE 3 ISSUANCE!
IN JUNE
JUNE: ZERO ISSUED
jULY: 2 OCCASIONS LATE IN JULY: 1206 CONTRACTS FOR 120,600 OZ OR 3.750 TONNES/ISSUED JULY 23/2025 AND JULY 30/2025
AUGUST: 7 ISSUANCES FOR A MONTHLY MONSTER 14,370 CONTRACTS OR 1,437,000 OZ ( 44.696) TONNES).AT THE BEGINNING OF THE MONTH THE CME ISSUED THE 2ND HIGHEST EVER MONTHLY RECORDED ISSUANCE OF 2924 CONTRACTS AND THIS IS FOLLOWED BY THURSDAY’S HUGE ISSUANCE OF 2226 CONTRACTS THUS BECOMING THE 4TH HIGHEST EVER RECORDED BY THE CME, SLIGHTLY BELOW PREVIOUS DAY’S ISSUANCE OF 2924 CONTRACTS. THE HUGE NUMBERS OF EXCHANGE FOR RISK SUGGEST THAT A MAJOR CENTRAL BANK IS DEMANDING ITS GOLD BACK.
SEPTEMBER: SEVEN ISSUANCES FOR 7370 CONTRACTS SO FAR FOR 737,000 OZ OR 22.923 TONNES OF GOLD!!
OCTOBER: FIRST INITIAL ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES OF GOLD. THIS WAS FOLLOWED BY AN ISSUANCE OF 650 CONTRACTS OR 65000 OZ OR 2.0217 TONNES. THEN ON OCT 3 WE RECEIVED OUR 3RD NOTICE FOR A HUGE 1320 CONTRACTS OR 132000 OZ OR 4.1057, AND THEN SATURDAY OCT 4, THE CME ISSUED ITS 4 ISSUANCE FOR 180 CONTRACTS FOR 18,000 OZ OR .5594 TONNES. THEN OCT 8 FOR 1000 CONTRACTS, OR 100,000 OZ OR 3.1104 TONNES AND FINALLY OCT 21; 3.200 TONNES// THUS ON 6 OCCASIONS TOTAL EXCHANGE FOR RISK ISSUANCE; 14.553 TONNES
AS I EXPLAINED ABOVE,:THE RECIPIENT OF EXCHANGE FOR RISK FOR GOLD IS THE BANK OF ENGLAND
here are the only possible candidates who must bring back loaned gold
- THE BANK OF ENGLAND WHO CONTINUES TO LEASE OUT MUCH ITS GOLD TO BULLION BANKS AND :(EX FOR RISK 9 MONTH TOTALS 127.5 TONNES)//TOTAL RESERVES OF BOE EQUALS 310 TONNES)
- THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED/BORROWED GOLD FROM THE BIS).THE FED STILL REFUSES TO BRING BACK MUCH OF ITS 30 TONNES SHORTFALL. IT BOUGHT BACK ONLY 4 TONNES LAST MONTH AND THUS THEIR SHORTFALL TO THE BIS IS 30 TONNES.
HOWEVER, IN OUR CASE, EXCHANGE FOR RISK RECIPIENT IS THE BANK OF ENGLAND. THE COUNTERPARTY TO THE BANK OF ENGLAND EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED. THE BUYER, REPRESENTING THE CENTRAL BANK OF ENGLAND ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 9TH MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!…..(DEC THROUGH OCT//ONLY MISSING JUNE. TOTAL 9 MONTHS ISSUANCE 130.3 TONNES)……… THE FACT THAT A CENTRAL BANK TAKES THE RISK OF A DELIVERY IS TOTALLY INSANE. THE VERY FIRST ISSUE OF EXCHANGE FOR RISK CAME IN MAY 2023. HUGE ISSUANCES BEGAN OCT AND DEC 2024. ROBERT LAMBOURNE, GATA CONSULTANT AND EXPERT ON BIS AND BANK OF ENGLAND ISSUES HAS WRITTEN TO THE BANK OF ENGLAND AUTHORITIES CONCERNING THE REFUSAL OF THE BANK OF ENGLAND’S E.E.A. AUDITORS TO SUPPLY A POSITIVE AUDIT ON THEIR GOLD TONNAGE AND OTHER ASSETS HELD UNDER THE E.E.A. .AND NOW THE OCC HAS WRITTEN NEW RULES ON BORROWED GOLD AND THE HANDLING OF EXCHANGE FOR PHYSICAL ISSUANCES AS TO NOT BREAK ANY LAWS!!! STRANGE: THEY HAVE BEEN BREAKING LAWS FOR 5 YEARS NOW.
DETAILS ON OUR NEW NOVEMBER COMEX MONTH//
IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 2230 CONTRACTS WITH OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 6.0% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE. THE FORCE MAJEURE AT GRASBERG IS CERTAINLY HAVING AN EFFECT ON LEASE RATES IN LONDON WITH RESPECT TO GOLD/SILVER.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH OCT CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS HOWEVER A FAIR SIZED T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 1419 T.A.S CONTRACTS. THESE T.A.S ISSUANCES ARE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE AGAIN ON LAST FRIDAY’S AND TUESDAY’S HUGE RAIDS, DESPERATELY TRYING TO STOP GOLD’S ADVANCE. THIS GENERALLY ENDS IN FAILURE AS WE WE WILL PROBABLY SEE GOLD//SILVER RISE HUGELY ON OUR UPCOMING DAYS.
A LITTLE HISTORY ON TAS ATTEMPTED RAIDS:
AS FOR THE FIRST TIME EVER, THEY FAILED TO RAID AT MONTH’S END AUGUST COMEX AND OTC/LONDON LBMA EXPIRY!! SO THE CROOKS DECIDED IT WAS NECESSARY TO RAID AROUND THE BIG INTEREST RATE ANNOUNCEMENT SEPT 17-SEPT 18 AND THEY TRIED AGAIN RIGHT BEFORE FIRST DAY NOTICE SEPT 30, WITH MUCH FAILURE AS THE TOTAL OPEN INTEREST REFUSED TO BUCKLE!! THIS LEADS US TO FIRST DAY NOTICE SEPT 30 AND THE LAST POSSIBLE DAY FOR A RAID AND TRUE TO FORM OUR CROOKS DECIDED TO RAID MUCH TO THE DELIGHT OF OUR BOYS IN LONDON WHO PICKED UP EXTRA AMOUNTS OF GOLD AND TENDERED FROM THIS SHORT PAPER ISSUANCE. THEN MUCH TO MY ANGER THEY DECIDED TO RAID AGAIN ON OCT 2 WITH CHINA OFF THIS WEEK FOR THEIR FALL FESTIVAL (BACK TODAY) AND OF COURSE THE IMPORTANT RELIGIOUS HOLIDAY FOR THE JEWISH PEOPLE OCT 1-2, YOM KIPPUR. AGAIN THIS ENDED IN ABSOLUTE FAILURE AS LONDON AGAIN CAME TO THE RESCUE WITH THEIR MASSIVE TENDERING FOR PHYSICAL. YOU CAN JUST VISUALIZE THE MASSIVE HEADACHE THE CROOKS UNDERWENT WITH THIS HUGE PHYSICAL TENDERING FOR GOLD.(THE HUGE INCREASE IN QUEUE JUMPING). AND NOW AS WE ARE FINISHING OPTION EXPIRY WEEK, THE CROOKS GOADED OUR SPECULATORS TO CONTINUE ONTO THE SHORT SIDE WITH THE BANKERS ON THE LONG SIDE…THE RAIDS THROUGHT THIS WEEK WERE FREQUENT BUT FAILED TO CAUSE ANY DAMAGE TO THE PRICE WITH OPTIONS EXPIRY FINISHING TODAY.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 7 MONTHS:
FOR APRIL AT 209 + TONNES
AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 2.817 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
AND THIS BRINGS US TO OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNES WHICH FOLLOWED OCT 17 RECORD SETTING: 12.031 TONNE QUEUE JUMP WHICH FOLLOWED THURSDAY’S QUEUE JUMP OF 8.326 TONNES WHICH FOLLOWED WEDNESDAY;S 6.469 WHICH FOLLOWED ALL PREVIOUS QUEUE JUMPS OF 42.549 TONNES TO WHICH WE ADD OUR TOTAL 4679 EXCHANGE FOR RISK CONTRACTS ON 6 OCCASIONS FOR 467,900 OZ OR 14.553 TONNES.! TOTAL STANDING ADVANCES TO 197.511 TONNES OF GOLD
SUMMARY FOR OCTOBER STANDING:
THAT IS;
a) INITIAL STANDING 90.164 TONNES
b) INITIAL EXCHANGE FOR RISK ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES
c) ANOTHER 3 CONSECUTIVE EXCHANGE FOR RISK ISSUANCES OF 2150 CONTRACTS FOR 215000 OZ OR 6.687 TONNES
D) AFTER A ONE DAY HIATUS, A 5TH ISSUANCE FOR 1000 CONTRACTS //100,000 OZ OR 3.1104 TONNES
E) AFTER A TWO WEEK HIATUS: ITS 6TH ISSUANCE FOR 1029 CONTRACTS/102,900 OZ OR 3.200 TONNES
TOTAL EXCHANGE FOR RISK OCT 6 OCCASIONS: 14.553 TONNES
TO WHICH WE ADD ALL OUR QUEUE JUMPING IN OCT:
F) A MASSIVE QUEUE JUMP,OCT 3 OF 4.898 TONNES OF GOLD
G) STRONG QUEUE JUMP OCT 4: 0.9704 TONNES
H) A MASSIVE QUEUE JUMP OCT 7 OF 3.623 TONNES
I) A MASSIVE QUEUE JUMP OCT 8 FOR 6.942 TONNES
J) A MASSIVE QUEUE JUMP OCT 9 FOR 4.979 TONNES
K) A MASSIVE AND 3RD HIGHEST EVER OCT 10 QUEUE JUMP FOR 7.504 TONNES
L) A MASSIVE QUEUE JUMP OF 4.3919 TONNES
M) A RECORD SETTING QUEUE JUMP OF 9.564 TONNES
N) A HUGE 6.469 TONNES QUEUE JUMP
0) A HUGE 8.326 TONNES QUEUE JUMP
P) A RECORD SETTING 12.031 TONNE QUEUE JUMP THE HIGHEST EVER RECORDED IN COMEX HISTORY SURPASSING TUESDAY’S 9.564 TONNES
Q/ QUEUE JUMP OF 7.695 TONES OF GOLD//
R/ TODAY’S QUEUE JUMP OF 3.8600 TONNE JUMP
S) OCT 22 QUEUE JUMP OF 8.622 TONNES//
T) 1OCT 23 1.695 TONNES
U) OCT 24. 0.8615 TONNES
V) OCT 27 0.3048 TONNE QUEUE JUMP
W) OCT 28 QUEUE JUMP OF .5069
X) OCT 29 QUEUE JUMP OF .4096 TONNES
Y) OCT 30 QUEUE JUMP OF 0.00311 TONNES
(ALL OF THESE QUEUE JUMPS ARE REPRESENTED BY CENTRAL BANKS DESPERATELY ADDING TO THEIR OFFICIAL RESERVES)
EQUALS
197.5141 TONNES OF GOLD!!
AND NOW NOVEMBER:
INITIAL GOLD STANDING AT THE COMEX IS 5032 CONTRACTS OR 503200 OZ (15.651 TONNES)
THE FED IS THE OTHER MAJOR SHORT OF AROUND 30+ 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 NOW THAT THEY MUST BECOME COMPLIANT TO BASEL III RULES JULY 1/2023 AS OUTLINED IN ANDREW MAGUIRE’S LATEST LIVE FROM THE VAULT 231 TO 248 EPISODES AS HE TACKLES THIS IMPORTANT TOPIC. THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE DOES NOT LOOK LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN REMAINS ON THE BOOKS OF THE BIS. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF HE FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS. THE FRBNY IS NOW NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED 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.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
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 OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO 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, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING E.G. NOVEMBER: A HUGE 15.651 TONNES STANDING IN AN OFF MONTH!! THIS IS HUGE!!!
SUMMARY OF GOLD QUEUE JUMPING AND EXCHANGE FOR RISK ISSUANCE: AUGUST THROUGH SEPT. AND SUBSEQUENT STANDING FOR GOLD.
AUGUST:
AUGUST: TOTAL QUEUE JUMPING AND TOTAL EXCHANGE FOR RISKS ISSUANCE FOR THE MONTH OF AUGUST; AND THUS STANDING:
WE HAD A HUGE 60.547 TONNES OF INITIAL GOLD STANDING FOR AUGUST, FIRST DAY NOTICE FOLLOWED BY THE MONTHS HUGE TOTAL OF 47.2312 TONNES OF QUEUE JUMPS TO WHICH WE ADD AUGUST 7TH,S HUGE 5.443 TONNES EXCHANGE FOR RISK ISSUANCE +LAST SATURDAY’S/MONDAY AUG 10 HUGE 776 CONTRACT EXCHANGE FOR RISK FOR 2.413 TONNES THEN AUGUST 12: 2.637 TONNES: AND NOW AUG 25: 9.107 TONNES ISSUANCE MONDAY’S MASSIVE 9.1016 TONNES ISSUANCE/AUGUST 25, AUGUST 26 9.0699 TONNES , YESTERDAYDAY’S (AUGUST 27) 9.0699 TONNES AND FINALLY TODAY’S TODAL OF 6.923 TONNESS/NEW STANDING ADVANCES TO 152.208 TONNES.
SEPT:
SEPTEMBER: TOTAL EXCHANGE FOR RISK AND QUEUE JUMPING; STANDING FOR GOLD
SUMMARY SEPT: 8.093 TONNES INITIALLY STANDING FOR GOLD // 7 ISSUANCES OF 22.923 TONNES OF EXCHANGE FOR RISK ISSUANCE/ SEPT MONTH AND THIS IS ADDED TO OUR NORMAL DELIVERY OF 25.878 TONNES
THAT IS;
A) //TOTAL FOR MONTH EXCHANGE FOR RISK/MONTH: 22.923 TONNES EX FOR RISK!!
B) //NORMAL DELIVERY OF 25.878 TONNES WHICH INCLUDES ALL QUEUE JUMPING.
TOTALS: 48.801 TONNES FINAL STANDING FOR GOLD/SEPT.
EXCHANGE FOR PHYSICAL ISSUANCE/OCT
THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED EXCHANGE FOR PHYSICAL OF 4300 CONTRACTS.
THAT IS A STRONG SIZED 4300 EFP CONTRACT WAS ISSUED: : /DEC 4300 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4300 CONTRACT. 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 GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON!
WE HAD :
- SOME LIQUIDATION OF OUR T.A.S. SPREADERS//THURSDAY + GOVERNMENT LIQUIDATION
- MONTH END SPREADERS HAVE NOW FINISHED AS IT WAS IN FULL FORCE ON FIRST DAY NOTICE SEPT 30 WITH OUR ATTEMPTED FAILED RAID, FOLLOWED BY ANOTHER RAID OCT 2 AND THAT ENDED IN TOTAL FAILURE! , OCT 7 WE WITNESSED A SMALL RAID TRYING TO STOP GOLD’S ADVANCE TO THE 4000 BARRIER!! EARLY Y\OCT 8 MORNING THE BARRIER TO 4,000 DOLLAR GOLD WAS PIERCED!! AND THAT SET IN MOTION OUR CROOKS DESPERATE TO CONTROL THEIR HUGE DERIVATIVE LOSSES. (OCT 9 SAW FINALLY AFTER MANY YEARS SILVER PIERCING THE 50 DOLLAR MARK AND THAT WAS WHEN THE CROOKS THREW ANOTHER TEMPER TANTRUM WHEN GOLD FINALLY BROKE THROUGH 4,000 DOLLAR MARK ON OCT. 10 AND GOLD NEVER LOOKED BACK DESPITE OUR TWO RAIDS THIS PAST WEEK, ON OPTIONS EXPIRY WEEK
T.A.S.SPREADER ISSUANCE//OCT
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 THURSDAY NIGHT/FRIDAY MORNING WAS A FAIR SIZED SIZED 1419 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE THIS MONTH ON OPTIONS EXPIRY WEEK ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP YESTERDAY’S GAIN IN PRICE IN GOLD AND A CORRESPONDING STRONG GAIN OF COMEX OI AND A STRONG EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 3 MONTHS ESPECIALLY WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
- TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
- TO BE FOLLOWED BY OCTOBER’S 6 ISSUANCES FOR 14.553 TONNES
- THE LONDON BANKING AUDITORS HAVE SO FAR REFUSED TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/
GOLD STANDING AT THE COMEX FOR GOLD LAST 9 MONTHS OF 2025:
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
AND NOW NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 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: STANDING FOR GOLD/COMEX
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)
AN/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/STANDING FOR GOLD/COMEX
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/= 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 =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING NOVEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $15.20/ /) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A VERY FAIR GAIN IN OI FROM TWO EXCHANGES OF 2230 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD LITTLE T.A.S. SPREADER LIQUIDATION THURSDAY. HOWEVER WE DID HAVE AGAIN HUGE SPECULATOR LIQUIDATION AS THEY ARE THE ONES WHO ARE SHORT AS THE BANKERS WENT LONG AND THEN TENDERED FOR PHYSICAL. THIS WAS COUPLED WITH A) GOVERNMENT LIQUIDATING THEIR CONTRACTS OUT OF SEVERE FEAR!!(PRELIMINARY NUMBERS LOWERED TO FINAL SHOWING MASSIVE LIQUIDATION). AND B) NOW THE FINALIZATION OF MONTH END SPREADER LIQUIDATION /// THE BANKERS ARE QUITE NERVOUS ABOUT BASEL III WITH ITS IMPLEMENTATION COMMENCING JULY 1. THEY ARE VERY CONCERNED WITH THEIR HIGH AMOUNT OF DERIVATIVES LOSSES ON THEIR BOOKS EVEN THOUGH THEY TRANSFERRED THESE LOSSES ONTO THE FED’S BALANCE SHEET.THUS THE REASON THEY NEEDED THESE T.A.S. ISSUANCES NOW IN ORDER TO FORMALIZE RAIDS: OUR CROOKS TRIED AGAIN LATE OCT 2 WITH CHINA OUT FOR A WEEK, WITH NOT MUCH LUCK. WITH CHINA COMING BACK THURSDAY OCT 9 THE CROOKS NEEDED TO RAID TRYING DESPERATELY TO HALT GOLD’S ADVANCE. I GUESS THAT THEIR LUCK HAS RUN OUT WITH GOLD INITIALLY PIERCING THE 4,000 DOLLAR BARRIER OCT 7-8 ALONG WITH THE PIERCING OF SILVER’S MAGIC 50 DOLLAR MARK. GOLD AND SILVER FROM OCT 10 ON, NEVER LOOKED BACK ONCE THEY PIERCED THEIR RESPECTIVE BARRIERS OF 4,000 DOLLAR GOLD AND 50 DOLLAR SILVER. THE CROOKS NOW NEED TO RAID ON EVERY OTHER DAY. BEGINNING OON OCT 21 THROUGHT THESE PAST 10 DAYS.. THEY ARE DESPERATELY TRYING TO CONTAIN PRICING ON OUR PRECIOUS METALS WITH MUCH FAILURE AS GOLD HAS REGAINED THE 4000 DOLLAR MANTLE AND SILVER BROKE INTO THE 49 DOLLAR BRACKET READY TO TAKE ON THE 50 DOLLAR BARRIER.
FRIDAY MORNING//THURSDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/ FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
ANALYSIS OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ NEW TOTAL STANDING 197.551 TONNE/OCTOBER FINAL
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY!
ALL OF THIS HUGE FINAL STANDING FOR OCTOBER WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $15.20
WE HAD A HUGE 12,685 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
INITIAL GOLD COMEX
OCT CONTRACT MONTH
OCT 31
NOV CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 3 ENTRIES ii) Out of Brinks: 32,151.000 oz (1000 kilobars) ii) Out of Loomis 4919.103 oz (153 kilobars) iv) Out of Manfra 38,359.983 total withdrawal 75,420.056 oz or 2.348 tonnes they are draining the comex of gold |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 entries xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 4755 notice(s) 475,500 OZ 14.790 TONNES OF GOLD |
| No of oz to be served (notices) | 277 contracts 27,700 OZ 0.8615 TONNES |
| Total monthly oz gold served (contracts) so far this month | 4755notices 475,500oz 14.790 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 |
dealer deposits: 0
0 ENTRIES
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DEPOSITS/CUSTOMER
0 entries
customer withdrawals:
3 ENTRIES
ii) Out of Brinks: 32,151.000 oz (1000 kilobars)
ii) Out of Loomis 4919.103 oz (153 kilobars)
iv) Out of Manfra 38,359.983
total withdrawal 75,420.056 oz
or 2.348 tonnes
they are draining the comex of gold
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ADJUSTMENTs 2 dealer to customer
i) out of Asahia 600.514 oz
ii)Out of JPMorgan: 482.265 oz
volume at the comex: THURSDAY: 269,052oz ( fair)//
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 5032 CONTRACTS FOR A GAIN OF 442 CONTRACTS. THUS BY DEFINITION, THE INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF NOVEMBER IS AS FOLLOWS:
5032 NOTICES X 100 OZ PER NOTICE
EQUALS
503,200 OZ OR 15.651 TONNES OF GOLD
DECEMBER LOST 3526 CONTRACTS DOWN TO 334,944 CONTRACTS.
JANUARY GAINED 44 CONTRACTS UP TO 812
We had 4755 contracts filed for today representing 475,500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 2193 notices issued from their client or customer account. The total of all issuance by all participants equate to contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 1406 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for NOV /2025. contract month, we take the total number of notices filed so far for the month (4755 oz ) to which we add the difference between the open interest for the front month of NOV ( 5032 CONTRACTS) minus the number of notices served upon today (4755x 100 oz per contract) equals 503,200 OZ OR 15.651 TONNES OF GOLD
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (4755 x 100 oz +we add the difference for front month of OCT. (5032 OI} minus the number of notices served upon today (4755 x 100 oz) which equals 503,200 OZ OR 15.651 TONNES
TOTAL COMEX GOLD STANDING FOR NOV..: 15.651 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE ACTIVE DELIVERY MONTH OF NOVEMBER
volume THURSDAY confirmed 327,800 contracts huge
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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: 1,678,509.010 oz 52.20 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,168,046.747oz
TOTAL REGISTERED GOLD 19,853,726.263 or 617.53 tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,314,320.482 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 18,175,217 oz ((REG GOLD- PLEDGED GOLD)= 565.325tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE NOV. 2025 SILVER CONTRACTS
OCT 31 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 3 entries i) Out of Asahi: 1,118,890.550 oz ii) Out of Delaware 162,169.865 oz iii) Out of Stonex: 754,542.770 oz total withdrawal 2,035,603.185 oz 5th day in a row for huge silver withdrawal |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT two entries i) Into CNT 9,886.700 oz ii) Into Manfra 1,331,090.060 oz total deposit 1,340,946.760 oz |
| No of oz served today (contracts) | 1994 CONTRACT(S) ( 9.970 MILLION OZ |
| No of oz to be served (notices) | 325 contracts (1.625 oz) |
| Total monthly oz silver served (contracts) | 1994 Contracts (9.970 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 |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
two entries
i) Into CNT 9,886.700 oz
ii) Into Manfra 1,331,090.060 oz
total deposit 1,340,946.760 oz
`
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withdrawals: customer side/eligible
3 entries
i) Out of Asahi: 1,118,890.550 oz
ii) Out of Delaware 162,169.865 oz
iii) Out of Stonex: 754,542.770 oz
total withdrawal 2,035,603.185 oz
5th day in a row for huge silver withdrawal
adjustments: 4
3 dealer to customer
a) Asahi: 34,865.600 oz
b) Loomis 34,236.070 oz
c) Manfra; 49,317.970 oz
one adjustment customer to dealer
d) CNT 901,832.502.20 oz
comex is in turmoil
TOTAL REGISTERED SILVER: 164.203 MILLION OZ//.TOTAL REG + ELIGIBLE. 482.438 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT.
silver open interest data:
FRONT MONTH OF NOVEMBER /2025 OI: 2315 OPEN INTEREST CONTRACTS FOR A LOSS OF 150 CONTRACTS.
THUS
INITIAL STANDING FOR SILVER AT THE COMEX IS AS FOLLOWS
2315 CONTRACTS X 5000 OZ PER CONTRACT
EQUALS
11.575 MILLION OZ WHICH IS HUGE FOR A NOVEMBER
DECEMBER GAINED 227 CONTRACTS UP TO 106,951
JANUARY GAINED 4 CONTRACTS UP TO 763 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 10 or 50,000 oz
CONFIRMED volume; ON THURSDAY 68,613 good//
AND NOW NOVEMBER. DELIVERIES:
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 1994 X5,000 oz = 9.970 MILLION oz
to which we add the difference between the open interest for the front month of NOV (2315) AND the number of notices served upon today (1994 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (1994) Notices served so far) x 5000 oz + OI for the front month of NOV(2315) minus number of notices served upon today (1994)x 5000 oz equals silver standing for the NOV.contract month equating to 11.575 MILLION OZ
New total standing: 11.575 million oz. THE SILVER COMEX IS NOW UNDER MASSIVE SIEGE!! AND THIS IS HAPPENING WITH THE MASSIVE SIEGE ON GOLD AS WELL.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 164.203 million oz of registered silver
JPMorgan as a percentage of total silver: 205.724/482.438million. 42.57%
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
the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS
OCT 31 WITH GOLD DOWN $17.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 4.30 TONNES OF GOLD INTO THE GLD . /// ///INVENTORY RESTS AT 1040.35 TONNES
OCT 30 WITH GOLD UP $15.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.87 TONNES OF GOLD FROM THE GLD . /// ///INVENTORY RESTS AT 1036.05 TONNES
OCT 29 WITH GOLD UP $18.60 TODAY/NO CHANGES IN GOLD AT THE GLD: . /// ///INVENTORY RESTS AT 1038.92 TONNES
OCT 28 WITH GOLD DOWN $38.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A HUGE WITHDRAWAL OF 8.01 TONNES OF GOLD FROM THE GLD./// . /// ///INVENTORY RESTS AT 1038.92 TONNES
OCT 27 WITH GOLD DOWN $115.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A HUGE WITHDRAWAL OF 5.44 TONNES OF GOLD FROM THE GLD./// . /// ///INVENTORY RESTS AT 1046.93 TONNES
OCT 24 WITH GOLD DOWN $7.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A HUGE WITHDRAWAL OF 6.29 TONNES OF GOLD FROM THE GLD./// . /// ///INVENTORY RESTS AT 1052.37TONNES
OCT 23 WITH GOLD UP $78.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A HUGE WITHDRAWAL OF 6.29 TONNES OF GOLD FROM THE GLD./// . /// ///INVENTORY RESTS AT 1052.37 TONNES
OCT 22 WITH GOLD DOWN $78.95 TODAY/NO CHANGES IN GOLD AT THE GLD: A DEPOSIT// . /// ///INVENTORY RESTS AT 1058.66 TONNES
OCT 21 WITH GOLD DOWN $240.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 11.45TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1058.66 TONNES
OCT 20 WITH GOLD UP $137.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 12.59TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1047.21 TONNES
OCT 17 WITH GOLD DOWN $90.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 12.04TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1034.62 TONNES
OCT 16 WITH GOLD UP $104,45 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.15TONNES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1022,60 TONNES
OCT 15 WITH GOLD UP $41.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2 TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1021.45 TONNES
OCT 14 WITH GOLD UP $33.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.72 TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1018.88 TONNES
OCT 11 WITH GOLD UP $!29.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.72 TONNEES OF GOLD FROM THE GLD// . /// ///INVENTORY RESTS AT 1017.16 TONNES
OCT 10 WITH GOLD UP $26.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WIHTDRAWAL OF 1.14 TONNEES OF GOLD FROM THE GLD// . /// ///INVENTORY RESTS AT 1013.44 TONNES
OCT 9 WITH GOLD DOWN $91.45 TODAY/NO CHANGES IN GOLD AT THE GLD . /// ///INVENTORY RESTS AT 1014.58 TONNES
OCT 8 WITH GOLD UP $68.60 TODAY/NO CHANGES IN GOLD AT THE GLD . /// ///INVENTORY RESTS AT 1013.17 TONNES
OCT 7 WITH GOLD UP $29.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.17 TONNES OF GOLD OUT OF THE GLD. . /// ///INVENTORY RESTS AT 1013.17 TONNES
OCT 6 WITH GOLD UP $68.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.86 TONNES OF GOLD OUT OF THE GLD. . /// ///INVENTORY RESTS AT 1014.88 TONNES
OCT 3 WITH GOLD UP $38.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MASSIVE DEPOSIT OF 2.86 TONNES OF GOLD VAPOUR ENTERED INTO THE GLD. . /// ///INVENTORY RESTS AT 1015.74 TONNES
OCT 1 WITH GOLD UP $25.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MASSIVE DEPOSIT OF 1.15 TONNES OF GOLD VAPOUR ENTERED INTO THE GLD. . /// ///INVENTORY RESTS AT 1012.88TONNES
SEPT 30 WITH GOLD UP $18.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MASSIVE DEPOSIT OF 6.01 TONNES OF GOLD VAPOUR ENTERED INTO THE GLD. . /// ///INVENTORY RESTS AT 1011.73 TONNES
SEPT 29 WITH GOLD UP $48.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MASSIVE DEPOSIT OF 8.87 TONNES OF GOLD VAPOUR ENTERED INTO THE GLD. . /// ///INVENTORY RESTS AT 1005.72 TONNES
SEPT 26 WITH GOLD UP $38.40 TODAY/NO CHANGES IN GOLD AT THE GLD . /// ///INVENTORY RESTS AT 996.85 TONNES
SEPT 25 WITH GOLD UP $5.70 TODAY/HUGECHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.82 TONNES OF GOLD FROM THE GLD/ . /// ///INVENTORY RESTS AT 996.85 TONNES
SEPT 24 WITH GOLD DOWN $47.70 TODAY/NO CHANGES IN GOLD AT THE GLD . /// ///INVENTORY RESTS AT 1000.67 TONNES
SEPT 23 WITH GOLD UP $42.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MAMMOTH DEPOSIT OF 6/11 TONNES OF GOLD VAPOUR ENTERED THE GLD. /// ///INVENTORY RESTS AT 1001.67 TONNES
SEPT 22 WITH GOLD UP $68.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MAMMOTH DEPOSIT OF 14.61 TONNES OF GOLD VAPOUR ENTERED THE GLD. /// ///INVENTORY RESTS AT 994.56 TONNES
SEPT 19 WITH GOLD UP $26.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD /// ///INVENTORY RESTS AT 979.95 TONNES
SEPT 18 WITH GOLD DOWN $37.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD /// ///INVENTORY RESTS AT 975.66 TONNES
GLD INVENTORY: 1040.35 TONNES, TONIGHTS TOTAL
SILVER
OCT 31 WITH SILVER DOWN $0.35 TODAY/SMALL CHANGES IN SILVER AT THE SLV: ///A WITHDRAWAL OF 636,000 OZ FROM THE SLV// ///INVENTORY RESTS AT 488.363 MILLION OZ
OCT 30 WITH SILVER UP $0.95 TODAY/NO CHANGES IN SILVER AT THE SLV: /// ///INVENTORY RESTS AT 488.999 MILLION OZ
OCT 29 WITH SILVER UP $0.68 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 4.218 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 488.999 MILLION OZ
OCT 28 WITH SILVER UP $0.36 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.541 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 493.217 MILLION OZ
OCT 27 WITH SILVER DOWN $1.84 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.588 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 495.758 MILLION OZ
OCT 24 WITH SILVER DOWN $0.25 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.541 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 497.346 MILLION OZ
OCT 23 WITH SILVER UP $0.87 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.541 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 501.474 MILLION OZ
OCT 22 WITH SILVER DOWN $0.33 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.995 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 504.015 MILLION OZ
OCT 21 WITH SILVER DOWN $3.73 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 8.757 MILLION OZ INTO THE SLV /// ///INVENTORY RESTS AT 507.010 MILLION OZ
OCT 20 WITH SILVER UP $0.94 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 2.405 MILLION OZ INTO THE SLV /// ///INVENTORY RESTS AT 498.253 MILLION OZ
OCT 17 WITH SILVER DOWN $2.85 TODAY/NO CHANGES IN SILVER AT THE SLV /// ///INVENTORY RESTS AT 495.848 MILLION OZ
OCT 16 WITH SILVER UP $1.63 TODAY/HUMONGOUS CHANGES IN SILVER AT THE SLV A HUGE WITHDRAWAL OF 9.982MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 495.848 MILLION OZ
OCT 15 WITH SILVER UP $0.55 TODAY/SMALL CHANGES IN SILVER AT THE SLV A SMALL WITHDRAWAL OF 0.681 MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 505.830 MILLION OZ
OCT 14 WITH SILVER DOWN $0.07 TODAY/MAMMOTH CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 9.983 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 506.511 MILLION OZ
OCT 11 WITH SILVER UP $1.78 TODAY/SMALL CHANGES IN SILVER AT THE SLV A WITHDRAWAL OF 0.272 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 496.528 MILLION OZ
OCT 10 WITH SILVER UP $1.27 TODAY/HUGE CHANGES IN SILVER AT THE SLV A DEPOSIT OF 1.180 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 496.800 MILLION OZ
OCT 9 WITH SILVER DOWN $0.54 TODAY/HUGE CHANGES IN SILVER AT THE SLV A DEPOSIT OF 0.635 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 495.620 MILLION OZ
OCT 8 WITH SILVER UP $1.75 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 2.723 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 494.985 MILLION OZ
OCT 7 WITH SILVER DOWN $0.89 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 4.538 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 492.262 MILLION OZ
OCT 6 WITH SILVER UP $0.63 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE WITHDRAWAL OF 7.67 MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 487.724 MILLION OZ
OCT 3 WITH SILVER UP $1.43 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE WITHDRAWAL OF 8.893 MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 495.394 MILLION OZ
OCT 1 WITH SILVER UP $1.09 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 5.264 MILLION OZ OF SILVER DEPOSITED INTO THE SLV/: /// ///INVENTORY RESTS AT 504.287 MILLION OZ
SEPT 30 WITH SILVER DOWN $0.34 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 5.129 MILLION OZ OF SILVER DEPOSITED INTO THE SLV/: /// ///INVENTORY RESTS AT 499.023 MILLION OZ/
SEPT 29 WITH SILVER UP $0.37 TODAY/SMALL CHANGES IN SILVER AT THE SLV A SMALL WITHDRAWAL OF 0.908 MILLION OZ OF SILVER DEPOSITED OUT OF THE COMEX/: /// ///INVENTORY RESTS AT 493.894 MILLION OZ//
SEPT 26 WITH SILVER UP $1.58 TODAY/SMALL CHANGES IN SILVER AT THE SLV A SMALL DEPOSIT OF 0.681 MILLION OZ OF SILVER DEPOSITED INTOTHE COMEX/: /// ///INVENTORY RESTS AT 494.802 MILLION OZ//
SEPT 25 WITH SILVER UP $1.44 TODAY/HUGE CHANGES IN SILVER AT THE SLV A MASSIVE WITHDRAWAL OF 3.222 MILLION OZ OF SILVER OUT OF THE COMEX THE COMEX/: /// ///INVENTORY RESTS AT 494.121 MILLION OZ//
SEPT 24 WITH SILVER DOWN $0.48 TODAY/HUGE CHANGES IN SILVER AT THE SLV A MASSIVE DEPOSIT OF 3.222 MILLION OZ OF SILVER VAPOUR ENTERED THE COMEX/: /// ///INVENTORY RESTS AT 497.343 MILLION OZ//
SEPT 23 WITH SILVER UP $0.32 TODAY/HUGE CHANGES IN SILVER AT THE SLV A MASSIVE DEPOSIT OF 5.265 MILLION OZ OF SILVER VAPOUR ENTERED THE COMEX/: /// ///INVENTORY RESTS AT 494.121 MILLION OZ//
SEPT 22 WITH SILVER UP $1.16 TODAY/NO CHANGES IN SILVER AT THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 19 WITH SILVER UP $0.89 TODAY/HUGE CHANGES IN SILVER A WITHDRAWAL OF 0.908 MILLION OZ OUT OF THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 18 WITH SILVER DOWN $0.69 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.908 MILLION OZ OUT OF THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
CLOSING INVENTORY 488.363 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
ALASDAIR MACLEOD
Game on!
Despite recent weakness in gold and silver, the early indications are that the current consolidation phase is unlikely to last long before prices resume their uptrend.
| Alasdair MacleodOct 31∙Paid |
It may be too early to conclude that after the shakeout of the last two weeks we have seen the bottom in gold and silver prices. But current physical liquidity constraints and the reasons for buying gold and silver have not gone away, suggesting that prices are being set up for another run higher.
Gold and silver steadied this week after retreating from all-time highs the previous week. In London trading this morning gold was $4010 after a low of $3887 on Tuesday, to close a net $100 lower from last Friday’s close. Silver was more resilient at $48.80 after a low of $45.60, for a net gain of 20 cents.
Referring to relative strength indicators, technical analysts told us that gold and silver had become massively overbought, so have formed a major top. If that was the case, then it would be reflected in open interest on Comex at all-time highs, because overbought conditions by definition exist when speculation becomes excessive. But that is not the case as the next charts for gold and silver clearly show:
At 456,000 contracts gold’s open interest indicates relatively subdued speculator interest. In silver’s case, there was minimal speculator buying when the price soared from $30 to $50+. The market evidence therefore negates the mechanical relative strength evidence pointing to a massive liquidity squeeze driving prices instead.
Traders are being whipsawed, again.
This week sees the end of November contracts and options — a time when the swaps like to shake out weak holders. Next week when it’s over, we can expect to see stand for deliveries accelerate, and liquidity issues in London coming to the fore. Silver is still in backwardation, but the condition has reduced to a just a few cents. Nevertheless, it indicates the liquidity squeeze is still on. It is less obvious in gold which remains in contango.
While the bullion banks are having difficulty in silver, they appear to be more balanced in gold, perhaps with paper longs in London balancing shorts in Comex futures. They will be aware of central bank demand, and crucially aware of central banks’ reluctant to renew lease contracts after the fiasco at the Bank of England earlier this year.
Readers will also be amused to know that security staff guarding the vaults at the Bank are threatening to strike for more pay.
Yesterday, the World Gold Council released its gold demand estimates for Q3, noting that it increased by 3% measured by tonnage driven by investment demand, despite higher prices. This is reflected in buying of ETFs, shown by the WGC’s chart:
The surge in September with no region being net sellers is consistent with investment funds and individuals awakening to an asset class to which they are underexposed.
Now is time for us to indulge in a little price speculation.
The recent selloff in gold is almost certainly being met with sighs of relief from fund managers fielding questions from their clients about why they haven’t invested in gold and gold mines despite gold outperforming all other asset classes. Almost certainly, they will be telling them (wrongly) that gold’s current performance shows the dangers of chasing a speculative bubble.
If it turns out that the selloff of the last two weeks ends up supporting yet higher prices as the supply squeeze continues, fund managers will be forced to reconsider their scepticism and scramble to buy before prices embarrass them again. The lack of available bullion could then push prices far higher.
The Fed’s interest rate policy
On Wednesday, the Fed reduced its funds rate by ¼% to 3 ¾% as widely expected. But Jay Powell cautioned that a further cut by the year-end was not a slam-dunk, causing bond yields to tick higher. But despite Powells reticence it is clear that the inflation target is being abandoned in favour of preventing recession and is a clear signal for dollar weakness and gold’s strength.
late in the day:
BIS gold swaps rose 24 tonnes in September but trend remains sharply down
Submitted by admin on Fri, 2025-10-31 13:51 Section: Daily Dispatches
1p CT Friday, October 31, 2025
Dear Friend of GATA and Gold:
Gold swaps undertaken by the Bank for International Settlements, a major gold broker for central banks, increased 24 tonnes in September, from 30 tonnes to 54, GATA’s consultant on the bank, Robert Lambourne, reports.
Lambourne calculated the BIS’ swaps volume from the bank’s September statement of account, which was published today:
His calculation presumes that the bank did not sell any of its own 102 tonnes of gold, for which there are no indication
The BIS refuses to explain its gold swaps — why they are undertaken and for whom. But since the bank is an organization consisting exclusively of central banks, the swaps must involve BIS members.
According to the BIS, its mission is to “support central banks’ pursuit of monetary and financial stability through international cooperation, and to act as a bank for central banks”:
In 2005 the head of the BIS’ monetary and economic department, William R. White, gave a powerful hint about the purpose of the bank’s gold swaps. White explained at a conference at BIS headquarters in Basel, Switzerland, where he may have assumed that only fellow central bankers were listening, that a primary purpose of this “international cooperation” is “the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful”:
Translated from Obscurantic, the language of central bankers when they speak in public, this means that monetary and financial stability throughout the world requires rigging the gold market, gold being money far superior to government money. Hence the gold swaps, which allow gold to be applied where needed by central banks to prevent a free market from breaking out in the monetary metal and bringing some discipline to government currencies.
That’s an older part of the gold story that can’t be told by mainstream financial news organizations and market analysts.
The newer part is that Lambourne’s calculations show that BIS gold swaps, which stood at 552 tonnes in 2021, have declined 90% since then.
This indicates a profound change of gold policy among most BIS members, apparently their defection from price suppression efforts in subservience to the U.S. dollar, to their acquisition of gold and recovery of leased and swapped gold in pursuit of national monetary and economic sovereignty.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED DOWN 32.11 POINTS OR 0.81%
//Hang Seng CLOSED CLOSED DOWN 376.04 PTS OR 1.43%
// Nikkei CLOSED : UP 1085.73 PTS OR 2.12% //Australia’s all ordinaries CLOSED DOWN 0.01%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.1131// OFFSHORE CLOSED DOWN AT 7.1169/ Oil UP TO 60.24 dollars per barrel for WTI and BRENT UP TO 64.06 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING DOWN TO 7.1131 // OFFSHORE YUAN TRADING DOWN TO 7.1169 :/ONSHORE YUAN TRADING ABOVE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1131
OFFSHORE YUAN: DOWN TO 7.1169
HANG SENG CLOSED DOWN 376.04 PTS OR 1.43%
2. Nikkei closed UP 1085.73 PTS OR 2.12%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 99.38 EURO FALLS TO 1.1566 DOWN 5 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.654//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.18…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA. JAPAN 30 YR BOND YIELD: 3.034 DOWN 1 FULL BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold FLAT /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6502// Italian 10 Yr bond yield DOWN to 3.401 SPAIN 10 YR BOND YIELD DOWN TO 3.151
3i Greek 10 year bond yield DOWN TO 3.2940
3j Gold at $4015.20Silver at: 48.88 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 42 /100 roubles/dollar; ROUBLE AT 80.46
3m oil (WTI) into the 60 dollar handle for WTI and 64 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 154.18/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.654% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.031 DOWN 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8023 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9280 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: 4.110 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.628 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.609 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.05 UP 6 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4310 UP 0 PTS
30 YR UK BOND YIELD: 5.193 UP 0 BASIS PTS
10 YR CANADA BOND YIELD: 3.132 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.720 DOWN 1 BASIS PTS.
a New York OPENING REPORT
Futures Rebound Lifted By Strong Amazon, Apple Earnings
Friday, Oct 31, 2025 – 08:37 AM
US equity futures rebound from the Thursday drop, led by Mag 7. As of 8:00am ET, S&P futures are 0.8% higher and Nasdaq futures gain 1.2%, on pace for sixth and seventh straight monthly gains respectively, with all Mag 7 names higher premarket, led by AMZN (+12.7%) and AAPL (+1.9%) after their robust earnings release (AWS sales growth of 19.7%, best since 2022 and AAPL’s revenue guidance) yesterday after-close. Europe’s Stoxx 600 fell for a fourth day, putting the gauge on track for its longest losing streak since July; in Japan, the tech-heavy Nikkei 225 closed up and notched its best month since 1990. Bond yields are flat, the USD is higher. Commodities are mostly lower; copper fell -2.4%. Today’s calendar slate includes October MNI Chicago PMI at 9:45am (several minutes earlier for subscribers); US government data continue to be postponed by shutdown that began Oct. 1. Fed speaker slate includes Dallas Fed President Logan (9:30am) and Cleveland Fed President Hammack and Atlanta Fed President Bostic (12pm). Both CVX and XOM reporting earnings this morning.
In premarket trading, Mag 7 stocks are all higher: Amazon.com (AMZN) jumps 12% after the company’s cloud unit posted the strongest growth rate in almost three years, reassuring investors who were concerned that the largest seller of rented computing power was losing ground to rivals. Apple Inc. (AAPL) is up 2% after the company predicted a major sales surge during the holiday season after releasing new iPhones, helping assure investors that its flagship product remains a growth engine (Nvidia (NVDA) +2%, Alphabet (GOOGL) +1.2%, Meta Platforms (META) +1.4%, Tesla (TSLA) +1.2%, Microsoft (MSFT) +0.4%)
- Brighthouse Financial (BHF) soars 22% after the Financial Times reports that Aquarian Holdings is in advanced talks to take the US life insurer private.
- Charter Communications (CHTR) falls 5% after posting third-quarter results.
- Cloudflare (NET) rises 8% after the software company forecast revenue for the fourth quarter that beat the average analyst estimate.
- Coinbase (COIN) advances 4% after the largest US crypto exchanged reported third-quarter revenue that exceeded estimates following an uptick in trading as token prices climbed to record highs.
- Dexcom (DXCM) sinks 12% after the glucose-monitor company cut its adjusted gross margin forecast for the full year.
- Floor & Decor (FND) shares are up 7% after the home products retailer reported adjusted earnings per share for the third quarter that beat the average analyst estimate.
- Illumina (ILMN) gain 6% after the gene-sequencing company boosted its adjusted profit and operating margin for the full year. Analysts note the better-than-expected results for the third quarter should help ease investor concerns.
- Netflix Inc. (NFLX) gained more than 2% in premarket trading. The company approved a 10-for-1 stock split to make its share price more accessible for employees who participate in the company’s stock option program. Separately, Reuters reported the company is exploring a bid for Warner Bros. Discovery’s studio and streaming businesses.
- Pony.ai (PONY) is up 4% after the autonomous vehicle technology company said it’s been granted Shenzhen’s first citywide permit for fully driverless commercial robotaxi operations.
- Reddit (RDDT) gains 10% after the social-media company reported third-quarter results that beat expectations and gave an outlook that is above the analyst consensus.
- Roku (ROKU) shares are down 4% after the streaming-video platform company reported its third-quarter results and gave an outlook. While analysts are broadly positive, they said the results aren’t enough to meet high expectations.
- Western Digital (WDC) rises 9% as the computer-storage company reported better-than-expected 1Q results and its current quarter forecast came in largely ahead of estimates.
In corporate news, Exxon Mobil outperformed Wall Street expectations for a sixth consecutive quarter after beginning operations at its fourth oil-production project in Guyana. Chevron beat earnings estimates as profits from the $53 billion Hess Corp. acquisition were included in the results for the first time, boosting oil production and cash flow. Nvidia CEO Jensen Huang still hopes to sell chips from the company’s Blackwell lineup to customers in China, though he has no current plans to do so, he told reporters Friday. Millennium Management is raising $5 billion in a new fund to invest in private market opportunities.
US stock gains offered investors a respite from Thursday’s bruising session, amid lingering doubts over whether heavy AI spending will pay off. The S&P 500’s advance has increasingly relied on a group of tech megacaps – recent record highs were hit on record negative breadth – with warnings over lofty valuations following a blistering rally.
“Volatility has become a feature rather than a bug — day-to-day swings now regularly move major stocks by hundreds of billions of dollars,” said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg. “The feedback loop of investor sentiment, speculative positioning, and rapid news-driven reactions amplify these moves.”
On Friday, futures rose as Amazon jumped 13% in premarket trading, a move set to add about $300 billion to its market value after reporting the fastest cloud-unit growth in nearly three years. Apple also climbed on a revenue beat and upbeat holiday forecast. Nvidia meanwhile, unveiled new partnerships with South Korea’s biggest firms, extending a global push to expand artificial intelligence infrastructure. Friday’s market gains will seal the index’s longest monthly winning streak since August 2021, capping a rally that has withstood global trade tensions and geopolitical risks.
Earnings season remains top of mind with more than 60% of S&P 500 companies having reported to date, and a further 150 expected today and next week. Contrast of earnings receptions to AI spending has diverged within big tech, as investors seek quantification of how investments are benefiting related businesses. Earnings have also broadly topped forecasts, with about 80% of S&P 500 companies that have reported so far beating expectations.
According to BofA’s Michael Hartnett, global equities drew $17.2 billion in inflows in the week to Oct. 29. Hartnett added that AI’s leadership remains firmly in place. Market breadth remains a concern for traders, and divergence notable between US and European equities. Michael Burry, the man who made his name shorting the US housing market, sent what appears to be a cryptic warning to retail investors about market exuberance. Equity performance in 2025 has been characterized by extreme concentration of volatility episodes, according to Barclays strategists.
“The risks are mainly flows. They have been the main driver, much more than EPS growth,” said Karen Georges, an equity fund manager at Ecofi. “If flows begin to halt on risky assets, then there will be a genuine selloff. But it’s like a black swan, you never know when it’s coming.”
On the trade front, Treasury Secretary Scott Bessent said he expects the US to return to the negotiating table with China in a year. That came after Donald Trump and Xi Jinping agreed to a tariff truce, roll back export controls and reduce other trade barriers. Xi also warned against “breaking supply chains” in his first public remarks after meeting with Trump. “A comprehensive deal still looks far away and while trade tensions have eased for the time being, they have the potential to resurface,” said Mohit Kumar, chief economist and strategist at Jefferies International.
In Europe, the Stoxx 600 fell for a fourth day, putting the gauge on track for its longest losing streak since July. Telecoms, insurance and construction stocks are dragging. Treasuries and European bonds relatively steady, with small outperformance at the short-end in gilts. Here are the biggest movers Monday:
- Puig shares rose as much as 9.8% with trading volume almost 10 times the 20-day average after the Spanish group reported better-than-expected 3Q sales and upgraded its guidance for the last three months of the year
- Fuchs shares gain as much as 12%, the most since March 2020, after the chemicals company reported a stronger-than-expected Ebit as North and South American markets improved from previous softness
- Danske Bank gains as much as 2.8%, the most in a month, after the Danish lender reported solid third-quarter numbers, with analysts flagging strong core revenues and a slight beat to net interest income (NII)
- Interpump shares rise as much as 6.8%. Equita analysts upgraded the Italian hydraulics and pumps manufacturer as they expect the stock to outperform thanks to improving margins and organic trends and see M&A opportunities
- Kongsberg shares gain as much as 4.9% after a slew of analysts upgraded the stock following the Norwegian company’s results-driven declines on Thursday, leaving the firm with no sell or equivalent recommendations
- UMG shares rise as much as 1.8% after the world’s largest record label delivered a beat on both revenue and adjusted Ebitda in the third quarter, with growth in the important subscription unit ahead of expectations
- Erste shares rise as much as 4.1% as the Austrian lender raised its net interest income growth and CET1 capital ratio guidance. The bank sees its deal to buy Santander’s Polish unit on track to close around the year-end
- Viridien shares rose as much as 26%, the biggest jump since 2020, after the French group reported operating profits well above expectations
- Scor shares fall as much as 8.2%, the most since July, as analysts grew concerned about the reinsurance company’s solvency ratio and real estate amortization after it reported third-quarter results
- Spie shares fall as much as 5.9% to the lowest since May as the France-based engineering services company’s third-quarter organic growth came up short
- AXA shares dropped as much as 2.5% after the French insurer reported nine-month results. Jefferies highlighted the Solvency II ratio as the biggest news from the results, while Citi saw the update as uneventful
- Saint-Gobain falls as much as 3.2%, to the lowest since mid-April, after reporting third-quarter like-for-like sales that missed consensus estimates, and expected to trigger small downgrades to consensus numbers
- Acerinox falls as much as 3.4% after the stainless steelmaker said fourth-quarter Ebitda is expected to be lower than in the third quarter. Analysts see potential double-digit downgrades to full-year consensus
- Elis shares fall as much as 1.2% after the French cleaning services group reported growth in Central Europe that missed estimates due to softness in Germany. This morning, the firm also said it will buy Larosé
- Drax shares fall as much as 3.7% after UBS initiated coverage of the chemicals firm with a sell rating, saying too much optimism is priced in for the shares
Earlier in the session, Asia’s benchmark also pared its monthly advance. Stocks in Asia slipped as broad regional losses, led by China and Hong Kong, outweighed gains in Japan and South Korea. The MSCI Asia Pacific Index was down 0.1%, with Alibaba and Tencent among the top laggards, though it’s on track to end the month up 3.6%. The MSCI China Index is on course for its first monthly loss since April, as a liquidity-fueled AI rally gives way to concerns about lingering US-China tensions and economic concerns. In Japan, Hitachi’s better-than-expected earnings and upgraded outlook lifted sentiment. With stocks across major markets trading near record highs, investors are watching for concentration risk and strength of earnings. Results from Amazon and Apple in the US helped lift sentiment around technology names, but BYD’s sales miss raised concerns on the Chinese electric vehicle industry. Stocks also rose in New Zealand and Indonesia, while declining in Vietnam, India and Thailand.
In FX, the Bloomberg Dollar Spot Index is little changed Friday, set to gain 1.5% in October, which would be its second monthly advance this year. USD/JPY fell to 153.65 as inflation in Tokyo rose at a faster pace in October, backing the case for a Bank of Japan rate hike. It has since reversed losses, trading little changed around 154.12. In addition to Tokyo inflation, Japan’s better-than-expected industrial output in September also supported the yen earlier. Spot hit the session low after Finance Minister Satsuki Katayama said the government is monitoring the yen with a strong sense of urgency
In rates, US Treasuries steadied after two sessions of sharply higher yields; most yields were within a basis point of Thursday’s closing levels. US 10-year around 4.105% is just below Thursday’s high; bunds and gilts in the sector keep pace. Curve is slightly steeper, widening 2s10s and 5s30s spreads by less than 1bp on the day. Price action in European bonds is similarly muted following French and euro-area inflation data for October.
In commodities, gold lower and hovering around $4,000/oz. Oil falling, with Brent short of $65/barrel. Oil set for a third monthly loss.
US economic calendar slate includes October MNI Chicago PMI at 9:45am (several minutes earlier for subscribers); US government data continue to be postponed by shutdown that began Oct. 1. Fed speaker slate includes Dallas Fed President Logan (9:30am) and Cleveland Fed President Hammack and Atlanta Fed President Bostic (12pm)
Market Snapshot
- S&P 500 mini +0.7%
- Nasdaq 100 mini +1.2%
- Russell 2000 mini little changed
- Stoxx Europe 600 -0.3%
- DAX -0.4%
- CAC 40 -0.1%
- 10-year Treasury yield +1 basis point at 4.1%
- VIX -0.8 points at 16.15
- Bloomberg Dollar Index little changed at 1218.88
- euro little changed at $1.157
- WTI crude -0.6% at $60.18/barrel
Top Overnight News
- Trump Urges Republicans to End the Filibuster to Reopen Government. WSJ
- Elon Musk’s SpaceX Set to Win $2 Billion Pentagon Satellite Deal. WSJ
- Private Credit’s Rising Pile of ‘Bad PIK’ Points to Default Woes. BBG
- A narrow Pacific waterway is at the heart of U.S. plans to choke China’s vast navy. RTRS
- China’s factory activity slumped for the longest streak in more than nine years, prompting fresh calls for greater policy support even as the country reached a trade truce with the US. BBG
- Trump’s exit is Xi’s cue to take centre stage at APEC. RTRS
- More Home Purchases Are Falling Through in an Uncertain Economy. WSJ
- King Charles strips brother Andrew of titles and his mansion. RTRS
- The great AI buildout shows no sign of slowing. RTRS
- Disney Channels Go Dark on YouTube TV. WSJ
- Big Tech Is Spending More Than Ever on AI and It’s Still Not Enough. WSJ
- China signals sharper pivot to consumption as imbalances worsen. RTRS
- The Japanese government is monitoring the yen with a strong sense of urgency, Finance Minister Satsuki Katayama said, sending her first clear warning on currency movements since taking on her role. BBG
- Inflation in Tokyo rose at a faster pace, supporting the case for the Bank of Japan to keep raising interest rates gradually and giving the yen a boost. BBG
- Japan’s new Prime Minister Sanae Takaichi told China’s President Xi Jinping her concerns over his country’s rare earth export restrictions in their first formal meeting, as tensions spanning from trade to security continue to simmer between the two countries. BBG
- US President Trump’s administration fired Fannie Mae ethics officials, according to WSJ.
- NVIDIA (NVDA) CEO Huang told reporters that he hopes to sell the Blackwell chip to China, but as it stands there are no plans to do so. Sales were not a topic of discussion during the meeting with China’s Council for the Promotion of Trade. Co. has been growing quickly, but in the last six months this has accelerated “quite substantially”.
Trade/Tariffs
- Chinese President Xi called for safeguarding multilateral trade at the APEC summit and urged members to practice true multilateralism, while he called on APEC to keep industrial and supply chains smooth and stable. Xi said APEC should promote an open regional economic environment and called for promoting trade and investment liberalisation, as well as urged members to jointly promote the digitalisation and greening of free trade.
- China’s top trade negotiator Li Chenggang said they will conduct studies on international standards, economic and trade rules, and continue to meet them in terms of green standards. Li said export volume of photovoltaic products exceeded CNY 200bln for four consecutive years, and that export volume of electric vehicles exceeded 2mln units for the first time last year. Furthermore, he said green vehicles such as locomotives have also maintained strong growth and that China will continue to adapt to the global trend of green and low-carbon development.
- South Korean President Lee said they are at a critical inflection point of change in global order, and global trade uncertainty is deepening.
- EU officials will today be informed about a visit by US Commerce Secretary Lutnick to the EU on November 24th for trade talks, via Politico.
- Japan’s PM Takaichi to Chinese President Xi says she would like to confirm basic direction of Japan-China relation, including building constructive and stable ties.
A more detailed look at global markets courtesy of Newqsuawk
APAC stocks traded mixed as the region digested recent earnings releases and a data deluge at month-end. ASX 200 was flat as gains in mining, materials and resources were offset as defensives lagged. Nikkei 225 outperformed and climbed above the 52,000 level to print a fresh all-time high after recent currency weakness and the lack of immediate rate hike signals from the BoJ, while participants digested a slew of data, including a higher Unemployment Rate, hot Tokyo CPI and a rebound in Industrial Production. Hang Seng and Shanghai Comp were amid losses in tech stocks, and after Chinese Manufacturing PMI data missed expectations and showed a faster pace of contraction in factory activity
Top Asian News
- Japanese Finance Minister Katayama said discussions on lowering gasoline prices have progressed, including sources for funding, while she added that the Bank of Japan’s recent decision was extremely reasonable and that monetary policies are up to the BoJ to decide. Katayama also commented that they are recently seeing one-sided and rapid moves, as well noted, it is important for currencies to move in a stable manner reflecting fundamentals and they are closely watching foreign exchange moves with a high sense of urgency.
European bourses (STOXX 600 -0.4%) opened mostly lower and have traded with a negative bias throughout the morning. Pressure which lacks a fresh catalyst, but follows on from a tentative APAC session. European sectors hold a strong negative bias, with only a few sectors managing to hold afloat. Banks buoyed by upside in the likes of Danske Bank (+1.8%) and Caixabank (+1.4%), post-earnings. Construction & Materials is found right at the foot of the pile, pressured by losses in Saint-Gobain (-1.9%), after it missed on its Q3 revenue figure.
Top European News
- ECB’s Rehn says keeping interest rate unchanged is justified due to uncertainty about inflation outlook in the coming years. The impact of tariffs on inflation appears to be disinflationary.
- ECB’s Muller says economic situation has gradually improved and current interest rates level is appropriate.
- ECB’s Kazaks says ECB will move when needed but shouldn’t be ‘jumpy’, growth is still weak with high uncertainty. Should not overinterpret 2028 inflation outlook.
FX
- DXY is slightly firmer and currently trading at the mid-point of a 99.41-99.66 range. Nothing really behind the mild strength today, but it does comes amid elevated yields in the aftermath of the hawkish Powell presser. Focus for the day will be on the Chicago PMI and commentary from Fed’s Logan and Bostic; Miran and Schmid will also likely explain their recent dissent. As a reminder, Miran voted for a 50bps cut, whilst Schmid opted for U/C.
- EUR is flat vs the USD, trading in a tight 1.1556-1.1577 range. The single-currency was little moved on the ECB decision itself, and President Lagarde lacked surprises at her presser thereafter. Following the announcement, Reuters sources suggested that ECB policymakers are preparing for a December showdown on inflation and rates. Some favour a cut, to prevent undershooting in 2028 whilst others give little weight to longer-term outlooks. Turning to this morning, a few ECB members have provided commentary; Rehn said keeping rates steady was justified due to uncertainty, Muller said current interest rates are appropriate and Kazaks suggested the ECB should not be “jumpy” adding that growth is still weak. On data, little move to the EZ HICP, whereby the headline printed in-line with expectations at 2.1% (prev. 2.2%); core and super-core metrics remained unchanged from the prior, defying the forecast for a slight moderation.
- GBP is a touch softer vs the broadly firmer Dollar; currently trading within a narrow 1.3126-1.3164 range. Really not much by way of fresh in terms of the UK’s Budget, but traders are now weighing up possibilities of a Budget without Chancellor Reeves. In more detail, in the last few days, Reeves reportedly breached renting-related rules, forcing her to apologise for the mistake. There were calls for her to resign, though PM Starmer poured cold water on those suggesting that there is “no need” for further action. GBP did sour a touch in recent sessions, but has since stabilised as PM Starmer backed his Chancellor.
- JPY is a touch lower today and trades within a 153.66 to 154.41 range. Overnight the pair saw modest pressure following a hotter-than-expected Tokyo CPI report, which saw the Y/Y jump to 2.8% (exp. 2.4%, prev. 2.4%). Also in focus for the Yen was some jawboning from the Japanese Finance Minister Katayama who said he has been recently seeing one-sided, rapid moves, adding that, he is closely watching foreign exchange moves with a high sense of urgency.
- Antipodeans are underperforming today, continuing the pressure seen in the APAC session. Downside which follows on from subdued Chinese Manufacturing PMI, and amidst a tentative risk tone in Asia and into the European session.
Fixed Income
- USTs are under modest pressure early doors amid the constructive performance of US equity futures as numbers from Amazon and Apple drive the region, and particularly the NQ, higher. Additionally, the debt space has been hit by Meta announcing USD 30bln of issuance, the largest corporate HG offering this since 2023 and the largest Meta has ever tapped the market for. Newsflow this morning has been light as we await upcoming Fed speakers. Into those, UST are towards the trough of a 112-17+ to 112-23+ band with downside of 5+ ticks at most. The low is just a tick above Thursday’s 112-16 post-Powell base. The Fed docket begins with Logan (2027), Bostic (2027) and Hammack (2026); however, the topics don’t appear to be directly pertinent to current/future monetary policy. Instead, the main focus will likely be on the dissent texts from Miran (voted for a 50bps cut, again) and Schmid (voted for U/C).
- Bunds are weighed on in-fitting with the above. Down to a 129.16 trough into the flash EZ HICP print, posting losses of c. 20 ticks at worst. Little move on the EZ HICP, whereby the headline printed in-line with expectations at 2.1% (prev. 2.2%); core and super-core metrics remained unchanged from the prior, above expectations. Ultimately, the print does not change the narrative for the ECB that inflation remains near target and the outlook is broadly unchanged. As a reminder, post-ECB Reuters sources added to the known narrative around December; that the 2028 inflation forecasts could spark a ‘showdown’ on inflation and by extension interest rates, as the 2028 projection could print in favour of easing.
- Gilts opened lower by 18 ticks at the benchmark reacted to the overnight pressure from US earnings and Meta issuance. Thereafter, Gilts fell another 10 to a 93.44 trough but still clear of Thursday’s 93.29 base and the WTD low of 93.15 from Monday. Specifics for the UK are relatively light, domestic press remains focussed on the rental blunder by Chancellor Reeves. As it stands, PM Starmer is standing by her but the scandal could ultimately lead to her dismissal; given how close we are to the Autumn Budget, if that occurs before the replacement would likely be a continuity-appointment to essentially deliver Reeves’ budget.
Commodities
- Crude benchmarks are on the backfoot but remain rangebound as the market waits for the OPEC+ meeting at the weekend. Currently, WTI and Brent are oscillating in a tight USD 60.02-60.53/bbl and USD 63.83-64.33/bbl range respectively. On the Gaza ceasefire, it was reported that the US has allowed Israel to enforce the ceasefire and fire at Hamas targets behind the yellow line where the IDF holds in Gaza. Artillery shelling has been reported inside the yellow line east of Gaza city. However, this news has not shifted crude prices.
- Spot XAU followed on from Thursday’s rebound, extending to a peak of USD 4046/oz in the early hours of the APAC session before falling back lower to a trough of USD 3988/oz. XAU remains above USD 4k/oz, currently trading at 4003/oz, as the market digests a week of central bank announcements.
- Base metals continue to fall despite the positive China-US talks held in the early hours of Thursday’s session. Following Thursday’s selloff weighed on by dollar strength, 3M LME Copper rebounded in the latter hours of Thursday’s session and peaked at USD 10.98k/t as the APAC session got underway. The red metal fell to a trough of USD 10.86k/t and oscillated in a tight c. USD 40/oz before extending on the day’s losses. Thus far, 3M LME Copper remains near session lows at USD 10.83k/t.
- Oman December crude OSP at USD 65.06/bbl (prev. USD 70.01 M/M), via GME data.
- China Iron and Steel Association said China’s apparent steel consumption from January to September fell 5.7% Y/Y to 649mln metric tons, while it added that apparent steel consumption in 2025 is expected to fall for a fifth straight year.
Geopolitics
- Palestinian media reports Israeli raids targeted Khan Younis in the southern Gaza Strip, according to Sky News Arabia.
- US reportedly cancelled the Trump-Putin meeting after Moscow sent a memo to Washington, as the Russian Foreign Ministry’s maximalist demands for ending the Ukraine war led to the US scrapping the planned meeting in Budapest, according to FT.
- Russia’s Kremlin on FT report that US President Trump and Russia’s President Putin meeting is cancelled says “I’d refer you to Russia’s Foreign Ministry statement, not newspapers reports”.
- US President Trump’s administration identified targets in Venezuela that include military facilities used to smuggle drugs, according to WSJ citing US officials familiar with the matter. Furthermore, the officials stated that if Trump decided to move forward with airstrikes, the targets would send a clear message to Venezuelan leader Maduro that it is time to step down.
- US Secretary of Defense Hegseth met with Chinese counterpart Dong Jun, which he said was a good and constructive meeting, while he highlighted the importance of maintaining the balance of power in the Indo-Pacific. Furthermore, he highlighted US concerns about China’s activities in the South China Sea and said the US will continue to stoutly defend its interests.
US Event calendar
- 8:30 am: Sep Personal Income, est. 0.4%, prior 0.4%
- 8:30 am: Sep Personal Spending, est. 0.4%, prior 0.6%
- 8:30 am: Sep Real Personal Spending, est. 0.18%, prior 0.4%
- 8:30 am: Sep PCE Price Index MoM, est. 0.3%, prior 0.3%
- 8:30 am: Sep PCE Price Index YoY, est. 2.8%, prior 2.7%
- 8:30 am: Sep Core PCE Price Index MoM, est. 0.2%, prior 0.2%
- 8:30 am: Sep Core PCE Price Index YoY, est. 2.9%, prior 2.9%
- 8:30 am: 3Q Employment Cost Index, est. 0.9%, prior 0.9%
- 9:45 am: Oct MNI Chicago PMI, est. 42, prior 40.6
DB’s Jim Reid concludes the overnight wrap
Happy Halloween to you all. My main skill today will be to persuade my family that although I’m a bit more mobile now, the risks of going trick or treating is just too great so soon after the back operation. I’m not convinced that will fly. I may threaten to show off my two huge operation scars to frighten everyone! The whole family have extravagant outfits delivered yesterday from Amazon with every accessory imaginable. No wonder their results were so good last night.
Indeed just as the tech mood had soured yesterday, this morning that has mostly turned around following results from Apple and Amazon after the closing bell. Amazon’s shares surged by +13% in post-market trading as its cloud revenue grew +20% y/y, the fastest since 2022. So that boosted sentiment on what has been the weakest performing of the Mag-7 stocks this year, with only a +1.58% YTD gain after yesterday’s -3.23% decline. Meanwhile, Apple saw a +2% after-market gain as it projected 10-12% revenue growth in the current quarter (vs. +6% est.) driven by stronger iPhone sales. US equity futures are erasing much of yesterday’s decline this morning, with those on the S&P 500 up +0.65% and on the NASDAQ up +1.21%.
This renewed momentum has helped sentiment after a more challenging day yesterday despite the positive outcomes from the US-China trade discussions. Investor concerns over AI-related capital expenditure resurfaced, highlighted by Meta’s sharp decline of -11.33% after results after the closing bell on Wednesday night. The company also announced a $30 billion bond issuance – the largest in over two years – to fund its operations. So not all capex is being funded out of cash! Nvidia also fell -2.00% as investors didn’t received any clarity on possible Blackwell chip sales to China. Overnight Trump has actually said that they didn’t talk about Blackwell specifically. These developments curtailed the recent equity rally, with the S&P 500 down -0.99%, the Nasdaq off -1.57%, and the Magnificent 7 sliding -2.73%. We could get a bounce back today.
One of the more fascinating stories yesterday was Meta’s $30 billion bond sale announcement, aimed at supporting its AI growth and infrastructure. US IG was a couple basis points wider yesterday to make room for the deal. A deluge of corporate bond issuance also appeared to push up Treasury yields early in the US session, with 10yr yields closing +2.1bps at 4.10%. Meta’s shares were already falling before the deal was announced due to disappointments in the earnings release the night before. Initially they dropped as much as -13.50% before closing -11.33% lower – its largest fall since the autumn 2022 bear market. This followed Wednesday’s disclosure that Meta expects to spend up to $72 billion on capital expenditures this year, primarily on datacentres and infrastructure, with further increases anticipated in 2026. Investors are increasingly questioning the return on such spending, particularly given Meta’s revenue-to-capex ratio of just 3.02—the lowest among its peers.
Markets are also still digesting the outcome of the meeting between President Trump and President Xi Jinping in South Korea. While most agreements had been priced in beforehand, the two leaders agreed to a one-year trade truce until November 2026. The US will reduce its fentanyl-related tariff from 20% to 10%, and China will remove its 10–15% retaliatory tariffs on various US agricultural products and delay rare earth export controls announced earlier this month. Despite this stabilisation, structural differences persist, and it’s easy for there to be some scepticism of the deal’s scope due to the lack of concrete commitments. The sense that we are seeing more of an extended truce rather than a de-escalation was added to by US Trade Representative Greer confirming last night that the US will continue a recently opened probe into China’s compliance with the limited trade agreement reached during Trump’s first term.
Asian equity markets saw mixed performance this morning, with the Nikkei (+2.03%) and KOSPI (+0.5%) helped by gains in semiconductor and AI-related stocks. The S&P/ASX 200 is flat with China risk lagging on poor PMI data. The CSI (-1.14%), Hang Seng (-0.88%), and the Shanghai Composite (-0.75%) are all lower.
With regards to that data, the official manufacturing PMI for October was reported at 49.0, compared to the expected 49.6, down from 49.8 in September, and the lowest for 6 months. The non-manufacturing PMI increasing to 50.1 in October as anticipated. However, the weakness in manufacturing has caused the composite PMI to decline to 50.0 in October from 50.6.
In Japan, Tokyo’s core CPI increased by 2.8% in October, surpassing expectations (2.6%) and underscoring ongoing inflationary pressures. Ueda yesterday seemed to place more emphasis on monitoring things like progress on the next spring Shinto wage negotiations and how the economy was dealing with tariff uncertainty. So this higher inflation alone won’t seemingly change much. Also in Japan, factory output in September rose by 2.2% from the previous month, exceeding market forecasts of a 1.5% increase, while retail sales showed a modest year-on-year rebound of 0.5%, compared to the expected 0.7%, indicating fragile domestic demand. Additionally, Japan’s unemployment rate unexpectedly remained stable at 2.6% in September (expectations at 2.5%).
Turning to Europe, the ECB held rates steady at 2% for the third consecutive meeting, citing mixed signals on growth and inflation. President Christine Lagarde reiterated that policy is “in a good place”, though she emphasised it is “not a fixed place”, and the ECB will act as needed to maintain stability. While there were no material surprises, our economists note that if anything the ECB seemed a little more confident about growth amid all the uncertainties, continuing a trend of increasingly less dovish statements. They continue to see the ECB as having reached the end of its easing cycle (see their reaction here). Market expectations for ECB rate cuts remain muted, with just 11.6bps of cuts priced by next September (-0.7bps on the day).
European sovereign yields moved modestly higher, with the 10yr Bund yield up +2.2bps, OATs +1.7bps, and BTPs +1.7bps. That rise in yields was supported by decent Euro area Q3 GDP data, with quarter-on-quarter growth at +0.2% (vs. +0.1% expected). Germany posted flat growth (0.0% vs. 0.0% expected), while France outperformed at +0.5% (vs. +0.2% expected). You can view our economists’ note here. Positives include strong private sector savings, fiscal policy flexibility (except in France), and a less restrictive monetary outlook. However, US tariffs remain a headwind. Despite the stronger-than-expected growth, the Stoxx 600 (-0.10%) lost ground, with France’s CAC (-0.53%) and Spain’s IBEX (-0.68%) leading the decline.
In commodities, gold rebounded above $4,000/oz, rising +2.40%. Brent crude saw a modest gain, climbing to $65.00/bbl (+0.12%), after President Trump indicated that China will begin importing oil and gas from Alaska.
In other news, liberal Dutch leader Rob Jetten is poised to become the next prime minister in the Netherlands after the D66 party performed better than expected in Wednesday’s parliamentary elections. This marks a shift back to the centre following the 2023 elections, which were won by the far-right Freedom Party, now set to lose 11 seats.
Looking ahead to today, the main release will be inflation data in Europe, with October CPI due for France, Italy and the Euro area. We’ll also hear from Fed officials Logan, Hammack, and Bostic, while key earnings reports are expected from ExxonMobil, AbbVie, and Chevron.
b) European opening report
NQ boosted by post-earning strength in AMZN +12.8% & AAPL +1.7%, DXY firmer into Fed speak – Newsquawk US Opening News
Friday, Oct 31, 2025 – 06:35 AM
- European bourses are on the backfoot; US equity futures mixed, with the NQ boosted by post-earning strength in AMZN +12.8 & AAPL +1.7%.
- AMZN beat and boosted on strong cloud growth; AAPL strong results and predicts holiday boom in iPhone sales.
- DXY remains firm post-FOMC. AUD lags post-Chinese PMI.
- Commodities trade muted as crude awaits OPEC+ meeting.
- Bonds are under modest pressure given the earnings-driven US risk tone & Meta issuance, Fed speak looms.
- Looking ahead, Dallas Fed (Sep), Chicago PMI (Oct), (Suspended Releases: US PCE, Employment Costs), ECB Bulletin, Speakers including Fed’s Logan, Bostic, Miran & Schmid, Earnings from AbbVie, AON & Intesa Sanpaolo.
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TARIFFS/TRADE
- Chinese President Xi called for safeguarding multilateral trade at the APEC summit and urged members to practice true multilateralism, while he called on APEC to keep industrial and supply chains smooth and stable. Xi said APEC should promote an open regional economic environment and called for promoting trade and investment liberalisation, as well as urged members to jointly promote the digitalisation and greening of free trade.
- China’s top trade negotiator Li Chenggang said they will conduct studies on international standards, economic and trade rules, and continue to meet them in terms of green standards. Li said export volume of photovoltaic products exceeded CNY 200bln for four consecutive years, and that export volume of electric vehicles exceeded 2mln units for the first time last year. Furthermore, he said green vehicles such as locomotives have also maintained strong growth and that China will continue to adapt to the global trend of green and low-carbon development.
- South Korean President Lee said they are at a critical inflection point of change in global order, and global trade uncertainty is deepening.
- EU officials will today be informed about a visit by US Commerce Secretary Lutnick to the EU on November 24th for trade talks, via Politico.
- Japan’s PM Takaichi to Chinese President Xi says she would like to confirm basic direction of Japan-China relation, including building constructive and stable ties.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.4%) opened mostly lower and have traded with a negative bias throughout the morning. Pressure which lacks a fresh catalyst, but follows on from a tentative APAC session.
- European sectors hold a strong negative bias, with only a few sectors managing to hold afloat. Banks buoyed by upside in the likes of Danske Bank (+1.8%) and Caixabank (+1.4%), post-earnings. Construction & Materials is found right at the foot of the pile, pressured by losses in Saint-Gobain (-1.9%), after it missed on its Q3 revenue figure.
- US equity futures are mixed (ES +0.6%, NQ +1.4%, RTY -0.1%), with clear outperformance in the tech-heavy NQ whilst the RTY holds around the unchanged mark. Outperformance in the NQ is led by pre-market strength in Apple (+2.5%) and Amazon (+12.8%). On the former, the Co. reported headline beats, with its Q1 rev. growth guidance also above expectations. CEO Cook also added that the Co. will return to growth in Q1 in China, driven by iPhone sales. As for Amazon, shares are soaring today after very strong Q3 headline metrics, with particular focus on cloud growth.
- NVIDIA (NVDA) CEO Huang says China makes plenty of AI chips and that the Chinese military have access to chips made in China. Adds that China has blocked H20 and they have plenty of chips themselves, in terms of national security; signalling that China doesn’t want US chips.
- WSJ writes, on Amazon (AMZN), “…a breakout for AWS in the coming quarters could easily be in the cards—something its acceleration to 20% revenue growth in the third quarter, its best since 2022, seemed to preview.”
- Amazon.com Inc (AMZN) Q3 2025 (USD): EPS 1.95 (exp. 1.57), Revenue 180.2bln (exp. 178.08bln)
- Apple Inc (AAPL) Q4 2025 (USD): EPS 1.85 (exp. 1.78), Revenue 102.5bln (exp. 102.14bln), iPhone revenue 49.03bln (exp. 50.2bln), iPad revenue 6.95bln (exp. 6.98bln), Mac revenue 8.73bln (exp. 8.59bln), Services 28.75bln (exp. 28.17bln), Wearables 9.01bln (exp. 8.5bln), China revenue 14.49bln (exp. 16.24bln)
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is slightly firmer and currently trading at the mid-point of a 99.41-99.66 range. Nothing really behind the mild strength today, but it does comes amid elevated yields in the aftermath of the hawkish Powell presser. Focus for the day will be on the Chicago PMI and commentary from Fed’s Logan and Bostic; Miran and Schmid will also likely explain their recent dissent. As a reminder, Miran voted for a 50bps cut, whilst Schmid opted for U/C.
- EUR is flat vs the USD, trading in a tight 1.1556-1.1577 range. The single-currency was little moved on the ECB decision itself, and President Lagarde lacked surprises at her presser thereafter. Following the announcement, Reuters sources suggested that ECB policymakers are preparing for a December showdown on inflation and rates. Some favour a cut, to prevent undershooting in 2028 whilst others give little weight to longer-term outlooks. Turning to this morning, a few ECB members have provided commentary; Rehn said keeping rates steady was justified due to uncertainty, Muller said current interest rates are appropriate and Kazaks suggested the ECB should not be “jumpy” adding that growth is still weak. On data, little move to the EZ HICP, whereby the headline printed in-line with expectations at 2.1% (prev. 2.2%); core and super-core metrics remained unchanged from the prior, defying the forecast for a slight moderation.
- GBP is a touch softer vs the broadly firmer Dollar; currently trading within a narrow 1.3126-1.3164 range. Really not much by way of fresh in terms of the UK’s Budget, but traders are now weighing up possibilities of a Budget without Chancellor Reeves. In more detail, in the last few days, Reeves reportedly breached renting-related rules, forcing her to apologise for the mistake. There were calls for her to resign, though PM Starmer poured cold water on those suggesting that there is “no need” for further action. GBP did sour a touch in recent sessions, but has since stabilised as PM Starmer backed his Chancellor.
- JPY is a touch lower today and trades within a 153.66 to 154.41 range. Overnight the pair saw modest pressure following a hotter-than-expected Tokyo CPI report, which saw the Y/Y jump to 2.8% (exp. 2.4%, prev. 2.4%). Also in focus for the Yen was some jawboning from the Japanese Finance Minister Katayama who said he has been recently seeing one-sided, rapid moves, adding that, he is closely watching foreign exchange moves with a high sense of urgency.
- Antipodeans are underperforming today, continuing the pressure seen in the APAC session. Downside which follows on from subdued Chinese Manufacturing PMI, and amidst a tentative risk tone in Asia and into the European session.
- PBoC set USD/CNY mid-point at 7.0880 vs exp. 7.1171 (Prev. 7.0864)
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are under modest pressure early doors amid the constructive performance of US equity futures as numbers from Amazon and Apple drive the region, and particularly the NQ, higher. Additionally, the debt space has been hit by Meta announcing USD 30bln of issuance, the largest corporate HG offering this since 2023 and the largest Meta has ever tapped the market for. Newsflow this morning has been light as we await upcoming Fed speakers. Into those, UST are towards the trough of a 112-17+ to 112-23+ band with downside of 5+ ticks at most. The low is just a tick above Thursday’s 112-16 post-Powell base. The Fed docket begins with Logan (2027), Bostic (2027) and Hammack (2026); however, the topics don’t appear to be directly pertinent to current/future monetary policy. Instead, the main focus will likely be on the dissent texts from Miran (voted for a 50bps cut, again) and Schmid (voted for U/C).
- Bunds are weighed on in-fitting with the above. Down to a 129.16 trough into the flash EZ HICP print, posting losses of c. 20 ticks at worst. Little move on the EZ HICP, whereby the headline printed in-line with expectations at 2.1% (prev. 2.2%); core and super-core metrics remained unchanged from the prior, above expectations. Ultimately, the print does not change the narrative for the ECB that inflation remains near target and the outlook is broadly unchanged. As a reminder, post-ECB Reuters sources added to the known narrative around December; that the 2028 inflation forecasts could spark a ‘showdown’ on inflation and by extension interest rates, as the 2028 projection could print in favour of easing.
- Gilts opened lower by 18 ticks at the benchmark reacted to the overnight pressure from US earnings and Meta issuance. Thereafter, Gilts fell another 10 to a 93.44 trough but still clear of Thursday’s 93.29 base and the WTD low of 93.15 from Monday. Specifics for the UK are relatively light, domestic press remains focussed on the rental blunder by Chancellor Reeves. As it stands, PM Starmer is standing by her but the scandal could ultimately lead to her dismissal; given how close we are to the Autumn Budget, if that occurs before the replacement would likely be a continuity-appointment to essentially deliver Reeves’ budget.
- Click for a detailed summary
COMMODITIES
- Crude benchmarks are on the backfoot but remain rangebound as the market waits for the OPEC+ meeting at the weekend. Currently, WTI and Brent are oscillating in a tight USD 60.02-60.53/bbl and USD 63.83-64.33/bbl range respectively. On the Gaza ceasefire, it was reported that the US has allowed Israel to enforce the ceasefire and fire at Hamas targets behind the yellow line where the IDF holds in Gaza. Artillery shelling has been reported inside the yellow line east of Gaza city. However, this news has not shifted crude prices.
- Spot XAU followed on from Thursday’s rebound, extending to a peak of USD 4046/oz in the early hours of the APAC session before falling back lower to a trough of USD 3988/oz. XAU remains above USD 4k/oz, currently trading at 4003/oz, as the market digests a week of central bank announcements.
- Base metals continue to fall despite the positive China-US talks held in the early hours of Thursday’s session. Following Thursday’s selloff weighed on by dollar strength, 3M LME Copper rebounded in the latter hours of Thursday’s session and peaked at USD 10.98k/t as the APAC session got underway. The red metal fell to a trough of USD 10.86k/t and oscillated in a tight c. USD 40/oz before extending on the day’s losses. Thus far, 3M LME Copper remains near session lows at USD 10.83k/t.
- Oman December crude OSP at USD 65.06/bbl (prev. USD 70.01 M/M), via GME data.
- China Iron and Steel Association said China’s apparent steel consumption from January to September fell 5.7% Y/Y to 649mln metric tons, while it added that apparent steel consumption in 2025 is expected to fall for a fifth straight year.
- Click for a detailed summary
NOTABLE DATA RECAP
- EU HICP Flash YY (Oct) 2.1% vs. Exp. 2.1% (Prev. 2.2%); services 3.4% (prev. 3.2%); HICP-X F&E Flash YY (Oct) 2.4% vs. Exp. 2.3% (Prev. 2.4%)
- EU HICP Excluding Food, Energy, Alcohol & Tobacco Flash YY (Oct) 2.4% vs. Exp. 2.3% (Prev. 2.4%)
- UK Lloyds Business Barometer (Oct) 50 (Prev. 42)
- UK Nationwide House Price MM (Oct) 0.3% vs Exp. 0.0% (Prev. 0.5%); YY 2.4% vs. Exp. 2.3% (Prev. 2.2%)
- German Retail Sales MM Real (Sep) 0.2% vs. Exp. 0.2% (Prev. -0.2%); YY Real (Sep) 0.2% vs. Exp. 1.9% (Prev. 1.8%, Rev. 1.4%)
- German Import Prices MM (Sep) 0.2% vs. Exp. -0.2% (Prev. -0.5%); YY (Sep) -1.0% vs. Exp. -1.4% (Prev. -1.5%)
- French CPI Prelim YY NSA (Oct) 0.9% vs. Exp. 1.0% (Prev. 1.2%); MM NSA (Oct) 0.1% vs. Exp. 0.1% (Prev. -1.0%)
- French CPI (EU Norm) Prelim YY (Oct) 0.9% vs. Exp. 1.0% (Prev. 1.1%); MM (Oct) 0.1% vs. Exp. 0.1% (Prev. -1.1%)
NOTABLE EUROPEAN HEADLINES
- ECB’s Rehn says keeping interest rate unchanged is justified due to uncertainty about inflation outlook in the coming years. The impact of tariffs on inflation appears to be disinflationary.
- ECB’s Muller says economic situation has gradually improved and current interest rates level is appropriate.
- ECB’s Kazaks says ECB will move when needed but shouldn’t be ‘jumpy’, growth is still weak with high uncertainty. Should not overinterpret 2028 inflation outlook.
NOTABLE US HEADLINES
- US President Trump posted “….BECAUSE OF THE FACT THAT THE DEMOCRATS HAVE GONE STONE COLD “CRAZY,” THE CHOICE IS CLEAR — INITIATE THE “NUCLEAR OPTION,” GET RID OF THE FILIBUSTER”
- US President Trump’s administration fired Fannie Mae ethics officials, according to WSJ.
- NVIDIA (NVDA) CEO Huang told reporters that he hopes to sell the Blackwell chip to China, but as it stands there are no plans to do so. Sales were not a topic of discussion during the meeting with China’s Council for the Promotion of Trade. Co. has been growing quickly, but in the last six months this has accelerated “quite substantially”.
- BofA Flow Show: USD 17.2bln into equities, USD 17bln into bonds, USD 36.5bln into cash, USD 600mln into crypto, USD 7.5bln out of gold.
GEOPOLITICS
MIDDLE EAST
- Palestinian media reports Israeli raids targeted Khan Younis in the southern Gaza Strip, according to Sky News Arabia.
RUSSIA/UKRAINE
- US reportedly cancelled the Trump-Putin meeting after Moscow sent a memo to Washington, as the Russian Foreign Ministry’s maximalist demands for ending the Ukraine war led to the US scrapping the planned meeting in Budapest, according to FT.
- Russia’s Kremlin on FT report that US President Trump and Russia’s President Putin meeting is cancelled says “I’d refer you to Russia’s Foreign Ministry statement, not newspapers reports”.
OTHER NEWS
- US President Trump’s administration identified targets in Venezuela that include military facilities used to smuggle drugs, according to WSJ citing US officials familiar with the matter. Furthermore, the officials stated that if Trump decided to move forward with airstrikes, the targets would send a clear message to Venezuelan leader Maduro that it is time to step down.
- US Secretary of Defense Hegseth met with Chinese counterpart Dong Jun, which he said was a good and constructive meeting, while he highlighted the importance of maintaining the balance of power in the Indo-Pacific. Furthermore, he highlighted US concerns about China’s activities in the South China Sea and said the US will continue to stoutly defend its interests.
CRYPTO
- Bitcoin is a little lower and trades just shy of USD 110k, whilst Ethereum is extending losses below USD 4k.
APAC TRADE
- APAC stocks traded mixed as the region digested recent earnings releases and a data deluge at month-end.
- ASX 200 was flat as gains in mining, materials and resources were offset as defensives lagged.
- Nikkei 225 outperformed and climbed above the 52,000 level to print a fresh all-time high after recent currency weakness and the lack of immediate rate hike signals from the BoJ, while participants digested a slew of data, including a higher Unemployment Rate, hot Tokyo CPI and a rebound in Industrial Production.
- Hang Seng and Shanghai Comp were amid losses in tech stocks, and after Chinese Manufacturing PMI data missed expectations and showed a faster pace of contraction in factory activity
NOTABLE ASIA-PAC HEADLINES
- Japanese Finance Minister Katayama said discussions on lowering gasoline prices have progressed, including sources for funding, while she added that the Bank of Japan’s recent decision was extremely reasonable and that monetary policies are up to the BoJ to decide. Katayama also commented that they are recently seeing one-sided and rapid moves, as well noted, it is important for currencies to move in a stable manner reflecting fundamentals and they are closely watching foreign exchange moves with a high sense of urgency.
DATA RECAP
- Chinese NBS Manufacturing PMI (Oct) 49.0 vs. Exp. 49.6 (Prev. 49.8); Non-Mfg PMI (Oct) 50.1 vs. Exp. 50.1 (Prev. 50.0)
- Chinese Composite PMI (Oct) 50.0 (Prev. 50.6)
- Japanese Industrial Production Prelim. MM SA (Sep) 2.2% vs. Exp. 1.6% (Prev. -1.5%)
- Japanese Retail Sales YY (Sep) 0.5% vs. Exp. 0.7% (Prev. -1.1%, Rev. -0.9%)
- Japanese Unemployment Rate (Sep) 2.6% vs. Exp. 2.5% (Prev. 2.6%)
- Tokyo CPI YY (Oct) 2.8% vs Exp. 2.4% (Prev. 2.5%); Ex. Fresh Food YY (Oct) 2.8% vs Exp. 2.6% (Prev. 2.5%)
- Tokyo CPI Ex. Fresh Food & Energy YY (Oct) 2.8% vs Exp. 2.6% (Prev. 2.5%)
c) Asian oening report
US futures supported after earnings from AMZN (+12.9%) and AAPL (+2.7%) – Newsquawk European Opening News
Friday, Oct 31, 2025 – 02:49 AM
- Further positive trade rhetoric from the US, mega-cap earnings in focus; AMZN +12.9% after-hours, AAPL +2.7%
- European futures point to a slightly softer open, US futures rebounded from the Powell pressure amid earnings, NQ leads
- DXY paused for breath, EUR/USD beneath 1.16, Antipodeans lackluster after a disappointing Chinese Manufacturing PMI
- Fixed benchmarks subdued, weighed on in part by sizable Meta supply
- Crude futures lacked demand, XAU tested the USD 4k/oz mark to the downside, base metals rangebound
- Looking ahead, highlights include German Import Prices (Sep), Retail Sales (Sep), EZ Flash HICP (Oct), Italian CPI, Dallas Fed (Sep), Chicago PMI (Oct), (Suspended Releases: US PCE, Employment Costs), ECB Bulletin, Speakers including Fed’s Logan, Bostic, Miran & Schmid, Earnings from Exxon Mobil, Chevron, AbbVie, AON & Intesa Sanpaolo
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US TRADE
EQUITIES
- US stocks saw further pressure on Thursday with the hawkish Powell still weighing, while shares of Meta (META) and Microsoft (MSFT) were hit following earnings the previous night, but Google (GOOGL) saw upside. On the trade front, the overall tone of the Trump/Xi meeting was positive, with the two sides agreeing to a one-year trade truce while the US will halve the fentanyl-related tariffs on China and delay tech export controls for a year. In return, China will pause the latest rare-earth export curbs for a year and purchase US soybeans. The majority of sectors were red, with Consumer Discretionary, Communications and Tech all underperforming, while Real Estate, Financials and Healthcare outperformed in the green.
- SPX -0.99% at 6,822, NDX -1.47% at 25,735, DJI -0.23% at 47,522, RUT -0.76% at 2,466.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump posted on Truth that he is more confident than ever that the friendship between the US and Japan is strong, which he said is thriving, prosperous, and will soon be greater than ever before.
- USTR Greer said the probe of China trade practices is moving forward and noted the US and China will make milestones on fentanyl, while he stated that Russian oil came up during the Trump-Xi meeting.
- Chinese President Xi called for safeguarding multilateral trade at the APEC summit and urged members to practice true multilateralism, while he called on APEC to keep industrial and supply chains smooth and stable. Xi said APEC should promote an open regional economic environment and called for promoting trade and investment liberalisation, as well as urged members to jointly promote the digitalisation and greening of free trade.
- China’s top trade negotiator Li Chenggang said they will conduct studies on international standards, economic and trade rules, and continue to meet them in terms of green standards. Li said export volume of photovoltaic products exceeded CNY 200bln for four consecutive years, and that export volume of electric vehicles exceeded 2mln units for the first time last year. Furthermore, he said green vehicles such as locomotives have also maintained strong growth and that China will continue to adapt to the global trend of green and low-carbon development.
- South Korean President Lee said they are at a critical inflection point of change in global order, and global trade uncertainty is deepening.
NOTABLE HEADLINES
- US President Trump posted “….BECAUSE OF THE FACT THAT THE DEMOCRATS HAVE GONE STONE COLD “CRAZY,” THE CHOICE IS CLEAR — INITIATE THE “NUCLEAR OPTION,” GET RID OF THE FILIBUSTER”
- US Transportation Secretary Duffy said air traffic will be snarled if the government shutdown continues, and they are working with unions to prevent shutdown-related disruptions.
- US President Trump’s administration fired Fannie Mae ethics officials, according to WSJ.
- Fed plans to shrink board of top banking supervisor by 30% as the Trump admin seeks to deregulate the financial sector, according to FT.
- Amazon.com Inc (AMZN) Q3 2025 (USD): EPS 1.95 (exp. 1.57), Revenue 180.2bln (exp. 178.08bln); (+12.9% after-market)
- Apple Inc (AAPL) Q4 2025 (USD): EPS 1.85 (exp. 1.78), Revenue 102.5bln (exp. 102.14bln), iPhone revenue 49.03bln (exp. 50.2bln), iPad revenue 6.95bln (exp. 6.98bln), Mac revenue 8.73bln (exp. 8.59bln), Services 28.75bln (exp. 28.17bln), Wearables 9.01bln (exp. 8.5bln), China revenue 14.49bln (exp. 16.24bln); (+2.7% after-market)
APAC TRADE
EQUITIES
- APAC stocks traded mixed as the region digested recent earnings releases and a data deluge at month-end.
- ASX 200 was flat as gains in mining, materials and resources were offset as defensives lagged.
- Nikkei 225 outperformed and climbed above the 52,000 level to print a fresh all-time high after recent currency weakness and the lack of immediate rate hike signals from the BoJ, while participants digested a slew of data, including a higher Unemployment Rate, hot Tokyo CPI and a rebound in Industrial Production.
- Hang Seng and Shanghai Comp were amid losses in tech stocks, and after Chinese Manufacturing PMI data missed expectations and showed a faster pace of contraction in factory activity
- US equity futures rebounded from the prior day’s lows with the recovery facilitated by Apple and Amazon earnings.
- European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 futures down 0.1% after the cash market closed with losses of 0.1% on Thursday.
FX
- DXY took a pause after having strengthened broadly against peers yesterday as markets continued to reprice a conflicted Fed on a December policy decision and as the outcome of the recent Trump-Xi meeting was also encouraging for the dollar. Nonetheless, the greenback was uneventful overnight amid a slew of data releases in Asia and with several Fed speakers scheduled for Friday.
- EUR/USD languished beneath the 1.1600 handle after it recently gave up ground to the firmer dollar, and with the single currency not helped by the lack of fireworks at the ECB meeting, while a recent source report noted that ECB policymakers are preparing for a December showdown on inflation and rates.
- GBP/USD remained constrained following a three-day losing streak and amid some political headwinds after Chancellor Reeves admitted to breaking housing rules by renting out her family home without a licence.
- USD/JPY marginally pulled back after briefly reclaiming the 154.00 level with participants digesting a hot Tokyo CPI report.
- Antipodeans were lacklustre after extending on post-FOMC losses and as participants reflect on disappointing Chinese Manufacturing PMI data.
- PBoC set USD/CNY mid-point at 7.0880 vs exp. 7.1171 (Prev. 7.0864)
- SNB’s Tschudin said they are in a situation where they have an appropriate monetary policy at present and that policy is expansive, while she added it is ok if inflation went below 0% for a short time.
FIXED INCOME
- 10yr UST futures remained subdued after extending on post-FOMC losses, with prices not helped by chunky Meta supply.
- Bund futures struggled for direction after recent indecision and an uneventful ECB meeting, while German Import Prices and Retail Sales loom.
- 10yr JGB futures lacked demand amid the heightened risk appetite in Japan and as participants digested a slew of data releases, including higher unemployment and hot Tokyo CPI, while a stronger 2yr JGB auction failed to spur futures.
COMMODITIES
- Crude futures lacked demand following yesterday’s choppy performance in the absence of notable energy-related catalysts and ahead of Sunday’s OPEC+ meeting, where they are expected to lift production by 137k bpd.
- Spot gold partially faded the prior day’s recovery and retested the USD 4,000/oz level to the downside.
- Copper futures were rangebound amid the mixed risk appetite and disappointing Chinese Manufacturing PMI data.
- China Iron and Steel Association said China’s apparent steel consumption from January to September fell 5.7% Y/Y to 649mln metric tons, while it added that apparent steel consumption in 2025 is expected to fall for a fifth straight year.
CRYPTO
- Bitcoin gained overnight, albeit in a choppy fashion and edged closer towards the USD 110k level.
NOTABLE ASIA-PAC HEADLINES
- Japanese Finance Minister Katayama said discussions on lowering gasoline prices have progressed, including sources for funding, while she added that the Bank of Japan’s recent decision was extremely reasonable and that monetary policies are up to the BoJ to decide. Katayama also commented that they are recently seeing one-sided and rapid moves, as well noted, it is important for currencies to move in a stable manner reflecting fundamentals and they are closely watching foreign exchange moves with a high sense of urgency.
DATA RECAP
- Chinese NBS Manufacturing PMI (Oct) 49.0 vs. Exp. 49.6 (Prev. 49.8); Non-Mfg PMI (Oct) 50.1 vs. Exp. 50.1 (Prev. 50.0)
- Chinese Composite PMI (Oct) 50.0 (Prev. 50.6)
- Japanese Industrial Production Prelim. MM SA (Sep) 2.2% vs. Exp. 1.6% (Prev. -1.5%)
- Japanese Retail Sales YY (Sep) 0.5% vs. Exp. 0.7% (Prev. -1.1%, Rev. -0.9%)
- Japanese Unemployment Rate (Sep) 2.6% vs. Exp. 2.5% (Prev. 2.6%)
- Tokyo CPY YY (Oct) 2.8% vs Exp. 2.4% (Prev. 2.5%); Ex. Fresh Food YY (Oct) 2.8% vs Exp. 2.6% (Prev. 2.5%)
- Tokyo CPY Ex. Fresh Food & Energy YY (Oct) 2.8% vs Exp. 2.6% (Prev. 2.5%)
GEOPOLITICS
MIDDLE EAST
- Palestinian media reports Israeli raids targeted Khan Younis in the southern Gaza Strip, according to Sky News Arabia.
RUSSIA/UKRAINE
- US reportedly cancelled the Trump-Putin meeting after Moscow sent a memo to Washington, as the Russian Foreign Ministry’s maximalist demands for ending the Ukraine war led to the US scrapping the planned meeting in Budapest, according to FT.
OTHER NEWS
- US President Trump’s administration identified targets in Venezuela that include military facilities used to smuggle drugs, according to WSJ citing US officials familiar with the matter. Furthermore, the officials stated that if Trump decided to move forward with airstrikes, the targets would send a clear message to Venezuelan leader Maduro that it is time to step down.
- US Secretary of Defense Hegseth met with Chinese counterpart Dong Jun, which he said was a good and constructive meeting, while he highlighted the importance of maintaining the balance of power in the Indo-Pacific. Furthermore, he highlighted US concerns about China’s activities in the South China Sea and said the US will continue to stoutly defend its interests.
EU/UK
NOTABLE HEADLINES
- ECB policymakers reportedly prepare for a December showdown on inflation and rates, as some think 2028 inflation projection would warrant rate cut debate, others favour giving little weight to any small undershooting three years ahead, according to Reuters sources.
DATA RECAP
- UK Lloyds Business Barometer (Oct) 50 (Prev. 42)
1A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//USA/
Seoul Warns Youth Joblessness Could Threaten South Korea’s Survival
Thursday, Oct 30, 2025 – 08:30 PM
South Korea is warning that record numbers of young people disengaging from work and school could threaten the country’s future, according to a new report from Nikkei.
Nikkei calls them “young people not in employment, education or training” – or NEETs. If we had to think of a term to call them, we’d venture a guess and call them daily crypto daytraders using leverage all day.
Regardless, Employment and Labor Minister Kim Young-hoon told Nikkei the trend “could lead to the extinction of communities, and by extension the extinction of the nation itself.”
Nikkei writes that despite a shrinking youth population — down 13% in a decade to 8.15 million people aged 15-29 — the number of NEETs has surged 50% to 420,000. They now make up 5.2% of the age group, the highest share ever recorded.
Many cite burnout, harsh working conditions or unrealistic job requirements as reasons for dropping out. One respondent said listings demanded qualifications “that are impossible for new people,” while another recalled “working double shifts wearing dust-proof suits” and deciding it was better to stay home.
Kim says “jobless growth” at big companies, driven by automation and a preference for experienced hires, has undercut new hiring. The Bank of Korea says young workers are increasingly overqualified for what’s available. The economic cost of rising NEET levels reached 44.5 trillion won ($31.3 billion) over five years, and 38% of NEETs now hold college degrees or higher.
The longer young people stay out of work, the harder it is to return — 90% of those who switch jobs within a year find work they want, compared with just 50% if their break lasts longer than a year.
To counter the trend, the government is rolling out a “first step” program and building a database to locate and assist jobless youth. Officials hope to reach “15-20%” of NEETs and offer tailored support, including virtual workplaces where participants can practice basic job skills and reconnect with society.
2B JAPAN
3. CHINA
CHINA/USA
US Tightens Ban On Chinese Tech Gear
Thursday, Oct 30, 2025 – 09:45 PM
Authored by Lily Zhou via The Epoch Times (emphasis ours),
The United States has extended its ban on Chinese electronics to cover products partly made by companies blacklisted on national security grounds.
The Federal Communications Commission (FCC) is already barred from authorizing the import or sale of new equipment made by Chinese companies on its “covered list,” including Huawei, ZTE, Hytera, Hikvision, and Dahua.
On Oct. 28, the commission voted 3–0 to ban devices containing modular transmitters made by companies on the list.
The new rules will allow the FCC to block the importation, marketing, or sale of certain previously authorized devices if they are deemed a national security risk.
FCC Chairman Brendan Carr said the rules address “loopholes that bad actors could use to threaten the security of [U.S.] networks.”
“[With the new rules, the FCC] will have a targeted process it can use to address threats posed by the ongoing sale of devices manufactured by covered list entities,” he said.
“[The new rules will allow the FCC to] prohibit not only finished or completed devices produced by a covered list entity, but also otherwise compliant devices that include certain component parts produced by those bad actors.”
The FCC will seek comment on whether the ban should be extended to cover other component parts.
Entities on the covered list are those found to pose an unacceptable risk to the national security of the United States or the security and safety of its people, according to the commission.
The list currently includes nine Chinese telecommunication and surveillance equipment companies and two Russian entities that sell cybersecurity services.
Earlier in October, Carr announced that online retailers had removed “several million listings for covered equipment” as a result of the FCC’s crackdown on banned Chinese electronics, including Huawei smartwatches and Dahua home security cameras.
Hikvision said it opposed extending restrictions to previously approved models, arguing that the FCC is overstepping its authority.
“This order is not based on any product-specific evidence,” Hikvision said, noting that it will “impose unnecessary harm on U.S. communities and small businesses that rely on safe, compliant, and already authorized security systems.”
In March, the FCC stated that it was investigating Chinese companies on its covered list because some or all of them “may still be operating in the U.S.”
On Oct. 15, the commission said it had taken the initial step to revoke the operating authority of major Hong Kong telecom carrier HKT in the United States.
It also issued a national security notice this month reminding companies of prohibited items, including video surveillance equipment.
In September, the FCC began proceedings to withdraw recognition from seven test labs owned or controlled by the Chinese regime, citing national security concerns.
Reuters contributed to this report.
end
CHINA/USA
basically soyabean purchases for rare earths
China Boosts U.S. Soybean Purchases Following Trump-Xi Trade Talks
Friday, Oct 31, 2025 – 08:25 AM
Following President Donald Trump’s postive meeting with Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit, which cooled simmering trade tensions, produced key concessions, and set both economic superpowers on a path toward a potential deal as early as next week, and U.S. Treasury Secretary Scott Bessent’s briefing on Fox Business about China’s commitment to purchase American soybeans and other agricultural products, new indications suggest that Beijing has begun ramping up its soybean purchases.
Bloomberg reports early Friday that Beijing has purchased at least four additional U.S. soybean cargoes – or about 250,000 tons of the bean – for delivery later this year and early 2026. This purchase was immediately made after the Trump-Xi summit on Thursday.
Large bulk carriers, filled to the brim with soybeans, are set to depart from ports in the Pacific Northwest and the Gulf of America for Chinese ports in the very near term.
President Trump announced that China would buy a “tremendous” volume of American soybeans as part of broader trade negotiations, while U.S. Agriculture Secretary Brooke Rollins confirmed on X that Beijing’s commitment to purchase at least 12 million tons this year.
Bessent broke the soybean deal on Fox News’ “Mornings with Maria” with Maria Bartiromo in early afternoon trading on Thursday. He said that China will purchase at least 25 million metric tons of U.S. soybeans per year for the next three years, with other countries expected to buy an additional 19 million metric tons, and that formal deal-signing could occur as soon as next week. He said China will begin by purchasing 12 million metric tons of U.S. soybeans this harvest season.
Catch up on the latest trade headlines:
Democrats now have to cross off “Trump dooming farmers” from their anti-Trump informational war. They’re also left reeling after Trump brokered a major Middle East peace deal – one of the far-left’s key themes for protest/riots (pro-Palestine) was also recently undermined. This is what winning looks like, and meanwhile, a rudderless Democratic Party struggles to stay relevant.
end
Is he nuts!! Beglian Minister wants to wipe Moscow off the map
(zerohedge)
‘Military Psychosis’: Kremlin Responds To Belgian Minister’s “Wipe Moscow Off The Map” Rhetoric
Friday, Oct 31, 2025 – 05:45 AM
Earlier this week Belgian Defense Minister Theo Francken issued some stark – and some might say, irresponsible – words directed at Moscow, warning that any missile strike on Brussels would trigger an overwhelming NATO response.
“If Putin launches a missile at Brussels, we will wipe Moscow off the map,” Francken told the De Morgen daily on Monday. It’s unclear what precisely prompted such an aggressive warning, coming after Russia’s own ‘red line’ type rhetoric seeking to dissuade Washington from arming Kiev with long-range Tomahawk missiles.
Franckena further said that any conventional attack on Brussels would also result in Moscow getting “flattened.”
Again, the words were ultra-provocative given it is only one country currently seeing its territory regularly attacked with the help of NATO, and that’s Russia.
When asked in the interview about European doubts concerning Trump’s commitment to NATO, Franckena responded, “The bias against the American government is so great in Europe. Unbelievable…He literally said that America will continue to support its NATO allies one hundred percent. A cruise missile on Brussels? That’s a no-brainer, whatever definition you use. Putin won’t do that either.”
“I consider a major Russian attack on the Baltic states less likely. Those are NATO member states, after all. Soon we’ll have six hundred F-35s in Europe: the Russians are afraid of them because they can’t see them,” he added.
In response, the Russian Embassy in Belgium promptly condemned Francken’s “provocative and irresponsible” statements as “sheer absurdity and total disconnect from reality.”
As quoted in state media, the embassy said further:
“Francken’s escapades are the most glaring manifestation of the militarist frenzy that is increasingly consuming the European war party,” the embassy said.
It added that EU officials like Francken are “posing a threat to the continent’s future and [are] capable of plunging it into a new war.”
And separately, Russian Deputy Foreign Minister Aleksandr Grushko said Wednesday that Francken’s words were in line with “the atmosphere of military psychosis” which now dominates discourse in Western Europe.
Moscow has been repeatedly warning that long-range Western-supplied missiles on Russian territory will change the nature of the conflict, and that runaway escalation with NATO could be the result.
END
GERMANY
Freedom of speech is becoming less and less in germany
(zerohedge)
German Activist Seeks Asylum In The US After Antifa Death Threats
Friday, Oct 31, 2025 – 05:00 AM
Update (0500ET): Florida Republican Rep. Anna Paulina Luna is focused on Naomi’s case:
Today, I met with and reviewed documentation regarding Naomi Seibt’s asylum case. It is clear that, due to her support for President Trump and her refusal to conform to leftist ideology, she has been targeted and could face imprisonment/physical danger if she returns to Germany—simply for rejecting the groupthink that is currently dominating the country and destroying its economy.
I will be personally assisting with her case and writing to the Secretary of State regarding what she is facing as well as the german government’s prosecution of its own citizens for fighting western ideology and their culture. What is even more alarming is that she was targeted by German intelligence and government officials for advocating on behalf of the German people and supporting the AfD.
The very same German government that claims to fight Nazism is becoming acting like the secret police. If you share a meme, you may go to jail. If you criticize a politician, you could face retribution or imprisonment.
I would hope the Chancellor understands that the entire international community—especially the United States—is watching what is happening in Germany. The German government has a great deal of explaining to do, particularly to its own people.
* * *
As Jonathan Turley detailed earlier, for years, some of us have been writing about the collapse of free speech protections in Europe as the left criminalizes a wide range of expressions and viewpoints.
Now, a leading young German advocate, Naomi Seibt, known as the “Anti-Greta,” is seeking political asylum in the United States after years of Antifa threats. At one time, the idea of someone seeking asylum from a Western democracy would have been considered material for the Onion. Today, it is credible given the rising intolerance for opposing views in countries like Germany.
While we do not know a great deal about the underlying threats, Seibt, 25, recently filed the petition for political asylum, arguing that she is now fearful for her life after a litany of threats from the left. In addition, she recounted how she was informed that German police engaged in years of surveillance of her movements and communications — a complaint made by a wide array of conservatives and others in the country.
I discussed the war on free speech in Germany in my book, “The Indispensable Right.” We recently discussed how the German Federal Criminal Police Office (BKA) is conducting a nationwide search for citizens accused of committing speech crimes. The annual crackdown is part of Germany’s robust censorship and speech criminalization policies. We also discussed how Germany is extending its criminalization of speech to the Internet.
Last year, Interior Minister Nancy Faeser was upset that civil libertarians were calling her anti-free speech, so she tried to shut down a publication for a satirical meme.
For this reason, it was fitting that the recent World Forum was held in Berlin. I spoke in Berlin at the World Forum, where European leaders gathered in one of the most strikingly anti-free speech conferences I have attended. This year’s forum embraced the slogan “A New World Order with European Values.”
That “new world order” is based on an aggressive anti-free speech platform that has been enforced for years by the European Union. It is vividly evident in the latest crackdown in Germany.
According to the BKA, there were 10,732 crimes related to online hate speech committed last year—a record number and four times the crimes from 2021. It is an example of the insatiable appetite created by censorship as people seek to silence their critics or those with opposing views.
North Rhine-Westphalia’s Interior Minister, Christian Democrat Herbert Reul seemed to relish the power: “Digital arsonists must not be able to hide behind their phones or computers. Anyone who thinks anything is allowed on social media is seriously mistaken.”
He added that “people have forgotten the difference between hate and opinion.” For those who cannot tell the difference, the solution is just to stay silent or risk a knock on the door. It is the very chilling effect reflected in the recent polling showing that most Germans are now uncomfortable sharing their views in public.
According to a poll of German citizens. Only 18% of Germans feel free to express their opinions in public. 59% of Germans did not even feel free to express themselves in private among friends. And just 17% felt free to express themselves online.
What Seibt is reporting is consistent with what free speech groups told me in Berlin. She stated, “In 2024, I found out that I had been spied on by German intelligence for years. Simultaneously, I keep receiving death threats from Antifa.” She also reported that the German police seemed hostile to her claims of threats and refused to take action.
Her high visibility as the counterfoil to climate crusader Greta Thunberg seemed to fuel the threats.
What is most interesting about this petition is the context of pronounced anti-free-speech policies and laws in Germany. As both Vice President J.D. Vance and Secretary of State Marco Rubio have addressed in major speeches, Europe is now a threat to free speech, including the rights of American citizens and corporations. Germany and the EU now deny this “indispensable right” to its citizens while seeking to pressure companies like X and Facebook to restore censorship programs.
For the free speech community, we would always prefer that advocates stay and fight in their home countries. However, that is an easy “ask” when you are not being targeted by both the government and groups like Antifa. Unfortunately, many of us in the United States have received similar death threats, and we have seen a rise in political violence, particularly from Antifa. We discussed such an attack just yesterday.
While Democratic leaders like Rep. Dan Goldman (D., N.Y.) have denied the existence of Antifa, members continue to self-identify as well as to be indicted for political violence. In Europe, these “non-existent” groups actually have elected members in the EU and national legislatures.
As the EU and Europe continues to crack down on free speech, these asylum requests could well increase. We are used to people filing asylum petitions to flee religious intolerance. We are now seeking some of the first European fleeing speech discrimination. It is a sad statement about the state of free speech among some of our closest allies. However, as amplified by the remarks by Vance and Rubio, this is a very real threat to those who defy the majority in countries like Germany.
END
HUNGARY
Hungary’s Orban states it was Ukrainian sabotage behind their huge refinery fire
(zerohedge)
Orban Hints At Ukrainian Sabotage Behind Hungary Refinery Fire
Friday, Oct 31, 2025 – 04:15 AM
A lot of questions and suspicions were immediately raised when on October 21 explosions and fires occurred at large oil refineries in Hungary and Romania. Eyebrows were raised given that both sites have links to Russia.
The Petrotel-Lukoil refinery in Ploiesti (owned by Russian company Lukoil) in southern Romania was damaged, while in Hungary a ‘mystery’ fire also occurred at the country’s largest oil refinery (the MOL-operated Danube Refinery), located in the city of Szazhalombatta – some 17 miles from Budapest – which receives crude oil from Russia.
Despite long efforts of the European Union to phase out Russian energy, a tiny number of states still receive supplies. This is why many have suspected sabotage, possibly linked to Ukrainian intelligence, was behind the twin refinery fires, which had occurred within less than 24 hours apart.
But now, over a week later, Hungarian Prime Minister Viktor Orbán has revealed in a social media statement that authorities haven’t ruled out the possibility of an external attack in investigating the fire at Százhalombatta.
“The investigation is in full swing. We still do not know whether it was an accident, malfunction or outside attack,” Orbán said.
Further, he stated: “The Polish foreign minister advised the Ukrainians to blow up the Druzhba oil pipeline,” before adding, “Let’s hope it’s not that kind of case.”
And according to Politico, “Orbán added Thursday he had instructed his government to inform MOL that it shouldn’t raise energy prices for consumers in response to the fire at the refinery.”
Hungary relies heavily on oil transported through the Druzhba pipeline from Russia through Ukraine and Slovakia. MOL Group, which operates refineries in Hungary and Slovakia, processes 14.2 million tons of Russian crude oil a year.
Orban said he has spoken with MOL Group about the new US sanctions targeting Russian oil this month, which come into effect in November. “We are working on how to circumvent this sanction,” he recently said in an interview with state radio Kossuth.
The Treasury has argued that its actions would increase pressure on Russia’s energy sector and degrade the Kremlin’s ability to fight its war against Ukraine. President Trump held off for a long time, but Kiev and the Europeans welcomed the firm anti-Moscow actions.
The sanctions drove up oil prices in the aftermath and raised questions regarding how certain eastern and central European countries will continue to meet their energy needs.
END
GERMANY/SYRIAN MIGRANTS
Not a surprise!
(zerohedge)
Shocking Stats: Syrians Commit Crimes Every 39 Mins In Germany For Past Ten Years
Friday, Oct 31, 2025 – 03:30 AM
Via Remix News,
The German government has disclosed that a total of 135,668 crimes have been committed by Syrian suspects between 2015 and 2024, amounting to one every 39 minutes over the past 10 years.
The figures, released by the Federal Ministry of the Interior in response to a parliamentary inquiry from the AfD, have reignited the party’s demands for tougher migration controls and deportations.
The data, obtained by Freilich magazine, also shows large numbers of victims of crimes committed by suspects from other countries of origin, including 82,960 linked to Afghanistan, 69,946 to Iraq, 39,918 to Morocco, and 32,383 to Algeria. Altogether, more than 460,000 crimes were recorded in the 10-year period involving suspects from the 10 main countries of origin: Syria, Afghanistan, Iraq, Iran, Morocco, Algeria, Nigeria, Pakistan, Somalia, and Eritrea.
In respect to Afghan suspects, that’s one crime every 63 minutes; for Iraqis, one every 75 minutes; for Moroccans, one every 132 minutes; and for Algerians, one every 162 minutes.
According to police crime statistics cited by the German publication, the number of Syrian suspects has continued to rise. In 2024, there were 101,265 criminal cases involving Syrians, excluding immigration offenses — up from 94,158 the previous year. The federal interior ministry reported particularly sharp increases in violent and sexual offenses. In 2024, there were 12,512 violent crimes involving Syrian suspects, the highest in 10 years. Cases of rape, sexual coercion, and serious sexual assault rose to 648, more than 60 percent higher than in 2020.
AfD co-leader Alice Weidel said in a press release that the figures show “the government’s failure in migration and security policy.” She stated, “More than half of all women in Germany no longer feel safe in public spaces. This alarming figure is further proof of the government’s failure. Between 2015 and 2024, 135,668 Germans were victims of crimes committed by suspected Syrian perpetrators. This development is not only extremely alarming but also the result of government mismanagement and uncorrected political misjudgments.”
Weidel also criticized Chancellor Friedrich Merz directly, claiming that the governing coalition refuses to “honestly identify the causes of the problems” and instead engages in “ideological debates about racism.” She said the victims are “young women and children, who are often defenselessly exposed to violent attacks,” calling the situation “a declaration of bankruptcy by this federal government in terms of security policy.”
AfD Bundestag member Christopher Drößler, who initiated the parliamentary inquiry, said the figures demonstrate the need for a large-scale deportation campaign. “Numbers don’t lie. The statistics confirm once again: Germans are primarily victims of criminal foreigners from [Middle] Eastern countries,” Drößler told Freilich. “We need a massive deportation offensive that focuses primarily on migrants from the main countries of origin, especially Syria, Afghanistan, Morocco, and Iraq.” He said deportations to all these countries “must finally be possible.”
The AfD argues that uncontrolled migration is worsening social tensions in Germany, including competition for housing, benefits, and public safety, and says it is the only party offering “clear solutions” such as border security, deportation of criminal foreigners, and increased police strength.
This month alone, Remix News has reported on several cases involving Syrian suspects across Germany, including the trial this week of a man accused of attempting to murder his former partner and their infant son by setting fire to her apartment while they were inside.
Last week, five Syrian men aged between 17 and 26 were arrested in connection with the alleged gang rape of a 17-year-old girl in Heinsberg, near Aachen. The teenage victim was reportedly persuaded by her ex-boyfriend to meet him, but when he picked her up, three other men entered the car. He then drove them to an apartment in Heinsberg, where two additional men were waiting to rape her under threat of a Taser.
Earlier this month, a 14-year-old Syrian boy accused of committing around 200 crimes was arrested in northern Germany after years of violent offenses that terrorized towns in Schleswig-Holstein. Mohamad H. was charged with three counts of grievous bodily harm, but is accused of committing dozens of offenses, including knife possession, attacking police officers, and multiple thefts.
END
FRANCE
Interesting:
(Remix)
France: An Islam-Friendly Mayor’s Attempt To Squash A Catholic Film Backfires Badly
Friday, Oct 31, 2025 – 02:00 AM
An attempt to ban a movie seen as in breach of France’s long-cherished separation of Church and State has turned the film into a box-office success.
“Sacre Coeur: Son regne n’aura pas de fin” (“Sacred Heart: His reign will have no end”) tells the story of the Sacred Heart devotion through the centuries, up until modern times. A devotion in Catholicism entails prayer, receiving communion, and making acts of reparation for sins. The Sacred Heart devotion revolves around such practices in the name of the heart of Jesus Christ, which serves as a symbol of his divine love, mercy, and compassion for humanity.
At first, the mayor of Marseille, Benoît Payan (Socialist Party), sought to ban any promotion of the film in spaces managed by the SNCF (French National Railway Company) and the RATP (Parisian public transport operator).
He then banned a screening of the film in a local municipal cinema — all in the name of secularism.
The issue was that Payan has always seemed far more open to anything related to Islam. In fact, the mayor has set aside land for the building of mosques, made sure Muslim celebrations have adequate venues, and even visited high schools with Muslim Brotherhood ties, reports France Catholique, citing a report out of Frontières magazine on “mayors complicit with Islamism.”
During Ramadan this year, he even openly stated: “Many of those who lecture Muslims […] should learn what is written in the surahs, which can enlighten us about the world.”
The movie has particular significance to the city, as the FC portal also notes that Bishop de Belsunce consecrated Marseille to the Sacred Heart during the Great Plague of 1720, which is said to have then ended right afterward.
Luckily, there were those who decided to push back against the mayor’s ban. Last week, the senator from Marseille, Stéphane Ravier, formerly of Le Pen’s National Rally party, filed an emergency appeal to overturn the municipal decision. Martine Vassal (The Republicans), president of the Bouches-du-Rhône department and the Aix-Marseille-Provence metropolitan area, also came out publicly in support of the film and attended its screening that same evening.
On the morning of the 25th, the court overturned the previous decision, with a strong message for Mayor Payant: “The mayor of Marseille has committed a serious and manifestly illegal infringement of freedom of expression, freedom of creation, and freedom of artistic dissemination.”
At the end of the day, as noted by France Catholique, Payant’s attempt to squash this Christian film backfired terribly. More than 200,000 people have now seen the film directed by Steven J. and Sabrina Gunnel since its release on Oct. 1. While the film was initially in just 155 theaters across France, this was increased to nearly 350 in its third week.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
Hamas given 24 hours to withdraw from IDF’s Yellow Line in Gaza, US officials tell ‘Post’
“That 24-hour window expired at 8 p.m. local time, at which point Israel will enforce the ceasefire and engage Hamas targets behind the yellow line,” the source stated.
IDF operates in Gaza, September 29, 2025.(photo credit: IDF SPOKESPERSON UNIT)ByAMICHAI STEIN, JERUSALEM POST STAFFOCTOBER 30, 2025 22:57Updated: OCTOBER 30, 2025 23:48
A US official told The Jerusalem Post that mediators informed Hamas to withdraw from behind the Yellow Line before Thursday evening, otherwise the IDF would strike.
“Last night, Hamas was notified through Egypt and Qatar that they had 24 hours to evacuate their terrorists from the area behind the yellow line currently being held by the IDF,” the source said.
“That 24-hour window expired at 8 p.m. local time, at which point Israel will enforce the ceasefire and engage Hamas targets behind the yellow line. This guidance was issued with approval from the United States, Egypt, and Qatar,” the source stressed.
Recovering the remains of deceased hostages
Hamas had previously crossed past the Yellow Line with the permission of Israeli authorities, and in coordination with the Red Cross, to recover the bodies of hostages.
Hamas also failed to release all the deceased hostages in a single release during the early stages of the ceasefire, and Israeli officials have claimed Hamas is deliberately delaying the return of the deceased.
“There is little pressure on the organization from the mediators to release more hostages, and some of the bodies are located in places that will make a swift return difficult,” an Israeli official told The Post. “We still have leverage to apply pressure on the organization to return the hostages, and there are two more hostages we believe they can return immediately. Still, there is concern that we may see another situation where days go by without any bodies being returned.”
Striking Hamas after ceasefire violations
After previous ceasefire violations by Hamas, the IDF attacked dozens of terrorists on Wednesday. The attacks came prior to the renewed ceasefire enforcements.
Also among the targets attacked were observation posts, a weapons production site, rocket and mortar launch positions, and underground tunnels.
This is a developing story.
end
ISRAEL// HAMAS
Two bodies returned; now left with 11 to go:
Amiram Cooper, Sahar Baruch identified as slain hostages returned to Israel
The remains of the two slain hostages were transferred into Israeli territory by the IDF and the Shin Bet on Thursday and were identified at the National Institute of Forensic Medicine.
Slain hostages Sahar Baruch and Amiram Cooper(photo credit: Hostages and Missing Families Forum)ByAMICHAI STEIN, JERUSALEM POST STAFFOCTOBER 30, 2025 14:01Updated: OCTOBER 30, 2025 23:45
Amiram Cooper and Sahar Baruch were identified as the two slain Gaza hostages whose remains were returned by Hamas after over two years in captivity, the Prime Minister’s Office and the Hostages and Missing Families Forum confirmed on Thursday night.
The remains of the two slain hostages were transferred into Israeli territory by the IDF and the Shin Bet on Thursday evening just before 5:30 p.m., the Prime Minister’s Office said, and were identified at the National Institute of Forensic Medicine.
The Red Cross collected the remains of two hostages from Hamas and transferred them to the IDF and Shin Bet (Israel Security Agency).
This comes after Hamas stated that it would hand over the remains of two Gaza hostages at approximately 4 p.m. The IDF announced the handover at 4:46 p.m.
“We are determined to return all of our fallen hostages. If I’m not mistaken, we are receiving two more now – we will not rest until we bring them all home,” Prime Minister Benjamin Netanyahu stated on Thursday at an IDF combat officer graduation ceremony.
The Gaza terror organization claimed that it uncovered the remains of two hostages during excavations in Gaza City on Tuesday evening and named them in the announcement.
At the time of publication, the families of the slain hostages Hamas named in the announcement have not commented on it.
“Seven hundred and fifty five days after the massacre, no hostages from Kibbutz Nir Oz remain in Hamas captivity,” a statement released by Kibbutz Nir Oz following the identification of Cooper and Baruch’s remains read.
“Now, with the return of the last hostage from the kibbutz, we can begin to process, heal, and mourn the 65 loved ones who will never return.” the statement went on. “Alongside our painful closure, there are still 11 families waiting for their loved ones. We will continue to work together with them to bring everyone back, until the last hostage.”
Hamas’s reburial and staged discovery of slain hostage Ofir Tzarfati’s remains
Also on Tuesday, the IDF published footage of Hamas’s reburial and staged discovery of slain hostage Ofir Tzarfati’s remains.
The video, filmed by an IDF drone that had been in the area, shows Hamas members placing Tzarfati’s remains in a freshly dug hole before covering the remains with dirt.
They then proceeded to “dig” up the remains and called over members of the International Committee of the Red Cross (ICRC) to witness the discovery.
end
ISRAEL VS HAMAS
TRIAL FOR GENOCIDE
Israel to establish special tribunal to prosecute Hamas Nukhba terrorists for Oct. 7 massacre – KAN
An oversight committee will also be formed to discuss the policy of the terrorist trials, but will be prohibited from discussing specific cases.
Terrorists from Hamas’s Nukhba Force being held at Ofer Prison near Jerusalem, August 28, 2024.(photo credit: Chaim Goldberg/Flash90)ByJERUSALEM POST STAFFOCTOBER 31, 2025 08:18Updated: OCTOBER 31, 2025 08:19
A special tribunal will be founded to try the nearly 300 terrorists from Hamas’s Nukhba Force imprisoned by Israel for their participation in the October 7 massacre, Israeli public broadcaster KAN News reported on Thursday evening.
Though discussions on the matter were put on hold while there were still living hostages held in Gaza, KAN explained, Justice Minister Yariv Levin announced that he plans to quickly advance the bill put forth by MK Simcha Rothman (Religious Zionist Party) and MK Yulia Malinovsky (Yisrael Beytenu) now that all living hostages have returned.
Additionally, the State Attorney’s Office seeks to decide on its prosecution in the coming weeks, the report noted.
According to the classified document outlining the court’s initial framework, KAN noted, the judges will be either those who have already retired or are about to retire.
An oversight committee made up of Levin, Foreign Minister Gideon Sa’ar, and Defense Minister Israel Katz, will also be formed to discuss the policy of the terrorist trials, but will be prohibited from discussing specific cases.
Justice Ministry: Not all terrorists can be charged with genocide
The Justice Ministry believes that not all Nukhba terrorists can be charged with genocide, and has already discussed other charges they could be tried with, according to KAN, such as “aiding the enemy in wartime” or “violating sovereignty.”
The terrorists will also be able to present appeals to the court, according to KAN.
Extending the detention time under Israel’s Incarceration of Unlawful Combatants Law was also discussed to permit the Israel Prison Service to imprison them indefinitely, but was discarded due to legal difficulties, KAN reported.
However, Justice Ministry officials sent reservations to Levin in a classified document along with a request to hold a meeting between him and Attorney-General Gali Baharav-Miara. Levin refused the meeting, stating it was unnecessary, the report added.
This limited direct contact to ministry officials and the MKs who initiated the bill, with Levin contacted only indirectly, the report continued.
The results of these contacts included an agreement to establish a special court for this issue, which will be staffed by judges who have already retired or are approaching retirement, KAN added.
Some decisions on prosecuting Nukhba terrorists have not been made, including the lack of agreement over whether it would be possible to prosecute the terrorists for regular offenses within the framework of the special court, KAN noted.
Also under discussion are ongoing concerns about the special rules of procedure and evidence that will apply in the special court. However, Justice Ministry officials agree that special rules and procedures are necessary.
END
EURASIA AND USA
KORYBKO
important reading
The Stage Is Set For A US-Instigated Security Dilemma Between The Eurasian Rimland & Heartland
Thursday, Oct 30, 2025 – 11:25 PM
Authored by Andrew Korybko via Substack,
US-backed NATO, Pakistan, and the “Asian/Containment Crescent” of Japan, Taiwan, and the Philippines are poised to respectively face off against Russia, India, and China across this century.
The US is sending mixed signals about the Sino–Russo Entente, which was strengthened by the Power of Siberia 2 gas pipeline deal, after Trump said in September that he’s “not concerned” about it while Secretary of War Pete Hegseth claimed that he ordered him to “re-establish deterrence” against them. As was argued here, “Trump 2.0’s Eurasian Balancing Act Has Failed” largely as a result of this development, which importantly involved India’s tacit approval amidst its rapprochement with China.
Far from remaining divided, principally as regards China and India with all the complications that their continued rivalry would entail for Russia’s own balancing act, Eurasia’s three most powerful civilization-states are increasingly coming together to revive their dormant Russia-India-China (RIC) format. This platform is significant on its own but it’s also crucially the core of BRICS and the SCO, which play complementary roles in gradually transforming global governance as explained here.
These RIC-accelerated multipolar processes can’t be countered through direct military force, however, but the way in which the Pentagon might try to slow everything down is through provoking arms races. NATO’s, Pakistan’s, and the “Asian/Containment Crescent’s” (Japan-Taiwan-Philippines) US-backed military buildups (partial in Pakistan’s case) could help achieve this vis-à-vis Russia, India, and China as could reinforced US military presences (or a formal return in Pakistan’s case) in each.
Likewise, the “Golden Dome”, intermediate-range missile deployments in their regions, and more militarization of outer space can place additional pressure on Russia and China to this end, though these moves could also backfire by enhancing those two’s military-technical coordination too. To be clear, Russia and China aren’t allies that would go to war for one another, but their shared military-security and strategic interests raise the chances that they’ll provide support for the other during wartime.
China has thus far eschewed sending military-technical aid to Russia due to its complex interdependence with the West, but Trump’s tariff war, his accusation that President Xi Jinping is “conspiring” against the US, and the Pentagon’s plans for the “Asian/Containment Crescent” might prompt a recalculation. In a similar spirit, Russia might become comfortable sharing cutting-edge military-technical knowledge with China to counterbalance US moves in Japan, which could extend to their shared North Korean ally too.
Although the lion’s share of Pakistan’s military-technical equipment comes from China, the US might break into this market if Chinese exports decrease due to the Sino-Indo rapprochement, which could also lead to a decrease in American exports to India and the need to replace them with exports to Pakistan. Russia might even regain its traditional role as India’s top supplier by far if exports to it spike in response to more US exports to Pakistan in a de facto revival of the region’s Old Cold War-era military dynamics.
All of these strategic dynamics set the stage for a security dilemma between the Eurasian Rimland (NATO, Pakistan, and the “Asian/Containment Crescent”) and the Eurasian Heartland (RIC) instigated by the US in order to “re-establish deterrence” vis-à-vis the Sino-Russo Entente. The purpose is to pressure one of them or their shared Indian partner into capitulating to the US so as to then more effectively divide-and-rule the supercontinent. This hegemonic plot will define Eurasia’s 21st-century geopolitics.
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
| DOJ Investigates Black Lives Matter Organization Over Alleged Abuse of $90 Million in DonationsThe federal prosecutors opened an investigation against the senior leadership of Black Lives Matter Global Network Foundation. This foundation is the fiscal sponsor for the Black Lives Matter Movement. They also investigated other Black advocacy groups who rose to prominence in the wake of George Floyd’s death and the subsequent nationwide riots. A report by Fox News, citing sources with …READ THE FULL REPORT |
| DOJ Investigates Black Lives Matter Organization Over Alleged Abuse of $90 Million in DonationsThe federal prosecutors opened an investigation against the senior leadership of Black Lives Matter Global Network Foundation. This foundation is the fiscal sponsor for the Black Lives Matter Movement. They also investigated other Black advocacy groups who rose to prominence in the wake of George Floyd’s death and the subsequent nationwide riots. A report by Fox News, citing sources with …READ THE FULL REPORT |
| Just in: A GOP Rep. Will Introduce Impeachment articles Against a Famous Activist Judge over Spying DisclosuresU.S. Rep. Brandon Gill, (R-TX), is currently drafting impeachment articles against James Boasberg. Boasberg was the Chief Judge of the U.S. District Court for the District of Columbia and signed off on the covert surveillance of Republican legislators as part of Justice Department led by Biden’s “Arctic Frost investigation.” Documents, released by congressional investigators earlier this week, revealed that the …READ THE FULL REPORT |
| Disturbing Arrest Made In Sick Threat To Trump’s LifeA radical former teaching assistant from Illinois State University — who recently went viral for flipping a Turning Point USA table on campus — has now been arrested by federal agents for allegedly threatening to kill President Donald Trump. According to a newly unsealed criminal complaint, Derek S. Lopez was taken into custody Tuesday evening in Illinois following a multi-agency …READ THE FULL REPORT |
| WATCH: Socialist Mayoral Candidate Waves Somali Flag, Speaks ArabicOmar Fateh is a socialist running for the Minneapolis mayor’s office. He caused controversy on social media when he spoke and waved the Somali flag during an election rally in Minneapolis. Fateh used phrases such as “Assalamualaikum” and “Somalia Hira State,” urging the voters to “Vote early until November 4, “I need you vote,” and Hadan Udkina, Hello. We’re gonna …READ THE FULL REPORT |
| LATEST REPORTS FOR NEWS JUNKIES |
| Report: Blue State bill could allow illegal aliens to oversee electionsIn California, illegal immigrants can already vote at local elections. Now, Gov. Gavin Newsom, a Democrat from California has recently signed a bill that could potentially allow illegal aliens to oversee elections in the state. According to current law, the citizenship of voters participating in state-wide races like those for governor is confirmed through an affidavit – essentially an honour …READ THE FULL REPORT |
| Trump Administration cracks down on Illegal Alien Receiving Taxpayer benefitsScott Turner, Housing and Urban Development secretary announced that the Trump administration will crack down on illegal immigrants who are living in public housing funded by taxpayers. Turner stated that every housing authority in the United States has 30 days from now to perform an audit proving their residents either are U.S. Citizens or have “eligible status.” Turner wrote: “Illegal …READ THE FULL REPORT |
| Just in: Mamdani’s campaign takes a hit as a new scandal emerges: ‘Not an American’Zohran Mamdani, the socialist candidate for mayor of New York City, is under fire after his remarks were re-surfaced. His mother, Mira Nair (a filmmaker), described her son as a “total desi” in a language that critics claim drips with disdain towards America. Nair boasted in 2013 in an interview with Hindustan Times that Mamdani, a 21 year old student …READ THE FULL REPORT |
| JUST IN: Trump-Backed Candidate In ‘Dead Heat’ Race For Blue State Governorship, Top Pollster RevealsJack Ciattarelli, the Republican candidate in New Jersey’s high profile gubernatorial election is just a few votes away. Quantus Insights ‘s latest survey shows that Mikie Sherrill is clinging on to a narrow lead of 49% over 46% — within the margins of error +-2.6%. If leaners and independents are taken into account, the result is 49.2% to 44.9%. This …READ THE FULL REPORT |
| Cory Booker Storms Out Of Hearing When Asked Question He Refused To AnswerSenator Cory Booker stormed out of a Senate Judiciary Subcommittee on Political Violence hearing Tuesday after being confronted over his controversial endorsement of a Democrat candidate tied to violent threats against Republicans. The moment drew gasps in the room — and underscored just how deep the hypocrisy runs inside the Democratic Party when it comes to condemning political violence. …READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
Oil Spikes On Reports US Military Attacks On Venezuela Imminent, Just ‘Hours’ Or ‘Days’ Away
Friday, Oct 31, 2025 – 09:05 AM
New Friday morning reporting says that President Trump has made the decision to attack Venezuela, ahead of which has seen an unprecedented US military build-up in the South Caribbean, and has included redeploying the USS Gerald R. Ford carrier group from the Mediterranean to join operations off Venezuela.
The planned attacks against Venezuelan military installations are being reported in The Miami Herald and The Wall Street Journal, both which describe the impending assault as imminent.
“The Trump Administration has made the decision to attack military installations inside Venezuela and the strikes could come at any moment, sources with knowledge of the situation told the Miami Herald, as the U.S. prepares to initiate the next stage of its campaign against the Soles drug cartel,” Miami Herald writes.
The will “seek to destroy military installations used by the drug-trafficking organization the U.S. says is headed by Venezuelan strongman Nicolás Maduro and run by top members of his regime,” the report continues.
Sources say it could come in just “hours” or a matter of “days”:
Sources told the Herald that the targets — which could be struck by air in a matter of days or even hours — also aim to decapitate the cartel’s hierarchy. U.S. officials believe the cartel exports around 500 tons of cocaine yearly, split between Europe and the United States. While sources declined to say whether Maduro himself is a target, one of them said his time is running out.
“Maduro is about to find himself trapped and might soon discover that he cannot flee the country even if he decided to,” the source said. “What’s worse for him, there is now more than one general willing to capture and hand him over, fully aware that one thing is to talk about death, and another to see it coming.”
It sounds like it will be a full regime change operation, with a ‘friendly’ pro-US opposition leader likely to be installed into power (such as the latest Nobel Peace Prize winner).
Oil spiked on the new war headlines, in a place which has the world’s largest proven crude reserves…
developing…
END
THEN
Trump Reacts To Headlines Of ‘Imminent’ Land Attack: ‘No Strikes On Venezuela’
Friday, Oct 31, 2025 – 11:55 AM
Update(1155ET): It took a few mere hours for President Trump to react to headlines from early this morning declaring, “US strikes on Venezuela possibly days away.” The Miami Herald cited sources who said it could just be even just “hours” away.
Of course, if these land strikes against military and cartel locations are indeed imminent, the Pentagon would want to maintain the element of surprise. So Trump has either just now authentically rejected that it’s going to happen at all, or else is seeking to run cover in order to keep that military element of surprise and edge. Now he’s saying there will be “no strikes on Venezuela”. Asked whether he’s decided on such strikes, Trump responded “no”. “President Trump reversed the decision Friday afternoon, stating no strikes would happen, leaving the military buildup’s intent unclear amid ongoing U.S. efforts against drug trafficking,” breaking reports say.
- TRUMP: NO STRIKES ON VENEZUELA
- TRUMP ON NUCLEAR TESTS: WE’RE GOING TO DO SOME TESTING
- TRUMP ON NUCLEAR TESTS: YOU’LL FIND OUT VERY SOON
And oil promptly dumped on the Venezuela-related headline…
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
JAMAICA/CATASTROPHIC BOND PAYOUTS
This will hurt many bankers
(zerohedge)
Jamaica’s Catastrophe Bond Poised For Big Payout Within Weeks After Hurricane Melissa’s Insane Strength
Friday, Oct 31, 2025 – 10:05 AM
Hurricane Melissa was the most powerful storm to make landfall in Jamaica in over 170 years, ripping through the Caribbean island’s western region with 185 mph winds and leaving widespread destruction to infrastructure, towns, resorts, and farmland. The storm’s central pressure is likely to have fallen below the threshold that would trigger a $150 million catastrophe bond designed to offset weather-related losses through the capital markets.
According to CNBC, the government of Jamaica’s $150 million cat bond was structured by insurance broker Aon using the International Bank for Reconstruction and Development’s “capital at risk” program and could be triggered as soon as next month.
For the island nation’s government to receive funds, the storm’s central pressure must be less than 900 millibars upon landfall. Early indications from the National Hurricane Center show the Category 5 hurricane with 185 mph winds met that threshold in several regions in the western part of the island.
Key details about $150 million cat bond:
- The cat bond, structured by Aon and effective through 2027, provides parametric coverage, meaning payouts are based on storm intensity metrics rather than assessed damages.
- Triggering paypout requires the storm’s central pressure must be <900 millibars upon landfall. Early National Hurricane Center data confirm Melissa met this threshold in multiple regions, now pending verification by an independent agent which could take weeks.
- If triggered, funds could reach Jamaica within about one month, far faster than traditional insurance settlements, which often take several months.
Jamaica is the first Caribbean and small-island nation to sponsor a cat bond, according to Aon.
“While the final numbers are still being verified, the early signs suggest the transaction is doing what it was designed to do: getting critical funds to the country quickly after a major disaster,” Chris Lefferdink, Aon’s head of insurance-linked securities for North America, told CNBC in a statement.
The question of whether the $150 million cat bond will cover all the damage remains in question. New satellite data from Bloomberg shows extensive damage.
Damage report so far:
- Montego Bay, Black River, and surrounding parishes (Saint James, Westmoreland, Saint Elizabeth) suffered the heaviest damage, with around 40% of buildings and roads destroyed.
- Power outages persist for about 72% of customers, while many communities remain isolated due to blocked roads and debris.
- At least 19 people were killed, and economic losses are estimated at $8 billion, about one-third of Jamaica’s GDP, according to Enki Research.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1546 DOWN 0.0005 PTS OR 5 BASIS POINTS/WITH STOCKS HIGHER
USA/ YEN 154.18 UP 0.274 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//JAPAN IN TROUBLE WITH RISING RATES
GBP/USA 1.3126 DOWN .0023 OR 23 BASIS PTS
USA/CAN DOLLAR: 1.4009 UP 0.0028 (CDN DOLLAR DOWN 28 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 32.11 PTS OR 0.81%
Hang Seng CLOSED DOWN 376.04 PTS OR 1.43%
AUSTRALIA CLOSED DOWN 0.01%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 376.04 PTS OR 1.43%
/SHANGHAI CLOSED DOWN 32.11 POINTS OR 0.81%
AUSTRALIA BOURSE CLOSED DOWN 0.01 %
(Nikkei (Japan) CLOSED UP 1085.73 PTS OR 2.12%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4002.25
silver:$48.77
USA dollar index early FRIDAY morning: 99.38 UP 4 BASIS POINTS FROM WEDNESDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.000% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.654% UP 1/2 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.038 DOWN 1 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.146 DOWN 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.390 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6362 DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1545 DOWN 0.0027 OR 27 basis points
USA/Japan: 154.17 UP 0.46 OR YEN IS DOWN 46 BASIS PTS//
Great Britain 10 YR RATE 4.4130 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.173 DOWN 3 BASIS POINTS.
Canadian dollar DOWN 0.0050 OR 50 BASIS pts to 1.4031
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1164 ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1229
TURKISH LIRA: 42.05 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.654 UP 1/2 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.038 DOWN 1 basis pts
Your closing 10 yr US bond yield DOWN 1 in basis points from WEDNESDAY at 4.092% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.655 UP 0 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.613 DOWN 1 BASIS PTS.
GOLD AT 10;00 AM 4019.70
SILVER AT 10;00: 48.85
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 42.31 PTS OR 0.44%
GERMAN DAX: DOWN 160.59 pts or 0.67%
FRANCE: CLOSED DOWN 36.22 pts or 0.44%
Spain IBEX CLOSED DOWN 7.70 pts or 0.05%
Italian MIB: CLOSED DOWN 27.08 or 0.06%
WTI Oil price 60.98 10.00 EST/
Brent Oil: 64.82 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 79.87 ROUBLE DOWN 0 AND 12/ 100
CDN 10 YEAR RATE: 3.123 DOWN 3 BASIS PTS.
CDN 5 YEAR RATE: 2.705 DOWN 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1565 DOWN 0.0035 OR 35 BASIS POINTS//
British Pound: 1.3144 DOWN .0051 OR 51 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.4110 UP 2 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.1700 DOWN 0 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.652 UP 1/ 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.045 DOWN 0 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 154.056 UP 1.332 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING IN VALUE
USA dollar vs Canadian dollar: 1.3988 UP 0.0046 PTS// CDN DOLLAR DOWN 46 BASIS PTS CDN DOLLAR
West Texas intermediate oil: 60,34
Brent OIL: 64.72
USA 10 yr bond yield UP 4 BASIS pts to 4.096
USA 30 yr bond yield UP 4 PTS to 4.642%
USA 2 YR BOND 3.610 UP 2 PTS
CDN 10 YR RATE 3.132 DOWN 3 BASIS PTS
CDN 5 YEAR RATE: 2.718 DOWN 2 BASIS PTS
USA dollar index: 99.36 UP 34 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.97 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 79.61 UP 0 AND 39/100 roubles //
GOLD $3998.00 (3:30 PM)
SILVER: 48.52 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 40.75 OR 0.086%
NASDAQ 100 UP 123.31 PTS OR 0.48%
VOLATILITY INDEX 17.31 UP 0.40 PTS OR 2.37%
GLD: $ 368.12 DOWN 2.01 PTS OR 0.54%
SLV/ $44.01 DOWN 0.33 PTS OR OR 0.74%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 77.32 PTS OR 0.26%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘
‘Uptober’ For Stocks & Bonds As Rate-Cut Odds Tumble But Bitcoin Breaks Six-Year Win-Streak
WRAP UP;
AMZN props up NDX as Fed talk toes a hawkish tone – Newsquawk US Market Wrap
Friday, Oct 31, 2025 – 04:11 PM
- SNAPSHOT: Equities up, Treasuries steepen, Crude up, Dollar up, Gold down.
- REAR VIEW: Trump says will not start renegotiations with Canada; Trump pushes back on reports of strikes on Venezuela; Chicago PMI tops expectations; Fed’s Schmid, Logan, and Hammack argue against rate cuts, while Bostic supported Wednesday decision; Hotter-than-expected Tokyo CPI; AAPL & AMZN beat on top and bottom line.
- COMING UP: Data: Chinese RatingDog PMI, Swiss CPI, EZ, UK & US Final Manufacturing PMI, US ISM Manufacturing PMI. Speakers: Fed’s Daly, ECB’s Lane, BoC’s Macklem. Holiday: Japan. Supply: BoE Gilt Sale (long-term), US Financing Estimates. Earnings: Ryanair.
- WEEK AHEAD: Highlights include US ISM PMIs, ADP, Supreme Court Tariff Hearing, RBA, BoE, OPEC-8, French Revenue Vote. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing BoE, RBA, Riksbank, Norges Bank, BCB; Reviewing FOMC, BoJ, BoC, ECB. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Numerous earnings with highlights including PLTR, UBER, AMD, SHOP, MCD, QCOM, ARM. Click here for the full report.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
- 2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
US equities were mixed when looking on a sector basis, as Consumer Discretionary surged thanks to Amazon’s X% rally on a profit, revenue, and AWS beat. In tech, Apple was marginally higher (+x%) as participants weighed the miss on some metrics (mainland China, iPhone, and Mac revenue) against the positive Q1 revenue outlook, which seemingly puts the impacts from the iPhone Air launch delay in the past. Utilities, Materials, and Staples underperformed and were in the red. Market-moving updates included reports from the Miami Herald (which synced up with WSJ reports) that the US has decided to attack military sites in Venezuela that could come at any moment, as the sites are being used to smuggle drugs. A fleeting risk-off trade was seen, with US President Trump later refuting the prospects of a strike on Venezuela. Crude prices saw upside on the Miami Herald report, which held to some extent throughout the day but ~ USD 0.50/bbl off highs. For the Dollar and Treasuries, pertinent updates came via the Fed, where Fed’s Schmid, Logan, and Hammack argued against lowering rates in October and beyond, citing either/both concerns over high inflation or an economic outlook that argued otherwise. Treasuries settled mixed, with the long end seeing modest losses while the opposite was seen in the short end. The Dollar extended post-Fed gains amid a slight reduction in rate cut expectations at the Fed’s December meeting. JPY outperformed with unchanged performance vs USD as hotter-than-expected Tokyo CPI provided support.
FED
Logan (2026 voter, Hawk) – Preferred to hold rates this week as the economic outlook did not justify a move and finds it difficult to support another cut in December. Stated the labour market is roughly balanced and cooling slowly, with low layoffs and unemployment claims, though she’s mindful of recent layoff announcements. She also touted that the breakeven rate has fallen to 30k. Logan emphasised that inflation risks remain, and the Fed had already mitigated employment risk with the September cut. On rates, Logan said that she is disappointed to see market repo rates rise above the Fed’s ceiling rates. She also reiterated calls to modernise the Fed funds target rate. She suggested the Fed should shift the policy target from the Fed funds rate to a repo-based rate.
Schmid (2025 voter, hawk, dissenter) – Voted to keep rates unchanged due to continued economic momentum and concerns over high and potentially spreading inflation, which he noted is affecting both goods and services. Described policy as only modestly restrictive and argued it still needs to lean against demand and price pressures. He said the labour market is largely in balance and that any stress likely stems from structural changes, not something small cuts would fix. Schmid also warned that lowering rates too soon could undermine the Fed’s commitment to the 2% target. Regarding rising prices, he specifically noted that rising healthcare costs and insurance premiums are at the top of mind.
Hammack (2026 voter, hawk) – Said she would not have cut rates in October, citing challenges to both sides of the mandate and stressing that policy is now around neutral and barely restrictive. She said the Fed cut in September because of the sharp drop in payroll, but since then, it is not obvious that the shift in the labour market is on the demand side. Hamamck argued that some restriction still needs to be maintained to bring inflation down, especially with little to no progress on core services ex-housing and additional pressures from tariffs, electricity, and insurance. Hamamck noted there are some emerging signs of labour softness, including layoffs, but said the Fed is missing more on the inflation side than on jobs. Emphasised the need to stay restrictive while remaining open-minded to new labour data ahead of December. On the balance sheet, she said there is a benefit to having the smallest possible balance sheet they can have, and that she agrees with Fed’s Logan that she wants to see Repo rates trading roughly in line with interest on reserve rates.
Bostic (2027 voter) – Ultimately supported this week’s rate cut but noted that mandates are in tension. He said the Fed is still in restrictive territory and needs to bring inflation down to 2%, though more progress is needed before feeling comfortable moving to neutral. Bostic acknowledged that less than half of upward price pressures are due to tariffs. He described the current environment as uncertain but not flying blind, and said some labour market shifts are structural. Backed Powell’s message that a December cut is not a foregone conclusion and reiterated that policy remains data-dependent. On the balance sheet, he also said he would like a little extra buffer on the balance sheet, noting he is “team abundant”, vs Hammack, who is “team ample”.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 1 TICK LOWER AT 112-21+
T-Notes chop to risk tone but ultimately settle flat. At settlement, 2-year -1.2bps at 3.602%, 3-year -0.9bps at 3.604%, 5-year -0.7bps at 3.713%, 7-year -0.5bps at 3.893%, 10-year +0.2bps at 4.095%, 20-year +1.4bps at 4.642%, 30-year +1.8bps at 4.666%.
INFLATION BREAKEVENS: 1-year BEI -0.1bps at 2.865%, 3-year BEI +1.5bps at 2.534%, 5-year BEI +1.9bps at 2.338%, 10-year BEI +1.1bps at 2.289%, 30-year BEI +1.0bps at 2.233%
THE DAY: T-Notes saw two-way trade with the curve ultimately little changed but with a steeper bias. T-Note futures sold off in the European morning with the risk tone improving, before a reversal was seen. T-Note futures rose from morning lows of 112-17 to a peak of 112-27. T-Notes had peaked as risk tone started to sour on reports that the US has decided to attack military sites in Venezuela, sparking haven demand; however, US President Trump later denied this. Elsewhere, US data saw the Chicago PMI report beat expectations but had little impact on price action. Elsewhere, there was plenty of Fed speak following the end of the blackout period. Schmid explained his reason for voting unchanged, noting there is momentum in the economy and concerns of high and potentially spreading inflation. Hammack and Logan (both 2026 voters) revealed that they would have voted to keep rates on hold. Meanwhile, Bostic said that ultimately he supported the rate cut. Attention next week turns to the US ADP report (no NFP due to shutdown), and quarterly refunding. There will also likely be plenty of Fed speak with the FOMC explaining their diverging views on interest rates.
SUPPLY
Bills
- US to sell USD 77bln of 26-wk bills and USD 86bln of 13-wk bills on November 3rd; to sell USD 95bln of 6-wk bills on November 4th; all to settle on November 6th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Dec 17bps (prev. 18bps), January 26bps (prev. 27bps), March 34bps (prev. 35bps).
- NY Fed RRP op demand at USD 52bln (prev. 19bln) across 25 counterparties (prev. 18)
- NY Fed Repo Op demand at USD 50.35bln across two operations (prev. 6.2bln across two ops. on 30th Oct.)
- EFFR at 3.87% (prev. 4.12%), volumes at USD 104bln (prev. 98bln) on October 30th.
- SOFR at 4.04% (prev. 4.27%), volumes at USD 3.098tln (prev. 3.061tln) on October 30th. Remains above the top-end of the Fed Funds target range on that date.
CRUDE
WTI (Z5) FUTURES SETTLED USD 0.41 HIGHER AT 60.98/BBL; BRENT (Z5) SETTLED USD 0.07 HIGHER AT 65.07/BBL
The crude complex was choppy, but settled green on Friday, which only tells half the story. WTI and Brent saw upside and hit highs of USD 61.38/bbl and USD 65.15/bbl, respectively, in the US morning amid source reports in the Miami Herald that US has decided to attack military sites in Venezuela and that could come at any moment. Overnight, WSJ reported that Trump’s administration has identified targets in Venezuela that include military facilities used to smuggle drugs. Later on in the US session, benchmarks pared gains as Trump said there will be no strikes on Venezuela, but suggested he has not yet made up his mind. On the OPEC footing, ahead of the OPEC-8 meeting on Sunday, Reuters sources noted that OPEC+ is likely to agree to a small oil output increase in December of 137k BPD, which is in fitting with sources earlier in the week. Note, another source said a pause could also be possible. Regarding the weekly Baker Hughes rig count, oil rigs were -6 at 414, nat gas +4 at 125, leaving the total -4 at 546.
EQUITIES
CLOSES: SPX +0.27% at 6,841, NDX +0.48% at 25,858, DJI +0.09% at 47,563, RUT +0.49% at 2,478.
SECTORS: Consumer Discretionary +4.08%, Energy +0.64%, Industrials +0.22%, Financials +0.19%, Real Estate +0.05%, Health -0.09%, Communication Services -0.31%, Technology -0.32%, Consumer Staples -0.48%, Utilities -0.77%, Materials -0.86%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.15% at 5,697, Dax 40 +0.06% at 24,139, FTSE 100 +0.04% at 9,760, CAC 40 -0.53% at 8,157, FTSE MIB -0.09% at 43,202, IBEX 35 -0.72% at 16,034, PSI +0.73% at 8,446, SMI -0.10% at 12,301, AEX +0.64% at 982.
STOCK SPECIFICS
- Amazon (AMZN): EPS, revenue and AWS beat with the midpoint of next quarter sales view above expected.
- Apple (AAPL): EPS, revenue beat, strong next quarter view & said will return to growth in Q1 in China, driven by iPhone sales.
- NVIDIA (NVDA): To supply >260k of its latest GPUs to South Korea; hopes to sell Blackwell chip to China, but as it stands, no plans to do so.
- Western Digital Corporation (WDC): Top & bottom line surpassed exp.
- Reddit (RDDT): Strong quarter metrics & impressive outlook.
- LyondellBasell Industries (LYB): Top & bottom line surpassed Wall St. exp.
- Strategy (MSTR): EPS & revenue surpassed expectations with better-than-expected FY profit view.
- Coinbase Global (COIN): Adj. EBITDA & revenue topped
- Warner Bros. Discovery (WBD): NFLX reportedly hires bank to explore bid for Co.
- Netflix (NFLX): 10-for-1 stock split.
- Intel (INTC): In talks to acquire AI chip start-up SambaNova
- Exxon Mobil (XOM): Revenue light.
FX
The USD was broadly firmer against peers as the return of Fed speakers (Schmid, Logan, Hammack) pushed against the perception of another 25bps cut in December. While Schmid, Logan, and Hammack are known hawks amongst the FOMC, the commentary today highlights Chair Powell’s view on Wednesday that there is a divergence amongst members on how to act on interest rates from now. Schmid (2025 voter) cited continued momentum in the economy and concerns about high and potentially spreading inflation behind his dissent to hold rates on Wednesday, while Logan (2026 voter) dissented in the same fashion, contending the economic outlook did not call for it. Other updates included Trump thwarting reports that the US has decided to strike military sites in Venezuela that are being used to smuggle drugs. Risk-off trade was briefly seen. DXY now sits around October highs (99.845) into November,
G10 FX ex-JPY vs USD was in the red, led by Scandis, NZD and EUR, while JPY saw relative outperformance in flattish territory. Overnight Tokyo CPI, which came in hotter than expected, provided support for JPY, albeit it was fleeting at the time; CPY 2.8% Y/Y (exp. 2.4%, prev. 2.5%). In Europe, inflation saw a sticky EZ Flash core HICP and an uptick in Services; EUR/USD was unmoved, trading at ~1.1530 into the weekend.
EMFX: The Polish Zloty underperformed CEE peers on Friday after softer-than-expected CPI data boosted calls for the NBP to cut rates once again. Meanwhile, the focus next week will be on the CNB, which is expected to keep rates unchanged. A CSOB analyst writes that CZK’s resilience this week in the aftermath of the Fed was mainly due to strong GDP growth, which topped expectations, supporting the prospect of rate stability in the coming months.
USA DATA RELEASES
USA ECONOMIC COMMENTARIES
LAS VEGAS
big slowdown in Las Vegas; discretionary money not being spent here!
Las Vegas Slowdown Deepens As Gamblers Reject Unaffordable Sin City
Thursday, Oct 30, 2025 – 06:05 PM
A Las Vegas downturn first emerged on our radar early this past summer and has only deepened into fall. We previously noted that the days of cheap room rates and discounted buffets to lure gamblers are long gone, replaced by steep markups on even the smallest of items. For many working-class Americans, Vegas has become unaffordable, and the latest data from Goldman analysts show the Strip slowdown persisted through September.
“Las Vegas trends remain lackluster,” Goldman analyst Lizzie Dove wrote in a note citing a series of data points, including visitation and gambling metrics, that marked the ninth consecutive quarter of year-over-year visitation declines and continued softness across the Strip in September.
Here are the key Vegas trends to focus on:
- Visitation: Down -8.8% y/y in September, following -7% in August and -12% in July. Convention attendance was especially weak (-19% y/y) due to the calendar shift of Oracle CloudWorld to October. Overall visitation fell -10% y/y.
- Hotel Metrics: Las Vegas Strip RevPAR fell -7.9% y/y, driven by ADR -1.5% and occupancy down 570 bps to 81.3%. Weakness was sharper mid-week.
- Gaming Revenue (GGR): Strip GGR declined -5.5% y/y to $688mn, largely due to a very low baccarat hold (8.5%) versus the two-year average of 16.3%. Adjusting for hold, GGR would have actually grown +2.2% y/y.
Despite falling visitation, gambling trends increased 11% y/y, suggesting operators are attracting higher-spending, gaming-focused visitors over general leisure tourists
Las Vegas Gaming Stats
Las Vegas Tracker
Vegas trends have been lagging in 2025, with the most pressure to RevPAR
Vegas casino stocks have been sideways since the pandemic.
Related:
- August: Las Vegas Tourism Falters As Prices Explode And Amenities Disappear
- July: Another Canary: The Las Vegas Economy Is Tanking Just Like It Did In 2008 And 2009
Perhaps the Wall Street Journal report this week about the GOP’s midterm political convention potentially being held in Sin City next year could bring some tailwinds. However, casino operators still need to address the growing affordability issue in the city.
Zerohedge Pro subs can find the Vegas trends note in the usual place – there are more charts.
END
Run On Food Banks Underway As SNAP Benefits Face Going Dark By Weekend
Friday, Oct 31, 2025 – 07:45 AM
By the end of the week, Democrats will be responsible for millions of Americans losing their food stamps due to their refusal to pass a clean continuing resolution to fund the federal government amid day number 29 of the shutdown. Already, working-class households are turning to food banks nationwide, and some of these free food distribution centers are warning of collapse, as they lack the proper supplies to fill the gap if food stamp cards go dark.
“Democrats have spent a month playing with people’s livelihoods because the far-left wing of their party won’t let them accept a clean, nonpartisan CR. If they want to prevent damage from their shutdown, then they can end their shutdown. The bill is right there at the desk,” Senate Majority Leader John Thune wrote on X.
At the start of the week, the American Federation of Government Employees, the country’s largest union representing federal workers, urged Democrats to abandon their current position and join Republicans in supporting a stopgap solution before more damage is done to working poor households and the economy.
Front page of the New York Post.
Working poor households have wasted no time in the government shutdown and shifted to food banks nationwide. Some food banks warn that supplies are getting low amid the influx in demand, and some even warn of a collapse if SNAP goes offline this Saturday.
Google Searches for “food bank near me” are exploding to a five-year high.
A New Mexico-based food bank director warned MSNBC: “For every meal that a food bank provides, the SNAP program provides nine. There’s no way we can meet that gap.”
Federal workers are getting their first taste of recession-like conditions.
Supplies dwindling.
The odds of a government shutdown being resolved next week stand at 26%, while the odds of a resolution after mid-November are 41%, according to Polymarket data.
END
THEN LATE FRIDAY AFTERNOON
Oh SNAP: Judges Order Trump Admin To Use Emergency Funds For Food Assistance
Friday, Oct 31, 2025 – 02:33 PM
Two judges have stepped in over the federal government suspension of food-aid benefits for tens of millions of Americans set to end on Nov. 1 amid the shutdown.
On Friday, US District Judge John McConnell of Rhode Island announced that he would order the US Department of Agriculture to distribute a pool of contingency funds “as soon as possible.”
While minutes before, Boston US District Judge Indira Talwani ruled that the US government must announce by Nov. 3 whether they would authorize at least partial funding for the program using around $6 billion in contingency funds – and if so, when will they do it.
McConnell’s order is related to a case brought by Democrat-led cities and nonprofits who sought to keep federal funds flowing the the Supplemental Nutrition Assistance Program (SNAP), while Talwani’s case was brought by over two dozen Democratic states and the District of Columbia.
Which, of course, completely takes pressure off Congress to find a speedy resolution to the ongoing shutdown. We’re sure judges will simply order federal employees to be paid, effectively un-shutting-down the government.
* * *
By the end of the week, Democrats will be responsible for millions of Americans losing their food stamps due to their refusal to pass a clean continuing resolution to fund the federal government amid day number 29 of the shutdown. Already, working-class households are turning to food banks nationwide, and some of these free food distribution centers are warning of collapse, as they lack the proper supplies to fill the gap if food stamp cards go dark.
“Democrats have spent a month playing with people’s livelihoods because the far-left wing of their party won’t let them accept a clean, nonpartisan CR. If they want to prevent damage from their shutdown, then they can end their shutdown. The bill is right there at the desk,” Senate Majority Leader John Thune wrote on X.
At the start of the week, the American Federation of Government Employees, the country’s largest union representing federal workers, urged Democrats to abandon their current position and join Republicans in supporting a stopgap solution before more damage is done to working poor households and the economy.
Front page of the New York Post.
Working poor households have wasted no time in the government shutdown and shifted to food banks nationwide. Some food banks warn that supplies are getting low amid the influx in demand, and some even warn of a collapse if SNAP goes offline this Saturday.
Google Searches for “food bank near me” are exploding to a five-year high.
A New Mexico-based food bank director warned MSNBC: “For every meal that a food bank provides, the SNAP program provides nine. There’s no way we can meet that gap.”
Air Traffic Controllers Ask Public For Donations As Shutdown Drags On
Friday, Oct 31, 2025 – 08:05 AM
Authored by Jill McLaughlin via The Epoch Times (emphasis ours),
Air traffic controllers who missed their paychecks for the first time on Oct. 28 during the ongoing government shutdown gathered at several airports nationwide to ask the public for donations.
Controllers passed out leaflets at 20 airports to also ask people to call their congressional representatives and urge them to reopen the government.
The effort was organized by the National Air Traffic Controllers Association, which represents nearly 20,000 controllers, engineers, and other safety-related professionals across the United States.
Association President Nick Daniels joined Transportation Secretary Sean Duffy at New York’s LaGuardia Airport on Tuesday for a press conference about the missing paychecks.
The shutdown has strained the nation’s network of air traffic controllers, causing flight delays and cancellations as staff shortages leave some towers without enough support, officials reported.
The extra stress of worrying about putting food on the table and paying rent has exacerbated the crisis, according to Daniels.
“America’s air traffic controllers are now having to focus on how do they put gas in their car? How do they take care of their children? How do they pay for child care?” Daniels said. “That makes the system less safe.”
He urged people to contact their congressional representatives to take action and end the shutdown.
“These hardworking men and women are showing up to do their jobs,” he said.
Duffy said many long-serving controllers can survive without this first paycheck because they have planned for days such as these. But many new controllers who are still in training can’t handle not being paid.
Some controllers have taken on second jobs with Uber, DoorDash, and other services to get through the shutdown, he said.
But missing another paycheck would be devastating for most of them, he said.
“Almost every controller can’t make it [without] two paychecks,” Duffy said.
The demonstrations at airports this week were meant to send a message to Congress, he said.
A bill was presented in the Senate on Tuesday that would have allowed the shutdown to continue and also provided pay to critical workers, such as air traffic controllers. The bill failed after Senate Democrats voted against it.
“Controllers and those other critical employees need our government to be open, and they need to be paid,” Duffy said.
The shutdown could create long-term problems for the Transportation Department, even if the government reopened this week, Duffy said.
Some trainees have left the air traffic control program, and instructors at the academy are not being paid.
“This truly can drive people out of a profession where we’re trying to build more numbers instead of taking numbers away from us,” Duffy said.
Duffy estimated the department had about one week left before it runs out of funding for the air traffic control academy.
VICTOR DAVIS HANSON
KING NEWS
| The King Report October 31, 2025 Issue 7610 | Independent View of the News |
| Trump says China to buy US farm products, export rare earth minerals in exchange for tariff cuts President Trump also announced a potential deal with China to purchase U.S. energy… and stop fentanyl from entering the U.S…The president told reporters… the U.S. would lower tariffs imposed earlier this year as punishment on China – from 20% to 10% – for its selling of chemicals used to make fentanyl. That reduction brings the total combined tariff rate on China down from 57% to 47%… Trump also said he plans to go to China in April and Xi would come to the U.S. “some time after that.”… https://justthenews.com/government/diplomacy/trump-china-purchase-farm-products-export-rare-earth-minerals-stop-fentanyl China to Buy 12 Million Tons of Soybeans This Year, Bessent Says – BBG For the next three years, China has agreed to buy a minimum of 25 million tons annually… Trump: “China also agreed that they will begin the process of purchasing American Energy… a very large-scale transaction may take place concerning the purchase of Oil and Gas from… Alaska. Chris Wright, Doug Burgum, and our respective Energy teams will meet to see if such an Energy Deal can be worked out. The agreements reached today will deliver Prosperity and Security to millions of Americans.” Trump-Xi Truce Buys Time as Both Seek Leverage in Broader Fight – BBG The deal did NOT yield the type of structural changes that US President Donald Trump has long promised to address imbalanced trading relationship, and market seemed unimpressed… “I don’t think you’re going to see decoupling — I think you’re going to see strategic decoupling,” Robert Lighthizer, Trump’s lead trade negotiator with China during his first term, told Bloomberg Television on Thursday as the summit kicked off. “This is only going to be something that’s going to last for a period of months, or perhaps a year or so,” he added. “And then we’re going to be back there, and have to look at it again.”… “We’ve heard this playbook before: optimistic tone, little follow-through,” said Charu Chanana, chief investment strategist at Saxo Markets in Singapore. “The meeting had all the right optics, but what markets really wanted was a joint statement — something concrete to turn optimism into conviction.”… “Make no mistake, the two countries are drifting apart and are frantically building their own autonomous economic ecosystems,” Stephen Jen, chief executive officer of Eurizon SLJ Capital… https://www.msn.com/en-us/money/other/trump-xi-truce-buys-time-as-both-seek-leverage-in-broader-fight/ar-AA1PuAQq Trump, Xi’s Hot Trade War Over, Cold War on – Chang Su, BBG Chief Asia Economist The calm may only buy time for the two sides to strengthen their economic and technological positions in what looks likely to a long-term competition for supremacy… the risk of another flare-up in trade tensions remains considerable… For China, less pressure on exports would let it focus more on addressing deep-rooted domestic challenges facing its economy and give it space to build wider trade relationships elsewhere… Meta declined as much as 13.46% (9:32 ET) and pulled Fangs lower. Meta Looks to Raise at Least $25 Billion from Bond Sale – BBG 11:56 ET Issue notes in as many as six parts, ranging from five to 40 years in length… Meta… needs to invest billions of dollars in data centers and other key infrastructure… Meta’s Jumbo Bond Sale Draws Record $125 Billion of Demand– BBG 12:24 ET Meta, Google, Microsoft and others are going all in on AI spending. What could possibly go wrong? Meta, Microsoft Test Investors with 89% AI-Fueled Spending Surge – BBG (Powell sees no bubble) Alphabet, Meta, and Microsoft together racked up some $78 billion in capex last quarter (+89% y/y)… Most of that cash was destined for data center construction andg prahics processing unit and other gear. Meta, Microsoft shares plunge as investors fear AI spending is overhyped https://trib.al/7ed6tk8 Powell’s December Warning Exposes Hardening Divisions at Fed – BBG Joe Brusuelas, chief economist at RSM US LLP, said he would “expect dissents to be a near-permanent feature of the meetings going forward” as new voters rotate onto the FOMC in 2026 and Trump appoints a replacement for Powell, whose term as chair ends in May… https://finance.yahoo.com/news/powell-december-warning-exposes-hardening-224330956.html The ECB and BoJ did not change their respective benchmark rates. Investors aggressively bought DJIA and DJTA stocks early, partly on a relative valuation rotation. Gold rallied moderately; bonds declined moderately. ESZs opened moderately lower on Wednesday night due to Meta’s alarming capex spree. They turned positive near 19:55 ET and ran to a daily high of 6953.75. ESZs then sank to 6901.00 at 0:21 ET on the lackluster Trump-Xi summit details. After and A-B-C rally to 6939.00 at 1:38 ET, ESZs formed a pennant consolidation and broke lower at 5:15 ET. After hitting 6905.75 at 5:50 ET, ESZs rallied to 6929.40 at 7:42 ET. They then sank to a daily low of 6867.75 at 9:38 ET. Conditioned buying, and dip buying, for the NYSE opening propelled ESZs to 6913.75 at 9:59 ET. The professional dump appeared; ESZs sank to 6833.75 at 11:47 ET. The post-European close move took ESZs up to 6904.50 at 12:14 ET. ESZs rolled over and effectively formed a ‘coil’ consolidation. Near 14:07 ESZs broke out of the coil to the downside. ESZs hit a daily low of 6852.50 at 15:59 ET. Goldman Sachs CEO David Solomon worried about mounting US debt: ‘There will be a reckoning’ https://trib.al/bihUXqM Washington Post editorial tells Dems it’s time to end shutdown, stop holding government ‘hostage’ “The right answer is to reopen the government with a clean funding bill, ideally for a full year, to get food stamps flowing and federal workers back in the office, and then have a debate about ACA subsidies,” the Post editorial said. “Democrats openly acknowledge that they refuse to do this because it would mean giving up their leverage. If they persist, it could mean families start to go hungry.”… “Senate Minority Leader Charles E. Schumer and House Minority Leader Hakeem Jeffries are both New Yorkers who fear the Mamdani wing of the party,” the outlet asserted. “Schumer has allowed the shutdown to drag on because he’s worried about fending off a primary challenger in 2028, and he’s still smarting from blowback he got from angry liberals after he agreed to fund the government this spring.”… https://www.msn.com/en-us/news/politics/washington-post-editorial-tells-dems-it-s-time-to-end-shutdown-stop-holding-government-hostage/ar-AA1Pv15k The WaPo Editorial Board: “It is wrong that Democrats have held the government hostage for a month in hopes of extending costly Obamacare subsidies…” (WOW!!!) In recent days, CNN and MSNBC commentators torched Dems that appeared on shows for the shutdown. The Dem-friendly media knows polls show Schumer and Dems are losing the shutdown battle. UAL and Delta officials called on Dems to pass the clean CR and open the government because it’s harming their airlines and customers. Positive aspects of previous session The DJTA rallied 141.86. Negative aspects of previous session Meta led the NY Fang+ Index as much as a 2% drop; USZs were -19/32 at the NYSE close; After being +382.92 at 11:22 ET, the DJIA fell to -127.10 at 15:57 ET. Gold rallied moderately; silver soared as much as 3%. Gasoline rallied sharply. Ambiguous aspects of previous session With the certainty of a Dec rate cut shattered, can the AI Bubble keep stocks buoyant? Is gold’s tumble due to inside info about the Fed ‘pausing here’ on rate cuts? 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]: 6841.26 Previous session S&P 500 Index High/Low: 6880.75; 6825.52 Amazon Q3 EPS 1.95, 1.58 exp; Rev 180.17B, 177.822B exp; +14.6% peak in after-hour trading. Amazon fires staffers via early-morning text messages during round of 14K job cuts: report https://nypost.com/2025/10/29/business/amazon-fires-staffers-via-text-messages-during-round-of-14k-job-cuts-report/ No wonder socialism and Marxism are gaining support! While the Bezoses smugly display the lifestyle of the uberwealthy, thousands of his workers are callously dismissed by email despite great results! Apple Q4 EPS 1.85, 1.77 exp; Rev 102.47B, 102.137B exp; China Rev 14.49B, 16.43B exp; APPL sank 5% in after-hour trading but rallied to +5% after it predicted an iPhone Christmas sales boom. Netflix announced a 10-1 stock split after the NYSE close. NFLX jumped 3.3% in after-hour trading. Fed Balance Sheet: -$2.49B; Repos +$10.3B, MBS -$12.643B; Reserves: -$85.016B to $2.848T. Today – Mag 7 reporting season is over (NVDA reports Nov. 19); but traders are aggressively buying ESZs and NQZs on Thursday night for: The Friday Rally, October performance gaming, plus Apple and Amazon’s after-hour rallies. ESZs hit +44.50 and NQZs hit +309.25 at 18:00 ET. BE ALERT for a Professional Dump after the Army Ants pour into Fangs! The S&P 500 Index had an ‘Outside Day’ (Higher high, lower low) on Fed Day. Outside Days typically indicate the established trend is about to end. Thursday’s equity weakness is a data point. Expected economic data: Sept Personal Income 0.4% m/m, Spending 0.4%, PCE Price Index 0.3% m/m & 2.8% y/y, PCE Core Price Index 0.2% m/m & 2.9% y/y; Oct Chicago PMI 42; Dallas Fed Pres Logan 9:30 ET; Cleveland Fed Pres Hammack and Atlanta Fed Pres Bostic 12:00 ET ESAs are +37.75; NQZs are +265.50; Dec AU is +27.90; and USZs are -4/32 at 20:12 ET. S&P Index 50-day MA: 6631; 100-day MA: 6443; 150-day MA: 6174; 200-day MA: 6107 DJIA 50-day MA: 46,176; 100-day MA: 45,099; 150-day MA: 43,768; 200-day MA: 43,681 (Green is positive slope; Red is negative slope) S&P 500 Index (6822.34 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5643.15 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6423.18 triggers a sell signal Daily: Trender and MACD are positive – a close below 6732.03 triggers a sell signal Hourly: Trender and MACD are negative – a close above 6873.30 triggers a buy signal Ex-McConnell aide @mike_frags: If this phone (Cruz) was an official phone (I suspect it was), then this was likely in violation of 2 U.S.C. 6628. If Smith or Boasberg violated that statute, it’s a very serious problem that probably justifies a bar investigation and could predicate an impeachment inquiry. “Notwithstanding any other provision of law or rule of civil or criminal procedure, the Office of the SAA, any officer, employee, or agent of the Office of the SAA, and any provider for a Senate office that is providing services to or used by a Senate office shall not be barred, through operation of any court order or any statutory provision, from notifying the Senate office of any legal process seeking disclosure of Senate data of the Senate office that is transmitted, processed, or stored (whether temporarily or otherwise) through the use of an electronic system established, maintained, or operated, or the use of electronic services provided, in whole or in part by the Office of the SAA, the officer, employee, or agent of the Office of the SAA, or the provider for a Senate office.” @seanmdav: Corrupt federal judge James Boasberg’s gag order against AT&T, which prevented AT&T from informing the Senate it was being spied on, was itself illegal and a blatant violation of 2 U.S.C., which requires the Senate to be given notice of collection of its data or communications. That same law also REQUIRES courts to quash subpoenas demanding collection of Senate data upon a motion by the Senate, which is exactly why James Boasberg issued his illegal gag order: he knew the Senate would have IMMEDIATELY gone to court to nuke the Biden administration’s illegal spying against at least eight U.S. senators. It is clear Boasberg was engaged in a lengthy conspiracy to defraud the U.S., and that he did so deliberately and with malice. His blatantly illegal gag order exposes the entire scheme. Boasberg should obviously be impeached. But he should also be indicted, arrested, convicted, and imprisoned. @WallStreetApes: “Food stamp spending was just $4.5 billion in December of 2019. By December 2022, thanks to a massive expansion by the Biden Admin, food stamp spending was $11 billion per month” $11 billion PER MONTH feeding mainly illegals Democrats dumped into America… For the past few days, social media has teemed with people threatening to riot, steal, and injure people if their SNAP entitlement ends. @AwakenedOutlaw: I don’t think SNAP beneficiaries who are threatening to steal food in the manner they are is the flex they believe it is. Especially since the public has now been exposed as to how badly the system was being abused. Turns out pretty much everyone is down with helping the truly needy, but that sentiment doesn’t extend to those here illegally or just those gaming the system. And I say that b/c the flood of petulant/entitled/threatening rants posted online to that end only causes public perception to shift in favor of the need to make major reforms to the program… @FOOL_NELSON: The suicidal empaths and Marxists don’t understand that America is an experiment in free will and welfare programs remove catalyst to choose to do good (serving others) by outsourcing empathy to the state. This welfare state leads to spiritual stagnation and Nietzsche’s Last Man. The Last Man is the epitome of this society. These individuals are characterized by their lack of ambition, their aversion to risk, and their complacency… It’s a warning against what could happen if people only seek comfort and security, rather than embracing struggle, creativity, and self-overcoming… https://thestandupphilosophers.co.uk/what-is-nietzsches-last-man/ @DerrickEvans4WV: White liberal woman says the welfare benefits she receives allows her to be independent (But dependent on government) … You can’t be independent if you rely on the government to feed you… https://x.com/DerrickEvans4WV/status/1984043449155506365 @PaulSkallas: The Mamdani campaign is the result of big cities becoming too costly, places like London, NY, SF, etc are in Fisherian runaway. Those cities are so desirable they now are selecting for the very people who least need what cities were built to offer. The Fisherian Runaway: A feedback loop: trait and preference → escalating exaggeration → eventual instability or collapse. @kirantalks: Brilliant take. Infrastructure of cities was designed for working class individuals seeking upward mobility. The already wealthy descending down on cities not designed for them, and inflating prices, leads to a lose, lose situation for both parties. @RNCResearch: Dem Rep. Janelle Bynum can’t say why she voted to shut down the government. BYNUM: “Any bill that [Republicans] have put forth…there’s always been a poison pill.” C-SPAN: “What were the poison pills of the clean CR?” BYNUM: … https://x.com/RNCResearch/status/1983902017798951136 @townhallcom: Mayor wannabe Omar Fateh pledges his loyalty to Somalia & tells Somalians to elect him … all in a foreign language … while waving a foreign flag. This is at a rally in Minneapolis. https://x.com/townhallcom/status/1983950011533504828 Maryland Democratic state senator charged with extortion after feds say she recorded foe in bed with married man https://trib.al/rejxLl5 DOJ investigating possible fraud within Black Lives Matter movement https://trib.al/MnY6kZS @RedWave_Press: Charlamagne Tha God: “People are angry. So why is Hakeem Jeffries talking like he’s Chuck E. Cheese Obama? Like, what are we doing? What are we doing? Come on, man. Come on. Clearly, the Democrats don’t have the leaders they need to meet the moment. OK, fine. Anyone who was a fan of sports knows sometimes you need a rebuilding year. OK, get some draft picks, develop young talent. And at some point, the old guys need to retire.” “These are the same Democratic leaders that shove their s**tty candidates down our throats and say we have to support them because it’s vote blue no matter who. H*ll, you did it after Joe Biden s**t the bed in the debate.” https://x.com/RedWave_Press/status/1983995993759871400 Buckingham Palace announces Prince Andrew will be evicted from the royal residence and have his titles removed, he will now be known as Andrew Mountbatten Windsor — AP | |
SWAMP STORIES FOR YOU TONIGHT
House Oversight Committee Says Biden Autopen Pardons Are Null And Void
Friday, Oct 31, 2025 – 12:40 PM
A GOP led House Oversight Committee has submitted a report to Attorney General Pam Bondi asserting that former president Joe Biden’s “cognitive decline” was so severe he may not have been aware of pardons he allegedly signed by autopen.
Republicans argue that the proper course is to err on the side of caution given evidence of Biden’s decaying mental condition – Even if the President was made aware of the sweeping documents rather than his aides using his autopen signature to falsify the pardons, it is likely that he still had no understanding of what the documents actually contained.
Conservatives on the committee advise Bondi that the 4,245 presidential pardons and commutations issued by the Democrat, 82, should therefore be placed under review and could be considered invalid. Republican Senator Josh Hawley chimed in on the issue, expressing deep concerns over some of the Biden signatures, including commuted sentences for multiple criminals who victimized children.
The report has been published only a month after one of former President Joe Biden’s top aides – Jeff Zients, told the House Oversight Committee that an aide with his email credentials was green lighting some of the most controversial ‘autopen’ pardons, that Hunter Biden – who received an insane pardon himself – was involved in the pardon discussions, and that Joe Biden’s brain was pea soup.
Hunter received a “full and unconditional” pardon for his crimes in early December, just under two months before Joe left office. Biden approved nearly 2,500 commutations on Jan. 17, days before leaving the White House, (and issued over 4,200 in total over his term) – the most of any US president, and the most ever in a single day.
If Bondi moves forward with the investigation into the autopen scandal, it could open up a flurry of prosecutions including cases against Hunter Biden.
The panel “deems void President Biden’s executive actions that were signed using the Autopen, and the committee determines that action by the Department of Justice is warranted to address the legal consequences of that determination,” it said in its letter to Bondi, published Tuesday.
The Biden family is also subject to renewed investigation over ongoing suspicions that they misused their political positions to collect bribes from foreign officials in exchange for favors (influence peddling). Biden did not pardon himself before leaving office, likely because of presidential immunity for “official acts” as determined by the Supreme Court in 2024.
Biden’s presidency was rife with disinformation and a number of constitutional violations, from lies about Biden’s mental health to lies about his administration’s involvement in mass censorship. His office then wrapped itself, its aides and it’s allies in pardons upon exiting the White House as a means to avoid any future culpability. It would be a travesty (for him and his family) if those pardons turned out to be null and void.
GREG HUNTER..
SEE YOU ON MONDAY
I WILL BE AT THE GOLD CONFERENCE SO MY COMMENTARY WILL HAVE A LITTLE LESS DETAIL
H
harveyorganblog.com 
