access market
AI ON THE ISSUE
The “crisis” is not a literal financial crisis but a dramatic drop in the use of the Federal Reserve’s Overnight Reverse Repo (RRP) facility, which signals a shift in the financial system rather than an imminent collapse. This decline from a peak of over $2.5 trillion to near zero reflects a decrease in excess liquidity, primarily because the U.S. Treasury is issuing more debt to fund the government. Institutions are using this cash to buy the newly available government bonds, which offer competitive yields, instead of parking it at the Fed for a lower return. This tightening liquidity could potentially put pressure on markets if reserves continue to fall significantly.
MONEY MARET FUNDS NO LONGER ARE SUPPLYING THE FED REVERSE REPO POOL ACCOUNT
THE REPO POOL ACCOUNT
There is no ongoing “crisis” in the Federal Reserve’s repo pool, but there are signs of liquidity stress in the financial system, evidenced by increased borrowing from the Fed’s Standing Repo Facility (SRF). This is due to factors like declining bank reserves and large Treasury settlements, and while the Fed is actively managing the situation, it has prompted concerns about potential market tightening.
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EXCHANGE: COMEX
118 C MACQUARIE FUTURES US 4
118 H MACQUARIE FUTURES US 3
190 H BMO CAPITAL MARKETS 2
363 H WELLS FARGO SECURITI 86
435 H SCOTIA CAPITAL (USA) 106
661 C JP MORGAN SECURITIES 28
737 C ADVANTAGE FUTURES 17
880 H CITIGROUP 212
905 C ADM 2 2
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 231 CONTRACTs NOTICES FOR 23,100 OZ or 1.935 TONNES
total notices so far: 4986 contracts for 498,600 OR 15.548 tonnes)
SILVER NOTICES: 387 NOTICE(S) FILED FOR 1.935 MILLION OZ/
total number of notices filed so far this month : 2381 CONTRACTS (NOTICES) for 11.905 million oz
INITIAL STANDING FOR NOV: 11.575 MILLION OZ
PLUS INITIAL 1.245 MILLION OZ QUEUE JUMP
EQUALS
12.820 MILLION OZ STANDING FOR SILVER.
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!
NOV: 2.300 MILLION OZ
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 FOLLOWED BY OUR INITIAL QUEUE JUMP OF 1.245 MILLION OZ//STANDING ADVANCES TO 12.820 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 FOLLOWED BY ITS FIRST QUEUE JUMP OF 1.245 TONNES//NEW STANDING ADVANCES TO 16.908 TONNES OF GOLD.
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
NOV: 3.219 TONNES
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 FELL BY A HUGE SIZED 3054 CONTRACTS OI TO 156.090 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 460 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 460 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 LOSS OF 3054 CONTRACTS AND ADD TO THE 460 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 2594 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $0.35 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 12.970 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.35
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 MONDAY MORNING:
SHANGHAI CLOSED UP 21.72 POINTS OR 0.55%
//Hang Seng CLOSED CLOSED UP 251.71 PTS OR 0.97%
// Nikkei CLOSED : UP 1087,31 PTS OR 2.12% //Australia’s all ordinaries CLOSED UP 0.05%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.1207// OFFSHORE CLOSED DOWN AT 7.1240/ Oil UP TO 60.97 dollars per barrel for WTI and BRENT UP TO 64.63 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWNTO 7.1207// OFFSHORE YUAN TRADING DOWN TO 7.1240 :/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 FELL BY A VERY STRONG 6493 CONTRACTS TO 449,900 OI WITH THE LOSS IN PRICE OF $17.90 WITH RESPECT TO FRIDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1035). WE HAD SOME T.A.S. LIQUIDATION FRIDAY. HOWEVER AGAIN, IT WAS THE MAJOR SPECULATORS THAT WENT LONG AGAIN AND THE BANKERS WHO TOOK THE SHORT SIDE. THE LONGS ON FRIDAY NIGHT TENDERED THEIR BOUGHT CONTRACTS FOR PHYSICAL.
WE HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 16.976 CONTRACTS (OR 31.797 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 STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 5458 CONTRACTS WITH OUR LOSS 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/EARLY NOVEMBER 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 1889 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 OCT 31.
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) FOLLOWED BY ITS FIRST QUEUE JUMP OF 1.2566 TONNES/NEW STANDING ADVANCES TO 16.908 TONNES
THE FED IS THE OTHER MAJOR SHORT OF AROUND 54+ TONNES OF GOLD OWING TO THE B.I.S. THE OCC ORDERED THE BANKS TO COVER THEIR GOLD LOSSES SO IT SEEMS THAT THE FRBNY BORROWED GOLD FROM THE BIS TO COVER THOSE HUGE LOSSES OF AROUND 24 TONNES OF GOLD.. 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/NOV//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1035 CONTRACTS.
THAT IS A FAIR SIZED 1035 EFP CONTRACT WAS ISSUED: : /DEC 1035 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1035 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 AS THEY ORDERED THE BULLION BANKS TO COVER. THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD.
WE HAD :
- SOME LIQUIDATION OF OUR T.A.S. SPREADERS//FRIDAY + 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//NOV
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT/SATURDAY MORNING WAS A FAIR SIZED SIZED 1889 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 FRIDAY’S LOSS IN PRICE IN GOLD BUT A CORRESPONDING STRONG GAIN OF COMEX OI AND A FAIR 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/
- FRBNY BORROWS ANOTHER 24 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.. ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 54+ TONNES OF GOLD.
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 FOLLOWED BY OUR FIRST QUEUE JUMP OF THE MONTH OF 1.2566 TONNES//STANDING ADVANCES TO 16.908 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 SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $17.90/ /) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STRONG GAIN IN OI FROM TWO EXCHANGES OF 10,223 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD SOME T.A.S. SPREADER LIQUIDATION FRIDAY. HOWEVER WE DID HAVE AGAIN HUGE SPECULATOR LIQUIDATION AS THEY ARE THE ONES WHO ARE SHORT AS THE BANKERS WENT LONG THE LAST WEEK OF OCTOBER 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). /// 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.
SATURDAY MORNING//FRIDAY 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 FRIDAY EVENING/ SATURDAY 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:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR FIRST QUEUE JUMP OF 1.2566 NOV 3//NEW STANDING ADVANCES TO 16.908 TONNES OF GOLD.
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $17.90
WE HAD A HUGE AND RECOR 15,621 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
INITIAL GOLD COMEX
NOV 3
NOV CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 3 ENTRIES ii) Out of Brinks: 115,554.341 oz ii) Out of HSBC 14,313.220 oz iii) Out of Loomis 37,184,831 oz total withdrawal 167,052.392oz or 5.18 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 | 231 notice(s) 23,100 OZ 0.7185 TONNES OF GOLD |
| No of oz to be served (notices) | 450 contracts 45,000 OZ 1.399 TONNES |
| Total monthly oz gold served (contracts) so far this month | 4985notices 498500oz 15.548 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: 115,554.341 oz
ii) Out of HSBC 14,313.220 oz
iii) Out of Loomis 37,184,831 oz
total withdrawal 167,052.392oz
or 5.18 tonnes
they are draining the comex of gold
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ADJUSTMENTs 1/customer to dealer
jpmorgan 14,034,072 oz
volume at the comex: FRIDAY: 269,851oz ( fair)//
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 681 CONTRACTS FOR A LOSS OF 4,351 CONTRACTS.
WE HAD 4755 CONTRACTS SERVED ON FRIDAY. SO WE GAINED A STRONG 404 CONTRACTS FOR 40,400 OZ OF GOLD (1.12566 TONNES).
DECEMBER LOST 6473 CONTRACTS DOWN TO 328,472CONTRACTS .
JANUARY GAINED 21 CONTRACTS UP TO 833
We had 231 contracts filed for today representing 23,100 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 231 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 25 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 (4986 oz ) to which we add the difference between the open interest for the front month of NOV ( 681 CONTRACTS) minus the number of notices served upon today (231x 100 oz per contract) equals 543,600 OZ OR 16.908 TONNES OF GOLD
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (4986 x 100 oz +we add the difference for front month of OCT. (681 OI} minus the number of notices served upon today (231 x 100 oz) which equals 543,600 OZ OR 16.908 TONNES
TOTAL COMEX GOLD STANDING FOR NOV..: 16.908 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: 1,757,713.711 oz 54.672 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,000,994.459oz
TOTAL REGISTERED GOLD 19,867,761.237 or 617.97tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,133,233.218OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 18,109,524 oz ((REG GOLD- PLEDGED GOLD)= 563.28tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE NOV. 2025 SILVER CONTRACTS
NOV 3 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4 entries i) out of Brinks ii) Out of CNT 215,152.720 oz iii) Out of Delaware 54,845.914 iz iv) Out of JPMorgan 74,463,290 oz v) IOut of Manfra 302,315,549 oz total withdrawal 697,777.982 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT 1 entries i) into Loomis 569,249.140 oz total deposit 569,249,140 oz |
| No of oz served today (contracts) | 387 CONTRACT(S) ( 1.935 MILLION OZ |
| No of oz to be served (notices) | 183 contracts (0.915 MILLION oz) |
| Total monthly oz silver served (contracts) | 2381 Contracts (11.905 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
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 entries
i) into Loomis 569,249.140 oz
total deposit 569,249,140 oz
`
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
4 entries
i) out of Brinks
ii) Out of CNT 215,152.720 oz
iii) Out of Delaware 54,845.914 iz
iv) Out of JPMorgan 74,463,290 oz
v) IOut of Manfra 302,315,549 oz
total withdrawal 697,777.982 oz
adjustments: 0
comex is in turmoil
TOTAL REGISTERED SILVER: 164.203 MILLION OZ//.TOTAL REG + ELIGIBLE. 482.340 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT.
silver open interest data:
FRONT MONTH OF NOVEMBER /2025 OI: 570 OPEN INTEREST CONTRACTS FOR A LOSS OF 1745 CONTRACTS. WE HAD 1994 NOTICES SERVED ON FRIDAY SO WE GAINED A HUGE 249 OR 1.245 MILLION OZ QUEUE JUMP.
DECEMBER LOST 1675CONTRACTS DOWN TO 105,276
JANUARY GAINED 26 CONTRACTS UP TO 789 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 387 or 1.935 MILLION oz
CONFIRMED volume; ON monDAY 64,853good//
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 2381 X5,000 oz = 11.905 MILLION oz
to which we add the difference between the open interest for the front month of NOV (570) AND the number of notices served upon today (387 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (2381) Notices served so far) x 5000 oz + OI for the front month of NOV(570) minus number of notices served upon today (387)x 5000 oz equals silver standing for the NOV.contract month equating to 12.820 MILLION OZ
New total standing: 12.820 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: 205.610/482.438million. 42.61%
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
NOV 3 WITH GOLD UP $17.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL 0F 1.15 TONNES OF GOLD OUT OF THE GLD . /// ///INVENTORY RESTS AT 1039,20 TONNES
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: 1039.20 TONNES, TONIGHTS TOTAL
SILVER
NOV 3 WITH SILVER $0.12 TODAY/NO CHANGES IN SILVER AT THE SLV: / ///INVENTORY RESTS AT 488.363 MILLION OZ
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
How will the dollar die?
The days of the fiat dollar are numbered, unless it returns to a credible gold standard. Using history as our guide, we walk through the process of the death of a fiat currency
| Alasdair MacleodNov 3∙Paid |
Introduction
Commentators find it hard to explain why the dollar price of gold has soared in recent months, variously attributing it to risk aversion by nervous investors, speculation, and market seizures. None of them take it as an advance market signal of an accelerating decline in the dollar’s purchasing power and of the other major currencies which refer to it, believing instead that the normality of lower interest rates and bond yields will return.
But gold’s signals must be taken seriously. The dollar is only credit, whose value is based on faith. Gold is the true, legal money without counterparty risk, signalling danger for fiat currencies, notably from a credit bubble implosion, which is the obvious risk ahead.
With mounting debts and the largest credit bubble in history puffing up stock markets, they are heading for a 1929-1932 style crash. Unlike 95 years ago when the dollar was tied resolutely to gold, it has no sheet-anchor today. In these circumstances, it will be the value of credit which is wiped out, rather than banks and zombie corporations governments will try to preserve.
Recently, we posted an article comparing the dollar’s current position with that of the Reichsmark following the First World War. The basic assumption is that the days of the post-Bretton Woods dollar-based fiat currency system are drawing to a close: no fiat currency system has survived the build-up of government debt that accumulates over its life, and today’s debt mountain is becoming unsustainable.
Because Germany’s post-WW1 years were so different from anything following the end of Bretton Woods, to compare the end of the reichsmark with the dying of the dollar might seem inappropriate. But in 2020, we had a war that was as economically disruptive as any major conflict, even though it was short. The enemy was covid, causing economic paralysis. From that point US government debt rose by over $4.5 trillion in 2020 alone. That was a jump of nearly 20%:
Alarmingly, interest costs are soaring, pointing to a debt trap:
Despite these deteriorating fundamentals, the Fed is now turning its emphasis away from controlling inflation (meaning maintaining the dollar’s value) towards supporting the economy, informed by its Beige Book which signals that the economy is stalling. It cut its fund rate last week, is stopping quantitative tightening this month, and will be restarting QE in the face of liquidity constraints. But CPI inflation officially at 3% is still above target, and Trump’s tariffs are bound to push prices higher in the new year. Already the Treasury is funding itself predominantly through T-bills, which being near-cash is similar to just printing dollars.
Tim Congden of the UK’s Institute of Monetary Research was quoted in last Friday’s Daily Telegraph as saying that the Fed is aiding and abetting the monetisation of America’s deficits. He has a point.
Very few analysts expect inflation to be a serious problem in 2026—2027. But from this introduction to the meat of our subject it is clear that it will be, driving bond yields higher, popping the equity bubble, and forcing the combined efforts of the Treasury and the Fed to then support the banking system and the entire US economy — by printing yet more dollars.
The dollar seems to be where Germany’s reichsmark was in late 1921.[i] There had been a period of stability following the post-war inflation, when domestic prices rose 620% between Armistice and February 1920. Domestic prices then rose by only 4.6% between February 1920 and May 1921. Later that year, they began rising again more than doubling by the year-end.
The similarities between the last years of the reichsmark and today’s dollar are best illustrated in the relation with gold, which is and was common law money in both jurisdictions, while the currencies are and were unbacked credit. It is notable how gold anticipated changes in the general price level which reflects the currency’s declining purchasing power — an important lesson for our observations today.
The comparison of patterns is striking, as the chart below illustrates.
It should be noted that the upper chart of gold priced in reichsmarks is logarithmic in scale, while the lower one of dollars is arithmetic. Furthermore, the timescales are different, but as a fiat currency the dollar’s existence has been far longer. Allowing for these factors, as an illustration of where we are today in the death process of fiat currencies, we appear to have limited time before the dollar’s purchasing power begins to really slide.
It is consistent with the likely official response to a new stock market crisis, which will be to attempt to prevent it by reflating without limit.
The period between the first and second pecked lines reflects the gold price in reichsmarks rising from 157 to 2548 on the scale of 100 at the suspension of note conversion on 31 July 1914 at 90 reichsmarks to the ounce. That rhymes neatly with the rise in the dollar price of gold between 2005—2011.
In February 1920, the reichsmark stabilised, more than doubling against gold by June 1920 (i.e., gold fell measured in reichsmarks which was probably the strongest currency in the world briefly), and gold didn’t rise above the February 1920 level until October 1921. Shortly thereafter, the stock market bubble ended and the reichsmark entered its hyperinflationary stage.
Similarly, following covid gold in dollars appears to be tracking its footsteps in reichsmarks. The rise is not as violent, obviously. But the parallel between the relationship of the two currencies to gold is remarkable. With the Fed currently abandoning the inflation target in order to provide liquidity in credit markets, the stage is set for an acceleration in the fiat dollar’s decline. The next event to drive the relationship will be the credit bubble imploding, which we can tentatively assume will happen shortly.
Similarly, an index of 100 leading German shares put together by Collet and Fohlin[ii] had a boom in late 1921, as the following chart of their index in both reichsmarks and gold illustrates:
Between February 1920 and November 1921, C&F’s stock index almost tripled from 400 to 1250. But measured in rising gold, it was broadly unchanged. By February 1922 it had declined to 800, more or less maintaining that level until October 1922 while a rising gold price showed its real value to have declined 97% (just to the right of the pecked line).
This is perhaps a lesson for our own investment outlook. Today’s portfolios are likely to switch from post-bubble momentum stocks into gold, contributing to a significant rise in the gold price and a substantial decline in equity stocks priced in gold. Following Germany’s precedent in early 1923, at some point stocks could become an escape route from an accelerating decline in the dollar’s purchasing power.
Ultimately, this would be very good news for banks holding stock as collateral, giving them temporary solvency, before a reset collapses markets entirely.
How likely is the dollar to end the same way as the reichsmark?
Already, we can see short-term credit being used to finance the US Treasury’s deficit, which is the equivalent of a Reichsbank inflationary cash injection into the economy. A collapse of the credit bubble will accelerate the process, just as it did in Germany in 1921—1922. It will lead to selling of dollars by foreign holders who now hold $20 trillion of US equities, up from $9 trillion in 2020 (US Treasury TIC figures).
Additionally, geopolitics can be expected to contribute to the dollar’s decline with China preparing to back and protect her yuan with gold for trade settlements between Shanghai Cooperation Organisation and BRICS nations. These nations, representing over 70% of the world’s population stand ready to dispose of dollars for most trade settlement purposes, releasing much of the $80 trillion intermediate dollar balances held offshore in foreign exchange markets (BIS estimate).
The demise of the dollar could indeed be rapid once it starts. Furthermore, global portfolio ownership of gold at less than ½% is pitifully low, and the gold price is likely to be chased higher as investors in both America, other G7 nations, and the rest of the world realise their error.
The start of Germany’s hyperinflation was probably in July 1922, when the gold price rose 55% that month and kept accelerating higher. The final months from May 2023 onwards saw a sharp acceleration in the reichsmark’s decline as the population finally realised it was not prices rising but the currency collapsing and they began ridding themselves of it as rapidly as possible in exchange for anything, needed or not.
At its death in November 1923, the reichsmark was worthless, and a new mark notionally valued as a gold mark replaced it.
We cannot know the dollar’s future until it becomes the present. But history rhymes, it is commonly said, and it is becoming evident that the dollar’s fiat status is drawing towards a close. Saving it will require the reintroduction of a credible gold standard along with the economic adjustments to make it stick, seemingly an unlikely prospect today.
This article is by way of a thought experiment and a warning to alert readers to the mechanics behind the death of a fiat currency — in this case an entire currency system based on no more than their users’ faith in their value.
[i] Gold prices expressed in reichsmarks are calculated from relevant data in Constantino Bresciani-Turroni’s The Economics of Inflation.
[ii] Stephanie Collet of Deutsche Bundesbank, and Caroline Fohlin of Emory University, The Berlin Stock Exchange in the “Great Disorder”.
END
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 indications
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
Special thanks from Kevin W for sending this tos:
Peter Spina
GoldSeek | SilverSeek on X: “
China now restricts SILVER as a key mineral resource for export control” /
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED UP 21.72 POINTS OR 0.55%
//Hang Seng CLOSED CLOSED UP 251.71 PTS OR 0.97%
// Nikkei CLOSED : UP 1087,31 PTS OR 2.12% //Australia’s all ordinaries CLOSED UP 0.05%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.1207// OFFSHORE CLOSED DOWN AT 7.1240/ Oil UP TO 60.97 dollars per barrel for WTI and BRENT UP TO 64.63 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWNTO 7.1207// OFFSHORE YUAN TRADING DOWN TO 7.1240 :/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 MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1207
OFFSHORE YUAN: DOWN TO 7.1240
HANG SENG CLOSED UP 251.71 PTS OR 0.97%
2. Nikkei closed UP 1087.31 PTS OR 2.12%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 99.71 EURO FALLS TO 1.1518 DOWN 14 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.659//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.16…… 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 UP/JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 +2.6615// Italian 10 Yr bond yield UP to 3.405 SPAIN 10 YR BOND YIELD UP TO 3.161
3i Greek 10 year bond yield UP TO 3.3030
3j Gold at $4013.20Silver at: 48.66 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 8 /100 roubles/dollar; ROUBLE AT 80.71
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 154.16/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.659% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.052 UP 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 0.8080 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9299 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: 4.106 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.6840 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.592 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.05 UP 0 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4310 UP 0 PTS
30 YR UK BOND YIELD: 5.2024 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.138 UP 01BASIS PTS
5 YR CANADA BOND YIELD: 2.716 DOWN 1 BASIS PTS.
a New York OPENING REPORT
b) European opening report
US equity futures gain into ISM manufacturing; OPEC-8 raised output but paused for Q1’26 – Newsquawk US Opening News
Monday, Nov 03, 2025 – 06:05 AM
- European bourses are firmer following constructive EU-China trade developments, US equity futures also gain.
- USD fractionally higher and now eyes 100.00, CHF hampered by CPI.
- Bonds are relatively contained into a session of central bank speak and the ISM Manufacturing series.
- Crude reverses initial gains after OPEC+ opted to raise output again by a modest 137k bpd in December before pausing for Q1 2026; XAU essentially flat, whilst base metals digest disappointing Chinese RatingDog Manufacturing PMI.
- Looking ahead, highlights include US Final Manufacturing PMI, US ISM Manufacturing PMI, Speakers including Fed’s Daly, Cook, ECB’s Lane & BoC’s Macklem, Supply from BoE Gilt Sale (long-term), US Financing Estimates.
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TARIFFS/TRADE
- US President Trump commented on Friday about China, in which he stated that he would love to get rid of the extra 10% tariff and that the meeting with China was incredible, while he believes the deal with China will be long-lasting. It was also reported that US President Trump told Chinese President Xi that chip sales are “between you and NVIDIA”.
- US President Trump said the US will not let China have NVIDIA’s (NVDA) most advanced chips, while he also commented that he will not attend Supreme Court tariff case arguments and doesn’t want to do anything to deflect the importance of that decision. Furthermore, Trump posted that the case on tariffs is one of the most important in the history of the country, and if a President is not allowed to use tariffs, the US will be at a major disadvantage against all other countries throughout the world, while he warned if they lose the decision, the US could be reduced to almost third-world status.
- US Treasury Secretary Bessent said China has shown itself to be an unreliable partner in many areas, while he also commented, “we’ll see” if a 10% tariff will be enacted on Canada after the Reagan advertisement, and he is not planning on going to the Supreme Court arguments on trade policy on Wednesday, according to CNN.
- China’s Commerce Ministry said it will consider exemptions for the Nexperia chip export ban. It was separately reported that Nexperia’s Dutch headquarters said it welcomes announcements lifting the block on shipping chips, while the Dutch government said that China talks continue regarding a constructive way forward in Nexperia.
- Chinese President Xi proposed that China and South Korea properly manage differences through friendly consultations, while he called for the sides to strengthen strategic communication and consolidate the foundation of mutual trust. Xi also called for deepening China and South Korea cooperation in emerging sectors such as AI and biopharmaceuticals, as well as urged South Korea to work with China to practice true multilateralism and safeguard the multilateral trading system.
- South Korea’s presidential office said South Korea and China signed 7 MOUs, including a currency swap. It was also reported that a South Korean presidential adviser said they agreed with China to cooperate on stabilising supply chains and will continue working-level communication on China’s ban on Korean culture, while South Korea and China were said to have made progress on China’s effective ban on Korean culture.
- Japanese PM Takaichi said they agreed with Chinese President Xi to build a constructive and stable relationship, while she said they reaffirmed a strong US-Japan alliance through US President Trump’s visit. Furthermore, Takaichi said they are not planning to renegotiate the USD 550bln investment package with the US even after seeing the US-South Korea package.
- Canadian PM Carney met with Japanese PM Takaichi on the APEC sidelines and discussed the potential to expand a productive economic relationship between the two countries, building on USD 32bln in annual two-way merchandise trade, while the Canadian PM’s office said they stand ready to negotiate an even better trade deal for both Canada and the US.
- China’s MOFCOM says China and the EU held in-depth and constructive talks on mutual export control concerns; both sides agreed to maintain dialogue to support stable and smooth supply chains between the economies.
- China is said to be seeking to buy US wheat for the first time in a year, according to Bloomberg sources.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.4%) opened modestly mixed and either side of the unchanged mark, but then caught a bid soon after the cash open. Upside lacked any specific drivers, but does come in the context of positive Nexperia-related developments and constructive EU-China trade talks over the weekend.
- European sectors opened with a negative bias, but are now mixed. Autos is by far the clear outperformer today, driven higher by the Nexperia developments over the weekend. In brief, China is to loosen its chip export ban to Europe – chips which were widely used amongst European automakers; Mercedes-Benz (+3.6%). Basic Resources is found right at the bottom of the pile, following China’s decision to pause rare earth export controls to the EU; Rio Tinto (-1.2%).
- US equity futures (ES +0.3% NQ +0.5% RTY +0.2%) are firmer across the board, with slight outperformance in the tech-heavy NQ. Focus today will be on a couple of Fed speakers, and with ISM Manufacturing also on the docket.
- Alphabet (GOOGL) added to the US Analyst Focus List at JPMorgan.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- USD has kicked the week off on the front foot in a slight extension of last week’s upside which was triggered primarily by the combination of a more hawkish-than-expected Fed announcement and a thawing in trade relations between China and the US. Whilst official data releases are still lacking, this week will present a slew of private surveys, kicking off today with the ISM manufacturing print, which is expected to remain in contractionary territory vs. expectations of an expansionary print in the services metric on Wednesday. Today’s speaker docket includes Fed’s Daly and Cook. DXY has risen as high as 99.92 with focus on a potential test of 100; not breached since August 1st (100.25 was the high that day).
- EUR is softer vs. the broadly firmer USD with incremental macro drivers for the Eurozone on the light side in the wake of last week’s uneventful ECB policy announcement. Messaging since has reaffirmed the tone struck by ECB Lagarde with Nagel of Germany the latest to make the case that there is no need to adjust policy in the near-term based on the current outlook for the ECB. Note, Chief Economist Lane is due to speak @ 12:00GMT. Eurozone manufacturing PMI was unrevised at 50, as expected with the accompanying report noting that “demand across the eurozone economy remained subdued”. On a more encouraging footing, China’s MOFCOM said China and the EU held in-depth and constructive talks on mutual export control concerns with both sides agreeing to maintain dialogue to support stable and smooth supply chains between the economies. EUR/USD has slipped to its lowest level since 1st August with a session trough at 1.1511.
- JPY is a touch lower vs. the USD with USD/JPY holding above the 154 mark. Japan was away from market overnight with newsflow surrounding Japan subsequently on the light side. The Japanese calendar is a light one this week aside from Cash Earnings data on Thursday. As it stands, markets price just a circa 28% chance of a BoJ rate hike in December. USD/JPY has ventured as high as 154.28 but is yet to test Friday’s best at 154.41.
- GBP is soft vs. the USD but flat vs. the EUR. Newsflow continues to centre on the November 26th budget with the latest reporting suggesting that UK Chancellor Reeves will target pensions of high earners and expensive homes. The potential outcomes for the budget are vast at this stage. However, consensus is gradually coalescing around the view that Reeves will attempt to establish a greater financial buffer via a range of tax increases (e.g. freezing income thresholds, expanding NIC coverage, etc) that are expected to be non-inflationary and growth restrictive. Elsewhere, UK manufacturing PMI has been revised a touch higher but ultimately still remains below the 50 mark. Cable has slipped to a low of 1.3118 but is holding above Friday’s 1.3097 base.
- Antipodeans are both are slightly more resilient than most peers vs. the USD with AUD managing to overlook a disappointing Chinese RatingDog Manufacturing PMI print overnight, which was hampered by a sharp decline in export orders. Instead, attention is on tomorrow’s RBA policy announcement, with markets assigning a circa 94% chance of an unchanged rate in the wake of last week’s hotter-than-expected Q3 inflation report.
- CHF is one of the laggards across the majors in the wake of softer-than-expected Swiss inflation data for October. Y/Y CPI unexpectedly slowed to 0.1% from 0.2% vs. consensus of a pick-up to 0.3%, whilst the M/M rate printed at just -0.3% (expected -0.1%, previous -0.2%); both prints were below the bottom-end of analyst forecasts.
- US President Trump’s administration reportedly discussed ways to encourage other nations to adopt the USD as their primary currency, via FT which adds that no final decision has been taken.
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are firmer by a handful of ticks. Price action this morning was limited for USTs at first owing to the Japanese closure for Culture Day. USTs picked up a bit more into the European day alongside benchmarks generally and despite an uptick in equity performance. Action that took USTs to a 112-27 peak, nearly matching Friday’s 112-27+ high, last week’s 112-29+ best just above. Markets will get Cook (voter) and Daly (2027) later today, in addition to the refinancing estimates ahead of Wednesday’s Quarterly Refunding Announcement. Before that, ISM Manufacturing hits and given the lack of NFP on Friday owing to the shutdown the employment component may draw even-greater attention than usual. This week, we will get ADP and Challenger but no JOLTs, weekly claims or as mentioned, NFP.
- OATs are modestly firmer. Friday’s Zucman tax measures failed to garner support in the National Assembly on Friday, though a slight adjustment was made to a real estate tax to target “unproductive wealth”. Supported by the Socialist Party, but markedly shy of the measures they seek. Amidst this, the OAT-Bund 10yr yield spread has narrowed a touch to just above the 78bps mark, potentially trading off the c. 10 day reprieve Lecornu may very well have.
- Bunds drifted lower overnight and then came under pressure this morning on the announcement of six-part EUR denominated Alphabet issuance, an update that sent Bunds to a 129.24 trough with downside of 15 ticks at most. However, the move proved somewhat short-lived with Bunds bouncing thereafter to 129.41, but still shy of the overnight early doors 129.46 peak. Upside that started around the European cash equity open and despite the equity tone picking up at the time amid the MOFCOM announcing in-depth China-EU talks. While firmer the action, as is the case with USTs, leaves Bunds just shy of Friday’s 129.49 best and last week’s peak at 129.73. No substantial move to the Final Manufacturing PMIs this morning, neatly surmised by HCOB as “fragile in Germany, in recession in France, persistently weak in Italy, and showing only subdued growth in Spain.“
- Gilts opened with upside of a handful of ticks at 93.65 before extending to a 93.74 peak in tandem with peers as outlined above, a high that just about eclipses Friday’s 93.71 best but stopped shy of 93.89 and 93.96 from earlier that week. No move to a slight upward revision to the Final Manufacturing PMI, but one that left it in contractionary territory. The release highlighted that manufacturing is in a holding pattern, awaiting clarity on the domestic fiscal and geopolitical backdrop. Weekend press reports focussed on the fiscal situation, as Reeves is said to be preparing a pension tax raid of as much as GBP 4bln, according to The Telegraph. Additionally, the FT reports that the Treasury is looking into higher council tax bands, a tweak that could raise several billion pounds.
- Alphabet (GOOGL) mandates EUR-denominated 3yr, 6yr, 9yr, 13yr, 19yr & 39yr bonds; proceeds for general corporate purposes, incl. the repayment of outstanding debt,
- Click for a detailed summary
COMMODITIES
- Crude benchmarks initially gapped higher following the OPEC+ meeting on Sunday but have failed to hold onto gains, reversing back to the closing price of Friday’s session. WTI and Brent gapped and extended to a peak of USD 61.50/bbl and USD 65.32/bbl respectively before falling c. USD 0.80/bbl to a trough of USD 60.70/bbl and USD 63.98/bbl. Over the weekend, OPEC+ agreed to an oil production hike of 137k BPD for December but then to hold on oil hikes for the following three months. The three-month hold has been described by analysts as an acknowledgement by the group that the oil market is facing a sizable surplus.
- Spot XAU fell straight on the open of the APAC session to a trough of USD 3962/oz before gradually reversing to a peak of USD 4028/oz just as the European session got underway. Currently, XAU is trading shy of best levels at USD 4006/oz as the global equity bid weighs on the yellow metal.
- Base metals initially dropped as the APAC session got underway but reversed higher, with 3M LME Aluminium reaching near its highest prices since May 2022, as the market follows the wider positive sentiment in global equities. 3M LME Copper dipped to a trough of USD 10.84k/t early in the trading day before reversing to a peak of USD 10.93k/t and currently oscillating within this tight c. USD 100/t band. Overnight the red-metal lacked direction after disappointing Chinese PMI data.
- Eight OPEC+ countries agreed to raise oil output in December by 137k bpd and then pause for Q1.
- Turkish oil refiners are to cut Russian crude imports for December arrival with Azeri Socar buying four non-Russian cargoes, while Turkish state refiner Tupras increases purchases of non-Russian crude, according to sources cited by Reuters.
- Morgan Stanley raises H1’26 Brent estimate to USD 60/bbl (prev. saw USD 57.50/bbl)
- BP (BP /LN) CEO says oil demand remains robust, adds that 1% oil demand growth was helped by aviation and petchems.
- UBS sees upside risks for gold towards USD 4,700/oz if political or financial market volatility increases again.
- OPEC Secretary-General says the group has been consistently and regularly returning barrels to the market, have the flexibility to alter, pause and reverse past decisions. Making sure to maintain supply-demand balance. Group sees oil demand growth at 1.3mln BPD this year. Still sees good signs for demand. Not expecting any surprises in the market.
- Click for a detailed summary
NOTABLE DATA RECAP
- Swiss CPI YY (Oct) 0.1% vs. Exp. 0.3% (Prev. 0.2%); CPI MM (Oct) -0.3% vs. Exp. -0.1% (Prev. -0.2%)
- Turkish CPI MM (Oct) 2.55% vs. Exp. 2.83% (Prev. 3.23%)
- EU HCOB Manufacturing Final PMI (Oct) 50.0 vs. Exp. 50.0 (Prev. 50.0)
- Spanish HCOB Manufacturing PMI (Oct) 52.1 vs. Exp. 51.7 (Prev. 51.5)
- Italian HCOB Manufacturing PMI (Oct) 49.9 vs. Exp. 49.3 (Prev. 49.0)
- French HCOB Manufacturing PMI (Oct) 48.8 vs. Exp. 48.3 (Prev. 48.3)
- German HCOB Manufacturing PMI (Oct) 49.6 vs. Exp. 49.6 (Prev. 49.6)
- UK S&P Global Manufacturing PMI (Oct) 49.7 vs. Exp. 49.6 (Prev. 49.6)
NOTABLE EUROPEAN HEADLINES
- UK Chancellor Reeves is reportedly considering higher bands of council tax to target expensive homes, via FT citing sources who said the idea is well established, the discussion is on the implementation; would reportedly raise several billion pounds. (FT)
- EU is devising plans to expand supervision of key financial markets infrastructure, including stock exchanges, crypto exchanges and clearing houses, as it seeks to eliminate fragmentation in the single market, according to FT.
- German VDMA says German engineering order fell 19% Y/Y in September; domestic orders -5%, Foreign Orders -24%; July-Sept -6% Y/Y.
- ECB’s Kazimir says there’s no time or need to fine-tune or overengineer monetary policy. Would not read too much into small deviations from a desired inflation path. There’s a risk as broadly balanced for both the economy and inflation. The next move could be in either direction depending on the signals the ECB receives.
NOTABLE US HEADLINES
- Fed’s Miran (voter) warned that the Fed risks a recession if it doesn’t cut rates rapidly, according to The New York Times.
- US President Trump urged Senate Republicans to terminate the filibuster rule. US President Trump separately commented that they will ask the courts how they can legally fund SNAP benefits as soon as possible.
- US Treasury Secretary Bessent said the Trump administration will not appeal the judge’s ruling on SNAP benefits, while he also commented that the Fed should be cutting rates if inflation is dropping, according to an interview with CNN.
- US Democratic and Republican Senators are talking and focussed on finding agreement on FY26 spending bills, via Punchbowl; the hope being that a spending agreement could help to resolve the shutdown. On spending, talks continued over the weekend and there is some optimism around a resolution. However, there are no signs from Trump/Republicans around giving ground on extending the expiring premium Obamacare subsidies.
GEOPOLITICS
MIDDLE EAST
- Israeli PM Netanyahu warned that Israel was prepared to take further action against Iran-allied groups, Hezbollah in Lebanon and Houthis in Yemen, according to FT.
- Israel’s Defence Minister said the Lebanese government must fulfil its commitment to disarm Hezbollah and remove it from south Lebanon, while Israel vowed maximum enforcement will continue and intensify to protect northern residents.
- Israel reportedly conducted artillery strikes and destroyed residential blocks in Khan Younis, southern Gaza Strip.
- Israel announced on Sunday that it received the bodies of three hostages from the Red Cross in Gaza.
- Iran’s President said Tehran will rebuild its nuclear facilities with greater power, according to state media.
- Iranian Foreign Minister Araghchi reiterates Iran is not interested in direct negotiations with the US, via Iran International.
- Iranian Foreign Ministry spokesperson Baghaei says Tehran remains committed to the Non-Proliferation Treaty (NPT) and its safeguards agreement, via Iran International.
RUSSIA-UKRAINE
- US Pentagon was reported on Friday to have approved the White House to transfer US Tomahawk missiles to Ukraine, although left the final decision to the US President Trump, according to CNN, while the Russian Foreign Ministry said regarding reports about the US approval of Tomahawk supplies to Ukraine, that sending weapons to Kyiv will not help any settlement, according to RIA. However, US President Trump commented on Sunday that he is not really considering giving Ukraine Tomahawk missiles.
- Ukraine drone attack causes fire at Russian Black Sea port of Tuapse, while authorities announced that an oil tanker and two foreign civilian vessels were damaged as a result of the drone attack on Russia’s Tuapse.
- Ukraine’s military said it is raising the number of its assault groups to counteract Russian troops and that it has improved positions in several districts in Pokrovsk. However, it also stated that the situation in Pokrovsk remains complicated and dynamic, while Russia’s Defence Ministry said Ukrainian soldiers surrounded in Pokrovsk began to surrender.
- Russia says it struck Ukrainian gas facilities, a military airfield, and a Ukrainian military equipment repair base in large overnight strikes.
OTHER
- US President Trump’s administration is reportedly planning a new mission in Mexico to target cartels, via NBC citing current & former officials; would include US troops on the ground, though deployment is not imminent.
- US President Trump threatened to cut off all US aid to Nigeria over the killing of Christians and said the US might go into Nigeria with “guns-a-blazing”, while he instructed the Department of War to prepare for possible action and separately commented that there could be US troops on the ground in Nigeria or airstrikes.
- US Secretary of War Hegseth posted “The killing of innocent Christians in Nigeria — and anywhere — must end immediately. The Department of War is preparing for action. Either the Nigerian Government protects Christians, or we will kill the Islamic Terrorists who are committing these horrible atrocities.”
- US and China agreed to set up direct communication between their militaries to help avoid conflict, according to US Secretary of War Hegseth, who also said the administration supports a strong and independent Vietnam, while the US wants a deeper military relationship with Vietnam and wants to expand the partnership with Vietnam and work to advance shared interests. Furthermore, Hegseth announced that the US military carried out another ‘lethal kinetic strike’ on a vessel in the Caribbean.
- South Korean President Lee said they will aid US President Trump to play a peacemaker role on North Korea.
- China criticised Japanese PM Takaichi for meeting with Taiwanese officials on the sidelines of APEC.
- Philippines signed a military pact with Canada as the former seeks to build a coalition of allies to deter China’s aggression in the South China Sea.
CRYPTO
- Bitcoin is on the backfoot and is now down to USD 107k, with Ethereum also slipping to around USD 3.7k.
APAC TRADE
- APAC stocks trade mostly higher despite a lack of fresh major macro developments over the weekend and with thinned conditions as Japanese markets were shut for a holiday.
- ASX 200 lacked conviction as gains in tech, energy and financials were offset by weakness in healthcare, real estate and miners, while the RBA also began its two-day policy meeting, where the central bank is unanimously forecast to maintain its Cash Rate at 2.60%.
- KOSPI rallied to a fresh all-time high amid tech strength with notable gains in SK Hynix and Samsung Electronics, while South Korea and China reportedly signed 7 MOUs and agreed to cooperate on stabilising supply chains.
- Hang Seng and Shanghai Comp were ultimately higher although price action in the mainland was choppy with risk sentiment flimsy as participants digested disappointing Chinese RatingDog Manufacturing PMI data.
NOTABLE ASIA-PAC HEADLINES
- Hong Kong’s Financial Secretary Chan said the city is set to achieve its annual target of 2%-3% for 2025 and noted that the economy grew 3.8% in Q3, which was the fastest pace of growth since Q4 2023.
- South Korea and Singapore agreed to cooperate on defence technology and signed an MOU on AI and green shipping, according to Korea’s presidential office.
- RBNZ 2025 stress test results noted that large banks are well placed to withstand the solvency and liquidity impact of a severe scenario caused by worsening geopolitical risks.
DATA RECAP
- Chinese RatingDog Manufacturing PMI Final (Oct) 50.6 vs. Exp. 50.9 (Prev. 51.2)
- Australian Building Approvals (Sep) 12.0% vs. Exp. 5.0% (Prev. -6.0%, Rev. -3.6%)
c) Asian opening report
Europe Market Open: Chinese Manufacturing PMI disappointed, OPEC-8 raised output but paused for Q1’26 – Newsquawk European Opening News
Monday, Nov 03, 2025 – 01:28 AM
- APAC stocks traded mostly higher overnight. European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 future up 0.2%.
- Chinese RatingDog Manufacturing PMI data disappointed amid a sharp decline in export orders.
- Fed’s Waller said he still advocates for the Fed to cut rates in December and said data fog does not tell you to stop.
- Crude futures gained at the open as participants digested the latest OPEC+ decision to raise output again by a modest 137k bpd in December before pausing for Q1 2026.
- In FX, DXY is steady, USD/JPY sits above 154 with Japan away from market, EUR/USD remains on a 1.15 handle, AUD marginally outperforms ahead of RBA this week.
- Looking ahead, highlights include Swiss CPI, EZ, UK & US Final Manufacturing PMI, US ISM Manufacturing PMI, Speakers including Fed’s Daly, ECB’s Lane & BoC’s Macklem, Supply from BoE Gilt Sale (long-term), US Financing Estimates.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks saw mixed price action on Friday although the major indices finished in the green and Consumer Discretionary surged thanks to Amazon’s almost double-digit rally on a profit, revenue, and AWS beat, Conversely, tech was lacklustre with fluctuations seen in Apple as participants weighed the miss on some metrics (mainland China, iPhone, and Mac revenue) against the positive Q1 revenue outlook. Meanwhile, Utilities, Materials, and Staples underperformed and were in the red, while market-moving updates included reports that the US decided to attack military sites in Venezuela, which could come at any moment as the sites are being used to smuggle drugs, which spurred some risk-off trade, although US President Trump later refuted the prospects of a strike on Venezuela.
- SPX +0.27% at 6,841, NDX +0.48% at 25,858, DJI +0.09% at 47,563, RUT +0.49% at 2,478.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump commented on Friday about China, in which he stated that he would love to get rid of the extra 10% tariff and that the meeting with China was incredible, while he believes the deal with China will be long-lasting. It was also reported that US President Trump told Chinese President Xi that chip sales are “between you and NVIDIA”.
- US President Trump said the US will not let China have NVIDIA’s (NVDA) most advanced chips, while he also commented that he will not attend Supreme Court tariff case arguments and doesn’t want to do anything to deflect the importance of that decision. Furthermore, Trump posted that the case on tariffs is one of the most important in the history of the country, and if a President is not allowed to use tariffs, the US will be at a major disadvantage against all other countries throughout the world, while he warned if they lose the decision, the US could be reduced to almost third-world status.
- US Treasury Secretary Bessent said China has shown itself to be an unreliable partner in many areas, while he also commented, “we’ll see” if a 10% tariff will be enacted on Canada after the Reagan advertisement, and he is not planning on going to the Supreme Court arguments on trade policy on Wednesday, according to CNN.
- China’s Commerce Ministry said it will consider exemptions for the Nexperia chip export ban. It was separately reported that Nexperia’s Dutch headquarters said it welcomes announcements lifting the block on shipping chips, while the Dutch government said that China talks continue regarding a constructive way forward in Nexperia.
- Chinese President Xi proposed that China and South Korea properly manage differences through friendly consultations, while he called for the sides to strengthen strategic communication and consolidate the foundation of mutual trust. Xi also called for deepening China and South Korea cooperation in emerging sectors such as AI and biopharmaceuticals, as well as urged South Korea to work with China to practice true multilateralism and safeguard the multilateral trading system.
- South Korea’s presidential office said South Korea and China signed 7 MOUs, including a currency swap. It was also reported that a South Korean presidential adviser said they agreed with China to cooperate on stabilising supply chains and will continue working-level communication on China’s ban on Korean culture, while South Korea and China were said to have made progress on China’s effective ban on Korean culture.
- Japanese PM Takaichi said they agreed with Chinese President Xi to build a constructive and stable relationship, while she said they reaffirmed a strong US-Japan alliance through US President Trump’s visit. Furthermore, Takaichi said they are not planning to renegotiate the USD 550bln investment package with the US even after seeing the US-South Korea package.
- Canadian PM Carney met with Japanese PM Takaichi on the APEC sidelines and discussed the potential to expand a productive economic relationship between the two countries, building on USD 32bln in annual two-way merchandise trade, while the Canadian PM’s office said they stand ready to negotiate an even better trade deal for both Canada and the US.
NOTABLE HEADLINES
- Fed’s Miran (voter) warned that the Fed risks a recession if it doesn’t cut rates rapidly, according to The New York Times.
- Fed’s Waller (voter) said on Friday that they have a lot of data despite the government shutdown and noted the labour market is weak and that tariffs are having a minor effect on inflation. Waller stated that inflation expectations are anchored and that they should look through tariff-driven inflation, while he added that inflation is coming back to 2% and the biggest concern now is the labour market. Furthermore, he still advocates for the Fed to cut rates in December and said data fog does not tell you to stop, as well as noted that the right thing to do is keep cutting, and he would say yes if President Trump asks him to be Fed Chair.
- US President Trump urged Senate Republicans to terminate the filibuster rule. US President Trump separately commented that they will ask the courts how they can legally fund SNAP benefits as soon as possible.
- US Treasury Secretary Bessent said the Trump administration will not appeal the judge’s ruling on SNAP benefits, while he also commented that the Fed should be cutting rates if inflation is dropping, according to an interview with CNN.
APAC TRADE
EQUITIES
- APAC stocks trade mostly higher despite a lack of fresh major macro developments over the weekend and with thinned conditions as Japanese markets were shut for a holiday.
- ASX 200 lacked conviction as gains in tech, energy and financials were offset by weakness in healthcare, real estate and miners, while the RBA also began its two-day policy meeting, where the central bank is unanimously forecast to maintain its Cash Rate at 2.60%.
- KOSPI rallied to a fresh all-time high amid tech strength with notable gains in SK Hynix and Samsung Electronics, while South Korea and China reportedly signed 7 MOUs and agreed to cooperate on stabilising supply chains.
- Hang Seng and Shanghai Comp were ultimately higher although price action in the mainland was choppy with risk sentiment flimsy as participants digested disappointing Chinese RatingDog Manufacturing PMI data.
- US equity futures (ES +0.1%, NQ +0.2%) eked slight gains but with upside capped amid quiet catalysts and ahead of this week’s slate of earnings.
- European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with losses of 0.7% on Friday.
FX
- DXY began the new trading month little changed following a lack of major fresh macro drivers over the weekend. Nonetheless, Fed’s Miran warned about risks of a recession if the Fed doesn’t cut rates rapidly, while on the trade front, the US confirmed that China is suspending the implementation of additional export controls on rare earth metals and is terminating investigations targeting US companies in the semiconductor supply chain.
- EUR/USD languished firmly beneath the 1.1600 handle with very little newsflow from the bloc to spur the single currency.
- GBP/USD remained lacklustre after slipping to a seven-month low late last week amid UK fiscal concerns, while there was also a previous report that Chancellor Reeves is plotting a tax raid of as much as GBP 4bln on pension perks as she targets higher earners in the Budget.
- USD/JPY traded sideways after it plateaued last week above the 154.00 level, and with Japanese participants away for Culture Day.
- Antipodeans were rangebound amid the somewhat indecisive overnight mood and with little reaction seen following the stronger-than-expected Australian Building Approvals data.
FIXED INCOME
- 10yr UST futures were uneventful amid a lack of catalysts and with overnight cash treasuries trade shut due to the Tokyo closure.
- Bund futures remained afloat and took a breather following the choppy performance seen late last week.
COMMODITIES
- Crude futures gained at the open as participants digested the latest OPEC+ decision to raise output again by a modest 137k bpd in December before pausing for Q1 2026.
- Eight OPEC+ countries agreed to raise oil output in December by 137k bpd and then pause for Q1.
- Turkish oil refiners are to cut Russian crude imports for December arrival with Azeri Socar buying four non-Russian cargoes, while Turkish state refiner Tupras increases purchases of non-Russian crude, according to sources cited by Reuters.
- Spot gold swung between gains and losses but ultimately reverted to flat territory near the USD 4,000/oz level. Focus has been on news that China is abandoning its gold tax incentive, which means retailers will no longer be able to offset a value-added tax when selling gold.
- Copper futures lacked direction amid the mixed risk appetite overnight and disappointing Chinese PMI data.
CRYPTO
- Bitcoin steadily retreated throughout Asia-Pac trade and dipped beneath the USD 108k level.
NOTABLE ASIA-PAC HEADLINES
- Chinese President Xi said at APEC that they should deepen open-source technological cooperation and create a competitive open innovation ecosystem. Xi also stated that China is to develop the ‘silver economy’ to address ageing population challenges and will continue to implement relevant initiatives on clean energy and green transformation. It was separately reported that Xi said the conditions and underlying trend of long-term growth of the Chinese economy remain unchanged, according to Xinhua.
- Hong Kong’s Financial Secretary Chan said the city is set to achieve its annual target of 2%-3% for 2025 and noted that the economy grew 3.8% in Q3, which was the fastest pace of growth since Q4 2023.
- South Korea and Singapore agreed to cooperate on defence technology and signed an MOU on AI and green shipping, according to Korea’s presidential office.
- RBNZ 2025 stress test results noted that large banks are well placed to withstand the solvency and liquidity impact of a severe scenario caused by worsening geopolitical risks.
DATA RECAP
- Chinese RatingDog Manufacturing PMI Final (Oct) 50.6 vs. Exp. 50.9 (Prev. 51.2)
- Australian Building Approvals (Sep) 12.0% vs. Exp. 5.0% (Prev. -6.0%, Rev. -3.6%)
GEOPOLITICS
MIDDLE EAST
- Israeli PM Netanyahu warned that Israel was prepared to take further action against Iran-allied groups, Hezbollah in Lebanon and Houthis in Yemen, according to FT.
- Israel’s Defence Minister said the Lebanese government must fulfil its commitment to disarm Hezbollah and remove it from south Lebanon, while Israel vowed maximum enforcement will continue and intensify to protect northern residents.
- Israel reportedly conducted artillery strikes and destroyed residential blocks in Khan Younis, southern Gaza Strip.
- Israel announced on Sunday that it received the bodies of three hostages from the Red Cross in Gaza.
- Iran’s President said Tehran will rebuild its nuclear facilities with greater power, according to state media.
RUSSIA-UKRAINE
- US Pentagon was reported on Friday to have approved the White House to transfer US Tomahawk missiles to Ukraine, although left the final decision to the US President Trump, according to CNN, while the Russian Foreign Ministry said regarding reports about the US approval of Tomahawk supplies to Ukraine, that sending weapons to Kyiv will not help any settlement, according to RIA. However, US President Trump commented on Sunday that he is not really considering giving Ukraine Tomahawk missiles.
- Ukraine drone attack causes fire at Russian Black Sea port of Tuapse, while authorities announced that an oil tanker and two foreign civilian vessels were damaged as a result of the drone attack on Russia’s Tuapse.
- Ukraine’s military said it is raising the number of its assault groups to counteract Russian troops and that it has improved positions in several districts in Pokrovsk. However, it also stated that the situation in Pokrovsk remains complicated and dynamic, while Russia’s Defence Ministry said Ukrainian soldiers surrounded in Pokrovsk began to surrender.
OTHER
- US President Trump threatened to cut off all US aid to Nigeria over the killing of Christians and said the US might go into Nigeria with “guns-a-blazing”, while he instructed the Department of War to prepare for possible action and separately commented that there could be US troops on the ground in Nigeria or airstrikes.
- US Secretary of War Hegseth posted “The killing of innocent Christians in Nigeria — and anywhere — must end immediately. The Department of War is preparing for action. Either the Nigerian Government protects Christians, or we will kill the Islamic Terrorists who are committing these horrible atrocities.”
- US and China agreed to set up direct communication between their militaries to help avoid conflict, according to US Secretary of War Hegseth, who also said the administration supports a strong and independent Vietnam, while the US wants a deeper military relationship with Vietnam and wants to expand the partnership with Vietnam and work to advance shared interests. Furthermore, Hegseth announced that the US military carried out another ‘lethal kinetic strike’ on a vessel in the Caribbean.
- South Korean President Lee said they will aid US President Trump to play a peacemaker role on North Korea.
- China criticised Japanese PM Takaichi for meeting with Taiwanese officials on the sidelines of APEC.
- Philippines signed a military pact with Canada as the former seeks to build a coalition of allies to deter China’s aggression in the South China Sea.
EU/UK
NOTABLE HEADLINES
- UK Chancellor Reeves was reported on Friday to be plotting a tax raid of as much as GBP 4bln on pension perks as she targets higher earners in the Budget, according to The Telegraph.
- UK Chancellor Reeves is reportedly considering higher bands of council tax to target expensive homes, via FT citing sources who said the idea is well established, the discussion is on the implementation; would reportedly raise several billion pounds. (FT)
- EU is devising plans to expand supervision of key financial markets infrastructure, including stock exchanges, crypto exchanges and clearing houses, as it seeks to eliminate fragmentation in the single market, according to FT.
1A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//USA/
2B JAPAN
3. CHINA
CHINA/USA
Bessent: China “Made A Real Mistake” By Threatening To Curb Rare Earth Exports
Friday, Oct 31, 2025 – 02:05 PM
US Treasury secretary Scott Bessent says Beijing “made a real mistake” by threatening to curb rare earth exports, according to a new report from Financial Times.
Bessent told Financial Times in a new interview that the US will secure alternative supplies within “12 to 24 months” and also said of China’s threat: “China has alerted everyone to the danger. They’ve made a real mistake. It’s one thing to put the gun on the table. It’s another thing to fire shots in the air.”
Bessent spoke after Donald Trump and Xi Jinping met in South Korea, saying the two leaders had found an “equilibrium” in their trade relationship. Despite recent disruptions triggered by China’s rare earths controls, he believes Beijing can no longer use these minerals as leverage: “I don’t think they’re able to do it now because we have offsetting measures.”
FT writes that the summit followed months of heightened tariffs and retaliatory export restrictions. According to Bessent, Chinese officials were “slightly alarmed by the global backlash” to their latest measures. He said his talks with vice-premier He Lifeng helped preserve a one-year truce: “ceteris paribus, we have reached an equilibrium”.
Bessent described a respectful and pragmatic tone between Trump and Xi, including a lighter exchange about the timing of a potential Beijing visit: “‘It’s very cold in January and February, why don’t we push it back to April?’”
Under the agreement, China will delay its rare earth policy, boost US soybean purchases and permit US control of TikTok. On TikTok, Bessent said: “Everything’s ironed out … we should see a transaction very soon.” The US will postpone blacklisting thousands of Chinese entities, while Trump will cut some fentanyl-related tariffs in return for a crackdown on precursor chemicals. “Fentanyl occupied a lot of the discussion,” he noted.
Bessent rejected the idea that Washington can no longer push for structural reform in China. He argued that US tariffs have diverted Chinese exports to other developed markets: “We’ve set a standard, and I wouldn’t be surprised if the rest of the world doesn’t follow.”
Highlighting US advantages — from “the world’s premier military” to leadership in technology — he said Trump is “cementing and expanding these strengths, and the Chinese know this.”
Bessent expects the deal to hold: “There will naturally be some bumps . . . but I think we have much better communication channels now.”
The Trump administration has made reshoring manufacturing and securing critical materials a central priority, arguing the US became dangerously dependent on foreign supply chains — particularly China. Through tariffs, investment incentives, and stricter controls on technology transfers, the administration has tried to push companies to relocate production of vital goods such as semiconductors, electric-vehicle components and defence materials back to the US or friendly allies.
As we have documented on Zero Hedge, rare earth minerals — crucial for electronics, batteries and advanced weaponry — have been a major focus. After China signaled willingness to restrict access, the administration accelerated efforts to develop domestic mining and processing, diversify suppliers, and build strategic reserves.
end
CHINA/USA
Trump Tariff Deal With China Opens Door For “Operation Warp Speed 2.0” To Exit Beijing’s Rare Earth Trap
Sunday, Nov 02, 2025 – 08:59 PM
Two weeks after a sudden flareup over Chinese rare earth mineral exports nearly sparked another market meltdown, the issue has been resolved, at least according to the Trump admin.
According to a fact sheet published by the White House on Saturday which outlined some details of the trade pact agreed to earlier this week by President Trump and Chinese leader Xi Jinping, China will effectively suspend implementation of additional export controls on rare earth metals and will issue general licenses valid for exports of rare earths, gallium and germanium “for the benefit of U.S. end users and their suppliers around the world” meaning the effective removal of controls China imposed in April 2025 and October 2022. The US and China previously said Beijing would suspend more restrictive controls announced in October 2025 for one year.
Washington will also pause some of Trump’s so-called reciprocal tariffs on China for an additional year and is halting plans to implement a 100% tariff on Chinese exports to the US that was threatened for November. The White House also said that the US will further extend the expiration of certain Section 301 tariff exclusions, currently due to expire on Nov. 29, 2025, until Nov. 10, 2026.
Meanwhile, China will also terminate investigations targeting US companies in the semiconductor supply chain, including those into Nvidia and Qualcomm, Bloomberg reported.
However, skepticism emerged about the viability of the deal after comparing the readouts of what the White House said was agreed to, and that published by Beijing: what emerges are several key disagreements, prompting some China experts to conclude that “there is no deal” and that “we’re going to be doing this again in 1-2 months.”
It also means that even a small hiccup in the already tense relations between the two countries likely means a reversion to the trade war status quo, threats of more tariffs by the US and rare earth retaliation by Beijing.
To that point, Treasury Secretary Scott Bessent said Sunday that despite deals, the US and its allies need to be wary of China.
“This is a problem that has been with us for several decades, it’s never been addressed with these rare earths, the rare earth magnets,” Bessent said on Fox News Sunday. “The Chinese have cornered the market, and unfortunately, at times, they proved to be unreliable partners.”
Bessent added that he hoped “we can depend on them to be more reliable partners” after the implementation of the deal.
Later on Sunday, Trump appeared on 60 Minutes after a 5 year hiatus, and said that “I got sort of everything that we wanted,” of his meeting with Chinese President Xi Jinping.
“I mean, we’re doing very well with China, and hopefully they’re gonna do very well with us,” adding that China’s threat of rare earths restrictions has “gone.”
Many hardly share Trump’s view, noting that the deal at most gives the US a 1 year period in which to launch an Operation Warp Speed 2.0 (see below) in which to boost domestic production and reroute supply chains in order to make the US self-reliant on rare earths, a massive challenge in a world where China is the defacto sole-source of refined RE.
The landmark summit between Trump and Xi, their first face-to-face meeting of the US president’s second term, saw the leaders stabilize relations in the short term after an escalating trade fight that had roiled markets and sparked fears of a global downturn.
Under their agreement, according to the White House, China agreed to pause sweeping controls on rare-earth magnets in exchange for a US agreement to roll back an expansion of curbs on Chinese companies. China had used its dominance in the processing of rare-earth minerals as leverage, threatening to restrict their flow to the US and allies countries.
The US also agreed to halve a fentanyl-related tariff to 10% from 20%, while Beijing will resume purchases of American soybeans and other agricultural products. The US has said China will buy 12 million metric tons of soybeans during the current season, and a minimum of 25 million metric tons a year for the next three years. Trump on Friday indicated he would like to remove all of the fentanyl-related tariffs if China continued to crack down on exports of the drug and precursor chemicals used to make it.
“As soon as we see that, we’ll get rid of the other 10%,” Trump told reporters aboard Air Force One on Friday.
The US also said on Saturday that Beijing will take steps to allow the Chinese facilities of Dutch chipmaker Nexperia BV to resume shipments, confirming a Bloomberg report from a day earlier. This move will likely ease worries about chip shipments that had threatened auto production as a trade fight between China and the US escalated.
But as Bloomberg notes, while the agreement has calmed tensions, the pact may be a short-term truce in an extended trade fight with the measures just meant to last one year. And despite addressing some key issues – and with both sides winning key concessions – the agreement fails to comprehensively address all of the issues at the heart of the US-China trade fight and other geopolitical flashpoints such as Taiwan and Russia’s war in Ukraine.
According to an analysis by TS Lombard’s Grace Fan (available to pro subs), amid Trump’s flurry of Asia dealmaking, capped by a fresh US-China trade war détente, “the spectre of escalation remains bracingly in view, after Trump unexpectedly threw open the door to new US nuclear weapons testing for the first time in three decades to counter Russia/China.”
That said, investors can take comfort in the détente’s ‘deliverables’ as keeping a risk-on market rally on both sides of the Pacific alive, including: 1) A 10% cut in US tariffs on China aided by Chinese purchases of US soy (+25mmt/yr for 3 yrs); 2) a 1-year delay to both the expanded Chinese 9 Oct rare earth (RE) and the US 29 Sept (“Affiliates”) export controls rules; and 3) a 1-year delay of new bilateral shipping fees. Left out was Taiwan, TikTok and Nvidia’s Blackwell chips, suggesting more market upside when and if a latter deal ultimately gets greenlit as we expect.
Fan notes that aided by his Rare Earths trump card, Xi scored two big wins:
- Delayed US “Affiliates Rule”. This is one of the first known instances of China successfully rolling back a major US chip export control expansion but likely not the last. In a big shift owing to Trump’s transactionalism, US national security is now on the bargaining table in a way it never was before. An estimated 20,000 affiliates at least 50% owned by Chinese blacklisted entities and caught in the rule’s dragnet could be let off (e.g., Dutch-based chipmaker Nexperia), easing recent supply chain constraints for automakers among other firms. Immediate 10% fentanyl tariff cut = more level playing field with ASEAN. China’s now lower tariff rate (+20% under Trump 2.0) puts it back in competition with regional exporters, making ASEAN (led by Vietnam) the relative loser here (with +19-20% “reciprocal” tariffs, +40% for transshipments). Still, keep an eye on Trump’s two recently finalized trade deals (Malaysia, Cambodia) plus “framework” agreements (Vietnam, Thailand) as new details are fleshed out.
- Trump’s consolation prize are the new RE alliances plus soy purchases. According to TS Lombard, saddled by Beijing’s April 4th Rare Earth export controls, the US is arguably in a worse position now vs pre-Liberation Day. Yet Trump’s flurry of RE deals this week (Japan, Korea, Malaysia, Thailand) offers hope that a valuable lesson may have been learnt: the only way out of the RE trap is working with allies on ‘Operation Warp Speed’ 2.0. Trump’s go-ahead for Seoul to build nuclear-powered submarines at a Philly shipyard and clarity on Korea’s $350bn FDI ($150bn for shipbuilding; US$200bn in cash capped at US$20bn/year) also sets the stage for more US reindustrialization – so long as visas are granted.
And speaking of warp speed…
All this keeps Trump on track for trade war de-escalation by year-end in time for the 2026 midterm election countdown in our base case. What’s still missing: a lot of fine print, USMCA renegotiations, resolution of the Brazil/India 50% tariff disputes and the looming Supreme Court tariff ruling (oral hearing: 5 Nov) that could scramble, however temporarily, Trump’s game plan.
Germany’s High-Tech Agenda: Trapped In The Subsidy Loop
Sunday, Nov 02, 2025 – 08:45 AM
Submitted by Thomas Kolbe
Germany is falling behind in the economy’s future fields. Whether artificial intelligence, autonomous driving, biotech or quantum technology – the US and China are making the headlines. A high-tech agenda by the federal government is meant to close this gap.
On Wednesday, Chancellor Friedrich Merz and Research Minister Dorothee Bär presented the federal government’s high-tech agenda in Berlin. At the centre of the initiative is a state subsidy fund that is intended to kick-start pre-selected high-technology projects such as artificial intelligence in the future.
Of course — how could it be different — green projects, climate-neutral approaches in the fields of quantum technology, mobility and other so-called future fields are at the forefront of the political engagement.
Subsidy pot and governance
The technology fund is to make available up to €2 billion by 2029. “We want to close the technological gap to the US,” demanded Chancellor Merz — with more competition, less bureaucracy and technology-open processes, the Chancellor said.
That competition gap is by now so wide that international investors barely find Europe on their strategic map.
The tech initiative is accompanied, as always, by political buzzwords such as the necessary reduction of bureaucracy and fast approval procedures.
That sounds charming, it sounds citizen-friendly and above all it suggests an interest in the flourishing of the Mittelstand — a media evergreen.
But beneath the slick presentation paper lies the same old playbook: A problem has been identified, a tailor-made subsidy pot filled with fresh credit — always aligned with the political-ideological line of climate regulation. Understanding of market-economic dynamics, open markets or technology-neutrality? None.
Even Merz’s repeated lip service to competitiveness and free-market economy changes nothing: the federal government ignores the real capital market until Germany has finally disappeared from the international high-tech radar.
Competitiveness as a complex problem
Competitiveness of an economy is a tricky matter. Sometimes it’s skill shortages, sometimes lack of investment capital. Then again regulations, fiscal burdens or lack of access to resources weigh on firms’ performance. In Germany’s case, indeed each of those conditions seems to be fulfilled.
Well-educated young Germans are leaving the country in droves. Foreign direct investment flows elsewhere. China threatens to turn off the resource tap — and from the Kafkaesque regulatory work, the overflowing bureaucracy and the ever-rising burdens on companies and employees we have reported regularly.
Germany would have to start very small as a provider of niche products in the competition environment. To put the problem in perspective: The gulf between Germany’s economy and the US in artificial intelligence and the booming data-centres is enormous.
This year alone, Microsoft is pumping $80 billion into its AI data-centres, Google follows with $75 billion, Meta with $65 billion. The entire sector in the US invests year after year well over a half-trillion dollars in its high-technology infrastructure — driven by the free-market process of a largely deregulated economy.
Here lies the secret of success. Europe’s political experiments — be it censorship or the threatened taxation of US digital platforms like recently demanded by Culture Minister Wolfram Weimar — will not change anything about the competitive situation of German firms.
Innovation does not emerge through political subsidy packages, regulation or fiscal harassment, but through massive, consistent investments by the private economy in free markets, which make high-tech a locational advantage.
Germany way behind
How far the German business location is lagging is shown by the example of Deutsche Telekom: Together with the US company NVIDIA it is “only” investing a billion euros in an AI data-centre in Munich. In contrast stands Intel, which simply rejected a €10 billion subsidy and decided against locating chip production in Magdeburg.
A case study of the real problems of the location: too high energy costs, crushing regulation, fiscally unattractive. Here it becomes clear that political subsidy packages alone cannot close the gap to the global frontrunners. They are rather counterproductive, because they politically-selectively weaken competition and tie up capital.
If one wants to be internationally competitive, one needs market-economic framework conditions that don’t deter companies, but attract them.
In the wrong company
The complaint from the economy across the land always sounds the same: The location lacks competitiveness massively. The criticism of the German corporations — because only here you still meet chancellor and ministers regularly in dialogue — at least seems to bear fruit in the diagnosis work. Both the Chancellor and Economy Minister Katherina Reiche stressed last week in unison the competitive gap that has opened up between the German economy and the leading locations — above all the US and China.
Too expensive, too over-regulated, too slow, concluded Friedrich Merz yesterday in his Berlin speech. It cannot go on like this. Administrative tasks, approval procedures, general bureaucratic processes must become leaner. Overall there must prevail a different competitive climate, said the Chancellor.
In principle with politics it’s always the same problem. It is of course more effective in the media to address the large industry. Here one bundles the forces of joint media work, known names, familiar faces. That sells well. The structural problems we see in the Mittelstand. Here are the problems that the grotesque regulatory work of Brussels and Berlin produce, felt day by day.
Here it leads to distortions and significant burdens in the cost structure when an export business is encumbered by a supply-chain law or the European deforestation regulation. Big corporations have their own administration department and are in fact indirect beneficiaries of regulatory work, because they suppress annoying competition.
Politics on the wrong track
And so we experience the repeat of the always same: Shocked outrage at Germany’s economic weakness, full-blooded reform announcements to reassure the public, only to immediately return to business as usual and keep the course.
It cannot be denied that of the gaily announced initiative to reduce bureaucracy — which was meant to relieve the German economy up to €16 billion or 25 % of the bureaucratic burdens per year — nothing remains. Merz wanted to save eight percent of public-service personnel to relieve the state budget — a nice dream and a typical Merz number: full-blooded announcements that then, in hope that soon other topics will cover them, dissipate in the wave of the daily press spectacle.
But from all the appearances of the Chancellor, his Finance Minister Lars Klingbeil and the Economy Minister nevertheless a last hope glimmers through. The big debt-package, camouflaged under the euphemism of the “special asset”, is now supposed to bring the great turnaround.
As Lars Klingbeil said a week ago in New York during the UN-Congress: For companies a unique window of opportunity is opening — enabled by the massive engagement of the state in the coming years. The calculation is simple: subsidies, price guarantees, aid to the exploding energy costs shall brighten individual corporate balance sheets.
Merz should have discussed with Intel’s management in depth about the German location. What must go wrong, so that a firm — despite its internal problems — rejects a €10 billion subsidy, which would have carried about a third of the total investment, and instead prefers the US location?
As long as politics cannot give a substantive answer to this question, nothing will change about Germany’s decline and the downfall of the European Union.
* * *
About the author: Thomas Kolbe is a German graduate economist who has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
Remains returned to Israel by Hamas not of hostages, says Institute of Forensic Medicine
Hamas handed over the remains on Friday night to Red Cross intermediaries, but had not specified which remains it was returning.
Red Cross transports the remains of a deceased hostage, who had been held in Gaza since the deadly October 7, 2023, attack, after it was handed over by Hamas as part of a ceasefire and a hostages-prisoners swap deal between Hamas and Israel, in Gaza City, October 27, 2025.(photo credit: REUTERS/DAWOUD ABU ALKAS)ByJERUSALEM POST STAFFOCTOBER 31, 2025 20:25Updated: NOVEMBER 1, 2025 09:45
The three partial remains returned to Israel last night by Hamas don’t belong to Israeli hostages, DNA tests conducted at the Institute of Forensic Medicine in Abu Kabir concluded.
Last night, the IDF was preparing for the return of the partial remains of three slain Gaza hostages, according to Israeli media.
The Red Cross handed over the remains to IDF troops overnight on Friday, butHamas had not specified which remains it was handing over.
Meanwhile, Israel returned the bodies 30 Palestinian prisoners as part of the ceasefire deal, the Nasser Medical Complex in Khan Younis told AFP.
“The International Committee of the Red Cross (ICRC), acting as a neutral intermediary, assisted this evening, at the request and with the approval of both parties, in returning the remains of three bodies to Israeli authorities. The identification process is the responsibility of the relevant authorities in Israel and will be carried out by them,” the ICRC statement reads.
“The International Committee of the Red Cross (ICRC) does not take part in locating the remains. In accordance with international humanitarian law, it is the responsibility of the parties to locate, collect, and return the dead. The parties must act to assist in returning them to their families. The ICRC can fulfill its role as a neutral intermediary only through the cooperation of all relevant parties and within the framework of the current agreement.”
This comes after slain hostages Amiram Cooper and Sahar Baruch were returned to Israel 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.
Hamas reburies remains of Ofir Tzarfati, stages discovery of body in front of Red Cross
Mediators informed Hamas to withdraw from behind the Yellow Line before Thursday evening, otherwise the IDF would strike, a US official told The Jerusalem Post that night.
“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.
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.
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.
Amichai Stein contributed to this report.
ISRAEL VS HAMAS
Hamas claims to locate remains of three Gaza hostages, Israel readies to receive them – report
Israeli officials are currently preparing to receive the remains this evening.
Palestinians seen carrying out Hamas-controlled excavations in search for remains of slain hostages in the Gaza Strip, October 27, 2025(photo credit: TPS-IL)ByAMICHAI STEIN, JERUSALEM POST STAFFNOVEMBER 2, 2025 13:52Updated: NOVEMBER 2, 2025 14:13
Hamas has located the remains of three deceased Gaza hostages, sources within the terrorist organization reportedly told Al Arabiya on Sunday.
Israeli officials are currently preparing to receive the remains this evening.
On Friday, Hamas returned the partial remains of three people, though testing at the L. Greenberg Institute of Forensic Medicine at Abu Kabir revealed that the remains did not belong to any of the remaining hostages in Gaza.
The Red Cross handed over the remains to IDF troops overnight, but Hamas had not specified whose remains it was handing over.
Hamas said in a statement on Saturday that it had initially offered three samples from unidentified bodies to Israeli authorities for testing.
Remains of two Gaza hostages returned on Thursday
On Thursday, the remains of Amiram Cooper and Sahar Baruch were returned after being held in Gaza for over two years.
“We are determined to return all of our fallen hostages… We will not rest until we bring them all home,” Prime Minister Benjamin Netanyahu stated on Thursday at an IDF combat officer graduation ceremony.
This is a developing story.
END
‘Baseless cover up’: Hamas decries leaked US video of terrorists looting Gaza aid truck
The video is of what CENTCOM said was “suspected Hamas operatives looting an aid truck traveling as part of a humanitarian convoy delivering needed assistance from international partners to Gazans.”
Armed men seen secure trucks loaded with Humanitarian Aid entering Gaza through the Israeli Kerem Shalom Crossing, in Khan Yunis, in the southern Gaza Strip, September 19, 2025.(photo credit: SAEED MOHAMMED/FLASH90)ByJERUSALEM POST STAFFNOVEMBER 2, 2025 11:22
Hamas condemned the US allegations of its operatives looting an aid truck in a video released by CENTCOM on behalf of the US-led Civil-Military Coordination Center (CMCC) on Friday.
The video is of what CENTCOM said was “suspected Hamas operatives looting an aid truck traveling as part of a humanitarian convoy delivering needed assistance from international partners to Gazans in northern Khan Yunis.”
“The claims are baseless and unfounded,” the Palestinian terror group stated, and are nothing more than an attempt to “justify the already limited reduction of humanitarian aid” and cover up the “ongoing starvation” in the Gaza Strip.
Hamas continued, claiming that the looters were sponsored by Israel, and that no organization operating in Gaza, or any of the Palestinian truck drivers transporting the aid, had filed a report on the incident, “proving that the scene cited by US Central Command is fabricated.”
“We remind the US administration that there are other mediators” who are “far more credible” and did not see any sort of looting, Hamas argued, slamming the US over “deepening its immoral bias” by spreading only “Israel’s narrative.”
‘Confirming what everyone in Gaza already knows’
“This theft undermines international efforts in support of President Trump’s 20 Point Plan to deliver critical assistance to innocent civilians,” US Secretary of State Marco Rubio said. “Hamas is the impediment. They must lay down their arms and stop their looting so that Gaza can have a brighter future.”
“US Central Command is confirming what everyone in Gaza has known, but was denied for two years by international journalists, activists, politicians, NGOs, and supposed ‘experts, ‘” Palestinian analyst Ahmed Fouad Alkhatib wrote. “Hamas has been systematically stealing, looting & siphoning aid meant for suffering Palestinians in the Gaza Strip.”
“What makes the conclusion of the video 100% is the presence of a pick-up truck full of Hamas operatives, passing by the truck as the knocked-out driver is being thrown in the median divider of the road,” Fouad explained. “These are the pick-up trucks that Hamas‘s ‘police’ and enforcers use to roam around Gaza, execute, murder, kidnap, torture, and disappear people.”
Seth J. Frantzman contributed to this report.
END
ISRAEL VS HEZBOLLAH
Netanyahu stresses no safe passage for Hamas terrorists without disarming, IDF will not block deal
Israel was reportedly considering allowing some 200 Hamas terrorists currently within the Israeli side of the Yellow Line in Gaza to return to Rafah if they agree to lay down their weapons.
A Hamas terrorist pictured in the Gaza Strip, November 2, 2025; illustrative.(photo credit: REUTERS/DAWOUD ABU ALKAS)ByYONAH JEREMY BOB, JERUSALEM POST STAFFNOVEMBER 3, 2025 12:19Updated: NOVEMBER 3, 2025 15:06
The IDF will not actively block any deal to allow Hamas terrorists to move from the buffer zone on the Israeli side of Gaza’s Yellow Line to the areas of the strip under Hamas’s control, The Jerusalem Post learned on Monday.
This comes following reports that Israel was considering allowing approximately 200 Hamas terrorists currently within the Israeli side of the Yellow Line buffer zone in the Gaza Strip to return to Rafah if they agree to lay down their weapons and disarm.
Prime Minister Benjamin Netanyahu’s office confirmed that no Hamas terrorists would be allowed safe passage without the promise of disarmament.
“The Prime Minister continues his firm stance of disarming Hamas and demilitarizing the Strip while thwarting terrorist threats against our forces,” the statement said.
Ben-Gvir, Smotrich called on Netanyahu to prevent safe passage
National Security Minister Itamar Ben-Gvir appealed to Netanyahu to prevent this, demanding that all Hamas terrorists on the Israeli side of the Yellow Line be killed or imprisoned, his office confirmed.
“This is an opportunity to destroy or arrest [Hamas terrorists,] not to release them under ridiculous conditions,” he said.
Finance Minister Bezalal Smotrich denounced the reported plan, calling it “utter madness,” and calling on Netanyahu to stop it.
The family of Chief Sgt. First Class (res.) Yona “Efi” Efraim Feldbaum, who was murdered by Hamas terrorist sniper fire in Rafah on October 28, also called the idea “unthinkable.”
“It is unthinkable to allow the vile terrorists, the murderers of our best sons, to go free. Efi’s death was not in vain,” they stated.
“We call on Netanyahu and Defense Minister Israel Katz to stop the disgrace,” and to “give the order to destroy the surrounded terrorists,” they added.
“We will stand as a wall to stop the madness and ensure that the people of Israel receive the minimum required,” clarifying this is, in their view, the elimination of Hamas terrorists, and not allowing them to return to the battlefield as heroes praised by the terror group.
There have been disagreements within the military echelons, including within the IDF General Staff, on how aggressive to be towards Hamas since the war started, including when to try to end the war, and when to escalate military operations to push Hamas.
These disagreements are therefore likely to persist and continue to affect how different military officials view the incident.
Overall, the General Staff views any decision to allow Hamas terrorists to return as one that must be taken within Israel’s political echelon. This is because any such decision has implications regarding the relations between Israel and Washington, and thus, only the political leadership can fully weigh the scope of both defense and diplomatic ramifications that any decision may have.
Hamas affirmed that it will succeed in achieving a “safe exit” of those within the Israeli buffer zone, which will be “a victory recorded in the annals of glory and pride.”
The Yellow Line is the line in Gaza that IDF troops have withdrawn to. Al Jazeera reported on Sunday that Hamas and Israel are engaged in direct talks.
Hamas demands temporary immunity for terrorists beyond Gaza’s Yellow Line
Hamas has demanded, through mediators on Sunday, temporary immunity for terrorists stationed in underground tunnels in Rafah to move to areas within the Yellow Line, a source familiar with the details told the Post.
Israel is operating in the Rafah area where Hamas terrorists are underground.
Notably, this indicated that the IDF is aware that there are still terrorists in tunnels in certain parts of Gaza, which would be a violation of the ceasefire agreement between Israel and Hamas.
Hamas terrorists kill at least three IDF soldiers in Rafah since ceasefire
Since the ceasefire deal came into effect, three IDF soldiers have been killed in Gaza, all in the Rafah area.
Major Yaniv Kula and Staff-Sergeant Itay Yavetz were killed on October 19 when Hamas broke the ceasefire agreement by firing anti-tank missiles and gunfire towards Israeli soldiers.
Chief Sgt. First Class (res.) Yona “Efi” Efraim Feldbaum was killed on October 28 by terrorist sniper fire.
Amichai Stein contributed to this report.
END
Drone strike killed elite Hezbollah operative in southern Lebanon yesterday — IDF
Drone strike killed elite Hezbollah operative in southern Lebanon yesterday, IDF says
A Hezbollah operative was killed in a second Israeli drone strike in southern Lebanon yesterday, the IDF announces.
The military says the strike in the Nabatieh area killed a member of Hezbollah’s elite Radwan Force who was involved in “advancing many terror attacks against the State of Israel and operated to restore Hezbollah military infrastructure.”
“The terrorist’s activities constituted a threat to the State of Israel and its civilians, and a violation of the understandings between Israel and Lebanon,” the IDF adds.
Yesterday, the IDF said it killed a “Hezbollah maintenance officer” in a strike in the southern Lebanon town of Kounine.
END
Israel Charges Lebanon Is ‘Dragging Feet’ On Disarming Hezbollah, Threatens ‘Deeper’ Escalation
Monday, Nov 03, 2025 – 12:40 PM
Israel’s Defense Minister Israel Katz threatened further escalation against Lebanon on Sunday, accusing the country’s President Joseph Aoun of “dragging his feet” and delaying the disarmament of Hezbollah.
“Hezbollah is playing with fire and the President of Lebanon is dragging his feet,” Katz said in a social media post. “The Lebanese government’s commitment to disarm Hezbollah and remove it from southern Lebanon must be carried out.” He added: “The strictest enforcement will continue and will even deepen – we will not allow a threat to the residents of the north.” Israeli Prime Minister Benjamin Netanyahu also said during a cabinet session on Sunday that Tel Aviv “will not allow the Lebanon front to once again be a source of threat to Israel,” saying additionally “We will do what is necessary to prevent that.”
The latest threats came hours after an Israeli strike on south Lebanon’s Kfar Remman killed four people and injured several others. The Israeli army released a statement claiming the four were all members of Hezbollah’s elite Radwan Unit – including one who it said was a logistics officer.
“The terrorist facilitated the transfer of weapons and was involved in attempts to rehabilitate terrorist infrastructure of the Hezbollah terrorist organization… Three other terrorists from the Radwan Force in the Hezbollah terrorist organization were eliminated in the attack,” it said.
The four killed in Kfar Remman were identified in Lebanese media as Mohammad Jawad Mustafa Jaber, Abdallah Khalil, Hadi Hamid, Mohammad Kahil. The strike brings the toll of Lebanese people killed by Israel since the start of last month up to at least 34.
One person was killed and others were injured in an Israeli strike on the southern Lebanese town of Kunin on October 31. A day earlier, an Israeli ground force stormed the Lebanese town of Blida and executed a municipal worker as he was asleep in Blida’s municipal building.
Following the attack, Lebanese President Joseph Aoun instructed army chief Rudolphe Haikal to have the Lebanese Army confront any Israeli incursion into the south “in defense of Lebanese land and the safety of citizens.” Israel has escalated its strikes on Lebanon significantly over the past few weeks.
Some of the recent Israeli attacks have targeted reconstruction equipment, which Israel claims is used by Hezbollah to rebuild infrastructure. An Israeli official told Saudi outlet Al-Arabiya TV on Sunday that Tel Aviv “will not allow the reconstruction of the direct line of Lebanese villages along the northern border.”
Israel claims it is legitimately enforcing the agreement by preventing the Lebanese resistance movement from rebuilding itself. However, it is prohibited from attacking Hezbollah members during the ceasefire, according to international law and the truce agreement itself. Several Israeli media reports from over the past week have said that Hezbollah has managed to rearm itself by refilling or repairing weapon stocks.
US officials have publicly threatened Lebanon with a new war if the Lebanese resistance movement does not surrender its weapons immediately. According to Hebrew reports, Tel Aviv has informed Washington of plans to increase attacks against Lebanon.
In August, Beirut adopted a cabinet decision to fully disarm Hezbollah by the end of the year, following months of heavy pressure from the US. Hezbollah rejected the decision. The resistance said it would eventually be willing to discuss incorporating its arms into the Lebanese military as part of a defensive strategy that would keep the weapons available for use if Lebanon is attacked.
However, it refuses to discuss the matter while Israel continues to attack Lebanon and occupy several areas along the southern border. Hezbollah says the agreement only calls for its disarmament starting from the southern Litani River area toward the border.
However, Lebanese authorities say the deal calls for Hezbollah and other armed groups in Lebanon to be totally disarmed across the whole country. Beirut has vowed to achieve a state monopoly over weapons in Lebanon. As part of the truce, the Lebanese army deployed across south Lebanon and dismantled several Hezbollah sites south of the Litani River. Hezbollah has withdrawn to the north of the river with its heavy weapons, in line with the deal.
The presence of Israeli troops inside Lebanon has hindered the Lebanese army’s implementation of the ceasefire. Lebanese troops have been attacked by Israeli forces and drones several times. Over 300 people have been killed by Israel since the ceasefire agreement was reached on November 27, 2024.
RUSSIA VS UKRAINE
Ukrainian Drones Damage, Set Fire To One Of Russia’s Biggest Oil Terminals On Black Sea
Sunday, Nov 02, 2025 – 11:05 AM
Another Ukrainian drone attack targeting Russia’s oil export infrastructure has occurred Sunday, which saw one of Russia’s main Black Sea oil ports set ablaze.
A tanker and another ship was also set ablaze at Tuapse, one of the biggest oil terminals on the Black Sea. Russian emergency services in the region said, “As a result of the drone attack on the port of Tuapse on the night of November 2, two foreign civilian ships were damaged.”
“The buildings and infrastructure of the terminal” had sustained damage, it said – though noted there were no casualties among the crews of the ships and that all fires had been extinguished.
The Tuapse Black Sea oil terminal and an oil refinery is controlled by Russia’s biggest oil company Rosneft – which has been targeted by the newest US Treasury sanctions last month.
According to Reuters, “The export-oriented Tuapse plant, which has a processing capacity of 240,000 barrels of oil per day (bpd), produces naphtha, fuel oil, vacuum gasoil and high-sulphur diesel. It mainly supplies China, Malaysia, Singapore and Turkey.”
The Russian defense ministry said that more broadly the country’s anti-air defenses were able to intercept a little over 280 drones during the assault on various regions of Russia.
Ukraine’s General Staff boasted that its drones landed five hits on the Tuapse port and oil export infrastructure. Ukrainian media has meanwhile hailed the recent attacks on Russian oil refineries and terminals as putting a sizeable dent in Moscow’s war funding:
Russia’s exports of refined fuels have dropped to levels unseen since the war began, as the country’s energy trade is hit by a combination of shutdowns at major refineries and escalating Western sanctions, according to a report by Bloomberg on Oct. 30.
Citing Vortexa Ltd. figures, the outlet reported that overall seaborne oil product shipments amounted to 1.89 million barrels a day in the first 26 days of October, marking the lowest volume recorded since early 2022.
Although diesel exports edged higher, weaker loadings of naphtha and fuel oil – particularly from the Baltic ports affected by strikes on the Ust-Luga terminal – pulled overall shipments down. Bad weather may also have slowed port activity.
Russia for its part has been punishing Ukraine in equal measure, with the month of October alone seeing hundreds of missile strikes, and over 5000 drones sent against Ukrainian cities their energy grids.
END
RUSSIA VS UKRAINE
War Intensifies: October Marked High Point For Russian Missiles Fired On Ukraine
Monday, Nov 03, 2025 – 02:45 AM
Just as US-Russia talks related to Ukraine have recently hit a stoppage and potential breaking point – with the cancelation of the Budapest summit – Russia has been significantly upping its missile and drone strikes across Ukraine.
The fact that Ukraine’s energy grid is long struggling to keep up with power demand, also as vital infrastructure keeps getting pummeled amid rolling blackouts, means the country is in for a very tough winter. Fresh data demonstrates that October represented a high point in terms of the rate of Russian missile attacks on Ukraine.
“Russia fired more missiles at Ukraine in October than in any month since at least the start of 2023, an AFP analysis of Ukrainian data showed,” the outlet has found.
That record shows that “Russia’s army fired 270 missiles in October, up 46% on the previous month, according to an AFP analysis of daily data published by Ukraine’s air force.”
The Ukrainian government had only started publishing detailed statistics of these strikes at the beginning of 2023, and 270 strikes marks the highest-one month tally since.
President Zelensky has commented, “Russia’s task is to create chaos and apply psychological pressure on the population through strikes on energy facilities and railways.”
As for drone attacks, this number is in the thousands – with many of these likely being decoy drones, but also highly destructive suicide drones which often come in waves, overwhelming Ukraine’s air defenses.
“Russia also fired 5,298 long-range drones at Ukraine in October, the same data showed, down by around six percent on the number it fired in September but still close to record highs,” AFP found.
The number of Ukrainian drones sent on Russian territory is also likely in the thousands. These have actually been highly effective in damaging dozens of Russian oil refineries and defense sector factories in the last several months – with some of the same oil sites having been hit more than once.
More attacks into the weekend…
Kiev’s strategy is to attempt to cripple Putin’s military machine by impacting cash flow to the defense ministry via oil exports – though so far this has appeared limited in its effect, also as Moscow keeps finding ways to also circumvent Western sanctions.
END
RUSSIA/UKRAINE
Ukraine Sends Special Forces To Bolster Nearly ‘Surrounded’ Troops In Pokrovsk
Monday, Nov 03, 2025 – 10:50 AM
Ukraine has sent special forces to the embattled eastern city of Pokrovsk, the country’s top military commander announced over the weekend, after the Kremlin has said that thousands of Ukrainian troops are surrounded in Pokrovsk.
The strategic city is considered to be “the gateway to Donetsk” – and its loss would be a huge blow to Ukraine’s logistical abilities across the eastern front lines. Kiev has rejected Putin’s claim to have the whole city surrounded and blockaded. “We are holding Pokrovsk,” Ukraine’s army chief Oleksandr Syrskii wrote on Facebook Saturday. “A comprehensive operation to destroy and dislodge enemy forces from Pokrovsk is ongoing.”
Kiev’s response involves the special forces units being sent to bolster potentially trapped Ukrainian forces – though this could soon prove too little, too-late. “Kyiv announced Saturday it had deployed special forces to the eastern city of Pokrovsk, where it is under pressure from an intense Russian assault involving thousands of troops,” The Moscow Times wrote.
Recent days have seen Moscow and Kiev issue conflicting back-and-forth statements about the fighting in the city, with Russia’s Ministry of Defense claiming that its troops had already defeated the Ukrainian special forces deployed there. It even later released videos purportedly showing two captured Ukrainian soldiers.
Gen. Syrskii has admitted that Ukrainian forces are facing their “hardest” time there currently. But he’s still rejected Moscow’s narrative of total battlefield encirclement of the city.
“The main burden lies on the shoulders of the units of the Armed Forces of Ukraine, particularly UAV [unmanned aerial vehicle] operators and assault units,” Syrskii has said.
Russian officials over much of the past year of fighting there have consistently articulated that seizing Pokrovsk and the nearby city of Kostiantynivka would allow Moscow to advance north toward the last major Ukrainian strongholds in Donetsk – Kramatorsk and Sloviansk.
For the majority of the war Pokrovsk has acted as the logistical hub and rear operations base for Ukraine’s eastern defensive lines. It sits astride both a key railroad juncture and the highway to Ukraine’s fourth-largest metro, Dnipro.
The loss of the primary rail lines and highway routes in and out of Pokrovsk would cut resources to Ukrainian units across the Donbas and possibly force them to retreat before running out of supplies. This would mean an immediate and sweeping Russian advance all along the eastern lines.
The city’s defensive positions are a final obstacle to Russia’s access to most of the region. If Pokrovsk falls Russian forces will indeed be able to more easily flank entrenched troops in the north and south of the country.
Russia’s military has said that Ukrainian forces have been suffering steady and immense losses seeking to defend Pokrovsk.
“At least 200 Russian infantry armed with automatic rifles, machine guns, and hand-held rockets were moving freely in the southern districts of city, at times ambushing Ukrainian defense forces still generally in control of central and northern districts, according to public statements by army officers to Ukrainian media,” according to Kyiv Post reporting on the situation last week.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Why does the scientific & medical & health agency community e.g. HHS, FDA, CDC, NIH etc. disrespect & disregard Geert Vanden Bossche? His warning MUST be taken with credibility that a tsunami of DEATH
can soon come from the Robert Malone (ACIP advisor), Albert Bourla (CEO Pfizer), Bancel (CEO Moderna), Moncef Slaoui (Moderna OWS scientist), Sahin (CEO BioNTech), Weissman (mRNA scientist) etc.
| Dr. Paul AlexanderNov 2 |
The real boss above. Next POTUS.
Who, who convinced POTUS Trump and Biden to mass vaccinate (well, transfect for this is really about transfection), into the teeth of an ongoing epidemic (this was no pandemic) and if we believe it was a virus, who did this? You never ever vaccinate when there is circulating pathogen when there is prevailing infectious pressure as the immune response is mounting and developing, for it can never ever develop its full affinity, the vaccinal induced antibodies can never arrive at maximal binding to the target antigen and thus will be sub-optimal as to population immune pressure. We greatly underestimated and disregarded the delicate exquisite dance and interplay and synergism symbiotic relationship between mounting host population immunity and pathogen, both feeding back onto each other and causing evolutionary structural and functional changes.
Yes, same Malone who RFK Jr. gave an ACIP post to incredible as that is, who talks about his horses bought from our tax money that I argue most of his research is scientific fraud, cannot be defended if now investigated, and the rest of them, yes, Vanden Bossche is talking about those people and THEIR mRNA deadly toxic vaccine that POTUS Trump approved under Operation Warp Speed (OWS)…
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Vanden Bossche is making a potent yet potentially credible argument, that is apart and distinct from the deadly side effects (clotting, bleeding, myocarditis, pericarditis, paralysis, VITT, hyper-inflammation, IgG4 class immune tolerance switch etc.) of the Malone Bourla Pfizer et al. mRNA vaccine itself. he argues and I think credible that the mortality that can possibly accrue will dwarf that from the side effects of the vaccine. He is talking about a potential sub-variant that can cause massive death in highly COVID mRNA vaccinated nations like USA etc. Millions can possibly die who took the shots. Your immune system is basically now rewired. He is talking about anti-virals and preparation that can help. We simply must not disregard him.
Vanden Bossche:
‘can only think of one type of mutation that could further enhance viral transmissibility: a spectacular mutation capable of subverting antigen presentation altogether, thereby preventing immune recognition of all circulating (sub)variants (note antigens such as the synthetic mRNA induced spike protein presents itself on the cell surface membrane of cells that manufacture the spike protein after the mRNA vaccination, e.g. we will be defenseless, maybe the sub-variant will have no surface antigens and will not be recognized by immune defense? potentially devastating for those vaccinated…we have a huge problem for these Malone Bancel Kariko Moderna et al. mRNA vaccines were never sterilizing, did not stop infection or transmission and never even tested for it, imagine that, fastly non-neutralizing, massively waning immunity and negative effectiveness, damaging subverting our innate and acquired adaptive immunity…insert). As previously explained, additional glycosylation of the spike protein at highly conserved glycosylation sites has the capacity to broadly silence host immune responses, enhancing viral inter-host transmission while sustaining rapid intra-host dissemination due to the total absence of immune protection. At that stage, enhanced inter-host transmission will no longer drive immune escape and immune refocusing since the increased transmissibility of HiViCron will inevitably coincide with hyper-acute mortality in HiViCron-susceptible individuals (see Fig. 2).’
Why would RFK Jr. and Makary and Bhattacharya still be diddling and dithering and fiddling like NERO and navel gazing as to removal of mRNA vaccine from US market? Is it the Outlaw Josie Susie Wales?
‘So let us not fool ourselves into thinking that nature will simply proceed with an increasingly debilitated population, rather than intervening in a far more radical way to restore a sound equilibrium between the pathogen and the host immune system. That sound balance could have been achieved naturally through herd immunity, had humanity refrained from engaging in an insane mass-vaccination program during this pandemic.’
No, the damage resulting from this immune escape pandemic is not simply going to increase gradually….
___
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| A federal judge has struck down the requirement that voters prove their citizenship to voteThe federal court ruled on Friday that the President Donald Trump’s request for adding a requirement of documentary proof to federal voter registration forms cannot be implemented. U.S. district judge Colleen Kollar Kotelly, an appointee of Hillary Clinton, has sided with “civil-rights” and left-wing groups who had sued Trump’s Administration for his executive order to bolster election integrity. In the …READ THE FULL REPORT |
| A federal judge has struck down the requirement that voters prove their citizenship to voteThe federal court ruled on Friday that the President Donald Trump’s request for adding a requirement of documentary proof to federal voter registration forms cannot be implemented. U.S. district judge Colleen Kollar Kotelly, an appointee of Hillary Clinton, has sided with “civil-rights” and left-wing groups who had sued Trump’s Administration for his executive order to bolster election integrity. In the …READ THE FULL REPORT |
| A federal judge has struck down the requirement that voters prove their citizenship to voteThe federal court ruled on Friday that the President Donald Trump’s request for adding a requirement of documentary proof to federal voter registration forms cannot be implemented. U.S. district judge Colleen Kollar Kotelly, an appointee of Hillary Clinton, has sided with “civil-rights” and left-wing groups who had sued Trump’s Administration for his executive order to bolster election integrity. In the …READ THE FULL REPORT |
| A federal judge has struck down the requirement that voters prove their citizenship to voteThe federal court ruled on Friday that the President Donald Trump’s request for adding a requirement of documentary proof to federal voter registration forms cannot be implemented. U.S. district judge Colleen Kollar Kotelly, an appointee of Hillary Clinton, has sided with “civil-rights” and left-wing groups who had sued Trump’s Administration for his executive order to bolster election integrity. In the …READ THE FULL REPORT |
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Subject: 
Mamdani Receives Two Criminal Referrals for Alleged Campaign Financing Violations
To: Milan Sabioncello <sabioncello@gmail.com>
| LATEST REPORTS FOR NEWS JUNKIESMamdani Receives Two Criminal Referrals for Alleged Campaign Financing ViolationsZohran Mahdani, Democratic candidate for New York City Mayor, faces two criminal referrals arising from allegations that he accepted almost $13,000 from donors who had foreign addresses. According to a report from Fox News, the referrals were sent to the U.S. Department of Justice’s Criminal Division and Manhattan District Attorney Alvin Bragg. According to Fox News, the referrals were sent …READ THE FULL REPORTBill Clinton Shows Up With Mysterious Bandage At NYC MarathonBill Clinton, the former president of the United States, was seen near the New York City Marathon finish line on Sunday. He had a bandage over the tip his nose. Clinton, aged 79, attended the marathon in order to congratulate Chelsea who took part. Hillary Clinton, the former secretary of state and wife to former Vice President Bill Clinton, was …READ THE FULL REPORTBeloved conservative commentator appeals to Trump administration for help with cancer treatmentScott Adams, creator of “Dilbert”, a comic strip, and beloved conservative commentator publicly asked President Donald Trump to help him schedule a cancer treatment. This was done in an emotional social media post. “On Monday I will request President Trump via X to save my life. He promised to assist me in the event that I was in need. Adams, …READ THE FULL REPORTWatch: John Brennan goes ballistic when confronted with the Hunter Biden laptop hoaxJohn Brennan, former CIA director, had a meltdown when confronted about his role in the infamous Hunter Biden computer hoax. This was after several retired intelligence officers signed a bogus note claiming that the laptop bore hallmarks of a Russian disinformation operation. Brennan, who was a guest speaker at the Intelligence and National Security Summit at George Mason University that …READ THE FULL REPORTWATCH: MTG Trashes Republicans Once Again, Claims Critics Are SexistRep. Marjorie Taylor Greene (R-GA) has once again attacked Republicans in her tour of left-wing media. This time she targeted House Speaker Mike Johnson (R-LA) for the costs of Obamacare (ACA). Later, the congresswoman claimed that those who criticize her for making a recent change are sexist. The Democratic Party has made the extension of ACA credit expiration dates, which …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
Seattle Paying Up To 53% More Than The National Average For Gasoline
Monday, Nov 03, 2025 – 04:15 AM
Gas prices are falling across much of the United States, but Seattle drivers are still paying a premium, according to Fox 13 Seattle.
The national average for a gallon of gas is $3.066. In Washington state, the average jumps to $4.388 per gallon. In the Seattle–Bellevue–Everett metro area, the price is $4.648 per gallon, and in King County it reaches $4.732 per gallon.
AAA says some Seattleites are paying as much as 53% above the U.S. norm for gasoline.
Fox writes that the national average continues a slow decline, heading toward the $3-a-gallon mark for the first time in nearly four years. Lower demand, cheaper crude oil, and the switch to less-expensive winter-blend gasoline are helping drive that trend. A year ago, the national average was $3.163 per gallon, while Washington’s statewide average was $4.068 — a gap of just 32 cents that has now widened dramatically.
In other words: while the gasoline might be a little cheaper soon for some, in Seattle the pain at the pump is still real — and the cost of owning a home here keeps climbing or at best holding steady high.
Gas prices in Seattle are far higher than the national average mainly because Washington imposes some of the highest fuel taxes and climate-related fees in the country.
The state’s carbon pricing policy increases the cost per gallon before it ever reaches a pump. Seattle is also geographically distant from major oil production regions and relies on a limited number of local refineries and tanker deliveries, meaning there’s less competition and higher transportation and production costs.
On top of that, the region’s overall cost of doing business is elevated, with pricier labor, logistics, and real estate all filtering into what drivers pay. Even when national fuel prices drop, these structural factors keep Seattle’s gas among the most expensive in the U.S., leaving local motorists paying a premium simply to stay on the road.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/rUSSIA
Russia is not in Venezuela’s sphere of influence:
Russia ‘Closely Monitoring’ Venezuela Crisis As US Builds Up 16,000 Troops Off Coast
Monday, Nov 03, 2025 – 07:45 AM
Russia says it is closely monitoring the situation in Venezuela at a moment of unprecedented build-up of military assets threatening the country which possesses the world’s largest crude oil reserves.
Responding to a weekend Washington Post report saying that Venezuelan President Nicolas Maduro has requested military assistance from Moscow, especially missiles and radars, Kremlin Spokesman Dmitry Peskov said simply: “We are closely monitoring the situation in Venezuela.”
WaPo has indicated that the American military build-up in the southern Caribbean includes 10,000 soldiers and 6,000 sailors, making the total force posture a whopping 16,000 troops.
The publication describes, “U.S. forces in the Caribbean include eight Navy warships, a special operations vessel and a nuclear-powered attack submarine. When the aircraft carrier USS Gerald R. Ford arrives in the Caribbean next week, it will bring with it three more warships and more than 4,000 additional troops.”
Prior to the carrier group’s arrival, these are the warships currently patrolling waters near Venezuela:
- USS Iwo Jima
- USS San Antonio
- USS Stockdale
- USS Jason Dunham
- USS Gravely
- USS Lake Erie
- USS Wichita
- USS Gettysburg
It is not known whether Moscow is actually following through in any way based on Maduro’s urgent request – but any extra assistance is likely too little, too late at this point – as it would require significant logistics at a moment Caracas is under direct threat by the Pentagon.
Island-nations off Venezuela have been some large Air Force toys dropped on them in the last days and weeks…
TASS reviews of Moscow’s defense ties with the Maduro government, “On October 21, the Russian State Duma ratified the strategic partnership and cooperation treaty between Russia and Venezuela.”
The report says further, “According to Russian Deputy Foreign Minister Sergey Ryabkov, this ratification is very important given the unprecedented forceful pressure, including direct military pressure, that the US is exerting on Venezuela.”
And Trump might waste these expensive Tomahawks on regime change in a Third World country…why?
But with US sanctions on, and prior examples of interdictions on the high seas, even if Russia or China wanted to quickly assist Maduro as he’s under the US bullseye it could prove logistically impossible.
And the reality is that Moscow needs all the missiles in its arsenal as it continues facing down NATO and amid the grinding ‘special military operation’ inside Ukraine.
Russia is also unlikely to risk getting entangled in a new proxy conflict in America’s own backyard, and again with logistical lines that would likely prove a problem, especially now as the US Navy has Venezuela effectively blockaded.
canada
The sad story of the huge influx of immigrant that broke the back of Canada
(zerohedge)
How Canada Built, Then Broke, The World’s Best Immigration System
Monday, Nov 03, 2025 – 03:30 AM
Welcome immigrants. Many, but not too many. Mostly educated and skilled. Always legal.
That is the answer. Or at least a short version of an answer. What’s the question? I’m coming to that.
For decades, Canada enjoyed all-party, across-the-spectrum support for immigration. The arrival of new people at consistently higher rates than in Western Europe or the United States did not drive political polarization. This country took in far more immigrants than America relative to the size of its population, and had been doing so for decades, without signs of backlash. Instead of a Left-Right clash on immigration, there was a boring all-party consensus.
When Donald Trump won the U.S. presidency for the first time, visceral anger over immigration was central to his campaign. Perhaps his success with so many voters should not have surprised. By 2016, the share of the American population born outside the country was 13.5 percent, the highest level in more than a century. Maybe a backlash was inevitable.
In Canada, however, it has been well over a century since immigrants were that low a share of the population. In 2016, immigrants were 22 percent of Canadians and rising. That was higher than the U.S. at any time since the Civil War.
Yet in Canada in the mid-2010s, there wasn’t much evidence of a groundswell of popular opposition to immigration, nor were there signs of a political crackup over the issue. Between the Liberal governments of Jean Chrétien and Paul Martin and Stephen Harper’s Conservatives, there hadn’t been much daylight on immigration—not in the shared positive attitude toward legal immigration, nor in their common concern to limit illegal and irregular immigration, nor in the actual numbers of immigrants accepted each year. Governments of different ideological stripes struck roughly the same course for a quarter of a century. The broad strokes of Canadian immigration policy did not whipsaw when the party in power changed.
Immigration sparked conflict in other lands, but something about this nation, or how it did immigration, had delivered a different outcome.
From the start of the century until the early 2020s, the statement “there is too much immigration” was agreed with by only around a third of Canadians, versus two-thirds in disagreement.
A 2018 Pew poll found that 68 percent of Canadians said that immigrants “make our country stronger”—the highest level in the developed world. Just 27 percent said that immigrants “are a burden”—the lowest level in the developed world.
A 2019 Gallup survey found that Canada had the world’s most welcoming and positive attitude toward immigrants. In the U.S., the survey found support for immigration declined with age; in Canada, Gallup found no differences by age group. The most pro-immigration Americans were those in their teens and twenties, but even they were not as pro-immigration as Canadian seniors.
A country that tends to humblebrag about its modest successes had a not-so modest success. The ultimate mark of achievement was that Canadians were not preoccupied with immigration. Public disinterest was a sign of public trust. The subject was usually as newsworthy as functioning plumbing.
Until, that is, everything changed.
The italicized credo that I opened with is the short answer to this question: What is the recipe for a successful immigration system?
Or to flesh it out a bit more: What is the recipe for an immigration system that is likely to deliver long-term and widely shared economic benefits to the receiving country; offers immigrants good odds of success; is genuinely welcoming; is seen as fair and meritocratic; is likely to produce more benefits than costs; builds solidarity and citizenship between native-born and newcomers; and is likely to earn a high level of public acceptance?
Read the rest here…
end
VENEZUELA/USA/RUSSIA, IRAN, CHINA
Maduro Urgently Seeks Military Aid From Russia & China With US Bulls-Eye On Venezuela
Friday, Oct 31, 2025 – 10:10 PM
President Trump said on Friday that he’s yet to make a final decision on launching a military attack on Venezuela, but President Nicolás Maduro is not waiting around while taking the US leader’s word on it.
Maduro is reportedly urgently reaching out to Russia, China, and Iran for any possible military aid, including defense items which may have already been negotiated or are in the works. The Washington Post says it’s obtained internal documents showing such recent and high-stakes requests.
“Amid a buildup of American forces in the Caribbean, Venezuela’s President Nicolás Maduro is reaching out to Russia, China and Iran to enhance its worn military capabilities and solicit assistance, requesting defensive radars, aircraft repairs and potentially missiles, according to internal U.S. government documents obtained by The Washington Post,” the publication reports.
“The requests to Moscow were made in the form of a letter meant for Russian President Vladimir Putin and was intended to be delivered during a visit to the Russian capital by a senior aide this month,” WaPo continues.
And separately, Maduro is said to have sent a formal letter to Chinese President Xi Jinping seeking “expanded military cooperation” between the two countries in order to counter “the escalation between the U.S. and Venezuela.”
Maduro in it seeks to expedite Chinese companies’ production of radar detection systems based on prior deals, in cooperation between Caracas and Beijing which has long been an open secret.
“In the missive, Maduro emphasized the seriousness of perceived U.S. aggression in the Caribbean, framing U.S. military action against Venezuela as action against China due to their shared ideology,” the documents state according to the Post.
Transport Minister Ramón Celestino Velásquez is also reported to have sought military equipment from the Islamic Republic of Iran. He conveyed that his country needs—
- “passive detection equipment”
- “GPS scramblers”
- “drones with 1,000 km [600 mile] range”
Meanwhile the growing list of US naval assets that Maduro is facing in the Caribbean region…
But the reality is that despite obvious cooperation over the years – including Russian, Chinese, and Iranian military assets and personnel showing up at the occasional Venezuela military parade or state ceremony – these countries have their own problems to worry about, and are unlikely to want to poke Donald Trump at this sensitive moment in America’s “own backyard”.
With US sanctions on, and prior examples of interdictions on the high seas, even if Russia or China wanted to quickly assist Maduro as he’s under the US bullseye it could prove logistically impossible.
END
NIGERIA
Nigerian President Responds To Trump’s Call For Military Action Against Christian Persecution
Monday, Nov 03, 2025 – 06:30 AM
Authored by Jack Phillips via The Epoch Times (emphasis ours),
The Nigerian government on Sunday responded to a warning from U.S. President Donald Trump that the United States could take military action in the African nation if its government does not more to curb the persecution of Christians there by Islamic terrorists.
“We welcome U.S. assistance as long as it recognizes our territorial integrity,” Daniel Bwala, an adviser to Nigerian President Bola Tinubu, told Reuters.
On Saturday, Tinubu rejected accusations of religious persecution against Christians and defended Nigeria’s “sincere efforts” to protect religious freedom.
“The characterization of Nigeria as religiously intolerant does not reflect our national reality, nor does it take into consideration the consistent and sincere efforts of the government to safeguard freedom of religion and beliefs for all Nigerians,” Tinubu said in a statement released on X. “Religious freedom and tolerance have been a core tenet of our collective identity and shall always remain so. Nigeria opposes religious persecution and does not encourage it.”
He also said Nigeria is a country that also has “constitutional guarantees to protect citizens of all faiths,” adding that his government will work with the United States on this matter.
In a Saturday post on Truth Social, Trump stated that Islamic terrorists were carrying out mass killings of Christians and that the religion is “facing an existential threat” in the West African country.
“If the Nigerian Government continues to allow the killing of Christians, the U.S.A. will immediately stop all aid and assistance to Nigeria, and may very well go into that now disgraced country, ‘guns-a-blazing,’ to completely wipe out the Islamic Terrorists who are committing these horrible atrocities,” the president said. “I am hereby instructing our Department of War to prepare for possible action.”
He added: “WARNING: THE NIGERIAN GOVERNMENT BETTER MOVE FAST!”
Defense Secretary Pete Hegseth responded to Trump’s post, writing that “the killing of innocent Christians in Nigeria—and anywhere—must end immediately.”
“The Department of War is preparing for action. Either the Nigerian Government protects Christians, or we will kill the Islamic Terrorists who are committing these horrible atrocities.”
For years, human rights groups such as Amnesty International have warned that the Nigeria-based Boko Haram terrorist group and similar organizations have launched attacks and kidnappings targeting civilians namely in the northeastern part of Nigeria.
Boko Haram, which has previously explicitly stated that it is targeting Christians and churches, has killed at least 50,000 Christians in the country since its insurgency began in 2009, according to a 2023 report from the International Society for Civil Liberties and Rule of Law. Aside from Boko Haram, terrorist organization Islamic State West Africa Province has also launched attacks in the country.
Some analysts have said that Boko Haram also targets Muslims but says that it seeks to attack Christians as a cover because northeastern Nigeria is predominantly Muslim.
“Insurgent groups such as Boko Haram and Islamic State West Africa often present their campaigns as anti-Christian, but in practice their violence is indiscriminate and devastates entire communities,” Ladd Serwat, senior Africa analyst at U.S. crisis-monitoring group Armed Conflict Location and Event Data (ACLED), told Reuters. “Islamist violence is part of the complex and often overlapping conflict dynamics in the country” due to multiple issues, including political power struggles and inter-ethnic conflicts, he added.
Trump’s call for military action to end the persecution of Christians drew praise from some celebrities, including pop star Nicki Minaj. She released a lengthy statement on X praising the president’s promise to protect Christians in Nigeria.
Open Doors, a group that monitors the persecution of Christians worldwide, says that the worst offender is North Korea, which is run by a communist dictatorship, followed by Somalia, Yemen, Libya, and Sudan.
The Chinese communist regime also ranks high on Open Doors’ list, and the International Republican Institute recently released a report regarding religious freedom in China in mid-October, saying that “Christian ministers are imprisoned for refusing to conform to [Chinese Communist Party] ideology, and public access to the Bible is banned,” alongside the persecution of other groups such as Tibetan Buddhists and Falun Gong practitioners.
Reuters contributed to this report.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1518 DOWN 0.0014 PTS OR 14 BASIS POINTS/WITH STOCKS HIGHER
USA/ YEN 154.16 UP 0.257 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 1.3143 UP.0001 OR 1 BASIS PTS
USA/CAN DOLLAR: 1.40035 UP 0.0046 (CDN DOLLAR DOWN 46 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED UP 21.72PTS OR 0.55%
Hang Seng CLOSED UP 251.71 PTS OR 0.97%
AUSTRALIA CLOSED UP 0.05%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 251.71 PTS OR 0.97%
/SHANGHAI CLOSED UP 21.72 POINTS OR 0.55%
AUSTRALIA BOURSE CLOSED UP 0.05 %
(Nikkei (Japan) CLOSED UP 1087.31 PTS OR 2.17%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4011.25
silver:$48.77
USA dollar index early MONDAY morning: 99.71 UP 9 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.008% UP 0 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.654% UP 0 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.038 DOWN 0 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.155 UP 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.394 DOWN 0points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6543 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1516 DOWN 0.0028 OR 28 basis points
USA/Japan: 154.14 UP 0.231 OR YEN IS DOWN 23 BASIS PTS//
Great Britain 10 YR RATE 4.4390 UP 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.207 UP 3 BASIS POINTS.
Canadian dollar DOWN 0.0070 OR 70 BASIS pts to 1.4070
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1238 ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1287
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 FRIDAY at 4.109% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.694 UP 2 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.598DOWN 2 BASIS PTS.
GOLD AT 10;00 AM 4019.70
SILVER AT 10;00: 48.54
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAYDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 15.80 PTS OR 0.16%
GERMAN DAX: UP 174.11 pts or 0.73%
FRANCE: CLOSED DOWN 11.29 pts or 0.14%
Spain IBEX CLOSED UP 4.00 pts or 0.03%
Italian MIB: CLOSED UP 47.68 or 0.11%
WTI Oil price 60.98 10.00 EST/
Brent Oil: 64.82 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 80.63 ROUBLE DOWN 0 AND 40/ 100
CDN 10 YEAR RATE: 3.132 UP 1 BASIS PTS.
CDN 5 YEAR RATE: 2.7040 DOWN 0 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1519 DOWN 0.0015 OR 15 BASIS POINTS//
British Pound: 1.3139 DOWN .0003 OR 3 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.4380 UP 3 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.210 up 4 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.654 UP 1/ 8 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.034 DOWN 1 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 154.19 UP 0.281 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING IN VALUE
USA dollar vs Canadian dollar: 1.4052 UP 0.0061PTS// CDN DOLLAR DOWN 61 BASIS PTS CDN DOLLAR
West Texas intermediate oil: 61.00
Brent OIL: 64.87
USA 10 yr bond yield UP 1 BASIS pts to 4.1060
USA 30 yr bond yield UP 4 PTS to 4.685%
USA 2 YR BOND 3.5982 DOWN 2 PTS
CDN 10 YR RATE 3.145 UP 1 BASIS PTS
CDN 5 YEAR RATE: 2.7121 UP 1/4 BASIS PTS
USA dollar index: 99.71 UP 8 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 42.05 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 80.71 DOWN 1 AND 12/100 roubles //
GOLD $4005.50 (3:30 PM)
SILVER: 48.18 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 226.19OR 0.48%
NASDAQ 100 UP 114.82 PTS OR 0.44%
VOLATILITY INDEX 17.29 DOWN 0.15PTS OR 0.67%
GLD: $ 368.90 UP 0.68 PTS OR 0.18%
SLV/ $43.76DOWN 0.25PTS OR OR 0.57%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 15.05 PTS OR 0.75%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘
Short-Squeezers Shredded As Dash-For-Trash Disappoints; Breadth Abysmal, Bitcoin Bad, Bullion Better
All Hell Breaks Loose In Repo Markets… And Why A Historic Meltup Could Follow
WRAP UP;
Stocks mixed as big tech keeps NDX bid – Newsquawk US Market Wrap
Monday, Nov 03, 2025 – 04:03 PM
- SNAPSHOT: Equities mixed, Treasuries flat, Crude flat/up, Dollar up, Gold up
- REAR VIEW: ISM Manfuacturing misses expectations; S&P Global Mfg PMI revised higher; Fed speak from Daly, Cook, Goolsbee and Miran (more below); Atlanta Fed GDPnow revised higher; OPEC+ hikes as expected, to pause in Q1 26; Softer-than-expected Swiss CPI; China PMI misses; UK & French Mfg PMI beat, EZ & Germany match forecasts; GOOGL announces USD & EUR denominated bond sales, met with strong demand.
- COMING UP: Events: RBA Policy Announcement, RBNZ FSR, BoJ Minutes (Sep), French Assembly PLF Vote. Data: Canadian Trade, US RCM/TIPP, New Zealand Jobs. Speakers: ECB’s Lagarde, Nagel and Balz, BoE’s Breeden, RBA’s Bullock, Fed’s Bowman, RBNZ’s Orr. Supply: UK & Germany. Earnings: Phillips, Evonik, Fresenius MC, Ferrari; BP; AMD, Supermicro, Marathon, Pfizer, Uber.
- 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
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MARKET WRAP
Stocks ultimately closed mixed, with NDX outperforming while RUT and Dow lagged. Upside in the SPX and NDX was primarily due to the heavy cap tech stocks, with Amazon (AMZN) lifting the indices after it inked a USD 38bln deal with OpenAI to supply NVIDIA (NVDA) chips. However, breadth in the market was weak with only Consumer Discretionary, Tech and Utilities posting gains while the equal-weight S&P 500 (RSP) was sold. Elsewhere, T-notes settled flat in choppy trade, selling off from morning highs on a slew of IG deals, including a chunky USD 17.5bln from Google parent Alphabet. In FX, the Dollar saw marginal gains, but CHF was the clear laggard after soft inflation metrics in Switzerland. Oil prices settled slightly firmer in choppy trade. Oil gapped higher after the OPEC+ agreement on Sunday, which hiked output by 137k BPD as expected in December, but to pause in Q1. Meanwhile, US President Trump threatened strikes in Nigeria due to the killing of Christians in the country. Economic data saw a miss in the ISM Manufacturing PMI report, but the Atlanta Fed GDP upgraded its Q3 growth estimate in wake of the data; set to be updated on Wednesday after the ISM Services PMI report.
US DATA
ISM MANUFACTURING PMI: The October Manufacturing PMI fell to 48.7 from 49.1 in September, despite expectations for an increase to 49.5. The New Orders Index contracted for the second month in October, following one month of growth; the figure of 49.4 rose from the 48.9 recorded in September. The Production Index dropped 2.8 points to 48.2. Backlog of orders rose 1.7 pts to 47.9. Meanwhile, Prices Paid remained in expansionary territory, but the pace of acceleration fell to 58.0 from 61.9, below the 61.5 forecast and low estimate of 60.0. ISM Chair Spence said that the drop in the headline was led by the drop in production and inventories. Regarding the manufacturing side of the economy and GDP, Spence noted that 58% of the sector’s GDP contracted in October, down from 67% in September. However, the percentage of GDP in strong contraction is at 41%, up 13% from September. Following the report, the Atlanta Fed GDPNow model was tracking growth in Q3 at an annualised rate of 4.0%, up from the prior 3.9% estimate after today’s data.
FED
COOK (voter): The recent cut was appropriate, given job market risks and noted that risks to both sides of the mandate are elevated. She described current policy as modestly restrictive and still positioned to reduce inflation pressures, though inflation remains elevated and subject to upside risks, particularly from tariffs. While the labour market is still solid, she is monitoring for signs of trouble, citing slowing hiring and payroll growth tied to labour supply shifts. She emphasised commitment to the 2% inflation target and said inflation should move there once tariff impacts pass through, though the pass-through is still ongoing. She also warned that AI could have large negative consequences for the labour market. Given the lack of data, she said it is important to be timely and use the most current incoming data for the December rate decision. She also said she is attentive to inflation expectations through the NY Fed and other surveys, and would be ready to act if inflation proves more persistent. However, she is worried about the labour market because of the fact that it can deteriorate very quickly.
MIRAN (voter): The Fed Governor explained his reasoning behind the 50bps dissent at last week’s FOMC meeting, where the committee cut by 25bps. Miran’s reasoning was more or less the same as his dissent in September. Miran reiterated the view that the Fed is too restrictive, “no need to maintain restrictive policy for extended period.” Miran also cited views of a lower neutral rate. When asked why he didn’t support a 75bps rate cut, Miran said he’s just making the case that he does not think that the economy is dysfunctional right now. Mirgan argues it’s a mistake to make conclusions about policy from financial conditions alone.
GOOLSBEE (2025 voter): He believes the level where rates will ultimately settle is a fair bit below current levels, but emphasised that rates should come down with inflation, not ahead of it. While still seeing some job market concerns, he has become more worried about inflation than employment risks, particularly in services. Goolsbee also noted that the economy remains strong overall, though in a period of transition, and warned against frontloading rate cuts. Stated that the threshold for cutting is now higher than at the last two meetings, and wants to see clear evidence that inflation is coming down. Goolsbee added that the golden path for the economy is still possible, noting the economy has been pretty strong with weakness in specific sectors. He added that the housing market has been weak for some time.
DALY (2027 voter): The San Fransico Fed President Daly said she supported the October rate cut, acknowledging the labour market that has softened quite a bit, a better-positioned Fed and a more proactive approach towards an expected weakening in the labour market. Ahead, Daly has an open mind on the December meeting, with the need to get inflation down, which is still above target. Daly contends that policy needs to be kept modestly restrictive, and the labour market does not look like it’s on a precipice. Daly says they will balance risks, and inflation is still around 3%.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED FLAT AT 112-21+
T-notes steepen after slew of corporate issuance, including USD 17.5bln from Alphabet. At settlement, 2-year -0.3bps at 3.603%, 3-year 0.0bps at 3.608%, 5-year 0.0bps at 3.717%, 7-year +0.1bps at 3.899%, 10-year +0.6bps at 4.107%, 20-year +1.6bps at 4.663%, 30-year +2.1bps at 4.690%.
INFLATION BREAKEVENS: 1-year BEI +1.7bps at 2.874%, 3-year BEI +1.0bps at 2.551%, 5-year BEI 0.0bps at 2.348%, 10-year BEI -0.2bps at 2.296%, 30-year BEI -0.8bps at 2.233%.
THE DAY: T-notes were little changed with a slight steepening bias after another slew of corporate issuance hit the long-end. Alphabet (GOOGL) announced a USD 17.5bln bond issuance across the curve, which was met with very strong (c. USD 90bln) demand, another strong uptake following the Meta (META) issuance last week. Meanwhile, on data, the ISM Manufacturing PMI missed expectations while prices paid dropped and employment rose. The drop in prices paid and rise in employment will be welcomed, but prices remain in expansionary territory and employment in contractionary territory, just at slower rates than seen in the September report – eyes look towards the ISM Services PMI on Wednesday to see how the services side of the economy is faring. On Fed speak, Miran explained his dissent to Bloomberg TV, reiterating that he thinks the Fed is too restrictive and the Fed could get to neutral a bit faster. Goolsbee said he believes rates will settle a fair bit below where they are currently. Cook said every meeting is live. While Daly said that the rate cut was appropriate.
FINANCING ESTIMATES: US Treasury expects to borrow USD 569bln in privately-held net marketable debt in the Oct-Dec quarter (prev. expected USD 590bln), assuming an end-Dec cash balance of USD 850bln (prev. 850bln). During the Jan-March quarter, Treasury expects to borrow 578bln, assuming an end-Mar cash balance of USD 850bln.
SUPPLY
Bills
- US sold USD 80bln of 6-month bills at a high rate of 3.700%, B/C 2.92x; sold USD 90bln of 3-month bills at a high rate of 3.815%, B/C 2.62x
- US to sell USD 95bln of 6-wk bills on November 4th; to settle on November 6th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Dec 16bps (prev. 17bps), January 25bps (prev. 26bps), March 33bps (prev. 34bps).
- NY Fed RRP op demand at USD 23.8bln (prev. 52bln) across 18 (prev. 25)
- NY Fed Repo Op demand at USD 22bln across two operations today (prev. 50.35bln across two ops. on 31st Oct.)
- EFFR at 3.86% (prev. 3.87%), volumes at USD 107bln (prev. 104bln) on October 30th.
- SOFR at 4.22% (prev. 4.04%), volumes at USD 3.211tln (prev. 3.098tln) on October 31st. Rose further above the top-end of the Fed funds target range, rising 18bps in one day, the largest since the Fed last hiked rates.
CRUDE
WTI (Z5) SETTLED USD 0.07 HIGHER AT USD 61.05/BBL; BRENT (Z5) SETTLED USD 0.12 HIGHER AT USD 64.89/BBL
The crude complex started the week with slight gains in what was a choppy session. At the reopening of trade, benchmarks gapped higher after OPEC+ opted to raise output again by a modest 137k BPD in December before pausing for Q1 2026, while Trump also threatened strikes on Nigeria over the recent killing of Christians in the country. WTI and Brent recoiled off highs and pared gains to hit lows of USD 60.51/bbl and 63.89/bbl, respectively. However, the energy space once again reversed off troughs to hit new intra-day peaks. US Deputy Energy Secretary was on the wires, and does not think there will be an oil glut in 2026, and that they need to make sure that energy prices are affordable, but that does not mean cheap. A US official also added that the US SPR has been depleted, and it is their job to try and replenish it. Following the OPEC decision, the Secretary General noted the group has been consistently and regularly returning barrels to the market, and they have the flexibility to alter, pause and reverse past decisions. He added that demand for oil and gas is here to stay, and does not see an oil demand peak any time soon. Reuters sources in wake of the OPEC decision noted that the decision to keep output steady in Q1 came after Russia lobbied for the pause as it would struggle to boost exports due to Western sanctions.
EQUITIES
CLOSES: SPX +0.17% at 6,852, NDX +0.44% at 25,973, DJI -0.48% at 47,337, RUT -0.33% at 2,471
SECTORS: Materials -0.56%, Consumer Staples -0.47%, Financials -0.43%, Industrials -0.42%, Communication Services -0.32%, Energy -0.19%, Real Estate -0.16%, Utilities +0.06%, Health +0.13%, Technology +0.39%, Consumer Discretionary +1.70%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.30% at 5,679, Dax 40 +0.63% at 24,110, FTSE 100 -0.16% at 9,701, CAC 40 -0.14% at 8,110, FTSE MIB +0.11% at 43,223, IBEX 35 +0.03% at 16,037, PSI +0.23% at 8,446, SMI +0.07% at 12,243, AEX -0.05% at 971.
STOCK SPECIFICS:
- Amazon (AMZN) signed a USD 38bln deal with OpenAI to supply NVIDIA (NVDA) chips.
- Microsoft (MSFT) signed a USD 9.7bln deal with IREN (IREN) for a cloud services contract in Texas.
- Trump said NVIDIA’s (NVDA) most advanced Blackwell AI chips will be reserved for US Cos. only.
- Microsoft (MSFT) to invest USD 15.2bln in UAE between 23-29 & US allows Co. to ship in NVDA AI chips in UAE for 1st time.
- MongoDB (MDB): CEO stepped down, replaced by Cloudflare (NET) exec CCJ Desai; Expects Q3 26 results above guidance.
- Jehoshaphat Research is short AAON (AAON).
- Trump officials reportedly to torpedoed NVIDIA’s (NVDA) push to export AI chips to China, according to WSJ, citing sources.
EARNINGS:
- IDEXX Laboratories (IDXX): EPS & revenue beat with strong guidance
- Berkshire Hathaway (BRK.B): Earnings rise & cash levels at record
- Spirit Aerosystems (SPR): Deeper loss per shr. than expected & revenue light
- ON Semiconductor (ON): EPS, revenue, and next quarter revenue outlook topped.
M&A:
- Kimberly-Clark (KMB) to acquire Kenvue (KVUE) in a cash and stock deal, creating a USD 32bln Co.
- New Gold (NGD) to be acquired by Coeur Mining.
- Eaton (ETN) to purchase Boyd Thermal business for USD 9.5bln from Goldman Sachs.
- UK CMA has opted to refer the Getty Images (GETY)/Shutterstock (SSTK) merger for a phase 2 investigation.
FX
The Dollar was broadly firmer against peers as last week’s themes of a divergent Fed on another cut in December and easing US-China relations loom in the background. Capping USD’s intraday upside was the October ISM Manufacturing PMI report, which saw the headline unexpectedly drop to 48.7 from 49.5, weighed by M/M decelerations in Production and New Orders. On trade, reports now suggest China is seeking to buy US wheat for the first time in a year, another sign that relations between the two are improving in agriculture. Elsewhere, Fed speak was the main highlight. Goolsbee (2025 voter) argues the threshold for cutting rates is higher than the last two meeting, but believes the place rates will settle is a fair bit below current levels”. Meanwhile, Daly (2027 voter) supported last week’s rate cut decision, but is keeping an open mind on decision with inflation still above target and with a labour market that “does not look like it is on a precipice”. Cook (voter), similar to Daly and Chair Powell, is against a pre-set path going forward on policy. Goolsbee (2025 voter) expects rates to settle a fair bit lower than where they are now. DXY trades higher for the fourth consecutive day, but fell short of the 100 handle, hitting highs of 99.99
CHF was the G10 laggard after CPI in October came in softer-than-expected at 0.1% (exp. 0.3%, prev. 0.2%). For Q4, the SNB looks for a 0.4% average rate, which comes after the 0.2% Q3 average that matched the SNB’s forecast from the September meeting. EUR/CHF and USD/CHF both saw upside on the release, which held through the day. Currently, EUR/CHF and USD/CHF reside at 0.9300 and 0.8080, respectively.
In Europe, Manufacturing PMIs were mixed. France and the UK rose more than expected but remained in contraction. Meanwhile, EZ and Germany were both unchanged, matching forecasts. The PMIs had little bearing on FX movement within the region, as increasing views of a stronger USD remain the dominating topic. EUR, JPY, and GBP finished the day marginally lower.
China proxy, AUD, saw initial weakness on Monday, more of a function of USD strength than the overnight Chinese RatingDog Manufacturing PMI print, which saw a share decline in export orders. AUD/USD hit lows of 0.6518 before rebounding to ~ 0.6540.
USA DATA RELEASES
USA FREIGHT
Largest Trucking Capacity Purge In History Coming
Monday, Nov 03, 2025 – 07:25 AM
By Craig Fuller, CEO of FreightWaves
The Calm Before the Storm: Freight’s Current Reality
The freight industry is experiencing what experts describe as one of the most interesting times ever in freight—though unfortunately, not in a positive way for most participants. Motor carriers and freight brokers across the spectrum are feeling significant pain from weak freight volumes and a rapidly changing operating climate. What we’re witnessing appears to be the calm before a significant storm, with indicators pointing toward what could become the largest capacity washout in trucking history.
With the risk of the market eliminating 600,000 active drivers, the largest capacity purge in history may be coming, bringing COVID-like spot rates. The difference this time is that there won’t be a flood of immigrants created by Biden’s open borders, which offered an endless supply of truck drivers. The capacity relief valve for shippers and brokers is forever shut, meaning carriers will have to pay up in terms of higher pay and bonuses for truck drivers. Capacity will also be much harder to find.
Factors Contributing to the Freight Market Decline
Freight volumes have dramatically decreased, with year-over-year figures showing a staggering 18% decline. This precipitous drop has created severe challenges for motor carriers struggling to find loads and for freight brokers operating with minimal volume to sustain their businesses.
The situation is particularly dire for brokers with spot market exposure, as the scarcity of freight leaves little room for profitability. Even the contract market presents significant challenges, as many brokers have locked in business at unsustainably low rates while competing against asset-based carriers. This has created a system where many participants are underwater, and it is not sustainable.
Small motor carriers face additional pressures, especially those that have hired non-domiciled CDL drivers who may now be unable to meet regulatory requirements such as the English Language Proficiency (ELP) mandate.
Fraud continues to accelerate, as fraudsters have figured out how to reverse engineer Highway’s and RMIS’ systems. This has caused a sharp increase in fraud, and brokers—afraid of getting stung—have learned the hard way and are no longer overriding even the most benign flags. This can sting even the most legitimate carriers if they receive false positives in compliance verification systems. Any carrier that gets flagged by these fraud mitigation systems can find themselves locked out of participating in almost any brokerage freight—a death sentence for carriers struggling to survive.
Capacity Purge and Regulatory Changes
The anticipated “great purge” of capacity stems from several converging factors, most notably recent changes in U.S. immigration policy and enforcement. According to research from J.B. Hunt, these policy changes—particularly regarding non-domiciled Commercial Driver’s Licenses (CDLs) and English Language Proficiency requirements—are expected to remove between 5% to 12% of CDL holders (214,000–437,000 drivers) from the U.S. supply over the next two to three years.
On September 26, 2025, the Federal Motor Carrier Safety Administration (FMCSA) issued an emergency ruling that immediately restricts the issuance and renewal of non-domiciled CDLs. The FMCSA estimates that 97% of the current 200,000 non-domiciled CDL holders will be unable to satisfy the new requirements, leading to their likely exit from the industry over the next one to three years. This represents approximately 5% of all registered CDLs in the United States.
Concurrently, stricter enforcement of English Language Proficiency regulations has resulted in over 23,000 violations, with more than 5,000 resulting in out-of-service orders. According to industry analyst Avery Vise, this enforcement alone could remove approximately 20,000 drivers annually from the workforce.
When accounting for the overlap between drivers affected by non-domiciled CDL restrictions and ELP enforcement, plus undocumented drivers and restrictions on new hires, the total at-risk population could exceed 600,000 drivers—representing about 17% of active drivers, according to transport economist Noël Perry.
Carriers that rely upon immigrant labor or carriers that don’t qualify under the new rules will likely go out of business.
Economic Implications of the Capacity Purge
The combination of regulatory changes and prolonged freight recession conditions is creating an environment ripe for significant market disruption. Industry experts anticipate numerous bankruptcies among both carriers and brokers in the coming months as financial pressures mount.
The market rationalization expected to follow this capacity purge will likely favor the largest asset carriers, who have the resources to weather the storm and adapt to the changing regulatory landscape. This represents a significant shift from the recent market dynamic where the availability of truck drivers supplied through immigration enabled many small operators to expand their fleets without adhering to traditional operational requirements.
As the market corrects, motor carriers will need to offer improved driver pay and incentives to attract qualified drivers from a diminishing pool of eligible candidates. This shift toward a more traditional supply-demand balance may ultimately lead to improved profitability for surviving carriers, though the transition period will undoubtedly be challenging.
Navigating the Road Ahead: Freight’s Path to Recovery
The freight industry stands at the precipice of a transformative period. The anticipated capacity washout, driven by regulatory changes and sustained market weakness, will likely lead to accelerated spot rates and stabilizing contract rates as the market rebalances.
While the timeline for this transition remains uncertain, the eventual outcome points toward a market that operates according to more traditional supply and demand principles. For shippers, this means preparing for potential rate volatility and capacity constraints. For carriers, especially larger ones that can navigate the regulatory landscape, it represents an opportunity to return to more sustainable operating conditions after an extended period of market disruption.
If volumes pop—which doesn’t exist right now—hold on to your hat. It’s going to be one of the best freight markets that carriers have seen in some time. While the road to that point will be challenging, the industry may ultimately emerge stronger and more stable once this unprecedented capacity purge has run its course.
USA ECONOMIC COMMENTARIES
LATE FRIDAY NIGHT
After Prez Urges ‘TRUMP CARD’, Mike Johnson Warns Democrats Will Wreak Havoc If GOP Kills Filibuster
Friday, Oct 31, 2025 – 04:40 PM
President Trump is pounding the table for Senate Republicans to “play their TRUMP CARD” – demanding they scrap the chamber’s 60-vote filibuster rule to push through a stopgap bill to end the government shutdown. But despite the former president’s fiery Truth Social post Thursday night, GOP senators – wary of detonating the so-called “nuclear option” – are crickets.
Fresh off a trip to Asia, Trump said he faced questions overseas about why “powerful Republicans allowed” Democrats to shut down the government – and called on his party to act fast. “It is now time for the Republicans to play their ‘TRUMP CARD,’ and go for what is called the Nuclear Option – Get rid of the Filibuster, and get rid of it, NOW!” he wrote.
Under current Senate rules, most legislation, including funding measures, requires 60 votes to advance. Republicans hold just 53 seats, and while a few Democrats have occasionally sided with them on procedural votes, others, like Sen. Rand Paul (R-Ky.), have defected in the opposite direction. That math leaves Trump’s call a political long shot.
Johnson’s caution: “If the shoe was on the other foot…”
At a Friday press conference, House Speaker Mike Johnson (R-LA) didn’t directly break with Trump but made clear he’s wary of tampering with one of the Senate’s oldest guardrails.
“The filibuster has traditionally been viewed as a very important safeguard,” Johnson said. “If the shoe was on the other foot, I don’t think our team would like it.”
Johnson warned that eliminating the rule could pave the way for Democrats to grant statehood to Washington, D.C., and Puerto Rico – adding two likely Democratic senators – or ram through sweeping gun bans and other progressive priorities. He described Trump’s Truth Social broadside as “another expression of frustration, of the anger that has been felt, the anger by the President.”
Senate Republicans draw the line
Many Senate Republicans, especially veterans of the chamber, fear that once the filibuster is gone, there’s no going back. They say the rule forces both sides to seek compromise — and protects whichever party ends up in the minority.
“The filibuster forces us to find common ground in the Senate. Power changes hands, but principles shouldn’t,” Sen. John Curtis (R-UT) wrote Friday, calling himself a “firm no” on eliminating it.
Senate Majority Leader John Thune (R-SD) – who has made preserving the legislative filibuster a central part of his leadership – also isn’t budging. “Leader Thune’s position on the importance of the legislative filibuster is unchanged,” a spokesman said Friday.
Thune has already faced pressure from the right, including Rep. Marjorie Taylor Greene (R-Ga.), to cave to Trump’s demands. But he and other Republicans insist that the short-term gain of reopening the government with a simple-majority vote isn’t worth the long-term fallout.
Even if Thune wanted to change course, he likely lacks the votes. Several Senate Republicans have said they won’t go along with any effort to end the 60-vote rule through the nuclear option — a parliamentary maneuver that lets the majority change Senate precedent with a simple majority.
Advocates of the move claim it could be narrowly written to apply only to spending bills. But critics warn that in practice, any change to the Senate’s precedents would effectively kill the filibuster for all legislation – opening the floodgates to one-party rule whenever control flips.
“It would be a drastic move for such a limited win as a stopgap spending bill,” one GOP aide told reporters.
Trump’s long-running feud with the filibuster
This isn’t the first time Trump has tried to “neuter” the filibuster. During his first term, he repeatedly urged then-Majority Leader Mitch McConnell (R-KY) to nuke it. McConnell, who made masterful use of the rule to stall Democratic priorities for years, refused.
Democrats, for their part, tried to kill the filibuster themselves in 2022 to pass election-law changes – but failed when Sens. Joe Manchin ( D-West VA) and Kyrsten Sinema (I-AZ) joined Republicans in opposition.
For now, Trump’s push appears to be more about political pressure than practical policy. Johnson and Senate GOP leaders are holding the line, warning that once the filibuster is gone, there’s no putting the genie back in the bottle.
end
Why Are 42 Million Americans Relying On SNAP Benefits?
Sunday, Nov 02, 2025 – 12:50 PM
Amid the furious debate over the government shutdown and the incoming freeze of SNAP food benefits, one important factor is often overlooked – Why are 42 million Americans, a number larger than the entire population of Canada, dependent on government subsidized groceries? Isn’t this a time bomb waiting to explode regardless of a federal shutdown?
There have been a few temporary food stamp programs from the Great Depression through the 1950s, but they were limited in scale and funding was minimal. It wasn’t until LBJ’s “Great Society” project in 1964 that food stamps slowly became a permanent mainstay of American life. By 1969, food benefits were in full swing, yet, only 1.4% of the population used them. Strict eligibility requirements kept the participation rate down until 1977.
Candidates had to have a gross income below the poverty line. Their liquid assets (including vehicles) had to have limited value. They had to put some of their own money into a portion of the stamps in order to get the “bonus” stamps. Able bodied adults without children were largely excluded. College students and immigrants were barred from the program. Able bodied adults had to work or be in training. Monthly income and expense verification was required. Food stamps were paper, creating a “shame factor”. Just because someone was under the poverty line did not mean they could qualify.
Most of these barriers have been absent from SNAP in the past few decades, which is why the percentage of users spiked from 1.4% to as high as 15% of the population. Today, the rate stands at 12.5%, which is still extraordinarily high. Approximately 19 million SNAP users have been on the program for longer than a year, and over 80% of people on the program are able bodied and below retirement age.
In other words, the program has become a crutch for a vast number of people who do not need it.
The most common argument in favor of expanding food subsidies is: “What about the single moms?” Around 25% of all SNAP users are single mothers, and yes, it is increasingly difficult for these women to work full time without child care. However, while there are plenty of cases of desperate moms in need of a boost in times of hardship, there are also endless cases of abuse of the system.
The “EBT moms” problem is pervasive – Women who game the government (and the taxpayer) by deliberately having multiple children with multiple men and refusing to keep a father in the picture with the expectation that they will be able to live off a multitude of welfare programs. Many of these women live practically for free on the taxpayer’s dime; this was their life plan from the beginning.
Food subsidies have had the unfortunate side effect of helping to destroy the nuclear family, creating generations of fatherless children and skyrocketing crime rates. Around 23% of all US households have single mothers. Among black families, 47% are single mother households, 25% in Hispanic households and 12% in white households. Approximately 7% of white families use SNAP, while 27% of black families and 23% of Hispanic families use SNAP.
There is a clear trend here: Single mothers and minority families are the largest contingent of welfare beneficiaries per capita and the system is almost designed to reward their dependency.
This does not mean that SNAP needs to be shut down entirely – There are a lot of people out there in legitimate need. If the program was relegated to the elderly, the disabled, and short term support for people in emergencies, then the cost could be reduced dramatically. The fact that 80% of food stamp users are able bodied and under 60 years of age is mind boggling. Not to mention the 1.8 million non-citizens that took SNAP in 2024 (the same people that “don’t exist” according to Democrats).
The solution is to end the idea that food stamps need to act as a permanent safety net or entitlement program. Instead, they should be treated as a short term stop-gap until citizens in need can get back on their feet.
Work requirements, reduced funding for young and able bodied participants, making people pay a deposit on EBT before they get access to benefits, and limiting the number of children a parent can claim in exchange for SNAP could not only change the landscape of government spending, it could also dramatically reduce a number of social problems associated with single mother households. Take away easy access to SNAP, and watch the number of single mothers plummet.
As for the overall population, The US spends over $100 billion annually on food subsidies, the largest food welfare program of any nation in the world. No other single country comes close. Perhaps greater attention needs to be paid to who qualifies for this program, with far more requirements and obstacles in place.
end
Judge Praises Trump Over SNAP Funding, Sets Monday Deadline For Payments
Sunday, Nov 02, 2025 – 09:35 PM
A Rhode Island federal judge praised President Donald Trump’s “quick and definitive response” to a Friday order for facilitating the timely funding of Supplemental Nutrition Assistance Program (SNAP) payments.
“The court greatly appreciates the president’s quick and definitive response to this court’s order and his desire to provide the necessary SNAP funding,” US District Court Judge John J. McConnell Jr. (Obama) wrote in the footnote of a Saturday court order.
The order, forcing the USDA to ensure SNAP benefits for November reach approximately 42 million Americans (around one in eight) who were facing a halt in benefits amid the government shutdown. McConnell ruled that recipients must receive their benefits by the end of Monday, Nov. 3, or that partial payments be issued no later than end-of-day Wednesday, November 5.
“There is no question that the congressionally approved contingency funds must be used now because of the shutdown,” the judge wrote, citing contingency funds from fiscal years 2024 and 2025, along with Section 32 of the Agricultural Adjustment Act of 1935, to justify ensuring SNAP payments are made.
The USDA had argued that it lacks the legal authority and sufficient funds to provide full SNAP benefits for November with the shutdown in force, and contended that even if contingency funds were available, they would not cover the full payments – while implementation of reduced benefits nationwide would be challenging from an administration standpoint.
According to lawyers for the Trump administration, $5.25 billion is currently available in the program’s contingency fund, however ensuring November payments will require at least $8.5 billion.
McConnell’s order requires the use of all available contingency funds.
“There is no question that the congressionally approved contingency funds must be used now because of the shutdown; in fact, the president during his first term issued guidance indicating that these contingency funds are available if SNAP funds lapse due to a government shutdown,” McConnell wrote.
In a separate ruling last week, Boston US District Judge Indira Talwani (Obama) also ruled that the USDA must continue SNAP payments – calling the program’s suspension ‘unlawful.’
On Friday, Trump wrote on Truth social following McConell’s ruling “I do not want Americans to go hungry,” adding “[I] ask the Court to clarify how we can legally fund SNAP as soon as possible. . . . If we are given the appropriate legal direction by the Court, it will BE MY HONOR to provide the funding.”
Where it stands: The USDA has until noon on Monday to present their plan to comply. If full payments are not completed, partial payments are to follow by Wednesday as noted above.
end
700,000 Ineligible SNAP Recipients Purged After USDA Uncovers Widespread Food Stamp Fraud
Monday, Nov 03, 2025 – 12:20 PM
U.S. Secretary of Agriculture Brooke Rollins joined Fox News on Sunday and addressed the American people about the USDA’s massive effort to combat fraud in the Supplemental Nutrition Assistance Program (SNAP).
Rollins said that the Trump administration sent letters to all governors prohibiting illegal aliens from accessing benefits, with a historic request for state data to be audited alongside the Department of Government Efficiency (DOGE). She said only 29 states cooperated, primarily red and some blue states.
She said her team and DOGE found some of the most shocking fraud ever, resulting in the purging of 700,000 ineligible recipients since the president’s inauguration, and arrested 118 individuals.
Some of the key findings she unveiled in the interview:
- SNAP spending surged nearly 40% under Biden, linked to $100 billion in expenditures.
- Thousands of ineligible illegals used EBT cards; one individual claimed benefits in six states.
- About 5,000 deceased recipients were still receiving aid.
Political activist Mike Netter noted on X, “These states are stonewalling because they know the fraud is massive. When you hide the books, it’s never to protect the honest folks—it’s to cover up the rot. Meanwhile, the states that did cooperate are already exposing exactly the kind of abuse the left swears doesn’t exist.”
X.com/nettermike/status/1985156714711458005?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1985156714711458005%7Ctwgr%5Ea8c59462ed144e152ac2cc8dea8141c8f886702e%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fpersonal-finance%2F700000-ineligible-snap-recipients-purged-after-usda-uncovers-widespread-food-stamp
Rollins called for major reforms to ensure food stamps reach truly vulnerable Americans, not illegal aliens who abuse the system and act as a net drain on public resources.
Also on Sunday, Benny Johnson told Newsmax’s Rob Finnerty in a video posted on X (see here) that if tens of millions of Americans were willing to stand in line for an experimental Covid vaccine, they can just as well stand in line for to reapply for food stamps.
“My thought is shut it all down. Force everyone to reapply with American citizenship. Crack down on what is available on these programs – take the junk food off – and you’ll see the number of people applying for these programs collapse. Force them to cook their own food,” Johnson told Finnerty.
Finnerty responded, “They forced people like sheep to get in line to take vaccines – and within two months – something like 67% of the country was vaccinated – hundreds of millions of people in a short amount of time. You have to do the same thing here,” adding, “You’re talking about 42 million people and you can federalize it – don’t leave it up to the states.”
What’s clear is that fraud within the food stamp program remains widespread, with evidence indicating that illegals are exploiting the system. This fraud situation is rampant.
Related:
- Judge Praises Trump Over SNAP Funding, Sets Monday Deadline For Payments
- Why Are 42 Million Americans Relying On SNAP Benefits?
- Mapping Where Non-Citizens Receive The Most Food Stamps
The Trump administration faces a crucial task: breaking the cycle of government dependency by creating real pathways toward personal responsibility, self-reliance, and economic opportunity.
END
VICTOR DAVIS HANSON
KING NEWS
| The King Report November 3, 2025 Issue 7611 | Independent View of the News |
| @_Investinq: The Fed’s overnight repo facility hit a combined $50+ billion today, with the morning operation at $20.35B and the afternoon hitting $30B. https://t.co/kzUjvDNBLj @elerianm: It’s not just that repo has been trading above the Federal Reserve’s benchmark rates for some time (chart below). As Bloomberg notes: “it’s the first time outside of month-end or auction settlement periods since 2019 that these rates have also moved above the target range for the fed-funds rate.” https://t.co/bwR1NkK46z Dallas Fed President Logan said she supported the Fed’s decision this week to stop shrinking its balance sheet, saying that elevated money market rates show the balance sheet is much closer to its normal size. Indeed, she said, if the recent rise in rates on overnight repurchase agreements for Treasuries proves not to be temporary, the Fed will need to restart asset purchases to keep bank reserves ample… https://www.msn.com/en-us/money/markets/feds-logan-says-this-weeks-rate-cut-was-not-needed-opposes-one-in-december/ar-AA1PzA8B @Jenniferisms: In the theme of the stock market propping up spending & the economy, Dallas Fed Pres Lorie Logan said this AM that “Buoyant asset valuations can sometimes snap back without much warning, which might take the wind out of consumer spending.” Why is Logan prepping the markets for the resumption of QE? Is the regional banking crisis returning? Both (Atlanta Fed Pres) Bostic and Hammack (Cleveland Fed Pres) emphasized the critical importance of banks being “discount-window ready” to ensure access to liquidity… https://stockmarketwatch.com/stock-market-news/u-s-rig-count-dips-as-fed-officials-affirm-banking-system-strength-france-rejects-wealth-taxes/55383/ @JaguarAnalytics: Blackrock is spotting cockroaches as private equity is increasingly swapping debt positions with equity stakes. https://t.co/arRGx82TdL Office CMBS Delinquency Rate Hits Record 11.8%, Much Worse than Financial Crisis. Multifamily Delinquencies Soar to 7.1% https://wolfstreet.com/2025/11/01/office-cmbs-delinquency-rate-hits-record-11-8-percent-much-worse-than-financial-crisis-meltdown-multifamily-delinquency-rate-soars-to-7-1-percent/ Fed ‘Chorus’ Comes Out Against Latest Cut, Citing Inflation – BBG Dallas Fed President Lorie Logan and her Cleveland counterpart, Beth Hammack, said Friday they would have preferred to hold rates steady. Both were speaking at a conference in Dallas, following a statement earlier in the day from Kansas City Fed President Jeff Schmid outlining the reasons for his dissent against Wednesday’s rate cut… “I’d find it difficult to cut rates again in December unless there is clear evidence that inflation will fall faster than expected or that the labor market will cool more rapidly,” Logan said… While Logan and Hammack don’t vote on monetary policy this year, they participate in Federal Open Market Committee discussions and will rotate onto the voting panel in 2026… https://finance.yahoo.com/news/logan-joins-schmid-opposing-fed-133258364.html @TaviCosta: This is an exceptionally important macro divergence. The GSCI Equal-Weighted Commodities index is now up roughly 25% year over year, even as the Fed is fully engaged in a rate-cutting cycle… https://t.co/R2Hokj7JBg @neilksethi: The key inflation metric focused on by the BoJ (CPI ex-fresh food) in the Tokyo region (which has a very high correlation to the whole country) accelerated in Oct above expectations to +2.8% y/y vs the 2.6% expected and 2.5% in Sept. Ex-food and energy and headline inflation also both were up +2.8%. “Tokyo’s surprisingly hot inflation in October points to an earlier rate hike by the Bank of Japan. Firms are lifting prices for household goods and labor-intensive services in the second half of the fiscal year, while the end of the city’s water-charge waiver added to the surge.” — Taro Kimura, BBG economist https://x.com/neilksethi/status/1984087932085661756 @neilksethi: China’s official manufacturing PMI came in at 49.0, the joint least since May 2023 and the 7th consecutive month of contraction, missing expectations for 49.6 in a Reuters poll. New orders and production both contracted (48.8 and 49.7 respectively), and the report indicated falling backlogs and inventories. https://t.co/CQOIugRfqU Jeffrey Gundlach: Another day, another negative development in Private Credit land. Bloomberg article about PIK (“Pay in Kind”) proliferation masking the stress and likely coming pain/defaults. Private Credit’s Rising Pile of ‘Bad PIK’ Points to Default Woes – BBG More than 40% of borrowers from direct lenders had negative free operating cash flows at the end of last year, prolonging their reliance on PIK, the IMF warned in a report earlier this year. That compares with about 25% of borrowers at the end of 2021… ESZs opened sharply higher on Thursday night due to Amazon and Apple’s big rallies after the NYSE close. But they traded in an 18-handle range until they broke higher after 7:45 ET. ESZs hit the daily high of 6918.50 at 8:17 ET but did an extended A-B-C decline to a daily low of 6843.50 at 13:18 ET. The illegal late manipulation was frantic due to October performance gaming. ESZs soared to 6900.00 at 15:35 ET (56.60 points in 17 minutes!) ESZs slid to 6867.75 at 16:00 ET. How many billions in fees are illicitly generated by the late manipulation? Where is the SEC? @SecScottBessent: It’s called “The Wall Street Journal” and not “The Main Street Journal” for a reason: the @WSJ Editorial Board has a built-in bias towards big banks. That bias was on full display this month in an editorial that shrugged off the damage Dodd-Frank has inflicted on small and mid-sized banks. In a response to the Board, @SenatorHagerty and I explain how raising the FDIC limit to capture business and payroll accounts could pave the way for a community bank comeback. How to Make Main Street Banks Great Again The biggest banks benefit from a perceived government guarantee that smaller institutions lack. This perceived guarantee has contributed to the steady disappearance of community banks. The U.S. has lost 3,600 of them since 2010, a 45% decline. Community banks’ share of bank assets has fallen to 15% from 23%. Their share of outstanding loans has dropped to 20% from 27%… Despite holding only 15% of industry assets and deposits, community banks account for 40% of small-business loans and 70% of agricultural loans… https://www.wsj.com/opinion/how-to-make-main-street-banks-great-again-bessent-hagerty-wall-street-9a695c07?st=c1UgUp @Barchart: Japan’s Nikkei soars above 52,000 for the first time in history. Japanese Stocks are now up more than 16% over the last month. https://t.co/1iPZ3Jm9A4 @McClellanOsc: The NYSE on Oct. 30 saw 93 New Highs, and 131 New Lows, both above the 77 threshold (2.8% of A+D) to get another Hindenburg Omen signal. This makes 2 so far, with one yesterday. They tend to matter more when we see a cluster of them. https://t.co/E36dxVWaEm @SubuTrade: Weak breadth: a Hindenburg Omen was triggered yesterday. The past 30 times this happened, SPX fell 83% of the time 2 months later. https://x.com/SubuTrade/status/1983853477068673349 @KoyfinCharts: The FCF yield of Big Tech if you exclude stock-based comp: • Apple: 2.1% • Netflix: 1.9% • Meta: 1.7% • Microsoft: 1.5% • Nvidia: 1.3% • Google: 1.3% • Tesla: 0.3% • Amazon: (0.3%) https://x.com/KoyfinCharts/status/1983979756212420815 @Ross__Hendricks: Said differently, the Big Tech stocks propping up the market on AI hype all trade at valuations ranging from 50-100+ free cash flow multiples. But tell me again how valuations are “reasonable” and it’s totally not a bubble. @_Investinq: Family health insurance premiums hit $27,000 in 2025. They were $5,809 in 1999. That’s a 365% increase while inflation only climbed about 130%… https://t.co/VypDczFBD0 @PeterMallouk: According to the US Government, the cost of health insurance has DECLINED 18% over the past 5 years. Meanwhile, the average family health insurance premium is UP 26% over that same period. This should call into question everything the government says about inflation. https://t.co/uQtCL3H2jK @WallStreetApes: Zohran Mamdani doubles down in an interview claiming even if businesses leave New York, he’s going to pass legislation to track them down and tax them anyway… “…So the way that this tax works is it applies to any business doing business here. They could be in Miami, but if they’re doing business in New York, it applies to them.” https://x.com/WallStreetApes/status/1984021571456176531 @EricLDaugh: Speaker Johnson FUMES after learning Democrats SUED the US Department of Agriculture for trying to figure out how many illegal aliens receive welfare “They SUED the USDA for simply asking them how many illegal aliens are on the program in California, New York and these other states!...” https://x.com/EricLDaugh/status/1984268268077564184 @EricLDaugh: Elon Musk says Democrats shut down the government because they are TERRIFIED of losing their illegal alien voter base after President Trump cut off welfare for illegals… https://x.com/i/status/1984332894735622562/video/1 “The Democrat Party will lose a lot of voters.” ROGAN: And they have a difficult job if it can’t be reintroduced into a new bill… ELON: “Yes.” “The Democratic Party wants to destroy democracy by importing voters.” “The reason you have the standoff is because if the hundreds of billions of dollars to create a financial incentive…to have this giant magnet to attract illegals from every part of Earth to these states…if that is turned off, the illegals will LEAVE. Because they’re no longer being paid to come to the United States and stay here.” @mazemoore: 2013. Obama talks about how incredibly irresponsible it would be for Congress to shut down the government in order to blackmail a President into making concessions. Be sure to pass this along to Democrats. https://x.com/mazemoore/status/1983943644815003650 @EricLDaugh: Just as predicted, Senate Democrats look to end the federal government shutdown likely after TUESDAY’S ELECTION (NJ, VA Govs; NYC Mayoral), per Axios. It was all a political game… Positive aspects of previous session Equities rallied robustly, until the last 25 minutes, on October performance gaming Amazon and Apple generated spirited rallies for Fangs, The Naz 100, Nasdaq, and the S&P 500 Negative aspects of previous session USZs declined modestly. ESZ sank during the final 25 minutes of NYSE trading because too many traders were long. Ambiguous aspects of previous session Have enough Fed officials become hawkish to halt rate cuts? 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: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6844.54 Previous session S&P 500 Index High/Low: 6879.17; 6814.26 Trump: 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 AND, MAKE AMERICA GREAT AGAIN! “It is now time for the Republicans to play their “TRUMP CARD,” and go for what is called the Nuclear Option — Get rid of the Filibuster, and get rid of it, NOW!” @NEWSMAX: The office of Senate Majority Leader John Thune said Friday that his support for the filibuster remains “unchanged” despite President Donald Trump’s call to eliminate it, according to a report. (Speaker Johnson also said ‘no’ to eliminating the filibuster.) @FoxNews: “I do NOT want Americans to go hungry just because the Radical Democrats refuse to do the right thing and REOPEN THE GOVERNMENT.” Trump says his administration is seeking court guidance on whether it can legally release November SNAP payments amid the ongoing shutdown. WSJ: In the 1970s, 1 in 50 Americans received food stamp. Now, 1 in 8 do… https://t.co/U6KJdofKSo “It is difficult to get a man to understand something when his salary depends on his not understanding it.” — Upton Sinclair Today – Traders are buying equity futures on Sunday night for the Monday Rally and start-of-November buying. ESAs are +22.75; NQZs are +101.50; Dec AU is -6.70; and USZs are +4/32 at 20:10 ET. Expected economic data: Oct S&P Global US Mfg. PMI 52,2; Oct ISM Mfg. 49.4, Prices Paid 61.5 Fed Speakers: SF Pres Daly 12:00 ET, Fed Cook 14:00 ET S&P Index 50-day MA: 6640; 100-day MA: 6450; 150-day MA: 6182; 200-day MA: 6112 DJIA 50-day MA: 46,229; 100-day MA: 45,145; 150-day MA: 43,807; 200-day MA: 43,702 (Green is positive slope; Red is negative slope) S&P 500 Index (6840.20 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5687.33 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6420.50 triggers a sell signal Daily: Trender and MACD are positive – a close below 6759.72 triggers a sell signal Hourly: Trender and MACD are negative – a close above 6866.49 triggers a buy signal @TheStormRedux citing John Solomon: “People are starting to get grand jury subpoenas. I’ve been talking to defense lawyers and about 20 to 30 have gone out in the last couple of weeks. The big conspiracy is now being put together.” – Solomon thinks that the attorney in Miami will be made the key prosecutor in the Grand Conspiracy and the whole case is gonna move down to Florida. – He says next steps are that the people involved in Arctic Frost will be subpoenaed and hauled before the court to answer questions about what they did. – Jack Smith’s top two deputies have pleaded the fifth amendment about what they did in this case, meaning they know they engaged in criminal activities because prosecutors don’t typically plead the 5th. – Grand jury subpoenas are being sent out at a much more rapid pace. – Not included in this clip is the part where he says the FBI dismantled the unit that worked on Arctic Frost and all those agents have been fired and are under investigation. (You can hear it in the full interview linked below.) https://x.com/jsolomonReports/status/1984010751913423189 Georgia: DOJ demands records on ‘unexplained anomalies’ in 2020 election after Fulton County did not comply with subpoena Assistant Attorney General for Civil Rights Harmeet Dhillon wrote on behalf of Attorney General Pam Bondi, “On behalf of the Attorney General of the United States, we request that you present for inspection in its entirety and most original form, all records in your possession responsive to the recent subpoena issued to your office by the State Election Board.” “The Civil Rights Division sends this request consistent with its ongoing obligations to ensure all citizens’ voting rights have been and are protected in all elections. Title III of the Civil Rights Act of 1960 (‘CRA’) empowers the Attorney General to request preserved election records,” the letter added… https://thepostmillennial.com/doj-demands-records-on-unexplained-anomalies-in-2020-election-after-fulton-county-did-not-comply-with-subpoena#google_vignette @Real_RobN: Director Kash Patel has turned over to Congress an intelligence report that the Chinese Communist Party mass-produced fake ballots to carry out the overthrow of the United States government during the 2020 election on behalf of a incapacitated vegetable Joe Biden. @SidneyPowell1: “We know that there were hundreds of thousands of fraudulent ballots imported into the country from China. We have video coming across the border from Mexico. Additionally, ballots were shipped from New York to Pennsylvania. Counterfeit ballots were stashed in certain states and shipped wherever they were needed to ‘backfill’.” https://x.com/Real_RobN/status/1984061384905388126 Chicago woman charged with laundering large volumes of cash for Mexican drug cartels Xiao Mei of Canaryville on allegations that she coordinated a series of large cash exchanges in Chinatown and River North between February and July 2024. Prosecutors said Mei, described as a Chicago-based broker for a Chinese money-laundering network… (Gangs run many Chicago pols!) https://cwbchicago.com/2025/11/chicago-woman-charged-with-laundering-large-volumes-of-cash-for-mexican-drug-cartels.html Joe Rogan: “They’ll pretend that Hillary Clinton didn’t do multiple speeches where she said that the election was stolen, Russia stole the election, with no evidence. But when [Trump] questions the election, it’s a threat to democracy.” https://x.com/joeroganhq/status/1983952036761571564 The BIG IF! What if it is proven that the 2020 Election was a fraud and Trump won? This mean Biden was an illegitimate president. If the SCOTUS rules 2020 was a fraud, every action, appointment, bill signed, and EO should be invalid. Many judges would be removed; all the pardons voided plus more. @joma_gc: Obama appointed Indian Judge Indira Talwani is now ordering Trump to redirect funds meant for national emergencies or catastrophes to fund SNAP. She is not the executive and does not get to decide how money is spent, nor can she declare a national emergency…This is the same judge who tried blocking Trump from deporting Haitians, Nicaraguans, Cubans, and Venezuelans. She was reversed by the Supreme Court. Impeach, arrest, and make an example out of these illegitimate tyrants. https://x.com/joma_gc/status/1984329073729134896 Comedian @jimmyfailla: PRO TIP: if you’re able bodied enough to RIOT over SNAP benefits, you shouldn’t be eligible for them. Thwarted Michigan Halloween terror plot had connection to ISIS, Fox News learns “This morning, the FBI thwarted a potential terrorist attack and arrested multiple subjects in Michigan who were allegedly plotting a violent attack over Halloween weekend,” FBI Director Kash Patel posted… https://www.foxnews.com/us/fbi-thwarts-potential-terrorist-attack-arrests-multiple-people-michigan-patel-says @LibTearCreator1: Muslim Brotherhood TV host explains why Christian girls can be raped. “Allah allows Muslim men to rape non-Muslim women to humiliate them.” https://x.com/LibTearCreator1/status/1984076238638739647 And US leftists still proclaim, “all cultures are equal!” Obamacare’s inconvenient truths exposed during shutdown Expert says “When he said, ‘If you like your health care plan, you can keep your health care plan.’ No you couldn’t. Obamacare made a lot of those health care plans illegal.” Other infirmities of ACA have been laid out, including nebulous allegations of fraud. After years of Democrats telling the American people that former President Barack Obama’s Affordable Care Act (ACA) was a thriving system, the glaring truth revealed now during the government shutdown is that not only has the ACA resulted in widespread fraud and allegations of kickbacks to insurance companies, the American people are footing the bill for subsidies to hide the fact that Obamacare is broken… Gone are the days of family doctors operating private practices. Based on the most recent data from the American Medical Association (AMA) and other analyses, physicians who practice medicine fully independently (not owned by or affiliated with hospitals, health systems, private equity, or insurers) make up roughly 42-47% of all practicing physicians as of 2024. According to The Advisory Board, 2023 data show more than 77% of physicians are employees of hospitals, health systems, or other corporate entities, citing a report from the Physicians Advocacy Institute (PAI)… https://justthenews.com/government/federal-agencies/inconvenient-truths-obamacare-exposed-during-shutdown @bdubsports_: The refs call a personal foul on Gordon here? are you kidding me? This negated a huge play to Waddle for 60+ The NFL needs the Ravens. The fix is in! https://x.com/bdubsports_/status/1984063306676761001 @MLFootball: THE NFL NEEDS TO DO SOMETHING ABOUT THIS REF PROBLEM. This call was so egregious that the ref on the broadcast agreed it was completely the wrong call. Wiped out points for Miami and completely change this game. This is just horrific. https://x.com/MLFootball/status/1984063835347775560 @LASIKdotcom: Better Vision. Better Calls. Still offering all NFL refs free LASIK. Can’t believe this keeps happening. https://x.com/LASIKdotcom/status/1984064452434784473 As a junior high schooler that officiated Little League and touch football games, we were instructed and admonished in ‘learning sessions’ “do NOT anticipate calls; only call what you see, not what you think might have happened.” You’d think that NFL refs would be reminded about this basic tenet of officiating before EVERY GAME! “The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.” — Charles Bukowski | |
SWAMP STORIES FOR YOU TONIGHT
PORTLAND
Sabotage? Portland ICE Building Plunged Into Darkness After Suspicious Power Blackout
Monday, Nov 03, 2025 – 07:00 AM
Conservative journalist Nick Sortor reports that the Immigration and Customs Enforcement facility in the Portland metro area has experienced a highly suspicious power outage. Speculation is mounting that this could be an act of sabotage by an Antifa-linked terror cell. Militant far-left groups have a history of targeting power grids, reminiscent of the 2024 Berlin attack that paralyzed Elon Musk’s Tesla factory.
“The power at ICE Portland and surrounding buildings has been CUT, and the cause has NOT been made public Luckily, ICE has backup generators, so if this was intentional, the act failed miserably,” Sortor wrote on X late Sunday night.
He continued, “Power has been out for THREE HOURS now, and Portland General Electric has not released the cause. The area surrounding ICE is PITCH BLACK, so ICE glows tremendously. Sorry leftists — even power outages won’t slow down ICE.”
“99.5% of Portland General Electric customers are fine. It’s just the immediate area surrounding ICE,” Sortor noted.
Neither Portland General Electric nor city officials have released official statements explaining the cause of the power outage, whether a transformer blew or sabotage occurred. Being quite literally in the dark about the situation has sparked speculation about sabotage, given Antifa’s months-long pressure on the facility.
Embarassingly, last week, the purple-haired, gender-confused Antifa woke warriors were forced to retreat from outside the Portland Ice facility as the Portland Police Department cleared out their encampment.
In 2024, far Antifa-like militants attacked Tesla’s Gigafactory Berlin-Brandenburg. The multifaceted attack also resulted in the sabotage of the power grid, halting production lines of Tesla vehicles.
European billionaires have funneled billions of dollars into a dark-web transatlantic NGO funding pipeline to fund the leftist permanent protest industrial complex in America.
The takeaway here is that we shouldn’t rule out the possibility of leftist militants sabotaging the power grid. Keep in mind, Antifa is designated as a domestic terrorist organization, meaning any attack on the power grid would carry serious national security implications. Questions continue to swirl over what actually caused the outage.
GREG HUNTER..INTERVIEWING ALEX NEWMAN
Venezuela Is a Very Dangerous Enemy – Alex Newman
By Greg Hunter On November 1, 2025 In Media23 Comments
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Journalist Alex Newman, author of the popular book “Deep State” and the recent best-selling book called “Indoctrinating Our Children to Death,” is out with a new ominous warning about the military operation going on around Venezuela. This is way more than a counter-narcotics operation as the President of Venezuela is head of a government criminal cartel called “Cartel of the Sun.” Newman explains, “I grew up in Mexico and Latin America, and what is happening is we are watching the total communist takeover of the entire region. It has been aided and abetted by people like Joe Biden, Obama and George Soros. Let’s start with Venezuela. You cannot tell the difference between the cartels and the government. The Cartel of the Sun is run by the leaders of the military, intelligence agencies. Nicolaus Maduro, who got in by voter fraud, is the head of that cartel. This cartel is worth more money than anybody can fathom. It has diplomatic immunity and smuggles drugs using military and government airplanes. Oil is another big huge money maker. . .. This is not your run-of-the-mill corruption. . .. In Latin America, they are all part of the same thing. The cartels and government are essentially the same thing. You also see this in Mexico very clearly. You can’t tell where the government ends and cartels begin. The communist Chinese and the Russian government are critical players in this entire process. They have been from the beginning, and I have been covering this story for 15 years.”
So, when you see stories such as “Maduro Urgently Seeks Military Aid From Russia & China With US Bulls-Eye On Venezuela,” you should realize there is much more going on than meets the eye. Newman goes on to say, “This is so big, and you will not be able to piece it together by reading fake news in the fake media. . .. The Trump Administration knows this is much bigger than a counter-drug operation, but for whatever reason, they have chosen not to talk publicly about this. The drug cartels are a problem . . . but this is not about the drugs, it’s about the communist movement. The drugs are just a mechanism to bring in money. . .. What we are facing in Venezuela is a very dangerous enemy. They did this 50 years ago, and fast forward to today, they are doing it again. Once the revolution kicks off, they expect that the Russians, communist Chinese, North Koreans, Cubans and communists in Latin America will each occupy a piece of the United States as it is brought into the new system. They intend to establish a network of reeducation camps.”
What happens to the people that will not go along with the communist takeover? Newman says, “They will liquidate us, they intend to exterminate us, and that is tens of millions of Americans. Bill Ayres was the founder of the terrorist group The Weather Underground that wanted to overthrow the government of the United States. Barack Obama started his career in the living room of Bill Ayers. The real problem with the drug cartels is the profits are being used to build a totalitarian network that fully intends to enslave everybody in this hemisphere, and they intend to destroy the United States of America. Their assets are positioned all across this country. . .. The Venezuela tentacle is going to be a critical part. We are going to see the assets they have positioned all across our country unleashing hell on earth. I think this is why . . . the Trump Administration is so vigorously trying to track these guys down and get them out of the country. It’s absolutely essential that they do this.”
Newman also points out that the Venezuelan government is involved in voter fraud all over the world, including the 2020 US election. Yes, the Trump Administration knows this too.
There is much more in the 40-minute video.
There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm. You can get more information on Starlink at Starlink123.com and Sat Phones at Sat123.com and BeReady123.com. You can also call 855-980-5830 and talk to a real human. Same goes for EscapeZone.com. where you can get Faraday bags big and small. You can also talk to a real human at EscapeZone.com by calling 702-825-0005.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with hard-hitting journalist Alex Newman, founder of LibertySentinel.org and author of the upcoming book “Woke and Weaponized.” This is a stark warning for all parents about the communist agenda in our schools for 11.1.25.
After the Interview:
END
SEE YOU HOPEFULLY TOMORROW
H
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