NOV 4/ANOTHER CLASSIC RAID ORCHESTRATED ON OUR PRECIOUS METALS: GOLD CLOSED DOWN $50.00 TO $3951.40 WITH SILVER DOWN $0.82 TO $47.56//PLATINUM CLOSED DOWN $45,10 TO $1542.50 AND PALLADIUM CLOSED DOWN $39,20 TO $1442.50//
*CANADIAN GOLD: $5,551.90 DOWN 66.81 CDN dollars per oz( * NEW ALL TIME HIGH $6135.810 CDN DOLLARS PER OZ//OCT 21 2025)
*BRITISH GOLD: 3025.35 DOWN 17.67Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//3261.88 BRITISH POUNDS/OZ) OCT 21/2025
*EURO GOLD: 3430.58 DOWN 39.53 Euros per oz //* (ALL TIME CLOSING HIGH: 3755.40 EUROS PER OZ/ OCT 16 //2025)
Bitcoin morning price:$103,730 down 2840 DOLLARS (MANY SWITCHING TO PHYSICAL GOLD)
Bitcoin: afternoon price: $100,470 down 6,100 DOLLARS
Platinum price closing UP $14.00 TO $1587.60
Palladium price; UP $4.10 TO $1,442.50
END
EXCHANGE: COMEX
JPMORGAN STOPPED 26/423
OCT
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 423 CONTRACTs NOTICES FOR 42,300 OZ or 1.3157 TONNES
total notices so far: 5409 contracts for 540,900 OR 16,824 tonnes)
FOR OCT
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 197 NOTICE(S) FILED FOR 0.985 MILLION OZ/
total number of notices filed so far this month : 2578 CONTRACTS (NOTICES) for 12.890 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $50.00 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD.
INVENTORY RESTS AT 1041.78TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.82 AT THE SLV:
NO CHANGES IN SILVER INVENTORY AT THE SLV:/ //
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 488.363 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A ROSE GIGANTIC SIZED 1122 CONTRACTS TO 157,213 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR SMALL LOSS OF $0.12 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S // TRADING.! IT WAS THE SHORT SPECULATORS THAT ARE CONTINUALLY IN TROUBLE AS THE BANKERS TOOK THE LONG SIDE AND THEN TENDERED. WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW TRYING TO SURPASS OUR LAST MAJOR HURDLE OF $50.00 SILVER AGAIN. WE HAD A HUGE SIZED GAIN OF 1322 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL 200 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY’S TRADING / WITH AS YOU WILL WITNESS, WITH LITTLE SUCCESS AS THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $50.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON MONDAY WITH SILVER’S LOSS IN PRICE. THE PRICE FINISHED MILES BELOW THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE CLOSING AT $48.38 DOWN $0.12 . WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUMONGOUS SIZED 853T.A.S. CONTRACTS. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING AGAIN THE 50.00 DOLLAR MARK!!. THERE IS NO NEXT LINE IN THE SAND ONCE THE 50.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A 200 SIZED CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 953 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAIDS AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A HUGE SIZED 1322 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR SMALL LOSS IN PRICE OF $0.12. WE HAD HUGE GOVERNMENT COMEX CONTRACTS TRADING MONDAY AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE SHORT SPECULATORS HAVE NOW BEEN BURIED AS WE WILL EVENTUALLY GO TO OUR NORMAL SPECS LONG AND BANKERS SHORT MANTRA FOR NOVEMBER TRADING.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT//TUESDAY MORNING: A HUGE SIZED 953 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THE BANKERS HAVE BURIED OUR SHORT SPECULATORS AS THEY TOOK THE LONG SIDE OF TRADING THIS PAST WEEK AND THEN THEY TENDERED FOR PHYSICAL SILVER. THE PROBLEM FOR THE SHORT SPECULATORS WILL BE TO FIND THE NECESSARY PHYSICAL SILVER
WE HAD A 200CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 11.575 MILLION OZ FOLLOWED BY OUR INITIAL 1.245 MILLION OZ QUEUE JUMP/ FOLLOWED BY TODAY;S 1,93 MILLION OZ QUEUE JUMP/STANDING ADVANCES TO 14.260 MILLION OZ/
THUS:
INITIAL STANDING FOR NOV: 11.575 MILLION OZ
PLUS INITIAL 1.245 MILLION OZ QUEUE JUMP
THEN ADD TODAY;S 1,93 MILLION OZ QUEUE JUMP
EQUALS
14.260MILLION OZ STANDING FOR SILVER.
WE HAD:
/ MEGA HUGE COMEX OI GAIN+// A 200 EFP ISSUANCE CONTRACTS (/ VI) A HUMONGOUS NUMBER OF T.A.S. CONTRACT ISSUANCE 893CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: A HUGE 462 CONTRACTS WERE REMOVED!!!!!!
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS NOV.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF NOV.
TOTAL CONTRACTS for 2 DAY(S), total 660 contracts: OR 3.300 MILLION OZ (330 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 3.300 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOV:3.300 MILLION OZ
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1122 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.12 IN SILVER PRICING AT THE COMEX// MONDAY.,. . THE CME NOTIFIED US THAT WE HAD A 200 SIZED CONTRACT EFP ISSUANCE : 200 ISSUED FOR DEC., AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
LAST 8 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 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/ FOLLOWED BY TODAY’S 1.93 MILLION OZ JUMP/STANDING ADVANCES TO 14.260 MILLION OZ/
THE NEW TAS ISSUANCE MONDAY NIGHT (953) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 197 NOTICE(S) FILED TODAY FOR 0.985million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR 2873 OI CONTRACTS TO 452,773 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A RELATIVELY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED AHUGE AND CRIMINAL 5883 CONTRACTS //HUGE GOVERNMENT REMOVALS//CLOSE TO RECORD ADJUSTMENTS
WE HAD A FAIR INCREASE IN COMEX OI (3673 CONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $17.90 IN PRICE// MONDAY///.
LAST 7 MONTHS OF GOLD DELIVERIES:
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
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/ FOLLOWED BT TODAT;S QUEUE JUMP OF 1,368 TONNES/NEW STANDING ADVANCES TO 18.276 TONNES OF GOLD.
E.F.P. ISSUANCE/FOR OPENING NOV GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 800 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 452,773/ AND WE NOW WITNESSING A STRONG COMEX OI WITH AN EXTREMELY HIGH PRICE OF GOLD
SILVER ALSO HAS A STRONG SIZED COMEX OI OF 157,212CONTRACTS
IN ESSENCE WE HAVE A STRONG INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3673 CONTRACTS WITH 2873 CONTRACTS INCREASED AT THE COMEX// AND A SMALLLSIZED 800 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3673 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1051 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON LIKE WE WITNESSED DURING THIS PAST WEEK (4 RAIDS)
GOLD PRICE ON FRIDAY ROSE BY $17.90
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(800) ACCOMPANYING THE GAIN IN COMEX OI OF 2873 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3673 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR ORIGINAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) STRONG INITIAL STANDING FOR GOLD FOR NOV AT 15.651 TONNES OF NORMAL DELIVERY TO WHICH WE ADD OUR FIRST QUEUE JUMP OF 1.2566 TONNES AND THEN TODAY;S 1,368 TONNES/NEW STANDING ADVANCES TO 18.276 TONNES.
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(800) ACCOMPANYING THE GAIN IN COMEX OI OF 2873CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 9556 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) STRONG INITIAL STANDING FOR GOLD FOR NOV AT 15.575 TONNES PLUS INITIAL 1.2566 TONNES QUEUE JUMP FOLLOWED BY TODAY;S 1,368 TONNES= 18.276 TONNES.
NEW STANDING FOR GOLD, NOV CONTRACT AT 18.276 TONNES OF GOLD
3) LITTLE T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION AND ZERO LIQUIDATION OF EQUITY SHARES) AS WE HAD 1)A $17.90 COMEX PRICE GAIN WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG SIZED GAIN OF 3673 CONTRACTS ON OUR TWO EXCHANGES. HOWEVER WE HAD SOME SHORT SPECULATOR CONTRACTS BEING LIQUIDATED AS THE BANKERS TENDERED FOR PHYSICAL./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4) FAIR SIZED COMEX OI GAIN/ 5) V) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (2024)
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV. :
TOTAL EFP CONTRACTS ISSUED: 1835 CONTRACTS OR 183,500OZ OR 5.765 TONNES IN 2 TRADING DAY(S) AND THUS AVERAGING: 917 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN2TRADING DAY(S) IN TONNES: 5.765 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 5.765 TONNES DIVIDED BY 3550 x 100% TONNES = 0.1662% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
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: 5.765 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 ROSE BY A HUGE SIZED 1122 CONTRACTS OI TO 157,212 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 200 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 200 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1122 CONTRACTS AND ADD TO THE 200 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 1322 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITEOUR LOSS OF $0.12 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 6.850 MILLION PAPER OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS TUESDAY MORNING:
SHANGHAI CLOSED DOWN 16.34 POINTS OR 0.41%
//Hang Seng CLOSED CLOSED DOWN 205.96 PTS OR 0.79%
// Nikkei CLOSED : DOWN 914.14PTS OR 1,74% //Australia’s all ordinaries CLOSED DOWN 0.92%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.1254// OFFSHORE CLOSED DOWN AT 7.1305/ Oil DOWN TO 60.22 dollars per barrel for WTI and BRENT DOWN TO 64.04 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING DOWNTO 7.1254// OFFSHORE YUAN TRADING DOWN TO 7.1305:/ONSHORE YUAN TRADING ABOVE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 2873CONTRACTS TO 452,773 OI WITH THE GAIN IN PRICE OF $17.90 WITH RESPECT TO MONDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (800). WE HAD LITTLE T.A.S. LIQUIDATION MONDAY. HOWEVER AGAIN, IT WAS THE MAJOR SPECULATORS THAT WENT LONG AGAIN AND THE BANKERS WHO TOOK THE SHORT SIDE. THE LONGS ON MONDAY NIGHT TENDERED THEIR BOUGHT CONTRACTS FOR PHYSICAL.
WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 3673 CONTRACTS (OR 11.42 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 130.3TONNES)//TOTAL RESERVES OF BOE EQUALS 310 TONNES)
THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED/BORROWED GOLD FROM THE BIS).THE FED STILL REFUSES TO BRING BACK MUCH OF ITS 30 TONNES SHORTFALL. IT BOUGHT BACK ONLY 4 TONNES LAST MONTH AND THUS THEIR SHORTFALL TO THE BIS IS 30 TONNES.
HOWEVER, IN OUR CASE, EXCHANGE FOR RISK RECIPIENT IS THE BANK OF ENGLAND. THE COUNTERPARTY TO THE BANK OF ENGLAND EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED. THE BUYER, REPRESENTING THE CENTRAL BANK OF ENGLAND ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 9TH MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!…..(DEC THROUGH OCT//ONLY MISSING JUNE. TOTAL 9 MONTHS ISSUANCE 130.3 TONNES)……… THE FACT THAT A CENTRAL BANK TAKES THE RISK OF A DELIVERY IS TOTALLY INSANE. THE VERY FIRST ISSUE OF EXCHANGE FOR RISK CAME IN MAY 2023. HUGE ISSUANCES BEGAN OCT AND DEC 2024. ROBERT LAMBOURNE, GATA CONSULTANT AND EXPERT ON BIS AND BANK OF ENGLAND ISSUES HAS WRITTEN TO THE BANK OF ENGLAND AUTHORITIES CONCERNING THE REFUSAL OF THE BANK OF ENGLAND’S E.E.A. AUDITORS TO SUPPLY A POSITIVE AUDIT ON THEIR GOLD TONNAGE AND OTHER ASSETS HELD UNDER THE E.E.A. .AND NOW THE OCC HAS WRITTEN NEW RULES ON BORROWED GOLD AND THE HANDLING OF EXCHANGE FOR PHYSICAL ISSUANCES AS TO NOT BREAK ANY LAWS!!! STRANGE: THEY HAVE BEEN BREAKING LAWS FOR 5 YEARS NOW.
DETAILS ON OUR NEW NOVEMBER COMEX MONTH//
IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 3673 CONTRACTS WITH OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 6.0% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE. THE FORCE MAJEURE AT GRASBERG IS CERTAINLY HAVING AN EFFECT ON LEASE RATES IN LONDON WITH RESPECT TO GOLD/SILVER.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH OCT/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 1051 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 LAST 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 AS WE NOW ENTER OUR MONTH OF NOVEMBER
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!!!
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!!
END
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/ FOLLOWED BY TODAY’S QUEUE JUMP OF 1.368 TONNESNEW STANDING ADVANCES TO 18.276 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 FROM OCC BETS. THIS IS SUCH A SMALL FRACTION OF WHAT IS OWED!!! THE FRBNY BORROWED GOLD FROM THE BIS TO COVER THOSE HUGE LOSSES OF AROUND 24 TONNES OF GOLD.. THE FED IS VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES IF THEY DO NOT BORROW THIS GOLD.
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 OF 54 TONNES REMAIN ON THE BOOKS OF THE BIS.
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!!!
EXCHANGE FOR PHYSICAL ISSUANCE/NOV//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1051 CONTRACTS.
THAT IS A FAIR SIZED 1051 EFP CONTRACT WAS ISSUED: : /DEC 1051 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1051 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 MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 24 TONNES
WE HAD :
LITTLE LIQUIDATION OF OUR T.A.S. SPREADERS//MONDAY + GOVERNMENT LIQUIDATION
MONTH END SPREADERS HAVE NOW FINISHED AS IT WAS IN FULL FORCE ON FIRST DAY NOTICE OCT 31 WITH OUR ATTEMPTED FAILED RAID,
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 MONDAY NIGHT/TUESDAY 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 MONDAY’S GAIN IN PRICE IN GOLD WITH 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 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.
MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI
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 AND THEN TODAY’S QUEUE JUMP OF 1,368 TONNES//STANDING ADVANCES TO 18.276TONNES 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)
2023:STANDING FOR GOLD/COMEX
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
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: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING NOVEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $17.90/ /) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STRONG GAIN IN OI FROM TWO EXCHANGES OF 9556 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD LITTLE T.A.S. SPREADER LIQUIDATION MONDAY. 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 EARLY NOVEMBER AS THEY 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 EVERY OTHER DAY!!
TUESDAY MORNING//MONDAY 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 MONDAY EVENING/ TUESDAY 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
AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR FIRST QUEUE JUMP OF 1.2566 NOV 3// AND NOV 4 QUEUE JUMP OF 1.368 TONNESNEW STANDING ADVANCES TO 18.276TONNES OF GOLD.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $17.90
WE HAD A HUGE AND RECORD 5883 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES : 3673 CONTRACTS OR 367,300 OZ OR 11.42TONNES
i) Out of JPMorgan 42,149.961 oz (1311 kilobars) ii) Out of Malca: 77,162.400 (2400 kilobars)
total withdrawal: 119,312.361 oz 3.711 tonnes 3711 kilobars
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
423notice(s) 42,300 OZ
1.3197 TONNES OF GOLD
No of oz to be served (notices)
467 contracts 46,700 OZ 1.452 TONNES
Total monthly oz gold served (contracts) so far this month
5409notices 540,900oz 16.824 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
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
0 entries
customer withdrawals:
2 ENTRIES
i) Out of JPMorgan 42,149.961 oz (1311 kilobars) ii) Out of Malca: 77,162.400 (2400 kilobars)
total withdrawal: 119,312.361 oz 3.711 tonnes 3711 kilobars
they are draining the comex of gold
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 1/customer to dealer
Asahi: 600.154 oz
volume at the comex: FRIDAY: 269,851oz ( fair)//
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 890 CONTRACTS FOR A GAIN OF 209 CONTRACTS.
WE HAD 231 CONTRACTS SERVED ON MONDAY. SO WE GAINED A STRONG 440 CONTRACTS FOR 44000 OZ OF GOLD (1.368 TONNES).
DECEMBER LOST 880 CONTRACTS DOWN TO 327,572 CONTRACTS .
JANUARY GAINED 4 CONTRACTS UP TO 837
We had 423 contracts filed for today representing 42,300 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 423 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 26 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 (5409 oz ) to which we add the difference between the open interest for the front month of NOV ( 890 CONTRACTS) minus the number of notices served upon today (423x 100 oz per contract) equals 587,600OZ OR 18.276 TONNES OF GOLD
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (5409x 100 oz +we add the difference for front month of OCT. (890 OI} minus the number of notices served upon today (423 x 100 oz) which equals 587,600OZ OR 18.276 TONNES
TOTAL COMEX GOLD STANDING FOR NOV..: 18.276 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE ACTIVE DELIVERY MONTH OF NOVEMBER
volume THURSDAY confirmed 247,772 contracts ok
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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: 1,757,713.711oz 54.672 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 37,881,682.094 oz
TOTAL REGISTERED GOLD 19,868,361.391 or 617.97tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,013,320.703 OZ
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 4 2025
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
2 entries
i) out of CNT 598,740.550 oz ii) out of Loomis: 600,148.700
total withdrawal 1,198,889.250 oz
Deposits to the Dealer Inventory
0 ENTRY
Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 entries
i) into Loomis 600,148.700 oz ii) Into CNT: 598,740.550 oz
total deposit 1,198,889.250 oz
No of oz served today (contracts)
197 CONTRACT(S) ( 0.985 MILLION OZ
No of oz to be served (notices)
274 contracts (1.370 MILLION oz)
Total monthly oz silver served (contracts)
2578 Contracts (12.890 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) out of CNT 598,740.550 oz ii) out of Loomis: 600,148.700
total withdrawal 1,198,889.250 oz
adjustments: 3 and huge: dealer to customer
a) Asahi 3,199,234.340 oz
b) CNT: 2,400,803.253 oz
c) JPMorgan: 602,343.100 oz
total 6.242 million oz moves from dealer to customer acct
comex is in turmoil
TOTAL REGISTERED SILVER: 158,001 MILLION OZ//.TOTAL REG + ELIGIBLE. 482.363 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT.
silver open interest data:
FRONT MONTH OF NOVEMBER /2025 OI: 471 OPEN INTEREST CONTRACTS FOR A LOSS OF 99 CONTRACTS. WE HAD 387 NOTICES SERVED ON MONDAY SO WE GAINED A HUGE 386 OR 1.93 MILLION OZ QUEUE JUMP.
DECEMBER GAINED 19 CONTRACTS UP TO 105,295
JANUARY GAINED 35 CONTRACTS UP TO 824 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 197 or 0.985MILLION oz
CONFIRMED volume; ON MONDAY 60,898good//
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 2578 X5,000 oz = 12.890MILLION oz
to which we add the difference between the open interest for the front month of NOV (471) AND the number of notices served upon today (197 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (2578) Notices served so far) x 5000 oz + OI for the front month of NOV(471) minus number of notices served upon today (197)x 5000 oz equals silver standing for the NOV.contract month equating to 14.260 MILLION OZ
New total standing: 14.260 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 158.001 million oz of registered silver
JPMorgan as a percentage of total silver: 205.650/482.363million. 42.63%
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 4 WITH GOLD DOWN $50.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT 0F 2.58 TONNES OF GOLD OUT OF THE GLD . /// ///INVENTORY RESTS AT 1041.78TONNES
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: 1041.78TONNES, TONIGHTS TOTAL
SILVER
NOV 4 WITH SILVER $0.82 TODAY/NO CHANGES IN SILVER AT THE SLV: / ///INVENTORY RESTS AT 488.363 MILLION OZ
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
3. CHRIS POWELL AND HIS GATA DISPATCHES
Chris Powell: First they ignore you, then they laugh at you, then they fight you, and then. …?
Submitted by admin on Sun, 2025-11-02 22:39 Section: Daily Dispatches
Illustrations for this presentation are posted here.
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Remarks by Chris Powell Secretary/Treasurer Gold Anti-Trust Action Committee Inc. New Orleans Investment Conference Sunday, November 2, 2025
ILLUSTRATION 1 — INTRODUCTION
There is a saying about political struggle: “First they ignore you, then they laugh at you, then they fight you, and then you win.”
My organization, the Gold Anti-Trust Action Committee, gets the point about struggle. Bill Murphy and I started GATA 27 years ago, in 1998, with the objective of exposing and stopping the rigging of the gold market.
The purpose of gold market rigging, as we have documented extensively, has been to depress and control gold prices to defend government currencies and bonds, and particularly to defend the U.S. dollar, the world reserve currency, and U.S. government bonds, against competition from the former world reserve currency.
The rigging — starting with the Bretton Woods agreement of 1944, which pegged the official gold price at $35 per ounce — worked pretty well for decades, but started to falter seriously as central banks sold or lent so much of their gold reserves into the market for price control and then discovered in the 1960s, 1990s, and early 2000s that they couldn’t recover all their metal without exploding the gold market and crashing their currencies and the investment banks that had been borrowing the gold and using it in a carry trade with government bonds.
he rigging — starting with the Bretton Woods agreement of 1944, which pegged the official gold price at $35 per ounce — worked pretty well for decades, but started to falter seriously as central banks sold or lent so much of their gold reserves into the market for price control and then discovered in the 1960s, 1990s, and early 2000s that they couldn’t recover all their metal without exploding the gold market and crashing their currencies and the investment banks that had been borrowing the gold and using it in a carry trade with government bonds.
And then, in this decade, U.S. freezing of Russian foreign-exchange assets amid the conflict over Ukraine signified that foreign assets assigned to U.S. custody weren’t safe and that U.S. dollars and Treasury bonds weren’t safe either. Governments and central banks began to realize that the only financial assets that are safe are gold and maybe silver held in their own vaults in their own countries.
So the new gold and silver rush began, seemingly led by China, which long has been accumulating gold — far more than it has been reporting officially — and now is even opening gold vaults and exchanges in other countries to help take gold and currency pricing power away from London and New York and to help internationalize the Chinese currency, the renminbi.
A few months ago we at GATA began to wonder if the metals had won because of the breakup of the longstanding government and central bank coalition against gold. Then a couple of weeks ago came big smashdowns in gold and silver.
Mainstream financial news organizations tried to contrive explanations for the smashes. Nobody in mainstream financial news organizations asked the crucial questions: Exactly WHO was doing all that selling, and exactly WHAT was being sold — real metal or just derivatives and futures contracts?
Since the bulk of the selling came out of the London and New York markets, the evidence is that the smashes were probably interventions by the U.S. Federal Reserve and its ally, the Bank of England, to break the enthusiasm in the monetary metals markets and get them down in advance of the Fed’s imminent reduction in interest rates, whereupon the metals might rise again but from a lower base and not excite the world so much.
In any case the main point about gold is that it is the playground and battlefield of governments and central banks, and probably will remain so forever.
*
Soon after GATA got started in 1998 we got a huge contribution, $50,000, from a mining entrepreneur. We used it as a retainer for a major national antitrust law firm. They did a lot of research and gave us some bad news — that gold market rigging is perfectly legal when perpetrated by the government, even through intermediaries, and that the rigging was almost certainly a government operation, in which investment banks act only as the government’s brokers, providing camouflage.
ILLUSTRATION 2 — Treasury Department’s ESF page
The lawyers noted that the Gold Reserve Act of 1934, as amended over the years, gives the U.S. Treasury Department the authority to use its Exchange Stabilization Fund to intervene secretly in and rig not just the gold market but any market in the world:
The problem for the U.S. government as the issuer of the world reserve currency is that gold is not just money but the best form of money — not just divisible, durable, portable, and in limited supply, the ideal characteristics for money as identified by Aristotle — but is also without counterparty risk.
So any government issuing a different form of money is always competing with gold. Governments try to control the price of gold to protect their own money.
Learning that gold market rigging by the government is perfectly legal was an expensive lesson for us. We were chastened, having been told that while we were almost certainly right that the gold market was being rigged, antitrust law wasn’t going to help us.
But all was not lost. We figured that we might be just as effective to compile the documentation of gold market manipulation and publicize it to investors, mining companies, and financial news organizations. After all, the manipulation was being conducted largely in secret precisely because publicity would destroy the scheme, liberating gold from price manipulation, and then gold would destroy inflationary government currencies and U.S. imperialism.
Discovering and compiling the records of official manipulation of the gold market turned out to be easy. The records were all over the place — in government archives and the speeches and memoirs of central bankers who thought that no one besides other central bankers would be reading or listening.
As we began to publicize these documents through GATA’s internet site, friends of gold around the world alerted us to more.
ILLUSTRATION 3 — Greenspan testimony
In 1998, just as GATA was being organized, Federal Reserve Chairman Alan Greenspan told Congress that it shouldn’t bother trying to regulate financial market derivatives, particularly derivatives involving gold, because the gold market was beyond cornering by traders OUTSIDE government.
Greenspan explained: “Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise”:
Greenspan’s assertion had profound significance for gold prices. The chairman of the Fed was telling Congress that the gold market was in no danger of being cornered by “private counterparties” because central banks had already cornered it by lending gold for price suppression.
ILLUSTRATION 4 — Veneroso Gold Book
Also in 1998 the financial analyst Frank Veneroso published a compendium of gold-related data he titled “The Gold Book” in which he documented extensive gold leasing and swapping by central banks.
ILLUSTRATION 5 — Warburton photo and book
Three years later, in 2001, the British economist Peter Warburton may have been the first analyst to figure things out comprehensively.
In a brilliant essay titled “The Debasement of World Currency — It Is Inflation, But Not as We Know It” — Warburton speculated that central banks had encouraged the use of derivatives by major investment banks for commodity price suppression to help conceal the vast inflation central banks were creating in the world’s money supply and to divert this inflation away from commodities, whose price increases would show up in the cost of living. Inflation would go into financial assets instead.
ILLUSTRATION 6 — Wikipedia page about the London Gold Pool
Understanding their competition with gold, the United States and seven of its European allies controlled world gold prices from 1961 to 1968 through what was called the London Gold Pool, a mechanism of coordinated dishoarding from official gold reserves to hold the metal to the official price of $35 per ounce:
But when inflation and heavy demand for real metal collapsed the gold pool in March 1968, other mechanisms of price control had to be found — like the gold leasing Greenspan acknowledged to Congress.
While we had been told that we couldn’t use anti-trust law against gold market rigging by government, we realized that we could use the federal freedom-of-information law.
ILLUSTRATION 7 — Letter from Fed Governor Warsh
So GATA engaged a courageous lawyer in the Washington area, William J. Olson, to handle our freedom-of-information request to the Federal Reserve for access to all the Fed’s documents on gold. The Fed resisted, but in a letter to our lawyer, Fed Governor Kevin M. Warsh remarkably disclosed that among the records the Fed was concealing from us were records of the Fed’s gold swap arrangements with foreign banks:
Gold swaps are transactions in which central banks and investment banks exchange nominal control over stashes of gold so the metal can be applied more widely across markets where price suppression is most urgent.
Warsh thus confirmed that the Fed had at least prepared to intervene in the gold market for price suppression, surreptitiously and through intermediaries, and possibly already had done so.
GATA ended up suing the Fed for the gold documents under the federal Freedom of Information Act in U.S. District Court for the District of Columbia. The court found that all but one of the documents the Fed had refused to show us were exempt from disclosure. The one document the court said was not exempt was the minutes of the G-10 Gold and Foreign Exchange Committee meeting of April 1997.
ILLUSTRATION 8 — G-10 Gold and Foreign Exchange Committee minutes
When the Fed finally produced those minutes at the court’s order, they showed Western finance ministers and central bankers plotting in secret to coordinate their policies toward gold. The governments were ganging up against gold:
So while the Fed got to keep all but one of its gold documents secret, technically the Fed lost the case, and the court ordered the Fed to pay court costs to GATA.
ILLUSTRATION 9 — Fed check payable to GATA
Here’s a copy of the Fed’s check, drawn on the Federal Reserve Bank of Richmond:
Even better stuff was discovered, like the March 1999 secret staff report of the International Monetary Fund, which said the IMF’s member central banks would not agree to a candid accounting of their gold reserves — that they would refuse to distinguish the unencumbered gold in their vaults from the gold they had leased out — because disclosing the leased gold would impair their secret interventions in the gold and currency markets:
Then there was the speech by William R. White, head of the monetary and economic department of the Bank for International Settlements, an organization of central banks, at a BIS conference in 2005. White explained that a major purpose of central bank 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”:
White acknowledged that rigging the gold and currency markets is what central banks do. Back in 2005 they were doing all the gold rigging in one direction — down. You may have noticed that the major central banks are not all on the same side anymore.
ILLUSTRATION 12 — BIS interventions advertised
Then we discovered that the BIS had actually advertised in a PowerPoint presentation for potential central bank members that its services include secret interventions in the gold market:
When GATA publicized that the BIS is a coordinator of gold and currency market rigging, a retired business executive in the United Kingdom, Robert Lambourne, began to examine the monthly financial statements published by the BIS. Lambourne discovered that the BIS was heavily involved in gold swaps. Lambourne also found that while the BIS’ monthly account statements were not explicit about the volume of the bank’s gold swaps, the statements contained enough data from which the volume of gold swaps could be calculated.
Lambourne found, and GATA reported, that in 2021 the bank was carrying 552 tonnes of gold swaps. He has calculated the BIS swaps every month since then and has reported a fairly steady decline. That decline has reached 90% over the last five years.
ILLUSTRATION 13: BIS gold swaps since 2021
This signifies that a profound change in central bank policy toward gold is underway.
*
As a newspaper editor I thought that as the documentation of gold price suppression by Western central banks piled up, major financial news organizations would want to report the story. I was naïve.
Gold price suppression is a prohibited subject, considered a matter of national security.
But through years of steady reporting and reiteration of the evidence, GATA developed a constituency of retail investors and even some investment houses who were not intimidated. We couldn’t be shut out everywhere. Eventually most of the monetary metals sector came to understand that gold and silver price manipulation is a serious issue.
For this awareness we’re immensely thankful to the organizer of this conference, Brien Lundin, who has given GATA a forum here for more than 20 years even as many other financial conferences have shut us out.
*
We have had have two successful experiences with mainstream financial news organizations.
ILLUSTRATION 14: Powell on CNBC in Hong Kong
The former Hong Kong anchor for CNBC, Bernie Lo, repeatedly invited GATA to be interviewed on his program. These segments reached around the world.
ILLUSTRATION 15 — Wall Street Journal front page
In August 2017, after more than a year of our providing documents, The Wall Street Journal published a story about gold market rigging on its front page:
The story quoted several of the experts to whom I had introduced the Journal’s writer, and it reported the complaint that the Federal Reserve was secretly intervening to suppress gold prices. But the story failed to supply the crucial detail.
That is, the story never put a question to the Fed itself. Thus the Journal violated a primary rule of journalism.
ILLUSTRATION 16 — Eric Sprott
A few months ago I heard from a hero of the cause of gold and free markets, the Canadian mining entrepreneur Eric Sprott. Eric said he had been called by a reporter for the New York Times who wanted to interview him about the gold market as part of a big project the reporter was undertaking. Eric said he didn’t want to talk to a newspaper as crappy as the New York Times and that the reporter should call me instead — as if I felt any better about the Times than Eric did.
But I spent a cordial hour with the Times reporter on the phone. I summarized the gold price suppression story.
The Times reporter seemed like a smart and decent guy, and I wished him well, but told him I doubted that he’d be permitted to get very far with his project. He said he was confident something would come from it.
So when we were done talking I e-mailed him the comprehensive summary of gold market manipulation documents that is posted at GATA’s internet site —
— and I began sending him occasional GATA dispatches.
Having seen nothing in the Times resembling the promised big gold project, I e-mailed the reporter the other day to ask whether the project was continuing or terminated. He replied that the project is still on his agenda but he had been diverted to a more pressing story from … east Africa.
Oh, well. At least the Times reporter hasn’t been reassigned to Mars.
Neither has GATA won much support from gold and silver mining companies. They are too afraid of their governments and banks.
*
But GATA did manage to gain an audience among central banks, which turned out to have been watching us without our knowledge.
In 2004 the deputy chairman of the Russian central bank, Oleg Mozhaiskov, was the keynote speaker at a meeting of the London Bullion Market Association in Moscow. The only words of English he spoke were “Gold Anti-Trust Action Committee”:
In 2011 the Wikileaks organization got hold of cables from the U.S. embassy in Beijing to the State Department in Washington that were translations of reports and commentaries in government-controlled news organizations in China. The reports and commentaries were full of assertions about Western manipulation of the gold market — assertions that seemed to come from GATA’s work:
The People’s Bank of China has refused my requests for a meeting. But I have gained audiences with other Asian central banks, and other GATA people have had conversations with officials in China.
ILLUSTRATION 17 — Bloomberg news story
Now China has been furiously acquiring thousands of tonnes of gold — real metal, not derivatives — has taken over the physical gold market, and is even proposing to replace the U.S. Federal Reserve as the repository of sovereign gold reserves:
China, Russia, and many other nations have figured out what was set out plainly at a private meeting in U.S. Secretary of State Henry Kissinger’s office at the State Department in April 1974 — that the country that has the most sovereign gold can control all financial values in the world simply by revaluing its gold:
This understanding about gold was always at the root of U.S. policy.
Now if you still don’t think something underhanded long has been going on with gold, go back a few months to when President Trump and his temporary assistant Elon Musk repeatedly promised to audit the U.S. gold reserve at Fort Knox. This was a sensation for a few weeks and then the issue suddenly disappeared. Trump and Musk stopped talking about it, there was no audit, and news organizations failed to follow up.
Our host here, Brien Lundin, and others have wondered aloud lately if someone like Treasury Secretary Scott Bessent advised the president to knock off the gold audit stuff because an audit would disclose the gold lending and swapping the U.S. government has undertaken for market rigging. Brien, publisher of Gold Newsletter, recently posted this illustration there:
ILLUSTRATION 19 — Fort Knox funny
* * *
“First they ignore you, then they laugh at you, then they fight you, and then. …”?
And then, I suspect, they’ll just say that everybody knew all along what you were trying to tell them and they will go back to ignoring you lest they have to take responsibility for dragging the country down by rigging crucial markets. Now the vast naked short positions the U.S. government long has engineered surreptitiously with derivatives are blowing up as central banks and informed investors demand delivery of real metal and it isn’t readily available.
The world power configuration is changing dramatically, but governments and central banks are unlikely ever to become honest and operate in the open. Some government or governments always will be trying to control gold.
When GATA began 27 years ago central banks were furiously attacking gold with sales, leases, and derivatives, and gold was going down. Now many central banks are furiously acquiring gold, and gold is going up. But the same principle is at work, the principle articulated in Secretary Kissinger’s office back in 1974: Control of gold is control of the world.
ILLUSTRATION 20 — Contact info
As the naked short positions in gold and silver are covered or defaulted upon, the monetary metals may go to the moon and beyond. Maybe that New York Times reporter I talked to before he left for East Africa will discover them eventually on Mars.
So while you acquire as much of the monetary metals as you can, remember that the U.S. government still claims the power to impose windfall profits taxes and even to confiscate gold, silver, and, indeed, anything else —
— and that acquiring the monetary metals may not be enough. You also may need to find a safe planet to keep them on. If you do find one, please let me know. My e-mail address is on the screen.
Thanks for your kind attention.
* * *
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /247
5. COMMODITY REPORT/SILVER
6. BITCOIN
Bitcoin Breaks Below $100k
Tuesday, Nov 04, 2025 – 01:35 PM
Update (1335ET): Bitcoin has broken below $100k for the first time since June…
* * *
After its worst October performance in nearly a decade, and sentiment among traders already reeling from a historic liquidation event last month, Bitcoin has accelerated losses today, breaking back below its 200DMA and testing down to $101k for the first time since June…
This is the second worst day of the year for bitcoin…
According to updated Polymarket data, there’s now an 87% chance of the Bitcoin price falling below $100,000 before 2026…
According to market analyst Damian Chmiel, a sustained break below $100,000 could trigger a sharper sell-off toward the April lows near $74,000, implying a potential 30% downside from current levels.
Liquidations totaled over $1.2 billion on Monday, with long positions accounting for 90% of the losses, and the Crypto Fear & Greed Index slipped into ‘Extreme Fear‘…
ASIAN MARKETS THIS TUESDAY 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 TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1254
OFFSHORE YUAN: DOWN TO 7.1305
HANG SENG CLOSED DOWN 205.96 PTS OR 0.79%
2. Nikkei closed DOWN 914.14 PTS OR 1.74%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 99.99 EURO FALLS TO 1.1495 DOWN 24 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.678//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 153.42…… 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: 3.092 UP 5 FULL BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD DOWNTO +2.6539// Italian 10 Yr bond yield DOWN to 3.402 SPAIN 10 YR BOND YIELD DOWN TO 3.159
3i Greek 10 year bond yield DOWN TO 3.297
3j Gold at $3970.80 Silver at: 47.46 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 19 /100 roubles/dollar; ROUBLE AT 80.89
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 153.42 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.678% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.092 UP 5 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.80804as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9291 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: 4.1010 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.6860 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.582 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.059UP 4 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4180 DOWN 2PTS
30 YR UK BOND YIELD: 5.192 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.149 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.721 UP 0 BASIS PTS.
a New York OPENING REPORT
Futures Slide As Palantir, Cryptos Tumble Amid Broad Momentum Revulsion
Tuesday, Nov 04, 2025 – 08:39 AM
US equity futures are under serious pressure this morning with all 3 indices down more than 1% with Palantir’s strong beat and raise not only failing to spur follow-through buying but sparking what appears to be momentum chasing revulsion. Combined with a pullback in crypto and some hawkish Fed remarks, an unwind in pockets of the hyper-momentum trade is taking hold. Separately, headlines pointing to a cautious comments from execs at a Financials industry conference are not helping. As of 8:00am ET, S&P futures are down 1% (and well off session lows hit shortly after the European open), with Nasdaq 100 futs down 1.3%; underperformance in the latter and the broader weakness in risk assets can be traced back to Palantir shares falling over 4% postmarket after earnings (they’re down almost 8% in premarket) while Mag7/Semi names slide down 1% – 3%, though staples are in the green. Sharp declines across various cryptocurrencies has also hampered sentiment as Bitcoin loses another 3% and drops below $104,000, a level first seen in December 2024. At a financial summit organized by the Hong Kong Monetary Authority, several CEOs flagged pullback / correction risk while also flagging risks from valuation, a lack of AI ROI, and private credit. Meanwhile, as noted here yesterday, PLTR had a decent print but as JPMorgan writes today, it “trades at more than 300x its fwd multiple, illustrating the CEOs point on valuation. This comes at a time when several clients flagged the narrow breadth as a red flag for the mkt.” Across assets, there is a global risk-off tone with bonds and USD bid, while all 3 commodity complexes are for sale, although oil is a notable laggard. Earnings from HC could trigger a further rotation towards defensive plays.
In premarket trading, all Mag 7 stocks are lower (Tesla -2.4%, Nvidia -1.9%, Alphabet -1.6%, Amazon -1.3%, Meta Platforms -1.3%, Microsoft -0.6%, Apple -0.7%).
Archer-Daniels-Midland (ADM) sinks 9% after the grain handler cut its adjusted earnings per share guidance for the full year. The firm also reported revenue for the third quarter that trailed the average analyst estimate.
Eaton Corp (ETN) falls 4% after the power-equipment company forecast adjusted earnings per share for the fourth quarter of $3.23 to $3.43, a range with a midpoint below what analysts expected. Net sales missed estimates in the third quarter.
Fabrinet (FN) rises 6% on light volume after fiscal first quarter results and second quarter guidance beat estimates.
Global Payments (GPN) rises 7% after posting quarterly results.
Insperity (NSP) sinks 27% after the professional services company cut its adjusted earnings per share guidance for the full year. The reduced outlook missed the average analyst estimate.
Norwegian Cruise (NCLH) falls 8% after the cruise operator reported revenue for the third quarter that missed the average analyst estimate.
Palantir Technologies (PLTR) falls 7%, taking a breather after rallying more than 170% this year. The data-analysis software company raised its full-year forecast and reported third-quarter results that beat expectations. While analysts are broadly positive on the report, they flag concerns over the stock’s premium valuation.
Paymentus Holdings (PAY) rises 9% after the online bill payment company provided fourth quarter guidance that topped estimates.
Sarepta (SRPT) tumbles 39% after the drugmaker says the study of Amondys 45 and Vyondys 53 in patients with Duchenne muscular dystrophy missed primary endpoint, raising questions about their future.
SunCoke Energy (SXC) rises 5% after narrowing its adjusted Ebitda guidance for the full year.
Uber Technologies Inc. (UBER) slips 3% after the company posted a miss on third-quarter operating income and issued an adjusted earnings forecast for the current period that also fell short of analysts’ estimates.
Upwork (UPWK) rises 19% after the online recruitment company reported third-quarter results that beat expectations and raised its full-year forecast. Analysts highlighted growth in gross services volume as a notable positive, with AI acting as a tailwind.
Whitestone REIT (WSR) climbs 15% as people familiar said MCB Real Estate is making a renewed push to acquire the company.
Yum! Brands Inc. (YUM) ticks 2% higher after initiating a strategic review for Pizza Hut, exploring options for the struggling chain.
Zoetis Inc. (ZTS) falls 7% after the animal health company cut its revenue guidance for the full year.
In corporate news, Norway’s sovereign wealth fund will vote against the $1 trillion pay package proposed for Tesla CEO Elon Musk. Starbucks agreed to sell a majority stake in its China business to Boyu Capital at a $4 billion enterprise value. Amazon alleged that a Berkshire Hathaway-owned utility in Oregon is failing to provide sufficient power for four new data center facilities.
Global risk slid after Palantir Technologies raised its annual revenue outlook to $4.4 billion and outpaced analyst estimates for third-quarter sales, yet its shares first jumped only to tumble on concerns about the company’s lofty valuation after a record run-up.
“On Palantir, there’s been quite a lot of ‘sell-on-the-news,’ particularly for stocks which had outperformed prior to their earnings,” said Karen Georges, a fund manager at Ecofi Investissements in Paris. “When you have lofty valuations, it’s really not surprising to see harsh market price action.”
Meanwhile, as we noted last night, Goldman calculates that CTAs will be small sellers of equities under every scenario over the coming week. At the same time, Wall Street CEOs are warning of a potential equity market drop. Capital Group’s CEO Mike Gitlin notes corporate earnings are strong but “what’s challenging are valuations,” and Morgan Stanley’s Ted Pick said markets have come a long way, but there’s still “policy error risk” in the US and geopolitical uncertainty.
Besides the overnight tumble in global stocks, cryptocurrencies are also suffering, with both Bitcoin and Ether mimicking the moves in equity futures and gold is hitting the lows of the day to give this the air of a generalized slide. The Bloomberg Dollar Spot Index is at the highest level since early August.
Also adding to the negative sentiment Tuesday was increased uncertainty over the Fed’s policy outlook. Officials presented mixed messages Monday, reflecting divisions within the central bank ahead of its December meeting. Austan Goolsbee emphasized persistent inflation risks, and said the government shutdown shifts risks to inflation, with lack of recent data leaving the central bank “with one eye covered.” Lisa Cook pointed to growing labor-market fragility. Mary Daly said policymakers should “keep an open mind” about another rate cut, and Stephen Miran noted that policy remains restrictive.
“It’s the Fed again,” said Anna Wu, a cross-asset strategist at Van Eck. “The inflation comment startled the markets and weighed on sentiment.”
For the tape to broaden sustainably, we’ll likely need clearer Fed policy visibility that reduces risk premiums across small-caps and cyclicals, evidence of further top-line firming outside AI or a soft landing with labor and inflation data putting stagflation fears to rest according to Bloomberg, whose equity strategists note small-cap stocks can’t shake the “big-cap shadow” as sector dispersion widened through October.
Despite Tuesday’s losses, positioning on the S&P 500 remains bullish and extended, but with profit-taking risks less evident, according to Citigroup Inc. strategists. “We have the stock market trading at an all-time high, whether you look at the US or Europe,” Benedicte Lowe, equity derivatives strategist at BNP Paribas SA, told Bloomberg TV. “Any investor is looking for any signs of downward news. Our view remains bullish until the year-end.”
A quick look at earnings, Out of the 336 S&P 500 companies that have reported so far in the earnings season, 82% have managed to beat analyst forecasts, while 14% have missed. Apollo Global, Eaton, Global Payments, Marriott, Norwegian Cruise Line, Pfizer, Shopify, Spotify, Uber, Yum! Brands and Zoetis are among companies expected to report results before the market opens. Shopify will likely highlight several advances in key or emerging-growth avenues, including acquisition of large merchants and agentic commerce according to Bloomberg Intelligence. Earnings from AMD, Amgen, Arista, Live Nation, Pinterest, Rivian and Super Micro Computer follow later in the day.
Corporate earnings are strong but “what’s challenging are valuations,” said Mike Gitlin, president and chief executive officer of investment manager Capital Group, during the Hong Kong Monetary Authority financial summit.
In Europe, the Stoxx 600 falls 1.6% following a broadly weaker Asian session. All 20 sectors are in the red but mining, retail and telecommunications are the worst performers. Telefonica is among the biggest laggards after reducing its free-cash-flow guidance for the full year. Here are the biggest movers Tuesday:
Coloplast shares rise as much as 3.4%, reversing an earlier 3% decline, after the Danish medical-products maker forecast organic revenue growth of about 7% for the 2026 fiscal year
Geberit gains as much as 3.7%, the most in almost three months, after the Swiss building materials firm increases its 2025 net sales guidance. Analysts expect this to translate into some minor uplift to consensus numbers
Philips shares rise as much as 3.9%, the most in more than three months, after the Dutch medical technology firm reported better-than-expected adjusted Ebita for the third quarter
Oerlikon rises as much as 9.1%, before paring some of those gains, after recording a beat on orders in the third quarter. While analysts welcome this strong order development for the Swiss industrial technology group
Elmos Semiconductor gains as much as 9.7%, the most since April, as Warburg says that third-quarter results came in slightly ahead of expectations
Wereldhave shares rise as much as 3.2% after the investment company posted strong results and raised the midpoint of its guidance, according to analysts
Kinepolis shares rise as much as 6.3% after the movie theater operator agreed to buy the operations of US firm Emagine Entertainment. Degroof Petercam said this is “clearly the first decent transaction” struck by the company
Telefonica shares slide as much as 11%, the most in more than five years, after the telecom operator reduced free cash flow guidance for 2025 while seeing a higher leverage ratio at the end of the year
BioMerieux slides as much as 4.1% after cutting its organic sales forecast for the full year, and delivering revenue below expectations in the third quarter, impacted mainly by worse-than-expected Molecular respiratory sales
Fresenius Medical Care shares drop as much as 6.5%, the most in roughly three months, after the German provider of dialysis care and equipment reported third-quarter results. US same market treatment grew 0.1% during the period
Schaeffler falls as much as 5.8%, with analysts saying valuation is starting to look stretched. The German firm’s results were seen in-line with a pre-release and brokers called increased momentum in humanoid activities supportive
AB Foods falls as much as 2.9% after the UK conglomerate reported earnings and said it is conducting a review that could lead to a separation of the Primark clothing retailer and its Food units
Domino’s Pizza Group shares fall as much as 2% in London, extending year-to-date losses, as analysts pointed to declining volumes in the company’s third-quarter trading update
Earlier in the session, Asian stocks declined, with South Korea leading the retreat, as traders sold some high-flying tech shares and parsed comments from Federal Reserve officials to gauge the outlook for interest rates. The MSCI Asia Pacific Index dropped as much as 1%, its biggest intraday slump since October 17, with chipmakers Samsung Electronics and TSMC among the biggest drags. SK Hynix slipped after Korea’s exchange issued an investment caution on the stock after its big rally. Key gauges also declined in Australia, China and Taiwan. Risk-off sentiment comes after Fed official Austan Goolsbee said he’s more concerned about inflation than the labor market, spurring caution over the outlook for further rate cuts. With the MSCI Asian benchmark and other indexes around the region trading near record highs, traders have been hoping for supportive policy and comments to help extend the rallies. Stocks also fell in Hong Kong and India. Meanwhile, gauges in Vietnam and the Philippines rebounded as sentiment improves.
In FX, the yen is up 0.5% against the greenback and at the top of the G-10 FX leaderboard, boosted by haven demand as global equity markets decline. Some modest jawboning from the Japanese finance minister will have helped. The pound falls 0.5%, although its the kiwi and krone leading declines against the greenback.
In rates, treasuries gain, pushing US 10-year yields down 3 bps to 4.09%; US yields are richer by 2bp to 3bp across the curve with 5s30s spread wider by around 1bp. Gilts extended gains during a speech by Chancellor Reeves before fading. UK 10-year borrowing costs are down 3 bps. IG dollar issuance slate has four offerings so far. Monday’s volume was second-highest this year — $34.5 billion from 13 borrowers, led by Alphabet with an $17.5 billion eight-part offering. UK bonds outperformed their European peers after Chancellor of the Exchequer Rachel Reeves signaled that further tax increases may be needed to achieve fiscal consolidation in this month’s budget, while stressing the importance of curbing inflation and keeping borrowing in check. The 10-year gilt yield fell two basis points to 4.41%, while the pound weakened as traders priced in a quicker pace of interest-rate cuts.
Today’s economic calendar slate empty for the session as US government data continue to be postponed by shutdown that began Oct. 1. Fed speaker slate also blank after Vice Chair for Supervision Michelle Bowman spoke earlier on banking supervision and monetary policy
Market Snapshot
S&P 500 mini -1.2%
Nasdaq 100 mini -1.5%
Russell 2000 mini -1.6%
Stoxx Europe 600 -1.5%
DAX -1.7%
CAC 40 -1.6%
10-year Treasury yield -3 basis points at 4.08%
VIX +2.9 points at 20.05
Bloomberg Dollar Index +0.2% at 1223.46
euro -0.1% at $1.1506
WTI crude -1.6% at $60.1/barrel
Top Overnight News
The outlines of a potential deal to end the [US government] shutdown are starting to take shape, although the talks are very fragile at this point and there’s still a long way to go: Punchbowl.
Senate Majority Leader John Thune said he was “optimistic” an agreement can be reached this week to end the five-week shutdown as bipartisan rank-and-file talks make progress. Politico
A string of alleged frauds by corporate borrowers is spurring a reckoning across Wall Street, sending bankers and investors scrambling to prevent future blowups. WSJ
Trump said he is going to ask the Transportation Secretary to take a look at terminating New York City congestion pricing, while he added it is highly unlikely that he will be contributing federal funds to NYC if Mamdani wins the mayoral race.
Insurers shopping for better credit ratings on their private credit assets are creating a “looming systemic risk” to global finance, the chair of UBS has warned. FT
China called on the US to avoid sensitive issues so that a trade truce can hold. Ambassador Xie Feng named Taiwan, democracy and human rights, China’s political system, and development rights as Beijing’s four red lines. BBG
Chancellor of the Exchequer Rachel Reeves declined to reiterate Labour’s manifesto commitment against broad-based tax hikes, as she made an unusual appeal to the British public to support her upcoming budget. BBG
China has increased subsidies that cut energy bills by up to half for some of the country’s largest data centers, as Beijing steps up efforts to boost its domestic chips industry and compete with the US. FT
South Korea’s headline inflation accelerated at a faster-than-expected pace to a 15-month high in October, lifted by higher prices for agricultural and livestock products. Inflation accelerated to +2.2% Y/Y in Oct (on a core basis), above the consensus forecast of +2% and up from +2% in Sept. WSJ
RBA left rates unchanged, as expected, and signaled unease with the recent rise in inflation (the RBA said it expects rates to stay at their present level for “a while”). RBA
Chicago Fed President Austan Goolsbee said the government shutdown has left the Fed with “one eye covered,” forcing caution on rates. While he still sees room to ease, Goolsbee told Semafor he worries about “front-loading” cuts without more data. BBG
Wall Street seems unworried about the lackluster breadth of the equity market rally, despite parallels to the tech bubble of the late 1990s. The charge is increasingly led by a handful of tech companies, with the ratio of S&P 500 Equal Weighted Index to the S&P 500 at its lowest since 2003. BBG
Trade/Tariffs
US Treasury Secretary Bessent said he will be at the Supreme Court to emphasise the importance of tariffs, according to Fox News.
South Korea’s Industry Ministry said it is to expand financial and policy support for exporters facing US and EU steel tariffs, while South Korea will restructure the steel sector as the industry shows mounting signs of a crisis, and will also take pre-emptive steps to adjust production capacity in oversupplied products.
Panama Canal chief said reduction in world trade is likely next year amid economic slowdown and expects passage of LPG vessels to continue increasing, while the chief said Panama Canal’s market share of US LPG exports to Asia rising to more than 95% from 80% and that the long-term reservation system allocated more slots this time than in the previous edition.
Chinese Commerce Ministry says regarding Nexperia, that it urges the Dutch government to stop interfering company affairs, adds will resolutely safeguard rights and interests of firms. Dutch government has not demonstrated a constructive attitude and actions, and escalated the global supply chain crisis despite China’s reasonable demands. Netherlands should bear the full responsibility of turmoil and chaos in the global semiconductor production and supply chain.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly subdued following the mixed lead from Wall St, where the majority of sectors declined but tech outperformed amid strength in some of the mega-caps following deal announcements. ASX 200 was softer with the downside led by the utilities, materials, mining and resources industries, while participants also awaited the RBA decision in which the central bank kept the Cash Rate unchanged at 3.60%, as expected. Nikkei 225 swung between gains and losses with participants indecisive on return from the extended weekend and alongside a quiet calendar. Hang Seng and Shanghai Comp were lacklustre amid quiet pertinent catalysts and after a report that Trump admin officials torpedoed NVIDIA’s push to export AI chips to China. Nonetheless, the downside was limited amid a slew of comments from the Beijing officials at the Global Financial Leaders’ Investment Summit in Hong Kong, including from the PBoC’s Deputy Governor, who stated they will enhance Hong Kong’s status as a global financial centre and will strengthen policy support.
Top Asian News
Chinese President Xi met with Russian PM Mishustin and said in the meeting that the sides should steadily expand mutual investment and maintain close communication, as well as create new cooperation growth points and cooperate in areas such as AI, digital economy and green development.
Chinese Vice Premier He said Hong Kong’s competitiveness and attractiveness prove the city thrives under the ‘One Country, Two Systems’ framework, while he added that Hong Kong will further enhance and improve its status as a global financial centre. He also stated that Hong Kong should strengthen cooperation with the mainland and hopes that Hong Kong will continue to play an active role in connecting the world and advancing global governance. Furthermore, he stated that the global economic environment has seen new challenges this year and it is important to deepen trade and economic activities with other countries.
PBoC Deputy Governor said will work to enhance Hong Kong’s status as a global financial centre, and strengthen policy support.
China’s Financial Regulator Vice Minister said Hong Kong-funded institutions will be supported to develop in the mainland, and they will continue to deepen the Connect programmes, while they will also prevent cross-border financial risks.
China reportedly offers its tech giants cheap power to boost domestic AI chips, according to FT.
Nintendo (7974 JT) 6-month Net Profit 198.94bln (prev. 108.66bln Y/Y); raises guidance, sees FY Op. Income JPY 370bln (prev. guided 320bln); sees FY Switch 2 Sales 19mln units; raises dividend payout ratio to 60% (prev. 50%).
Japan’s Finance Minister Katayama says seeing one-sided rapid moves and closely watching FX moves with a high sense of urgency.
European bourses (STOXX 600 -1.6%) opened lower across the board, but without a clear driver. As the morning progressed, indices continued to slip and now generally reside at troughs. European sectors are in the red across the board but with a clear defensive bias. The shallowest losses are seen in Food Beverage, Real Estate, Utilities, Healthcare, and Optimised Personal Care Drug and Grocery. On the flip side, Basic Resources, Retail, Telecoms (due to losses in Telefonica), and Industrial Goods and Services at the foot of the pile.
Top European News
ECB’s Rehn says uncertainty about future economic development remains high and risks are skewed downside.
French Socialist Party leader Faure said his party will give the government additional time to come up with a budget it deems acceptable before deciding whether to use its power in parliament to topple the administration, according to Bloomberg.
ECB’s Rehn says uncertainty about future economic development remains high and risks are skewed downside.
ECB’s Lagarde says currency changeovers can produce a temporary uptick in inflation.
SNB’s Tschudin says monetary policy is aimed at ensuring price stability. SNB interest rates are where they should be and will only use negative rates when necessary. The value of the Franc is not decisive for the monetary policy of the SNB. Important on how the exchange rate changes and its effect on inflation. Not in a situation where we would like to see lower inflation.
UK Chancellor Reeves’ Pre-Budget Speech: says will make choices necessary to deliver strong foundations for UK economy; important choices that will shape the future of UK for years to come; Inflation has been too slow to come down. Commitment to fiscal rules is iron clad. The more debt UK tries to sell, the more it will cost. Note, Reeves did not mention the manifesto pledges around taxation during this introductory speech.
UK PM Starmer informed Labour MPs at a private meeting that the budget would be determined by “tough but fair decisions”, adding that the backdrop to the fiscal update was “worse than even we feared”. The article frames it as increasing speculation of income tax rises, by Starmer saying they would reject austerity and protect the NHS. (FT)
FX
DXY is on a slightly firmer footing and trades at the upper end of a 99.73-100.04 range, reclaiming the 100.00 mark for the first time since early August. Lack of notable newsflow in recent trade, but with traders remaining attentive of the mixed views held at the Fed and the ongoing US Government shutdown. Today’s docket will provide little in the way of additional clues. However, tomorrow markets will be presented by the latest ADP employment change and ISM services print. Note, tomorrow will see the commencement of the hearing on the legality of US President Trump’s Reciprocal Tariff Policy. After a venture above the 100 mark, DXY has since moved back to flat levels around the 99.90 mark.
EUR/USD is a little lower today and trades within a 1.1499-1.1533 range. As above, really not much newsflow driving things today, and ultimately moving at the whim of the USD. This morning ECB commentary has not really moved things for the Single-currency; Rehn highlighted the uncertainty about future economic development, noting that inflation risks are two-sided, whilst Lagarde said currency changeovers can produce a temporary uptick in inflation. Within the Eurozone, attention remains on French politics with the Socialist Party giving the government additional time to come up with a budget it deems acceptable.
JPY is the best performer across the majors as Japanese investors return from the long weekend. The bid in the JPY is being driven by a combination of the risk-aversion in the market triggered by selling in global equities and ongoing jawboning from Japanese officials with Finance Minister cautioning against one-sided rapid moves and noting that she is closely watching FX moves with a high sense of urgency. USD/JPY hit a new multi-month high overnight at 154.48 before slipping onto a 153 handle and making a current session low at 153.34.
GBP is on the backfoot vs. the USD and EUR with attention in the UK fixated on the fiscal backdrop following a pre-budget press conference by UK Chancellor Reeves. Politically for Reeves, the issue is that in her election manifesto she vowed to “not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT”. The mood music in recent weeks has suggested that it is inevitable this pledge will need to be broken. As such, Reeves used today as an opportunity to pitch roll such a decision. That being said, Reeves stopped shy of confirming that the manifesto will be broken and refrained from unveiling specific policy pledges. The negativity surrounding Reeves remarks has weighed on the GBP with Cable back below the 1.31 mark and at its lowest level since mid-April with a current session trough at 1.3060.
Antipodeans are both weaker vs. the USD primarily on account of the broad risk-aversion triggered by selling in global equity markets. AUD has also digested the latest RBA policy announcement, which was overall leaned hawkishly. As expected, the RBA opted to keep rates unchanged on hold following last week’s hotter-than-expected outturn for Q3 inflation. Within the release, the RBA noted that some of the factors driving the upside were deemed to be temporary. However, markets have focused on the RBA’s forecast, which sees just one cut in 2026 vs. the two seen in August.
Fixed Income
Gilts are outperforming vs peers today, attributed to a speech by the UK Chancellor; more-so on the reports pre-presser rather than any announcement itself. In brief, the Chancellor reiterated her fiscal policy stance, but avoided reiterating her tax related pledges. An omission that has been interpreted as confirming the pre-market briefings regarding the likely manifesto breaking tax increase(s). Her press conference then began and saw her avoid questions around policy specifics and the manifesto pledges. Overall, the main takeaway being she has, as expected, laid the foundation for tax increases in the Budget. In terms of price action, Gilts held around 93.70 into the presser, before then rising as she spoke to a session peak of 93.98; UK paper then scaled back down to pre-presser levels. Elsewhere, 2029 Gilt supply was well received with a b/c in excess of 3x and a smaller-than-prior tail. No move to the results.
USTs are firmer, posting gains of a handful of ticks into a session largely devoid of data owing to the shutdown with just RCM/Tipp optimism due. Prior to that, Fed’s Bowman is scheduled though the topic is banking supervision; Bowman hasn’t spoken on policy since mid-October, where she outlined a view for two more cuts before end-2025. Upside this morning that was spurred by a deterioration in the risk tone, as sentiment drifted during the early European morning and into the European cash equity open itself. No fresh catalyst at the time behind the pullback, but it continued the subdued APAC tone and Wall St. handover where sectors ex-tech ended in the red. At a 112-28+ peak, eclipsing Friday’s high by a tick and notching a new WTD peak. As such, we look to 112-29+ from last Thursday and then a gap before last week’s 113-18 best.
Bunds are also firmer with the narrative echoing the above. Bunds hit a 129.35 peak just before the European cash equity open and thereafter moved in tandem with Gilts and pulled back to around the mid-point of the day’s 129.09-35 band. More recently, as tone deteriorates as discussed in USTs, Bunds have reverted back to and are probing the earlier peak. If this is eclipsed, we look to 129.46 from Friday before resistance from early last week between 129.62, 129.64 and 129.73. A tepid Schatz outing thereafter had no impact on the benchmark.
Commodities
Crude benchmarks have been weighed on by the overall risk-off sentiment seen across markets as the European session got underway. After oscillating in a tight c. USD 0.20/bbl range during the APAC session, WTI and Brent extended on Monday’s low at USD 60.51/bbl and 64.33/bbl respectively to a trough of USD 59.94/bbl and USD 63.44/bbl as global risk sentiment sours.
Spot XAU continues to oscillate within range formed over the prior 5 days, despite a wider risk-off theme running through markets during APAC trade and into the European session. XAU dipped to a trough of USD 3967/oz as the APAC session ended before a slight bounce to the key USD 4k/oz level.
Base metals continue to fall following the tech-led equity selloff in global benchmarks. 3M LME Copper peaked at USD 10.86k/t early in APAC trade before extending on last week’s low at USD 10.81k/t to a trough of USD 10.65k/t. Currently, the red metal is oscillating in a USD 70/t band near the lows of the day.
OPEC+ decision on Sunday to keep oil output targets steady in Q1 came after Russia lobbied for the pause because it would struggle to increase exports due to Western sanctions, according to Reuters citing sources.
Libya’s Oil Minister says there is a target to increase oil output to 2mln BPD (currently c. 1.4mln) in the next five years; looking at 1.6mln BPD in 2026 and then 1.8mln BPD in 2027.
Iraq PM orders a pause on imports of gasoline, kerosene and “White Oil”, via State News Agency.
Shanghai Futures Exchange is to adjust transaction fees for cast aluminium alloy and offset printing paper futures and options products from the close of trading on November 7th.
Geopolitics: Middle East
Palestinian media reported that IDF vehicles fired at areas in the Maghazi refugee camp in the central Gaza Strip, according to Sky News Arabia.
“Iranian government spokeswoman: We will never move towards building a nuclear bomb”, according to Sky News Arabia.
Geopolitics: Ukraine
Blast at a petrochemical plant in Russia’s Bashkortostan caused the partial collapse of a workshop, according to TASS.
Russia says it struck civilian energy and port infrastructure in a large-scale attack on Ukraine’s Odesa region overnight, according to the regional governor.
Geopolitics: Other
Peru’s Foreign Minister announced that the country decided to break diplomatic relations with Mexico, due to Mexico’s unfriendly act of starting a process to grant asylum to former PM Betssy Chavez.
US Event Calendar
8:30 am: Sep Trade Balance, est. -64.13b
10:00 am: Sep JOLTS Job Openings, est. 7130k, prior 7227k
10:00 am: Sep Factory Orders
10:00 am: Sep F Durable Goods Orders
10:00 am: Sep F Durables Ex Transportation
10:00 am: Sep F Cap Goods Orders Nondef Ex Air
10:00 am: Sep F Cap Goods Ship Nondef Ex Air
DB’s Jim Reid concludes the overnight wrap
Markets have started November with familiar themes, with the S&P 500 (+0.17%) managing to see a gain yesterday but with the Magnificent 7 (+1.18%) and the S&P 500 ex-Mag-7 (-0.30%) diverging once again. The main driver was yet another AI deal, this time Amazon’s with OpenAI. The equal-weighted S&P 500 (-0.30%) fell back as investors weighted up weak data, hawkish Fedspeak, and a government shutdown that’s now the joint-longest in history and at midnight tonight will be the longest. US politics will also be in the spotlight today for other reasons, as we’ve got the New York City mayoral election, as well as gubernatorial races in New Jersey and Virginia. It feels like a mini mid-term in the first half term of this Presidency.
Overnight we are seeing a bit more negativity take over after Palantir fell more than -4% after hours. Their results were good but markets were disappointed at the lack of company visibility for the whole of 2026. As Bloomberg shows, the company has the highest price to sales in the S&P 500 at 85, and the stock is up more than 150% this year. For reference, the index has a price to sales ratio of around 3.5. Nasdaq futures are -0.85% this morning and S&P futures -0.59%. Asian markets are mostly lower as we’ll see below.
In terms of the various drivers in markets yesterday, a weak ISM manufacturing print didn’t help matters – outside of tech which marches to its own drum – particularly because the government shutdown and lack of data is heightening the importance of the limited data we’re still getting. The headline measure unexpectedly fell back to 48.7 in October (vs. 49.5 expected and 49.1 previous). Subcomponents for employment (46.0) and new orders (49.4) did see a tick up but also remained in contractionary territory. So there really wasn’t much to reassure investors on the outlook, particularly given this is one of the early stats we have that covers Q4 and the government shutdown.
In the meantime, US Treasuries were also struggling thanks to some hawkish Fedspeak. In particular, Chicago Fed President Goolsbee (a voter this year) said that he was “not decided” about the December meeting, and that he was “nervous about the inflation side of the ledger, where you’ve seen inflation above the target for four and a half years and it’s trending the wrong way.” Daly later said that they should “keep an open mind” ahead of the December FOMC. Our economists had pegged her as an official who would have likely supported a cut next month. Fed Governor Cook did say that downside risks to employment were higher than upside risks to inflation, but stopped short of endorsing a cut for December’s “live meeting”. So all this added to Powell’s comments last week that brought a December cut into question, and yields moved higher across the curve. For instance, the 2yr yield (+3.1bps) moved up to 3.61%, whilst the 10yr yield (+3.3bps) rose to 4.11%. We did hear from Governor Miran as well yesterday, but he stuck to his view that the Fed “is too restrictive”, having voted for a larger 50bp cut at last week’s meeting.
All this meant that non-tech equities failed to gain traction as mentioned at the top. The gains were driven by Amazon’s (+4.00%) deal with OpenAI, who are going to pay Amazon Web Services for Nvidia chips in a 7-year deal. Nvidia (+2.17%) and Tesla (+2.59%) also outperformed and Alphabet (+0.90%) reached a new all-time high. But otherwise, it wasn’t a great day, as the equal-weighted S&P 500 (-0.30%) and the small-cap Russell 2000 (-0.33%) both fell, with materials (-0.62%) and consumer staples (-0.47%) sectors leading the declines within the S&P.
In the credit space, US IG spreads were +4bps wider on the day to 82bps. That’s their widest level since early July, albeit still only 10bps from recent multi-decade lows. The credit sell off came even as the Fed’s latest quarterly Senior Loan Officer Opinion Survey (SLOOS) suggested that earlier tightness in bank credit conditions was easing. Banks’ willingness to extend consumer loans inched up to its highest since 2022 (+7 net vs +5 previous), while demand for mortgages grew for the first time since 2021. With the SLOOS arguing against downside for US growth, our rates strategists have re-entered a short position on 10yr Treasuries with a target of 4.45%
Asian equity markets are lower this morning after Palantir’s results. The KOSPI (-2.17%) is leading the sell-off, followed by the S&P/ASX 200 (-0.91%), Nikkei (-0.77%), the CSI (-0.54%), the Shanghai Composite (-0.34%), and the Hang Seng (-0.17%) all of which are lower, along with US equity futures. The RBA has left rates unchanged for the second consecutive meeting, as widely expected. 10yr USTs are a basis point lower.
Back to Europe yesterday, markets had followed a broadly similar pattern to the US, with subdued equity gains alongside losses for sovereign bonds. So the STOXX 600 (+0.07%) eked out a modest gain, ending a run of 4 consecutive declines from last week. That came amidst losses for the UK’s FTSE 100 (-0.16%) and France’s CAC 40 (-0.14%) which contrasted with stronger gains for the German DAX (+0.73%) as industrial sectors outperformed led by a +4.23% gain for Rheinmetall. Meanwhile for sovereign bonds, Europe saw similar losses as the US, with yields on 10yr bunds (+3.4bps), OATs (+2.3bps) and BTPs (+2.7bps) all rising.
To the day ahead now, and central bank speakers include ECB President Lagarde, the ECB’s Patsalides, Escriva, Rehn, and Nagel, the Fed’s Bowman and the BoE’s Breeden. Otherwise, earnings releases include Uber and Pfizer. Meanwhile, several US elections are taking place, including the New York City mayoral election, and gubernatorial elections in New Jersey and Virginia.
b) European opening report
Risk off sentiment with US equity futures lower, JPY bid & Antipodeans lag – Newsquawk US Opening News
Tuesday, Nov 04, 2025 – 06:57 AM
RBA kept Cash Rate unchanged at 3.60%, as expected; judged some of the increase in underlying inflation in Q3 was due to temporary factors.
European bourses are lower across the board with sentiment downbeat; US equity futures are in the red, NQ -1.3%.
DXY briefly returned to a 100 handle, GBP slipped post-Reeves, who failed to reiterate her tax-related pledges, Antipodeans lag.
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TARIFFS/TRADE
US Treasury Secretary Bessent said he will be at the Supreme Court to emphasise the importance of tariffs, according to Fox News.
South Korea’s Industry Ministry said it is to expand financial and policy support for exporters facing US and EU steel tariffs, while South Korea will restructure the steel sector as the industry shows mounting signs of a crisis, and will also take pre-emptive steps to adjust production capacity in oversupplied products.
Panama Canal chief said reduction in world trade is likely next year amid economic slowdown and expects passage of LPG vessels to continue increasing, while the chief said Panama Canal’s market share of US LPG exports to Asia rising to more than 95% from 80% and that the long-term reservation system allocated more slots this time than in the previous edition.
Chinese Commerce Ministry says regarding Nexperia, that it urges the Dutch government to stop interfering company affairs, adds will resolutely safeguard rights and interests of firms. Dutch government has not demonstrated a constructive attitude and actions, and escalated the global supply chain crisis despite China’s reasonable demands. Netherlands should bear the full responsibility of turmoil and chaos in the global semiconductor production and supply chain.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -1.6%) opened lower across the board, but without a clear driver. As the morning progressed, indices continued to slip and now generally reside at troughs.
European sectors are in the red across the board but with a clear defensive bias. The shallowest losses are seen in Food Beverage, Real Estate, Utilities, Healthcare, and Optimised Personal Care Drug and Grocery. On the flip side, Basic Resources, Retail, Telecoms (due to losses in Telefonica), and Industrial Goods and Services at the foot of the pile.
US equity futures (ES -1.1%, NQ -1.4%, YM -0.8%, RTY -1.6%) are lower across the board to a similar magnitude as their counterparts European counterparts, with newsflow relatively quiet from a US standpoint this morning and the US government shutdown set extend to its longest streak this week. Today’s data slate is thin, with the US RCM/TIPP economic optimism survey the only major release due; Fed’s Bowman is also on the calendar.
Tesla (TSLA) October China-made vehicle sales 61,497 (prev. 90,812 M/M), via CPCA.
DXY is on a slightly firmer footing and trades at the upper end of a 99.73-100.04 range, reclaiming the 100.00 mark for the first time since early August. Lack of notable newsflow in recent trade, but with traders remaining attentive of the mixed views held at the Fed and the ongoing US Government shutdown. Today’s docket will provide little in the way of additional clues. However, tomorrow markets will be presented by the latest ADP employment change and ISM services print. Note, tomorrow will see the commencement of the hearing on the legality of US President Trump’s Reciprocal Tariff Policy. After a venture above the 100 mark, DXY has since moved back to flat levels around the 99.90 mark.
EUR/USD is a little lower today and trades within a 1.1499-1.1533 range. As above, really not much newsflow driving things today, and ultimately moving at the whim of the USD. This morning ECB commentary has not really moved things for the Single-currency; Rehn highlighted the uncertainty about future economic development, noting that inflation risks are two-sided, whilst Lagarde said currency changeovers can produce a temporary uptick in inflation. Within the Eurozone, attention remains on French politics with the Socialist Party giving the government additional time to come up with a budget it deems acceptable.
JPY is the best performer across the majors as Japanese investors return from the long weekend. The bid in the JPY is being driven by a combination of the risk-aversion in the market triggered by selling in global equities and ongoing jawboning from Japanese officials with Finance Minister cautioning against one-sided rapid moves and noting that she is closely watching FX moves with a high sense of urgency. USD/JPY hit a new multi-month high overnight at 154.48 before slipping onto a 153 handle and making a current session low at 153.34.
GBP is on the backfoot vs. the USD and EUR with attention in the UK fixated on the fiscal backdrop following a pre-budget press conference by UK Chancellor Reeves. Politically for Reeves, the issue is that in her election manifesto she vowed to “not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT”. The mood music in recent weeks has suggested that it is inevitable this pledge will need to be broken. As such, Reeves used today as an opportunity to pitch roll such a decision. That being said, Reeves stopped shy of confirming that the manifesto will be broken and refrained from unveiling specific policy pledges. The negativity surrounding Reeves remarks has weighed on the GBP with Cable back below the 1.31 mark and at its lowest level since mid-April with a current session trough at 1.3060.
Antipodeans are both weaker vs. the USD primarily on account of the broad risk-aversion triggered by selling in global equity markets. AUD has also digested the latest RBA policy announcement, which was overall leaned hawkishly. As expected, the RBA opted to keep rates unchanged on hold following last week’s hotter-than-expected outturn for Q3 inflation. Within the release, the RBA noted that some of the factors driving the upside were deemed to be temporary. However, markets have focused on the RBA’s forecast, which sees just one cut in 2026 vs. the two seen in August.
Gilts are outperforming vs peers today, attributed to a speech by the UK Chancellor; more-so on the reports pre-presser rather than any announcement itself. In brief, the Chancellor reiterated her fiscal policy stance, but avoided reiterating her tax related pledges. An omission that has been interpreted as confirming the pre-market briefings regarding the likely manifesto breaking tax increase(s). Her press conference then began and saw her avoid questions around policy specifics and the manifesto pledges. Overall, the main takeaway being she has, as expected, laid the foundation for tax increases in the Budget. In terms of price action, Gilts held around 93.70 into the presser, before then rising as she spoke to a session peak of 93.98; UK paper then scaled back down to pre-presser levels. Elsewhere, 2029 Gilt supply was well received with a b/c in excess of 3x and a smaller-than-prior tail. No move to the results.
USTs are firmer, posting gains of a handful of ticks into a session largely devoid of data owing to the shutdown with just RCM/Tipp optimism due. Prior to that, Fed’s Bowman is scheduled though the topic is banking supervision; Bowman hasn’t spoken on policy since mid-October, where she outlined a view for two more cuts before end-2025. Upside this morning that was spurred by a deterioration in the risk tone, as sentiment drifted during the early European morning and into the European cash equity open itself. No fresh catalyst at the time behind the pullback, but it continued the subdued APAC tone and Wall St. handover where sectors ex-tech ended in the red. At a 112-28+ peak, eclipsing Friday’s high by a tick and notching a new WTD peak. As such, we look to 112-29+ from last Thursday and then a gap before last week’s 113-18 best.
Bunds are also firmer with the narrative echoing the above. Bunds hit a 129.35 peak just before the European cash equity open and thereafter moved in tandem with Gilts and pulled back to around the mid-point of the day’s 129.09-35 band. More recently, as tone deteriorates as discussed in USTs, Bunds have reverted back to and are probing the earlier peak. If this is eclipsed, we look to 129.46 from Friday before resistance from early last week between 129.62, 129.64 and 129.73. A tepid Schatz outing thereafter had no impact on the benchmark.
Crude benchmarks have been weighed on by the overall risk-off sentiment seen across markets as the European session got underway. After oscillating in a tight c. USD 0.20/bbl range during the APAC session, WTI and Brent extended on Monday’s low at USD 60.51/bbl and 64.33/bbl respectively to a trough of USD 59.94/bbl and USD 63.44/bbl as global risk sentiment sours.
Spot XAU continues to oscillate within range formed over the prior 5 days, despite a wider risk-off theme running through markets during APAC trade and into the European session. XAU dipped to a trough of USD 3967/oz as the APAC session ended before a slight bounce to the key USD 4k/oz level.
Base metals continue to fall following the tech-led equity selloff in global benchmarks. 3M LME Copper peaked at USD 10.86k/t early in APAC trade before extending on last week’s low at USD 10.81k/t to a trough of USD 10.65k/t. Currently, the red metal is oscillating in a USD 70/t band near the lows of the day.
OPEC+ decision on Sunday to keep oil output targets steady in Q1 came after Russia lobbied for the pause because it would struggle to increase exports due to Western sanctions, according to Reuters citing sources.
Libya’s Oil Minister says there is a target to increase oil output to 2mln BPD (currently c. 1.4mln) in the next five years; looking at 1.6mln BPD in 2026 and then 1.8mln BPD in 2027.
Iraq PM orders a pause on imports of gasoline, kerosene and “White Oil”, via State News Agency.
Shanghai Futures Exchange is to adjust transaction fees for cast aluminium alloy and offset printing paper futures and options products from the close of trading on November 7th.
French Budget Balance (Sep) -155.4B (Prev. -157.45B)
NOTABLE EUROPEAN HEADLINES
ECB’s Rehn says uncertainty about future economic development remains high and risks are skewed downside.
French Socialist Party leader Faure said his party will give the government additional time to come up with a budget it deems acceptable before deciding whether to use its power in parliament to topple the administration, according to Bloomberg.
ECB’s Rehn says uncertainty about future economic development remains high and risks are skewed downside.
ECB’s Lagarde says currency changeovers can produce a temporary uptick in inflation.
SNB’s Tschudin says monetary policy is aimed at ensuring price stability. SNB interest rates are where they should be and will only use negative rates when necessary. The value of the Franc is not decisive for the monetary policy of the SNB. Important on how the exchange rate changes and its effect on inflation. Not in a situation where we would like to see lower inflation.
UK Chancellor Reeves’ Pre-Budget Speech: says will make choices necessary to deliver strong foundations for UK economy; important choices that will shape the future of UK for years to come; Inflation has been too slow to come down. Commitment to fiscal rules is iron clad. The more debt UK tries to sell, the more it will cost. Note, Reeves did not mention the manifesto pledges around taxation during this introductory speech.
UK PM Starmer informed Labour MPs at a private meeting that the budget would be determined by “tough but fair decisions”, adding that the backdrop to the fiscal update was “worse than even we feared”. The article frames it as increasing speculation of income tax rises, by Starmer saying they would reject austerity and protect the NHS. (FT)
NOTABLE US HEADLINES
US President Trump said he is going to ask the Transportation Secretary to take a look at terminating New York City congestion pricing, while he added it is highly unlikely that he will be contributing federal funds to NYC if Mamdani wins the mayoral race.
“The outlines of a potential deal to end the [US government] shutdown are starting to take shape, although the talks are very fragile at this point and there’s still a long way to go.”, according to Punchbowl. “Senators and aides involved in negotiations tell us some Senate Democrats are warming to Thune’s offer to open the government and then hold a vote by a date-certain on renewing the extending the expiring Obamacare subsidies.” “The second element under discussion involves pairing the stopgap funding bill to open the government with a three-bill minibus and other guarantees to pass full-year appropriations bills on an agreed-upon timeline.” “The attractive part of this offer for senators would be to avoid a full-year CR that many hardline House Republicans and the White House want. ” “The Senate will vote for the 14th time today on a GOP-drafted Nov. 21 CR.” “House Republican leaders are extremely unlikely to agree to a December CR deadline. And the White House would much prefer early 2026. Trump administration officials pushed for that last time.”
GEOPOLITICS
MIDDLE EAST
Palestinian media reported that IDF vehicles fired at areas in the Maghazi refugee camp in the central Gaza Strip, according to Sky News Arabia.
“Iranian government spokeswoman: We will never move towards building a nuclear bomb”, according to Sky News Arabia.
RUSSIA-UKRAINE
Blast at a petrochemical plant in Russia’s Bashkortostan caused the partial collapse of a workshop, according to TASS.
Russia says it struck civilian energy and port infrastructure in a large-scale attack on Ukraine’s Odesa region overnight, according to the regional governor.
OTHER
Peru’s Foreign Minister announced that the country decided to break diplomatic relations with Mexico, due to Mexico’s unfriendly act of starting a process to grant asylum to former PM Betssy Chavez.
CRYPTO
Bitcoin is on the backfoot and dips below USD 105k whilst Ethereum underperforms and slips below USD 3.5k.
APAC TRADE
APAC stocks were mostly subdued following the mixed lead from Wall St, where the majority of sectors declined but tech outperformed amid strength in some of the mega-caps following deal announcements.
ASX 200 was softer with the downside led by the utilities, materials, mining and resources industries, while participants also awaited the RBA decision in which the central bank kept the Cash Rate unchanged at 3.60%, as expected.
Nikkei 225 swung between gains and losses with participants indecisive on return from the extended weekend and alongside a quiet calendar.
Hang Seng and Shanghai Comp were lacklustre amid quiet pertinent catalysts and after a report that Trump admin officials torpedoed NVIDIA’s push to export AI chips to China. Nonetheless, the downside was limited amid a slew of comments from the Beijing officials at the Global Financial Leaders’ Investment Summit in Hong Kong, including from the PBoC’s Deputy Governor, who stated they will enhance Hong Kong’s status as a global financial centre and will strengthen policy support.
NOTABLE ASIA-PAC HEADLINES
Chinese President Xi met with Russian PM Mishustin and said in the meeting that the sides should steadily expand mutual investment and maintain close communication, as well as create new cooperation growth points and cooperate in areas such as AI, digital economy and green development.
Chinese Vice Premier He said Hong Kong’s competitiveness and attractiveness prove the city thrives under the ‘One Country, Two Systems’ framework, while he added that Hong Kong will further enhance and improve its status as a global financial centre. He also stated that Hong Kong should strengthen cooperation with the mainland and hopes that Hong Kong will continue to play an active role in connecting the world and advancing global governance. Furthermore, he stated that the global economic environment has seen new challenges this year and it is important to deepen trade and economic activities with other countries.
PBoC Deputy Governor said will work to enhance Hong Kong’s status as a global financial centre, and strengthen policy support.
China’s Financial Regulator Vice Minister said Hong Kong-funded institutions will be supported to develop in the mainland, and they will continue to deepen the Connect programmes, while they will also prevent cross-border financial risks.
China reportedly offers its tech giants cheap power to boost domestic AI chips, according to FT.
Nintendo (7974 JT) 6-month Net Profit 198.94bln (prev. 108.66bln Y/Y); raises guidance, sees FY Op. Income JPY 370bln (prev. guided 320bln); sees FY Switch 2 Sales 19mln units; raises dividend payout ratio to 60% (prev. 50%).
Japan’s Finance Minister Katayama says seeing one-sided rapid moves and closely watching FX moves with a high sense of urgency.
RBA
RBA kept Cash Rate unchanged at 3.60%, as expected, with the decision unanimous. RBA noted that inflation has recently picked up and domestic economic activity is recovering, but the outlook remains uncertain. The board judged it was appropriate to remain cautious, updating its view of the outlook as the data evolves, and it remains alert to the heightened level of uncertainty about the outlook in both directions, while it judged that some of the increase in underlying inflation in the September quarter was due to temporary factors. In terms of the Quarterly Statement on Monetary Policy, the RBA sharply raised forecasts for core inflation out to the second quarter of 2026 with June 2026 Trimmed Mean Inflation now seen at 3.2% (prev. forecast 2.6%) and June 2026 CPI now seen at 3.7% (prev. forecast 3.1%). Furthermore, it stated that recent data suggests there could be more excess demand in the economy than previously thought, while its forecasts assume a cash rate of 3.6% through the end of 2025, 3.4% in June 2026, and 3.3% afterwards.
RBA Governor Bullock said at the post-meeting press conference that it is possible less easing might be needed in this round than in the past, while she stated that they did not consider cutting rates and that a rate hike was also not considered. Bullock said they discussed holding rates and the outlook for policy, and are being cautious, while it is possible that there are no more rate cuts, and possible that there are some more cuts. Furthermore, she said the board believes policy is close to neutral and will go meeting by meeting, as well as noted that the board does not have a bias on policy and they are at the right spot on monetary policy at the moment.
DATA RECAP
South Korean CPI MM (Oct) 0.3% vs. Exp. 0.0% (Prev. 0.5%); YY (Oct) 2.4% vs. Exp. 2.1% (Prev. 2.1%)
c Asian opening report
1A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//USA/
2B JAPAN
3. CHINA
CHINA/USA
China Warns Trump To Avoid Crossing Four “Red Lines” Or Risk Trade Truce Collapse
Tuesday, Nov 04, 2025 – 12:00 PM
Ever since the recent “truce” in the trade war between the US and China was signed in Korea one week ago – the latest of many such ceasefires meant to be broken – skeptics have been patiently counting down until this latest ceasefire is torn up, and tensions between the two superpowers flare up once more.
Overnight China made it likely that they won’t have long to count: as Bloomberg reports, Beijing warned the US to avoid four sensitive issues, so-called red lines, so a trade truce sealed between Trump and Xi can hold, highlighting the broad array of disagreements that will test ties. Of course, the one thing that is certain to prompt Trump to cross any and all red lines is knowing he should not do it… which is precisely why China is doing what it is doing.
Ambassador to the US Xie Feng named i) Taiwan, ii) democracy and human rights, iii) China’s political system, and iv) development rights as Beijing’s four red lines, adding that “the most important thing is to respect each other’s core interests and major concerns.”
Xie made the remarks in a virtual speech to a US-China Business Council event, according to a statement from the Chinese embassy on Tuesday. He added that “the pressing priority is to follow up on the consensus reached between” Xi, Trump and their officials, “to reassure both our countries and the world economy with concrete actions and outcomes.”
Whether it comes to conflicts over tariffs, industry or technology, Xie warned that “all will lead to nothing but a dead end” not like any of that stopped Trump before, which is also why the countdown until the next “100%+ tariff has officially begun.”
The comments, Bloomberg explains to the front of the bus, offer a reminder of the many ways that the one-year truce reached on Thursday in South Korea can come undone. It also shows that while Taiwan’s status didn’t come up in talks between Xi and Trump, it’s still very important to Beijing.
And underscoring just how tenuous the current ceasefire truly is, is the fact that both sides are actively doing everything in their power to sabotage it. As Rabobank’s Michael Every writes this morning, “all serious views of the recent ‘US-China deal are this is just a metaphorical ceasefire to (literally) rearm, not any ‘peace’, and it is when not if we get further escalation.
Supporting that view from one side, he writes that the White House just struck a $1.4bn deal with rare-earth magnet startups Vulcan Elements and ReElement Technologies. From the other, besides China introducing new export controls on silver, antimony, and tungsten, Nexperia’s China plant has told local firms that it can meet chip orders despite suspended supply from European fabs previously in the same group.
In short, it’s now just a matter of time before we get another raging post on the president’s Truth Social account, taking us back to square one.
4 EUROPEAN/NATO AFFAIRS
GERMANY
Antifa Firebombs German AfD Lawmaker’s Car As Left-Wing Terrorism Across West Triggers Alarm-Bells
Tuesday, Nov 04, 2025 – 05:45 AM
Left-wing political violence is metastasizing across the Western world like stage-four cancer.
From the political assassination of Charlie Kirk by a furry-loving leftist, to the transgender extremist who massacred Christians in a Minneapolis church, to Antifa terror cells attacking ICE facilities and torching the vehicles of their political opponents in Europe, the West must come to its senses. These are not isolated events, but likely interconnected violent acts. Massive funding networks fuel some of these far-left pressure campaigns, as we’ve shown. EU-based billionaires have funneled more than $2 billion into U.S. nonprofits to fund part of the protest-industrial complex against President Trump to derail the ‘America First’ agenda.
All of this is unfolding as more Westerners reject “wokeism” and the Marxist power grip begins to crack under the Trump 2.0 era. The West must confront a very dark and grim truth: the modern far-left has normalized political assassination culture, targeting opponents with violence, arson, and even acts of sabotage, such as the 2024 power grid attack in Berlin that shut down Elon Musk’s factory.
Even the deep-state media outlet The Atlantic couldn’t ignore the alarming rise of what it called “left-wing terrorism.”
Context matters. People must understand that this surge in left-wing violence on both sides of the Atlantic is not random or isolated – it’s possibly coordinated. Their objective is clear: to crush the rise of anti-globalist, anti-Marxist movements and, above all, to stop “Trump-like” populist uprisings gaining momentum across the West at any cost. To accomplish this, the left has weaponized its militant street arm – Antifa – composed of purple-haired, gender-confused warriors who serve as expendable enforcers to carry out political objectives through chaos and intimidation.
This brings us to the latest Antifa attack on the Alternative for Germany (AfD) party, in which the party’s parliamentary secretary, Bernd Baumann, saw his car firebombed outside his home, an act local media outlets suspect was carried out by an Antifa terror cell.
German news outlet DPA International reported that “left-wing platform Indymedia on Monday suggests the car was set on fire by members of the anti-fascist Antifa movement early on Monday morning.”
DPA International said the statement that Antifa left on Indymedia was signed with “Fiery greetings to the accused, imprisoned and underground Antifas.”
The post also included a direct threat: “All you damn MAGA freaks, you will follow Kirk to hell!”
Antifa Firebombs German AfD Lawmaker’s Car As Left-Wing Terrorism Across West Triggers Alarm-Bells
Tuesday, Nov 04, 2025 – 05:45 AM
Left-wing political violence is metastasizing across the Western world like stage-four cancer.
From the political assassination of Charlie Kirk by a furry-loving leftist, to the transgender extremist who massacred Christians in a Minneapolis church, to Antifa terror cells attacking ICE facilities and torching the vehicles of their political opponents in Europe, the West must come to its senses. These are not isolated events, but likely interconnected violent acts. Massive funding networks fuel some of these far-left pressure campaigns, as we’ve shown. EU-based billionaires have funneled more than $2 billion into U.S. nonprofits to fund part of the protest-industrial complex against President Trump to derail the ‘America First’ agenda.
All of this is unfolding as more Westerners reject “wokeism” and the Marxist power grip begins to crack under the Trump 2.0 era. The West must confront a very dark and grim truth: the modern far-left has normalized political assassination culture, targeting opponents with violence, arson, and even acts of sabotage, such as the 2024 power grid attack in Berlin that shut down Elon Musk’s factory.
Even the deep-state media outlet The Atlantic couldn’t ignore the alarming rise of what it called “left-wing terrorism.”
Context matters. People must understand that this surge in left-wing violence on both sides of the Atlantic is not random or isolated – it’s possibly coordinated. Their objective is clear: to crush the rise of anti-globalist, anti-Marxist movements and, above all, to stop “Trump-like” populist uprisings gaining momentum across the West at any cost. To accomplish this, the left has weaponized its militant street arm – Antifa – composed of purple-haired, gender-confused warriors who serve as expendable enforcers to carry out political objectives through chaos and intimidation.
This brings us to the latest Antifa attack on the Alternative for Germany (AfD) party, in which the party’s parliamentary secretary, Bernd Baumann, saw his car firebombed outside his home, an act local media outlets suspect was carried out by an Antifa terror cell.
German news outlet DPA International reported that “left-wing platform Indymedia on Monday suggests the car was set on fire by members of the anti-fascist Antifa movement early on Monday morning.”
DPA International said the statement that Antifa left on Indymedia was signed with “Fiery greetings to the accused, imprisoned and underground Antifas.”
The post also included a direct threat: “All you damn MAGA freaks, you will follow Kirk to hell!”
AfD co-leader Alice Weidel condemned what she described as “an act of violence,” saying this had “nothing to do with a political dispute, even one that is fiercely contested.”
AfD politicians have long been targeted in attacks, including arson and assaults by Antifa cells. These left-wing militants have also brutally assaulted these politicians.
Whether it’s Antifa attacks on AfD members, assaults on American ICE facilities, or leftist militants targeting Elon Musk’s Tesla showrooms, a clear pattern has emerged: the rise of left-wing political violence and civil terrorism (read the report) coincides with the public’s growing rejection of wokeism. As the left’s influence wanes, violence becomes the tool of choice.
The term “Antifa” comes from a 1930s German antifascist group called Antifaschistische Aktion, widely considered the historical predecessor of the modern ANTIFA movement. Anti-imperialist strains of left-wing political violence are not strictly an American problem. There are revolutionary international networks that inspire America’s concept of Antifascism, i.e., being opposed to what they perceive to be fascist threats. And there are regional cells within American antifascists who seek to destabilize the United States from within. Many think societal collapse will usher in a new utopia of socialism, just as Neo nazi accelerationists believe collapse is a necessary condition for a white ethnostate.
Where are the Democrats denouncing this chaos?
Oh wait, these are the same people who fueled assassination culture by dusting off the old communist playbook: label every political opponent you don’t like a “Nazi” or “fascist” in normalizing assassination culture.
The ones shouting “we’re not the crazy ones” are almost always the crazy ones.
The current path only suggests more political violence ahead.
AfD co-leader Alice Weidel condemned what she described as “an act of violence,” saying this had “nothing to do with a political dispute, even one that is fiercely contested.”
AfD politicians have long been targeted in attacks, including arson and assaults by Antifa cells. These left-wing militants have also brutally assaulted these politicians.
Whether it’s Antifa attacks on AfD members, assaults on American ICE facilities, or leftist militants targeting Elon Musk’s Tesla showrooms, a clear pattern has emerged: the rise of left-wing political violence and civil terrorism (read the report) coincides with the public’s growing rejection of wokeism. As the left’s influence wanes, violence becomes the tool of choice.
The term “Antifa” comes from a 1930s German antifascist group called Antifaschistische Aktion, widely considered the historical predecessor of the modern ANTIFA movement. Anti-imperialist strains of left-wing political violence are not strictly an American problem. There are revolutionary international networks that inspire America’s concept of Antifascism, i.e., being opposed to what they perceive to be fascist threats. And there are regional cells within American antifascists who seek to destabilize the United States from within. Many think societal collapse will usher in a new utopia of socialism, just as Neo nazi accelerationists believe collapse is a necessary condition for a white ethnostate.
Where are the Democrats denouncing this chaos?
Oh wait, these are the same people who fueled assassination culture by dusting off the old communist playbook: label every political opponent you don’t like a “Nazi” or “fascist” in normalizing assassination culture.
The current path only suggests more political violence ahead.
END
GERMANY
KOLBE
Germany In China’s Grip: EU’s Strategic Blind Spot
Tuesday, Nov 04, 2025 – 03:30 AM
Submitted by Thomas Kolbe
China is buying itself breathing space in the trade dispute with the U.S. by primarily flexing its elbow against the EU. With its dominance in rare earths and Germany’s import dependence on microchips, Beijing currently holds the upper hand. Germany and the EU would be well advised to recall market-oriented virtues and strategic intelligence.
Two seemingly unrelated events reflect the same problem: A week ago, Volkswagen threatened a complete production halt should China ban exports of urgently needed rare earths. The media reacted with shock. Suddenly, the specter of Germany’s resource dependence on China returned.
A few weeks earlier, a bizarre economic dispute erupted in the Netherlands. On September 30, the Dutch government decreed state control over Dutch-Chinese chipmaker Nexperia, sparking a genuine diplomatic row with Beijing. The concern: potential relocation of production facilities to China and the loss of technological know-how in chip manufacturing.
Deep-rooted Dependence
Both events describe quite precisely the situation, especially for German industry. Deeply intertwined with Chinese value chains, it now risks falling victim to geopolitical conflicts. While Chancellor Angela Merkel’s tenure gradually helped diversify export markets like the U.S. or France faster than China, Germany’s so-called de-risking strategy has not prevented roughly one million German jobs from remaining directly dependent on exports to China. Last year, Germany exported goods worth about €90 billion to China. One in every nine export products heads to the People’s Republic, particularly high-tech products and automobiles.
China also remains Germany’s largest import partner with €156 billion in goods. Germany’s chip dependence on China is particularly concerning: 25% of German companies source semiconductors directly from China; in 2024, China was the top supplier, ahead of the U.S. and Taiwan. Across more than 230 product categories, including almost the entire spectrum of electronics and semiconductors, Chinese goods made up at least half of German imports.
German – and European – industry is deeply entangled in a web of market and supply chain dependencies that are increasingly difficult, and fragile, to manage geopolitically.
The Wind Has Turned
For decades, Germany followed a quasi-mercantilist trade model. Benefiting from a domestic low-wage sector, cheap Russian gas, and a relatively undervalued euro from a productivity standpoint, German industry easily secured growing shares in key sectors like automotive and machinery on the global market.
Now, with the geopolitical wind having shifted, it becomes clear that the German-Chinese trade partnership risks being shredded amid the storms of the Russia conflict and the U.S.-China trade war.
And Beijing, once pressured, does not shy from heavy-handed tactics. Current debates reflect complaints from German companies that rare earths are only supplied in exchange for the disclosure of trade secrets, client lists, and other sensitive information. This is not a quid pro quo; this is cold-blooded extortion, more than a mere show of power.
China’s leadership plays hard, driven by its own economic problems such as high youth unemployment and persistent deflation, which it tries to solve via its heavily inflated export sector. China keeps its export engine running at full throttle through subsidies, pushing foreign manufacturers out of the domestic market.
The Chinese power mosaic is only fully understood once we have clearer insight into how industry-hostile NGOs in Europe and North America, backed by China, operate. They helped sow the anti-industrial CO2 climate narrative, escalated attacks on German automotive manufacturing, and simultaneously flooded artificially created climate markets with Chinese solutions.
EU Self-Help Group
Rarely does it seem that Brussels—and by extension Berlin—act with sufficient vigor, strategic depth, or analytical understanding to seek escape routes from this stranglehold. Too much time, energy, and strategic potential are wasted on EU internal hygiene. No one tackles the frontline issues arising from dependence on China. The economic threat, especially in rare earths, is increasingly visible and leveraged by Beijing as a geopolitical tool. Up to 90% of refining capacities for rare earths are under Chinese control—a heavy bargaining chip when negotiations with China get tough.
Attempts at Breakout
There is, at least, awareness of the problem. The previous government tried to attract U.S. chipmaker Intel to Magdeburg with a €10 billion subsidy package to improve supply chains prospectively. Intel, however, declined despite the billions—a devastating verdict on Germany’s economic landscape.
What a catastrophic admission for Europeans, trapped in their own regulatory web and energy-policy disaster. Intel prefers investing domestically, where President Trump provides competitive conditions and, in effect, sucks investment away from Europe. Europe stands in its own way, failing to stabilize or deepen its value chains.
The EU’s attempt, coordinated with national policies, to build a quasi-war economy alongside the heavily subsidized climate complex—a failed energy liberation effort—must be seen as an act of desperation. Without China’s intermediate goods for microchips, rare earths, raw materials, and previously Russian energy, this production buildup will likely remain a vision.
The consequence of European paralysis: essential industrial foundations—from raw materials to high-tech end products in electronics and machinery—are crumbling before our eyes due to the energy crisis. It is almost impossible to scale these product groups competitively in Europe, especially Germany.
Emancipation Requires Germany
At this historical moment, with the Ukraine conflict further fracturing geopolitical power lines, Europe’s fragility is visible. Its energy dependence and resource scarcity weaken its negotiating position.
The trade deal—effectively a submission to Washington’s dictate—fits perfectly into this picture: China, the U.S., and other global players know Europe’s Achilles’ heel and increasingly target its energy dilemma, worsened by the exit from nuclear and coal, and the end of Russian gas imports, particularly in Germany.
It would be in the interest of all Europeans if Germany took the lead, forcing an end to the counterproductive climate doctrine. A commitment to national sovereignty and market-oriented reasoning, embedded in a competitive EU single market, could revive Europe’s strength. The continent is still technologically capable of catching up and activating its strong capital base.
Here lies Europe’s geopolitical leverage. A “Great Reset” is indispensable: liberation from Kafkaesque bureaucracy, lower taxes, and a market-based energy design—a cold detox ending the paralyzing climate dialogues that have infantilized complex economic realities.
Cold Detox Unavoidable
Harsh as it may be, Germany—and the EU—must pivot 180 degrees to regain attractiveness as an investment location. Capital clearly prefers Trump’s deregulatory U.S.
Geopolitically, Europe should aim to exploit Canadian resources—a first step in the right direction. Debates about Greenland’s rare earths should also accelerate. Yet exploration and actual development will take years. Pressure on German and European manufacturers is already rising; negotiation solutions and better political involvement are urgently needed.
Aligning geopolitically with Washington to resist Beijing’s extortion attempts is sensible. President Trump is actively building a parallel supply network for industry, securing raw materials with contracts in Australia, Malaysia, Thailand, and Japan—the impressive result of only 72 hours of foreign diplomacy.
Merz Stays Passive
The German chancellor, in contrast, remains aloof from this arena, leaving it to Ursula von der Leyen’s EU Commission. The Commission offers no visible initiatives beyond a cosmetic European rare earth recycling program. No action gives industry the breathing room it urgently needs. While Washington circles the globe, Berlin appears frozen in bureaucratic stasis.
We are witnessing the return of power politics on the global stage of superpowers, the U.S. and China. Europe’s role remains uncertain, but its geopolitical loss is evident. Von der Leyen, Merz, Macron, and Starmer must accept that the era of artistic climate dialogues and trivial feel-good events like COP30 in Brazil is over.
* * *
About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years 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.
END
BELGIUM
BROOKE
6 In 10 Long-Term Unemployed In Belgium Are Of Foreign Origin, New Data Shows
Six in ten long-term unemployed people in Belgium are of foreign origin, according to newly released government figures, just as a major reform of the unemployment system is set to take effect.
The data, disclosed by Employment Minister David Clarinval in response to a parliamentary question, show that only 41.5 percent of unemployment benefit recipients in 2023 had Belgian parents.
As reported by 7sur7, nearly 13 percent of the unemployed population has North African roots, primarily from Morocco, Algeria, Tunisia, Libya, or Mauritania. A further fifth have origins in other European Union member states, including neighboring and southern European countries.
The figures confirm a long-standing pattern observed in earlier studies: employment rates are lowest among foreigners from outside the EU.
In total, Belgium’s long-term unemployed population consists of 41.5 percent Belgians, 12.8 percent with Maghreb origins, 9.2 percent from southern EU countries, 7.7 percent from neighboring countries, 4.5 percent from other Asian countries, 4.5 percent of unknown origin, 4.2 percent from other African countries, 3.9 percent from Turkey, 3.8 percent from other European countries outside the EU, 3.4 percent from eastern EU countries, 3.1 percent from the Democratic Republic of Congo, Burundi, or Rwanda, and 1.2 percent from South or Central America. Taken together, those of non-EU origin account for roughly one third of all unemployed people in Belgium, and possibly closer to 38 percent when including those whose origin is listed as unknown.
“These figures confirm what we already knew,” Stijn Baert, professor of labor economics at Ghent University, told the Belgian news outlet.
“When we focus on migrants from countries outside the European Union, Belgium almost always ranks among the worst performers in Europe. More than half of unemployed non-European foreigners have been out of work for more than a year. Only Greece performs worse.”
The release of these figures coincides with a far-reaching reform of the unemployment system that will, from January 2026, abolish the right to indefinite benefits. Under the new rules, most people under 55 will be entitled to unemployment benefits for a maximum of two years, while those over 55 can continue to receive them only if they have accumulated at least 30 years of professional experience, rising to 35 years by 2030. The National Employment Office has already begun notifying affected claimants, with the first wave of exclusions — around 10,700 people — expected early next year. More than 100,000 people will eventually lose their entitlements.
Employment Minister David Clarinval, a Liberal, defended the reform as necessary to restore fairness and encourage people to re-enter the labor market. “Unemployment is not a career plan,” he said. “The main message is that everyone must work, including people of foreign origin. There is no reason why these people should be condemned to unemployment and exclusion.”
Speaking on RTL’s morning program on Wednesday, Clarinval said, “More than one in two unemployed people who will be excluded from benefits in the coming year and the year after are of foreign origin. That’s a rather astonishing figure, as far as I’m concerned.”
Clarinval said the numbers raised questions about both oversight and support. “Do all these people actually reside within the country?” he asked, noting that 5,800 cases of home fraud were detected last year. “That applies to everyone, but it means there are undoubtedly more checks to be carried out. Although now that we’re going to limit them, the question won’t really arise anymore.”
The publication of the figures provoked sharp political debate after several Belgian media outlets reported that “six out of ten people to lose their benefits are not Belgian.” Socialist MPs accused the government of stigmatizing people of immigrant background, prompting multiple fact-checks clarifying that the data refers to origin, not nationality. Many of those included in the figures were either born in Belgium to non-Belgian parents or have since acquired Belgian citizenship through naturalization.
Trump Boasts He “Pushed” Netanyahu Into Gaza Ceasefire In Candid Reveal
Monday, Nov 03, 2025 – 06:00 PM
US President Donald Trump has said some very revealing things about his sometimes tumultuous relationship with Israel and especially its Prime Minister Benjamin Netanyahu in a fresh 60 Minutes interview which aired Sunday evening.
Among the most interesting remarks came in the below, wherein he painted a picture of bringing strong pressure to bear against ‘Bibi’ after which the Israeli leader complied with Trump’s policy and wishes. “He’s a guy that’s never been pushed before actually,” Trump stated, in an unusually candid assessment coming from a sitting US president. “I don’t think they treat him very well… I pushed him.I didn’t like certain things that he did, and you saw what I did about that.” Watch:
.@POTUS on PM Netanyahu: "He's a very talented guy. He's a guy that's never been pushed before… I don't think they treat him very well… I pushed him. I didn't like certain things that he did, and you saw what I did about that." pic.twitter.com/C71wHfW5h7
This is unusual also for a Republican President to say as well, given GOP leaders never openly criticize Israel. Trump had at one point in the remarks emphasized again, “I did, I pushed him.”
But this moment is confirmation straight from Trump himself of what Vice President J.D. Vance described last week while speaking at a Turning Point USA event at the University of Mississippi.
“The most recent Gaza peace plan that all of us have been working on very hard for the past few weeks — the president of the United States could only get that peace deal done by actually being willing to apply leverage to the State of Israel,” the vice president had said.
“When people say that Israel is somehow manipulating or controlling the President of the United States, they’re not controlling this President of the United States,” he added bluntly.
As we highlighted earlier, US leaders don’t usually talk about Washington’s relationship with Israel in terms of applying ‘leverage’ to get the desired outcome, as typically in US politics it’s the other way around (given AIPAC’s outsized influence etc.).
As for the ongoing Gaza ceasefire, which Trump has been proud of as a major peace accomplishment, Trump described that the truce is not fragile and that he would intervene to help Netanyahu when it comes to his legal troubles in Israel.
“The ceasefire agreement in Gaza is not fragile, but very solid. I would force Hamas to disarm very quickly if I wanted to, and it would be eliminated,” Trump told the CBS 60 Minutes host. “Netanyahu is the person Israel needed in times of war,” he said.
Trump on Netanyahu: "I don't think they treat him very well. He's under trial for some things. We'll be involved in that to help him out a little bit because I think it's very unfair." pic.twitter.com/M0C7DWW1Kv
He added, “I don’t think they treat him very well. He’s under trial for some things, and… I think it should – you know, we’ll – we’ll be involved to help him out a little bit, because I think it’s very unfair.”
This isn’t the first time the US President openly talked about intervening in the legal case, which involves several graft-related charges, which Netanyahu has decried as politically motivated. However, the Israeli opposition has warned of external interference in the case, for obvious reasons.
ISRAEL VS HAMAS
ISRAEL VS HEZBOLLAH
IRAN
95% Of Iran’s 427,000 Active Crypto-Miners Operate Illegally, Official Says
Iran’s crypto mining industry is facing a widespread illegal mining crisis, with authorities estimating that over 95% of the country’s 427,000 active mining devices are operating without authorization.
Akbar Hasan Beklou, CEO of the Tehran Province Electricity Distribution Company, said on Sunday that Iran has become the world’s fourth-largest crypto mining hub, fueled by the country’s heavily subsidized electricity prices, which have made it a “paradise for illegal miners.”
These unlicensed operations consume more than 1,400 megawatts of power around the clock, placing immense pressure on the national grid and threatening the stability of electricity supplies.
Beklou noted that most illicit miners disguise their activities as industrial facilities to access cheaper power.
Iran’s cheap cost of mining Bitcoin. Source: Bitcoin Archive
Iran shuts down 104 illegal crypto farms
Authorities have intensified their crackdown on illegal operations. In Tehran Province alone, 104 unauthorized mining farms have been shut down, with 1,465 machines seized, equivalent to the electricity usage of nearly 10,000 households, Beklou said.
The government has identified several hotspots for illicit mining, including Pakdasht, Malard, Shahre Qods and southwestern Tehran’s industrial zones. Inspectors have uncovered farms hidden in underground tunnels and factories using subsidized power connections to evade detection.
Beklou said specialized inspection teams are working with law enforcement to dismantle these operations.
Iran offers bounty to citizens reporting illegal mining
In August, Iran announced that it is offering cash rewards to citizens who report illegal cryptocurrency mining operations. The CEO of state-run utility Tavanir, Mostafa Rajabi Mashhadi, announced that informants will receive 1 million toman (about $24) for every unauthorized mining device reported.
According to a June report by CoinLaw, Iran ranks fifth globally in Bitcoin hashrate distribution, contributing 4.2% of the total network’s computing power.
Iran ranks fifth globally in Bitcoin hashrate distribution. Source: CoinLaw
The United States leads with a dominant 44%, followed by Kazakhstan (12%), Russia (10.5%), and Canada (9%).
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
BEL: Singer Sergio cancels all performances; AU: Russell Crowe’s ex Danielle Spencer may have to cancel stage show with former hubby; NZ star batter Kane Williamson delays return to Black Caps
Beloved ‘80s Band Forced to Cancel Show Due to ‘Serious Illness’
October 26, 2025
The Stray Cats were forced to cancel the opening night of their 2025 tour on Saturday, Oct. 25 in Mt. Pleasant, Mich. because singer-guitarist Brian Setzer was “unable to perform due to serious illness,” the band posted their social media channels. Back in February, Setzer announced that he “discovered that I have an auto-immune disease” and could no longer play guitar. However, he received treatment at the Mayo Clinic and shared in posts in March and April that he was making progress recovering, so much so that the Stray Cats announced a fall tour in August, featuring Setzer with his Stray Cats bandmates bassist Lee Rocker and drummer Slim Jim Phantom. It’s unclear whether Setzer’s latest health setback is related to the auto-immune disease and if the band will play the rest of the dates on the scheduled tour, which includes a show Sunday, Oct. 26 in Rockford, Ill. and is slated to run through Nov. 16 in Phoenix. Parade has reached out to the band’s representatives for comment.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Charlie Wilson postpones a few dates on R&B Cookout trek
October 10, 2025
Charlie Wilson‘s Sunday show at the FedExForum in Memphis has been pushed back a few months. The event, which is part of his R&B Cookout trek, has been rescheduled for April 12, 2026. FedExForum announced the news Thursday evening, noting the decision was made by the tour’s organizers. Charlie’s shows in Birmingham, Alabama, and Brandon, Mississippi, have also been postponed. In other Charlie news, his latest single, “Keep Me in Love,” topped the Billboard Adult R&B Airplay chart, becoming his 11th #1 on the list. The song marks his return to the throne as the male R&B artist with the most chart-toppers in the history of the Adult R&B chart.
“Dukes of Hazzard” star hospitalized in Los Angeles
October 30, 2025
LOS ANGELES, Ca. – Actress Catherine Bach, best known as Daisy Duke on the ‘Dukes of Hazzard’ televison show, has been hospitalized in Los Angeles. Ben Jones, who played Cooter on the ‘Dukes of Hazzard’ and his wife Alma posted on social media Thursday night that Bach has an embolism that “probably developed as a result of a recent surgery.” The post says she has been admitted to the hospital on an emergency basis. Bach was scheduled to appear at Cooter’s Place in Nashville this weekend but that has been canceled. Bach is 71 years old. She was one of several cast members that came to Hazard, Kentucky, during the 1981 Black Gold Festival parade. In recent years she’s had a recurring role on the CBS soap ‘The Young and the Restless’.
SiriusXM’s Dallas Wayne To Take Leave for Cancer Treatment
October 15, 2025
SiriusXM host and recording artist Dallas Wayne [69] has revealed that he has been diagnosed with multiple myeloma, a form of blood cancer. The veteran broadcaster and singer-songwriter will take time off from his shows on Willie’s Roadhouse (Ch. 61) and Outlaw Country (Ch. 62) to undergo an autologous stem cell transplant. “While there is no ‘cure’ for this type of cancer, it looks like I’m well on my way to remission,” Wayne said in a statement. “My prognosis is promising – I am hopeful.” Wayne added that he looks forward to returning to the air and performing again soon.
Researcher’s Note – We were all masked up and doing it the way we were supposed to be doing it at the time. We were out there in the lounge between takes talking about our vaccination [sic] schedules rather than talking about cars, women or guitars!: LinkLink
CANADA
Beloved ‘90s Singer Abruptly Postpones Show As Health Takes a ‘Turn for the Worse’
October 30, 2025
Sarah McLachlan has unfortunately called off her concert in Montreal on Thursday night due to a worsening health condition. Just hours before she was scheduled to take the stage in Montreal as part of her 30th Anniversary Tour, the beloved singer-songwriter took to social media to announce that the show will be postponed as she battles a case of laryngitis. “I’m just devastated to have to announce the postponement of tonight’s show in Montreal,” McLachlan, 57, wrote in an Instagram post on Thursday, Oct. 30. “My laryngitis has taken a turn for the worse and I woke up without a voice.”
Singer Sergio cancels all performances due to serious heart problems: “My heart is only functioning at 30 percent”
October 25, 2025
Sergio Quisquater [60] from Tielt-Winge has canceled all his performances for the foreseeable future. In a video on social media, the singer announces that he is experiencing heart problems. “They are proving more serious than expected,” he says. “Dear friends, I unfortunately have some bad news. It’s not pleasant, but that’s the way it is,” reads the caption of a video Sergio posted on Facebook today. In the video, he announces that he has serious heart problems and will not be performing for a while.
Russell Crowe’s ex-wife Danielle Spencer rushed to hospital suffering medical emergency
October 13, 2025
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Russell Crowe’s ex-wife Danielle Spencer has undergone major surgery for a serious medical condition. Spencer, 56, updated her fans from her hospital bed on Monday, posting a video to Instagram in which she explained she had been treated for a splenic aneurysm. ‘Meanwhile, completely out of left field-I thought I’d take a short break from music to have myself a splenic aneurysm,’ the singer wrote in her caption. ‘Hooray for the surgeons of the world, who boldly go where most of us could not conceive of going. Huge respect and gratitude’. A splenic aneurysm is described as ‘a bulge in an artery supplying the spleen’ which can lead to severe internal bleeding if it ruptures. The performer was due to perform on stage with ex-husband Crowe in December, however it is unclear if she will go ahead with the gig.
‘Minor medical issue’ delays star batter Kane Williamson’s return to the Black Caps
October 13, 2025
Auckland – Kane Williamson’s return to the Black Caps has been delayed by what coach Rob Walter has called “a minor medical issue”. The star batter made himself unavailable for the three-match Twenty20 international series against Australia earlier this month and will now sit out the three-match series against England starting in Christchurch on Saturday. Having stood down as captain following last year’s failed World Cup campaign in the West Indies and United States when he turned down a central contract from New Zealand Cricket, Williamson hasn’t played in any of the Black Caps’ 18 T20Is since.
Moderna et al. deadly mRNA vaccine, IMO is damaged; look closely; many incurred this pathology post vaccine; if he took it he is not immune…I pray 47 did not take it…the only popular media person
who said they took it yet close people said they lied, was Malone as Hatfill said he never took it! he was with him when he DID not take it, it is and was all a show to con you into taking it…I support him big and love the guy, I want him very successful. I think the Malone mRNA vaccine harmed him. I want him on Rushmore and to be very successful…I think he can do great things and with some catastrophic mistakes and moves he has also done magnificent, fantastic things for USA. He is the best we have. He has to fix the subverters around him in the WH.
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.
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
NatGas Soars On Incoming Cold Snap, Snow For Eastern U.S.
Tuesday, Nov 04, 2025 – 07:45 AM
US natural gas futures extended Friday’s rally, surging above $4 mmbtu on Monday, with contracts trading around $4.20 on Tuesday morning amid rising expectations of early winter heating demand and an unplanned outage at the Freeport LNG export facility in Texas.
Meteorologists are citing new weather models showing an unusual cold blast for early next week that will blanket parts of the Great Lakes, Ohio Valley, Mid-Atlantic, and Northeast, with temperatures cold enough for accumulating snow in some areas.
Legendary meteorologist Jim Cantore wrote on X that parts of the eastern half of the US will experience “Arctic Air” by Monday and “everyone gets to feel the chill even in FL.”
“Lows 10-20F below average with teens dipping into the mid-South. This should open up a quick window for LES (lake effect snow) to set up on Monday then another synoptic system Tuesday with SNOW. Yes, our first snow from the lakes coming,” Cantore said.
Meteorologist Ryan Maue said, “winter arrives for the Eastern US with hard freeze into Southeast and HEAVY lake effect snowfall” by next Tuesday morning.
The cold snap is expected to linger across the D.C. metro area for several days early next week before temperatures warm up later in the week.
The incoming cold blast once again exposes the Democrats’ long-running climate alarmism for what it really is: able to rip off taxpayers. For decades, the left has pushed “global warming” hysteria while funneling billions into their dark money-funded nonprofit ecosystem.
Even Bill Gates recently admitted the climate crisis narrative has been wildly exaggerated. Yet the damage is done: the so-called Inflation Reduction Act, described by some at DOGE as “a heist on the U.S. Treasury,” has already shoveled mountains of cash into Democrat-aligned nonprofits under the guise of saving the planet.
The next climate crisis will only come when …
… Marxist Democrats will need to pass a new climate bill to refund their nonprofits. However, this nonsense has come to an abrupt end.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1495 DOWN 0.0024 PTS OR 24 BASIS POINTS/WITH STOCKS HIGHER
USA/ YEN 153.42 DOWN 0.792 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 1.3063 DOWN .0072 OR 72 BASIS PTS
USA/CAN DOLLAR: 1.4078 UP 0.0023 (CDN DOLLAR DOWN 23 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 16.34PTS OR 0.41%
Hang Seng CLOSED DOWN 205.96 PTS OR 0.79%
AUSTRALIA CLOSED DOWN 0.92%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 205,96PTS OR 0.79%
/SHANGHAI CLOSED DOWN 16.34 POINTS OR 0.41%
AUSTRALIA BOURSE CLOSED DOWN 0.92 %
(Nikkei (Japan) CLOSED DOWN 914.14PTS OR 1.74%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3984.50
silver:$47.53
USA dollar index early TUESDAY morning: 99.99 UP 19 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.000% DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.676% UP 2 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.088 UP 4 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.146 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.3989DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6411 DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1480DOWN 0.0038 OR 38 basis points
USA/Japan: 153.45 DOWN 0.751 OR YEN IS UP 75 BASIS PTS//
Great Britain 10 YR RATE 4.4050 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.183 DOWN 2BASIS POINTS.
Canadian dollar DOWN 0.0019 OR 19 BASIS pts to 1.4087
What is the Fed not telling us? The numbers clearly indicate that big trouble is brewing in the banking system. I wish that I could specifically tell you which banks are in the most trouble, but at this stage we simply aren’t being told anything. They probably figure that the best approach is to try to keep everyone as calm as possible. But they won’t be able to keep a lid on what is going on indefinitely, and when word finally gets out people could start to panic.
In recent weeks, bank reserves have fallen to alarmingly low levels.
US bank reserves have crashed to a four-year low, plunging to about $2.8 trillion, according to the latest Federal Reserve data, sending fresh warning signals across Wall Street and Washington. The steep decline marks the second straight week reserves have stayed below $3 trillion, a critical threshold analysts say could test the banking system’s liquidity strength.
By itself, this doesn’t necessarily signal that we are facing a major crisis.
But everyone agrees that what we are witnessing is certainly unusual.
What is causing far more alarm is what occurred on Friday.
Federal Reserve reportedly pumped about $29.4 billion into the markets via overnight repos.
That’s a big number and it signals something I’m watching closely. According to the data for “Overnight Repurchase Agreements — Treasury Securities Purchased by the Fed” the figure for Oct 31, 2025 is $29.400 billion.
In other words: The Fed is quietly stepping in and stepping up.
To me, this is clear evidence that something just broke.
By the end of the day on Friday, it was quite obvious that something extremely strange had just happened…
Federal Reserve liquidity facilities caught fire on Friday as month-end pressures pushed a key lending tool to a record level of usage.
The Fed’s Standing Repo Facility lent a total of $50.35 billion on Friday to eligible financial firms in two separate availabilities, the highest-ever usage since the tool was put in place in 2021 to provide fast loans collateralized with Treasury or mortgage bonds. At the same time, financial firms also parked a considerable amount of cash on Fed books, with the reverse repo facility seeing inflows of $51.8 billion.
So what is the bottom line?
The bottom line is that it very much smells like a major crisis is brewing.
But let’s wait and see what happens on Monday.
If we see figures on Monday that are fairly normal, perhaps we have more time before things start breaking loose in the markets.
However, if we see even larger numbers on Monday, hold on tight.
In either case, the financial markets will not be able to stay disconnected from the real economy forever.
The Trump administration offered buyouts to the entire federal workforce this year, aiming to reduce it by as much as 10%. Roughly 75,000 workers accepted. More recently, Amazon, UPS and Target all announced private-sector layoffs.
Buyouts can sound tempting. A five-figure severance package might be the most money a worker has ever seen in one paycheck. But it’s also the last paycheck your employer will give you.
We haven’t seen anything like this in many years.
Bankruptcies are soaring, delinquency rates are spiking, thousands of stores and restaurants are permanently shutting their doors, and just about everything just keeps getting more expensive.
Unfortunately, this is just the beginning and most of the population understands this.
In fact, one recent survey discovered that 57 percent of Americans expect economic conditions to get even worse over the next year.
Many of you are going to be facing some very hard decisions in the coming months.
If you currently have a job that you highly value, I would recommend holding on to it as tightly as you can.
But if you feel that it is absolutely necessary to go somewhere else, you will just have to do what you have to do.
Just understand that if you leave your current position it will not be easy to find a new one at all.
In 2008 and 2009, millions of Americans lost their jobs.
Many of them didn’t have anything to fall back on, and so large numbers of them also lost their homes.
This is one of the reasons why it is so critical to have a sizable emergency fund. At this point, even the mainstream media is stressing the importance of this…
Most people live paycheck to paycheck, and when the economy crashes, that leaves no room to breathe. Having three to six months of essential expenses tucked away can make all the difference when cash flow dries up or jobs disappear overnight.
Keep your emergency savings in an easily accessible account, not tied up in volatile investments. It’s not about hoarding—it’s about buying time and peace of mind. When others panic, you’ll have the stability to make smart, calm decisions.
I expect things to start moving very quickly now.
If the problems in our banking system bubble to the surface and start becoming highly visible, it will create a lot of fear.
And it is just a matter of time before our absurdly overvalued stock market takes a dramatic tumble.
Of course all of this is happening at a time when so many other elements of “the Perfect Storm” are coming together.
We are right on the brink of multiple major wars, global food supplies are rapidly getting tighter, we are being told that the next worldwide pandemic could break out at any moment, and on average the U.S. has been getting hit by a “billion dollar disaster” about every two weeks.
I expect so much chaos to be unleashed during the weeks ahead, and that means that we should expect the turmoil that we are currently witnessing on Wall Street to escalate quite a bit more.
PHILADELPHIA, PA
Having Solved All Other Problems, Philly Passes Bill To Charge 10 Cent Fee On Paper Bags
Monday, Nov 03, 2025 – 08:30 PM
Straws, soda, now paper bags. Is there anything batshit insane Democratic government officials don’t want to tax or micromanage?
While drug ravaged Kensington remains an issue, homeless people litter the streets and violent crime remains a problem, Philadelphia’s City Council just voted 10–5 for a truly groundbreaking idea (eye roll): charging 10 cents per paper bag.
The bill is now on Mayor Cherelle Parker’s desk, and she hasn’t said if she’ll sign it.
The fee would hit grocery stores and retailers alike, though bags without handles—like the ones from food trucks—get a free pass. Officials say it’s all about reducing waste and nudging people toward reusable bags.
This follows the city’s plastic bag ban from 2021, because apparently lugging your own bags wasn’t inconvenient enough already.
No word on whether or not DA Larry Krasner will supports the idea, or if he still supports just cashless bail, instead of ‘cashless bale’.
Meanwhile, in Northeast Philadelphia…
END
AIRPORTS
Travel Chaos At Major Airports As Government Shutdown Reaches Record 35th Day
Federal aviation authorities implemented new ground halts at major Texas airports on Monday as the ongoing government shutdown drove air traffic controller absences to higher levels.
Thank you democrats for shutting down our country! TSA lines out the door! Better get there 3 hours early if you are traveling!pic.twitter.com/M9zeijP44k
The deadlock on funding in Congress has seen operations delayed or stalled for 3.2 million passengers since the start of the shutdown.
The Federal Aviation Administration (FAA) highlighted that acute personnel shortages were responsible for service stoppages in Dallas and Austin, with similar actions likely to be taken in Houston and Washington-area hubs.
By midday Monday, upward of 2,900 flights had been delayed or canceled, as the shutdown equals its record 35 days.
Approximately 13,000 controllers and 50,000 Transportation Security Administration sentinels are working without pay to keep the air transport system open.
Transportation Secretary Sean Duffy said that the department would impose a comprehensive airspace ground halt should the situation become unsafe.
“If we thought that it was unsafe … we’ll shut the whole airspace down. We won’t let people travel. We’re not there at this point. It’s just significant delays,” Duffy told CNBC.
The FAA documented on Friday more than 6,200 delayed flights and 500 cancellations. In New York, absences spiked to 80 percent, with Duffy attributing 65 percent of the postponements to air traffic controller shortages.
More than 3.2 million travelers were affected by the travel chaos, including 300,000 on Friday alone, according to Airlines for America, the consortium advocating for American Airlines, United Airlines, Southwest Airlines, Delta Air Lines, and JetBlue Airways, which quantified the aggregate toll.
United CEO Scott Kirby warned that the shutdown was affecting flight bookings and that airlines are growing worried about the coming start of the holiday travel season, echoing Vice President JD Vance’s similar sentiments about the shutdown’s effect on holiday travel, who warned it could become a “disaster.”
Duffy underscored that the vast majority of travel issues are due to the lack of air traffic controllers coming into work, but said he wouldn’t fire any, saying they “are trying to put food on their families’ table.”
“I am asking all of them to come to work,” he said.
Duffy has called on Democrats in the Senate to pass the Republicans’ continuing resolution to fund the government at current levels. Democrats say they won’t pass funding until Republicans agree to health care reforms.
“Yesterday saw another horrible record set: 84% of delays were due to staff shortages,” Duffy posted Monday on X. “If this shutdown doesn’t end now, air traffic controllers will receive another $0 paycheck.”
Many air traffic controllers have temporarily taken on second jobs, citing living expenses such as housing, child care, food, and gas as their primary concerns. Officials expect that number to increase the longer the shutdown drags on.
Monday’s delay comes on the back of a tumultuous weekend for air travelers. Newark Liberty International Airport saw ground delays of three-and-a-half hours on Sunday, representing half of nationwide flight cancellations.
VICTOR DAVIS HANSON
KING NEWS
he King Report November 4, 2025 Issue 7612
Independent View of the News
Fed’s Goolsbee More Worried by Inflation Than Job Market – BBG 10:08 ET (Cuz he’s an Obama stooge looking for an excuse to NOT cut rates) “I am nervous about the inflation side of the ledger, where you’ve seen inflation above the target for four and a half years and it’s trending the wrong way.”…
We’re old enough to remember when Goolsbee feared tariff inflation. With that boogeyman inoperative, Goolsbee, once the most dovish Fed officials, shifted to inflation as an excuse to thwart Trump.
Fed’s (Gov) Cook Says Risk to Labor Market Outweighs Inflation Risk – BBG 14:00 ET
‘Mag 7’ Surge as Amazon’s Deal ($38B to supply OpenAI computing power) Fuels AI Wagers – BBG
@stillgray: Sam Altman (OpenAI CEO) can’t answer a simple question: “How can a company, with $13 billion in revenues, make $1.4 trillion of spending commitments?” His response: “We’re doing well more revenue than that. Second of all, Brad, if you want to sell your shares, I’ll find you a buyer.” https://x.com/stillgray/status/1985049826346840527
Google curbs access to Gemma AI tech that falsely accused Sen. Marsha Blackburn of sexual misconduct – The app even created “fake links to fabricated news articles” to bolster the made-up story, according to Blackburn’s office. The links “lead to error pages and unrelated news articles,” it stated… (Did someone at Google program Gemma AI to state this?) https://trib.al/acs7MjM
ESZs opened modestly higher on Sunday night and immediately rallied jumped higher. After hitting 6899.25 (+25.25) at 20:20 ET, ESZs did an elongated A-B-C decline to 6873.25 at 2:59 ET that turned the Emini S&P 500 futures negative. ESZs then rallied to 6901.50 at 6:18 ET. After a respite to 6888.75 at 8:03 ET, the rally for the NYSE opening took ESZs to a daily high of 6909.50 at 9:27 ET.
The pro dump began before the NYSE open; ESZs sank to a daily low of 6849.50 at 10:30 ET. The 2nd Hour rebound and the markup for the European close took ESZS to 6883.0 at 11:40 ET. After a modest respite, the Noon Balloon appeared. ESZs rallied to 6893.00 at 13:13 ET. They then rolled over and fell to 6876.50 at 14:42 ET. The rally for the last-hour manipulation was lame and short lived. ESZs fell to 6875.75 at 14:36 ET and again at 15:50 ET. The late manipulation forced ESZs to 6886.00 at 16:00 ET.
Fangs rallied moderately and kept the general equity market from larger losses. As most everyone in the known universe knows, Mag 7 and related trading sardines are the only thing keeps stocks afloat.
Slump in Cardboard Box Sales Stokes Fear of Weak Holiday Retail – BBG US corrugated box shipments fell to the lowest third quarter reading since 2015, according to the Fibre Box Association… Box plants surveyed by Bloomberg said orders were flat or below normal in October… Paper and packaging giant Smurfit Westrock Plc last week reported and 8.7% drop in North America same-day box volumes in the third quarter compared to a year earlier…
S&P Global US Manufacturing PMI 52.5, 52.2 expected and prior
Oct ISM Manufacturing 48.7, 49.5 expected, 49.1 prior Prices Paid 58, 62.5 expected, 61.9 prior; New Orders 49.4, 48.9 prior
US Manufacturing Shrinks for Eighth Month on Sluggish Demand – BBG
Positive aspects of previous session Fangs rallied modestly and pushed Nasdaq, the Naz 100, and the S&P 500 to gains for the day.
Negative aspects of previous session USZs declined moderately but rallied to 3/32 at 16:00 ET. Gold rallied moderately. The DJIA (-336.219), DJTA (-69.05), and the Russell 2000 (-8.88) declined. The historic equity divergence worsened as Fangs rallied modestly while the DJ indices declined.
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]: 6851.64 Previous session S&P 500 Index High/Low: 6882.32; 6820.62
Invest Tech on Oct 30, 2025: The Nasdaq Composite closed up +0.6% yesterday, hitting a new all-time high. Under the hood, however, a rare technical warning occurred, as there were more than twice as many stocks declining as those advancing. The Nasdaq has only hit a new all-time high with declining issues outnumbering advances by more than 2 to 1 twice in its 54-year history. The only other time this occurred was on November 18, 2021 – one day before the Index peaked. The bear market that followed saw the Nasdaq suffer a decline of -36% over the next 13 months. It took over 2 years for the Composite to hit new highs again… https://www.investech.com/subscriber-library/get-the-market-a-mint-because-it-has-bad-breadth/
Today – Except for Fangs and related trading sardines, there was no Monday Rally or buying to start November. Traders will try to affect a Turnaround Tuesday to the upside for equities. Given the meager rally in Mag 7 and trading sardines on the Amazon-Open AI deal, it seems Mag 7 is tired.
The NY Fang+ Index peaked second after the NYSE opening at 17149.39. It fell to 16933.79 at 15:50 ET. The late manipulation truncated losses with a close of 16978.14 (+0.34%).
Unless news appears, it appears Mag 7 and trading sardines are ready to retreat. If so, unless the relative value rotation out of Mag 7 and into DJ stocks occurs, there are no upward biases to drive stocks higher.
ESAs are -16.50; NQZs are -102.75; Dec AU is -14.80; and USZs are -1/32 at 20:12 ET.
S&P Index 50-day MA: 6648; 100-day MA: 6459; 150-day MA: 6190; 200-day MA: 6116 DJIA 50-day MA: 46,264; 100-day MA: 45,190; 150-day MA: 43,843; 200-day MA: 43,723 (Green is positive slope; Red is negative slope)
S&P 500 Index (6851.97 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 6764.11 triggers a sell signal Hourly: Trender and MACD are negative – a close above 6866.49 triggers a buy signal
Comey expected to work for ‘President-elect Clinton,’ knew top aide was talking to media: emails Emails referenced in a bombshell court filing by acting U.S. Attorney Lindsey Halligan in which the government rejected Comey’s argument that he was being maliciously prosecuted for providing false statements and obstructing Congress about actions he took as FBI director. https://justthenews.com/accountability/political-ethics/comey-expected-work-president-elect-clinton-knew-top-aide-was
@mrddmia: Trump U.S. Attorney Lindsey Halligan files public response to James Comey’s motion to dismiss his indictment for vindictive prosecution. Exhibit 13 includes bombshell, damning evidence of then-FBI Director Comey’s handwritten note–on FBI director letterhead–evidencing Comey’s knowledge of–and even participation in–the Russian collusion criminal conspiracy against Trump. https://x.com/mrddmia/status/1985465412176232653 Exhibit 5 gets worse. James Comey, from his burner gmail with his alias Reinhold Niebuhr, states: to me No need. At this point it would shouting into the wind. Some day they will figure it out. And as Jack and Ben point out, my decision will be one a president elect Clinton will be very grateful for (though that wasn’t why I did it). In Exhibit 7, in response to planting a New York Times election-eve hit piece against Trump, then-FBI Director James Comey tells FBI special government employee Daniel Richman: “Well done my friend. Who knew this would. E so uh fun.” Exhibit 10 shows FBI special government employee Daniel Richman (aka “Michael Garcia”) is leaking–as an anonymous source–to New York Times reporter Michael Schmidt on behalf of then-FBI Director James Comey. Comey testified to the Senate Judiciary Committee he never did this. Here’s the full court docket: United States v. Comey (1:25-cr-00272) District Court, E.D. Virginia https://t.co/5AnhS4R0kW
WH Dir of Communications @StevenCheung47: Some reporters have been caught secretly recording video and audio of our offices, along with pictures of sensitive info, without permission Some reporters have wandered into restricted areas (our offices are feet away from the Oval Office) Some reporters have been caught eavesdropping on private, closed-door meetings Cabinet Secretaries routinely come into our office for private meetings, only to be ambushed by reporters waiting outside our doors Press still has access to lower press where the press team sits and can answer all inquiries Reporters can make appointments to see us in our offices
NYT’s @peterbakernyt: Trump team bars reporters from the “upper press” office of the White House where the press secretary’s office is located. In this, Trump is following the lead of Hillary Clinton, who pressed the White House staff to do this in 1993. It provoked a storm, and they rescinded the ban.
John Solomon (@jsolomonReports): More than 41K Wisconsin voter registrations don’t match driver, ID database, state data showshttps://t.co/1Z6WPKMtUw
@JasonJournoDC: Victor Davis Hanson: “We were told that if you were black, you had to vote for Kamala Harris and not to be fooled and vote for Trump. That’s what Obama said.” “Now he’s in Virginia saying, ‘Don’t be fooled and vote for a black woman over a white woman.‘ So, what is it, Barack?” https://x.com/JasonJournoDC/status/1984786250239279138
Nancy Pelosi (Age 85) will not seek reelection in 2026: NBC News
What You Need to Know About Humans to Advance Human Progress Neither nature nor nurture can be ignored. Enlightenment philosopher Jean-Jacques Rousseau… believed that humans were born fundamentally good and were corrupted by society. In his view, the natural state of humanity was one of egalitarian peace, disrupted only by the emergence of social institutions that fostered competition and inequality… The English philosopher Thomas Hobbes, in stark contrast, believed the default state of human life was solitary, poor, nasty, brutish, and short. For Hobbes, society constrained the worst of our innate impulses, and a strong legal system made crime more dangerous than cooperation. While Hobbes’s vision was often caricatured as bleak or authoritarian, modern psychology has increasingly validated his core insight. Humans are not born peaceful and rational, but possess a mix of impulses—some prosocial, others aggressive, impulsive, and self-serving. As the Canadian developmental psychologist Richard Tremblay has shown, the most aggressive humans are, in fact, toddlers. Although they cannot inflict real harm, most toddlers hit, steal, and lie as soon as they are capable. As all parents know, these innate antisocial behaviors must be patiently weaned out of children through healthy socialization and repeated instruction… (Ergo, if parents do NOT parent properly, their children are…) In the words of the American economist Thomas Sowell, there are no solutions, only trade-offs… https://humanprogress.org/what-you-need-to-know-about-humans-to-advance-human-progress/
“Envy was once considered to be one of the seven deadly sins before it became one of the most admired virtues under its new name, social justice.” — Thomas Sowell
SWAMP STORIES FOR YOU TONIGHT
Schumer Rejects Shutdown Solution For 14th Time As Dems Block Bill Yet Again
Tuesday, Nov 04, 2025 – 01:22 PM
Update (1315ET): The Schumer shutdown will continue, after Senate Democrats blocked Republicans’ 14th attempt to pass the House’s continuing resolution.
During a speech on the Senate floor, Schumer blamed Republicans for refusing to maintain pandemic-era Obamacare enhancements that were always meant to be temporary. Remember this next time a Democrat says something is temporary…
“The only plan Republicans have for healthcare seems to be to eliminate it, and then to tell working people to go figure it out on their own,” said Schumer. “That’s not a healthcare plan. That’s cruel.”
That said, some Senate Democrats – 6 or so according to Fox News, are meeting behind closed doors to find a way out, with Sen. Majority Leader John Thune (R-SD) optimistic that they can get something done by the end of the week.
* * *
President Donald Trump has renewed his demand that congressional Republicans use the ‘nuclear option’ and nuke the filibuster, warning that not only are the midterms at stake – but the Republican party’s ability to govern as well (lol).
The Senate requires at least 60 votes out of 100 to invoke “cloture” and begin the formal end of debate on a bill, however a senator can block this process by filibustering – the act of giving a continuous speech on the floor to prevent a vote, or to signal that they intend to do so.
Of note, the longest filibuster in US history was delivered by Democrat Sen. Strom Thurmond of South Carolina, who spoke for 24 hours and 18 minutesto prevent Republicans from giving black people civil rights in the Civil Rights Act of 1957.
Then, when moderate Democrats repackaged the Civil Rights bill as their own in 1964, Thurmond and a bloc of Southern Democratic senators (remember who actually owned the slaves…) held the longest collective filibuster in US history, which included Hillary Clinton and Joe Biden mentor – and KKK ‘Exalted Cyclops’ Robert Byrd (D-WV).
“The Democrats are far more likely to win the Midterms, and the next Presidential Election, if we don’t do the Termination of the Filibuster (The Nuclear Option!), because it will be impossible for Republicans to get Common Sense Policies done with these Crazed Democrat Lunatics being able to block everything by withholding their votes,” Trump wrote on Truth Social.
“FOR THREE YEARS, NOTHING WILL BE PASSED, AND REPUBLICANS WILL BE BLAMED. Elections, including the Midterms, will be rightfully brutal. If we do terminate the Filibuster, we will get EVERYTHING approved, like no Congress in History.”
harveyorganblog.com 
