access market
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XGE: COMEX
190 H BMO CAPITAL MARKETS 9
323 C HSBC 219
363 H WELLS FARGO SECURITI 152
435 H SCOTIA CAPITAL (USA) 152
661 C JP MORGAN SECURITIES 13
709 C BARCLAYS 50
737 C ADVANTAGE FUTURES 6
880 H CITIGROUP 90
905 C ADM 27
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 359 CONTRACTs NOTICES FOR 35,900OZ or 1.116 TONNES
total notices so far: 6396 contracts for 639,600 OR 19.894 tonnes)
SILVER NOTICES: 17 NOTICE(S) FILED FOR 85,000 OZ/
total number of notices filed so far this month : 2930 CONTRACTS (NOTICES) for 14.651million oz
INITIAL STANDING FOR NOV: 11.575 MILLION OZ
PLUS INITIAL 1.245 MILLION OZ QUEUE JUMP
THEN ADD TUESDAY;S 1,93 MILLION OZ QUEUE JUMP
THEN YESTERDAY;S 0.570 MILLION OZ QUEUE JUMP
THEN TODAY’S 0.080 MILLION OZ
EQUALS
14.910MILLION OZ STANDING FOR SILVER.
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOV:4.550MILLION 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 YESTERDAY’S 1.93 MILLION OZ JUMP AND THEN YESTERDAY;S ,570 MILLION OZ QUEUE JUMP/ AND THEN TODAY AT 0.080 MILLLIONOZSTANDING ADVANCES TO 14.910 MILLION OZ/
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 0.6656 TONNES/ FOLLOWED BT PREVIOUS QUEUE JUMPS IN OF OF 4.09 TONNES//NEW STANDING ADVANCES TO 20.432 TONNES OF GOLD.
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 17.744TONNES
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 776 CONTRACTS OI TO 156,033 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 200CONTRACTS
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 776 CONTRACTS AND ADD TO THE 200 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 976 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $0.67 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 4.830MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $0.67
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS THURSDAY MORNING:
SHANGHAI CLOSED UP 38.51 POINTS OR 0.97%
//Hang Seng CLOSED CLOSED UP 550.49PTS OR 2.12%
// Nikkei CLOSED : UP 671.41PTS OR 1.34% //Australia’s all ordinaries CLOSED UP 0.30%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1195/ OFFSHORE CLOSED UP AT 7.1244/ Oil DOWNTO 59.25 dollars per barrel for WTI and BRENT DOWN TO 63.09 Stocks in Europe OPENED ALL MOSTLY RED
ONSHORE USA/ YUAN TRADING UP TO 7.1195 OFFSHORE YUAN TRADING UP TO 7.1244:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 2914 CONTRACTS TO 453,313 OI WITH THE GAIN IN PRICE OF $32.50 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (670). WE HAD ZERO T.A.S. LIQUIDATION WEDNESDAY. HOWEVER IT WAS THE MAJOR SPECULATORS THAT WENT LONG AGAIN AND THE BANKERS WHO TOOK THE SHORT SIDE. THE LONGS ON WEDNESDAY 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 3584 CONTRACTS (OR 11.14TONNES).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 3594 CONTRACTS WITH OUR STRONG 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 STRONG SIZED T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 2647 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 TODAY’S QUEUE JUMP OF 0.6656TONNES/ FOLLOWED BY ALL NOV QEUE JUMPS OF 4.09 TONNES/NEW STANDING ADVANCES TO 20.432TONNES
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 SMALL SIZED EXCHANGE FOR PHYSICAL OF 670 CONTRACTS.
THAT IS A SMALL SIZED 670 EFP CONTRACT WAS ISSUED: : /DEC 670 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 670 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 :
- ZER0 LIQUIDATION OF OUR T.A.S. SPREADERS//WEDNESDAY + 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 WEDNESDAY NIGHT/THURSDAY MORNING WAS A STRONG SIZED SIZED 2649CONTRACTS
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 WEDNEDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING STRONG GAIN OF COMEX OI AND A SMALL 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 TODAY’SQUEUE JUMP OF 0.6656TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 4.09 TONNES
/STANDING ADVANCES TO 20.432TONNES OF GOLD.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
AN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING NOVEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $32.50/ /) AND WERE UNUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STRONG GAIN IN OI FROM TWO EXCHANGES OF 7292 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION WEDNESDAY HOWEVER WE DID HAVE AGAIN HUGE SPECULATOR SHORT COVERING AS THEY ARE THE ONES WHO ARE MASSIVELY SHORT TUESDAY AS THE BANKERS WENT LONG . THE BANKERS TENDERED FOR PHYSICAL LAST NIGHT MUCH TO THE HORROR OF OUR SHORT SPECS WHO MUST NOW FIND THE NECESSARY PHYSICAL GOLD TO SATISFY THEM. THE COMEX IS ONE BIG MESS!!
THURSDAY MORNING//WEDNESDAY 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 WEDNESDAY EVENING/ THURSDAY 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 TODAY’S QUEUE JUMP OF 0.6656 WHICH FOLLOWS 1.2566 TONNES NOV 3// AND NOV 4 QUEUE JUMP OF 1.368 TONNES//NOV 5 QUEUE JUMP /NEW STANDING ADVANCES TO 20.432TONNES OF GOLD.
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $50.00
WE HAD A HUGE AND RECORD 3708 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
INITIAL GOLD COMEX
NOV 6
NOV CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 2 ENTRIES 2 ENTRIES i) Out of Brink34,189.500 oz ii) Out of JPMorgan 482,265 oz (15 kilobars) total withdrawal 34,671.765 oz 1.078 tonnes |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 1 entries i) Into Delaware 198.00 oz total deposit 198.000 oz xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 359 notice(s) 35900 OZ 1.116 TONNES OF GOLD |
| No of oz to be served (notices) | 173 contracts 17300 OZ 0.538 TONNES |
| Total monthly oz gold served (contracts) so far this month | 6396 notices 63,960 0z 19.894TONNES |
| 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
1 entries
i) Into Delaware 198.00 oz
total deposit 198.000 oz
customer withdrawals:
2 ENTRIES
i) Out of Brink34,189.500 oz
ii) Out of JPMorgan 482,265 oz (15 kilobars)
total withdrawal 34,671.765 oz
1.078 tonnes
they are draining the comex of gold
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ADJUSTMENTs 3
first two deaer to customer
a) Asahi> 11,439,429 oz
b) Manfra 43,509,933 iz
next customer to dealer
c) Brinks 43,509,933 oz
volume at the comex: WEDNESDAY: 281,242 oz ( fair)//
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 532 CONTRACTS FOR A LOSS OF 414 CONTRACTS.
WE HAD 628 CONTRACTS SERVED ON WEDNESDAY. SO WE GAINED A STRONG 214 CONTRACTS FOR 21,400 OZ OF GOLD (0.6656TONNES).
DECEMBER LOST 2983 CONTRACTS UP TO 318,186 CONTRACTS .
JANUARY LOST 23 CONTRACTS DOWNTO 828
We had 359 contracts filed for today representing 35900 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 359 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 13 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 (6396 oz ) to which we add the difference between the open interest for the front month of NOV ( 532CONTRACTS) minus the number of notices served upon today (359 x 100 oz per contract) equals 656,908OZ OR 20.432ONNES OF GOLD
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (6396x 100 oz +we add the difference for front month of NOV (532OI} minus the number of notices served upon today (359x 100 oz) which equals 656,908 OZ OR 20.432 TONNES
TOTAL COMEX GOLD STANDING FOR NOV..: 20.432TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE ACTIVE DELIVERY MONTH OF NOVEMBER
volume WEDNESDAY 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: 1,765,184.093 oz 54.904tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 37,847,208.989 oz
TOTAL REGISTERED GOLD 19,912,855.012 or 619.37onnes
TOTAL OF ALL ELIGIBLE GOLD 17,834,353.911OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 18,147,671 oz ((REG GOLD- PLEDGED GOLD)= 564.44onnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE NOV. 2025 SILVER CONTRACTS
NOV 6 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 5 entries i) out of Asahi 717627.01 oz ii) Out of BrinksL 300,451.400 oz iii) Out of Delaware 4010,65 oz iv) Out of ManfraL 278,687.823 oz v) Out if Stonex 191,155,839 iz total withdrawal 1,491,932,713oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT 2entries i) into Delaware: 1,948.960 oz ii)Into Loomis 1,500,074.650 oz total deposit 1,502,923,619oz |
| No of oz served today (contracts) | 17 CONTRACT(S) ( 0.085 MILLION OZ |
| No of oz to be served (notices) | 52 contracts (0.260MILLION oz) |
| Total monthly oz silver served (contracts) | 2930 Contracts (14.651 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2entries
i) into Delaware: 1,948.960 oz
ii)Into Loomis 1,500,074.650 oz
total deposit 1,502,923,619oz
`
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
5 entries
i) out of Asahi 717627.01 oz
ii) Out of BrinksL 300,451.400 oz
iii) Out of Delaware 4010,65 oz
iv) Out of ManfraL 278,687.823 oz
v) Out if Stonex 191,155,839 iz
total withdrawal 1,491,932,713oz
adjustments: 3:
all dealer to customer
a) Brinks 62,721.400 oz
b) Loomis 15m061.070 oz
iii) Stonex 49,597.729 iz
comex is in turmoil
TOTAL REGISTERED SILVER: 157.378MILLION OZ//.TOTAL REG + ELIGIBLE. 481.468 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT.
silver open interest data:
FRONT MONTH OF NOVEMBER /2025 OI: 69 OPEN INTEREST CONTRACTS FOR A LOSS OF 319 CONTRACTS. WE HAD 335 NOTICES SERVED ON WEDNESDAY SO WE GAINED 16 OR 0.080 MILLION OZ QUEUE JUMP.
DECEMBER GAINED 47 CONTRACTS DOW TO 102,724
JANUARY GAINED 48 CONTRACTS UP TO 872 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 17 or 0.085MILLION oz
CONFIRMED volume; ON WEDNESDAY 55,271good//
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 2930 X5,000 oz = 14.651 MILLION oz
to which we add the difference between the open interest for the front month of NOV (69) AND the number of notices served upon today (17 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (2930) Notices served so far) x 5000 oz + OI for the front month of NOV(69) minus number of notices served upon today (17)x 5000 oz equals silver standing for the NOV.contract month equating to 14.910 MILLION OZ
New total standing: 14.910million 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 157.378 million oz of registered silver
JPMorgan as a percentage of total silver: 205.650/481,378million. 42.75%
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 6//WITH GOLD UP $0.30TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL 0F 3.15 TONNES OF GOLD OUT OF THE GLD . /// ///INVENTORY RESTS AT1038,63TONNES
NOV 5//WITH GOLD UP $32.50TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL 0F 3.15 TONNES OF GOLD OUT OF THE GLD . /// ///INVENTORY RESTS AT1038,63TONNES
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: 1038.63 TONNES, TONIGHTS TOTAL
SILVER
NOV 6 WITH SILVER DOWN $0.12 TODAY/SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 713,000 OZ FROM THE SLV / ///INVENTORY RESTS AT 487,650 MILLION OZ
NOV 5 WITH SILVER UP $0.67TODAY/SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 713,000 OZ FROM THE SLV / ///INVENTORY RESTS AT 487,650 MILLION OZ
NOV 4 WITH SILVER DOWN $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 487.650 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
ALASDAIR MACLEOD
GATA’s Ed Steer isn’t spooked by a ‘manufactured correction’ in silver
Submitted by admin on Wed, 2025-11-05 23:29 Section: Daily Dispatches
10:28p CT Wednesday, November 5, 2025
Dear Friend of GATA and Gold (and Silver):
Jesse Day of the Commodity Culture channel at YouTube today interviewed GATA board member Ed Steer, publisher of Ed Steer’s Gold and Silver Digest, about the recent price action in silver, which Steer calls a “manufactured correction.” He believes it was just a preface to a sharper rise in price. The interview is 36 minutes long and can be viewed here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
China’s offer to store foreign gold is accepted by Cambodia
Submitted by admin on Wed, 2025-11-05 11:08 Section: Daily Dispatches
From Bloomberg News
Wednesday, November 5, 2025
Cambodia is set to become one of the first countries to store gold with China, according to people familiar with the matter, marking early progress in Beijing’s push to develop as a global bullion hub.
The Southeast Asian nation is planning to store some of its reserves in a vault registered with the Shanghai Gold Exchange in Shenzhen’s bonded zone, the people said, requesting anonymity because the matter is sensitive. A few other countries have also expressed interest, they said, as they weigh the benefits of diversifying their reserves from traditional hubs like London.
Beijing is keen to become a custodian of other countries’ gold as its seeks to establish a global financial system less dependent on the dollar and Western centers. Its deal with Cambodia involves storing new purchases of bullion, rather than relocating metal from existing stockpiles, the people said. …
… For the remainder of the report:
END
Investors balk at $9.5-billion takeover of Canada’s New Gold as acquirer’s shares tumble 12%
Submitted by admin on Tue, 2025-11-04 17:28 Section: Daily Dispatches
By Tim Kiladze
The Globe and Mail, Toronto
Monday, November 3, 2025
Coeur Mining Inc. shares took a dive after the silver and gold producer announced its $9.5-billion acquisition of New Gold Inc., a takeover that, if approved, will see one of Canada’s leading intermediate gold producers fall into American hands.
The deal follows Anglo American Plc’s offer to buy Canada’s Teck Resources Ltd. in September, marking another instance in which a respected Canadian miner is selling itself rather than bulking up by being the acquirer.
Chicago-based Coeur hopes to buy New Gold in an all-stock deal worth roughly $12 a New Gold share, amounting to a 16% premium to New Gold’s market price before the deal was announced. Coeur shareholders will own 62% of the combined company, while New Gold shareholders will own 38%.
Toronto-based New Gold owns two gold projects — the New Afton mine near Kamloops, which also produces copper, and the Rainy River mine in Northern Ontario — and until recently the company struggled to attract investor interest. In September 2022, New Gold’s shares traded for 82 cents apiece, but its stock took off as the price of gold more than doubled and investors grew impressed by New Gold’s operating results.
Before the proposed takeover, New Gold traded at roughly 1.3 times its net asset value, while its peers traded at an average of 0.75 times their net asset values, according to RBC Dominion Securities.
Coeur, which has five mines across Mexico and the United States, has also seen its shares jump over the last three years, but its stock price really took off in August and September as silver prices unexpectedly soared. The company’s share price had already started to correct over the past month amid talks of a silver bubble, and Coeur’s shares dropped another 11.8% Monday after the company announced the New Gold deal.
Because the takeover is an all-share transaction, Coeur’s falling share price wiped out the premium offered to New Gold shareholders, and New Gold’s stock closed 1% lower on the Toronto Stock Exchange on Monday. …
… For the remainder of the report:
* * *
END
Mike Maharrey: Central bank gold buying hit highest level of the year in September
Submitted by admin on Tue, 2025-11-04 12:50 Section: Daily Dispatches
By Mike Maharrey
Money Metals News Service, Eagle, Idaho
Tuesday, November 4, 2025
Central bank gold buying hit the highest level of the year in September, with several new banks adding to their reserves.
Globally, central banks officially added a net 39 tonnes of gold to their holdings in September. That was up 79% month-on-month and was above the 12-month average of 27 tonnes.
A strong September drove official third-quarter central bank gold purchases to a net 220 tonnes. That was up 28% from Q2 and 6% above the five-year third-quarter average.
The World Gold Council said the pickup in central bank gold demand in Q3, despite record prices, “is evidence that central banks continue to add gold strategically, despite facing higher prices.” …
… For the remainder of the report:
END
Coeur Mining acquires Canada’s New Gold in all-stock $7 billion deal
Submitted by admin on Mon, 2025-11-03 12:37 Section: Daily Dispatches
By Simon Casey
Bloomberg News
Monday, November 3, 2025
Coeur Mining Inc. agreed to acquire New Gold Inc. for about $7 billion in an all-stock deal that consolidates two midsize North American gold producers as surging bullion prices have reignited investor interest in the sector.
The deal marks the largest takeover between gold producers in 2025 and follows this year’s record-breaking rally for the metal, with prices soaring above $4,000 an ounce.
Shares of precious metals producers have also surged, with Couer’s and New Gold’s stock more than doubling this year. …
… For the remainder of the report:
ASIAN MARKETS THIS THURSDAY MORNING:
SHANGHAI CLOSED UP 38.51 POINTS OR 0.97%
//Hang Seng CLOSED CLOSED UP 550.49PTS OR 2.12%
// Nikkei CLOSED : UP 671.41PTS OR 1.34% //Australia’s all ordinaries CLOSED UP 0.30%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1195/ OFFSHORE CLOSED UP AT 7.1244/ Oil DOWNTO 59.25 dollars per barrel for WTI and BRENT DOWN TO 63.09 Stocks in Europe OPENED ALL MOSTLY RED
ONSHORE USA/ YUAN TRADING UP TO 7.1195 OFFSHORE YUAN TRADING UP TO 7.1244:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.1195
OFFSHORE YUAN: DOWN TO 7.1244
HANG SENG CLOSED UP 550.49 PTS OR 2.12%
2. Nikkei closed UP 676.41 PTS OR 1.34%
3. Europe stocks SO FAR: ALL MOSTLY RED
USA dollar INDEX DOWN TO 99.79 EURO RISES TO 1.1522 UP 2 7BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.657//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 153.45…… 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: 3.075 DOWN 2 FULL BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP/JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 +2.65340/ Italian 10 Yr bond yield UP to 3.4120SPAIN 10 YR BOND YIELD UP TO 3.167
3i Greek 10 year bond yield UP TO 3.307
3j Gold at $3989.60 Silver at: 48.25 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 2/100 roubles/dollar; ROUBLE AT 81.12
3m oil (WTI) into the 59 dollar handle for WTI and 63 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 153.45 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.673% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.085 UP 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8087 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9319 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: 4.099 DOWN 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.694 DOWN 4 BASIS PTS/
USA 2 YR BOND YIELD: 3.526DOWN 6 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.12 UP 4BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4330 DOWN 1 PTS
30 YR UK BOND YIELD: 5.217 DOWN 4BASIS PTS
10 YR CANADA BOND YIELD: 3.119 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.688DOWN 4 BASIS PTS.
a New York OPENING REPORT
Stocks Rebound To Session Highs After Soaring Corporate Layoffs Raise Rate Cut Odds
Thursday, Nov 06, 2025 – 08:33 AM
US equity futures are higher, rebounding from session lows for the second day in a row, amid headlines that layoffs are surging due to AI which in turn is raising odds of a Dec rate cut, with JPM saying that “the market is weighing a weaker labor market and potential spending vs. evidence on the efficacy (and ROI) of AI plus productivity gains.” Challenger job cuts jumped to over 150K in October, nearly triple the year-earlier period and the most in more than two decades. As of 8:00am ET, S&P futures are 0.2% higher ahead of the last major earnings day of a season that’s delivered stellar results; Nasdaq futures are also up 0.2%, with Semis catching a bid driven by MRVL (+11%, takeover chatter) and NVDA (up +1.4% after yesterday’s roll on the OpenAI govt backstop headlines). TSLA rose 0.5% ahead of a vote on granting Elon Musk a potential $1 trillion pay package. In the premarket, cyclicals look flat to Defensives, while commodity-related plays are bid. The commodity complex is higher led by Energy and Metals. Asia closed higher (Shanghai +97bps/Hang Seng +2.12%/Nikkei +1.34%) driven by strength in growth/tech/ai names, while Europe is down small (FTSE -25bps/DAX -10bps/CAC -45bps). US 10 year yield down small at 4.13% on quiet macro news as the curve bull steepens, and the USD is weaker. The macro data focus is on Challenger Job Cuts which soared to 153,074K, the highest for October since 20023, and state-level initial jobless claims. Today also brings another heavy dose of earnings (pre-open we get APD, BDX, CMI, COP, H, PENN, PH, RL, ROK, TPR…post-close we get AKAM, CE, EXPE, MCHP, SNDK, TTWO, WYNN), a handful of Fed speakers, the BOE rate decision and TSLA’s annual meeting (which includes voting on Musk’s pay package). Markets also digest the likelihood of the Supreme Court striking down Trump’s IEEPA tariffs after oral arguments yesterday (Goldman expects a ruling in Dec of Jan ’26 // GIR full take).
In premarket trading, Mag 7 stocks are mixed: Tesla (TSLA) +0.6% after the deadline for investors to vote on Elon Musk gargantuan compensation plan expired at midnight (Nvidia +1.4%, Meta +0.8%, Alphabet +0.7%, Apple -0.2%, Amazon -0.03%, Microsoft -0.1%).
- CarMax (KMX) falls 11% after the used car retailer’s board terminated the employment of CEO Bill Nash.
- Coherent (COHR) soars 18% after the semiconductor device company’s results and forecast underlined AI tailwinds.
- DoorDash (DASH) falls 11% after its forecast for fourth-quarter adjusted Ebitda fell short of the average analyst estimate at the midpoint.
- Duolingo (DUOL) is down 23% after the language-learning software company gave a weak fourth-quarter bookings forecast. Analysts note that the management’s focus on user growth weighs on the bookings outlook.
- Elf Beauty (ELF) sinks 21% after the cosmetics company’s full-year outlooks for adjusted earnings per share and net sales both missed analysts’ estimates.
- Fastly (FSLY) jumps 19% after the software company’s results and raised full-year revenue forecast showed a strong growth recovery.
- HubSpot (HUBS) falls 10% after the software company reported its third-quarter results and gave an outlook.
- LegalZoom.com (LZ) rises 27% after the legal services company gave an outlook that is seen as reinforcing positive growth trends, prompting William Blair to upgrade the stock.
- Marvell (MRVL) is up 8% as people familiar say that SoftBank Group Corp. explored a potential takeover of the US chipmaker earlier this year.
- Papa John’s (PZZA) falls 7% after the pizza company reported adjusted earnings per share for the third quarter that missed the average analyst estimate.
- Qualcomm Inc. (QCOM) falls 1.8%, becoming the latest chipmaker to deliver an upbeat forecast and still leave investors underwhelmed.
- Snap (SNAP) surges 19% after the company announced a $400 million partnership with Perplexity AI Inc. to incorporate its AI-powered search engine into Snapchat.
- Stagwell Inc. (STGW) soars 80% after announcing a partnership with Palantir.
Trading this week has been marked by a pullback in the biggest beneficiaries of the artificial-intelligence race, which have powered much of this year’s rally, before dip-buyers stepped in to offer support. Corporate America has continued to deliver robust results, with 82% of the 413 S&P 500 companies reporting this quarter beating earnings expectations, 14% have missed.
“You stay sane by trying to stay long-term,” Carmignac fund manager Obe Ejikeme told Bloomberg TV. AI “is a megatrend and will pay off over the next five to ten years, no doubt about that. But staying sane is not putting all your eggs in that basket.”
Price action divergence to results continues, even within AI-related momentum sectors. Qualcomm became the latest semiconductor firm to deliver an upbeat forecast that failed to impress investors, while ARM rose on a bullish outlook pointing to an AI chip demand surge. Meanwhile, semiconductors remain top of mind: Softbank had explored acquiring Marvell earlier in the year to combine it with ARM, in what would have represented the largest semiconductor deal in history. Open AI’s CFO suggested the market should have more ‘exuberance’ for AI’s potential, while hinting the US government could backstop AI financing.
Caution over lofty tech valuations that weighed on markets earlier in the week continued to linger. Qualcomm, the biggest maker of smartphone chips, became the latest semiconductor firm to issue an upbeat forecast that failed to impress investors, sending its shares 1.8% lower.
Treasuries rebounded after the latest Challenger job cuts jumped to over 150K in October, nearly triple the year-earlier period and the most for the month in more than two decades. YTD job cuts have exceeded 1M, the most since the pandemic. The yield on 10-year notes fell two basis points to 4.14%, while the dollar headed for its biggest drop in three weeks.
Traders will also weigh the implications of the US Supreme Court hinting it is ready to put significant limits on Trump’s far-reaching agenda, adding to uncertain sentiment. US layoffs remain a focus too, with October seeing the most job cuts in more than two decades. US shutdown impact is spreading to aviation with plans to cut flight capacity by 10% at 40 high-volume markets to alleviate pressure on air traffic controllers.
Following days of mixed signals from Fed officials and scant economic data during the longest US government shutdown in history, investors will also closely watch a slate of policymaker speeches Thursday for clues on the interest-rate outlook. The Bank of England held interest rates at 4% in a five-to-four vote that laid the groundwork for a December cut. The pound pared gains of as much as 0.4% against the dollar. Gilts rose across the curve, with the two-year yield down three basis points to 3.76%.
Traders have gradually trimmed bets on a quarter-point rate cut next month to around 50% over the past week, before the job-cuts report from outplacement firm Challenger, Gray & Christmas Inc. bumped those odds back up to 60%. Still, “the overall nudge pressure is up for yields,” wrote Padhraic Garvey and Michiel Tukker at ING. “This, of course, partly reflects the ‘driving in the fog’ metaphor for the government shutdown, but also with a dose of inflation concern and a pinch of risk-on ebullience.”
Europe’s Stoxx 600 is down 0.2% with construction underperforming and miners rising. Legrand shares sank as demand for data center infrastructure started to ebb. The construction and insurance sectors are among the biggest laggards, while mining and telecom shares outperform. Here are some of the biggest movers on Thursday:
- Novo shares rise as much as 3.9% after a judge denied Pfizer’s request to temporarily block the Danish drugmaker’s $10 billion bid to acquire the obesity startup Metsera, saying the US pharmaceutical company’s objections to the deal don’t warrant a delay.
- Rheinmetall shares rise as much as 3.1% after the German defense firm maintained its guidance for the full year in a move Bernstein said could reassure investors who had expected a softer quarter.
- Sainsbury shares rise as much as 1.7% as the British retailer increased its full-year profit guidance to exceed the £1 billion set out in previous updates.
- Deutsche Post shares gain as much as 6.7% after the logistics company reported earnings well ahead of expectations, a performance analysts say was aided by its tight cost control.
- Novonesis shares jump as much as 8.2% after the Danish maker of industrial enzymes reported better-than-expected organic sales growth for the third quarter and lifted the bottom of its forecast range for the full year.
- Adecco climbs as much as 11% after third-quarter results which analysts view as “strong across the board.”
- DiaSorin falls as much as 16% after the Italian medical-diagnostics company lowered its guidance for the year and delivered third-quarter results below expectations.
- Legrand drops as much as 13% after its third-quarter missed expectations and full-year guidance was left unchanged.
- Air France-KLM shares slide as much as 14%, the steepest drop in three years. The airline group reported a miss on Ebit in the third quarter, driven by lower-than-expected unit revenue.
- HelloFresh shares fall as much as 15% after Grizzly Research published a report on the meal-kit company.
- Wise shares drop as much as 9.9%, slumping to a seven-month low, after the payments company reported a sharp drop in underlying pretax profit in the first half.
- Teleperformance drops as much as 8.6% after lowering its guidance for the full year, citing “an increasingly volatile business environment.”
- Worldline shares lost as much as 12%, erasing an earlier advance, after the digital payment company announced a share sale and provided a weak outlook for 2026.
- Maersk shares fall as much as 7.5% after the Danish shipping giant reported its latest earnings.
Earlier, Asian stocks climbed the most in over a week, as dip buyers lifted technology shares after a two-day selloff. The MSCI Asia Pacific Index rose 1.2%, its biggest advance since Oct. 27, with TSMC, Tencent and SK hynix among the key boosts to the gauge’s gain. Shares advanced in Hong Kong, Japan and South Korea. Indian stocks were steady. The rebound underscores investors’ continued confidence in the long-term potential of artificial intelligence, even as concerns over stretched valuations and market concentration linger. The risk-on sentiment was also helped by the positive mood from Wall Street as dip-buyers emerge.
In FX, the dollar is weaker following the surprise release of Challenger job data, showing the worst October for cuts since 2003. Krone is the strongest G-10 currency after Norges Bank kept rates on hold and reiterated the pace of reductions will be slow. Sterling higher, gilts slightly underperforming ahead of the Bank of England decision, also expected to be a hold.
In rates, yields are 2bp-3bp lower across the curve led by intermediates, with 5s30s spread steeper by around 1bp supported by soft job cuts data and gains for gilts after Bank of England’s 5-4 decision to hold rates at 4%, with dissenters preferring a cut. US 10-year yields near 4.12% is about 4bp lower on the day; UK counterpart had a steep 3bp drop after Bank of England rate announcement.
In commodities, gold prices rising and back above $4,000/oz. Oil prices jumping too, with Brent futures up 0.7% and about $64/barrel.
Looking to the day ahead, the main highlight will be the Bank of England’s latest policy decision. There’s also plenty of speakers, including ECB Vice President de Guindos, the ECB’s Kocher, Schnabel, Villeroy, Nagel and Lane, along with the Fed’s Williams, Barr, Hammack, Waller and Musalem. On the data side, we’ll get German industrial production and Euro Area retail sales for September. The US economic calendar — including 3Q preliminary productivity and unit labor costs, weekly jobless claims and September wholesale trade — will be empty again as US government data continue to be postponed by the govt shutdown. ConocoPhillips, DataDog, Ralph Lauren and Warner Bros Discovery are among companies expected to report results before the market opens. Conoco is expected to post its worst third-quarter profit in four years amid lower crude prices brought on by higher output globally.
Market Snapshot
- S&P 500 mini +0.2%,
- Nasdaq 100 mini 0.2%,
- Russell 2000 mini +0.1%
- Stoxx Europe 600 little changed,
- DAX little changed,
- CAC 40 -0.4%
- 10-year Treasury yield -2 basis points at 4.14%
- VIX little changed at 17.97
- Bloomberg Dollar Index -0.1% at 1223.31,
- euro +0.2% at $1.1515
- WTI crude +0.7% at $60.01/barrel
Top Overnight News
- US companies announced the most job cuts for any October in more than two decades as artificial intelligence reshapes industries and cost-cutting accelerates. Companies last month announced 153,074 job cuts, nearly triple the number during the same month last year. BBG
- 8 centrist Democrats in the Senate could be prepared to vote in favor of reopening the government, but they are receiving pushback from more progressive corners of the party. The Hill
- Senate Democrats ended their workday Tuesday agonizing over what to do about the record-setting government shutdown. Many of those same lawmakers woke up Wednesday morning ready to fight on following Tuesday’s party success. The sweeping democratic gains in this week’s election has bolstered party senators insisting democrats dig in and force Republicans to accede to their demand for an extension of key health insurance subsidies. Politico
- Trump and Hill Republicans are now in completely different places on the political impacts of this seemingly endless shutdown: Punchbowl
- Trump said regarding the US shutdown, that it was a big factor in elections, while he does not think Democrats will act soon on the shutdown, and does not think it will be sorted soon. Trump reiterated the call to kill the filibuster and reopen the government immediately.
- The US Supreme Court appeared skeptical of Donald Trump’s sweeping tariff powers, with some justices suggesting he’d overstepped his authority. Yet even if the duties are struck down, the president has other legal options, leaving companies and countries in limbo. BBG
- President Trump has recently expressed reservations to top aides about launching military action to oust Venezuelan President Nicolás Maduro, fearing that strikes might not compel the autocrat to step down. WSJ
- U.S. Transportation Secretary Sean Duffy said on Wednesday that he would order a 10% cut in flights at 40 major U.S. airports, citing air traffic control safety concerns as a government shutdown hit a record 36th day. RTRS
- China has issued dollar bonds at rates equivalent to US Treasury yields, in what bankers on the deal said was the first time Beijing’s borrowing costs has matched Washington’s. the bond offering is the latest example of countries taking advantage of being able to issue international debt cheaply, as their borrowing costs in relation to US Treasuries fall to some of the lowest levels on record. FT
- Japan’s underlying wage growth remained steady in September, keeping the BOJ on track for policy tightening. One of Japan’s largest labor union groups said it plans to push for a 6% pay bump next year. BBG
- The Bank of England held interest rates at 4% in a five-to-four vote that laid the groundwork for a December cut. The pound pared gains of as much as 0.4% against the dollar. Gilts rose across the curve, with the two-year yield down three basis points to 3.76%: BBG
- The Fed finalized new standards for grading large banks and said that the new large bank supervisory standards are substantially similar to changes proposed in July.
Trade/Tariffs
- China bought two cargoes of around 120,000 tons of US wheat for December shipment, according to traders cited by Reuters. It was also reported that the US Grains and Bioproducts Council Chairman said a US sorghum shipment was sent to China last week.
- Japanese PM Takaichi said Japan will consider specific ways for Japan and the US to advance cooperation in the development of rare earth mining in waters around Minamitori Island.
- Chinese Commerce Ministry, on semiconductor flows, says China is committed to stability and security of global chip industry; will approve relevant export license applications of qualified Chinese exporters.
A more detailed look at global markets courtesy of Newquawk
APAC stocks were higher as the region took impetus from the rebound on Wall St, where all major indices gained amid dip buying and following stronger-than-expected ADP and ISM Services data releases. ASX 200 eked mild gains amid strength in miners, but with the upside limited as the top-weighted financials sector lagged after Big Four bank NAB reported a decline in full-year profit. Nikkei 225 rebounded from the prior day’s selling and briefly reclaimed the 51,000 level before paring some of its gains. Hang Seng and Shanghai Comp benefitted from the improving US-China trade ties after China’s Commerce Ministry suspended the unreliable entity list announced in April and adjusted its export control lists, while there were comments from US President Trump who reiterated that Chinese President Xi is a good friend.
Top Asian News
- Japanese PM Takaichi looks to finalise an economic stimulus package to address inflation by late November and pass a supplementary budget to fund it, with some in the government eyeing a cost of over JPY 10tln, according to Nikkei.
- Japan Innovation Party co-leader Fujita said an early BoJ rate hike may give a mixed signal to businesses, while he added it is not a time for BoJ moves that have a big impact and they will not raise taxes to fund an earlier defence budget jump.
- One of Japan’s largest labour unions, UA Zensen, is reportedly planning to push for a 6% wage hike for regular workers in next year’s talks, according to Bloomberg.
European bourses (STOXX 600 -0.2%) opened modestly lower and have traded with a negative bias throughout the European morning. Nothing really behind the sentiment today, but with traders mindful of looming US data and the BoE policy decision. European sectors are mixed; Banks take the top spot, joined closely by Retail and then Real Estate. To the downside, Construction & Materials lags, followed by Insurance. In terms of key movers; AstraZeneca (U/C, strong headline metrics), Maersk (-5.2%, strong Q3 metrics but faces “challenging” 2026), Commerzbank (-2.5%, boosts outlook but Net Income not so strong).
Top European News
- ECB’s Schnabel says quantitative normalisation is proceeding smoothly, with strong liquidity positions of banks and abundant excess liquidity; on new structural portfolio, says factors suggest tilting the structure towards shorter-dated assets. “policy stance neutrality, the need to maintain policy space and considerations related to financial soundness are important factors that will guide the maturity of assets the ECB will buy under a new structural securities portfolio. These factors suggest tilting the structure towards shorter-dated assets.”
- ECB’s de Guindos states slight optimism on growth; adds that inflation news is positive. More optimistic on services inflation. Evolution of wages are fully aligned with projections. The level of uncertainty is huge. Comfortable with the current level of rates. Undershooting of inflation will be temporary. No discussion on modifying QT.
- Norges Bank keeps rates unchanged at 4.00%, as expected; Governor Bache says, “The job of overcoming inflation is not complete, and we are in no hurry to lower interest rates”.
FX
- DXY is softer following rangebound trade, with a surprise early release of the US Challenger job cuts data prompted a cleaner breach back under 100.00, with the current intraday range between 99.89 – 100.11, and compared to yesterday’s 100.06-100.36 range. Challenger October US Job Cuts jump 175.3% to a 7-month high at 153.074k (prev. 54.064k in September), according to Bloomberg. The release led to some upside in T-note futures and downside in the USD. On the tariff front, the US Supreme Court yesterday sharply questioned President Trump’s broad use of emergency powers to impose global tariffs, although this risk event is likely to be a slow burner, touted to end in Q1/Q2 2026, while ING’s baseline is that tariffs will stay regardless of the ruling.
- EUR is slightly firmer against the USD, largely amid USD weakness, whilst little action was seen following a variety of comments from ECB’s Schnabel and de Guindos, and largely pessimistic Construction PMI. EUR/USD resides in a 1.1490-1.1524 intraday range, with traders also cognizant of the converging 50 DMA (1.1670) and 100 DMA (1.1664).
- USD/JPY faded some of the prior day’s advances and gave back the 154.00 status following an acceleration in wages, with USD weakness further weighing on the pair in early European hours. Aside from that, there is little else to mention for the JPY, with the pair comfortably tucked within yesterday’s 152.96-154.35 range. Furthermore, one of Japan’s largest labour unions, UA Zensen, is reportedly planning to push for a 6% wage hike for regular workers in next year’s talks, according to Bloomberg.
- Sterling in focus as the clock ticks down to the Bank of England rate decision, minutes, and MPR are due at 12:00GMT/07:00EST, with the press conference at 12:30GMT/07:30EST. The MPC is expected to keep the Bank Rate at 4.0%, likely via a 6-3 vote, with focus on any signals regarding future easing. Despite softer-than-expected September inflation, elevated Y/Y CPI is expected to keep policymakers on hold, though three members may favour a cut. GBP/USD resides in a current 1.3042-1.3089 range after topping yesterday’s peak at 1.3054.
- Diverging as the AUD/NZD cross rises above 1.1500 from a 1.1486 intraday low, with the AUD propped up by the base metals and the NZD hampered by cautious RBNZ commentary. Overnight, RBNZ Governor Hawkesby said he doesn’t think they are out of the worst on global trade tensions, while he added the labour market has deteriorated, which is something they anticipated. AUD/USD resides in a 0.6497-0.6518 range and is still some way off its 100 DMA (0.6539). NZD/USD is contained in a 0.5651-0.5669 range at the time of writing.
- EUR/NOK stopped just shy of its 100 DMA (11.7519) following the policy decision by Norges Bank, which opted to keep rates steady at 4.00% as expected. The Bank largely reiterated the statement from the prior meeting, suggesting that “no information has been received that indicates that the outlook for the Norwegian economy has changed significantly since the September policy meeting”.
- PBoC set USD/CNY mid-point at 7.0865 vs exp. 7.1222 (Prev. 7.0901)
- Brazilian Central Bank maintained the Selic rate at 15.00%, as expected, with the decision unanimous. BCB evaluated that maintaining the interest rate at the current level for a very prolonged period is enough to ensure convergence of inflation to the target. Furthermore, it said that future monetary policy steps can be adjusted, and it will not hesitate to resume the rate hiking cycle if appropriate.
Fixed Income
- USTs are contained overnight as newsflow at the time was relatively limited and participants awaited a packed docket of Fed speak, texts are expected from Williams (voter) and Paulson (2026). Spent the morning near enough unchanged and just above the 112-10 session low. Thereafter, a bout of support was seen for havens generally around the European cash equity open; potential drivers include the Israeli comments on Egypt. Thereafter, the docket ahead was lightened by an early release of October’s Challenger job cuts. Printed at 153k (prev. 54k), to a seven-month high. This added to the modest strength seen in USTs and took them to a 112-18 high with gains of eight ticks at best. A print that has added a little bit of dovishness back into Fed pricing, though the odds of a 25bps cut in December remain at around 65% after losing the 70% handle yesterday following ADP and ISM Services. Markets see more job market indicators today via the Chicago Fed BLS unemployment forecast and the latest Revelio statistics.
- Bunds initial action was similar to that outlined above in USTs. Bunds spent the first part of the day holding near enough unchanged and just above the 129.03 opening mark. Thereafter, a pickup occurred around the European cash equity open before a 129.18 peak printed alongside Challenger; again, detailed in USTs above. Prior to this, an interesting speech from ECB’s Schnabel, where she said there are factors that are suggestive of tilting the structure of the ECB’s portfolio towards shorter-dated assets, but no move in Bunds at the time. Construction PMIs passed without impact this morning. Ahead, traders look to the referenced US events before remarks from ECB’s Nagel and Chief Economist Lane; particularly regarding the ECB’s portfolio, in light of Schnabel. No move to supply from Spain and France this morning. Overall, the auctions were well received with the long-dated French metric in particular garnering strength, a welcome sign amid the ongoing political turmoil.
- Gilts opened firmer by around 15 ticks and then quickly extended a handful more to a 93.33 high, a move that acknowledged the modest bullish action seen at the time, as outlined above. Price action for Gilts was a little more pronounced than that seen in peers, nothing too significant behind this but potentially a function of the relative underperformance seen in Gilts vs Bunds for much of Wednesday and/or positioning into the BoE. The BoE is expected to maintain the policy rate at 4.00%, though the decision will almost certainly be subject to dissent; expectations are broadly for either 7-2 or 6-3, however a split where Governor Bailey has to cast the deciding vote cannot be ruled out.
- Spain sells EUR 4.503bln vs exp. EUR 4-5bln 3.00% 2033, 1.85% 2035, 3.50% 2041 Bono & EUR 0.534bln vs exp. EUR 0.25-0.75bln 1.15% 2036 IL Bono.
Crude
- Crude benchmarks have pared back on Wednesday’s losses following comments from Israeli Defense Minister Katz and sellers failing to extend through the lows of the 7-day range. After testing prior support lows, crude benchmarks sold off, reversing APAC gains, and troughed at USD 59.46/bbl and 63.37/bbl. However, this selloff was short-lived and benchmarks bid higher to a peak of 60.51/bbl and 64.34/bbl respectively. Saudi Arabia cut its December Light Crude OSP to Asia, in line with expectations. This confirms that the kingdom is comfortable with Brent prices holding between USD 60-65/bbl. Slight downticks were seen in crude benchmarks but move wasn’t sustained.
- Spot XAU has followed on from Wednesday’s gains as the yellow metal continues to consolidate following its 11% selloff from ATHs. XAU dipped to a trough of USD 3964/oz early in the APAC session but reversed higher and extended through Wednesday’s high at USD 3990/oz as the European session risk sentiment started off weak. Currently, the yellow metal is trading near session highs at USD 4017/oz. A surprising Challenger Layoff release had little impact on spot gold action.
- Base metals are trading mixed, with iron ore continuing to sell off as China steel industry heads into the low season while copper gains following risk-on tone during the APAC session. 3M LME Copper dipped to a low of USD 10.69k/t before driving higher as it followed the CME Copper bid back above USD 5/lb. 3M LME Copper peaked at USD 10.79k/t and remains in a c. USD 40/t band near session highs.
- Saudi Arabia set the December Light Crude OSP to Asia to + USD 1.00/bbl vs Oman/Dubai average (prev. + USD 2.20), to Europe at + USD 1.35/bbl vs ICE Brent (prev. +1.35), and to US at + USD 3.20/bbl vs ASCI (prev. + USD 3.70).
Geopolitics
- “Israeli Defense Minister Yisrael Katz: Declaring war on smuggling operations through drones on our border with Egypt”, according to Al Jazeera; “ordered the border area with Egypt to be turned into a closed military zone”, via Iran International
- US President Trump warned the Nigerian government that they had better move fast to stop the killing of Christians.
- US President Trump recently expressed reservations to top aides about launching military action to oust Venezuelan President Maduro, fearing that strikes might not compel Maduro to step down, according to sources cited by WSJ.
US Event Calendar
- 8:30 am: 3Q P Nonfarm Productivity, est. 3.35%, prior 3.3%
- 8:30 am: 3Q P Unit Labor Costs, est. 0.85%, prior 1%
- 8:30 am: Nov 1 Initial Jobless Claims, est. 225k
- 8:30 am: Oct 25 Continuing Claims, est. 1948k
- 10:00 am: Sep F Wholesale Inventories MoM
Central Bank Speakers
- 11:00 am: Fed’s Williams speaks at Goethe University Frankfurt
- 11:00 am: Fed’s Barr Participates in Moderated Discussion
- 12:00 pm: Fed’s Hammack Speaks at the Economic Club of New York
- 3:30 pm: Fed’s Waller in Panel on Central Banking and Payments
- 4:30 pm: Fed’s Paulson speaks on Consumer Finance Institute
- 5:30 pm: Fed’s Musalem Speaks at a Fireside Chat on Monetary Policy
DB’s Jim Reid concludes the overnight wrap
The risk-on tone has returned to markets over the last 24 hours, with the S&P 500 (+0.37%) recovering from the previous day’s selloff. The main driver was stronger-than-expected data, alongside growing speculation that the government shutdown might come to an end soon. So that helped to boost investor optimism about the near-term outlook, with risk assets doing well across the board. Indeed, US HY spreads (-9bps) tightened for the first time in a week, and Bitcoin (+3.38%) stabilised after its losses in recent days. Moreover, that trend has continued overnight, with several indices in Asia seeing strong gains, including the Nikkei (+1.48%) and the Hang Seng (+1.61%).
That US data was pivotal for the market recovery, as it pushed back against the building narrative about an economic slowdown, particularly after the weaker ISM manufacturing print on Monday. First, we had the ADP’s report of private payrolls, which showed private payrolls were up by +42k in October (vs. +30k expected), which was a clear rebound from the -29k contraction in September. That’s a release that’s taken on more significance than usual, given we’re missing the usual jobs report because of the shutdown. Then shortly after, we had the ISM Services index for October, which rose by more than expected to 52.4 (vs. 50.8 expected). So again, that reassured investors that the US outlook was more resilient than feared, and we even saw the new orders subcomponent rise to a 12-month high of 56.2 (vs. 51.0 expected).
Those prints meant investors dialled back their expectations for Fed rate cuts in the months ahead. Moreover, there was fresh momentum in that direction from the prices paid component of the ISM services, which ticked up to 70.0. That now takes it to levels last seen in late-2022, back when the Fed were rapidly hiking rates to clamp down on inflation. So that added to concerns about tariff-driven inflation, and investors felt it made future cuts less likely. For instance, the likelihood of a rate cut in December fell from 70% to 62% by the close, and if we look further out, the number of cuts priced by December 2026 fell -6.0bps on the day to 77bps. So that meant Treasury yields moved higher across the curve, with the 2yr yield (+5.5bps) rising to 3.63%, whilst the 10yr yield (+7.4bps) moved up to 4.16%.
In the meantime, there were also fresh headlines on the government shutdown, as speculation continued as to whether some sort of deal might be reached. Notably, the Washington Post reported yesterday that around a dozen Senate Democrats were considering voting to end the shutdown, saying that a bipartisan group was working on a deal.
According to the article, it said that Republicans would agree in return to hold a vote on extending Affordable Care Act subsidies. But later in the day, there was a Politico article saying that the Democratic wins in the elections had boosted those arguing they should dig in. So the Polymarket chances have moved around considerably, although they still point to a 50% chance that the shutdown ends by November 15.
On the tariffs, the Supreme Court heard arguments yesterday in the case against Trump’s use of tariffs under the International Emergency Economic Powers Act (IEEPA), which were previously ruled invalid by the lower courts. The questioning left a sense of key justices suggesting that the President may have overstepped his authority with this use of emergency powers. For instance, the Polymarket odds that the Supreme Court would rule in favour of the IEEPA tariffs declined from 38% to 25%. However, even if the current broad tariffs are ruled invalid, the details of the ruling and which alternative avenues the administration end up pursuing will be important for the eventual tariff outcome.
This backdrop proved to be a positive one for equities, with the S&P 500 (+0.37%) recovering from its selloff the previous day, though it did give up about half of the day’s gains in the final hour of trading. And while the Magnificent 7 (+0.88%) outperformed, it was a good day all round, as the small-cap Russell 2000 rose +1.54%, and more than 60% of the S&P 500 were higher on the day. Meanwhile in Europe, there was a similarly positive trend, which was reinforced by the final PMIs from across the continent. Indeed, the Euro Area composite PMI was revised up to 52.5 (vs. flash 52.2), leaving the reading at a two-year high. So that helped the STOXX 600 (+0.23%) to advance, alongside gains for the FTSE 100 (+0.64%) and the DAX (+0.42%). But the risk-on move didn’t extend to commodities, as Brent crude (-1.43%) fell to a two-week low of $63.52/bbl as the focus again shifted to emergent excess oil supply , whilst gold (+1.21%) recovered most of Tuesday’s losses.
Overnight in Asia, the equity rally has continued, with the major indices advancing across the region. That’s been clear across the board, with gains for the Nikkei (+1.48%), the Hang Seng (+1.61%), the CSI 300 (+1.23%), the Shanghai Comp (+0.86%), and the KOSPI (+1.44%). However, US and European equity futures are broadly steady this morning, with those on the S&P 500 (-0.02%) and the DAX (+0.02%) currently little changed.
Looking forward, a key focus today will be on the Bank of England’s latest policy decision, which is being announced at 12:00 London time. The consensus and market pricing is expecting rates to stay on hold at 4%, but at time of writing markets are pricing in a 26% probability of a 25bp cut, so there’s a bit of uncertainty in market pricing. In his preview, our UK economist also expects a hold, but his call is now finely balanced, and he thinks the case for a 25bp rate cut has strengthened materially after a dovish round of data. Ahead of that, sovereign bond yields moved higher across Europe, in line with the moves for US Treasuries. Gilts saw the biggest increase, with 10yr yields up +3.8bps on the day, but there were also increases for yields on 10yr bunds (+1.9bps), OATs (+1.9bps) and BTPs (+2.2bps).
To the day ahead now, and one of the main highlights will be the Bank of England’s latest policy decision. There’s also plenty of speakers, including ECB Vice President de Guindos, the ECB’s Kocher, Schnabel, Villeroy, Nagel and Lane, along with the Fed’s Williams, Barr, Hammack, Waller and Musalem. On the data side, we’ll get German industrial production and Euro Area retail sales for September.
b) European opening report
US Challenger Layoffs jumps 175.3% to a 7-month high, US equity futures modestly firmer/flat – Newsquawk US Opening News
Thursday, Nov 06, 2025 – 06:13 AM
- Challenger October US Job Cuts jump 175.3% to a 7-month high at 153.074k (prev. 54.064k in September).
- European bourses are on the backfoot; US equity futures are modestly firmer/flat.
- Surprise early US Challenger release takes DXY sub-100; NOK gains on Norges, GBP awaits the BoE.
- Early Challenger lifted USTs to a session high, Gilts await the BoE.
- Crude benchmarks are higher despite Saudi oil price cuts and US inventory build; focus on Israel declaring the Egyptian border a closed military zone.
- Looking ahead, US Chicago Fed Labour Market Indicators, BoE & Banxico Policy Announcements, Speakers including Fed’s Williams, Barr, Hammack, Waller, Paulson & Musalem, ECB’s Lane, Nagel, BoE’s Bailey, BoC’s Macklem, Rogers & Kozicki.
- Earnings from Airbnb, ConocoPhillips & Warner Bros.
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TARIFFS/TRADE
- China bought two cargoes of around 120,000 tons of US wheat for December shipment, according to traders cited by Reuters. It was also reported that the US Grains and Bioproducts Council Chairman said a US sorghum shipment was sent to China last week.
- Japanese PM Takaichi said Japan will consider specific ways for Japan and the US to advance cooperation in the development of rare earth mining in waters around Minamitori Island.
- Chinese Commerce Ministry, on semiconductor flows, says China is committed to stability and security of global chip industry; will approve relevant export license applications of qualified Chinese exporters.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.2%) opened modestly lower and have traded with a negative bias throughout the European morning. Nothing really behind the sentiment today, but with traders mindful of looming US data and the BoE policy decision.
- European sectors are mixed; Banks take the top spot, joined closely by Retail and then Real Estate. To the downside, Construction & Materials lags, followed by Insurance. In terms of key movers; AstraZeneca (U/C, strong headline metrics), Maersk (-5.2%, strong Q3 metrics but faces “challenging” 2026), Commerzbank (-2.5%, boosts outlook but Net Income not so strong).
- US equity futures (ES +0.1%, NQ +0.1%, RTY U/C) are modestly firmer/flat, ahead of a slew of earnings. Main focus for the day was an early release of the US Challenger Layoffs, which jumped 175.3%, to a 7-month high at 153.074k (prev. 54.064k); a very modest uptick in futures was seen on the surprise release.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is softer following rangebound trade, with a surprise early release of the US Challenger job cuts data prompted a cleaner breach back under 100.00, with the current intraday range between 99.89 – 100.11, and compared to yesterday’s 100.06-100.36 range. Challenger October US Job Cuts jump 175.3% to a 7-month high at 153.074k (prev. 54.064k in September), according to Bloomberg. The release led to some upside in T-note futures and downside in the USD. On the tariff front, the US Supreme Court yesterday sharply questioned President Trump’s broad use of emergency powers to impose global tariffs, although this risk event is likely to be a slow burner, touted to end in Q1/Q2 2026, while ING’s baseline is that tariffs will stay regardless of the ruling.
- EUR is slightly firmer against the USD, largely amid USD weakness, whilst little action was seen following a variety of comments from ECB’s Schnabel and de Guindos, and largely pessimistic Construction PMI. EUR/USD resides in a 1.1490-1.1524 intraday range, with traders also cognizant of the converging 50 DMA (1.1670) and 100 DMA (1.1664).
- USD/JPY faded some of the prior day’s advances and gave back the 154.00 status following an acceleration in wages, with USD weakness further weighing on the pair in early European hours. Aside from that, there is little else to mention for the JPY, with the pair comfortably tucked within yesterday’s 152.96-154.35 range. Furthermore, one of Japan’s largest labour unions, UA Zensen, is reportedly planning to push for a 6% wage hike for regular workers in next year’s talks, according to Bloomberg.
- Sterling in focus as the clock ticks down to the Bank of England rate decision, minutes, and MPR are due at 12:00GMT/07:00EST, with the press conference at 12:30GMT/07:30EST. The MPC is expected to keep the Bank Rate at 4.0%, likely via a 6-3 vote, with focus on any signals regarding future easing. Despite softer-than-expected September inflation, elevated Y/Y CPI is expected to keep policymakers on hold, though three members may favour a cut. GBP/USD resides in a current 1.3042-1.3089 range after topping yesterday’s peak at 1.3054.
- Diverging as the AUD/NZD cross rises above 1.1500 from a 1.1486 intraday low, with the AUD propped up by the base metals and the NZD hampered by cautious RBNZ commentary. Overnight, RBNZ Governor Hawkesby said he doesn’t think they are out of the worst on global trade tensions, while he added the labour market has deteriorated, which is something they anticipated. AUD/USD resides in a 0.6497-0.6518 range and is still some way off its 100 DMA (0.6539). NZD/USD is contained in a 0.5651-0.5669 range at the time of writing.
- EUR/NOK stopped just shy of its 100 DMA (11.7519) following the policy decision by Norges Bank, which opted to keep rates steady at 4.00% as expected. The Bank largely reiterated the statement from the prior meeting, suggesting that “no information has been received that indicates that the outlook for the Norwegian economy has changed significantly since the September policy meeting”.
- PBoC set USD/CNY mid-point at 7.0865 vs exp. 7.1222 (Prev. 7.0901)
- Brazilian Central Bank maintained the Selic rate at 15.00%, as expected, with the decision unanimous. BCB evaluated that maintaining the interest rate at the current level for a very prolonged period is enough to ensure convergence of inflation to the target. Furthermore, it said that future monetary policy steps can be adjusted, and it will not hesitate to resume the rate hiking cycle if appropriate.
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are contained overnight as newsflow at the time was relatively limited and participants awaited a packed docket of Fed speak, texts are expected from Williams (voter) and Paulson (2026). Spent the morning near enough unchanged and just above the 112-10 session low. Thereafter, a bout of support was seen for havens generally around the European cash equity open; potential drivers include the Israeli comments on Egypt. Thereafter, the docket ahead was lightened by an early release of October’s Challenger job cuts. Printed at 153k (prev. 54k), to a seven-month high. This added to the modest strength seen in USTs and took them to a 112-18 high with gains of eight ticks at best. A print that has added a little bit of dovishness back into Fed pricing, though the odds of a 25bps cut in December remain at around 65% after losing the 70% handle yesterday following ADP and ISM Services. Markets see more job market indicators today via the Chicago Fed BLS unemployment forecast and the latest Revelio statistics.
- Bunds initial action was similar to that outlined above in USTs. Bunds spent the first part of the day holding near enough unchanged and just above the 129.03 opening mark. Thereafter, a pickup occurred around the European cash equity open before a 129.18 peak printed alongside Challenger; again, detailed in USTs above. Prior to this, an interesting speech from ECB’s Schnabel, where she said there are factors that are suggestive of tilting the structure of the ECB’s portfolio towards shorter-dated assets, but no move in Bunds at the time. Construction PMIs passed without impact this morning. Ahead, traders look to the referenced US events before remarks from ECB’s Nagel and Chief Economist Lane; particularly regarding the ECB’s portfolio, in light of Schnabel. No move to supply from Spain and France this morning. Overall, the auctions were well received with the long-dated French metric in particular garnering strength, a welcome sign amid the ongoing political turmoil.
- Gilts opened firmer by around 15 ticks and then quickly extended a handful more to a 93.33 high, a move that acknowledged the modest bullish action seen at the time, as outlined above. Price action for Gilts was a little more pronounced than that seen in peers, nothing too significant behind this but potentially a function of the relative underperformance seen in Gilts vs Bunds for much of Wednesday and/or positioning into the BoE. The BoE is expected to maintain the policy rate at 4.00%, though the decision will almost certainly be subject to dissent; expectations are broadly for either 7-2 or 6-3, however a split where Governor Bailey has to cast the deciding vote cannot be ruled out.
- Spain sells EUR 4.503bln vs exp. EUR 4-5bln 3.00% 2033, 1.85% 2035, 3.50% 2041 Bono & EUR 0.534bln vs exp. EUR 0.25-0.75bln 1.15% 2036 IL Bono.
- France sells EUR 10.98bln vs exp. EUR 9.5-11bln 3.50% 2035, 3.60% 2042 & 3.00% 2049 OAT.
- Click for a detailed summary
COMMODITIES
- Crude benchmarks have pared back on Wednesday’s losses following comments from Israeli Defense Minister Katz and sellers failing to extend through the lows of the 7-day range. After testing prior support lows, crude benchmarks sold off, reversing APAC gains, and troughed at USD 59.46/bbl and 63.37/bbl. However, this selloff was short-lived and benchmarks bid higher to a peak of 60.51/bbl and 64.34/bbl respectively. Saudi Arabia cut its December Light Crude OSP to Asia, in line with expectations. This confirms that the kingdom is comfortable with Brent prices holding between USD 60-65/bbl. Slight downticks were seen in crude benchmarks but move wasn’t sustained.
- Spot XAU has followed on from Wednesday’s gains as the yellow metal continues to consolidate following its 11% selloff from ATHs. XAU dipped to a trough of USD 3964/oz early in the APAC session but reversed higher and extended through Wednesday’s high at USD 3990/oz as the European session risk sentiment started off weak. Currently, the yellow metal is trading near session highs at USD 4017/oz. A surprising Challenger Layoff release had little impact on spot gold action.
- Base metals are trading mixed, with iron ore continuing to sell off as China steel industry heads into the low season while copper gains following risk-on tone during the APAC session. 3M LME Copper dipped to a low of USD 10.69k/t before driving higher as it followed the CME Copper bid back above USD 5/lb. 3M LME Copper peaked at USD 10.79k/t and remains in a c. USD 40/t band near session highs.
- Saudi Arabia set the December Light Crude OSP to Asia to + USD 1.00/bbl vs Oman/Dubai average (prev. + USD 2.20), to Europe at + USD 1.35/bbl vs ICE Brent (prev. +1.35), and to US at + USD 3.20/bbl vs ASCI (prev. + USD 3.70).
- Poland is in talks to import more US LNG to supply Ukraine and Slovakia, according to Reuters citing sources familiar with negotiations.
- Click for a detailed summary
NOTABLE DATA RECAP
- German Industrial Output MM (Sep) 1.3% vs. Exp. 3.0% (Prev. -4.3%)
- Swedish CPIF Flash YY (Oct) 3.1% vs. Exp. 2.9% (Prev. 3.10%); Modest SEK strength seen on the hotter-than-expected series.
- French Non-Farm Payrolls QQ (Q3) -0.3% (Prev. 0.2%)
- Spanish Ind Output Cal Adj YY (Sep) 1.7% (Prev. 3.4%, Rev. 3.3%)
- EU HCOB Construction PMI (Oct) 44.0 (Prev. 46)
- Italian HCOB Construction PMI (Oct) 50.7 (Prev. 49.8)
- French HCOB Construction PMI (Oct) 39.8 (Prev. 42.9)
- German HCOB Construction PMI (Oct) 42.8 (Prev. 46.2)
- UK S&P Global Construction PMI (Oct) 44.1 vs. Exp. 46.7 (Prev. 46.2)
- EU Retail Sales YY (Sep) 1.0% vs. Exp. 1.0% (Prev. 1.0%, Rev. 1.6%); MM (Sep) -0.1% vs. Exp. 0.2% (Prev. 0.1%, Rev. -0.1%)
NOTABLE EUROPEAN HEADLINES
- ECB’s Schnabel says quantitative normalisation is proceeding smoothly, with strong liquidity positions of banks and abundant excess liquidity; on new structural portfolio, says factors suggest tilting the structure towards shorter-dated assets. “policy stance neutrality, the need to maintain policy space and considerations related to financial soundness are important factors that will guide the maturity of assets the ECB will buy under a new structural securities portfolio. These factors suggest tilting the structure towards shorter-dated assets.”
- ECB’s de Guindos states slight optimism on growth; adds that inflation news is positive. More optimistic on services inflation. Evolution of wages are fully aligned with projections. The level of uncertainty is huge. Comfortable with the current level of rates. Undershooting of inflation will be temporary. No discussion on modifying QT.
- Norges Bank keeps rates unchanged at 4.00%, as expected; Governor Bache says, “The job of overcoming inflation is not complete, and we are in no hurry to lower interest rates”.
NOTABLE US HEADLINES
- Challenger October US Job Cuts jump 175.3% to a 7-month high at 153.074k (prev. 54.064k in September), according to Bloomberg.
- US President Trump said regarding the US shutdown, that it was a big factor in elections, while he does not think Democrats will act soon on the shutdown, and does not think it will be sorted soon. Trump reiterated the call to kill the filibuster and reopen the government immediately.
- US President Trump is scheduled to make an announcement at 11:00EST/16:00GMT on Thursday.
- US Department of Transportation announced it will start cutting flights by 4% on Friday which will rise to 10% next week if no shutdown deal is reached, while the FAA confirmed that flight cuts at 40 major airports will begin on Friday and warned it could take more actions after Friday if further air traffic issues emerge.
- Fed finalised new standards for grading large banks and said that the new large bank supervisory standards are substantially similar to changes proposed in July.
- Punchbowl writes, on the US shutdown, that “Trump and Hill Republicans are now in completely different places on the political impacts of this seemingly endless shutdown.”
GEOPOLITICS
- “Israeli Defense Minister Yisrael Katz: Declaring war on smuggling operations through drones on our border with Egypt”, according to Al Jazeera; “ordered the border area with Egypt to be turned into a closed military zone”, via Iran International
OTHER NEWS
- US President Trump warned the Nigerian government that they had better move fast to stop the killing of Christians.
- US President Trump recently expressed reservations to top aides about launching military action to oust Venezuelan President Maduro, fearing that strikes might not compel Maduro to step down, according to sources cited by WSJ.
CRYPTO
- Bitcoin is a little firmer and trades just above USD 103k, whilst Ethereum outperforms a touch.
APAC TRADE
- APAC stocks were higher as the region took impetus from the rebound on Wall St, where all major indices gained amid dip buying and following stronger-than-expected ADP and ISM Services data releases.
- ASX 200 eked mild gains amid strength in miners, but with the upside limited as the top-weighted financials sector lagged after Big Four bank NAB reported a decline in full-year profit.
- Nikkei 225 rebounded from the prior day’s selling and briefly reclaimed the 51,000 level before paring some of its gains.
- Hang Seng and Shanghai Comp benefitted from the improving US-China trade ties after China’s Commerce Ministry suspended the unreliable entity list announced in April and adjusted its export control lists, while there were comments from US President Trump who reiterated that Chinese President Xi is a good friend.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM Takaichi looks to finalise an economic stimulus package to address inflation by late November and pass a supplementary budget to fund it, with some in the government eyeing a cost of over JPY 10tln, according to Nikkei.
- Japan Innovation Party co-leader Fujita said an early BoJ rate hike may give a mixed signal to businesses, while he added it is not a time for BoJ moves that have a big impact and they will not raise taxes to fund an earlier defence budget jump.
- One of Japan’s largest labour unions, UA Zensen, is reportedly planning to push for a 6% wage hike for regular workers in next year’s talks, according to Bloomberg.
DATA RECAP
- Japanese Overall Lab Cash Earnings (Sep) 1.9% vs. Exp. 1.9% (Prev. 1.5%, Rev. 1.3%)
- Australian Balance on Goods (Sep) 3,938M vs. Exp. 4,000M (Prev. 1,825M)
- Australian Goods/Services Exports (Sep) 7.90% (Prev. -7.80%)
- Australian Goods/Services Imports (Sep) 1.10% (Prev. 3.20%)
c) Asian report
All eyes on BoE announcement; European equity futures uneventful – Newsquawk European Opening News
Thursday, Nov 06, 2025 – 01:20 AM
- APAC stocks were higher as the region took impetus from the rebound on Wall St, where all major indices gained amid dip buying.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 futures relatively flat after the cash market closed with gains of 0.2% on Wednesday.
- DXY traded rangebound after having recently snapped a 5-day rally, despite firmer-than-expected ADP and ISM Services data, while catalysts were quiet overnight
- 10yr UST futures saw some slight reprieve after slumping yesterday; Bund futures languished near the prior day’s lows.
- US President Trump is scheduled to make an announcement at 11:00EST/16:00GMT on Thursday.
- Looking ahead, highlights include German Industrial Production, EZ Retail Sales, Canadian Leading Index, US Chicago Fed Labour Market Indicators, US Challenger Layoffs, BoE, Banxico & Norges Bank Policy Announcements, Speakers including Fed’s Williams, Barr, Hammack, Waller, Paulson & Musalem, ECB’s Lane, Nagel, Schnabel & de Guindos, BoE’s Bailey, BoC’s Macklem, Rogers & Kozicki, Supply from Spain & France
- Earnings from Continental, Commerzbank, AstraZeneca, Sainsbury’s, Airbnb, ConocoPhillips & Warner Bros.
SNAPSHOT
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US TRADE
EQUITIES
- US stocks ended the day with notable gains after a downbeat start as initial AMD weakness post-earnings weighed with investors touting lofty valuations, but this soon pared. Sectors were mainly green with Communication Services and Consumer Discretionary sitting atop of the pile, with Consumer Staples, Tech, and Real Estate sitting in the red, albeit marginally. US data came via ADP and ISM Services, both of which came in hotter than anticipated, with both garnering a Dollar bid and pressuring on USTs.
- SPX +0.37% at 6,796, NDX +0.72% at 25,620, DJI +0.48% at 47,311, RUT +1.54% at 2,465.
- Click here for a detailed summary.
TARIFFS/TRADE
- China bought two cargoes of around 120,000 tons of US wheat for December shipment, according to traders cited by Reuters. It was also reported that the US Grains and Bioproducts Council Chairman said a US sorghum shipment was sent to China last week.
- Japanese PM Takaichi said Japan will consider specific ways for Japan and the US to advance cooperation in the development of rare earth mining in waters around Minamitori Island.
NOTABLE HEADLINES
- US President Trump said regarding the US shutdown, that it was a big factor in elections, while he does not think Democrats will act soon on the shutdown, and does not think it will be sorted soon. Trump reiterated the call to kill the filibuster and reopen the government immediately.
- US President Trump is scheduled to make an announcement at 11:00EST/16:00GMT on Thursday.
- US Department of Transportation announced it will start cutting flights by 4% on Friday which will rise to 10% next week if no shutdown deal is reached, while the FAA confirmed that flight cuts at 40 major airports will begin on Friday and warned it could take more actions after Friday if further air traffic issues emerge.
- Fed finalised new standards for grading large banks and said that the new large bank supervisory standards are substantially similar to changes proposed in July.
APAC TRADE
EQUITIES
- APAC stocks were higher as the region took impetus from the rebound on Wall St, where all major indices gained amid dip buying and following stronger-than-expected ADP and ISM Services data releases.
- ASX 200 eked mild gains amid strength in miners, but with the upside limited as the top-weighted financials sector lagged after Big Four bank NAB reported a decline in full-year profit.
- Nikkei 225 rebounded from the prior day’s selling and briefly reclaimed the 51,000 level before paring some of its gains.
- Hang Seng and Shanghai Comp benefitted from the improving US-China trade ties after China’s Commerce Ministry suspended the unreliable entity list announced in April and adjusted its export control lists, while there were comments from US President Trump who reiterated that Chinese President Xi is a good friend.
- US equity futures were contained after a gradual pullback from yesterday’s peak and amid light overnight catalysts.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 futures relatively flat after the cash market closed with gains of 0.2% on Wednesday.
FX
- DXY traded rangebound after having recently snapped a 5-day rally, despite firmer-than-expected ADP and ISM Services data, while catalysts were quiet overnight with participants awaiting US Challenger job cuts data and a slew of Fed speakers on Thursday.
- EUR/USD extended the prior day’s rebound and reclaimed the 1.1500 status, but with upside limited by a lack of drivers.
- GBP/USD remained afloat after partially nursing some of this week’s losses ahead of today’s BoE meeting.
- USD/JPY faded some of the prior day’s advances and gave back the 154.00 status following an acceleration in wages.
- Antipodeans were rangebound in the absence of any tier-1 data releases and despite the positive risk appetite.
- PBoC set USD/CNY mid-point at 7.0865 vs exp. 7.1222 (Prev. 7.0901)
- Brazilian Central Bank maintained the Selic rate at 15.00%, as expected, with the decision unanimous. BCB evaluated that maintaining the interest rate at the current level for a very prolonged period is enough to ensure convergence of inflation to the target. Furthermore, it said that future monetary policy steps can be adjusted, and it will not hesitate to resume the rate hiking cycle if appropriate.
FIXED INCOME
- 10yr UST futures saw some slight reprieve after slumping yesterday in the aftermath of the firm ADP and ISM Services data, while prices were also not helped by the Quarterly Refunding Announcement, with the US Treasury beginning preliminary discussions on boosting auction sizes.
- Bund futures languished near the prior day’s lows after its recent slide to briefly beneath the 129.00 level, and as attention turns to German Industrial Production data scheduled today.
- 10yr JGB futures partially clawed back some of their opening losses as participants digested the labour cash earnings data, which accelerated to 1.9% from 1.5%, as expected.
COMMODITIES
- Crude futures nursed some losses after declining yesterday in a choppy fashion, but with the rebound limited following this week’s larger-than-expected build in weekly crude stockpiles and with Saudi Arabia lowering OSPs to Asia and US.
- Saudi Arabia set the December Light Crude OSP to Asia to + USD 1.00/bbl vs Oman/Dubai average (prev. + USD 2.20), to Europe at + USD 1.35/bbl vs ICE Brent (prev. +1.35), and to US at + USD 3.20/bbl vs ASCI (prev. + USD 3.70).
- Poland is in talks to import more US LNG to supply Ukraine and Slovakia, according to Reuters citing sources familiar with negotiations.
- Spot gold marginally extended its mid-week recovery but remained beneath the psychologically key USD 4,000/oz level.
- Copper futures gradually edged higher with prices underpinned amid the constructive risk appetite.
CRYPTO
- Bitcoin traded indecisively and failed to sustain a brief reclaim of the USD 104k level.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM Takaichi looks to finalise an economic stimulus package to address inflation by late November and pass a supplementary budget to fund it, with some in the government eyeing a cost of over JPY 10tln, according to Nikkei.
- Japan Innovation Party co-leader Fujita said an early BoJ rate hike may give a mixed signal to businesses, while he added it is not a time for BoJ moves that have a big impact and they will not raise taxes to fund an earlier defence budget jump.
- One of Japan’s largest labour unions, UA Zensen, is reportedly planning to push for a 6% wage hike for regular workers in next year’s talks, according to Bloomberg.
- RBNZ Governor Hawkesby said he doesn’t think they are out of the worst on global trade tensions, while he added the labour market has deteriorated, which is something they anticipated.
DATA RECAP
- Japanese Overall Lab Cash Earnings (Sep) 1.9% vs. Exp. 1.9% (Prev. 1.5%, Rev. 1.3%)
- Australian Balance on Goods (Sep) 3,938M vs. Exp. 4,000M (Prev. 1,825M)
- Australian Goods/Services Exports (Sep) 7.90% (Prev. -7.80%)
- Australian Goods/Services Imports (Sep) 1.10% (Prev. 3.20%)
GEOPOLITICS
MIDDLE EAST
- Turkey’s intelligence chief and Hamas delegations discussed steps to overcome ceasefire process problems, according to Reuters citing security sources.
RUSSIA-UKRAINE
- US informed Russia of a Minuteman missile launch, while it was separately reported that US President Trump said they will be working on a plan with China and Russia to denuclearise.
- Russia’s Kremlin said it hopes that the situation surrounding statements about the possibility of nuclear tests will not affect US-Russia relations, according to Interfax.
OTHER NEWS
- US President Trump warned the Nigerian government that they had better move fast to stop the killing of Christians.
- US President Trump recently expressed reservations to top aides about launching military action to oust Venezuelan President Maduro, fearing that strikes might not compel Maduro to step down, according to sources cited by WSJ.
EU/UK
NOTABLE HEADLINES
- UK Chancellor Reeves is set to spare UK banks from the budget tax raid, according to FT.
1A NORTH KOREA/SOUTH KOREA
NORTH KOREA//USA/
US Sanctions North Korean Bankers, Institutions Over Money Laundering
Thursday, Nov 06, 2025 – 05:45 AM
The United States on Nov. 4 imposed sanctions on individuals and entities accused of assisting North Korea in laundering money generated from cyberespionage and illicit activities.
The Treasury said the measures aim to cut off financial resources that support Pyongyang’s nuclear programs because the communist regime in Pyongyang relies on such illicit activities to fund its ballistic missile and weapons of mass destruction programs.
More than $3 billion—mostly in cryptocurrency—has been siphoned off by North Korean-affiliated cybercriminals through advanced malware and social engineering over the past three years, according to the Treasury’s estimates. The department described the scale of financial theft by Pyongyang as unparalleled by any other nation.
“North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” said John Hurley, the Treasury’s undersecretary for terrorism and financial intelligence.
“By generating revenue for Pyongyang’s weapons development, these actors directly threaten U.S. and global security.”
As The Epoch Times’ Dorothy Li reports, the Treasury Department’s Office of Foreign Assets Control imposed penalties on two individuals named Jang Kuk Chol and Ho Jong Son, who are accused of helping manage $5.3 million in cryptocurrency and other funds on behalf of a financial institution previously sanctioned by the Treasury, First Credit Bank.
Some of the money can be traced back to a North Korean ransomware actor that previously targeted American victims and managed revenue from North Korean IT workers, the Treasury said.
The department also sanctioned Korea Mangyongdae Computer Technology Company and its president, U Yong Su.
The North Korea-based tech company allegedly used Chinese nationals as “banking proxies” to obscure the origin of funds generated by the North Korean IT workers’ illicit revenue generation schemes, it said.
Pyongyang employs banking representatives, financial institutions, and shell companies located in places such as Beijing and Moscow to launder funds generated through illicit financial activities, including IT worker fraud, digital asset theft, and sanctions evasion, according to the U.S. government.
Among those targeted is Ryujong Credit Bank, a North Korea-based financial institution accused of providing “financial assistance in sanctions avoidance activities between China and North Korea.”
“These activities have included the remittance of North Korea’s foreign currency earnings, money laundering, and financial transactions for overseas North Korean workers,” the department said.
In addition, four representatives of North Korean financial institutions based in China and Russia were also added to the sanctions list. Included is Ho Yong Chol, who allegedly facilitated the transfer of more than $2.5 million in U.S. dollars and Chinese yuan on behalf of U.S.-designated Korea Daesong Bank, while managing transactions exceeding $85 million for another North Korean state-affiliated entity.
The sanction came weeks after the Multilateral Sanctions Monitoring Team, an 11-nation group led by the United States, released the latest assessment of North Korea’s cyber operations.
North Korea’s cyber force is “a full-spectrum, national program operating at a sophistication approaching the cyber programs of China and Russia,” the report reads.
In late June, the U.S. Justice Department announced criminal charges against individuals allegedly involved in Pyongyang’s scheme to fund its nuclear weapon programs by helping North Korean IT workers get jobs at more than 100 American companies, including Fortune 500 groups.
2B JAPAN
3. CHINA
CHINA/USA
HUGE STORY!!
China Introduces New Exports Controls On Antimony, Tungsten And Silver
Wednesday, Nov 05, 2025 – 09:20 PM
According to Trump, his big achievement a week ago when he announced the trade truce with China, was getting Beijing to agree to remove export limitations on rare earth minerals, which as most now know are so critical for US companies to make everything from cell phones, to cars, and military equipment. And yet, as discussed on a few occasions this week, it feels like the cracks in this latest trade deal are already starting to show, whether it is Beijing ordering Trump what he can’t talk about, or quietly ring-fencing its domestic data center by banning US AI chips.
And now, it appears that while China granted Trump a 1 year reprieve on rare earths, it is quietly tightening the export noose on other, just as important minerals.
According to the Global Times, China has introduced new export controls on silver, antimony, and tungsten.
In the statement published on the MOFCOM’s website last Thursday, the export controls are for the 2026-27 period, and have the stated aim of “stepping up the protection of resources and the environment.“
The Global Times continues:
The document was proposed by the Department of Foreign Trade of MOFCOM, based on the regulations outlined by the Foreign Trade Law of and the Regulations on the Administration of Import and Export of Goods. It aims to protect resources and the environment and enhance the export management of rare metals, said the MOFCOM.
Which is amusing: the only reason why China is currently the world leader in global rare earth refining – which is an extremely polluting and toxic process – is precisely because China has absolutely no regard for the environment; that’s because it has a huge land mass which is expendable, and it can use and abuse as it sees fit, and has millions of workers which are just as expendable.
Take the world’s largest rare earth processing mine, Bayan Obo, which is located in the barren Inner Mongolia region, and which has generated over 70,000 tons of radioactive thorium as toxic byproducts from years of REE processing.
As the Harvard International Review wrote recently, “China was only able to establish such [Rare Earth] dominance over the REE industry in large part because of lax environmental regulations. Low cost, high pollution methods enabled China to outpace competitors and create a strong foothold in the international REE market. This market is now booming: China spiked its outputs for the first half of 2021 by more than 27 percent, hitting record levels of REE extraction as demand increases.
The most infamous mine in China is Bayan-Obo, the largest REE mine in the world. Even more infamous than the mine itself is the tailing pond it has produced: there are over 70,000 tons of radioactive thorium stored in the area. This has become a larger issue recently because the tailing pond lacks proper lining. As a result, its contents have been seeping into groundwater and will eventually hit the Yellow River, a key source of drinking water. Currently, the sludge is moving at a pace of 20-30 meters per year, a dangerously rapid rate.
So no, China’s stated purpose of limiting exports because it is suddenly worried about the environment is bullshit. What isn’t, however, is that Beijing has strategically realized that while it can give Trump some RREs, it will limit access to other products which are just as important across supply chains, thus exposing yet another near-shorting choke point.
As the Global Times notes, “China’s exports of tungsten products – excluding cemented carbide tools and tungsten halogen lamps – totaled 12,000 tons from January to September of this year, representing a year-on-year decrease of 13.75 percent compared with the same period in 2024… The material can be used for manufacturing light filaments and optical instruments. As a major exporter of rare metals China produced more than 80 percent of global tungsten supply in 2023, according to data from the United States Geological Survey, the Reuters reported.”
And so the game of export whack-a-mole in the second World Trade War continues: today the US is getting rare earths (at least until Trump has another Truth Social meltdown), but just got stopped out on other, just as important materials. This export control rotation will continue until the day the US is self-sufficient, which however due to the abovementioned environmental limitations, will take a very long time unless somehow the US govt funnels enough money in domestic producers (and allows them to dump the toxic by products anywhere – who knows maybe Elon can blast them off into space) to short circuit the process.
Until then, go long stocks of domestic miners that specialize in extracting and producing anything and everything that China feels like no longer exporting to the US.
(KORYBKO)
What’s The Real Reason Why The Economist Wants Europe To Spend $400 Billion More On Ukraine?
Thursday, Nov 06, 2025 – 06:30 AM
Authored by Andrew Korybko via Substack,
Federalizing the EU, not the political fantasy of defeating Russia, is the real goal, which requires another four years of proxy warfare and at least another $400 billion to complete.
The Economist argued that the EU and the UK should meet Ukraine’s estimated $390 billion financing needs over the next four years.
In their words, “Another half-decade of [Russia’s supposedly worsening economic-financial situation] would probably trigger an economic and banking crisis in Russia”, while “Any long-term financing solution for Ukraine would help Europe build the financial and industrial muscle it needs to defend itself.”
This would only cost 0.4% of GDP per NATO member (excluding the US).
They also fearmongered that “The alternative would be for Ukraine to lose the war and become an embittered, semi-failed state whose army and defence industries could by exploited by Mr Putin as part of a new, reinvigorated Russian threat.” While it’s unlikely that Ukraine would ever team up with Russia to threaten any NATO state, Ukraine might blame Poland for its loss, after which Ukraine might back a terrorist-separatist campaign in Poland waged by its ultra-nationalist diaspora as warned about here.
Regardless of whatever one might think about the aforesaid scenario, the point is that The Economist is employing a typical carrot-and-stick approach in a bid to persuade its elite European audience that it’s less costly for them to foot Ukraine’s estimated $390 billion bill across the next four years than not to. The immediate context concerns the US’ intensified proxy war of attrition against Russia as part of Trump’s new three-phased strategy that’s meant to bankrupt the Kremlin and then stir unrest at home.
To be clear, citing this strategy doesn’t imply endorsement, it’s just meant to show why The Economist thinks that its audience might now be receptive to its appeal. About that, it’ll be a hard sell to convince folks that they need to subsidize Ukraine to such an extent over the next nearly half-decade, which could entail more taxes and social spending cuts. After all, the $100-110 billion spent this year (“the highest sum yet”) didn’t push Russia back, so the same amount over the next four likely won’t either.
Russia’s war chest is also big enough to continue funding the conflict during this time, so The Economist’s proposal would merely retain the status quo instead of alter it in the West’s favor. The dynamics might even shift further in Russia’s favor, The Economist candidly warned to its credit, “if Russia can tap China for funds”. In that scenario, the EU would likely be compelled to “tap” its own population for an equivalent sum to at least retain the status quo, thus worsening their burden with no clear end in sight.
As The Economist wrote: “for the EU to issue bonds collectively would create a bigger pool of common debt, deepening Europe’s single capital market and boosting the role of the euro as a reserve currency. A multi-year horizon for weapons procurement would help Europe sequence the build-up of its defence industry.” This aligns with July 2024’s assessment that “The EU’s Planned Transformation Into A Military Union Is A Federalist Power Play”. Federalizing the EU, not defeating Russia, is therefore the real goal.
This insight enables one to understand why EU elites – especially in EU-leader Germany – complied with the US’ anti-Russian sanctions at their own economic expense. In exchange for neutralizing the euro’s potential to rival the dollar, EU elites were allowed to accelerate the bloc’s federalization to entrench their power, which the US approved after no longer viewing the now-subordinated EU as a latent threat. Another four years of proxy warfare and at least ~$400 billion are now required to complete this process.
END
GERMANY
Germany Submits To Islam: Christmas Market In Overath Cancelled
by Tyler Durden
Thursday, Nov 06, 2025 – 07:20 AM
Submitted by Thomas Kolbe
In the German town of Overath (North Rhine-Westphalia), this year’s Christmas market has been cancelled. The cost of protecting visitors from potential terrorist attacks exceeds the organizer’s budget. The city refuses to cover the expenses. A capitulation to Islamism.
It wasn’t long ago that Christmas markets were among the social highlights of the year. Whether in small towns or major cities – they were meeting points for friends and family, for mulled wine, sausages, and quiet conversations wrapped in winter’s cold and early darkness.
Places of Togetherness
There was this special peaceful coziness. A place where community was celebrated – joyful, calm, and without fear. A tradition that brought people closer together.
What would urban life be without safe and regular gatherings in public spaces? A wasteland. A dystopia.
These moments – when people could pause, breathe, and let the soul drift for a moment – have become scarce in Germany’s public life. Since 2015, since Angela Merkel’s open-border decision, Europe has entered its own Michel Houellebecq moment.
The mass influx of young men from predominantly Islamic countries has deeply shattered the population’s sense of security.
The Loss of Carefreeness
And in this increasingly tense atmosphere, just when Chancellor Friedrich Merz touched a sore point by speaking about the changing face of cities, a manufactured storm of outrage erupted against him.
Even after deadly Islamist attacks – Berlin’s Breitscheidplatz in 2016 with 12 victims, the Solingen festival stabbing in 2023 with three dead, or the bombing plot at the Magdeburg Christmas market last year – Germany still refuses to confront militant Islam pressing into Europe.
The aggressive rejection of any criticism within Islamic circles points to the core problem: Islam never passed through the crucible of Enlightenment like Christianity did. Christianity’s claws were cut – and what remained was woven into the psychological fabric of modernity.
The list of Islamist attacks in Germany and Europe is long and growing month by month. And it proves how intimidation of secular Western society has become successful – when even traditional festivals like Christmas markets are only possible behind heavy police presence and concrete barriers to stop jihadist vehicle attacks.
The feeling of carefree celebration is gone.
Another Christmas Market Falls
The cancellation of this year’s Christmas market in Overath near Cologne fits perfectly into this picture. High security costs to protect visitors from terrorism make it impossible to open. The city refused to cover the organizer’s expenses.
The same now in Dresden – several smaller private Christmas markets cancelled because security costs exploded.
For one and a half years, the market association tried to negotiate with city officials, said Andreas Korschmann, head of the town marketing group.
Wouldn’t this be precisely the moment for the city to step up? Aren’t politicians always preaching about civic engagement and vibrant local life?
But there is no sign of courage, no standing up for a free, tolerant society. Just hollow political phrases for their own feel-good bubble.
In Overath, Islamists have managed – without any real resistance – to push aside a piece of tradition and communal life.
Outside knife-free zones and heavily policed city centers, a chilling silence spreads.
Winter Markets as Fig Leaf
The pitiful renaming of Christmas markets into “Winter Markets” was already a bow to Islam. A needless kowtow to an increasingly irritable, alienated homegrown left-wing milieu.
Germany is trapped in an identity and cultural crisis.
It’s impossible to ignore: large parts of politics and society have thrown in the towel, surrendering to Islamist pressure and the obvious threat.
A real solution would begin at the border – with a completely new regime controlling who enters the country. But the political Left and its media complex successfully taboo such measures as nationalist extremism.
The policy of open borders – a one-way membrane into the welfare state – has inflicted deep wounds on German society over the last decade. This is not just a vague feeling of insecurity; it is statistically documented in black and white.
With endless migration waves and the lack of cultural immune defense, German traditions and public life are fading into a deafening silence.
Michel Houellebecq’s grim vision of Europe bowing before militant Islam is, year after year, turning into a bleak certainty.
* * *
About the author: Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
END
DENMARK
Danish cattle reportedly dying in droves after government mandated a methane inhibitor to re-engineer cow farts – NaturalNews.com
Truly stupid
END
Danish cattle reportedly dying in droves after government mandated a methane inhibitor to re-engineer cow farts
What happens when global climate agendas and corporate profits converge on the stomach of a cow? The result is a dangerous and unfolding experiment on our food supply, one that treats living, breathing animals as mere test subjects in a laboratory of industrial scale deception. The push to medicate all cattle with synthetic methane inhibitors like Bovaer is a cautionary tale of human arrogance, where the intricate balance of nature is sacrificed for the illusion of control. This is a story about what happens when we forget that the cow is a sacred part of a natural cycle and try to engineer it into a compliant machine for a political cause.
Key points:
- The Danish government’s mandate of the methane inhibitor Bovaer has been linked to widespread cattle illness, reduced milk production, and deaths, according to farmer reports.
- Bovaer, a synthetic chemical, works by disrupting a fundamental enzymatic process in the cow’s rumen, a digestive system refined over millennia.
- Despite claims of safety from manufacturers and regulators, the product’s own safety sheet requires handlers to wear protective gear, raising serious questions about its consumption via the food chain.
- A growing consumer backlash, including milk boycotts, reflects deep public distrust in this corporate-driven intervention.
- The mandate represents a broader agenda of industrial control over food and farming, sidelining proven, natural regenerative methods.
The Danish prelude: A warning from the front lines
The canary in the coal mine for this global experiment is currently suffering in Denmark. In October, the Danish government mandated that all cattle be fed Bovaer, a product developed by the biotech giant DSM Firmenich. The promised outcome was a reduction in the methane belched by cows, a gas targeted by climate activists. The actual outcome, as reported by the very people who care for these animals, has been nothing short of catastrophic.
Kjartan Poulsen, chairman of the National Association of Danish Milk Producers, confirmed the crisis, stating, “We have so many people calling us and are unhappy about what is happening in their herds.” The reports are chilling: cows collapsing, a significant drop in milk production, and animals being euthanized. This is not the result of a novel disease but the direct consequence of a government-mandated chemical intervention. The Danish experience serves as a stark warning to the United Kingdom, which plans to enforce a similar mandate by 2030, and to all nations being sold this deceptive solution.
Hijacking the bovine gut: A dangerous game of enzymatic interference
To understand the gravity of this situation, one must first appreciate the magnificent complexity of a cow’s digestive system. A cow is a natural upcycler, designed by nature to convert fibrous plants, inedible to humans, into nutrient-dense food. This miracle happens in the rumen, a fermentation vat teeming with a diverse community of microbes. These microbes break down grass and hay, and in the process, produce hydrogen and carbon dioxide. Another group of microbes, called methanogens, then perform their essential role by converting these gases into methane, which the cow expels. This is a natural, balanced process that has sustained bovine life for ages.
Enter Bovaer, with its active synthetic ingredient 3-nitrooxypropanol (3-NOP). This chemical is engineered to act as a saboteur in the rumen. It temporarily inactivates a critical enzyme known as methyl-coenzyme M reductase, which is the very catalyst the methanogens use to form methane. By inhibiting this enzyme, the chemical process is blocked, and methane production drops. The manufacturers and their government partners celebrate this as a victory. But what are the consequences of crippling a fundamental microbial process that has evolved over millions of years? The sudden illness and death of Danish cattle suggest that the rumen’s ecosystem is being thrown into chaos, with dire implications for the animal’s overall health and the safety of the milk and meat it produces.
Safety claims and consumer revolt
The architects of this experiment, DSM Firmenich, assure the public that Bovaer is “proven safe and effective.” They claim it breaks down into compounds naturally present in the rumen and does not transfer into milk or meat. Yet a simple look at the product’s safety data sheet tells a more alarming story. It advises handlers to wear masks and gloves to avoid risks from small dust particles during handling. This immediate contradiction begs the question: if a substance requires personal protective equipment for incidental contact, what logic justifies its daily ingestion by a living animal that becomes our food?
This glaring discrepancy has not been lost on consumers. In the UK, the announcement of trials by dairy giant Arla sparked a firestorm of concern. Social media platforms like TikTok have become a forum for public outrage, with users sharing videos of themselves pouring milk down the drain and vowing to boycott supermarkets that stock products from cows treated with these additives. This grassroots movement is a powerful testament to the public’s intuition that something is deeply wrong. People are questioning the very nature of their food, asking if they are consuming milk from a re-engineered animal, a pharmaceutical product disguised as a natural staple. The British Food Standards Agency may parrot corporate safety talking points, but in a post-COVID world, the public is increasingly wary of official assurances that are not backed by transparent, long-term, independent human studies.
The push for Bovaer is more than a misguided environmental policy; it is a power grab. It centralizes control of food production into the hands of a few chemical and biotech corporations, marginalizing the small farmers and regenerative ranchers who work in harmony with nature. These farmers understand that healthy soils and well-managed herds can sequester carbon and reduce environmental impact without dangerous synthetic shortcuts. The real conspiracy is the systematic dismantling of our connection to natural food under the false banner of climate action. The question we must all ask is, will we stand by as they experiment with our food and our future, or will we demand a return to sanity and respect for the natural world?
END
LONDON
The Ban On Ricky Gervais’ Billboard Saying “Welcome To London, Don’t Forget Your Stab Vest” Shows We Are No Longer Free
Thursday, Nov 06, 2025 – 05:00 AM
Authored by Lee Taylor via DailySceptic.org,
Last week, Britain’s comedy treasure, Ricky Gervais, took to social media to rant about how his proposed billboards for Dutch Barn Vodka had been rejected.
Each banner featured a dark but hilarious slogan that would have inevitably won the applause of Britain’s disillusioned masses.
Its rejected lines include:
- “Dutch Barn, drugs this good are usually illegal.”
- “Dutch Barn, your tube driver’s favourite drink in the morning.”
- “Dutch Barn, one day you’ll be underground for good.”
Ironically, the slogan to cause the most amusement of all among social media followers was the following:
- “Welcome to London, don’t forget your stab vest.”
Brits particularly appreciated this version as it bravely stood as a dark, tongue-in-cheek nod to Britain’s knife-crime epidemic.
But to the rule makers it was just another offensive idea that was banned due to being too ‘inappropriate’.
Merely a day after Gervais delivered his rant, reality took a terrifying turn. On a Doncaster-to-London train, a man went on a blood-fuelled rage, stabbing 10 innocent people. Real life quickly turned darker than the joke, and not even the most intuitive writers could have scripted it.
Gervais, who has made a career out of saying what others daren’t, simply held up a mirror. The reaction proved his point: in Britain today you can be stabbed on your commute, but you can’t harmlessly address it on a poster. And, if you have to know a single fact about the British psyche, it is that we cope by mocking life’s miseries – that’s the British spirit for you.
Transport for London was quick to deny the censorship, insisting the campaign was never formally rejected. Who knows, maybe it was all a publicity stunt – but that only underscores the point. In today’s climate, Gervais’s kind of humour wouldn’t stand a chance of official approval.
Advertising used to be a marketplace of ideas, brash, creative, sometimes tasteless, but free. Now it’s a managed space policed by people who think their job is to protect us from ourselves. The regulators pore over copy like priests parsing scripture, deciding what the public may or may not see. ‘Misleading’, ‘offensive’, ‘harmful’. The list of forbidden words grows weekly.
But this isn’t just about prudishness or brand safety. It’s about ideology. The modern advertising world has become a proxy for the wider culture war: a class of bureaucrats and creative-industry lifers enforcing political orthodoxy under the guise of ‘standards’. They’re terrified of a complaint on X and paralysed by the idea that someone, somewhere, might take offence.
On the Underground, censorship is practically civic policy. The same network that hosts endless government propaganda about ‘climate action’ and ‘diversity’ suddenly loses its appetite for satire, religion or, heaven forbid, criticism of London itself. Remember the “Are you beach body ready?” poster that was banned for hurting feelings? The one showing a woman in a yellow bikini? Sadiq Khan couldn’t get to a microphone fast enough to declare London a “body-positive” zone. But as Gervais says: “Just because you’re offended, doesn’t mean you’re right.”
Since then, Khan’s office has vetoed everything from meat adverts to oil campaigns, always in the name of public virtue. He governs the capital like a headmaster confiscating magazines, deciding what adults are allowed to look at between stations. It’s not public transport anymore; it’s a rolling sermon.
That’s why Gervais’s intervention matters. He isn’t some fringe provocateur. He’s one of Britain’s most-watched comedians, adored across class and political lines. When he takes aim at hypocrisy, whether it’s celebrity moralising or political correctness, people listen. He has an instinct for where the real line of public decency lies, and it’s a long way from where our cultural gatekeepers have drawn it.
The fact that even he can’t get a joke past the bureaucrats tells you how far we’ve drifted. If Gervais can’t advertise satire, what hope is there for anyone trying to challenge consensus thinking? When the king starts killing the jester, you know the kingdom’s in trouble.
Advertising should be judged by one metric alone: does it persuade? If it’s stupid, tasteless or misses the mark, the market will kill it. Viewers will sneer, consumers won’t buy, and brands will learn. That’s accountability, not a panel of political appointees policing tone and subtext.
It’s time to strip moralism out of marketing. Dismantle the cosy club of regulators, councils and committees that treat adults like children. Let the people, the supposed targets of all this messaging, decide what offends them and what doesn’t. Because when you hand censorship to the state or its cultural proxies, it never stops at adverts. It spreads. One day you can’t mock London crime; the next you can’t discuss it.
Lee Taylor is CEO and Founder of marketing agency Uncommon Sense.
END
ITALY
Italy: Foreigners Commit 43% Of Sexual Crimes, 60% Of Robberies And Thefts
Thursday, Nov 06, 2025 – 02:00 AM
In yet another example of the massive foreign crime wave engulfing Europe, new data shows that foreigners in Italy are vastly overrepresented in violent crimes and predatory crimes such as robbery and sexual assault.
The 2024 data shows that a significant number of arrests in Italy are targeting foreigners, making up 34.7 percent of arrests.
However, when it comes to more serious predatory crimes, the figure is much higher. For public street robberies, foreign make up 60.1 percent of suspects and for robberies in total, it is 52.3 percent. Foreigners are responsible for 61 percent of burglaries, and 69 percent of pickpocketing cases, according to new crime data analyzed by Italian newspaper Il Sole 24.
For sexual assault, foreigners are responsible for 43 percent of all such cases.
This is despite foreigners making up only a small share of the Italian population. According to the Ismu Ets report, as of Jan. 1, 2024, there were 5.7 million foreign people in Italy. Of these, 5.3 million were residents, making up 9 percent of the Italian population. This is compared to 8.2 percent in 2014.
For drug dealing, foreigners are responsible for 39 percent of cases, 24.5 percent of car thefts, 29 percent of smuggling cases, and 23.7 percent of homicides.
Italy does not track the foreign background of Italian suspects, but in recent years, a many high-profile cases have involved exactly these type of citizens.
The data is also skewed for a number of reasons. While citizens from other European countries like Austria and France are also counted as foreigners, they make up a very small percentage of foreign criminals, with suspects from Africa and North Africa even more vastly overrepresented.
Approximately 321,000 of these foreigners were illegal migrants, making up a very small share of the overall Italian population.
Italian journalist Francesco Totolo, citing this data, wrote: “Nearly 1 in 2 sexual assaults is committed by the 9% of the resident population in Italy, foreigners. Thefts, pickpocketing and robberies: over 6 out of 10 arrested are foreigners.”
Irregular immigrants — those without a valid residence document or with an expired permit — represent 5.6 percent of foreigners in Italy and are thought to have a greater impact on crime than legally resident immigrants.
One influential study on the subject (Barbagli, Colombo, 2011), which analyzed data from 1988 to 2009, found that 70 percent of crimes committed in Italy by immigrants were committed by illegal migrants.
According to Paolo Pinotti, vice-rector of Bocconi University in Milan and founder of the Clean study center on crime, this dynamic remains true today, although Interior Ministry data does not disaggregate between regular and irregular immigrants.
Pinotti suggests that if this breakdown were available, it would show that the disproportionate share of foreigners in total arrests is mainly due to illegal migrants who commit small predatory crimes for economic reasons, or even crimes such as sexual violence, https://rmx.news/crime/milan-is-out-of-control-due-to-migrant-crime-ita…
“Foreigners who are regularly present in the territory, however, they have a propensity for crime in line with that of Italians,” he stated.
The province with the greatest weight of foreigners in the total number of arrestees is Prato (62 percent), a figure nearly double the national average. This is partially explained by the high percentage (around 25 percent) of foreign residents in the Tuscan province.
Other areas with high percentages include the large metropolitan areas of Milan (55.8 percent) and Florence (56 percent), where street crimes like thefts and robberies have multiplied. Border territories also show high figures: Imperia (54.8 percent), Bolzano (54.7 percent), Trieste (51.5 percent), and Gorizia (48.8 percent).
END
FRANCE
THIS IS DANGEROUS AND STUPID
(KORYBKO)
France’s Plans To Deploy Troops To Ukraine Risk Sparking A Major Crisis
Thursday, Nov 06, 2025 – 10:25 AM
Authored by Andrew Korybko via Substack,
Russia’s Foreign Intelligence Service (SVR) reported that France is plotting to deploy up to 2,000 soldiers, the core of which will be Latino assault troops from the Foreign Legion who are presently undergoing intensive training in Poland, to Central Ukraine in the near future.
This follows Chief of Staff of the French Army Pierre Schill declaring that his country will be ready to deploy troops to Ukraine next year as part of “security guarantees”.
Putin earlier warned that any foreign troops there would be legitimate targets.
Nevertheless, SVR reported in late September that “the first group of career military personnel from France and the United Kingdom has already arrived in Odessa”, yet no crisis followed. The reason might be that neither of them confirmed their forces’ presence there, perhaps for escalation-management purposes, so they and Russia aren’t (yet?) making a big deal about any potential casualties. Up to 2,000 conventional troops, however, would be impossible to hide and thus represent a major escalation.
French President Emmanuel Macron first flirted with deploying troops to Ukraine in February 2024, but nothing came of it likely due to reluctance among his NATO allies to risk World War III with Russia. One year later, new Secretary of Defense (now War) Pete Hegseth informed the bloc that the US won’t extend Article 5 security guarantees to allies’ troops in Ukraine. Since then, reports circulated that Trump might authorize US intelligence and logistics support for precisely such a post-war deployment.
These rumors followed his Anchorage Summit with Putin and preceded the US’ latest escalation against Russia by two months, the latter of which was assessed here as being driven in part by Trump believing that he can coerce Putin into the most realistic maximum concessions possible. About that, Russia is unlikely to ever cede the disputed territories under its control since the constitution prohibits that, but it’s hypothetically possible that it could accept the deployment of Western troops to Ukraine one day.
It’s unimportant if some consider this to be a political fantasy since that doesn’t detract from the argument that Trump is formulating US policy towards the Ukrainian Conflict with this scenario in mind. Whether this potentially French-led force would deploy during hostilities or only afterwards is a subject of debate, not to mention whether any such force would ever deploy there at all, but France remembers what Hegseth said in February and therefore probably wouldn’t do so unilaterally without US approval.
Accordingly, it should be assumed that Trump is aware of Schill’s declaration of intent about next year’s possible deployment to Ukraine and Macron’s potential plans to deploy assault troops even sooner but at the very least didn’t object, perhaps even encouraging this as leverage over Putin (as he might see it).
If so, then Putin must decide whether to reach a deal with Trump over this for escalation-management purposes or climb the escalation ladder by authorizing strikes against those troops if they deploy there.
It was predicted here in late September after SVR’s report about French and UK troops in Odessa that “Direct Western intervention in the conflict is now arguably turning into a fait accompli, it’s just a question of how Russia will respond and whether the US will then be pulled into mission creep.”
The two latest news items confirm the accuracy of that analysis, which lends credence to the overall assessment that Trump is “escalating to de-escalate” on better terms for the West and worse ones for Russia.
END
ENGLAND
Deeply-Divided Bank Of England Leaves Rates Unchanged, Warns Of “AI Bubble”
Thursday, Nov 06, 2025 – 08:15 AM
The Bank of England kept its key interest rate at 4.0% this morning, opting against a cut (as the market expected) ahead of the UK government’s annual budget this month (which is expected to feature tax hikes).
“We still think rates are on a gradual path downwards, but we need to be sure that inflation is on track to return to our two-percent target before we cut them again,” BoE governor Andrew Bailey said in a statement following the widely-expected decision.
The decision was very tight as policymakers including Bailey voted 5-4 to maintain the rate.
Four members of the Monetary Policy Committee (MPC) called for a cut to 3.75 percent.
The BoE last cut its key rate in August amid concerns over the impact of US tariffs on the UK economy.
Importantly, the minutes of the meeting noted that “overall the risks [to the inflation outlook] are now more balanced” but that more evidence is needed. The last reference essentially conditions the next interest cut to further progress in the data.
As regards the forward guidance, the MPC left the overall message broadly unchanged but did change the wording by removing “careful” and now saying that “[i]f progress on disinflation continues, Bank Rate is likely to continue on a gradual downward path.”
Interestingly, while the BoE’s guidance is dovish, its forecasts continue to have an inflation overshoot for the whole of next year and into 2027 – CPI is seen at 2.5% in Q4 2026 and 2.0% in Q4 2027 2.0%, based on market rates.
The BoE’s December meeting is definitely in play based on Governor Bailey’s comment:
“The downside scenario seems more likely. It could help explain the elevated saving rate, and Agents’ intelligence on uncertainty. Rather than cutting Bank Rate now, I would prefer to wait and see if the durability in disinflation is confirmed in upcoming economic developments this year. Current market pricing is close to the path suggested by a forward-looking Taylor rule, which is a fair description of my position at present”.
OIS pricing for the December meeting has moved to around 16.5bp, from around 11bp priced before the decision (or a 66% chance of a cut.
Cable strengthened on the ‘hold’…
Finallym, during his press conference, Bailey also weighed in on the frothy valuations in stock markets, led by US tech stocks and the AI megatrend, saying that “we could have an AI bubble” and that is being watched closely for any implications on financial stability.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
IDF confirms death of Hamas terrorist who held six hostages
Zaid Zaki Abd al-Hadi was killed during a strike conducted on October 29, 2025, thanks to a joint operation by the IDF and the Shin Bet.
https://player.jpost.com/public/player.html?player=jpost&media=3970663&url=https://www.jpost.com/Terrorist Zaid Zaki Abd al-Hadi Aql killed by the IDF. (Credit: IDF SPOKESPERSON UNIT)ByJERUSALEM POST STAFFNOVEMBER 5, 2025 19:42Updated: NOVEMBER 5, 2025 22:04
The IDF killed the terrorist Zaid Zaki Abd al-Hadi Aql in a strike conducted on October 29, the military confirmed on Wednesday.
Hadi Aql was involved in holding six hostages captive in Gaza: Bar Kuperstein, Ohad Ben Ami, Maxim Herkin, Elkana Bohbot, Segev Kalfon, and Yosef-Haim Ohana.
“He was not ‘just another terrorist,’ he was the gateway to hell. The pit where we were lowered into was in his house; the place where our lives above ground ended, and we reached a depth no person should ever know,” Kalfon said in response to his death, calling him a troll.
“There, he watched and encouraged the ‘game of life’: they stood around us, counted us, aimed Kalashnikovs, released the safety catch, and asked us to decide which three among us would be executed.”
“Some will say, ‘He got what he deserved,’ but the truth and justice must continue to be pursued. No bullet that eliminates a terrorist closes any story,” Kalfon concluded.
In September, the IDF confirmed that security forces killed Hamas terrorist Hazem Awni Naeem, who held Emily Damari, Romi Gonen, and Naama Levy hostage.
Naeem was killed in a coordinated strike by the IDF and Shin Bet on August 28 in the Gaza City area.
Additional terrorist who held Damari hostage killed
Mohammed Nasser Ali Qanita, another Hamas terrorist who held Damari and the others captive, was confirmed killed by the IDF and Shin Bet in July, following a targeted attack in mid-June.
Qanita was a member of Hamas’s military intelligence’s al-Furqan Battalion. He infiltrated Israel on October 7 and then held Damari hostage in his home at the start of the war.
END
New Jersey arrests two ISIS-linked terrorists allegedly planning antisemitic attacks
Two men with ties to ISIS were arrested in New Jersey for planning violent antisemitic attacks. The suspects were also tied with the cell behind the Halloween terror plot in Dearborn, Michigan.
A member of the FBI Joint Terrorism Task Force, Dearborn, Michigan, October 31, 2025; illustrative.(photo credit: JEFF KOWALSKY/AFP via Getty Images)ByJERUSALEM POST STAFFNOVEMBER 6, 2025 04:55
New Jersey authorities arrested and charged two ISIS-linked terrorists who are alleged to have been planning antisemitic attacks, acting attorney for New Jersey, Alina Habba, announced on Wednesday.
The two suspects charged were connected to the terror cell behind the Halloween terror plot in Dearborn, Michigan.
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One of the suspects was charged with conspiring to provide material support to a designated terror organization, while the other was charged with transmitting violent antisemitic threats to individuals “in New Jersey and beyond,” Habba clarified.
The complaint filed against the two suspected terrorists claims that they used encrypted messaging applications to plan their travel to Syria, via Turkey, in order to join ISIS as terrorist operatives.
The complaint also states that they discussed “detailed travel plans, physical training, weapons including firearms and improvised explosive devices, and methods to avoid law enforcement detention,” Habba said.
The two had already pledged themselves to ISIS and were plotting acts of terror domestically in the US, the complaint accuses.
The two shared messages, including one of the suspects standing in front of an ISIS flag holding a knife, with the other seen wearing an ISIS hat, Habba added.
Acting attorney Habba: ‘Threat of terrorism is real’
“The threat of terrorism is real,” she warned, clarifying that the complaint describes a pattern of antisemitic messages, advocating violence, along with images and purchases “consistent with preparations for a terror attack,” including possession of a knife and sword collection, tactical gear, and footage of one of the suspects practicing at a shooting range.
One of the suspects was arrested at Newark Liberty International Airport on Tuesday, when authorities who had been monitoring him noticed that he moved up his flight to Turkey, CNN reported.
The second was arrested at his home in New Jersey.
END
SUDAN/USA
US Working With Arab Partners To End Sudan Conflict, White House Says
Thursday, Nov 06, 2025 – 04:15 AM
The United States is working with its Arab partners to bring an end to the conflict in Sudan, White House press secretary Karoline Leavitt said on Nov. 4, describing the situation as “very complicated.”
Speaking at a press briefing, Leavitt said Washington is “actively engaged in efforts” to mediate peace and remains “committed to working with our international partners, including Quad members—Egypt, Saudi Arabia, the UAE—as well as others, to lead a negotiated peace process that addresses both the immediate humanitarian crisis and the longer-term political challenges.”
The Quad refers to an informal diplomatic grouping of the United States and the three Arab countries that coordinate over shared regional interests.
As Evgenia Filimianova details below for The Epoch Times, last week, the World Health Organization (WHO) said it was appalled by reports that the Rapid Support Forces (RSF), a Sudanese paramilitary group, killed more than 460 people at a hospital in the western city of el-Fasher. The RSF denied the accusations.
The patients and their companions were reportedly killed on Oct. 29 at Saudi Hospital by RSF members in the city of el-Fasher, WHO Director-General Tedros Adhanom Ghebreyesus said.
Tedros said that before this latest attack, the WHO had verified 285 attacks on health care facilities in Sudan with at least 1,204 deaths and over 400 injuries of health workers and patients, since the start of the conflict in 2023.
The U.S. State Department condemned the reported mass atrocities and called on RSF to “stop engaging in retribution and ethnic violence.”
“The United States will continue working with partners to find a peaceful path forward. There isn’t a viable military solution, and external military support only prolongs the conflict. The United States urges both parties to pursue a negotiated path to end the suffering of the Sudanese people,” the State Department said in a Nov. 1 statement posted on X.
Leavitt acknowledged an uptick in reporting on the conflict and said she had discussed the developments with Secretary of State Marco Rubio earlier that day. She added the administration was in “pretty frequent communication” with Arab partners about the conflict.
The war in Sudan has devastated Africa’s third-largest nation.
The fighting between the Sudanese Armed Forces and the RSF has claimed more than 61,000 lives in Khartoum State alone, according to a 2024 study by the London School of Hygiene and Tropical Medicine’s Sudan Research Group.
The United Nations has said that over seven million people have been displaced within Sudan as of mid-October, compounding an already dire humanitarian crisis.
A medic waits in a makeshift clinic as displaced Sudanese gather after fleeing el-Fasher city in Darfur, in Tawila, Sudan, Oct. 29, 2025. Mohamed Jamal/Reuters
Diplomatic Push for Cease-Fire
In September, Washington and its Quad partners—Egypt, Saudi Arabia, and the United Arab Emirates—jointly proposed a three-month humanitarian truce in Sudan, to be followed by a permanent cease-fire and a nine-month transition to civilian rule. The Sudanese government rejected the proposal at the time.
Two weeks later, on Oct. 24, the United States hosted the Quad members in Washington to advance collective efforts toward peace and stability in Sudan.
The group reaffirmed its commitment to the September plan and agreed to form a Joint Operational Committee to coordinate urgent priorities, including humanitarian access, a cease-fire, and an end to external support for the warring sides.
U.S. President Donald Trump “wants peace, and we are united in our commitment to ending the suffering of the Sudanese people,” U.S. senior adviser for Arab and African affairs, Massad Boulos, said following the meeting.
Boulos has been leading the diplomatic outreach in the region. Over the weekend, he held talks with Egyptian Foreign Minister Badr Abdelatty and later met with Arab League officials in Cairo.
He said discussions in Egypt focused on “expanding humanitarian access and advancing efforts to resolve the conflict in Sudan,” as well as on counterterrorism cooperation and regional migration issues.
Boulos said the region’s most urgent challenges were addressed during his meeting with Arab League Secretary-General Ahmed Aboul Gheit.
“We condemned the horrific crimes against civilians in El Fasher and called for urgent action to protect civilians and end the violence,” he said.
Escalating Atrocities and Global Reaction
The assault on el-Fasher in late October drew global condemnation. Reports from aid organizations and residents described mass killings, sexual violence, and attacks on humanitarian workers during the offensive.
“We are deeply disturbed by the horrific escalation of violence and attacks against civilians in el-Fasher,” Boulos said on Oct. 29. “The deliberate targeting of vulnerable populations through acts of violence and retribution is both abhorrent and unacceptable.”
He said those responsible “must be held accountable,” and urged RSF leaders to turn commitments to protect civilians into “concrete actions on the ground.”
At a forum in Qatar on Nov. 4, U.N. Secretary-General Antonio Guterres urged Sudan’s warring parties to “come to the negotiating table” and end the “nightmare of violence.”
Sudanese men who fled al-Fasher city, after Sudan’s paramilitary forces killed hundreds of people in the western Darfur region, collect water at a camp in Tawila, Sudan, on Nov. 1, 2025. Mohammed Bakry/AP
The foreign ministers of Germany, Jordan, and the United Kingdom on Nov. 1 jointly called for an immediate cease-fire in Sudan.
“For too long, this terrible conflict has been neglected, while suffering has simply increased,” British Foreign Secretary Yvette Cooper said at the Manama Dialogue security summit in Bahrain on Nov. 1.
She pledged a further $6.5 million of humanitarian support in response to the violence in el-Fasher.
END
ISRAEL VS HAMAS
Hamas uses regional talks to maximize influence in Gaza ceasefire – analysis
Hamas engages Turkey and Egypt to stabilize Gaza, signaling possible arms concessions, while the US pushes a UN-backed ceasefire and crisis plan, with Rafah tunnels a key test for diplomacy.
A Hamas terrorist standing near the Yellow Line in Gaza, November 2, 2025; illustrative.(photo credit: REUTERS/DAWOUD ABU ALKAS)BySETH J. FRANTZMANNOVEMBER 6, 2025 10:03Updated: NOVEMBER 6, 2025 16:22
Hamas appears to be trying to trot out its remaining leaders to urge diplomacy as a path to resolving tensions in Gaza. Over the past few days, reports have indicated Turkey’s MIT intelligence agency chief met the head of Hamas’s negotiating team, Khalil Al-Hayya, in Istanbul.
The talks took place on Wednesday and aimed for a “path to be followed in implementing the next phases of the Gaza ceasefire plan, Turkish security sources said,” Reuters reported.
In a related development, Axios reported: “The Trump administration wants to use a crisis over Hamas militants who got ‘stuck’ in tunnels behind Israeli lines in Gaza to develop a model for disarming the group, two US officials with knowledge of the issue tell Axios.”
A Bloomberg report discussed Hamas giving up some of its weapons. Hamas official Moussa Abu Marzouk was quoted as saying Hamas might be willing to relinquish rockets “with ranges beyond the buffer zone.”
The three reports clearly represent a pattern. Hamas is trying to work with Egypt and Turkey to resolve issues in Gaza.
At the same time, it is not always clear if Cairo and Ankara are on the same page. Therefore, Hamas is likely trying to send its emissaries to both countries to try to get the best of both worlds.
Hamas also knows the US is moving toward a UN plan for an international force in Gaza.
“Today, Ambassador Michael Waltz, Representative of the United States to the United Nations, convened the elected members (E10) of the UN Security Council – representatives of Algeria, Denmark, Greece, Guyana, Pakistan, Panama, the Republic of Korea, Sierra Leone, Slovenia, and Somalia,” the US mission to the UN said Wednesday. “Notably, the United States also welcomed Egypt, Qatar, the Kingdom of Saudi Arabia, Turkiye, and the United Arab Emirates to the meeting, demonstrating regional support for the resolution to the UN Security Council on Gaza.”
Meanwhile, the Axios report has important details about the crisis in Rafah.
“Behind the scenes: US officials have been trying to bridge the divide over the last several days,” the report said, adding that “Turkey’s intelligence chief, Ibrahim Kalin, also joined the mediation efforts at the US request, Turkish officials say. During those talks, the Trump administration gave Israel a proposal to resolve the Rafah crisis. It called for Hamas militants in the Rafah tunnels to surrender and hand over their weapons to a third party (Egypt, Qatar or Turkey).”
What are Turkish media outlets saying about the Hamas meetings?
“During the meeting, the Hamas delegation expressed its gratitude to Turkiye, particularly to President Recep Tayyip Erdogan, for the role and efforts as a mediator and guarantor in achieving and monitoring the ceasefire,” Turkey’s Anadolu Agency, a state-run news agency, reported.
Implementing the next phases of the ceasefire plan
“The Hamas delegation also said that they are committed to the ceasefire agreement despite the violations committed by Israel throughout the ceasefire process,” the report said. “The meeting also addressed the steps needed to ensure the ceasefire process operates smoothly and how to overcome existing problems. The parties also discussed the paths to be followed in implementing the next phases of the ceasefire plan.”
The talks are also garnering attention in the Gulf states.
The discussions about Rafah are important because they could pave the way for further talks that enable stabilization in Gaza, Al Ain News, a UAE-based news site, reported.
The concept is to create a permanent mechanism for resolving crises in Gaza. The US has already done a lot of groundwork on this.
US Central Command set up the Civil-Military Coordination Center in Kiryat Gat, for instance. The US push for a UN resolution is an example of “American leadership of the new path,” Al Ain News reported.
Hamas officials, including Hayya and Marzouk, are key players for the next steps as well. The interplay between Egypt and Turkey will help move forward what happens next in Gaza.
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, October 27 -November 4, 2025
Actor Floyd Roger Myers Jr. (“The Fresh Prince of Bel-Air”); C&W singer John Wesley Ryles; rocker Donna Jean Godchaux-MacKay (Grateful Dead); rapper Young Bleed (51); R&Ber Leslie Wilson; & more
| Mark Crispin MillerNov 6 |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
UNITED STATES (99)
Fresh Prince of Bel-Air child star Floyd Roger Myers Jr. suddenly dies
October 30, 2025
Former child star Floyd Roger Myers Jr., who appeared as a young Will Smith in the sitcom The Fresh Prince of Bel-Air, has died at just 42 years old after suffering a heart attack. The actor passed away early Wednesday morning at his home in Maryland, his mother Renee Trice told TMZ. She told the outlet that she had spoken to her son just hours before he died. Myers had already suffered three heart attacks in the last three years, Trice added. During his time as a child star, Myers first appeared as a young Will Smith in the third season of The Fresh Prince of Bel-Air in 1992. He later played the role of young Marlon Jackson in The Jacksons: An American Dream that same year.
Beloved Country Singer John Wesley Ryles Has Died
November 4, 2025
John Wesley Ryles had a successful career as a country music performer, amassing eleven Top 40 hits over a 20 year time span, including signature songs like “Kay” recorded when he was just 17 years old, and 1977’s “Once in a Lifetime Thing” that reached the Top 5. But it was his work as a harmony singer and studio musician singing on countless country cuts that earned him the respect of so many in Nashville. John Wesley Ryles passed away on Sunday, November 2nd at the age of 74, leaving behind a huge, if somewhat unheralded legacy from being the other singer on so many timeless country classics.
No cause of death reported.
Members of the Grateful Dead Respond to Donna Jean Godchaux-MacKay’s Passing
November 4, 2025
On Sunday, November 2, Donna Jean Godchaux-MacKay passed away at age 78. The powerful voice that elevated classic 1970s concert standards like “Playing in the Band,” “Not Fade Away,” and “Scarlet Begonias,” with harmony and breathy wails that demonstrated a willingness to project emotive layers atop Garcia’s fretwork and Weir’s cadence, from 1971-1979, was remembered by her bandmates, Bill Kreatuzmann, Mickey Hart, Bob Weir, and Trixie Garcia, on behalf of the Garcia family.
Researcher’s Note – Godchaux-MacKay died “after a lengthy battle with cancer”: Link
Rapper Dead at 51 Following Brain Aneurysm
November 4, 2025
Rapper Young Bleed has passed away following complications from a brain aneurysm. His son, Ty’Gee Ramon, took to Instagram Monday to announce the “unreal” news that his father “gained his wings” on Saturday … and remember his father and his legacy, which he said he plans to continue. Ty’Gee, the eldest child of Young Bleed, said his father never dealt with “real health issues” but confirmed he had high blood pressure and would take medicine routinely. He explained his fatal health scare that landed him in the hospital as “a natural thing.” We told you about his medical emergency … the Louisiana hip-hop pioneer – born Glenn Clifton Jr. – was rushed to the hospital just days after a well-received performance at the Cash Money Verzuz No Limit event at ComplexCon in October. The mother of his 10-year-old son, Tameka Long – AKA Madamm Meek – told us he had high blood pressure and a heart condition … and was in the ICU and on a ventilator after suffering a brain aneurysm caused by internal bleeding. Young Bleed’s mom confirmed his hospitalization was completely unexpected via a GoFundMe she set up to assist with medical costs.
R.I.P. former New Birth and LTD lead singer Leslie Wilson
October 30, 2025
We are sad to report the passing of one of the truly great, often unheralded voices of 70s and 80s R&B, Leslie Wilson [72], best known for his work as the expressive lead singer of the classic group The New Birth, and later as a part of the post-Jeffrey Osborne version of L.T.D. His death was confirmed on the New Birth social media page. Wilson and his brother Melvin (who died in 2023) were a key part of The New Birth’s biggest years following the creation of the group by R&B legend Harvey Fuqua out of the ashes of the instrumental group The Nite-Liters and the Detroit-based Love, Peace & Happiness. His raspy tenor voice quickly became a signature element for the group, taking charge on the group’s breakthrough cover of “I Can Understand It” (originally by Bobby Womack).
No cause of death reported.
Janina Garraway, Chris Brown video star, dies at 42
October 30, 2025
The entertainment world mourns the loss of Janina Garraway, a talented dancer and actress who passed away after a private battle with cancer. Garraway gained widespread recognition for her starring role in Chris Brown’s 2006 Say Goodbye music video and maintained a successful career spanning dance, acting, and business ventures. The performer faced significant health challenges when diagnosed with Stage 4 colorectal adenocarcinoma. The diagnosis occurred during an particularly challenging period, as she had recently given birth to a son who was only five weeks old at the time.
Chad Willetts, celebrated Chicago musician and owner of Le Piano in Rogers Park, dies at 61
October 28, 2025
Chad Willetts, a Chicago musician who drew crowds to the Rogers Park neighborhood at the intimate jazz club Le Piano, died earlier this month. Willetts — a pianist, drummer and longtime Rogers Park resident — died suddenly on Friday, Oct. 17, according to his former wife, Amy Willetts. He was visiting friends in Michigan at the time. Willetts was 61.
No cause of death reported.
Karmo Sanders, ‘The Marden’s Lady,’ passes away at 74
October 29, 2025
PORTLAND, ME – A local playwright, performer, teacher and accidental TV star has passed away. According to her obituary, Karmo Sanders died peacefully at her home in Scarborough this weekend. The 74-year-old was best-known in Maine as simply “The Marden’s Lady.” The character was on TV screens all over Maine for years until the salvage store chain ended the ad campaign in 2013. According to her obituary, most recently she’d been teaching playwrighting and acting at USM.
Researcher’s Note – University of Southern Maine’s “vaccination” mandate: Link
No cause of death reported.
John Rubey, Former AEG and Fathom Events Executive, Dies at 73
October 28, 2025
John Rubey, the respected entertainment executive who had stints at Feyline Productions, PACE Management, Spring Communications, AEG and Fathom Events, has died. He was 73. Known to family and friends as Roger and “Uncle Roger,” Rubey died unexpectedly Sept. 17 at his home in Aurora, Colorado, a family spokesperson announced.
No cause of death reported.
Valerie Shelton Tabor [52], Fairwell
November 3, 2025
Valerie [right] performed with our company and we collaborated on projects both in New York City and in Dallas. She was praised for her role as the Unicorn in Jean Philippe Rameau’s opera ballet, Zephyre, by The New York Times. Valerie’s departure from this world just a few days ago is difficult to understand and she will be missed. Our sympathy goes out to her family and to the many dancers who worked with her and were moved by her artistry, determination and passion for life.
No cause of death reported.
Southern Miss legend Janice Felder passes away
October 30, 2025
HATTIESBURG, Miss. – Janice Felder, a legend of Southern Miss Athletics, has passed away. According to Southern Miss Athletics, the former Lade Eagle basketball player died on Wednesday. She was 55. Felder helped Southern Miss women’s basketball build a profile on the national stage in her four seasons as a Lady Eagle under Coach Kay James. She is regarded as the greatest ever Southern Miss women’s basketball player. Felder is the one and only former USM women’s basketball player to have her jersey retired.
No cause of death reported.
Thomas James “Tom” Peragine, 69, dies
November 4, 2025
Columbus, OH – Born Valentine’s Day, Feb. 14, 1956, on Long Island, N.Y., Thomas James Peragine, known to friends and family as Tom or Tommy, passed away unexpectedly on Oct. 25, 2025, in Sacramento, Calif., at the age of 69. Tom’s passion and talent for harness racing defined much of his life. His brother Bill, a harness racing driver, inspired Tom to enter the sport and he began his career with Joe O’Brien Stables in the mid-1970s. By 1978, he had launched his own stable and went on to enjoy a long and successful career across California’s racing circuit, competing at tracks in both northern and southern California.
No cause of death reported.
TikTok influencer tragically dies at 29 after battling rare form of cancer
October 29, 2025
Kaelin Bradshaw, an influencer who had over 100,000 followers on TikTok, passed away on Monday night after battling a rare form of cancer. The Florida-based TikTok star was diagnosed with stage 4 cholangiocarcinoma, commonly known as bile duct cancer, less than a year ago. Her husband, Austin, confirmed her passing with a video posted to her TikTok account on Wednesday. He assured her fans that Kaelin was not in pain when she passed and that he held her hand as she took her last breath. Earlier this month, she shared a GoFundMe page to help with her hospice care, which has raised over $67,000.
Buzz Aldrin’s Wife Anca Faur Dead at 66
October 29, 2025<div class=”captioned-image-container-static” style=”font-size: 16px;line-height: 26px;margin: 32px auto;”
DR PAUL ALEXANDER
This figure (top) & table (bottom) in the Holm Hansen December 2021 paper stunningly told us (& it has remained so across 4 years since the Malone Bourla Bancel Pfizer Moderna et al. mRNA vaccine was
released) that at 1)90 days forward there is CLEAR negative effectiveness (vaccines causes more infection for you) 2)at 60 days the effectiveness is essentially ZERO for BOTH Pfizer & Moderna mRNA
| Dr. Paul AlexanderNov 6 |
vaccine 3)immunity waned rapidly and 4)you would essentially need to be vaccinated maybe once per week or every two weeks (mRNA treadmill) (or even every day with a booster) to get any protection from these failed mRNA vaccines or to maintain any level of conferred immunity (mRNA vaccines that failed out of the gate in January or so 2021), yet would need to accept the accompanying toxicity risk up to including death.
Yes, these clowns are laughing at us the public in the above photo. Oz just whispered ‘look how stupid the public is, they will buy any bullshit we tell them’.
This one paper by Holm Hansen in December 2021 (preprint then) set the stage for a failed and deadly Malone Bourla Bancel et al. mRNA vaccine that has saved NOT ONE life and never worked yet we have HHS, NIH, CDC, FDA et al. high-level officials working to help mainstream and bring MORE mRNA vaccine. Transition ALL vaccine to deadly mRNA platform.
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.
Over to you RFK Jr. We await your leadership. You were hired to help POTUS Trump remove mRNA vaccine, so we await you. We have no faith in any of the clowns now leading the health agencies in our great POTUS Trump’s second term. They are as bad or worse than the clowns in Biden’s administration at HHS, FDA, NIH, CDC etc. and worse than the idiots, inept corrupted duplicitous, academically sloppy, intellectually incompetent and lazy dolts in Trump term one administration.
The mRNA vaccines remain one of the greatest most devastating public health policy decisions ever made in USA equaled ONLY by OWS lockdowns and school closures that saved NOT ONE life.
Vaccine effectiveness against SARS-CoV-2 infection with the Omicron or Delta variants following a two-dose or booster BNT162b2 or mRNA-1273 vaccination series: A Danish cohort study
___
You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.
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NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Stop Missing The Bigger Picture Re: Tariffs
Thursday, Nov 06, 2025 – 01:25 PM
By Michael Every of Rabobank
The US Supreme Court was skeptical about Trump’s use of the International Emergency Economic Powers Act in imposing reciprocal and fentanyl tariffs. Two ‘Trump’ judges argued the statute delegates Congress’ constitutional powers to “regulate commerce” to the president but may not cover a tariff as a tax power. That said, there are a panoply of other statutes ready to use:
- Section 338 of Tariff Act of 1930 – retaliatory tariffs up to 50%, restrictions on shipping, or even import bans vs countries engaging in discriminatory or unreasonable actions against US commerce. No formal review process.
- Section 232 of Trade Expansion Act of 1962 – tariffs or import quotas for national security, following investigation by Commerce (up to 270 days). Already used on steel, aluminium, autos, and other goods, and could apply to chips or critical minerals.
- Section 122 of Trade Act of 1974 – temporary tariffs up to 15% or quotas for 150 days to address balance-of-payments deficits or dollar depreciation. No formal investigation.
- Section 201 of Trade Act of 1974 – tariffs or quotas if surges in imports injure domestic industries after International Trade Commission investigation: may involve Congressional oversight.
- Section 301 of Trade Act of 1974 – tariffs vs unfair foreign trade practices after USTR investigation (up to a year). Has been applied to Chinese imports.
- Anti-Dumping and Countervailing Duties (Tariff Act of 1930 and Trade Act of 1974) – additional duties following Commerce and ITC investigations (often over a year).
That’s as the Wall Street Journal argues ‘How China’s Chokehold on Drugs, Chips and More Threatens the US’; Japan’s trading houses are talking up new US investments; Chinese fast-fashion retailer Shein is seeking dialogue with the French government after its website was suspended there right after the opening of its first physical store in Paris; Vietnam joined the push for ‘chip-to-ship’ national-champion conglomerates; China banned foreign AI chips from its state-funded data centres and cut their electricity prices 50% so that less energy-efficient local chips could be used instead; Nvidia’s Jensen Huang said China will win the AI race with the US unless things change; and the OpenAI CFO said the market needs more AI “exuberance” – as it also asked for government help to guarantee financing for its new massive investments. Where we do see more free trade/markets happening, it’s also deeply geopolitical – Brazil-China trade is heating up amid surging bilateral investment.
Meanwhile, US media warn America’s military might is bearing down on Venezuela, and Trump is weighing the options, and risks, for attacks on it, including “seizing its oil fields.” However, that was eclipsed by Trump posting: “Christianity is facing an existential threat in Nigeria. The US cannot stand by while such atrocities are happening there, and in numerous other Countries. We stand ready, willing, and able to save our Great Christian Population around the World!” He is reportedly drawing up military plans for that sizeable oil producer too.
Where most of the rest of global oil lies, the US is pushing for peace to maintain its control. It’s selling F-35s to Saudi; pressuring Lebanon –which the US envoy just called a “failed state”– to disarm Hezbollah by end-2025; and trying to use a new Gaza tunnels crisis as a model for disarming Hamas. Meanwhile, Israel and India signed a major defence and tech cooperation deal, which is potentially very significant in several geopolitical and geoeconomic respects.
Resource rich Central Asia’s five leaders will be at a Trump DC summit today, as some speculate this may be a further attempt to break China’s chokehold on rare earths – and annoy Russia. Annoying it further, Bulgaria is preparing to seize a Lukoil oil refinery and sell it to a new owner, and Norway may tap its sovereign wealth fund to help the EU unlock its €140bn Ukraine loan deal. At the same time, the EU Commission is reportedly mulling joint debt issuance and bilateral grants to plug the gap, if needed. Both would cross a market Rubicon.
In economic news, China set a GDP headline target of 4.17% annual growth through to 2035. Pencil that in now and stop forecasting for a decade(?) The real game is projecting what 2035 growth looks like and the step down to it in order to get that average: 4.62% in 2026, reduced by 0.1% every year, takes you to 3.72%, for example. Of course, the larger issue is the composition of growth: how many more exports can China send to the world before it pushes back with tariffs?
Japanese PM Takaichi is eyeing a $65bn economic stimulus package, as inflation picks up, but to artificially lower inflation via subsidies. In the US, Axios says ‘The food crisis is here’ as flight traffic will be reduced by 10% at 40 airports due to the government shutdown. In France, a steel factory that survived every crisis for the past 600 years has just gone under. In Canada, even the Bank of Canada is cutting jobs, with 10% of staff to go. In Australia, Rio Tinto’s new Simandou mine could blow a A$10bn hole in the federal budget, claims the AFR, as house prices soar but unemployment starts to move higher too. In short, don’t just worry about tariffs.
Indeed, in domestic politics, UK PM Starmer was forced to pull his controversial Chagos Islands deal vote from the Lords because he ‘didn’t have the numbers’. Polls continue to show the centre collapsing and Reform, the Greens, and the far left rising.
The EU agreed to a weakened 2040 climate goal and target for COP30, but the Commission and Parliament are still about to clash over the looming €1.8 trillion budget. The Dutch aside, polls show the European political centre is struggling vs the far right and populist left.
In the US, as a Financial Times op-ed puts it in ‘Mamdani and the new challenge for nation states’, “The metropolis and the heartland provoke each other into extremes.” Trump’s actions this year were clear; now the world’s financial capital has a democratic socialist mayor-elect, ‘Gerrymandering is now the wind beneath Gavin Newsom’s wings’, says the Economist; and Politico states, the ‘Democrats gird for longer shutdown fight after election sweep.’
In short, the logic says that we need to prepare for more populism. Democrats did well everywhere Tuesday; Republicans didn’t. The New Jersey Republican gubernatorial candidate Ciattarelli got 70% of the 2024 Trump turnout while the Democrat winner Sherrill got 89% of Harris’. Some of that might be a poor Republican ground game when Trump isn’t running, some (early) mid-term incumbent blues, and some tariffs. However, a lot of it is the general state of the economy and perceived inflation – look at consumer sentiment.
As a result, Trump is calling on Senate Republicans to “nuke” the filibuster to pass legislation with just 50 votes (including the VP). Indeed, the White House knows it has 12 months to turn things round in a way that doesn’t just involve higher stocks, which –quite rightly– didn’t help them one iota this week. That points to much more aggressive use of economic statecraft, such as state interventions on drug prices, to lower the cost of living directly: if they can intervene for AI, why just for AI? Ironically, that isn’t far removed from what Mamdani wants to do, and if Wall Street is already saying it will work with a man who quotes Marx, it certainly will with a president who knows how to Lenin on people.
And/or, we will get White House geopolitical distractions, which at best improve the US strategic position and at worst make everything far, far worse.
In summary, yes, the Supreme Court tariff case matters – but not that much. We are locked into a more aggressive cycle of statecraft and volatility, and likely of more than one kind.
END
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA
Trump Considering Menu Of Venezuela Attack Options, Including Oil-Field Seizures
Wednesday, Nov 05, 2025 – 05:20 PM
Though Donald Trump campaigned on pledges to end America’s endless wars and regime change campaigns, the White House has now assembled a list of potential military attacks on Venezuela, with the president and senior officials evaluating the associated risks of each option, the New York Times reported on Tuesday. Those options include the seizure of oil fields or a targeted ousting of President Nicolás Maduro.
In a parallel undertaking, the Department of Justice is evaluating legal rationales for the various options, with an eye on justifying unilateral action by the president without congressional authorization for the use of military force. According to the Times‘ sources, those rationales would likely center on the allegation that Maduro and top officials are working for Cartel de los Soles, which the administration has imaginatively designated a “narcoterrorist” group. Under that pretext, the DOJ would say Maduro is a fair military target, negating various US prohibitions on assassinations of foreign heads of state.
Unsurprisingly, one of the leading champions of aggressive action is Secretary of State Marco Rubio, a long-time hawk whose selection by Trump caused widespread unease among the president’s non-interventionist supporters. Along with Homeland Security Advisor Stephen Miller, Marco is pushing for nothing less than Maduro’s ouster, the Times reported.
Over the past two months, the United States has engaged in 16 airstrikes on boats off Venezuela that the White House claimed were transporting drugs to America. Critics including Sen. Rand Paul say the boats lacked the range to do that. Sixty-seven people have reportedly been killed in the strikes. According to the Times, the range of new military options under consideration include:
- Airstrikes against military facilities to sap Maduro’s support from the country’s armed forces. Opponents argue that such strikes may instead galvanize the military’s bond with Maduro.
- Using elite units like Delta Force or SEAL Team 6 to seize or kill Maduro himself
- Tasking counterterrorism forces with seizing oil fields and related infrastructure, along with air fields
Trump himself is said to be less gung ho about escalation, with his hesitancy reportedly springing from two concerns: Worries about putting US service-members in peril, and fear of a humiliating failure. His rhetoric about Venezuela has veered back and forth over recent weeks — from hinting in mid-October that US military engagement might advance from blowing up alleged drug traffickers in boats to hitting targets on land, to telling 60 Minutes this week that he doubts the US is on a path to war with Venezuela. “I doubt it,” he told Norah O’Donnell. “I don’t think so, but they’ve been treating us very badly, not only on drugs — they’ve dumped hundreds of thousands of people into our country that we didn’t want.”
Last weekend, the Washington Post reported that the Pentagon was amassing forces in the southern Caribbean, comprising 10,000 soldiers and Marines and 6,000 sailors, along with eight Navy ships, a special ops vessel, and an attack submarine. The aircraft carrier USS Gerald R. Ford is en route, along with three more ships. The Marines conducted landing drills on Puerto Rico over the weekend, and engineers are rehabilitating the old Roosevelt Roads naval base there.
Russia has said it’s closely monitoring the situation in Venezuela, which holds the world’s largest crude oil reserves and is more than twice the size of Iraq. Maduro has reportedly requested military assistance from Moscow. It’s unknown whether Russia — which already has its and full with the war in Ukraine — intends to bolster Venezuela’s defenses. Arming a country within the US sphere of influence could be a fitting counter to the West’s engagement in Ukraine.
Meanwhile, as the Trump White House contemplates America’s newest regime-change campaign, we’re reminded of what Tom Woods famously said: “No matter who you vote for, you get John McCain.”
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1522 UP 0.0021 PTS OR 21BASIS POINTS/WITH STOCKS LOWER
USA/ YEN 153.45 DOWN 0.644 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 1.3086UP .0034 OR 34 BASIS PTS
USA/CAN DOLLAR: 1.4122 UP 0.0020 CDN DOLLAR DOWN 20 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED UP38.51 PTS OR 0.97%
Hang Seng CLOSED UP 550.49PTS OR 2.12%
AUSTRALIA CLOSED UP 0.30%
// EUROPEAN BOURSE: ALL MOSTLY RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 550.49PTS OR 2.12%
/SHANGHAI CLOSED UP 38,51POINTS OR 0.97%
AUSTRALIA BOURSE CLOSED UP 0.30 %
(Nikkei (Japan) CLOSED UP 676.41 PTS OR 1.34%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3995.20
silver:$48.13
USA dollar index early THURSDAY morning: 99.79 DOWN 27 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.015 % DOWN 1/ 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.675% UP 1 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.085 UP 1 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.167 DOWN 1in basis points yield
ITALIAN 10 YR BOND YIELD 3.4142 UP 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6540 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1522 UP 0.0027 OR 27basis points
USA/Japan: 153.45 DOWN 0.644OR YEN IS UP 65 BASIS PTS//
Great Britain 10 YR RATE 4.4330 DOWN 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.217 DOWN 4 BASIS POINTS.
Canadian dollar DOWN 0.0020 OR 20 BASIS pts to 1.4123
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.1195ON SHORE ..
THE USA/YUAN OFFSHORE UPTO 7.1244
TURKISH LIRA: 42.102EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.676 UP 1 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.085 UP 2 basis pts
Your closing 10 yr US bond yield DOWN 4 in basis points from WEDNESDAY at 4.099% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.694 DOWN 4basis points /11:00 AM
USA 2 YR BOND YIELD: 3.526 DOWN 6 BASIS PTS.
GOLD AT 10;00 AM 3978.80
SILVER AT 10;00: 47.95
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAYDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 41.30 PTS OR 0.42%
GERMAN DAX: DOWN 315.72 pts or 1.31%
FRANCE: CLOSED DOWN 103.40pts or 1.36%
Spain IBEX CLOSED UP 19.60 pts or 0.12%
Italian MIB: CLOSED DOWN 369.60or 0..85%
WTI Oil price 59.25 0.00 EST/
Brent Oil: 63.09 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 81.12 ROUBLE UP 0 AND 32 100
CDN 10 YEAR RATE: 3.119 DOWN 3 BASIS PTS.
CDN 5 YEAR RATE: 2.688 DOWN 3 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1547 UP 0.0051 OR 51 BASIS POINTS//
British Pound: 1.3134 UP .0083 OR 83 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.4370 down 3 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.222 down 3 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.682 uUP3FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.090 UP 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 154.19 UP 0.5549BASIS PTS EXTREMELY DANGEROUS/YEN FALLING IN VALUE
USA dollar vs Canadian dollar: 1.4117UP 0.0014 TS// CDN DOLLAR DOWN 14 BASIS PTS CDN DOLLAR
West Texas intermediate oil: 59.60
Brent OIL: 63,43
USA 10 yr bond yield DOWN 6 BASIS pts to 4.090
USA 30 yr bond yield DOWN 5 PTS to 4.6830%
USA 2 YR BOND 3.562 DOWN 7 PTS
CDN 10 YR RATE 3.108 DOWN 6 BASIS PTS
CDN 5 YEAR RATE: 2.675 DOWN 6BASIS PTS
USA dollar index: 99.56DOWN 50 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 42.10GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 81,23 UP 0 AND 12/100 roubles //
GOLD $3981.30 (3:30 PM)
SILVER: 48.03 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 398.07OR 0.84%
NASDAQ 100 DOWN 489.99PTS OR 1.81%
VOLATILITY INDEX 19.67 DOWN 1,86 PTS OR 9.22%
GLD: $ 366.07 DOWN .44 PTS OR 0.12%
SLV/ $43.55 DOWN 0.10PTS OR OR 0.23%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 234.89PTS OR 0.78%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Stocks Slammed On Lousy Layoffs Data, Losing The AI Race, & Lamenting The Govt Shutdown
WRAPUP;
Risk off trade on soft job proxies while AI concerns mount – Newsquawk US Market Wrap
Thursday, Nov 06, 2025 – 04:28 PM
- SNAPSHOT: Equities down, Treasuries up, Crude down, Dollar down, Gold flat.
- REAR VIEW: Disappointing US labour market proxies; Challenger Layoffs surge, RevelioLabs saw 9k job losses in Oct., Chicago Fed Oct. u/e rate rose; BoE hold rates, as expected, but with a dovish 5-4 vote; Altman says do not have or want government guarantees for Open AI data centres; Hammack toes usual hawkish tone; Goolsbee reluctant to cut rates, for now; LLY & NVO to lower drug prices; NVDA CEO Huang said China will win AI race; QCOM sees solid report & guidance but lofty valuation & Samsung hits shares.
- COMING UP: Data: German Exports/Imports, Trade Balance, Canadian Jobs, NY Fed SCE, US University of Michigan Prelim, Chinese Trade Balance Speakers: Fed’s Williams, Jefferson and Miran, ECB’s Elderson and Nagel, BoE’s Pill Supply: Australia Earnings: Daimler Truck.
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MARKET WRAP
It was a risk-off day on Thursday amid AI concerns and soft labour market proxies. On AI, NVIDIA (NVDA) CEO Huang warned that China could win the AI race vs the US, while the OpenAI CFO spoke on a government backstop for its USD 1tln expansion; however, this was later walked back. CEO Altman also later clarified that they do not have or want government guarantees for OpenAI data centres. On the labour market proxies, Challenger layoffs surged to a 7-month high, while RevelioLabs’ estimate of nonfarm payroll declined by 9k in October. The Chicago Fed estimate of the unemployment rate also ticked up slightly. The combination led to sharp equity pressures while T-Notes settled firmer across the curve with traders bolstering dovish Fed bets. In FX, the Dollar was sold but Antipodeans were the clear laggards while JPY was the outperformer alongside GBP and CHF. For the pound, it initially saw weakness on the dovish hold at the BoE, but losses were reclaimed in the BoE presser and thereafter. Oil prices were sold quite aggressively from the peaks to the troughs, but settled off worst levels. Elsewhere, the US added uranium, copper and silver to a government list of critical minerals.
US
NY Fed President Williams said the natural rate of interest is difficult to pin down, but model-based estimates of the neutral rate are around 1%. He emphasized the need to remain focused on the effective lower bound and believes the low R-star era is still ongoing. He noted that movements in data are more important for policymaking than model-based estimates of R-star, adding that getting inflation back to 2% as quickly as possible is the right goal. Likewise, he described the 2% inflation target as a very good compromise that serves the economy well. He also highlighted AI as the next stage in productivity growth but cautioned that there could be labour market issues related to AI.
Governor Barr said progress has been made on inflation, but there is still more work to do. Barr echoed a known theme of a two-speed economy, with wealthier households thriving, while reiterating that the Fed has to pay attention to ensuring the job market is solid. Barr added low hiring part of the low-hire and low-fire environment may be showing some effect of AI adoption in some sectors.
Hammack (2026 voter, hawk) stated it’s not obvious the Fed should cut rates again given persistent inflation and argued that policy should remain modestly restrictive to bring inflation down. Noted that monetary policy is barely restrictive at the moment, with pressures on both sides of the Fed’s mandates. However, she believes the Fed’s bigger miss is on the inflation side relative to the jobs mandate. She expects elevated inflation through 2026 and believes it will take two to three years to bring inflation back to the 2% target, with inflation potentially overshooting by 1% this year, adding that the over shoot goes beyond tariff pressure. While she does not expect a labour market downturn, she sees it as more fragile than data suggests and anticipates unemployment will eventually tick down. Stressed that financial conditions are quite accommodative, and she is a little nervous about current policy in the context of inflation, noting she would not want to cut rates into accommodative territory. She emphasised the importance of closely monitoring inflation expectations and believes the AI boom could have a similar impact on the economy as the internet build-out.
Goolsbee (2025 voter) noted that most labour market indicators show stability in the market, and there is little downside risk to the labour market. On interest rates, the Chicago Fed President remarked that he may be reluctant to continue the rate-cutting cycle, and there is very little private sector information about inflation, and it will be some time before they see any problems, so it makes him more uneasy about front-loading rate reductions. Goolsbee echoed Powell in the post-Fed presser that when things are “foggy”, it leads more towards caution and is best to slow down. Goolsbee did add that he is not hawkish on rates, and the settling point for rates will be a fair bit below where it is today. Lastly, he said you cannot count on inflation being transitory and reiterated concerns about persistent services inflation, and hopes it was a blip.
US Labour Market Proxies: Amid the government shutdown, there is greater focus on non-government data surrounding US data, particularly employment. The monthly Challenger Layoffs report saw job cuts spike to a 7-month high of 153k from the 54k in September, with the report noting it was much higher than average for the month. It noted how some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and reasoning costs drive belt-tightening and hiring freezes. It added that those laid off are now finding it harder to quickly secure new roles. Elsewhere, RevelioLabs released its US Nonfarm Employment data for October which saw 9k job losses, vs. the prior month’s +60.1k, with losses primarily driven by the government sector. At the same time, the Chicago Fed estimate of the October unemployment rate ticked up slightly to 4.36% from 4.35% due to the result of a decrease in its estimate for the hiring rate for unemployed workers and an increase in the layoffs and other separations rate. The data contributed to the risk-off trade on Thursday, with T-Notes rising and money markets pricing in more rate cuts.
BOE REVIEW
All eyes on CPI with Bailey seemingly set to once again have the deciding vote in December
As expected, the BoE held rates at 4.0%. The vote split was more dovish than thought at 5-4 (exp. 7-2 or 6-3), dissent came from Dhingra (exp.), Taylor (exp.), Ramsden (somewhat expected) and Breeden (unexpected); dissent that has led to the decision being characterised as a dovish one, sparking GBP pressure and Gilt upside. The statement saw a slight change to forward guidance, though only a marginal tweak. Significant focus on inflation in the report, a large portion of the MPC and particularly Governor Bailey emphasised that the welcome September print was just one series and they need more data; a point emphasised by the only minor tweak to the CPI view. In terms of market pricing, Bailey described it as a “fair description”, pre-BoE this pointed to two cuts and around a one-in-four chance of a 3rd, or a terminal at/just-under 3.50%, pricing that hasn’t really changed. In the presser, Bailey stuck to the script, doubling down on the inflation focus and outlining that he has no view on neutral but sees current policy as still being restrictive. One point of note was the nod to a new measure in the next APF. Overall, no major changes to the outlook post-BoE with a December cut still the base case but very much dependent on CPI and the November Budget. The 5-4 vote split perhaps makes a December cut more likely, with the decision now seemingly set to hinge on Bailey as those in favour of and against easing seem relatively entrenched in their positions (ex-Breeden, though her concerns are perhaps more of a factor when the discussion gets to terminal); as such, the October CPI print on November 19th, budget on November 26th and the November inflation print on December 17th draw particular focus ahead of the December 18th BoE.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 16 TICKS HIGHER AT 112-26+
T-Notes rally on weak labour market proxies and risk-off trade. At settlement, 2-year -6.6bps at 3.566%, 3-year -7.1bps at 3.577%, 5-year -7.6bps at 3.689%, 7-year -7.3bps at 3.877%, 10-year -6.4bps at 4.093%, 20-year -5.5bps at 4.660%, 30-year -5.0bps at 4.686%.
INFLATION BREAKEVENS: 1-year BEI -5.3bps at 2.761%, 3-year BEI -4.2bps at 2.495%, 5-year BEI -3.4bps at 2.307%, 10-year BEI -2.5bps at 2.268%, 30-year BEI -2.0bps at 2.218%.
THE DAY: T-Notes were sideways overnight but caught a bid in the European morning on the early release of the Challenger Layoffs. The data saw a spike in layoffs to 153k in October, a 7-month high, rising from the prior 54k in September. It also warned that those laid off are finding it harder to quickly secure new roles, which could further loosen the labour market. Meanwhile, the Chicago Fed Unemployment rate estimate for October ticked up to 3.46% from 3.45%, while RevelioLabs’ total non-farm payrolls saw a -9k print – both helping T-Notes push higher. After the opening bell, US equities plummeted on AI concerns, with AI darlings tumbling in Thursday trade, but the AI concerns, coupled with labour market concerns, resulted in broad-based losses, sparking a flight-to-quality move. T-Notes were firmer across the curve, with yields lower by 5-7bps as the curve steepened. T-Notes did settle off peaks while stocks also bottomed out, with some of the AI concerns easing after OpenAI CEO Altman assured the market that they are not looking for a government backstop after the CFO’s commentary Thursday night. Note, energy prices saw sharp moves from peaks to troughs, which also likely supported the move higher in T-Notes. 10-year yields completely pared the prior day’s move, with T-Notes falling from the 4.15% peak seen after the ADP data back to 4.09% today after the weaker proxies seen today. The 10-year yield traded within the prior day’s range of 4.05-4.16%, trading between 4.08% and 4.16% today.
SUPPLY
Bills
- US sells USD 110bln of 4-wk bills at high-rate 3.875%, B/C 2.73x; sells 8-wk bills at high rate 3.815%, B/C 2.90x
- US to sell USD 95bln of 6-week bills, USD 86bln of 13-week bills, and USD 77bln of 26-week bills on November 10th; all to settle on November 13th.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Dec 17bps (prev. 16bps), January 27bps (prev. 23bps), March 36bps (prev. 32bps).
- NY Fed RRP op demand at USD 10.8bln (prev. 12.7bln) across 14 counterparties (prev. 12)
- NY Fed Repo Op demand at USD 0.001bln across two operations today (prev. 0.102bln; well down from the USD 50bln peak on October 31st (month-end))
- EFFR at 3.87% (prev. 3.87%), volumes at USD 94bln (prev. 94bln) on November 5th.
- SOFR at 3.91% (prev. 4.00%), volumes at USD 3.145tln (prev. 3.147tln) on November 5th. Back within the Fed Funds target range while repo usage falls back to around zero.
CRUDE
WTI (Z5) SETTLED USD 0.17 LOWER AT 59.43/BBL; BRENT (F6) SETTLED USD 0.14 LOWER AT 63.38/BBL
Oil swung between profits and losses on Thursday, but ultimately settled in the red. Through the European morning, WTI and Brent ground higher to hit peaks of USD 60.51/bbl and 64.04/bbl, respectively, and coincided with some punchy Israeli remarks. Israeli Defence Minister Katz said he is declaring war on smuggling operations through drones on their border with Egypt, and ordered the border area with Egypt to be turned into a closed military zone. Benchmarks began selling off from troughs, but really extended lower on a couple of potential catalysts: 1) Dismal US labour market data, which sparked broad risk-off trade, and 2) BBG reports that EU lawmakers plan to push for longer delay of new carbon market. This saw WTI and Brent print lows of USD 58.83/bbl and 62.62, respectively, but peel off them into settlement. Lastly, and on the geopolitical footing, CNN, citing lawmakers, said the Trump admin is not currently planning to launch strikes inside Venezuela and doesn’t have a legal justification that would support attacks against any land targets right now.
EQUITIES
CLOSES: SPX -1.12% at 6,720, NDX -1.91% at 25,130, DJI -0.84% at 46,914, RUT -1.88% at 2,417.
SECTORS: Energy +0.88%, Health +0.19%, Consumer Staples -0.26%, Financials -0.32%, Materials -0.40%, Industrials -0.41%, Utilities -0.43%, Real Estate -0.43%, Communication Services -0.67%, Technology -2.00%, Consumer Discretionary -2.50%.
EUROPEAN CLOSES: Euro Stoxx 50 -1.10% at 5,607, Dax 40 -1.27% at 23,744, FTSE 100 -0.42% at 9,736, CAC 40 -1.36% at 7,965, FTSE MIB -0.85% at 43,069, IBEX 35 +0.12% at 16,118, PSI -1.26% at 8,377, SMI -0.56% at 12,294, AEX -1.01% at 961.
STOCK SPECIFICS:
- Brighthouse Financial (BHF) to be acquired by Aquarian Capital for USD 70.00/shr in an all-cash transaction valued at c. USD 4.1bln; BHF closed Wednesday at USD 51.80/shr.
- CarMax (KMX) appoints board member David McCreight as interim CEO with dismal Q3 EPS guide.
- Charles Schwab (SCHW) is nearing a deal to acquire Forge Global Holdings (FRGE) for up to USD 600mln, paying USD 45/shr; FRGE closed Wednesday at USD 26.12/shr.
- Ford (F) reportedly considers scrapping its electric version of the F-150 truck, according to WSJ.
- Google (GOOGL) is rolling out its most powerful AI chip, taking aim at NVDA with custom silicon.
- NVIDIA (NVDA) CEO Huang said China will win the AI race, telling the FT that the country is only “nanoseconds behind” the US. He urged the US to win by expanding its developer base globally and warned that excluding China’s AI developers could harm US interests in the long term.
- OpenAI CEO Altman said they do not have or want government guarantees for OpenAI data centres. This followed commentary from the CFO about a government backstop for its USD 1tln AI expansion, albeit she later walked back the commentary.
- Penn Entertainment (PENN) and ESPN terminate US online sports betting agreement. Following this, ESPN signed with DraftKings (DKNG).
- Senior Trump admin officials announce two deals with Eli Lilly (LLY) and Novo Nordisk (NOVOB DC), including lower obesity drug prices; Cos. to get 3-year US tariff reprieve.
EARNINGS:
- AppLovin (APP): All major metrics beat, impressive guidance and raised share buyback programme.
- Arm (ARM): EPS and revenue topped with a strong next quarter outlook.
- Datadog (DDOG): Stellar report with strong guidance.
- DoorDash (DASH): Weaker-than-expected profit and guidance for heavy spending on new initiatives in ‘26 overshadowed solid revenue growth and order gain.
- Duolingo (DUOL): Light Q4 bookings view, despite raising FY revenue outlook following a Q3 beat.
- Elf Beauty (ELF): Dismal report with weak guidance and concerning macro environment.
- Fortinet (FTNT): Weak next quarter top-line view.
- Qualcomm (QCOM): Investors viewed its strong sales and profit forecast as insufficient to justify elevated expectations following a broad semiconductor rally, while sentiment was additionally weighed on by expectations of reduced chip share in Samsung’s next Galaxy model.
- Snap (SNAP): Shallower loss per share than expected, revenue topped, USD 500mln share buyback programme and solid outlook. It also announced a USD 400mln deal with Perplexity.
FX
The Dollar Index was lower and is heading into APAC trade just above the lows of 99.67 as poor labour market data and broad US concerns weighed. Adding to the weak labour data (more details shortly), there were added concerns around US AI after NVIDIA CEO Huang said China is going to win the race, while the OpenAI CFO asked about a government backstop, albeit this was later walked back. Back to data, which prompted Dollar selling, was a trifecta of poor metrics, which have taken more focus given the ongoing US Government shutdown, which may have otherwise been ignored. Challenger layoffs surged to 153.07k in Oct. from 54.064k, to a seven-month high and prompted DXY to fall below 100. RevelioLabs Total US Nonfarm Employment fell 9.1k M/M (prev. +60.1k M/M), and US Chicago Fed Estimates Unemployment Rate ticked higher, which triggered a fresh bout of Dollar selling. Elsewhere, Fed speak was plentiful, but little moved the needle.
Across the globe, there have been numerous rate decisions since the US cash close on Wednesday. In terms of G10 FX performance, Antipodeans are the clear laggards and weighed on by broader risk-averse sentiment, while haven FX (JPY, CHF) have profited on said sentiment. AUD/USD and NZD/USD hit troughs of 0.6464 and 0.5627, respectively, while USD/JPY hit an earlier low of 152.84 from a peak of 154.14.
GBP ended as one of the outperformers vs. the Buck and eventually benefitted from the aforementioned Dollar selling. However, the Pound saw immediate pressure in wake of the dovish BoE hold. Recapping, the MPC held rates at 4.00% in a 5-4 vote (exp. 6-3, prev. 7-2), with Breeden, Ramsden, Dhingra, and Taylor dissenting in favour of a cut. It also tweaked its guidance to put more focus on inflation progress. The accompanying MPR maintained 1-yr and 2-yr ahead CPI forecasts, but lowered its Q4 25 inflation forecast. GDP projections were modestly upgraded, signalling a slightly improved growth outlook. In the post-meeting statement, Governor Bailey reiterated that the UK remained on a gradual downward path for rates, noting that “with every cut in the Bank Rate, it becomes a closer decision on how much further rates need to fall.” He also suggested he was comfortable with current market pricing. Cable traded between 1.3047-3142.
SEK saw modest strength after hotter-than-anticipated inflation metrics. NOK saw gains after Norges Bank left rates unchanged at 4.00%, as expected, but Governor Bache said “The job of overcoming inflation is not complete, and we are in no hurry to lower interest rates”.
EMFX was almost exclusively firmer against the Greenback, ex-TRY. In rate decisions, BCB maintained the Selic rate at 15.00%, as expected, in a unanimous decision; the Copom reaffirmed commitment to a “significantly contractionary” policy for a “very prolonged period” which desks note may help anchor sentiment, though the warning that policymakers “will not hesitate to resume the rate hiking cycle if appropriate” underscores how distant any easing remains. Banxico cut rates by 25bps to 7.25%, as anticipated, with Heath once again a hawkish dissenter. Banxico still expect headline inflation to converge to the target (3%) in Q3 ’26, but it did revise up forecasts for Q1 and Q2 in ’26. Looking ahead, the Board will evaluate reducing the reference rate (prev. Looking ahead, the Board will assess further adjustments to the reference rate). In CEE, CNB held rates at 3.5%.
USA DATA RELEASES
US Household Debt Hits Record $18.6 Trillion As Student Loan Defaults Explode
Wednesday, Nov 05, 2025 – 01:40 PM
The NY Fed published its Quarterly Report on Household Debt and Credit.
Surprising exactly no-one, the report showed that total household debt increased by $197 billion (1%) in Q3 2025, to a new record high of $18.59 trillion. split between $13.5 trillion in housing debt and $5.1 trillion in non-housing debt.
“Household debt balances are growing at a moderate pace, with delinquency rates stabilizing,” said Donghoon Lee, Economic Research Advisor at the New York Fed. “The relatively low mortgage delinquency rates reflect the housing market’s resilience, driven by ample home equity and tight underwriting standards.”
Some details:
- Mortgage balances grew by $137 billion in the third quarter and totaled $13.07 trillion at the end of September 2025.
- Mortgage delinquency rate rose to 0.83% from 0.82% prior quarter
- Credit card balances rose by $24 billion from the previous quarter and stood at $1.23 trillion.
- Delinquency rate at 12.41%, highest since 2011
- Auto loan balances held steady at $1.66 trillion.
- Home equity line of credit (HELOC) balances rose by $11 billion to $422 billion.
- Student loan balances rose by $15 billion and stood at $1.65 trillion.
In total, non-housing balances rose by $49 billion, a 1.0% increase from Q2 2025.
Taking a closer look we find that…
- The pace of mortgage originations increased with $512 billion newly originated in Q3 2025.
The only silver lining in the report is that housing debt levels and delinquencies have stabilized: “Household debt balances are growing at a moderate pace, with delinquency rates stabilizing,” Donghoon Lee, an economic research advisor at the New York Fed, said in a press release accompanying the figures. “The relatively low mortgage delinquency rates reflect the housing market’s resilience, driven by ample home equity and tight underwriting standards.”
While that is true, let’s see what happens to the US housing market once the avalanche starts, tipped off the by scramble to sell everything in the mecca of Capitalism, New York City, which is now controlled by a communist.
Moving on:
- There was $184 billion in new auto loans and leases appearing on credit reports during the third quarter, a small dip from the $188 billion observed in Q2 2025.
- Aggregate limits on credit card accounts continued to rise by $94 billion, representing a 1.8% increase from the previous quarter.
- Home equity lines of credit (HELOC) limits rose by $8 billion, continuing the growth in HELOC limits that began in 2022.
Of course, with rising debt, come rising delinquencies, and in the case of student debt, absolutely explosive ones.
As the NY Fed writes, aggregate delinquency rates remained elevated in Q3 2025, with 4.5% of outstanding debt in some stage of delinquency. Transitions into early delinquency were mixed with credit card debt and student loans increasing, while all other debt types saw decreases.
Transitions into delinquency (30+ days)…
… and serious delinquency (90+ days) increased across all debt types.
Total consumer bankruptcies jumped to 141,600 in Q3, the highest since the covid crash year of 2020.
Taking a closer look at the ground zero of the current consumption crisis, namely student Loans, where outstanding debt stood at $1.65 trillion in Q3 2025.
And the punchline: missed federal student loan payments that were not previously reported to credit bureaus between Q2 2020 and Q4 2024 are now appearing in credit reports. Consequently, student loan delinquency rates have continued to surge after a sharp rise in the first half of 2025. In Q3 2025, 9.4% of aggregate student debt was reported as 90+ days delinquent or in default, as compared to 7.8% in Q1 2025 and 10.2% in Q2 2025. Also of note in the chart below, the credit card serious delinquency rate is actually creeping up even faster, and hit 12.41%, the highest since 2011.
And the most remarkable observation: over 20% of all student debt by those aged 50 and over (!) is effectively in default (technically it is still delinquent, but if millions haven’t made even a token effort to repay it in 90 days, one can safely classify it as in default).
That’s millions of potential consumers whose credit rating is about to get obliterated and who will not have access to credit cards or other debt forms for a long time.
More in the full New York Fed presentation.
END
Yields Plunge After Private Tracker Shows US Lost 9K Jobs In October, Driven By Government Collapse
Thursday, Nov 06, 2025 – 10:10 AM
One month ago, when the market was freaking out by the lack of official government data (it has since realized again, that whether the government is open or closed, or what the jobs number is – certainly not until it is revised 3 or 4 times, does not matter), everyone scrambled to find private sources of economic data. That’s when the jobs data compiled by Revelio Labs quickly emerging as one of the favorites. It also showed that contrary to fears prompted by ADP that the US was now in a labor recession, in September the US actually added 60K jobs, the biggest monthly increase of 2025.
Fast forward one month when the news was far uglier: according to the latest Revelio Labs data, not only was Sept revised almost 50% lower from 60K to 33%, but October was ugly, plunging to -9,100, the second worst print of 2025, and the second worst on record (Revelio only goes back to 2021).
Looking below the surface revealed that the actual number is not quite as bad as the entire drop and then some was the result of 22,210 government job losses, but there also losses in manufacturing and trade.
Coupled with the surge in government layoffs noted earlier as tracked by Challenger…
… and suddenly rate cut odds are spiking, with 0.69 rate cuts priced in for December, up from 0.62 yesterday.
The data has resulted in a broad-based risk off move, with stocks sliding to session lows, and 10Y yields tumbling 5bps to session lows below 4.10%
USA ECONOMIC COMMENTARIES
CarMax Shares Crater As Board Ousts CEO Amid Deepening Used-Car Market Cracks
Thursday, Nov 06, 2025 – 10:45 AM
CarMax shares plunged in the early cash session after the struggling used-car retailer delivered weak preliminary third-quarter results that missed Wall Street expectations, and compounded the blow by announcing the abrupt termination of its chief executive officer.
“We make car buying and selling simple, transparent, and personalized,” Chair of the Board Tom Folliard stated in a press release, adding, “However, our recent results do not reflect that potential and change is needed.”
Folliard was referring to preliminary third-quarter results: earnings per share forecasted between .18 cents and .36 cents, missed the Bloomberg Consensus of .69 cents
- Prelim EPS 18c to 36c, estimate 69c (Bloomberg Consensus)
- Prelim used unit sales in comparable stores -8% to -12%, estimate -3.7%
In addition to the weak preliminary earnings report, the company’s board ousted CEO William D. Nash amid declining revenue…
… and stock collapse.
The combination of today’s news sent shares tumbling as much as 15%, pushing year-to-date losses to over 57%. Meanwhile, online used-car retailer Carvana has gained more than 50% so far this year.
Are CarMax’s troubles a broader sign that used-car prices could tumble amid worsening consumer sentiment, with lower- and middle-income households increasingly cutting back on restaurant spending?
Let’s not forget that the implosion of subprime auto lender Tricolor Holdings may have been an inflection point…
END
WE WILL NO DOUBT HAVE A POOR JOBS REPORT TOMORROW
(ZEROHEDGE)
October Layoffs Surge Most Since 2003 Amid Cost-Cutting, AI Adoption, Challenger Data Shows
Thursday, Nov 06, 2025 – 09:00 AM
The U.S. labor market weakened considerably in October, with companies slashing 153,000 jobs, nearly triple last year’s total and the highest for that month since 2003, according to a new report from outplacement firm Challenger, Gray & Christmas.
Technology and warehousing jobs led the layoffs, mostly because companies are slashing folks who were hired during the pandemic-era overhiring period. Also, slowing consumer demand and rising costs are other contributing factors. Year-to-date job cuts have surpassed 1 million, the highest since 2020, while announced hiring plans are at their lowest level since 2011.
“October’s pace of job cutting was much higher than average for the month. Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes. Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market,” said Andy Challenger, chief revenue officer for Challenger, Gray & Christmas.
Challenger continued, “This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008. Like in 2003, a disruptive technology is changing the landscape.”
“Over the last decade, companies have shied away from announcing layoffs in the fourth quarter, so it’s surprising to see so many in October. With the onset of social media, and the ability for workers to share their negative experiences with their employers, the trend of announcing layoffs before the holidays fell away, a practice that seemed particularly cruel,” he said.
U.S. employers announced 153,074 job cuts in October, a 175% increase from a year ago and 183% higher than September. This is the worst October since 2003 and the biggest fourth-quarter total since 2008.
Which industries cut the most in October?
- Technology: 33,281 cuts in October (up from 5,639 in September); 141,159 YTD (+17% y/y).
- Warehousing: 47,878 cuts (up from 984); 90,418 YTD (+378% y/y) — signaling automation and excess capacity post-pandemic.
- Retail: 2,431 cuts (slightly down m/m); 88,664 YTD (+145% y/y).
- Consumer Products: 3,409 cuts; 41,033 YTD (+21% y/y).
- Nonprofits: 27,651 cuts YTD (+419% y/y) amid federal funding losses and cost pressures.
- Media: 16,680 cuts YTD (+26% y/y); News subset: 2,075 cuts YTD (down 41% y/y).
Reasons for the cuts:
- “DOGE Impact” remains the leading reason for job cut announcements in 2025, cited in 293,753 planned layoffs so far this year. This includes direct reductions to the Federal workforce and its contractors. An additional 20,976 cuts have been attributed to DOGE Downstream Impact, which reflects the loss of federal funding to private and non-profit entities.
- In October alone, Cost-Cutting was the top reason employers cited for job reductions, responsible for 50,437 announced layoffs. Artificial Intelligence (AI) was the second-most cited factor, leading to 31,039 job cuts as companies continue to restructure and automate. AI has been cited for 48,414 job cuts this year.
- Market and Economic Conditions accounted for another 21,104 cuts in October, bringing the year-to-date total for this reason to 229,331, while Closings of stores, units, and plants resulted in 16,739 cuts for the month and 161,391 for the year. Restructuring was cited in 7,588 October announcements, for a total of 108,038 so far in 2025.
- The Midwest logged 351 CEO exits year-to-date, up 6% from 332 in 2024. Illinois led the region with 72 CEO departures, compared to 57 last year. Indiana nearly doubled to 38 from 20, and Iowa rose to 23 from 11. Meanwhile, Ohio declined slightly to 61 from 71, and Michigan dropped to 29 from 41
Challenger data shows that the hiring outlook for the full year and in October darkened:
- Planned hires: 488,077 YTD (down 35% y/y) – the lowest since 2011.
- Seasonal hires: 372,520 through October – the weakest since 2012.
- Challenger expects no strong holiday hiring rebound, despite possible rate cuts.
The takeaway is that the labor market was already softening by late summer, as cost-cutting reshaped corporate labor structures amid the need to correct overhiring from the pandemic era in the era of increasing AI adoption. This is a clear sign of continued loosening in the labor market, in stark contrast to the Fed’s “gradual cooling” narrative.
And if the Challenger data is correct, the labor market has shifted into a low-hiring, high-firing regime, an unsettling development that could spell bad news for the economy.
This data may only suggest stronger views for a December interest rate cut. Goldman thinks so (read the report).
JPMorgan analyst note, “The market is weighing a weaker labor market and potential spending vs. evidence on the efficacy (and ROI) of AI plus productivity gains.”
USA TRUCKING
34 Illegal Immigrant Truck Drivers Arrested In Oklahoma: ICE
Wednesday, Nov 05, 2025 – 10:10 PM
A two-day operation led to the arrest of 70 illegal immigrants in Oklahoma, which included 34 drivers operating a semi-truck or a commercial vehicle, Immigration and Customs Enforcement (ICE) said in a Nov. 4 statement.
The arrests were made in partnership with the Oklahoma Highway Patrol between Oct. 28 and 29, said the agency. It is part of Operation Guardian, which has “resulted in the arrest of many illegal aliens driving trucks that had been issued Commercial Drivers Licenses in states with sanctuary policies such as California, Illinois, and New York,” the agency said.
In places that follow sanctuary policies, local officials refuse to enforce immigration laws or comply with federal authorities.
Out of the 34 illegal immigrant truck drivers, 26 were issued a commercial driver’s license (CDL) while eight were “dangerously driving” vehicles without such licenses, ICE said.
The illegal immigrants are from 15 different nations, including China, Mexico, Turkey, Colombia, India, Guatemala, and Venezuela.
As The Epoch Times’ Naveen Athrappully details below, ICE said illegal immigrants who operate vehicles without proper authorization pose a threat to public safety and undermine the rule of law. The operation sends a “clear message” that such activities won’t be tolerated, it said.
Operation Guardian is a deportation initiative implemented in February and led by Oklahoma’s Commissioner of Public Safety Tim Tipton. Oklahoma aims to use existing state and federal regulations to transfer offending illegal immigrants for deportation proceedings.
“Operation Guardian continues to successfully keep Oklahomans safe,” said Oklahoma Gov. Kevin Stitt.
“To lawfully operate a commercial motor vehicle in Oklahoma, you must be here legally, and you must be able to understand English. These are common-sense standards that we will continue to enforce.”
On April 28, President Donald Trump signed an executive order requiring that all commercial vehicle operators in the country be proficient in English.
“There’s a lot of communication problems between truckers on the road,” White House press secretary Karoline Leavitt said at the time. “We’re going to ensure that our truckers, who are the backbone of our economy, are all able to speak English.”
In an Oct. 30 statement, the Department of Homeland Security (DHS) said 223 illegal immigrants, including 146 truck drivers on Indiana highways near the Illinois state line, were arrested as part of an enforcement operation targeting public safety threats.
The illegal immigrants have engaged in criminal activity, including drug trafficking, assault, child abuse, domestic battery, driving under the influence, and fraud, DHS said. Out of the 146 drivers, more than 40 were issued CDLs, mostly by New York, California, and Illinois.
“Far too many innocent Americans have been killed by illegal aliens driving semi-trucks and big rigs. And yet, sanctuary states around the country have been issuing illegal aliens commercial driver’s licenses. The Trump Administration is ending the chaos,” said DHS Secretary Kristi Noem.
In August, an illegal immigrant from India was arrested after making an illegal U-turn in an 18-wheeler in Florida, colliding with a minivan and killing three people. He pleaded not guilty in September.
Strengthening Driver License Rules
In a Sept. 26 statement, the Federal Motor Carrier Safety Administration (FMCSA) said it had conducted a nationwide audit that uncovered a “catastrophic pattern” of states issuing driver’s licenses illegally to foreign nationals.
Transportation Secretary Sean P. Duffy announced emergency actions to make noncitizens ineligible for a nondomiciled CDL unless they meet “a much stricter set of rules,” FMCSA said.
The stringent regulations include undergoing a mandatory federal immigration status check that uses the Systematic Alien Verification for Entitlements (SAVE) system.
“What our team has discovered should disturb and anger every American,” Duffy said.
“Licenses to operate a massive, 80,000-pound truck are being issued to dangerous foreign drivers—often times illegally. This is a direct threat to the safety of every family on the road, and I won’t stand for it. Today’s actions will prevent unsafe foreign drivers from renewing their license and hold states accountable to immediately invalidate improperly issued licenses.”
The U.S. Committee for Refugees and Immigrants submitted comments to the Federal Register, criticizing the move to end nondomiciled CDL for foreign nationals, the group said in an Oct. 29 statement.
The move will not only threaten the livelihood of immigrant drivers but also the stability and well-being of the United States, the committee said.
“Trucking is a job that requires long nights and days away from loved ones. It is a hard job that not many willingly sign up for. As a result, the industry has struggled to keep drivers on staff,” said the group.
“Assailed by these steep labor shortages, immigrant workers have picked up the slack: 18 percent of truckers are foreign-born. Like so many other industries, immigrants fill the jobs others do not want.”
During an Oct. 30 press conference, Duffy announced that the DOT will seek to withhold federal government funds from states issuing nondomiciled CDLs to foreign nationals who are unlawfully in the United States.
States need to ensure that people who receive such licenses are proficient in English, Duffy said.
VICTOR DAVIS HANSON
KING NEWS
| The King Report November 6, 2025 Issue 7614 | Independent View of the News |
| The Nikkei sank as much as 4.7% on Wednesday and 6.8% from Tuesday’s record high of 52636.87. @Barchart: Japan’s 10-Year Yield approaching its highest level (1.677%) since the run-up to the Global Financial Crisis https://x.com/Barchart/status/1985886135759855824 @BlueHorse88: Japan’s Liquidity Is Tightening Faster – Fresh BoJ data for October show the monetary base shrinking at a –17.9% seasonally‑adjusted annualized pace. At the same time, bank reserve balances are down –7.6% year‑on‑year. Translation: the BoJ is letting excess liquidity drain — fewer reserves, scarcer yen funding. Why it matters: Less base money → tighter yen liquidity Scarcer reserves → higher effective funding costs; – Tighter funding → weaker economics for the JPY carry. At a –17.9% SAAR clip in October, the pace of contraction clearly accelerated. Chart: Reserve balances (YoY) sliding; monetary base falling at a –17.9% SAAR in Oct‑25. Source: Bank of Japan, Monetary Base (October 2025) (Nov 5, 2025) https://x.com/BlueHorse88/status/1985881583698444653 With Dems securing the top state offices in the Virginia election, where beaucoup idled by the shutdown government workers reside, Dems are ready to reopen the government per numerous reports. Schumer, Jeffries Seek Meeting to End Government Shutdown Senate Democrats eye exit from record-breaking shutdown as pressure intensifies – FOX Schumer’s caucus mulls GOP offers on Obamacare votes and spending bills… Trump: “We are in the midst of a disastrous Democrat really government shutdown… the Democrat radicals in the Senate have shown zero interest in reopening the government… I think they’re kamikaze pilots… They’ll take down the country if they have to.” https://t.co/2UkI7M9CpR US Treasury: Quarterly Refunding Statement… Treasury has begun to preliminarily consider future increases to nominal coupon and FRN auction sizes… Based on current fiscal forecasts, Treasury expects to maintain the offering sizes of benchmark bills into late-November. Given projections for receipts associated with the mid-month corporate and non-withheld tax date, Treasury expects to implement modest reductions to short-dated bill auction sizes during the month of December. Thereafter, by the middle of January 2026, Treasury anticipates increasing bill auction sizes based on expected fiscal outflows… (French for tsunami of debt coming) https://home.treasury.gov/news/press-releases/sb0305 Global Bond Binge Lifts Sales to Record $5.94 Trillion This Year – BBG @AdpResearch: Private employers added 42,000 jobs (40k exp) in October, reversing two months of weak hiring… Education & health care, and trade, transportation, and utilities led the growth. For the third straight month, employers shed jobs in professional business, information, and leisure and hospitality. (500+ employees +74k, 50-249 -25k) https://adpemploymentreport.com/ Oct ISM Services Index 52.4, 50.8 exp, 50 prior, Prices Paid 70, 68 exp, 69.4 prior; New Orders 56.2, 51 exp, 50.4 prior; Employment 48.2, 47.6 exp, 47/2 prior Oct S&P US Services PMI 54.8, 55.2 exp & prior, Composite PMI 54.6, 54.9 exp, 54.8 prior McDonald’s US sales slump as low, middle-income consumers feel ‘heightened anxiety’ McDonald’s reported first quarter revenue of $5.96 billion, which came in below the $6.12 billion expected… a 3% decline from the prior year period. Global comparable sales — or sales at restaurants in operation for more than one year — fell 1%, led by a 3.6% drop in US same-store sales as fewer customers visited McDonald’s in its home country. Wall Street analysts had, on average, expected global comparable sales to rise 0.5% and US sales to fall a more modest 1%…. (EPS 2.67, 2.68 consensus. ) CEO Chris Kempczinski in a call with analysts… said traffic from low-income consumers fell “nearly double digits versus the prior quarter” and that from middle-income customers fell “nearly as much,” while visits from high-income consumers “remained solid.”… https://finance.yahoo.com/news/mcdonalds-us-sales-slump-as-low-middle-income-consumers-feel-heightened-anxiety-110133999.html After falling 1.9% in pre-market trading, MCD rallied as much as 3.3% because the Burgermeister said it expects higher Q4 sales on its Monopoly promotion and Extra Value Meal initiatives. ESZs sank on AMD and Japan in early Tuesday night trading. They hit the daily low of 6748.50 at 20:37 ET. After a bounce to 6795.25 at 22:4 ET, ESZs traded sideways, with several modest new highs, until they broke lower near 5:40 ET. After hitting 6771.75 at 6:01 ET, ESZs did a nearly vertical A-B-C rally to 6831.25 at 10:41 ET. After a 15-handle A-B-C corrective drop, ESZs soared to a daily high of 6857.75 at 12:38 ET. ESZs then traded in an 11-handle band until the broke lower after 15:43 ET. With traders being too long and few patsies in the equity market, ESZs sank to 6820.25 at 16:00 ET. The market theme on Wednesday appeared to be: Buy stocks/sell bonds on the coming end to the US government shutdown. However, SCOTUS justices were skeptical about Trump’s ability to levy tariffs without Congressional approval despite laws that allow him to do so when in the national interest. This might have been an inducement to buy stocks. Constitutional attorney @barnes_law: After listening to today’s oral arguments (at SCOTUS), Trump’s tariffs are cooked. Trump abandoned using tariffs for industrial policy related to the economic emergency of our trade deficit, instead choosing to use them like sanctions as a political toy. @Barchart: U.S. Household Debt jumps to new all-time high of $18.59 Trillion https://t.co/JvKKNvCyqF Positive aspects of previous session Someone saved stocks during the 3rd hour of Nikkei trading and after 6:01 ET. Fangs, of course, led the rally. Negative aspects of previous session USZs declined as much as 1 2/32. Gold rallied smartly. ESZs and stocks sank after 15:43 ET. Ambiguous aspects of previous session Did Trump’s palpable focus on procuring the Noble Peace Prize vex too many Americans? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6796.39 Previous session S&P 500 Index High/Low: 6829.78; 6763.11 Today – ESZs peaked at 12:33 ET (6857.75) and sank during the last 17 minutes of NYSE trading. This implies that the joy for the end of the shutdown might have been spent. It’s also possible, as noted by Barnes Law, that Mr. Market is already discounting the end of Trump Tariffs. So, today should be a tricky session to trade; the crosscurrents are very dangerous. ‘They’ want the stock market higher; but the technical condition is frightening. Equities could pop on a deal to reopen the government and/or SCOTUS quashing Trump’s Tariffs. If that rally is not dynamic, look out below! ESAs are -12.25; NQZs are -84.75; Dec AU is -10.30; and USZs are +2/32 at 20:20 ET. Expected economic data: Q2 Nonfarm Productivity 3.3%, Unit Labor Costs 0.9%; Initial Jobless Claims 225k, Continuing Claims 1.948m Fed Speakers: NY Pres Williams and Gov Barr 11 ET, Cleveland Pres Hammack 12 ET at Economic Club of New York, Gov Waller 14:30 ET S&P Index 50-day MA: 6661; 100-day MA: 6474; 150-day MA: 6205; 200-day MA: 6124 DJIA 50-day MA: 46,337; 100-day MA: 45,282; 150-day MA: 43,911; 200-day MA: 43,758 (Green is positive slope; Red is negative slope) S&P 500 Index (6796.29 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 positive – a close below 6789.37 triggers a sell signal Islamic trust-fund communist Zohran Mamdani won the New York City Mayoral race in a landslide. The GOP is elated that Mamdani will become a huge national figure and an issue in 2026. Zohran Mamdani stars in NRCC ads against House Dems: ‘Your city could be next’ https://trib.al/46k5MSP @RNCResearch: New York Rep. Mike Lawler SLAMS Democrats for embracing Communist Zohran Mamdani: “Zohran Mamdani is going to be the face of the Democrat Party in the midterms.” The NY Post cover for Wednesday: The Red Apple https://x.com/nypost/status/1985903192824037461 @BreannaMorello: Zohran Mamdani being elected as NYC Mayor isn’t just a New Yorker issue. Islamists plotted back in 2014 to push him into this race. He became a citizen in 2018. Islamists are using our elections and Constitution against us… NYC.gov: “Almost 50% of New Yorkers live in family households with at least one immigrant…” https://x.com/StephenM/status/1985907043929145605/photo/1 @FoxNews: @SandraSmithFox reports that 75% of NYC voters under the age of 30 supported Zohran Mamdani. (81% of women under 30) https://x.com/FoxNews/status/1985912875597062469 @GBNT1952: Replacement theory is real. 62% of votes for Mamdani were foreign born. https://x.com/GBNT1952/status/1986226101010510125 @CurtisHouck: NBC’s Sam Brock celebrates Zohran Mamdani’s campaign representing the “soul” and “empathy…toward the Palestinian Solidarity Movement” and the “more than a million Muslims” in New York City drawn in by his “extremely strong language toward Israel…calling what has been enacted there…genocide.” https://x.com/CurtisHouck/status/1985904140774445172 Dem Sen. @chuckschumer: I congratulate @ZohranKMamdani on his well-earned & historic victory. We have worked together on a number of vital issues — like delivering historic debt relief for taxi drivers. I look forward to building on that partnership to keep NYC strong, fair, more affordable & thriving. Marc Zell (@GOPIsrael: One-Third of NYC Jews Voted for Mamdani – The Communist Jihadist Who Wants to Arrest Netanyahu https://t.co/zvnGTSVEOg Mamdani in his victory speech issued this chilling remark: “We will prove that there is no problem too large for government to solve and no concern too small for it to care about.” https://x.com/libbyemmons/status/1985932221522591825 Mamdani jettisoned his nice guy campaign persona for Marxist resentment and hate in his victory speech. Mamdani’s Party: NYC’s New Mayor Celebrates Win by Channeling America’s Marxist Icon Mamdani, 34, quoted Eugene Debs, a far-Left activist from the early 20th century who was stripped of his American citizenship after being convicted of sedition in 1918… Debs, who supported the violent communist revolution in Russia in 1917 and was deeply influenced by Karl Marx, had his citizenship restored by a joint resolution of Congress in the 1970s… He described capitalism as a “monstrous system” and said that his Socialist Party was defined by a “militant” spirit and “revolutionary” goals… “For as long as we can remember, the working people of New York have been told by the wealthy and the well-connected that power does not belong in their hands,” he said. “The future is in our hands… I wish Andrew Cuomo only the best in private life. But let tonight be the final time I utter his name, as we turn the page on a politics that abandons the many and answers only to the few.”… Mamdani’s speech focused heavily on class warfare and identity politics. He said his election showed that the city was a place “where the more than one million Muslims know that they belong… He also took aim at the “billionaire class,” which he has promised to raise taxes on to pay for his programs. “As has so often occurred, the billionaire class has sought to convince those making $30 an hour that their enemies are those earning $20 an hour,” he said… https://www.dailywire.com/news/mamdanis-party-nycs-new-mayor-celebrates-win-by-channeling-americas-marxist-icon @CurtisHouck: CNN’s @ScottJenningsKY unloads on Zohran Mamdani’s long, angry victory speech: “Oh, are you saying he didn’t — he wasn’t the unifying voice of a generation that you predicted mere moments ago. Axe, where was the — where was the man that you predicted would not slice and dice the — guys, he started his speech by quoting Eugene Debs, who ran for president of the United States five times as the Socialist Party of America candidate. He repeatedly attacked people in this — no, I know my socialists. I keep a close eye on them.” “So, here’s the thing. He went after everybody that he thinks is a problem: people who own things, people who have businesses. He said an interesting quote: ‘No problem too large for government to solve.’ And so, when you think of the world that way, that every problem, no matter how small or how large, is something for government to do, let me just decipher this for you. Tax increases as far as the eye can see, which means that people who need to provide jobs to the young people that you say need jobs are going to flee as quickly as they possibly can.” “I think this was a divisive speech, and he clearly sees the world in terms of the people who are oppressing you and the oppressed. (commie lingo) And he said, the oppressed are now in City Hall.” https://t.co/KFUOyRRqsU @bennyjohnson: Zohran Mamdani thanks “Yemenis, Uzbeks, Mexicans, Senegaleses, Trinidadians, and Ethiopians” but fails to mention “Americans.” https://x.com/bennyjohnson/status/1986053255642661243 @noatishby: Linda Sarsour said that over 80% of Zohran Mamdani’s campaign funding came from Muslim American donors — and that CAIR was the largest institutional donor. https://x.com/noatishby/status/1985378605694627864 Meet the people who will have Mamdani’s ear — and who he could owe favors to as mayor Palestinian-American activist Linda Sarsour has been described as a mentor and friend to Mamdani… Council on American-Islamic Relations (CAIR) and CAIR Action… Democratic Socialists of America… United Federation of Teachers…Working Families Party… Since 2016, the party has pocketed $23.7 million from Soros through its nonprofit fundraising arm, Working Families Organization Inc. The party advocates for free healthcare for all, criminal justice reform and “environmental justice.”… Mahmood Mamdani… A radical socialist and emeritus professor at Columbia University’s Department of Anthropology, Mahmood in 1981 founded the Uganda-Korea Friendship Society, a group connected to North Korea… Patrick Gaspard… former president of Soros’ Open Society Foundations… https://nypost.com/2025/11/05/us-news/mamdani-to-be-accountable-to-radical-activists-groups/ Fox Contributor @PaulDMauro: At Mamdani’s victory rally, his buddy Hasan Piker, who has said that America deserved 9/11, called it “unfortunate” that America won the Cold War. Stalin alone killed upwards of 20 million people. Dem Rep @jamie_raskin: Tonight, New York City said no to billionaire oligarchs and yes to strong democracy, freedom and opportunity for all. Congratulations to America’s newest Mayor, Zohran K Mamdani! (Except for the billionaires that bankrolled him, like Soros!) @CityJournal: @ZohranKMamdani’s obsessive focus on the city’s cost-of-living crisis was a master stroke. The trouble is that the policies he favors will likely make it worse, not least by degrading New York’s economic vitality… https://x.com/CityJournal/status/1986119368053563900/photo/1 @nypost: Mayor-elect Zohran Mamdani delivered a message to President Trump regarding immigration during his victory speech: “To get to any of us, you will have to get through all of us.” https://t.co/8flHVdcUkZ Jewish FDNY fire commissioner hands in resignation — morning after anti-Israel Zohran Mamdani elected NYC mayor https://trib.al/GLg0mxm All top Dems that won on Tuesday night assailed Trump. Where’s the usual media calls for unity and magnanimity from election winners? Oh, it’s only the GOP that should be gracious and forgiving. @JackPosobiec: Democrats are going to look to expand the Mamdani model of appealing to Gimmiegrants to secure political victories As NYC elects socialist Mamdani, neighboring county doubles down on Trump-style leadership with Blakeman’s win – Nassau County Executive Bruce Blakeman celebrates victory while neighboring New York City embraces Zohran Mamdani’s left-wing agenda https://www.foxnews.com/politics/nyc-elects-socialist-mamdani-neighboring-county-doubles-down-trump-style-leadership-blakemans-win Dems won the Virginia and New Jersey Gubernatorial elections as expected. But by a larger margin in New Jersey than expected. DJT campaign manager @ChrisLaCivita: A Bad candidate (Winsome Earle-Sears) and Bad campaign have consequences – the Virginia Governor’s race is example number 1. Note: GOP VA Gov candidate Winsome Earle-Sears slammed Trump in 2024, calling him a liability for the GOP and stating she would not support him in the 2024. After DJT won the GOP nomination, she changed tune and supported him, Also, liberal women in blue states vote in significantly greater numbers than men. This is why so many women are winning elections. The consolation for the GOP: Dems and their allies spent 10s of millions of dollars to win races in two blue states (NJ and government worker laden Virginia) that Trump lost in 2024. @bhweingarten: It’s almost like Democrats shut down the government so their voters would be sufficiently mobilized in Virginia. Dem Jay Jones won the Virginia AG election even though he wrote that he would gladly shoot ex-Virginia House Speaker Todd Gilbert and wished Gilbert’s children would “die in their mother’s arms.” @bennyjohnson: Democrats in Virginia saw these texts from Jay Jones and decided “yup, he has my vote!” Truly evil. You can’t live in a country with people that want you dead. (Jones’s emails at link) https://x.com/bennyjohnson/status/1985892544530579923/photo/1 Dem Virginia AG candidate Jay Jones fantasized about a GOP pol getting ‘two bullets to the head’ in shocking text messages – “Gilbert gets two bullets to the head,” Jones wrote, adding, “Spoiler: put Gilbert in the crew with the two worst people you know and he receives both bullets every time.” https://nypost.com/2025/10/03/us-news/dem-virginia-ag-candidate-jay-jones-fantasized-about-a-gop-pol-getting-two-bullets-to-the-head-in-shocking-text-messages/ @DailySignal: VIRGINIA ALLEN: Jay Jones Winning Is ‘Pretty Telling’ About How Much Democrats Are Willing To Put up With –“I think so many people recognized here in the Commonwealth of Virginia that if voters were willing to still vote for someone who said that they wanted to kill their political opponents, that that was gonna be pretty telling about honestly how much Democrats are willing to put up with from their party.” https://x.com/DailySignal/status/1985900209574961309 @NoVA_Campaigns: The VA Governor is a CIA agent The VA LtGov is a pro-trans Muslim woman The VA AG wants to murder GOP kids The VA House leader is a felon drug trafficker The VA Senate leader runs a pot shop The moral of the Virginia and New Jersey elections on Tuesday: People dependent on government, especially in blue states, have an urgency and incentive to vote in off-cycle, low-turnout elections. Also, the GOP cannot keep running bad candidates, including the anti-Trump candidate for VA Gov. @VigilantFox: CNN panel gloats in laughter as Scott Jennings delivers a blunt warning to the Democratic Party. It began with Mamdani’s win, when Jennings issued this message for Chuck Schumer: “AOC is going to be the next senator from New York.” But the real warning came when he saw murder-wishing Jay Jones (D) leading the attorney general race in Virginia. “I see the energy in Virginia Democrats looking the other way on a violent candidate for attorney general who says he wants to murder Republicans and their children. If you think you’re getting rid of Graham Platner in Maine now, think again. This is a terrible night for the national Democratic image given what is happening inside their party.” Jennings pressed on: “Mamdani is an avowed socialist. It’s not what people say that he is. It’s what he says that he is. He’s now the leader of their party. That’s their energy and Chuck Schumer’s —” Anderson Cooper cut in, mocking the idea: “[Mamdani’s] the leader of the Democratic Party?” “Who is the leader? Can someone tell me?” Jennings shot back. “He’s a life raft for Republicans who have to go on TV and get their asses kicked,” David Axelrod responded with a big smile. Even as the panel laughed him off, Jennings doubled down on his warning about Mamdani and Jones: “You own this now. You all own this now.” https://x.com/VigilantFox/status/1985906088466596189 @TheMaverickWS: Some Republicans are under the illusion that they won the elections because of social issues. The truth is, Trump was elected because Democrats downplayed inflation. Now, he claims inflation is defeated & points to the stock market as a sign of a strong economy. BIG mistake… Pollster Richard Baris on election: “I’ve been screaming for months about this. I don’t care what’s going on in Ukraine. I don’t care about what’s going on in Venezuela. I don’t care about any of this.” The political reality: USA economic populism is trend. This must be resolved in higher living standards for more people ASAP or more Americans will vote for Marxist candidates. John Solomon’s analysis: Economic populism is the key and the GOP better get with it. Mamdani stayed focused on his main issue: A decent living standard is unaffordable for the masses. https://x.com/RealAmVoice/status/1985911222253076680 Top Atty Robert Barnes: “Tonight’s results need to be a wake-up call to the White House & the GOP — stop focusing on foreign affairs, stop entangling us in endless conflicts, and focus at home on bread-and-butter issues for working people.” @BrianHJacobson: Trump won a sweeping mandate to get costs under control for common folks. In the last year he has not done that. Inflation is back on the rise. The job market is the worst it has been in almost 20 years and there is only worse news on the horizon. The Babylon Bee: Zohran Mamdani Horrified to Discover He Now Has a Job Explaining Mamdani’s Appeal to the Young, With Polling First, the great news. Young voters have swung massively to the right over the last three presidential election cycles… Even though all of his Marxist answers are wrong and immoral, Zohran laser focused on the issue that matters most to voters, especially to younger ones. Most young citizens have not benefited from the huge run-up in asset prices in recent years. Without substantial holdings of equities or real estate, they struggle to deal with sky-high costs for the staples of life… These voters correctly blamed the Democrats for the pain of Bidenomics, but that anger has now shifted over to Republicans, fair or not. Right now, per TIPP Insights polling, only 24% of young adults rate Trump’s performance on the economy as “good” or “excellent,” while 54% rate it as “poor” or “unacceptable.” On inflation, using letter grades, among young independents, only 6% give the president an A, while 44% deliver an F. Mamdani smartly dove into this issue. All his alleged solutions will only make inflation worse… Perhaps the most compelling moment of the campaign for Mamdani was during the July debate, when all candidates were asked where their first foreign visit would be as mayor of New York. All of them said Israel, with Ukraine thrown in as well. But Mamdani gave a truly “New York First” answer instead. That non-interventionism seeps over into a very negative view of Israel among young voters. Survey results found that only 25% of them have a positive view of Israel, vs. 52% negative. Among young independents, only 18% have a positive view of Israel… “There is a lot to learn from Mamdani, even though he is a dangerous Marxist.” “Establishment Republicans have no effective answer…because their default is always ‘cut taxes for the wealthy and go to war.'”… https://www.realclearpolitics.com/articles/2025/11/05/explaining_mamdanis_appeal_to_the_young_with_polling_153489.html Colorado voters approve tax increase on high earners to fund school meals, food stamps Proposition MM’s passage means Colorado will fully fund free breakfast and lunch for all public school students https://coloradosun.com/2025/11/04/proposition-mm-results-colorado-election-2025/?s=02 Unfortunately, as Joseph Schumpeter predicted, that capitalism begets corporatism, which begets socialism as majorities vote for a welfare state. The US has been on a socialist bender for decades. Now, a significant number of Americans want to move from socialism to communism. @Osint613: Cardinal Robert Sarah (from Guinea): “As a Bishop, it is my duty to warn the West. The barbarians are already inside the city.” Conservative Catholics wanted Cardinal Sarah to be pope; but they knew it was unlikely that the leftist cardinals that voted for a liberation theologist Jesuit to be pope (Francis) would not select a conservative, traditionalist black cardinal from Africa to be pontiff. Sean Hannity: “One of my criticisms from after ‘24 from Democrats was there was no introspection, self reelection, or course correction. I see things Republicans can learn from tonight. The one big thing that pops off the page to me is the economy….. I would like to see more talk about the economy moving forward from Republicans.” Trump has spent too much time and garnered too much ink on trying to end global conflicts, boosting cryptos, and inflating the stock market bubble. “It’s the economy, stupid!” Get laser focused on it; and realize that the stock market and cryptos are NOT the economy for most Americans. Ex-GOP Rep and Never Trumper @petermeijer: Hot take: the 2025 off-year gubernatorial elections will have the same predictive value as the 2021 off-year gubernatorial elections. GOP front runner for 2028, VP @JDVance: I think it’s idiotic to overreact to a couple of elections in blue states, but a few thoughts: 1) Scot Pressler, TPUSA, and a bunch of others have been working hard to register voters. I said it in 2022, and I’ve said it repeatedly since: our coalition is “lower propensity” and that means we have to do better at turning out voters than we have in the past. 2) We need to focus on the home front. The president has done a lot that has already paid off in lower interest rates and lower inflation, but we inherited a disaster from Joe Biden and Rome wasn’t built in a day. We’re going to keep on working to make a decent life affordable in this country, and that’s the metric by which we’ll ultimately be judged in 2026 and beyond. 3) The infighting is stupid. I care about my fellow citizens–particularly young Americans–being able to afford a decent life, I care about immigration and our sovereignty, and I care about establishing peace overseas so our resources can be focused at home. If you care about those things too, let’s work together. Trump surfaced to boast about the economy, stock market, and cryptocurrencies. Only an old fool, and “there’s no fool like an old fool,” would tie himself to an equity AND crypto bubbles when the masses are restlessly suffering intractable inflation and declining living standards. Trump shares shocking strategy (buy Bitcoin) to take pressure off dollar “I noticed more and more you pay in Bitcoin… I mean, people are saying it takes a lot of pressure off the dollar, and it’s a great thing for our country.” https://www.thestreet.com/crypto/markets/trump-shares-shocking-strategy-to-take-pressure-off-dollar It’s dangerous to have leaders that aren’t as smart as they think they are. Cryptos put pressure on the dollar by being a dollar alternative. @OANN: President Trump: “Since March, the price of eggs is down 85%. Energy prices are down, interest rates are down… and the cost of the typical new mortgage is down by nearly $3,000 a year. Day by day, we’re making America affordable again.” https://t.co/D9jeVu2Yl0 DJT is trying to gaslight Americans to believe his economic folderol and ignore their checkbooks! @DowdEdward: Memo to White House: 90% of the country doesn’t care about 7 AI stocks on their last legs holding up the Indices. Hoover moment coming unless you WTFU & change messaging & focus. @DailyCaller: A woman who previously declared she was living in the U.S. illegally won the election to become the next mayor of St. Paul, Minnesota. Democratic State Rep. Kaohly Vang Her emerged victorious, defeating incumbent Democratic Mayor Melvin Carter… Trump-district House Democrat won’t seek re-election Rep Jared Golden (Maine) warned against ‘extreme, puglistic’ elements within his own party I have grown tired of the increasing incivility and plain nastiness… (What about the new blue wave?) https://www.foxnews.com/politics/trump-district-house-democrat-wont-seek-re-election Texas voters overwhelmingly pass ballot measure barring non-citizen voting The AP projected the proposition to pass, with 74.9% of voters backing the plan and 25.1% opposing it. https://justthenews.com/politics-policy/elections/texas-voters-overwhelmingly-pass-ballot-measure-barring-non-citizen Dems and their media stooges are acting like Dems turned Florida and Oklahoma blue. When the GOP wins in blue areas, ‘they’ ignore or mitigate the victories. C’est la vie! @SenJudiciaryGOP: Chairman @ChuckGrassley & House @JudiciaryGOP Chair @Jim_Jordan are calling on Chief Justice Roberts to address activist judges’ political outbursts to the press. These partisan tantrums undermine the legitimacy of the Courts & may violate ethics rules. They must end now. https://t.co/99U1mIPuTY @bennyjohnson: Here’s the real divide in America: 50% of Democrats don’t believe in God. Ninety-three percent of Republicans do. Unhinged voicemail exposes left-wing candidate’s death threats against GOP senator Freshman Sen. Tim Sheehy, R-Mont., was targeted with death threats and other extreme insults by a left-wing city commissioner candidate from Montana’s capital city of Helena, who called his office several weeks ago to leave her thoughts about the Republican senator over a voicemail… “Hi, this is Haley McKnight. I’m a constituent in Helena, Montana,” McKnight started off in her voicemail, a recording of which was obtained and verified by Fox News Digital. “I just wanted to let you know that you are the most insufferable kind of coward and thief. You just stripped away healthcare for 17 million Americans, and I hope you’re really proud of that. I hope that one day you get pancreatic cancer, and it spreads throughout your body so fast that they can’t even treat you for it.”… “I hope you die in the street like a dog,” McKnight continued. “One day, you’re going to live to regret this. I hope that your children never forgive you. I hope that you are infertile. I hope that you manage to never get a boner ever again. You are the worst piece of sh– I have ever, ever, ever had the misfortune of looking at … God forbid that you ever meet me on the streets because I will make you regret it. F— you. I hope you die.”… Sheehy is a former Navy SEAL who was shot while deployed in Afghanistan… https://www.yahoo.com/news/videos/us-senator-receives-threatening-voicemail-005033206.html | |
SWAMP STORIES FOR YOU TONIGHT
Mamdani Announces All-Female Transition Team, Including Lina Khan
Thursday, Nov 06, 2025 – 09:35 AM
Authyored by Joseph Lord via The Epoch Times,
New York City Mayor-elect Zohran Mamdani announced on Wednesday that his transition team would be all-female.
“Last night we made history, and today we begin the work of making a new administration,” Mamdani said in a video posted to X.
Following Mamdani’s substantial victory in the city’s mayoral election on Nov. 4, outgoing New York City Mayor Eric Adams will begin handing off power to the mayor-elect’s incoming administration.
Mamdani said that during the transition period, his team would work to “build a City Hall that delivers on the promises of our campaign: to make New York City affordable, and to make it accountable to the people it serves.”
Several of the women announced on Mamdani’s transition website as co-chairs of the transition team are Democratic Party insiders, particularly within New York City politics.
Mamdani said these figures were chosen on the basis of “excellence, integrity, and a hunger to solve old problems with new solutions.”
Members of the transition team include former Federal Trade Commission Chair Lina Khan, former first deputy mayor Maria Torres-Springer, United Way of New York City head Grace Bonilla, former deputy mayor for health and human services Melanie Hartzog, and political consultant Elana Leopold.
Mamdani, a self-described democratic socialist candidate whose bid to lead America’s largest city drew national attention, has garnered over 50 percent of the vote in the race with 93 percent of the votes counted.
He defeated the leading rival for the post, former New York Gov. Andrew Cuomo, a Democrat who ran an Independent campaign, and Republican nominee Curtis Sliwa.
Mamdani ran as a political outsider, drawing huge crowds and grassroots support while obtaining limited backing from establishment figures in the Democratic Party, which had nominated him for the job, for his progressive platform.
Left-wing figures such as Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Bernie Sanders (I-Vt.) were outspoken in favor of Mamdani’s bid.
Meanwhile, top party figures in Washington were more hesitant.
House Minority Leader Hakeem Jeffries (D-N.Y.) gave Mamdani his endorsement only near the end of the race, but he has stated that he doesn’t believe Mamdani is the future of the Democratic Party.
Senate Minority Leader Chuck Schumer (D-N.Y.), meanwhile, never provided an endorsement in the race.
Mamdani’s election also sets the stage for a potentially adversarial relationship with the federal government.
The mayor-elect vowed during his campaign that he would attempt to “Trump-proof” New York, including through opposition to Immigration and Customs Enforcement (ICE) activity in the city.
During an interview with Fox News’s Brett Baier on Nov. 5, President Donald Trump said:
“I’m so torn, because I would like to see the new mayor do well, because I love New York. I really love New York.”
Trump repeated his position that Mamdani is a “communist” whose policies won’t work.
When asked whether he had reached out to the mayor-elect, Trump said Mamdani should reach out to him.
“I think he should be very nice to me. You know, I’m the one that sort of has to approve a lot of things coming to him,” Trump said. “He has to be a little bit respectful of Washington, because if he’s not, he doesn’t have a chance of succeeding.”
END
ROBERT H.
NEW YORK
Polls show 9% of New York City residents plan to leave immediately, while another 25% are thinking about it. At some point there will be NO buyers for real estate there. The 1% which pay 50% of the taxes will be the first to go. Both the city and state are headed for trouble.
The question is WHO and with WHAT money will this place be funded as it heads for collapse. Socialism has never worked before throughout history. As this Ugandan takes a knife to this city the people who voted for him will discover that there is no free lunch. Yes, you can defund the police and give away housing at the expense of Landlords until people simply run out of money. As it is there a $15Billion overhang of bonds that may not see ready buyers. And no doubt much more to come.
If you want to see New York do it sooner than later because within a short time it will be a ghetto.
As for the financial aspect of New York ,Dallas has almost as many people in this field as New York. And Miami is rising fast. As things are it is clear that money and people will leave cities like New York and the State itself for more friendly places. The US is headed for a much greater divide than exists now. The real question is whether within the next decade it stays as one nation. And this is true of many countries as change comes faster than the ability of countries to handle the changes forcing splits.
As time wears the whole of what real settlement of value is for goods and services will adapt and change. Currencies are not stable and nor is government debt. It is likely that a new paradigm is already being developed and emerging. No one wants to receive nebulous money for one’s labor. Thus the settlement of value for goods and services is already changing in ways that are not mainstream. This will change the very nature of banking as banking is hit by declining asset values affecting lending solidity and by currency flux. Legacy assets will take on new meaning and become obsolete.
The only constant as Voltaire said is change.
END
USA
Jack Smith will go down for this:
Headline USA
Pam Bondi Confirms Jack Smith ‘Seized’ Trump’s Phone In Witch Hunt
Thursday, Nov 06, 2025 – 02:40 PM
Authored by Luis Cornelio via Headline USA,
Attorney General Pam Bondi confirmed Tuesday that former Special Counsel Jack Smith seized President Donald Trump’s government-issued phone as part of his post-2020 election Arctic Frost investigation.
Trump’s personal phone records were also targeted, a move Bondi called “unprecedented.”
“We can never again allow this kind of government weaponization in America,” Bondi wrote on X. “I submitted these new documents to our partners on Capitol Hill. I commend our team at the FBI for working diligently to expose this.”
Whistleblower disclosures from March, submitted to the Senate Judiciary Committee, had previously noted that Trump’s government cellphone — along with that of former Vice President Mike Pence — was targeted.
Trump now joins a growing list of Republican lawmakers targeted during the broad and aggressive probe.
Smith was appointed by Attorney General Merrick Garland specifically to investigate Trump over his objections to the certification of the 2020 presidential election.
Arctic Frost began in 2022 and prompted Smith’s appointment. It remains unclear which carrier Trump used for his personal phone or whether it complied with the order.
Other lawmakers reportedly targeted include GOP Sens. Ted Cruz, Texas, and Marsha Blackburn, Tenn., likely due to their objections to the 2020 election certification.
Smith ultimately prosecuted Trump in two separate case, one over his remarks about the 2020 election and another over a dispute concerning documents at Mar-a-Lago.
Both cases failed.
He is now under federal and congressional investigation over allegations that his pursuit of the former president was nothing more than a politically motivated witch hunt.
GREG HUNTER…
harveyorganblog.com 
