NOV 10//ALL PRECIOUS METALS HAVE A STELLAR DAY: GOLD CLOSED UP $114.40 TO $4114.15//SILVER WAS UP $2.05 TO $50.38 BREAKING THE 50 DOLLAR BARRIER AGAIN//PLATINUM CLOSED UP $16.85 TO $1591.45 WITH PALLADIUM UP $34.00 TO $1429.50//TWO COMMENTARIES TONIGHT FROM ALASDAIR MACLEOD//ANDREW MAGUIRE PODCAST WITH LYNETTE ZANG//FIRST MAJESTIC SILVER CEO NEUMAYER TALKS ON THE MANIPULATION IN SILVER//BIS GOLD SWAPS REMAIN CONSTANT AT 54 TONNES WITH THE FRBNY THE SHORT//POLAND REJECTS THE EU POLICY OF MOVEMENT OF EU MIGRANTS INTO POLAND FROM OTHER EU NATIONS//ISRAEL VS HAMAS UPDATES/ COVID INJURY REPORTS//DR MARK CRISPIN MILLER/DR PAUL ALEXANDER/NEWSWIZE//OIL UPDATES TODAY//RAY DALIO ON THE USA’S HUGE BUBBLE//KING NEWS/SWAMP STORIES FOR YOU TONIGHT//
132 C SG AMERICAS 94 167 C MAREX 1 435 H SCOTIA CAPITAL (USA) 77 661 C JP MORGAN SECURITIES 156 709 C BARCLAYS 131 905 C ADM 9
TOTAL: 234 234 MONTH TO DATE: 7,119
JPMORGAN STOPPED 156/234
NOV.
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 234 CONTRACTs NOTICES FOR 23,400OZ or 0.7278 TONNES
total notices so far: 711,900 contracts for 711900 OR 22.143 tonnes)
FOR NOV
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SILVER NOTICES: 13 NOTICE(S) FILED FOR 65,000 OZ/
total number of notices filed so far this month : 3029 CONTRACTS (NOTICES) for 15.155million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $114.40 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.43 TONNES OF GOLD INTO THE GLD
INVENTORY RESTS AT 1042.06TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $2.05 AT THE SLV:
NO CHANGES IN SILVER INVENTORY AT THE SLV:/ //
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 485.110 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A FELL BY A HUGE SIZED 1909 CONTRACTS TO 155,040,AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.22 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S // TRADING.! IT WAS THE SHORT SPECULATORS THAT ARE CONTINUALLY IN TROUBLE AS THE BANKERS TOOK THE LONG SIDE AND THEN TENDERED. WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW TRYING TO SURPASS OUR LAST MAJOR HURDLE OF $50.00 SILVER AGAIN. WE HAD A HUGE SIZED LOSS OF 1801 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A TINY 14 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO FRIDAY’S TRADING / WITH AS YOU WILL WITNESS THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $50.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON FRIDAY WITH SILVER’S LOSS IN PRICE. THE PRICE FINISHED MILES BELOW THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE CLOSING AT $48.27 UP $0.22 . WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A MEGA HUMONGOUS SIZED 5279 T.A.S. CONTRACTS. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING AGAIN THE 50.00 DOLLAR MARK!!. THERE IS NO NEXT LINE IN THE SAND ONCE THE 50.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A TINY 14 SIZED CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 5279 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAIDS AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A HUGE SIZED 1895 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.22 WE HAD HUGE GOVERNMENT COMEX CONTRACTS TRADING FRIDAY AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE SHORT SPECULATORS HAVE NOW BEEN BURIED AS OUR BANKER LONGS TENDERED FOR THE BADLY NEEDED SILVER. THE SHORT SILVER SPECS ARE IN TROUBLE
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT//SATURDAY MORNING: A MEGA HUGE SIZED 5279 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THE BANKERS HAVE BURIED OUR SHORT SPECULATORS AS THEY TOOK THE LONG SIDE OF TRADING THIS PAST WEEK AND THEN THEY TENDERED FOR PHYSICAL SILVER. THE PROBLEM FOR THE SHORT SPECULATORS WILL BE TO FIND THE NECESSARY PHYSICAL SILVER
THUS:
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 WEDNESDAY;S 0.570 MILLION OZ QUEUE JUMP
THEN YESTERDAY’S 0.080 MILLION OZ
THEN TODAY’S 425,000 IZ
EQUALS
15.335 MILLION OZ STANDING FOR SILVER.
WE HAD:
/ MEGA HUGE COMEX OI LOSS+// A 14 EFP ISSUANCE CONTRACTS (/ VI) A HUMONGOUS NUMBER OF T.A.S. CONTRACT ISSUANCE 5279CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 1XXXCONTRACTS!!!!!
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS NOV.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF NOV.
TOTAL CONTRACTS for 6DAY(S), total 1544 contracts: OR 7.720 MILLION OZ (257 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 7.720 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOV:7.72 MILLION OZ
RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1815 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.22 IN SILVER PRICING AT THE COMEX// FRIDAY.,. . THE CME NOTIFIED US THAT WE HAD A 14 SIZED CONTRACT EFP ISSUANCE : 14 ISSUED FOR DEC., AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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LAST 8 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
AND NOW NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY;S QUEUE JUMP OF 0.070 MILLION OZ WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 4.705 MILLION OZ//STANDING ADVANCES TO 15.405MILLION OZ/
THE NEW TAS ISSUANCE FRIDAY NIGHT (5279) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 13 NOTICE(S) FILED TODAY FOR 65,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR 2674 OI CONTRACTS TO 455,161 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A RELATIVELY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A RECORD AND MEGA HUGE AND CRIMINAL 21,710 CONTRACTS //HUGE GOVERNMENT REMOVALS//AND RECORD ADJUSTMENTS
WE HAD A FAIR INCREASE IN COMEX OI (3114 CONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $18.55 IN PRICE// FRIDAY///.
LAST 7 MONTHS OF GOLD DELIVERIES:
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 1.542 TONNES/ FOLLOWED BT PREVIOUS QUEUE JUMPS IN OF OF 4.09 TONNES//NEW STANDING ADVANCES TO 21.975TONNES OF GOLD.
E.F.P. ISSUANCE/FOR OPENING NOV GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1365 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 455,161 AND WE NOW WITNESSING A STRONG COMEX OI WITH AN EXTREMELY HIGH PRICE OF GOLD
SILVER ALSO HAS A STRONG SIZED COMEX OI OF 155,040 CONTRACTS
IN ESSENCE WE HAVE A MEGA HUGE INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3114 CONTRACTS WITH 2674 CONTRACTS INCREASED AT THE COMEX// AND A SMALL SIZED 440 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3114 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE SIZED AND CRIMINAL 15,837 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED
GOLD PRICE ON FRIDAY ROSE BY $18.55
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(440) ACCOMPANYING THE FAIR GAIN IN COMEX OI OF 2,674 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 24,824 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR ORIGINAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) STRONG INITIAL STANDING FOR GOLD FOR NOV AT 15.651 TONNES OF NORMAL DELIVERY TO WHICH WE ADD OUR QUEUE JUMP OF 0.8460TONNES TO PREVIOUS QUEUE JUMPS IN NOV OF 5.596 TONNES
NEW STANDING ADVANCES TO 22.706 TONNES.
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(440) ACCOMPANYING THE FAIR GAIN IN COMEX OI OF 2,674 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3,114 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR ABNORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG,2.) STRONG INITIAL STANDING FOR GOLD FOR NOV AT 15.575 TONNES PLUS TODAY’S 0.8460TONNES QUEUE JUMP FOLLOWED BY NOV QUEUE JUMPS OF 5.546 TONNES
AMT STANDING:= 22.706 TONNES.
NEW STANDING FOR GOLD, NOV CONTRACT AT 22.706 TONNES OF GOLD
3) ZERO T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION AND ZERO LIQUIDATION OF EQUITY SHARES) AS WE HAD 1)A $18.55 COMEX PRICE GAIN WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED BUT A MASSIVE SPECS PILING INTO THE COMEX AS WE HAD A FAIR SIZED GAIN OF 3114 CONTRACTS ON OUR TWO EXCHANGES. WE HAD SOME SHORT SPECULATOR CONTRACTS BEING LIQUIDATED WITH THE RISE IN PRICE AS THE BANKERS TENDERED FOR PHYSICAL./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4) FAIR SIZED COMEX OI GAIN/ 5) V) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (2024)
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV. :
TOTAL EFP CONTRACTS ISSUED: 7510CONTRACTS OR 751,000 OZ OR 23.36 TONNES IN 6TRADING DAY(S) AND THUS AVERAGING: 1792EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN6 TRADING DAY(S) IN TONNES: 23.36 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 23.36 TONNES DIVIDED BY 3550 x 100% TONNES = 0.656% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 23.36TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 1909 CONTRACTS OI TO 155,040 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 14 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 14 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1909 CONTRACTS AND ADD TO THE 14 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 1895 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $0.22 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 9.475 MILLION PAPER OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED UP 21.04 POINTS OR 0.53%
//Hang Seng CLOSED CLOSED UP 407.22 PTS OR 1.55%
// Nikkei CLOSED : UP 671.41PTS OR 1.34% //Australia’s all ordinaries CLOSED UP 0.30%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1190/ OFFSHORE CLOSED UP AT 7.1232/ Oil UP TO 60.34 dollars per barrel for WTI and BRENT UP TO 64.28 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.1190 OFFSHORE YUAN TRADING UP TO 7.1232:/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
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 2674 CONTRACTS TO 455,161 OI DESPITE THE STRONG GAIN IN PRICE OF $18.55 WITH RESPECT TO FRIDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (440). WE HAD ZERO T.A.S. LIQUIDATION FRIDAY. 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 3114 CONTRACTS (OR 9.685TONNES).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 54 TONNES SHORTFALL. IT BOUGHT BACK ONLY 4 TONNES IN AUGUST AND THEN ADDED 24 TONNES IN SEPT. AND THUS THEIR SHORTFALL TO THE BIS IS 54 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 3114 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 A MEGA HUGE SIZED T.A.S ISSUANCE CONTRACTS AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 15,837 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 0.8460TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 6.276 TONNES/NEW STANDING ADVANCES TO 22.706TONNES
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 INITIAL 15.651 TONNES STANDING IN AN OFF MONTH!! THIS IS HUGE!!!//WITH QUEUE JUMPS NOW AT 21.97 TONNES
EXCHANGE FOR PHYSICAL ISSUANCE/NOV//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED EXCHANGE FOR PHYSICAL OF 440 CONTRACTS.
THAT IS A SMALL SIZED 440 EFP CONTRACT WAS ISSUED: : /DEC 440 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 440 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 54 TONNES
WE HAD :
ZER0 LIQUIDATION OF OUR T.A.S. SPREADERS//FRIDAY + GOVERNMENT LIQUIDATION
MONTH END SPREADERS HAVE NOW FINISHED AS IT WAS IN FULL FORCE ON FIRST DAY NOTICE 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 FRIDAY NIGHT/SATURDAY MORNING WAS A HUGE SIZED SIZED 15,837 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE THIS MONTH ON OPTIONS EXPIRY WEEK ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP FRIDAY’S 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 0.8460ONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 6.2976 TONNES
/STANDING ADVANCES TO 22.706TONNES OF GOLD.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
AN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING NOVEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $18.55/ /) AND WERE UNUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A FAIR GAIN IN OI FROM TWO EXCHANGES OF 3114 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION FRIDAY HOWEVER WE DID HAVE AGAIN HUGE SPECULATOR SHORT COVERING AS THEY ARE THE ONES WHO ARE MASSIVELY SHORT ALL WEEK 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!!
SATURDAY MORNING//FRIDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING/ SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
ANALYSIS OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL
AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 0.8460 TONNES WHICH FOLLOWS 1,542 TONNES,, WHICH FOLLOWS YESTEERDAY;S 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 22.706ONNES OF GOLD.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $18.55
WE HAD A HUGE AND RECORD 21,710 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES : 3114CONTRACTS OR 311,400 OZ OR 9.685 TONNES
Total monthly oz gold served (contracts) so far this month
6885notices 688500 0z 21.415 ONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
0 ENTRIES
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
0 entries
customer withdrawals:
0 ENTRIES
they are draining the comex of gold
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ADJUSTMENTs 2
Dealer to customer
a) Int. Delaware 82,525.298 oz
b) Brinks 87,579.324 oz
volume at the comex: THURSDAY: 265.,619 oz ( fair)//
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 415 CONTRACTS FOR A LOSS OF 254 CONTRACTS.
WE HAD 489 CONTRACTS SERVED ON FRIDAY. SO WE GAINED A STRONG 242 CONTRACTS FOR 24,200 OZ OF GOLD (0.8460 TONNES).
DECEMBER LOST 11,055 CONTRACTS DOWN TO 300,451 CONTRACTS .
JANUARY GAINED 6 CONTRACTS UPTO 830
We had 489 contracts filed for today representing 48,900 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 489 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 1304notice(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 (6885 oz ) to which we add the difference between the open interest for the front month of NOV ( 415CONTRACTS) minus the number of notices served upon today (489x 100 oz per contract) equals 730,000 OZ OR 22.706ONNES OF GOLD
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (6885x 100 oz +we add the difference for front month of NOV (415 OI} minus the number of notices served upon today (489)x 100 oz) which equals 730,000 OZ OR 22.706 TONNES
TOTAL COMEX GOLD STANDING FOR NOV..: 22.706TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE ACTIVE DELIVERY MONTH OF NOVEMBER
volume FRIDAY 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: 1,745,979.989 oz 60.528tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 37,729,455.440 oz
TOTAL REGISTERED GOLD 19,615,102.732 or 610.011onnes
TOTAL OF ALL ELIGIBLE GOLD 18,114.352.708 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,869.123 oz ((REG GOLD- PLEDGED GOLD)=
555.80onnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE NOV. 2025 SILVER CONTRACTS
NOV 10 2025
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
5 entries
i) Out of Delaware 82,858.143 oz ii) Out of HSBC 65,199.460 oz iii) Out of JPMorgan 645,577.020 oz iv) Out of Loomis 160,505.180 oz v) Out of Manfra 67,091.878 oz
total withdrawal 1,021,231.611oz
Deposits to the Dealer Inventory
0 ENTRY
Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 entries
No of oz served today (contracts)
86CONTRACT(S) ( 0.430 MILLION OZ
No of oz to be served (notices)
52 contracts (0.260MILLION oz)
Total monthly oz silver served (contracts)
3016Contracts (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
i) Out of Delaware 82,858.143 oz ii) Out of HSBC 65,199.460 oz iii) Out of JPMorgan 645,577.020 oz iv) Out of Loomis 160,505.180 oz v) Out of Manfra 67,091.878 oz
total withdrawal 1,021,231.611oz
adjustments: 3:
all dealer to customer
a) Brinks 132,659.400 oz
b) Asahi: 43,586.600 oz
c) Manfra 181,321.400 oz
comex is in turmoil
TOTAL REGISTERED SILVER: 156.441MILLION OZ//.TOTAL REG + ELIGIBLE. 479.104 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: 65 OPEN INTEREST CONTRACTS FOR A LOSS OF 72 CONTRACTS. WE HAD 86 NOTICES SERVED ON FRIDAY SO WE GAINED 14 OR 0.070MILLION OZ QUEUE JUMP.
DECEMBER LOST 5941 CONTRACTS DOWN TO 96,354
JANUARY LOST 57 CONTRACTS DOWN TO 863 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 13 or 0.065MILLION oz
CONFIRMED volume; ON FRIDAY 86,444good//
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 3016 X5,000 oz = 15..080MILLION oz
to which we add the difference between the open interest for the front month of NOV (65) AND the number of notices served upon today (86 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (3016) Notices served so far) x 5000 oz + OI for the front month of NOV(65) minus number of notices served upon today (86)x 5000 oz equals silver standing for the NOV.contract month equating to 15.605 MILLION OZ
New total standing: 15.605million 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 156/441 million oz of registered silver
JPMorgan as a percentage of total silver: 204.361/479,104million. 42.52%
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 10/WITH GOLD UP $114.40TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT 0F 3.43 TONNES OF GOLD INTO THE GLD . /// ///INVENTORY RESTS AT 1042.06 TONNES
NOV 7/WITH GOLD UP $18.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.43 TONNES OF GOLD INTO THE GLD . /// ///INVENTORY RESTS AT1042.06TONNES
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: 1042.06 TONNES, TONIGHTS TOTAL
SILVER
NOV 10/WITH SILVER UP $2.05 TODAY/NO CHANGES IN GOLD AT THE GLD: . /// ///INVENTORY RESTS AT 485.110 TONNES
NOV 7 WITH SILVER UP $0.22 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.54 MILLION OZ FROM THE SLV / ///INVENTORY RESTS AT 485.110 MILLION OZ
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//
Most goldbugs believe that they face months of price consolidation. Evidence is mounting that the correction is over and that profit-takers are wrong to be on the sidelines.
This market report looks at the evidence behind a continuing silver squeeze, which theoretically can only be alleviated by higher prices. But higher silver prices are set to fuel further demand and insufficient supply. And the Fed abandoning its inflation target to rescue a liquidity-strapped credit bubble can only lead to a debauching dollar and far higher gold prices.
After their recent sharp pullbacks, gold and silver steadied this week in light trade. This morning in European trade gold was $4005, up $5 from last Friday’s close, and silver at $48.74 was up only 8 cents on the week.
Silver’s shortage still persists, with a backwardation between London spot and the active Comex contract, though it has declined to 20 cents or so. What is notable is the drying up of volume on Comex:
45,000 contracts turnover is unusually low, indicating that in the absence of speculative interest the price is being driven by fear rather than greed: fear of being short in the absence of sellers, confirmed by the backwardation over London’s spot. The swaps on Comex who are net-short would love to see prices lower, but they appear unable to achieve it.
There are two separate factors squeezing the paper shorts. Industrial demand continues apace and is being accelerated by fear of not obtaining metal while supplies are tight. And ETF demand, which may be paused for the moment will have a dramatic effect if it returns, as seems likely.
While we naturally focus on London and New York, both gold and silver have been rising during Shanghai trading hours, only for interest to subside subsequently in London and New York. The following tweet lays out the situation for silver in Shanghai:
So, Shanghai has liquidity problems as well. And another tweet from yesterday confirms a developing situation:
To summarise: There is still a physical liquidity problem in London which refuses to go away, and now similar conditions are emerging in China. These are circumstances set to drive the silver price higher sooner rather than later. The evidence is therefore that the current price correction, which most traders expect to continue for a few more months, is over and profit-takers will miss out from a rapidly rising price.
Relative to gold, silver also looks bullish:
After rallying into the mid-80s, supply for the gold/silver ration at the 55-day moving average limits upside ,suggesting a decline at least into the low seventies is now due and likely beyond. But not only does silver look likely to outperform gold, gold itself is likely to rise on a combination of continuing central bank demand, withdrawal of leasing facilities in London, and global portfolio reallocation. Furthermore, the fundamentals to back such a move are now staring us in the face.
Recently, the Fed has given up on managing the inflation outlook, being forced to address tightening liquidity in credit markets. Accordingly, the FOMC cut its federal funds target rate to $3¾% to 4% as expected, ended QT and is reintroducing QE.
For those who care to notice, it is print, print print.
The reputational cost is that Jay Powell will probably go down in history as a latter-day Rudolf Havenstien, who is still mocked for his role over the collapse of the reichsmark in 1918-1923. But the Fed has no option unless it is prepared to stand back and watch a liquidity crisis wreck markets. That is the reality of the Fed’s unenviable position.
Tellingly, the yield on the long bond started rising again from the moment the cut in the funds rate was announced:
The inflation penny has dropped in the bond market. But under the influence of a widespread belief that they need to consolidate even further, it has yet to do so for gold and silver. But the implication is clear: the Fed’s printing machine is being warmed up to keep the credit bubble alive. In which case, gold is going far higher reflecting the fiat dollar’s path to oblivion, and silver is going even higher, even faster.
British bulldog? More like a yapping chihuahua. Far-left socialism is destroying what was once the greatest nation in the world. The pound has yet to reflect the market’s response.
This article is a wake-up call for complacent Brits. The direction of travel will almost certainly make the 1976 sterling crisis look like a vicar’s tea party, when government debt to GDP at that time was half today’s level.
Britain is stuck with the current government until 2029, and with its far-left parliamentary party calling the shots, it is unsuited to deal with the inevitable crisis ahead. Almost certainly it means reintroducing foreign exchange controls. The old dollar-premium system can be reactivated overnight. And 2026 is also likely to see price controls on food and other essentials returning in an attempt to curb inflation.
In a crisis, moves like these appeal to socialists on the basis that they penalise those that have while protecting (apparently) the workers. But they only make the situation far worse.
Introduction
Sterling has been in a long-term decline against the dollar since the First World War. In this century, the decline has been 36% so far from its high point in November 2007. It’s a trend that we see continuing, despite the current anaemic rally against the US dollar.
Britain is in the grip of a far-left economically ignorant Labour party, hell-bent on destroying the status quo ante. The destruction encompasses all traditions associated with the white middle class. It seeks to abolish capitalism — a Marxist term — itself.
Back-bench Labour MPs who are actually in charge of government policy care not that the rich are finally abandoning the country. For them it’s good riddance to capitalist scum, leaving the undeserving middle classes to pick up the tab for welfare bills. Immigration is tolerated because immigrants are more sympathetic to Labour than the white middle classes, ensuring that they are politically sidelined for ever more. Giving the vote to sixteen-year-old children is for the same reason.
It is all sixth-form socialist naivety. But Britain faces another four years of this social and economic destruction before the next general election. It is leading to complete national emasculation, not just domestically, but also of Britain’s global influence. As little more than a yapping Chihuahua on the world stage, the UK will even be unable to satisfy her defence spending commitments within NATO. It has squandered its Brexit dividend and is becoming the dysfunctional EU’s poor relation — and that takes some doing.
A different form of anarchy is likely to stop this descent into Marxism. And that is the reality of markets. Marxism cannot escape economic reality, as the USSR finally discovered. Nor will Britain.
Economic reality is usually imposed from outside
Readers of this Substack need no explanation about why socialism and fiat currencies always fail — often together. In the UK’s case, sterling is exposed to substantial hedge fund dealing in gilts, and significant additional foreign ownership of sterling is due to London being the principal financial centre in the European time zone. Liquidation of these interests is a substantial threat to sterling’s value for so long as the Labour administration pursues economically destructive policies in favour of their ideologies.
As a consequence of her first budget, the chancellor Rachel Reeves has been told by her officials that revenue is coming in under budget. The theoretically independent treasury forecasting unit, the Office for Budget Responsibility also knows it, but is too frightened to say so outright. Credit agencies have had the UK on a double-A rating since 2023. Presumably, they await the Autumn Statement before reconsidering a long-overdue downgrade.
A CPI inflation rate of 3.8% and the retail price index at 4.5% the latter of which provides the inflation adjustment for index linked gilts are the highest in the G7. Broad money (M3) grew by a paltry 3.9% in the year to September, barely covering the CPI increase and indicating no economic growth as the best case. Deflating M3 by the RPI suggests the economy is going backwards. Take out deficit spending by the government, and the private sector is definitely contracting.
Anecdotally, declining business profitability around the UK confirms that government revenue returns are disappointing, probably significantly more than current estimates suggest for the current and next fiscal year.
Declining revenue leads to a debt trap being triggered, but complacent markets are yet to take this message on board. A debt trap occurs when revenue grows more slowly than the rate of interest which is due on the debt, which is precisely the condition in which the Chancellor finds herself.
No wonder she has postponed the Autumn Statement: she can’t cut welfare spending, that was ruled out by her backbenchers. And if she raises taxes, she will damage the economy even more. It’s now almost certain that she will increase income tax, crossing a red line in the election manifesto. But it is probably the least damaging option.
But none of this provides an escape from the debt trap. A debt trap is the market’s acknowledgement of soaring lending risk, leading to a doom-loop of ever-rising bond yields.
The last time this happened to the UK was during the previous far-left Labour government nearly fifty years ago. In 1976 the IMF was called in to provide a $3.9bn loan to bolster foreign currency reserves which were running low due to a run on sterling. As a condition of the loan, strict conditions forced the government of the day to impose spending cuts. At that time, even medium maturity gilt yields rose to 16%, and that was with a debt to GDP at half of today’s level. Furthermore, today’s foreign exchange exposure to the markets is far too large for sterling to be bailed out by an IMF loan.
It seems inevitable that sterling will test and eventually break the $1.000 level. It is increasingly likely that exchange controls will be reintroduced to prevent residents from selling sterling to buy foreign currencies and possibly gold as well. If so, sterling will be driven even lower, because exchange controls never stopped runs against sterling in the past and the signal sent would be highly negative. Furthermore, the rapidly approaching end of the fiat currency system makes sterling’s demise even more certain.
As we have written elsewhere, a dollar debt-cum-credit bubble is almost certain to implode in the coming months. Global commodity prices, producer prices, and consumer prices will rise significantly on a one to two-year view as a consequence the Fed’s dollar debasement. It means that bond yields all G7 currencies will rise not fall, making debt trap dynamics obvious everywhere with gilts particularly vulnerable. The trend is already reflected in the ultralong gilt yield, shown below. It is drifting higher, despite the 10-year gilt yield declining from 4.8% in early-September to 4.47% currently.
A further twist is that one-third of all gilts in issue are index linked, whose cost to the government will soar with inflation.
Conclusion
We can be certain that sterling and gilts are mispriced, with the former too high and the latter too low. What we don’t know at this stage is whether markets will begin to correct these anomalies before the Autumn Statement on 26 November, or after. Before will be a nasty shock for Rachel Reeves; after, a nasty shock for complacent markets. Either way, it will be disastrous for personal wealth.
3. CHRIS POWELL AND HIS GATA DISPATCHES
GOLD swaps remains the same at 54 tonnes for Oct. The FRBNY is the entity that borrowed this gold
(Chris Powell/Robert Lambourne)
BIS gold swaps hold steady in October
Submitted by admin on Sun, 2025-11-09 16:51 Section: Daily Dispatches
4:50p ET Sunday, November 9, 2025
Dear Friend of GATA and Gold:
GATA consultant Robert Lambourne calculates tonight that the volume of gold swaps undertaken by the Bank for International Settlements remained nearly unchanged in October, 53.5 tonnes against the 54 tonnes reported for September.
GATA is gaining in the struggle over gold and silver but needs your help to win
Submitted by admin on Sun, 2025-11-09 11:43 Section: Daily Dispatches
11:50a ET Sunday, November 9, 2025
Dear Friend of GATA and Gold:
While monetary metals prices stand near record levels, their recent smashdowns in the futures markets show that the struggle against market manipulation isn’t over. We’re gaining but we haven’t yet won.
GATA long has been and remains at the forefront of the struggle, as you may see from your secretary/treasurer’s presentation last week at the New Orleans Investment Conference:
Please read it if you haven’t already. It explains what we have done and what we aim to keep doing — work that no one else in the monetary metals world is doing.
GATA’s exposure of the manipulation of the monetary metals markets — its history, purposes, and perpetrators — has shown investors, governments, and central banks alike that the manipulation needs to be defeated and indeed can be defeated, starting with refusing to be fooled by claims of imaginary metal.
But to continue its work, GATA needs financial support. It’s not likely to come from the monetary metals mining industry, which, while it is becoming very profitable, remains too scared of its governments and bankers. That leaves us dependent on courageous people who believe in free and transparent markets and limited and accountable government.
If you’re on the GATA Dispatch list, you may be one of those people. If so, please consider making a donation to help us press on to victory.
Since GATA is recognized by the U.S. Internal Revenue Service as a federally tax-exempt, nonprofit educational and civil rights organization, donations are federally tax-deductible in the United States.
Donors of $250 or more will receive a GATA commemorative silver round, the value of which must be subtracted from the tax-deductibility of donations.
On the front of the round is an engraving copied from the GATA painting by Alain Despert, depicting GATA as a modern-day Don Quixote leading a march of gold and silver advocates on the U.S. Treasury Department building in Washington:
The back of the round shows the torch of liberty breaking the chains of price suppression and recognizing gold and silver as the crucial defenders of liberty:
It’s a beautiful round and may become a piece of monetary metals history.
The bad guys aren’t going away. With your support we won’t either.
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /248 AND 247
5. COMMODITY REPORT/CATTLE
Trump Targets Foreign-Owned Meatpacking Cartel To Arrest Beef Prices, Defend Small Ranchers
Saturday, Nov 08, 2025 – 09:55 AM
President Trump has directed the Justice Department to investigate the meatpacking cartel – JBS, Cargill, Tyson Foods, and National Beef – for potential collusion, price-fixing, and price manipulation. The four companies, two of which are foreign-owned, now control 85% of the U.S. beef processing market, up from just 36% in 1980.
“I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation,” Trump wrote on Truth Social.
The president continued, “We will always protect our American Ranchers, and they are being blamed for what is being done by the Majority foreign-owned meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply.”
“Action must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People. I am asking the DOJ to act expeditiously. Thank you for your attention to this matter!” he noted in the post.
The White House released four key takeaways of how America’s beef supply chain has been hijacked by globalists that operate in what appears to be a cartel and have eliminated competition by crushing small mom-and-pop ranchers:
For too long, a handful of giant meat packers have squeezed America’s cattle producers, shrunk herds, and jacked up prices at the grocery store. By examining whether these companies have violated antitrust laws through coordinated pricing or capacity restrictions, this investigation will root out any illegal collusion, restore fair competition, and protect our food security.
The “Big Four” meat packers — JBS (Brazil), Cargill, Tyson Foods, and National Beef — currently dominate 85% of the U.S. beef processing market, up from just 36% in 1980. Two of these companies, including the largest meat packer in the world, are either foreign-owned or have significant foreign ownership and control.
Industry consolidation has crushed competition and hammered cattle producers. In the 1980s, the top four packers purchased one-third of all fed cattle; by the mid-1990s, that share exploded to over 80% and has only grown more concentrated since.
This has led to the exploitation of American consumers, farmers, and ranchers. In fact, mounting evidence shows this monopoly power has slashed payments to ranchers, reduced herd sizes, driven up consumer prices, and threatened America’s food supply chain.
Like Trump’s wild success in tackling out-of-control egg prices, he’s about to do it again with beef.
Great news for the Trump administration: In June, Goldman analysts Leah Jordan and Eli Thompson signaled that the 12-year cattle herd cycle has likely reached a cyclical low, suggesting a rebuilding phase may be approaching.
The new DoJ investigation could mark the early innings of a broader MAHA-aligned effort gaining traction into the 2026 midterm election cycle, aimed at restoring fair competition, ending foreign control of America’s meat supply, and empowering Americans to buy from local farmers and ranchers. At its core, the initiative seeks to break the toxic grip of globalist corporations that have hijacked the food supply chain and flooded the nation’s food supply chain with chemicals, pesticides, and monopolistic control.
Don’t wait for the Trump administration or the DoJ to take on the globalist food cartel – take control now.
END
SILVER/NEUMEYER FIRST MAJESTIC SILVER
Silver Stage Set for Delivery Meltdown: Keith Neumeyer Dissects COMEX, LBMA CRISIS!
by ITM Trading
Friday, Nov 07, 2025 – 11:51
Keith Neumeyer isn’t mincing words. The First Majestic CEO, long dismissed as a silver bull, now warns that the real crisis is here: a “huge physical shortage” hitting both the LBMA and COMEX. With inventories plunging 33% and 29 million ounces vaporized in a month, emergency airlifts are scrambling to plug the gaps.
“Paper trading can’t hide reality anymore,” he says. After five years of structural deficit, silver’s paper illusion is cracking — and Neumeyer’s calling for $100 silver and $5,000 gold. If he’s right, the next melt-up won’t be digital — it’ll be physical.
About ITM Trading: ITM Trading has been a trusted leader in precious metals for over 28 years, helping clients protect and grow their wealth with custom gold and silver strategies designed for economic downturns and currency resets.
END
SILVER/G.G.
SPECIAL THANKS TO GJISBERT G. FOR PROVIDING THIS FOR US;
Nuclear reactors need 3-5moz of silver
As some people say silver will become not-obtanium . If you know you need massive amounts of silver whilst silver is the highest by-product of declining copper sales
What are you going to do!? Yearly silver mine production is 825moz, PVs and EVs is around 500moz that leaves 320m for all other applications.
About 440 nuclear power reactors are operating worldwide, with roughly 31 countries involved and total capacity near 400 GWe, as of 2024–2025. Depending on their size nuclear reactors need 3m-5moz of silver. AI is all about power/energy.
Draw your own conclusion!!!
Silver Expert J. Staiger Reveals a NUCLEAR Silver Secret
Nuclear Plants Are Silver DEVOURERS:
Each large reactor (1600-1800 MW) requires 3-5 MILLION ounces
Silver control rods are irreplaceable – they regulate nuclear reactions
“No button-press magic here” – these rods require periodic renewal
The Supply Nightmare:
2025 could be history’s FIRST year where 100% of mine output goes to industry
Zero silver left for investors at current production rates
Chronic deficits now “insane” amid surging demand
China’s Nuclear Ramp-Up:
23 reactors under construction at 11 sites (Feb 2024)
30 MORE reactors planned by 2030
This excludes AI giants building small modular reactors for data centers
US-China Resource War:
Silver now declared US critical mineral
Expect mining frenzies and trade wars
Nuclear and AI energy demands colliding with empty warehouses
SHANGHAI CLOSED UP 21.04 POINTS OR 0.53%
//Hang Seng CLOSED CLOSED UP 407.22 PTS OR 1.55%
// Nikkei CLOSED : UP 671.41PTS OR 1.34% //Australia’s all ordinaries CLOSED UP 0.30%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1190/ OFFSHORE CLOSED UP AT 7.1232/ Oil UP TO 60.34 dollars per barrel for WTI and BRENT UP TO 64.28 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.1190 OFFSHORE YUAN TRADING UP TO 7.1232:/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 MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.1190
OFFSHORE YUAN: UP TO 7.1232
HANG SENG CLOSED UP 407.23 PTS OR 1.55%
2. Nikkei closed UP 635.30 PTS OR 1.26%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 99.42 EURO RISES TO 1.1571 UP .0005 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.700//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.18…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA. JAPAN 30 YR BOND YIELD: 3.075 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 UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UPTO +2.6766/ Italian 10 Yr bond yield UP to 3.425SPAIN 10 YR BOND YIELD UP TO 3.183
3i Greek 10 year bond yield UP TO 3.326
3j Gold at $4090.00 Silver at: 49.84 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 40/100 roubles/dollar; ROUBLE AT 81.35
3m oil (WTI) into the 60 dollar handle for WTI and 64 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 154.18 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.700% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.135 UP 5 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8056 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9322 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: 4.132 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.731 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 3.597 UP 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.23 UP 9 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.483 UP 4 PTS
30 YR UK BOND YIELD: 5.262 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.185 UP 8 BASIS PTS
5 YR CANADA BOND YIELD: 2.754 UP 8 BASIS PTS.
a New York OPENING REPORT
Global Markets Soar As US Government Set To Reopen After Democrats Cave
Monday, Nov 10, 2025 – 09:15 AM
Last week, around the peak of the repo crisis we said that while the Treasury was soaking up most market liquidity via its Treasury General Account (which had ballooned to over $1TN), any sign of a govt reopening would send risk assets sharply higher (as this liquidity would then flood back into the market), and sure enough, futures are surging this morning as it now appear that the US government shutdown is finally over after Democrats folded on Sunday night and agreed to reopen the govt with no victory in hand, having kept the government shut for almost 40 days, a record, for no reason at all. As of 9:00am S&P 500 futures were up 0.9%, after the index closed just above its 50-day moving average on Friday — sharply bouncing back after a dip below the threshold; Nasdaq 100 futures jump 1.4% on optimism that the government shutdown may end soon, along with easing US-China tensions and Trump’s bid to appeal to cash-strapped Americans with a tariff “dividend.” European and Asian stocks are also sharply higher. Premarket, Mag7 and Semis are the notable outperformers with AMD, AVGO, GOOG, META, MU, NVDA all up at 2% – 3.5% pre-mkt. Cyclicals are also seeing a pre-mkt bid while parts of Defensives are in the red. Bond yields are +3-4bp with USD flat. In commodities, the story is the strength in Ags and Precious Metals with the former seeing +1% move across much of the Ag complex and gold and silver up 2% and 3.3%, respectively, outpacing Base Metals which are also bid up. With the gov’t reopening, the market appear to be shifting its view back to fundamentals which remain strong for earnings and macro, but likely not enough for the Fed to pause/skip in December, which should benefit risk-assets.
In premarket trading, all Mag 7 stocks are higher (Nvidia +3.1%, Tesla +2.1%, Alphabet +2%, Meta Platforms +1.4%, Amazon +1%, Microsoft +0.8%, Apple +0.5%).
Cryptocurrency-linked stocks are rallying amid risk-on sentiment as lawmakers move closer to a deal to end the longest shutdown in US history.
Health insurers, including Centene (CNC), are falling as lawmakers move closer to ending the shutdown without securing a health care win.
Gold stocks such as Newmont (NEM) are outperforming as the precious metal rises for a second day, with a weakening US economy increasing the chance of a rate cut next month and outweighing progress on ending the government shutdown in Washington.
Celestica Inc. (CLS) shares are up 6% after Citi upgraded the electronic components company to buy from neutral.
Grab Holdings Ltd. (GRAB) gains 6% after an Indonesian government official said the Southeast Asian nation’s sovereign wealth fund is set to be involved in a plan to combine GoTo Gojek Tokopedia’s parent with Grab.
Metsera Inc. (MTSR) shares tumble 14% after Novo Nordisk A/S declined to further raise its offer for the US maker of an experimental weight-loss drug, bringing a bidding war with Pfizer Inc. to an end.
Monday.com (MNDY) sinks 16% after the software company narrowed its full-year revenue forecast. It also reported its third-quarter results.
Sunrun Inc. shares are up 6% in after Guggenheim upgraded the solar energy company to buy from neutral.
TreeHouse Foods (THS) soars 20% after European buyout firm Investindustrial has agreed to buy the private-label food manufacturer.
In corporate news, Pfizer agreed to buy Metsera for up to $10 billion, prevailing over Novo Nordisk in a bidding war. Visa and Mastercard are said to be close to a new agreement to settle a two-decade legal spat with merchants. UPS and FedEx have grounded their McDonnell Douglas MD-11 aircraft fleet on Boeing’s recommendation after a crash in Louisville.
In AI news, TSMC reported slowing growth in monthly revenue, highlighting uncertainty over the sustainability of the AI boom even as industry behemoths including Nvidia chase more chip orders. Robinhood plans to give amateur investors access to private AI companies whose valuations have increased significantly, CEO Vlad Tenev told the FT in an interview.
The risk-on mood spread across markets, lifting oil, metals and crypto. Europe’s Stoxx 600 was on track for its biggest gain since June. US Treasuries fell across the curve, pushing the 10-year yield up four basis points to 4.13%. Gold also advanced on prospects of a Federal Reserve rate cut next month. Bitcoin continued to move higher after flirting with the key $100k level early last week, while gold and oil rose.
Monday’s optimistic tone offered relief after a volatile week, when worries over stretched valuations fueled a sharp selloff in the biggest winners of the artificial-intelligence boom. Ending the shutdown would give investors greater clarity on key economic data such as jobs and inflation, helping to lift the fog around the outlook for interest rates.
The Senate voted 60-40 on a procedural measure to advance a bill to end the government shutdown, with a group of moderate Democrats breaking with their party leaders to support the deal. Assuming the government reopens in the coming weeks and statistics start moving again, Fed officials still face a data fog with information compiled via retroactive surveys and other methods — if the figures are published at all.
“Markets are taking very positively to the news of the potential resolution of the US shutdown,” said Marija Veitmane, head of equity research at State Street Global Markets. “We were very constructive on the market anyway and we saw last week’s selloff as a little bit of a buying opportunity.”
That said, how soon the shutdown will end remains uncertain. The Senate has yet to schedule a final vote, while the measure must also pass the House before reaching President Donald Trump for his signature.
“It’s only the opening act in what could still be a drawn-out political drama, but investors are seizing on any sign of progress,” said Ipek Ozkardeskaya, a senior analyst at Swissquote. “They need to understand where the US economy stands, where inflation and jobs are headed and what the Fed should do next.”
As usually happens, we are now about to see a short squeeze, as discretionary and systematic investors cut exposure last week as simple momentum chasing strategies continued to stumble, according to Deutsche Bank strategists, aggregate equity positioning remains modestly overweight. A slowdown in tech and AI would be far more damaging to the US and emerging markets than to other developed regions. Since early 2024, tech and AI’s weight has risen from 39% to 50% in the US.
Elsewhere, Bessent said Trump’s suggestion, in a Sunday social media post, that Americans may receive a tariff “dividend” of at least $2,000 could come via the tax cuts passed in his signature economic policy bill earlier this year. US and China suspended port fees on each other’s ships for one year and paused probes into maritime practices.
Third-quarter earnings are just about over, and the conclusion is corporate America is performing very well as earnings rise at the fastest pace in four years. Companies in the S&P 500 Index that have reported earnings for the third quarter — about 80% of the index by market cap — have grown the bottom line by 14.6%, effectively doubling what analysts were expecting. Looking ahead, strategists are bullish on the outlook. Strategists at UBS Group AG expect the S&P 500 to climb to 7,500 next year on the back of solid earnings growth, implying an 11% gain from current levels. Their peers at Morgan Stanley, meanwhile, see clear signs of a recovery in corporate profits.
In Europe, the Stoxx 600 rises 1.4% as hopes for a deal to end the US government shutdown boost risk sentiment. Diageo shares surge after the company names former Tesco boss Dave Lewis as CEO. The technology and mining sectors lead gains — with ASML up as much as 2.9% — while personal care products shares lag. Technology stocks led gains in Europe, as they did in Asia after Nvidia CEO Huang said he had asked TSMC for more chip supplies as AI demand remained strong. Here are some of the biggest movers on Monday:
Diageo shares rise as much as 7.9%, the most since November 2020, after the UK distiller named Lewis as CEO.
Kingspan advances as much as 8% after the construction materials company gave commentary on next year that Morgan Stanley described as supportive. Growth optionality presents upside to medium-term estimates, the analyst says.
Siemens Energy shares rises as much as 5.5% after Jefferies upgraded its rating to buy, saying the shares continue to look undervalued despite more than doubling since the start of the year.
IAG shares rise as much as 6.7%, recovering some post-earnings losses from Friday’s session.
Novo Nordisk shares rise as much as 3.8% after its withdrawal from a takeover battle for obesity drug developer Metsera prompted relief among some investors that it won’t be spending $10 billion on an unproven asset.
Camurus shares jump as much as 13%, the most in more than five months, after it reported positive topline results from an early-stage obesity treatment study.
JTC shares fall as much as 5% after Permira agreed to buy the corporate services firm for £2.3 billion.
Earlier, Asian stocks rose, supported by a rebound in technology shares following a selloff last week on concerns over lofty valuations. Hopes of a possible end to the longest US government shutdown also lifted sentiment. The MSCI Asia Pacific Index rose as much as 1%, with Tencent, TSMC and SK Hynix among the top contributors to the advance. South Korea’s Kospi gauge led gains in the region after reports on a potential dividend tax cut and likely increase in domestic equity allocation by a pension fund boosted optimism. The MSCI Asia benchmark has climbed more than 25% in 2025 — on track to outperform the S&P 500 by the widest margin in 16 years. Shares in mainland China reversed earlier losses to close 0.4% higher after the world’s two largest economies suspended port fees on each other’s ships for one year and paused probes into maritime practices. Equities also rose in Hong Kong. Here Are the Most Notable Movers
Mercari shares jumped after first-quarter earnings beat analyst expectations on greater cost efficiencies. Omron shares declined after its earnings disappointed analysts.
China suspends countermeasures for one year against five US units of Hanwha Ocean from Nov. 10, according to a statement from the Ministry of Commerce.
GoTo Gojek Tokopedia shares surged to the highest level in three months, after an Indonesian government official said the Southeast Asian nation’s sovereign wealth fund, Danantara, is set to be involved in a plan to combine its parent with rival Grab Holdings Ltd.
Transformers & Rectifiers India shares fall as much as 20%, the most since July 2023, after second-quarter profit and revenue missed analysts’ estimate.
Subaru reported net income for the second quarter that beat the average analyst estimate.
Nissin Foods cut its operating income guidance for the full year; the guidance missed the average analyst estimate.
Trent shares fall as much as 6.5%, most in over four months, after moderation in second-quarter sales growth triggered brokerages to cut their earnings estimates. Citi downgraded its rating on the company to a sell after results published Friday.
Yangzijiang Financial Holding shares fall as much as 61% in Singapore as they start to trade excluding their entitlement to the maritime investments business being spun off into Yangzijiang Maritime Development.
Intensifying competition in India’s online grocery delivery space is weighing on the shares of market leader Eternal Ltd. and its listed rival Swiggy Ltd.
Mercari shares rose as much as 15%, the most since Feb. 7, after the Tokyo-based online marketplace company reported 1Q earnings that beat analyst expectations on greater cost efficiencies.
In FX, the yen is the weakest of the G-10 currencies, falling 0.5% against the greenback and taking USD/JPY back above 154. The Norwegian krone is among the outperformers, rising 0.5% after CPI surprised to the upside.
In rates, Treasury fall as haven demand wanes, pushing US 10-year yield up 3 bps to 4.13%. German government bonds also edge lower.
hold modest losses in early US trading after gapping lower at the Asia open as signs lawmakers may end the government shutdown stoked risk appetite. US yields are 3bp to 4bp higher with curve spreads little changed; 10-year, higher by more than 3bp near 4.125%, is ~2bp cheaper vs bunds and gilts in the sector. $58 billion 3-year note auction at 1pm New York time has WI yield near 3.60%, about 2bp cheaper than last month’s, which stopped through by 0.8b. IG dollar issuance slate empty so far but expected to build ahead of the holiday Tuesday; around $40 billion of supply is projected this week, following a combined $136 billion over the past two weeks.
In commodities, Spot gold climbs $80 to ~$4,080/oz. WTI crude futures add 0.2% to around $60 a barrel. Bitcoin rises 1.5% to around $106,000.
The US economic calendar empty for the session. Fed speaker slate includes Daly (8:30am) and Musalem (9:45am)
Market Snapshot
S&P 500 mini +1%
Nasdaq 100 mini +1.5%
Russell 2000 mini +1.2%
Stoxx Europe 600 +1.4%
DAX +1.8%
CAC 40 +1.4%
10-year Treasury yield +3 basis points at 4.13%
VIX -0.4 points at 18.7
Bloomberg Dollar Index little changed at 1218.71
euro little changed at $1.1568
WTI crude +0.8% at $60.24/barrel
Top Overnight News
A group of Democrats broke with their party and supported a deal to end the longest-ever US government shutdown. The Senate voted 60-40 on a procedural measure to advance the bill, though it has yet to schedule a vote for final passage. BBG
Democratic lawmakers and liberal grassroots groups erupted Sunday night as moderate Senate Democrats moved to cut a deal with Republicans that would put an end to the government shutdown. Democrats are primarily frustrated that Affordable Care Act tax credits will not be extended. Axios
More than 10,000 flights were delayed or canceled yesterday as a snow storm in Chicago compounded the effect of a third day of government-mandated restrictions. Transportation Secretary Sean Duffy told Fox that flights may “slow to a trickle” during Thanksgiving if the shutdown persists. BBG
Scott Bessent suggested to ABC that Donald Trump’s proposed $2,000 tariff “dividend” may be referring to a decrease in taxes, but he hasn’t spoken about it with the president. BBG
US President Trump called for Senate Republicans to send government money given to health insurance companies and send it directly to the people.
Boeing spokesperson said they recommended to the three operators of the MD-11 freighter that they suspend flight operations, while UPS (UPS) and FedEx (FDX) spokespersons said they made the decision to immediately ground their MD-11 fleets following the Louisville crash.
White House Economic Adviser Hassett said US GDP could be negative in Q4 if the government shutdown drags on.
US Supreme Court allowed the Trump administration to withhold billions in funding for food aid for now. It was separately reported that the Trump admin ordered US states to stop paying full food aid benefits to low-income American families and said that they are “unauthorised”.
China added more than a dozen fentanyl precursors to a list of controlled exports to the US, Mexico and Canada, in an apparent move to implement commitments made in a trade deal reached between Xi Jinping and Donald Trump last month. BBG
China has suspended retaliatory port fees on US-linked vessels for one year, following Washington’s pause of similar charges under its “Section 301” investigation targeting the Chinese maritime sector. SCMP
The Bank of Japan’s policy board has signaled that the next interest-rate increase may be coming soon, according to its latest summary of opinions, with members keeping a particular eye on domestic wage trends. WSJ
Japan’s new PM Sanae Takaichi said on Monday she would work on setting a new fiscal target extending through several years to allow more flexible spending, essentially watering down the country’s commitment to fiscal consolidation. She also renewed calls for the Bank of Japan to go slow on interest rate hikes, despite signs that most central bank policymakers would prefer to see a resumption of monetary tightening sooner rather than later. RTRS
The ECB’s Luis de Guindos said the current level of euro-zone borrowing costs is appropriate but officials must remain cautious. BBG
Fed survey on Friday noted that policy uncertainty, including trade policy, central bank independence and availability of economic data, was the most frequently cited risk to US financial stability, while AI was added as a top stability concern, and respondents also cited geopolitical risks, inflation, monetary tightening, and higher long-term rates as top salient risks.
Fed’s Williams (voter) said the gap between rich and poor risks a US downturn and suggested that poorer Americans’ mounting problems could be a factor in whether the central bank cuts rates in December, while he sees a balancing act for the December rate meeting, according to FT.
NVIDIA CEO said they have very strong demand in Blackwell chips and asked TSMC (2330 TT) for more wafers to meet strong AI demand, while he stated that business is growing strongly and there will be a shortage of different things, as well as noted said Samsung, SK Hynix, and Micron have scaled up capacity.
Trade/Tariffs
USTR announced the suspension of action in the Section 301 investigation of China’s targeting of maritime logistics and shipbuilding sectors for dominance, with the action to be suspended for one year as of 00:01 EST on November 10th, while the USTR said the US will negotiate with China pursuant to Section 301 regarding the issues raised in the investigation.
FBI Director Patel visited China last week to talk about fentanyl and law enforcement, according to sources cited by Reuters.
China’s Commerce Ministry said it suspended the 2024 ban on approving exports to the US of dual-use items related to gallium, germanium, antimony, and superhard materials until 27th November 2026.
China halted special port fees for US vessels for one year and removed sanctions on US-linked units of Hanwha Ocean (042660 KS) for a year.
China’s Commerce Ministry said China has taken measures to exempt the export of Nexperia chips compliant with civilian use from export controls, and it welcomes the European side to continue to urge the Dutch side to correct ‘wrongful’ practices. Mofcom also said that China hopes the Netherlands will promote the early resolution of the Nexperia semiconductor issue, and that China agreed to a request from the Dutch Economics Ministry to send officials to China for talks.
EU Trade Commissioner Sefcovic said they welcome confirmation given by China’s MOFCOM on further simplification of export procedures for Nexperia chips to EU and global clients.
India and Australia held further talks on boosting trade and economic ties, while they reaffirmed a desire for an “early conclusion” of a Comprehensive Economic Cooperation Agreement, according to Bloomberg citing a statement by the Indian government after India’s Commerce Minister Goyal met Australian Trade Minister Farrell.
China Commerce Ministry said it makes adjustments to management catalogues of drug-related precursor chemicals; will require license for export of certain chemicals to the US, China, Canada and Mexico.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded higher amid the improving US-China trade environment and with hopes of ending the US government shutdown as several Democrats supported Republicans to pass a measure through the procedural vote in a rare Senate session on Sunday. ASX 200 gained with the upside led by the mining and tech sectors, while financials also showed resilience despite ANZ positing a decline in fiscal 2025 cash profit. Nikkei 225 rallied amid a weaker currency and as participants digested earnings, while it was also reported that Japan’s GPIF posted a July-September quarterly investment return of JPY 14.45tln. Hang Seng and Shanghai Comp ultimately conformed to the upbeat mood amid the improving US-China trade environment, as both the US and China relaxed trade restrictions on each other, while there was also inflation data over the weekend which printed above forecasts, although factory gate prices remained in deflation.
Top Asian News
BoJ Summary of Opinions from the October 29th-30th meeting noted that one member said the BoJ is expected to keep raising interest rates if the economic and price forecasts materialise, while a member said it is important to check the initial momentum towards next year’s wage talks as firms firm up plans after US tariffs were set at 15%. It was stated that the key to future policy decisions is whether firms maintain positive wage-setting behaviour, while there was the opinion that uncertainty remains over the outlook, but Japan will see conditions align to adjust the policy rate depending on economic and price developments. Furthermore, a member said there is no need to rush, but interest rates must be raised without losing appropriate timing.
BoJ’s Nakagawa said the BoJ is expected to continue raising interest rates in accordance with improvements in the economy and prices, while she added the BoJ will make appropriate policy decisions, taking into account that uncertainty surrounding trade policies remains high.
Japanese PM Takaichi said the government must restore market trust in Japan’s finances, but boosting investment is also needed to strengthen economic growth, while she is not ruling out a sales tax cut as an option in the future, although the immediate priority is to compile a package of steps to cushion the blow from rising cost of living.
China’s National Radio and Television Administration launched a campaign to address the spread of inappropriate animated videos.
UK probes whether buses made in China can be turned off from far away after Norway found Yutong vehicles could be ‘stopped or rendered inoperable’ by the Chinese company, according to FT.
Earthquake of magnitude 6.21 strikes east cost of Honshu in Japan.
China issues measures on boosting private investment via Xinhua. China to also encourage private capital to invest in railway, nuclear power. Will clean up “unreasonable” access restriction for services sector. China will guide private capital to participate in low-altitude economy, commercial aerospace and other fields in an orderly manner. China to meet reasonable credit demand for private firms.
European bourses (+1.3%) are stronger across the board, with sentiment boosted amidst progress related to the US Government shutdown. Price action saw indices open on a strong footing and continue to rise as the morning progressed. European sectors are almost entirely in the green, with a clear cyclical bias. Tech and Basic Resources leads whilst Optimised Personal Care lags. For Basic Resources specifically, the sector has been lifted by upside across underlying metals prices – upside facilitated by the risk sentiment and better-than-expected Chinese inflation figures over the weekend. US equity futures (ES +1%, NQ +1.4%, RTY +1.2%) are entirely in the green, with clear outperformance in the tech-heavy NQ. Overall, sentiment boosted by the shutdown-related progress; on that, eight democrats voted with Republicans to advance a deal which would reopen the government and keep it funded until the end of January. Separately, NVIDIA (+3.5%) benefits from the risk tone and after CEO Huang said that the Co. has very strong demand for Blackwell chips and asked TSMC (2330 TT) for more wafers to meet strong AI demand.
Top European News
ECB’s de Guindos said the ECB firmly believes the level of rates are correct.
UK faces an increase in young adults leaving the country owing to low salaries, rising tax burden and a lack of affordable housing, according to wealth managers cited by FT.
UK Chancellor Reeves is reportedly set to increase the rate of dividend tax, according to The Telegraph.
ECB’s Sleijpen cautioned against signing off too easily on joint European bonds and said they ultimately only lead to higher debt, according to Bloomberg.
Fitch affirmed Ireland at AA; Outlook Stable and affirmed Latvia at A-; Outlook Stable.
FX
The DXY trades choppily after a rangebound APAC session, showing a mixed tone against major peers as participants digest upbeat US–China trade headlines and optimism over a potential resolution to the US government shutdown. The latter followed reports that eight Democrats backed the Republican spending bill to advance past a key procedural vote. Looking ahead, the data docket is void of any pertinent releases, so focus will be on speeches from Fed’s Daly and Musalem. The DXY currently holds within a tight 99.46–99.74 band, comfortably inside Friday’s broader 99.40–99.87 range.
EUR/USD trades without clear direction around the 1.1550 mark amid a lack of fresh drivers from the Eurozone, while ECB’s Sleijpen warned against rushing into the issuance of joint European bonds, arguing such a move would ultimately burden the bloc with higher debt levels. Regional newsflow was light through the morning, leaving the pair largely at the mercy of broader dollar dynamics. Despite the softer USD backdrop, the euro failed to meaningfully capitalise, with upside momentum likely constrained by sizeable option expiries clustered below and around the 1.1500 handle. EUR/USD currently trades within a 1.1542–1.1583 band.
USD/JPY climbed at the open as improved sentiment surrounding US–China trade ties and renewed hopes for a US government reopening drove outflows from haven currencies. The JPY stands as the clear laggard among the majors, with moves largely reflecting an unwind of prior risk premia rather than fresh domestic developments. Comments from Japanese PM Takaichi ahead of the European open failed to elicit any notable market reaction. The pair gapped higher from Friday’s 153.41 close, opening at 153.77 before reclaiming the 154 handle. USD/JPY now trades within a 153.40–154.23 range.
GBP/USD eased slightly overnight from last week’s highs but remained confined to a narrow range around the 1.3150 mark amid a quiet news backdrop. The high-beta currency finds modest support from a softer dollar and improved risk sentiment, though gains are capped as traders exercise caution ahead of the November 26th Budget. The Telegraph reported overnight that UK Chancellor Reeves is preparing to raise the dividend tax rate as part of fiscal tightening efforts. GBP/USD currently trades within a 1.3136–1.3184 range.
The Antipodeans are the standout gainers amid a broadly constructive risk tone and ongoing USD softness, benefiting from the easing in US–China trade tensions and firmer Chinese inflation data over the weekend. Chinese CPI and PPI figures surprised modestly to the upside, reinforcing optimism around domestic demand stabilisation. AUD outpaced its Kiwi counterpart, aided by strength in gold and copper prices, while NZD’s gains were more measured as AUD/NZD extended its advance beyond the 1.1550 mark.
China will raise its retail prices of gasoline and diesel from Tuesday, based on recent changes in international oil prices, according to Xinhua.
Fixed Income
USTs are underperforming today and currently reside at session lows within a 112-15 to 112-23 range. Downside comes after a week of safe haven-related inflows after a string of poor private labour market figures, downbeat UoM sentiment metrics, AI-bubble related fears and ongoing US government shutdown; the latter has recently shown signs of progress, which has boosted risk sentiment today. In terms of details, the US Government shutdown is showing some early signs of progress after eight democrats voted with Republicans to advance a deal which would reopen the government and keep it funded until the end of January. Price action today has only really been one direction, and that’s downwards; overnight saw the USTs open at 112-23 (highest today) and continue to trundle lower to make a fresh trough of 112-15 in early European hours.
Bunds are weaker today, albeit to a lesser extent than global peers; currently trading off by around 10 ticks in a 128.80 to 128.96. Gapped below 129.00 at the open, and continued to drip lower overnight and into the European open. However, the German paper then caught a slight bid just after the cash open, which took Bunds back a couple of ticks above opening levels, to make a current peak of 129.02. Really not much from a European perspective today, aside from a downbeat EZ Sentix print, which printed below the most pessimist of analyst expectations.
Gilts are on the back foot, in-fitting global peers but to a lesser magnitude than their US counterparts. Newsflow ultimately solely focused on the looming UK budget at the end of this month; on that, Chancellor Reeves is reportedly set to increase the rate of dividend tax, according to The Telegraph. This follows on from reports via the same press which suggested that Reeves was looking to hike income tax by 2%, whilst simultaneously cutting NI by that same magnitude. Gilts have seemingly been getting accustomed to continued reports of tax-related newsflow, after Reeves provided a slight reprieve to markets are she failed to reiterate her tax-related pledges at a presser in recent weeks.
Commodities
Crude benchmarks have bid higher to start the week as it follows the positive sentiment seen stateside as the Senate passes the funding bill. WTI and Brent gradually moved c. USD 0.65/bbl higher throughout the APAC session to peak at USD 60.38/bbl and USD 64.24/bbl, respectively. As the European session got underway, benchmarks briefly extended on gains before sharply reversing lower to a trough of USD 60.01/bbl and 63.85/bbl despite a lack of drivers. On geopolitics, Russia launched over 400 drones and 45 missiles at Ukrainian energy infrastructure.
Spot XAU has trended higher throughout APAC trade and into the European session despite the potential end of the US government shutdown, which should act as a headwind for haven assets. XAU drove higher straight from the open at USD 4k/oz and has broken above the highs of the 9-day range at USD 4050/oz. The yellow metal has peaked at USD 4085/oz and is currently trading at session highs.
Base metals have advanced higher over hopes of the end of the US government shutdown. 3M LME Copper gapped higher to USD 10.75k/t and bid higher throughout the APAC session to a peak of USD 10.83k/t as the European session gets underway. Currently, the red metal is oscillating in a tight c. USD 30/t band.
Iraq set the December Basrah medium crude Official Selling Price to Asia at minus USD 0.35/bbl vs Oman/Dubai average, while it set the OSP to Europe at minus USD 2.95/bbl vs Dated Brent and set OSP to North and South America at minus USD 1.35/bbl vs ASCI.
White House said Hungary received an exemption from US sanctions for using Russian energy for a year.
ExxonMobil CEO said they will “pace” spending on low-carbon projects due to disappointing customer demand and with government policies failing to provide the right incentives to create viable markets, according to FT.
Industry group warned that EU climate rules risk energy security and that methane emission regulations due in 2027 will force cargoes to be diverted from Europe, according to FT.
Shanghai Gold Exchange is to waive transaction fees for some gold contracts from November 11 to the end of 2026.
US Event Calendar
8:30 am: Fed’s Daly Speaks on Bloomberg TV
9:45 am: Fed’s Musalem on BTV
Geopolitics: Middle East
Israel received the body of a deceased soldier from the Red Cross.
Taliban spokesperson said the ceasefire that has been established has not been violated by them so far, and it will continue to be observed, while he added that Pakistan is not ready to take responsibility for maintaining internal security of their own country, so negotiations didn’t yield a result.
Turkish President Erdogan said a high-level Turkish delegation will visit Pakistan within a week to discuss Afghanistan ceasefire talks, aiming to conclude the process.
Syria carried out a nationwide pre-emptive operation targeting Islamic State cells.
Geopolitics: Ukraine
Russia’s Kremlin, on US President Trump’s remarks about ending the war in Ukraine in the not-too-distant future, said Russia would also like to end the conflict as soon as possible. Russia remains open to resolving the conflict through diplomacy, but the situation is stuck. Foreign Minister Lavrov continues to do his job, ignoring fake news.
Ukrainian President Zelensky said Russia launched 450 drones and 45 missiles to attack Ukraine’s energy sector and infrastructure.
Ukrainian drone attack disrupted power and heating supply in Russia’s Voronezh.
Russian Defence Ministry said Russian forces captured Rybne in Ukraine’s Zaporizhzhia region and Russian forces hit energy facilities supporting the operations of Ukraine’s defence industry, while it noted that Ukrainian attempts to unblock surrounded units in the Kupiansk and Pokrovsk areas were repelled.
Russian Foreign Minister Lavrov said that he is ready to hold an in-person meeting with US Secretary of State Rubio and that regular contact with the US is important for discussing the Ukrainian issue, but noted that ending the conflict in Ukraine is impossible without eliminating its causes and taking Russian interests into account. Lavrov said work is being undertaken on Russian President Putin’s order to prepare proposals for potential Russian nuclear tests and that Russia is currently awaiting confirmation from the US that the anchorage agreements remain in force, while he stated that the US informed Russia via diplomatic channels that it is considering Putin’s proposal to adhere to the limits set out in nuclear arms control treaty after February 2026.
Geopolitics: Other
North Korea’s Defence Minister said North Korea will show more offensive actions and that the US nuclear carrier escalates tension in the Korean peninsula, while he added that US Secretary of Defence Hegseth’s visit to the DMZ shows a hostile nature.
China’s mission to the EU said China lodged a representation with the EU on Taiwan’s Vice President entering the European Parliament.
DB’s Jim Reid concludes the overnight wrap
It looks like white smoke is finally emerging from Capitol Hill as late on Sunday night in the Senate there was a 60-40 procedural vote to advance a bill that would end the shutdown. Just about enough moderate Democrats have broken ranks with party leadership to progress a bill that would fund Agriculture, Veterans Affairs and the operations of Congress for the full-year, even if other agencies would only be funded through to January 30th. It seems to persuade the moderate Democrats to support the bill, a vote has been promised in December in extending the Affordable Care Act (ACA) subsidies that run out at year-end. The timetable from here is slightly less clear but we could get a full vote today or tomorrow assuming no procedural delays.
Probability markets are starting to price in the end game with a 98% expectation that the shutdown will be over by November 30th on Polymarket, a contract high. Interestingly we hit a contract low of 35% around midnight Saturday for a reopening by November 15th (this Saturday). However yesterday this spiked up and is now at 94% as I type. S&P 500 futures are currently +0.71% with the Nasdaq equivalent up +1.23%. 10yr USTs are +3.9bps at just under 4.14%. Asia equity markets are also positive with the KOSPI (+3.13%) leading the way, followed by the Nikkei (+1.28%), with both indexes benefiting primarily from a rebound in technology shares after significant losses last week. The Hang Seng is +1.22% but mainland Chinese markets are flat, perhaps after better inflation numbers over the weekend (see below) may reduce the need for larger stimulus. DAX futures are +1.44% higher as European markets closed at the US lows before the end of the shutdown speculation started to mount late on Friday.
Once the government reopens, markets will face a surge of delayed data releases. Historical precedent from the 2013 shutdown suggests that September’s employment report could be among the first to hit the wires, potentially within three business days of reopening. We expect payrolls to rebound sharply, with headline and private payrolls both forecast at +75k, leaving the unemployment rate steady at 4.3%. So we could get this Thursday or Friday.
Expanding upon this week, on the policy front, the Federal Reserve calendar is busy but unlikely to deliver major surprises. Today brings remarks from St. Louis Fed’s Musalem, who has maintained a hawkish tone. Wednesday is the most crowded day, featuring speeches from Williams, Waller, Bostic, Miran and Collins across conferences on Treasury markets, fintech and community banking. Later in the week, Musalem and Hammack will join fireside chats, while Schmid and Bostic close out Friday with discussions on energy and economic trends. Beyond Capitol Hill and the Fed, investors will monitor the Supreme Court following last week’s oral arguments in the IEEPA tariff case. Judging by the tone of questioning, the Court appears sceptical of the Administration’s position, suggesting a likely affirmation of lower court rulings. A decision could potentially come quickly, but history points to a longer timeline— with the average time line around 15 weeks – but it could stretch out to the end of the term in June.
While US politics and data dominate, global developments will also shape sentiment. In Europe, the UK releases third-quarter GDP on Thursday and labour market data on Tuesday, alongside inflation prints in Denmark and Norway (today) and Germany’s ZEW survey (tomorrow). In Asia, China has its monthly economic activity data dump on Friday. Japan will publish the Economy Watchers Survey tomorrow and producer price inflation on Wednesday.
Corporate earnings remain in focus globally. In the United States, results from Cisco, Walt Disney and Applied Materials will be closely watched. European heavyweights reporting include Siemens, Deutsche Telekom and Enel, while Asia sees Tencent, JD.com, SoftBank and Sony. With nearly 90% of S&P 500 companies having reported, the bulk of earnings season is behind us, but these names will still provide important signals on sectoral health and global demand.
Overnight, the minutes from the BOJ’s October meeting indicated that the nine-member board appears more inclined towards a near-term rate hike, aligning with the expectations of numerous market participants and consistent with Governor Kazuo Ueda’s recent indications that such a move could occur in the upcoming months.
Yesterday we discovered that Chinese inflation surprised to the upside in October rising +0.2% mom against expectations of -0.1% mom and a -0.3% mom decline in September. YoY PPI edged a tenth stronger than expected at -2.1%, up a couple of tenths from September. The anti-involution campaign that has been aimed at reducing prices wars across the economy seems to be having some impact but much of this month’s increase can be attributed to seasonals, some of it around Golden Week spending. So we’ll have to see if it gets repeated next month to see if a trend is in.
Last week, markets turned risk-averse as negative sentiment around technology and some disappointing private jobs data triggered a global equity sell-off. In the United States, the S&P 500 fell by -1.63% over the week, although it managed a modest +0.13% gain on Friday and rebounded from being down -1.32% as Europe went home for the week. The Nasdaq fared worse, dropping -3.04% (-0.21% Friday, but off the -2.13% lows for the day), marking its weakest performance since Liberation Day week.
Treasuries had a volatile but ultimately muted week. The 2-year yield slipped -1.2bps (+0.7bps Friday), while the 10-year rose +2.0bps to 4.10% (+1.4bps Friday). Across Europe, the STOXX 600 declined -1.24% (-0.55% Friday), even as the 10-year Bund yield climbed +3.3bps over the week.
The week could have been worse were it not for a late burst of optimism on Friday afternoon surrounding US government shutdown negotiations. That helped volatility ease, with the VIX falling -0.42pts on Friday to 19.08, though it was still up +1.64pts on the week after trading above 22 earlier in the day. Despite this reprieve, risk assets broadly struggled, led by Big Tech as lofty valuations weighed on sentiment. Palantir dropped -7.94% on Thursday and -11.24% for the week after failing to provide clear visibility for 2026. Concerns spread to the Mag-7 cohort, which fell -3.21% over the week (-0.96% Friday), with Nvidia (-7.08%, +0.04% Friday), Tesla (-5.92%, -3.68% Friday), and Meta (-4.11%, +0.45% Friday) among the laggards. Credit markets also came under pressure, with US IG spreads widening by +4bps and HY by +15bps.
Signs of disruption from the looming US government shutdown dented sentiment for most of the week, while a sparse data calendar offered little relief. On Friday, the University of Michigan’s consumer sentiment index fell -3.3pts to 50.3, its lowest level in three years, while confidence in government economic policy dropped to the lowest point in the series’ 50-year history. Other data included a weak ISM manufacturing print and higher Challenger layoffs, marking the worst October for job cuts since 2003. These negatives offset a solid ADP employment report and stronger ISM services data earlier in the week. The US-centric risk-off tone undermined the dollar, with the index down -0.20% over the week.
Europe also delivered a heavy data flow with a mixed impact. The Bank of England held rates at 4%, but the vote split was more dovish than expected at 5-4. Our UK economist maintains a call for a 25bps cut in December, followed by quarterly reductions in March and June, taking Bank Rate to 3.25%. Elsewhere, investors digested weaker-than-expected Euro Area retail sales for September, German industrial production, and UK construction PMI. These disappointments contributed to declines in major indices: STOXX 600 (-1.24%, -0.55% Friday), DAX (-1.62%, -0.69% Friday), and CAC 40 (-2.10%, -0.18% Friday). European credit spreads widened too, with IG up +7bps and HY up +9bps. Europe went home near the lows for the day for the US on Friday though.
Finally, Bitcoin’s retreat continued, falling -5.11% over the week despite a +2.73% gain on Friday. Brent crude also slipped -2.21% to $63.63/bbl, though it edged +0.39% higher on Friday as concerns about an emerging oil market surplus resurfaced.
B) European opening report
US Market Open: US equity futures are stronger as senators take first steps to ending the US government shutdown whilst USTs and USD are softer – Newsquawk US Opening News
Monday, Nov 10, 2025 – 05:51 AM
US Senate voted 60 vs 40 to advance the government funding bill through the procedural hurdle, moving it closer towards passage, after 8 Democrats supported the measure in a rare Sunday session.
European and US equity futures are stronger across the board as senators take first steps to ending the US government shutdown; NQ +1.5%.
USD softer against high-beta FX but higher against havens amid the risk-on mood.
USTs slip on US Government shutdown related progress, Gilts digest reports of a dividend tax hike.
Commodities follow the positive sentiment stateside and constructive Chinese inflation figures.
Looking ahead, highlights include Chinese M2 & New Yuan Loans (Oct), Speech from Fed’s Daly, Musalem, Supply from the UK.
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TARIFFS/TRADE
USTR announced the suspension of action in the Section 301 investigation of China’s targeting of maritime logistics and shipbuilding sectors for dominance, with the action to be suspended for one year as of 00:01 EST on November 10th, while the USTR said the US will negotiate with China pursuant to Section 301 regarding the issues raised in the investigation.
FBI Director Patel visited China last week to talk about fentanyl and law enforcement, according to sources cited by Reuters.
China’s Commerce Ministry said it suspended the 2024 ban on approving exports to the US of dual-use items related to gallium, germanium, antimony, and superhard materials until 27th November 2026.
China halted special port fees for US vessels for one year and removed sanctions on US-linked units of Hanwha Ocean (042660 KS) for a year.
China’s Commerce Ministry said China has taken measures to exempt the export of Nexperia chips compliant with civilian use from export controls, and it welcomes the European side to continue to urge the Dutch side to correct ‘wrongful’ practices. Mofcom also said that China hopes the Netherlands will promote the early resolution of the Nexperia semiconductor issue, and that China agreed to a request from the Dutch Economics Ministry to send officials to China for talks.
EU Trade Commissioner Sefcovic said they welcome confirmation given by China’s MOFCOM on further simplification of export procedures for Nexperia chips to EU and global clients.
India and Australia held further talks on boosting trade and economic ties, while they reaffirmed a desire for an “early conclusion” of a Comprehensive Economic Cooperation Agreement, according to Bloomberg citing a statement by the Indian government after India’s Commerce Minister Goyal met Australian Trade Minister Farrell.
China Commerce Ministry said it makes adjustments to management catalogues of drug-related precursor chemicals; will require license for export of certain chemicals to the US, China, Canada and Mexico.
EUROPEAN TRADE
EQUITIES
European bourses (+1.3%) are stronger across the board, with sentiment boosted amidst progress related to the US Government shutdown. Price action saw indices open on a strong footing and continue to rise as the morning progressed.
European sectors are almost entirely in the green, with a clear cyclical bias. Tech and Basic Resources leads whilst Optimised Personal Care lags. For Basic Resources specifically, the sector has been lifted by upside across underlying metals prices – upside facilitated by the risk sentiment and better-than-expected Chinese inflation figures over the weekend.
US equity futures (ES +1%, NQ +1.4%, RTY +1.2%) are entirely in the green, with clear outperformance in the tech-heavy NQ. Overall, sentiment boosted by the shutdown-related progress; on that, eight democrats voted with Republicans to advance a deal which would reopen the government and keep it funded until the end of January. Separately, NVIDIA (+3.5%) benefits from the risk tone and after CEO Huang said that the Co. has very strong demand for Blackwell chips and asked TSMC (2330 TT) for more wafers to meet strong AI demand.
The DXY trades choppily after a rangebound APAC session, showing a mixed tone against major peers as participants digest upbeat US–China trade headlines and optimism over a potential resolution to the US government shutdown. The latter followed reports that eight Democrats backed the Republican spending bill to advance past a key procedural vote. Looking ahead, the data docket is void of any pertinent releases, so focus will be on speeches from Fed’s Daly and Musalem. The DXY currently holds within a tight 99.46–99.74 band, comfortably inside Friday’s broader 99.40–99.87 range.
EUR/USD trades without clear direction around the 1.1550 mark amid a lack of fresh drivers from the Eurozone, while ECB’s Sleijpen warned against rushing into the issuance of joint European bonds, arguing such a move would ultimately burden the bloc with higher debt levels. Regional newsflow was light through the morning, leaving the pair largely at the mercy of broader dollar dynamics. Despite the softer USD backdrop, the euro failed to meaningfully capitalise, with upside momentum likely constrained by sizeable option expiries clustered below and around the 1.1500 handle. EUR/USD currently trades within a 1.1542–1.1583 band.
USD/JPY climbed at the open as improved sentiment surrounding US–China trade ties and renewed hopes for a US government reopening drove outflows from haven currencies. The JPY stands as the clear laggard among the majors, with moves largely reflecting an unwind of prior risk premia rather than fresh domestic developments. Comments from Japanese PM Takaichi ahead of the European open failed to elicit any notable market reaction. The pair gapped higher from Friday’s 153.41 close, opening at 153.77 before reclaiming the 154 handle. USD/JPY now trades within a 153.40–154.23 range.
GBP/USD eased slightly overnight from last week’s highs but remained confined to a narrow range around the 1.3150 mark amid a quiet news backdrop. The high-beta currency finds modest support from a softer dollar and improved risk sentiment, though gains are capped as traders exercise caution ahead of the November 26th Budget. The Telegraph reported overnight that UK Chancellor Reeves is preparing to raise the dividend tax rate as part of fiscal tightening efforts. GBP/USD currently trades within a 1.3136–1.3184 range.
The Antipodeans are the standout gainers amid a broadly constructive risk tone and ongoing USD softness, benefiting from the easing in US–China trade tensions and firmer Chinese inflation data over the weekend. Chinese CPI and PPI figures surprised modestly to the upside, reinforcing optimism around domestic demand stabilisation. AUD outpaced its Kiwi counterpart, aided by strength in gold and copper prices, while NZD’s gains were more measured as AUD/NZD extended its advance beyond the 1.1550 mark.
China will raise its retail prices of gasoline and diesel from Tuesday, based on recent changes in international oil prices, according to Xinhua.
USTs are underperforming today and currently reside at session lows within a 112-15 to 112-23 range. Downside comes after a week of safe haven-related inflows after a string of poor private labour market figures, downbeat UoM sentiment metrics, AI-bubble related fears and ongoing US government shutdown; the latter has recently shown signs of progress, which has boosted risk sentiment today. In terms of details, the US Government shutdown is showing some early signs of progress after eight democrats voted with Republicans to advance a deal which would reopen the government and keep it funded until the end of January. Price action today has only really been one direction, and that’s downwards; overnight saw the USTs open at 112-23 (highest today) and continue to trundle lower to make a fresh trough of 112-15 in early European hours.
Bunds are weaker today, albeit to a lesser extent than global peers; currently trading off by around 10 ticks in a 128.80 to 128.96. Gapped below 129.00 at the open, and continued to drip lower overnight and into the European open. However, the German paper then caught a slight bid just after the cash open, which took Bunds back a couple of ticks above opening levels, to make a current peak of 129.02. Really not much from a European perspective today, aside from a downbeat EZ Sentix print, which printed below the most pessimist of analyst expectations.
Gilts are on the back foot, in-fitting global peers but to a lesser magnitude than their US counterparts. Newsflow ultimately solely focused on the looming UK budget at the end of this month; on that, Chancellor Reeves is reportedly set to increase the rate of dividend tax, according to The Telegraph. This follows on from reports via the same press which suggested that Reeves was looking to hike income tax by 2%, whilst simultaneously cutting NI by that same magnitude. Gilts have seemingly been getting accustomed to continued reports of tax-related newsflow, after Reeves provided a slight reprieve to markets are she failed to reiterate her tax-related pledges at a presser in recent weeks.
Crude benchmarks have bid higher to start the week as it follows the positive sentiment seen stateside as the Senate passes the funding bill. WTI and Brent gradually moved c. USD 0.65/bbl higher throughout the APAC session to peak at USD 60.38/bbl and USD 64.24/bbl, respectively. As the European session got underway, benchmarks briefly extended on gains before sharply reversing lower to a trough of USD 60.01/bbl and 63.85/bbl despite a lack of drivers. On geopolitics, Russia launched over 400 drones and 45 missiles at Ukrainian energy infrastructure.
Spot XAU has trended higher throughout APAC trade and into the European session despite the potential end of the US government shutdown, which should act as a headwind for haven assets. XAU drove higher straight from the open at USD 4k/oz and has broken above the highs of the 9-day range at USD 4050/oz. The yellow metal has peaked at USD 4085/oz and is currently trading at session highs.
Base metals have advanced higher over hopes of the end of the US government shutdown. 3M LME Copper gapped higher to USD 10.75k/t and bid higher throughout the APAC session to a peak of USD 10.83k/t as the European session gets underway. Currently, the red metal is oscillating in a tight c. USD 30/t band.
Iraq set the December Basrah medium crude Official Selling Price to Asia at minus USD 0.35/bbl vs Oman/Dubai average, while it set the OSP to Europe at minus USD 2.95/bbl vs Dated Brent and set OSP to North and South America at minus USD 1.35/bbl vs ASCI.
White House said Hungary received an exemption from US sanctions for using Russian energy for a year.
ExxonMobil CEO said they will “pace” spending on low-carbon projects due to disappointing customer demand and with government policies failing to provide the right incentives to create viable markets, according to FT.
Industry group warned that EU climate rules risk energy security and that methane emission regulations due in 2027 will force cargoes to be diverted from Europe, according to FT.
Shanghai Gold Exchange is to waive transaction fees for some gold contracts from November 11 to the end of 2026.
EU Sentix Index (Nov) -7.4 vs. Exp. -4.0 (Prev. -5.4)
Norwegian Core Inflation YY (Oct) 3.4% vs. Exp. 3.0% (Prev. 3.0%); MM (Oct) 0.6% vs. Exp. 0.2% (Prev. 0.2%)
NOTABLE EUROPEAN HEADLINES
ECB’s de Guindos said the ECB firmly believes the level of rates are correct.
UK faces an increase in young adults leaving the country owing to low salaries, rising tax burden and a lack of affordable housing, according to wealth managers cited by FT.
UK Chancellor Reeves is reportedly set to increase the rate of dividend tax, according to The Telegraph.
ECB’s Sleijpen cautioned against signing off too easily on joint European bonds and said they ultimately only lead to higher debt, according to Bloomberg.
Fitch affirmed Ireland at AA; Outlook Stable and affirmed Latvia at A-; Outlook Stable.
NOTABLE US HEADLINES
US Senate voted 60 vs 40 to advance the government funding bill through the procedural hurdle, moving it closer towards passage, after 8 Democrats supported the measure in a rare Sunday session.
US Treasury Secretary Bessent said the impact of the government shutdown on the economy is getting worse and worse, while he also stated that they are making substantial progress on inflation and expect prices to come down over the coming months. Bessent also commented that President Trump’s suggestion that Americans may receive a tariff “dividend” of at least USD 2,000 could come via the tax cuts passed in his signature economic policy bill earlier this year.
White House Economic Adviser Hassett said US GDP could be negative in Q4 if the government shutdown drags on.
US Supreme Court allowed the Trump administration to withhold billions in funding for food aid for now. It was separately reported that the Trump admin ordered US states to stop paying full food aid benefits to low-income American families and said that they are “unauthorised”.
Fed survey on Friday noted that policy uncertainty, including trade policy, central bank independence and availability of economic data, was the most frequently cited risk to US financial stability, while AI was added as a top stability concern, and respondents also cited geopolitical risks, inflation, monetary tightening, and higher long-term rates as top salient risks.
Fed’s Williams (voter) said the gap between rich and poor risks a US downturn and suggested that poorer Americans’ mounting problems could be a factor in whether the central bank cuts rates in December, while he sees a balancing act for the December rate meeting, according to FT.
US President Trump called for Senate Republicans to send government money given to health insurance companies and send it directly to the people.
Boeing (BA) spokesperson said they recommended to the three operators of the MD-11 freighter that they suspend flight operations, while UPS (UPS) and FedEx (FDX) spokespersons said they made the decision to immediately ground their MD-11 fleets following the Louisville crash.
NVIDIA (NVDA) CEO said they have very strong demand in Blackwell chips and asked TSMC (2330 TT) for more wafers to meet strong AI demand, while he stated that business is growing strongly and there will be a shortage of different things, as well as noted said Samsung (005930 KS), SK Hynix (000660 KS), and Micron (MU) have scaled up capacity.
US appeals court said Trump administration must fully fund SNAP food aid benefits.
GEOPOLITICS
MIDDLE EAST
Israel received the body of a deceased soldier from the Red Cross.
Taliban spokesperson said the ceasefire that has been established has not been violated by them so far, and it will continue to be observed, while he added that Pakistan is not ready to take responsibility for maintaining internal security of their own country, so negotiations didn’t yield a result.
Turkish President Erdogan said a high-level Turkish delegation will visit Pakistan within a week to discuss Afghanistan ceasefire talks, aiming to conclude the process.
Syria carried out a nationwide pre-emptive operation targeting Islamic State cells.
RUSSIA-UKRAINE
Russia’s Kremlin, on US President Trump’s remarks about ending the war in Ukraine in the not-too-distant future, said Russia would also like to end the conflict as soon as possible. Russia remains open to resolving the conflict through diplomacy, but the situation is stuck. Foreign Minister Lavrov continues to do his job, ignoring fake news.
Ukrainian President Zelensky said Russia launched 450 drones and 45 missiles to attack Ukraine’s energy sector and infrastructure.
Ukrainian drone attack disrupted power and heating supply in Russia’s Voronezh.
Russian Defence Ministry said Russian forces captured Rybne in Ukraine’s Zaporizhzhia region and Russian forces hit energy facilities supporting the operations of Ukraine’s defence industry, while it noted that Ukrainian attempts to unblock surrounded units in the Kupiansk and Pokrovsk areas were repelled.
Russian Foreign Minister Lavrov said that he is ready to hold an in-person meeting with US Secretary of State Rubio and that regular contact with the US is important for discussing the Ukrainian issue, but noted that ending the conflict in Ukraine is impossible without eliminating its causes and taking Russian interests into account. Lavrov said work is being undertaken on Russian President Putin’s order to prepare proposals for potential Russian nuclear tests and that Russia is currently awaiting confirmation from the US that the anchorage agreements remain in force, while he stated that the US informed Russia via diplomatic channels that it is considering Putin’s proposal to adhere to the limits set out in nuclear arms control treaty after February 2026.
OTHER
North Korea’s Defence Minister said North Korea will show more offensive actions and that the US nuclear carrier escalates tension in the Korean peninsula, while he added that US Secretary of Defence Hegseth’s visit to the DMZ shows a hostile nature.
China’s mission to the EU said China lodged a representation with the EU on Taiwan’s Vice President entering the European Parliament.
CRYPTO
Positive risk sentiment has boosted the crypto complex, with Bitcoin back above USD 106k, and Ethereum pops above USD 3.6K.
BoE proposes that 60% of assets backing stablecoins can be held in short-term UK Government debt securities, with at least 40% held at the bank.
APAC TRADE
APAC stocks traded higher amid the improving US-China trade environment and with hopes of ending the US government shutdown as several Democrats supported Republicans to pass a measure through the procedural vote in a rare Senate session on Sunday.
ASX 200 gained with the upside led by the mining and tech sectors, while financials also showed resilience despite ANZ positing a decline in fiscal 2025 cash profit.
Nikkei 225 rallied amid a weaker currency and as participants digested earnings, while it was also reported that Japan’s GPIF posted a July-September quarterly investment return of JPY 14.45tln.
Hang Seng and Shanghai Comp ultimately conformed to the upbeat mood amid the improving US-China trade environment, as both the US and China relaxed trade restrictions on each other, while there was also inflation data over the weekend which printed above forecasts, although factory gate prices remained in deflation.
NOTABLE ASIA-PAC HEADLINES
BoJ Summary of Opinions from the October 29th-30th meeting noted that one member said the BoJ is expected to keep raising interest rates if the economic and price forecasts materialise, while a member said it is important to check the initial momentum towards next year’s wage talks as firms firm up plans after US tariffs were set at 15%. It was stated that the key to future policy decisions is whether firms maintain positive wage-setting behaviour, while there was the opinion that uncertainty remains over the outlook, but Japan will see conditions align to adjust the policy rate depending on economic and price developments. Furthermore, a member said there is no need to rush, but interest rates must be raised without losing appropriate timing.
BoJ’s Nakagawa said the BoJ is expected to continue raising interest rates in accordance with improvements in the economy and prices, while she added the BoJ will make appropriate policy decisions, taking into account that uncertainty surrounding trade policies remains high.
Japanese PM Takaichi said the government must restore market trust in Japan’s finances, but boosting investment is also needed to strengthen economic growth, while she is not ruling out a sales tax cut as an option in the future, although the immediate priority is to compile a package of steps to cushion the blow from rising cost of living.
China’s National Radio and Television Administration launched a campaign to address the spread of inappropriate animated videos.
UK probes whether buses made in China can be turned off from far away after Norway found Yutong vehicles could be ‘stopped or rendered inoperable’ by the Chinese company, according to FT.
Earthquake of magnitude 6.21 strikes east cost of Honshu in Japan.
China issues measures on boosting private investment via Xinhua. China to also encourage private capital to invest in railway, nuclear power. Will clean up “unreasonable” access restriction for services sector. China will guide private capital to participate in low-altitude economy, commercial aerospace and other fields in an orderly manner. China to meet reasonable credit demand for private firms.
DATA RECAP
Chinese CPI MM (Oct) 0.2% vs. Exp. 0.0% (Prev. 0.1%)
Chinese CPI YY (Oct) 0.2% vs Exp. 0.0% (Prev. -0.3%)
Chinese PPI YY (Oct) -2.1% vs. Exp. -2.2% (Prev. -2.3%)
c) Asian opening report
1A NORTH KOREA/SOUTH KOREA
NORTH KOREA//USA/
2B JAPAN
3. CHINA
CHINA/USA
Shipping between China and the USA continues to deteriorate:
U.S. & China Freeze Shipping Probes As Goldman Warns Key Trade Routes Set To “Deteriorate Further”
by Tyler Durden
Monday, Nov 10, 2025 – 07:45 AM
Enough Democrats caved in overnight to pass a key GOP funding bill as the federal government shutdown reached its record 40th day. There’s still significant work ahead to fully reopen the government, but this marks very solid progress. On the international front, progress is also evident, with a new report indicating that the U.S. and China have suspended port fees and reciprocal probes amid easing trade tensions.
Bloomberg reports that the Trump administration paused its probe into China’s shipbuilding industry for one year, prompting Beijing to suspend its retaliatory investigation and delay planned port fees on U.S. vessels. Both trade concessions were as expected, following breakthrough trade talks between President Trump and President Xi on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit last month in South Korea.
The U.S. Trade Representative stated that negotiations with China will proceed on the issues raised by the probe. The mutual suspensions relieve pressure on global shipping markets after tit-for-tat moves by both economic superpowers had threatened to snarl maritime trade routes and drive up freight costs if reciprocal port fees had taken effect.
“As long as the suspension remains, the potential risk to upend global shipping remains,” said Jayendu Krishna, a director at Drewry Maritime Services.
New data from Goldman analysts led by Jordan Alliger shows continued weakness in China-to-U.S. trade flows, with loaded vessels down for a fourth straight week (-10% WoW, -35% YoY) through October 30.
Alliger noted that China-to-U.S. trade flows will experience a brief improvement in mid-November (+6% YoY) before another steep drop (-30% YoY) by month’s end.
“Full ramifications from the recent tariff-related implementations and magnitudes have yet to play out – but the next few weeks could continue to illustrate shipper reactions as a potentially wait-and-see mode after the large pull forward over the summer,” the analyst said.
Key highlights from the report:
China freight flows (week ending Thursday, October 30) showed a sequential downtick in laden vessels from China to the U.S. (-10%), with YoY drop-off continuing at -35%.
Port Optimizer sequentials indicate a deterioration next week, with a return to positive the following week as TEUs appear to have found a floor of ~90k. Expected sequential imports into the Port of Los Angeles are set to be down -5% TEUs (November 14), while early readings suggest a +4% increase two weeks out. YOY trends show +6% and -30% over the next two weeks, reflecting volatility and challenges in timing YoY comparisons.
Rail intermodal volumes on the West Coast were -6% YoY, following last week’s -7%. The previously positive growth trends over the summer likely reflected a load/unload lag and freight moving out of warehouses, while recent declines may signal muted import trends after the earlier pull-forward.
Ocean container rates rose +48% sequentially, possibly due to attempts to push through GRIs ahead of contract season, but remain under heavy pressure YoY (-43%). Some normalization may occur soon following the surge.
Truckload availability on the West Coast continues to deteriorate during what is typically peak season, now down -30% YoY.
Key chart from the report:
The easing of U.S.-China trade tensions couldn’t have come at a better time, given the softening across major maritime shipping routes between Asia and the U.S.
Polish President Karol Nawrocki has told European Commission President Ursula von der Leyen that Poland will not accept any attempt by EU institutions to impose migrant relocations within its borders.
In a letter sent to Brussels, Nawrocki stated that such actions would be unacceptable and urged the Commission to focus on securing the European Union’s external frontiers and combating illegal immigration.
“I would like to kindly inform you that Poland will not agree to any actions by European institutions that would be aimed at relocating illegal migrants in Poland, and I hope that you will take this fact into account in your actions,”the president wrote, honoring his electoral pledge to firmly reject the bloc’s Migration and Asylum Pact.
Nawrocki reminded von der Leyen that Poland’s eastern frontier has for years faced “constant migratory pressure, controlled by the Moscow regime with the help of the Belarusian state and intelligence services.” He noted that Warsaw has devoted “significant resources” to protecting the EU’s border and to supporting Ukrainian refugees displaced by Russia’s war.
“In 2025, there are still nearly a million Ukrainian refugees in Poland,” Nawrocki wrote. “After Feb. 24, 2022, the Polish state acted responsibly and accepted Ukrainian citizens fleeing the war. We offered not only our own homes but also the state’s support that was needed at that time. Poland acted in solidarity, even though it was not bound by the obligation to show solidarity.”
Nawrocki said the bloc’s focus should not be on redistributing migrants within Europe but on stopping illegal crossings in the first place.
“I agree that illegal migration is a problem that Europe must address, but the solution is not to forcibly return migrants to Central and Eastern European countries,” he wrote. “Our common task should be, above all, to seal borders and combat smugglers.”
The Polish leader also noted that opposition to migrant relocation is shared across the political spectrum in Poland, including, at least in principle, Prime Minister Donald Tusk’s left-wing coalition government.
“If it occurs to anyone in Europe to consider that Poland should take on other burdens, then regardless of who says it, I will say that Poland will not implement it. End of story,” Tusk said earlier this year, albeit ahead of the presidential election.
“The overwhelming majority of Poles, regardless of political affiliation, oppose the forced relocation of migrants to Poland,” Nawrocki wrote, adding that his election campaign had centered on ensuring “that Poles feel safe in their own country” and preserving national sovereignty.
“One element of this security is undoubtedly the absence of the risk of illegal migration, which has been flooding Western Europe since German Chancellor Angela Merkel’s memorable decision in 2015,” he continued.
Nawrocki reaffirmed that he “will not consent to the implementation of the Pact on Migration and Asylum in Poland” but said Warsaw remains ready to cooperate in other areas. “At the same time, I remain ready to cooperate on border protection, joint operational activities, information exchange, and technical support for Member States most exposed to migratory pressures,” he concluded.
In February, the Polish legal foundation Ordo Iuris told Remix News that the European Union’s migration pact could see up to 100,000 migrants relocated to Poland every year.
“All will depend, of course, on the number of migrants arriving by the Southern routes, so it is a very rough estimate. But we stand by it,” said the institute’s Olivier Bault.
“In most cases, Poland will be unable to deport them, even if their asylum applications are denied,” Bault added.
When asked specifically about Poland and any possible exemption previously, EU commission spokesman Markus Lammert told press that “EU law is binding on the member states and the migration pact, as a result of its entry into force, is binding law.”
(Europe’s Race to Net-Zero – and Total Self-Destruction? :: Gatestone Institute
Robert H….
“Delusional ideology has killed many an Empire and society throughout history.
This radical move to net zero and mass migration of uneducated people is a great recipe to cause the inevitable decline of Europe. Especially while China races ahead on cheap coal fired plants. Low cost energy make the world competitive. One would have thought that Europe would have understood that when they dumped cheap Russian gas.
See it before it is gone because in a decade you will not recognize it. New technologies that can prosper will be financed leaving many parts of Europe. Simply because it is uncompetitive in a global world. “
Europe’s misguided decarbonization has handed its prosperity to China on a silver platter. Under the pretext of “saving the planet,” Europeans have dismantled their factories, outsourced their jobs and increased their energy costs. No better example illustrates the sham of decarbonization than the case of wind farms. Not a single wind turbine is profitable without massive public subsidies, which Europeans pay for every month through their exorbitant energy bills. Pictured: Wind turbines in Villar de los Navarros, Zaragoza province in Spain on April 5, 2022. (Photo by Cesar Manso/AFP via Getty Images)
In 1992, global carbon dioxide (CO₂) emissions stood at 22.3 billion metric tons. By 2024, they had reached a record high of 37.4 billion tons— an increase of nearly 68%.
Europe, by comparison, emitted 4 billion tons in 1992. By 2023, this figure had fallen to around 2.5 billion tons, a reduction of approximately 40% — on a global scale, a derisory amount.
China, for its part, emitted only 2.5 billion tons of CO₂ in 1992. Today, China is responsible for nearly 12 billion tons of CO₂ emissions — five times Europe’s current emissions and one-third of the global total.
While Europe flagellates itself in a supposedly virtuous asceticism, aiming to eliminate carbon from the continent (“net-zero”), the rest of the world, led by China, is burning coal at full throttle, propelling global emissions to unprecedented heights.
Industrial collapse
Worse still, this European decarbonization has been accompanied by an accelerating industrial collapse. In 1992, manufacturing represented 20% of the European Union’s GDP; today, it accounts for barely 14%, and the trend is downward. Globally, Europe once produced nearly 30% of global manufacturing; it now represents only 15%, overtaken by China, which dominates with more than 30%.
Europe’s misguided decarbonization has handed its prosperity to China on a silver platter. Moreover, it has done so through the European Union. Many people despise the EU without really knowing why. Now they do.
Decarbonization is a pure myth — a fiction skillfully designed by Malthusian ideologues to keep Europeans in servitude (see Robert Zurbin, Merchants of Despair: Radical Environmentalists, Criminal Pseudo-Scientists, and the Fatal Cult of Antihumanism). Under the pretext of “saving the planet,” Europeans have dismantled their factories, outsourced their jobs, increased their energy costs, and subjected their economies to the tutelage of an authoritarian, arbitrary Brussels bureaucracy — as ignorant as it is malevolent and complicit with Beijing.
Murder by energy
When an American pays $100 to heat his home, a European pays between $300 and $500. When an American spends $100 to light his home, a European spends $200 — despite the average gross income in the United States being twice that of Europe and the average net income 2.5 times higher.
In Germany, 10,000 industrial jobs are being lostevery month. The chemical industry, once the pride of the port of Antwerp, Belgium, is in rapid and massive decline. Chemicals in Antwerp are not a minor detail; they are a fundamental and structuring element of its prosperity. Antwerp politicians who attempt to balance public finances while adhering to the myth of decarbonization are deluding themselves. One can have either decarbonization or prosperity — not both. A choice must be made — now.
“But Global Warming!”
Environmentalists from all parties have turned Europe into a vast, unproductive, and dependent wind farm. But, say the well-trained creatures, “What about global warming? Won’t we all perish in torrents of lava and a deluge of floods if we stop building wind turbines, and fail to sacrifice our last factories on the altar of decarbonization?”
Even America’s premier climate alarmist, Microsoft founder Bill Gates, last week dismissed , in his words, the “doomsday view” that climate change would “decimate civilization,” and, according to Time, called for:
“a recalibration of priorities—including more funding for global health and a narrower focus on key technologies that can make a difference on climate. Paired with a move to cut funding for efforts to craft climate policy earlier this year, [Gates’] memo was perceived as an indication of a dramatic pivot.”
Since the beginning of the industrial era, a slight warming has indeed been observed — +1.2°C, not exactly the Apocalypse. Humanity will adapt, as it has always done — to ice ages, droughts, and floods. This will be all the easier now that we have at our disposal rapidly advancing technological tools: artificial intelligence, precision agriculture, and large-scale desalination.
Humans are preparing to colonize the Moon and Mars — where the average temperature is -63°C. But we are told we could not adapt to a 1.5-degree increase on Earth? What a grim joke.
We mock the credulity of ancient peoples who believed in myriad deities, to whom they did not hesitate to offer human sacrifices — even children. We condemn the Mayan rites — decapitations, immolations, the extraction of still-beating hearts — to appease Chaac, god of rain and storms, who demanded blood to make it rain; Quetzalcóatl, because blood nourished the cosmic serpent, and so on. We feel only contempt for such myths. Yet today, the European Union is sacrificing 500 million citizens on the altar of a faceless green god.
Not a single European will die from “global warming.” But millions could die from not being able to heat their homes during the winter.
What Europe needs
Europe needs a policy of strength — economic, military, geopolitical. It must destroy the myth of decarbonization and reaffirm its true goals: the well-being of individuals and families, economic growth, and technological progress. Relocate industry, free up fossil and nuclear energy, and invest massively in research. Only a sovereign, industrious, and assertive Europe will regain its prosperity.
The Chinese Communist Party, for years, has been opening two coal-fired plants a week. In just the first half of 2025, China expanded these coal-fired plants more than in the last nine years. Crucially, however, China has also been investing billions in nuclear-fusion energy – to provide limitless clean, cheap energy for the unimaginable amounts of electricity that will be required for global dominance in artificial intelligence.
Europe and the UK would be well-advised to stop listening to charming little scoundrels like Boris Johnson, that ephemeral former British prime minister who now profits from his “moral commitment” to the totalitarian absurdity of the “net-zero society,” cashing in with the highest-bidding regimes and lobbies.
Decarbonization is a myth. There is no “decarbonization.” Only Europe — alone, like an old drunkard lost in its fantasies — is hanging itself.
No better example illustrates the sham of decarbonization than the case of wind farms. Not a single wind turbine is profitable without massive public subsidies, which Europeans pay for every month through their exorbitant energy bills.
The real problem, though, rarely mentioned, lies in the replacement of these sad monsters. The lifespan of a wind turbine is short. By 2030, around 14,000 of them will need to be replaced in Europe. How fortunate! Simply do not replace them. The issue is easy: the semi-public companies managing these turbines have set aside nothing at all — not a single cent — for their replacement. All that is needed is to dismantle and remove them. Think of it: our landscapes will no longer be dotted with these useless eyesores. Then we can all write them off as a bet that was lost.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
END
ISRAEL VS HAMAS
US pressures Israel to allow safe passage for 100 to 200 Hamas operatives in Rafah
Netanyahu opposes proposal; Israeli officials say slain hostage Lt. Hadar Goldin’s body may be in southern Gaza tunnels, though the IDF reports having no such intel
US President Donald Trump talks with Israel’s Prime Minister Benjamin Netanyahu in the Knesset, October 13, 2025. (AP Photo/Evan Vucci, Pool)
The United States has pressured Israel to allow 100 to 200 Hamas operatives holed up in a tunnel network on the Israeli-controlled side of the Yellow Line in southern Gaza’s Rafah to leave safely, according to a Middle Eastern diplomat who spoke to The Times of Israel on Wednesday.
Washington was said to view the effort as a pilot program for a broader decommissioning and amnesty initiative for Hamas fighters, part of US President Donald Trump’s 20-point plan for ending the Gaza conflict.
Under the proposal, fighters would surrender their weapons to officials from the US-led Civil-Military Coordination Center in Kiryat Gat and either be granted safe passage to a third country or be allowed to retreat to Hamas-controlled areas west of the Yellow Line.
The US had been in intensive discussions with Israel and Turkey on the initiative, the diplomat said.
While Israel did not outright reject the proposal, it resisted allowing all the operatives to go free, citing concerns that some were responsible for attacks on Israelis and may need to be taken into IDF custody if they didn’t want to be killed.
Washington’s proposal echoed point 6 of Trump’s 20-point plan, which states, “Once all hostages are returned, Hamas members who commit to peaceful co-existence and to decommission their weapons will be given amnesty. Members of Hamas who wish to leave Gaza will be provided safe passage to receiving countries.”
Israeli negotiator Nitzan Alon (far left) shakes hands with Qatar’s Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani in a photo indicating success in the mediated Israel-Hamas negotiations on a Gaza hostage-ceasefire agreement in Sharm el-Sheikh, in the early hours of October 9, 2025. Second from right with back to camera is US special Middle East envoy Steve Witkoff. (Telegram / used in accordance with clause 27a of the copyright law)
Prime Minister Benjamin Netanyahu had verbally accepted this framework when it was first unveiled at the White House in September. However, the October 9 agreement between Israel and Hamas focused solely on the initial ceasefire, IDF pullback, hostage-prisoner swap, and humanitarian aid, leaving the question of safe passage unresolved.
Publicly, Netanyahu has taken a harder line, with his office issuing a statement last week asserting that Israel will not grant safe passage to the holed-up Hamas fighters.
A US official told The Times of Israel last week that Egyptian and Qatari mediators had informed Hamas on October 28 that the group had 24 hours to evacuate its fighters from the Israeli side of the Yellow Line or risk being exposed to Israeli fire.
However, it remained unclear whether Israel was on board with the ultimatum and would have been willing to grant safe passage to Hamas fighters who came out of the Rafah tunnel network before the deadline expired. Ultimately, the ultimatum didn’t work, though, as no fighters heeded it and talks on securing their safe passage in order to avoid a firefight that could risk the ceasefire dragged on.
Earlier this week, IDF Chief of Staff Lt. Gen. Eyal Zamir recommended to political officials that Israel should condition the safe passage of the operatives from Rafah to Hamas-held areas of the Strip on the return of long-time slain hostage Lt. Hadar Goldin.
This picture taken on August 29, 2018 shows a photo of Lt. Hadar Goldin taken while on army duty, as shown by his parents at their family home in Kfar Saba. (AFP PHOTO / JACK GUEZ)
Some Israeli defense officials claimed Wednesday evening that Goldin’s body, who was killed and abducted by Hamas during the 2014 Gaza War, was assessed to be held in the tunnel network in Rafah, where the operatives were said to be holed up.
According to those officials, the IDF avoided striking the tunnel over concerns that Goldin’s remains could be lost.
The IDF later denied having any information indicating that Goldin’s remains were being held in the tunnel where the operatives were trapped, calling earlier reports “false claims that harm the family.”
However, some of the trapped operatives may know the body’s location, which could be elsewhere in southern Rafah, according to Israeli assessments.
END
ISRAEL HAMAS
IDF troops kill terrorists, destroy Hamas tunnels behind Yellow Line in Khan Yunis area
The unit’s deployment and subsequent redeployment were carried out in accordance with directives from the political echelon, as part of efforts to implement the ongoing ceasefire agreement.
IDF troops operate behind the Yellow Line in the area of Khan Yunis, November 9, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)ByJERUSALEM POST STAFFNOVEMBER 9, 2025 13:02Updated: NOVEMBER 9, 2025 16:47
The IDF’s 10th brigade killed dozens of terrorists and dismantled several terror tunnels while operating behind the Yellow Line in the area of Khan Yunis, the IDF said Sunday.
The terrorists posed a threat to troops, the military said.
The troops located multiple weapons caches, including observation equipment belonging to Hamas, as well as above-ground infrastructure.
This brigade has completed a series of operations around the Yellow Line in the Khan Yunis area.
The unit had previously been deployed to the area of Khan Yunis and was then redeployed under orders from political leaders as part of efforts to maintain the current ceasefire.
Forces dismantle hundreds of terror-related infrastructure sites
Forces under the Southern Command remain positioned in the area as part of the ceasefire arrangement and will continue to operate to subdue any immediate threats that may arise.
END
Hamas says terrorists holed up in Rafah will not surrender
“The enemy must know that the concept of surrender and handing oneself over does not exist in the dictionary of the Al-Qassam Brigades,” the group said.
Palestinian Hamas terrorists stand guard on the day of the handover of hostages held in Gaza since the deadly October 7 2023 attack, as part of a ceasefire and a hostages-prisoners swap deal between Hamas and Israel, in Rafah in the southern Gaza Strip, February 22, 2025.(photo credit: REUTERS/Hatem Khaled)ByREUTERSNOVEMBER 9, 2025 12:02Updated: NOVEMBER 9, 2025 13:13
Hamas terrorists holed up in the Israeli-held Rafah area of Gaza will not surrender to Israel, the group’s armed wing said on Sunday, urging mediators to find a solution to a crisis that threatens the month-old ceasefire.
Sources close to mediation efforts told Reuters on Thursday that terrorists could surrender their arms in exchange for passage to other areas of the enclave under a proposal aimed at resolving the stalemate.
Egyptian mediators have proposed that, in exchange for safe passage, terrorists still in Rafah surrender their arms to Egypt and give details of tunnels there so they can be destroyed, said one of the sources, an Egyptian security official.
Sunday’s statement from Al-Qassam Brigades held Israel responsible for engaging the terrorists, who it said were defending themselves.
“The enemy must know that the concept of surrender and handing oneself over does not exist in the dictionary of the Al-Qassam Brigades,” the group said.
A Palestinian man is seen detained by the IDF in Rafah, Gaza, in the summer of 2024. (credit: FLASH90)
Disarming Hamas as part of Gaza deal
US special envoy Steve Witkoff said on Thursday that the proposed deal for about 200 terrorists would be a test for a broader process to disarm Hamas forces across Gaza.
Al-Qassam Brigades did not comment directly on the continuing talks over the terrorists in Rafah but implied that the crisis could affect the ceasefire.
“We place the mediators before their responsibilities, and they must find a solution to ensure the continuation of the ceasefire and prevent the enemy from using flimsy pretexts to violate it and exploit the situation to target innocent civilians in Gaza,” the group said.
Since the US-brokered ceasefire took effect in Gaza on October 10, the Rafah area has been the scene of at least two attacks on Israeli forces, which Israel has blamed on Hamas. The terrorist group has denied responsibility.
Rafah has been the scene of the worst violence since the ceasefire took hold, with three Israeli soldiers killed, prompting Israeli retaliation that killed dozens of Palestinians.
Israel anticipates Hamas to return remains of Hadar Goldin
Separately, Al-Qassam Brigades said it will hand over the body of deceased soldier Hadar Goldin in Gaza on Sunday at 2 p.m. Since the ceasefire, Hamas has handed over the bodies of 23 of 28 deceased hostages. Hamas has said the devastation in Gaza has made locating the bodies difficult. Israel accuses Hamas of stalling.
Israel has released to Gaza the bodies of 300 Palestinians, according to the Hamas-run health ministry.
Local health authorities said on Sunday that one man was killed in an Israeli airstrike in Bani Suhaila east of Khan Yunis, south of the enclave. The Israeli military made no immediate comment.
END
ISRAEL VS HEZBOLLAH
As Hezbollah rearms and Lebanon’s government stalls, Israel looks to its North
BEHIND THE LINES: Although the IDF has greatly weakened Hezbollah, the Iranian terror proxy is replenishing and recruiting to combat disarmament efforts.
UN PEACEKEEPERS (UNIFIL) are seen in southern Lebanon from the Israeli side of the border, earlier this week.(photo credit: AYAL MARGOLIN/FLASH90)ByJONATHAN SPYERNOVEMBER 8, 2025 12:37
On Monday, two Hezbollah operatives were killed in southern Lebanon by Israeli drone strikes in two separate incidents. The strikes took place in the border town of Ait a-Shaab and in Nabatiya. These killings were the latest acts in Israel’s ongoing campaign to prevent Hezbollah from rearming and reorganizing south of the Litani River.
Over 300 Hezbollah members have been killed by Israel in this ongoing campaign since a ceasefire between Israel and the organization was officially declared in November 2024. Israel’s operations against Hezbollah reflect the complexity of the current moment in both Lebanon and the broader region.
The Iran-led regional alliance has been significantly weakened by two years of war with Israel. Yet the various components of the Iran-led Axis of Resistance, and the Tehran regime itself, remain stronger than their domestic opponents. As a result, they are now repairing their losses.
For Hezbollah in Lebanon, this means replenishing weapons supplies, and recruiting and training new fighters. It is also threatening civil strife to deter any inclination that the Lebanese authorities might have to disarm the organization. Hezbollah, it appears, is making steady progress in these areas.
The IDF has made considerable progress in fight against Hezbollah
ISRAEL’S MILITARY achievement against in 2023-2024 was very considerable. According to Israel’s figures, the organization lost around 5,000 fighters who were killed, with another 7,000 wounded. Some 80% of its mid- and long-range missile capacity was destroyed. The organization also lost its top political and military leadership.
A Hezbollah supporter holds a Palestinian flag and a cutout image of late Hezbollah leader Hassan Nasrallah at a ceremony held by Hezbollah to commemorate the first anniversary of Nasrallah’s killing by Israel, on the outskirts of Beirut, Lebanon, September 27, 2025. (credit: REUTERS/MOHAMED AZAKIR)
In June, US officials sought to build on Israel’s military successes by initiating a process that would permanently remove Hezbollah as an armed force on the Lebanese scene. Financial inducements and potential penalties were the chosen tools to incentivize Lebanon’s government to act against the Iranian-supported terrorist organization.
The government of President Joseph Aoun and Prime Minister Nawaf Salam, unlike previous Lebanese administrations, is not dependent on Hezbollah and its allies for its political survival. In the 2022 elections, the terrorist group and its partners won only 61 seats in Lebanon’s 128-member parliament. As a result, they have five seats in the 24-member cabinet. This is short of the blocking third necessary to veto decisions.
Thus, there is nothing to prevent the government from ordering the Lebanese Armed Forces (LAF) to move ahead with Hezbollah’s disarmament. In June, US officials presented a timeline for the process, which stipulates that it should be completed by the end of the year.
The urgently needed investment in Lebanon from the Gulf states is dependent on the process’s successful completion by year’s end. In August, the cabinet duly voted to disarm Hezbollah by the end of 2025.
Yet despite the stated policy of the government, the comprehensive disarmament of the Shi’ite Islamist terrorist group is not happening, and almost certainly will not happen. Only in the area south of the Litani, where Hezbollah’s capacities were largely destroyed in the last months of 2024, has progress been made.
Nothing has been done north of the Litani, or in Hezbollah’s heartland in the Bekaa Valley, or in south Beirut. The Lebanese Armed Forces show no sign of proceeding in these areas, despite their being included in the plan that the army presented to the government.
Hezbollah is rebuilding
In the meantime, Hezbollah is rebuilding. Predictions that the fall of the Assad regime in Syria would conclusively cut off Iran’s land bridge to Hezbollah and the Mediterranean have turned out to be overly optimistic.
The networks responsible for smuggling weapons across Syria were not directly connected to the fallen regime. Rather, these were professional smuggling networks, emerging mainly from the Sunni Arab section of the Syrian population. They have neither disappeared nor gone out of business with Assad’s fall.
The new Syrian government, meanwhile, still has not firmly established its authority over the entire country. The result is that Iran-linked networks are still moving weaponry from Iraq, across Syria, and into Lebanon. The materials in question are forming a significant part of Hezbollah’s slow reconstruction, which in its heartland is being challenged only by Israel, and only from the air.
THE REASONS for the Lebanese government’s failure to make any serious attempt to disarm Hezbollah are clear, and the failure was predicted by many analysts. There are two related elements underlying this stance.
The first is the fear that there would be a civil war if the government insisted on disarming Hezbollah. Hezbollah itself has threatened this possibility. In August, as the government was moving forward with its formal demand for disarmament, Hezbollah leader Sheikh Naim Qassem said that Lebanon “will have no life if you stand on the other side and try to confront us and eliminate us.” This was understood in Lebanon as a lightly veiled threat of civil war.
There remains in Lebanon, among every section of the population, with the exception of Hezbollah and its allies, a profound fear of a return to the devastating days of the 1975-1990 civil war. Hezbollah is keen to preserve its internal political legitimacy, and has no desire to turn its guns on its fellow Lebanese. However, if directly confronted, it will not hesitate to do so.
The last time a Lebanese government attempted to challenge the organization directly was in 2008. At that time, the government attempted far less than a general disarmament of Hezbollah; it was merely seeking to assert control over security at Beirut’s airport. Hezbollah’s response was to take over West Beirut, brushing aside government-associated forces.
There is no reason at all to assume that it would now peacefully acquiesce to giving up its weapons. The government dreads the prospect of civil strife, and Hezbollah knows this. Therefore, Hezbollah also knows that the government is bluffing.
The second reason for the government’s failure to implement its own decision is that it is unsure that it could actually enforce these measures. Although the Lebanese Armed Forces does not release official figures regarding the sectarian makeup of the army, some sources suggest that Lebanese Shi’ites may account for as much as 50% of LAF’s manpower.
Even if the precise figure is lower, it is obvious that a force containing a large percentage of Shi’ite soldiers could not be relied upon to perform a mission that would require, at the very least, a credible threat of force against fellow Shi’ites. Once again, the government realizes this, and as does Hezbollah. Hence, Hezbollah is aware that the government’s declarations are essentially void of content.
What this means is that if Israel wants to prevent Hezbollah from rebuilding and rearming, it will have to ensure this itself. As of now, Israel appears to be achieving this objective largely via the combination of good intelligence and air power.
There may come a time when the choice facing Israel will be whether to escalate the current levels of action against Hezbollah or accept the organization’s steady reconstruction.
In any case, hopes that the government of Lebanon might defang Hezbollah as part of its assertion of sovereignty should be dismissed. There is no Lebanese partner for this mission.
end
Israel-Saudi peace would send message that extremism has had its day – editorial
Peace between Jerusalem and Riyadh would complete the transformation of the Middle East begun by the Abraham Accords.
US President Donald Trump and Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al-Saud pose for a photo, at a world leaders’ summit on ending the Gaza war(photo credit: REUTERS/Suzanne Plunkett/Pool)ByJPOST EDITORIALNOVEMBER 10, 2025 05:57Updated: NOVEMBER 10, 2025 05:59
Hyperbole is often the norm these days. Everything has to be the biggest, the best, or the most dramatic. But to say that the prospect of peace between Saudi Arabia and Israel would be the greatest geopolitical achievement for the Jewish state in the 21st century would not be overplaying it.
As Saudi Crown Prince Mohammed bin Salman prepares to visit Washington for talks with US President Donald Trump, the chance of an alliance between Saudi Arabia and Israel, which for so long has been so unthinkable, has re-entered the realm of possibility. Should it happen, it would be the single most consequential diplomatic achievement of the 21st century, reshaping the entire structure of the Middle East.
It is a moment that would mark an alliance between the birthplace of Islam and the homeland of the Jewish people.
JPost Videos
Washington is eager. Trump, who launched the Abraham Accords in 2020, told reporters recently that “we have a lot of people joining now the Abraham Accords, and hopefully we’re going to get Saudi Arabia very soon.”
The crown prince’s upcoming visit could reopen the path to indirect dialogue between Jerusalem and Riyadh. As one Saudi royal source told KAN News on Saturday, efforts are already underway “to thaw the ice between the two countries” and “help bridge positions that had grown more distant during the war.”
US PRESIDENT Donald Trump and Saudi Crown Prince Mohammed bin Salman Al Saud attend the Saudi-US Investment Forum in Riyadh in May. The deeper the Saudi-American partnership becomes, the less incentive Riyadh will have to normalize ties with Israel, the writer asserts. (credit: BRIAN SNYDER/REUTERS)
It is a thaw that could help reconceptualize the post-Hamas era. Saudi Arabia’s position remains clear: Normalization cannot proceed without movement toward a two-state framework, something that did not obstruct Bahrain, the UAE, and Morocco from joining the accords.
“Normalization with Israel will not move forward without a two-state agreement between Israel and the Palestinians,” Saudi officials stressed in the same report.
The plan must involve a clear plan for Israeli withdrawal from Gaza
Saudi Foreign Ministry official Manal Radwan said in a Reuters report that a credible plan must include “a clear, time-bound Israeli withdrawal from Gaza, the deployment of an international protection force, and the empowerment and return of the Palestinian Authority.” None of this is particularly new, but now that the end of the war is in sight, it has become more pressing to deal with these issues.
American voices are just as insistent that this opportunity can’t be squandered. Speaking to The Jerusalem Post’s Editor-in-Chief Zvika Klein in Las Vegas, US Senator Lindsey Graham linked the chance for peace directly to the defeat of Hamas and the weakening of Iran’s proxies.
“You have to give Mohammed bin Salman a political horizon he can sell to the Arab world because it preserves dignity for Palestinians without endangering Israel,” Graham said. Predicting normalization “by May 2026,” he called it the natural culmination of regional realignment. A peace “coupled with a reconstruction program in Gaza that Arab partners can publicly champion.”
For Israel, normalization would cement its acceptance in the Arab and Islamic world, proof that 75 years on, Israel really isn’t going anywhere and that maybe it is time to look forward rather than back. It would also open direct access to Saudi markets, airspace, and influence.
For Saudi Arabia, it would embody Crown Prince Mohammed bin Salman’s Vision 2030, that of a confident, modernizing kingdom that is leading the Arab world through economic power, not religious dogma. Both sides have much to gain from each other.
And for the Palestinians, it could provide the first genuine incentive for political reform and reconstruction in a generation, although the main stumbling block is their own desire for peace.
There are, however, obstacles. Prime Minister Benjamin Netanyahu remains opposed to a formal Palestinian state, and public opinion in the Arab world is still raw after the Gaza war. But history rarely offers perfect conditions for peace. It offers opportunities, and this one is extraordinary. Iran’s proxies in Lebanon, Yemen, and Gaza are weakened, and Tehran itself has been shaken by Israel and is dealing with internal unrest. Israel must grab the bull by the horns.
Peace between Israel and Saudi Arabia would complete the transformation begun by the Abraham Accords. It would unite the Middle East’s two most capable powers in security, technology, and energy cooperation. Most of all, it would send a message that extremism has had its day and the region is looking forward, not back.
end
RUSSIA VS UKRAINE
ROBERT H
Ukraine realities as opposed to fiction
The city of Pokrovsk in Ukraine has fallen to the Russian Army. And it is only one of several fallen cities in the last 24 hours. The energy grid was hit overnight making the prospect of evacuation of civilians likely in the coming weeks as temperatures fall. All military factories producing missiles or components of missiles from engines to warheads are destroyed. The only factories not destroyed are food or shelter related. It should be clear to everyone that the fool called Zelensky has lost the plot and the story. Expect this thieving crowd to spin the narrative to say the loss of such cities is a nothing burger. What ever real number of troops that are within cauldrons should surrender to save themselves, because Zelensky will not give the order for retreat. Otherwise they will be simply killed.the same will happen to NATO troops who maybe sent in. The Russians are clear the decision to stop will be a military one not a political one. And Russia will dictate the terms of Surrender. Zelensky will run at some point to his American ranch or vineyard in Italy etc. Assuming the Ukrainians do not kill him first. His British and American guard is likely not enough much longer. This hopeless useless conflict will end on the battlefield and likely all lands east of Kiev will be in Russian hands. And it is likely that Russia will close off all access to the Black Sea much to chagrin of the Brits and French. And should Macron really send in a couple Rafale’s with Storm Shadow missiles there are several S500 batteries in wait to be tested. As for Venezuela, there are Russian batteries in wait and the MIg’s are equipped with modern missiles and there are 2 Russian destroyers anchored off the coast ready to act. If America chooses to strike it will come at a cost. And that is not to say there is not justification. It is simply a reality.The days of unchecked forceful hegemony are waning fast and a more cooperative approach is called for. Another Vietnam will not serve a purpose.
end
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
BREAKING: Peer-Reviewed Study Finds COVID-19 “Vaccines” Linked to 63 Serious Brain and Spinal Cord Adverse Events
UK: Lisa Vanderpump’s nephew Sam, 28, has “end-stage liver disease”; DE: Jeanette Lagonis (“Married at First Sight”), 43, has spondylitis; NZ: Green MP Tamatha Paul. 28. has cardiac ablation; & more
A survey of the likely global toll, among celebrities, of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
Mason Geertsen using cancer journey to connect with others in the fight
October 31, 2025
Mason Geertsen [30] spent the days and months following his cancer diagnosis looking for small wins, in whatever form they came. A laugh during an Adam Sandler comedy. Morning cups of coffee with his wife, Clarity. These are the moments Mason lived for while he braved a year of uncertainty. “The biggest thing for what I was trying to do at that point in time, was not dwell,” Mason recalls, nearly two years removed from the freak accident that put him on a path to recovery. Mason – with the support of Clarity along with his parents and two sisters – balanced life as a professional hockey player and treatment for B-cell non-Hodgkin lymphoma entirely out of the public eye. It wasn’t until last November, after he had made it to remission, that the family went public with his battle. Now, Mason is sharing his story as he settles into a new home with the Sabres, hoping to use his platform as a source of inspiration.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Christiane Amanpour reveals her ovarian cancer has returned
October 21, 2025
Christiane Amanpour’s cancer journey has been a winding one, but she’s pulling through. The 67-year-old British Iranian journalist and CNN chief international anchor revealed that she’s battling ovariancanceragain during an appearance on the “Changing the Ovarian Cancer Story” podcast that was released Thursday, Oct. 23. The health revelation comes four years after Amanpour first revealed she had the disease, later undergoing several months of chemotherapy treatment. “I have it again, but it’s being very well-managed, and this is one of the whole things that people have to understand about some cancers,” Amanpour told host Hannah Vaughan Jones.
Lisa Vanderpump’s Nephew Sam, 28, Reveals ‘End-Stage Liver Disease,’ Could Die in 4–5 Years Without Transplant
October 28, 2025
Lisa Vanderpump’s nephew, Sam, 28, revealed he has been diagnosed with “end-stage liver disease” and could die in the next four to five years without a vital organ transplant. Sam, who is cast a member on the U.K. reality show Made In Chelsea, made the revelation during the Monday, October 27, episode in a conversation with costar Ollie Locke. Sam was previously hospitalized in December 2024 after suffering from kidney and liver failure due to a genetic condition. Upon being admitted to the hospital, he was diagnosed with life-threatening sepsis. “We had a call from the doctors and I’ve got end-stage liver disease,” Sam said during Monday’s episode of Made In Chelsea on E4. “There is no hope of my liver getting better, and he said, ‘I wouldn’t be having this call with you if I thought you could make it through the next four or five years.’ They’re sending me for a liver transplant assessment.”
Soccer player Ulrik Saltnes opens up about serious illness
October 17, 2025
The last time he played for Bodø/Glimt was in the away game against Sturm Graz 26. August. “I woke up at night with the biggest headache I’ve ever had. When I visited the doctor again, he said that the shingles had spread up to the brain and developed into meningitis”, says Saltnes [32] in an interview. He believes that stress could have be the triggering factor of the diseases. “We lean towards the fact that there is stress. It’s either that or a serious illness. It is unfortunate that it has spread to the brain. Last year, he underwent urgent surgery after he contracted appendicitis while on vacation in Spain.
Jeanette Lagoni from “Married at First Sight” suffers from spondylitis
October 22, 2025
After more than a decade of living with rheumatoid arthritis, “Married at First Sight” contestant Jeanette Lagoni [43] has learned to live with pain as a constant companion. But recently she received a new and unexpected message from the doctors – a message that once again turned her everyday life upside down. “I have been diagnosed with spondylitis [inflammation of the backbone],” Jeanette writes in a post on Instagram, adding that the news knocked her legs out of her seat a little. She got the message four days before she started renovating her new store – one of the biggest projects of her life.
Mark Daigneault offers thoughts on Nikola Topic’s testicular cancer diagnosis
October 31, 2025
The Oklahoma City Thunder announced on Thursday that Nikola Topic has been diagnosed with testicular cancer. That explains his procedure in that area earlier this month. His medical team expects a positive outlook, with his basketball return is unknown for now as he begins chemotherapy. Thunder head coach Mark Daigneault addressed Topic’s testicular cancer diagnosis. Here’s what he had to say about the 20-year-old’s scary situation: “He’s doing great, given the circumstances, which is unsurprising. Sam mentioned it today at shootaround. At 20 years old, he’s more equipped with maturity and discipline and toughness to handle a situation like this than he is.”
Celebrated actress Saba Qamar [41] has revealed that she recently suffered a heart attack triggered by extreme mental stress — an experience that she says has changed her understanding of health, strength, and emotional well-being. Speaking in a recent interview, the ‘Kamli’ and ‘Baaghi’ star disclosed that her condition suddenly worsened during a shoot, and she was rushed to hospital, where doctors confirmed she had suffered a heart attack. The actress said she underwent an angiography the following day, after which doctors advised her to take complete rest for a month. “I’m feeling much better now,” she assured her fans. It may be recalled that on August 1, Saba Qamar was hospitalised after feeling unwell during a shoot, and doctors then advised her to take a month-long break. Pictures of the actress from the hospital had also gone viral on social media.
James Packer is rushed to hospital after suffering major cardiac episode in eerie reminder of his late father’s infamous heart attack on the polo field
October 30, 2025
Billionaire James Packer is recovering from a serious cardiac episode in a scare eerily reminiscent of a heart attack suffered by his late father on the polo field. Packer’s representative on Thursday confirmed the businessman had spent two weeks at Ronald Reagan UCLA Medical Centre following the incident. His ex-wife Erica and their children, Indigo, 17, Jackson, 15, and Emmanuelle, 13, are currently staying with the 58-year-old at his luxury polo ranch in Argentina where he’s expected to remain until December. The incident comes 35 years after his late father, media boss Kerry Packer, suffered a massive heart attack while playing polo at Warwick Farm Racecourse.
‘Imagine I hadn’t gone to the doctor’: [Cricketer] Nic Maddinson’s private battle with cancer
October 17, 2025
Sydney, New South Wales – Following months of appointments, needles, chemotherapy sessions and sleepless nights, Maddinson [33] is finally ready to tell his story – one only a small circle of cricketers have known about. He felt sick and run-down but was looking forward to a holiday in Byron Bay. Then he felt a lump. His GP thought it was probably a virus, but still recommended a scan. There were no available appointments, so it would have to wait until after the trip. At his end-of-season review, Maddinson mentioned the lump to Cricket Australia’s chief medical officer, Dr John Orchard. A Friday afternoon appointment was booked in minutes. While packing a suitcase at home, Maddinson’s phone rang. It was Orchard. “I don’t think you should get on the plane tomorrow,” Orchard said. The scans confirmed a tumour. Maddinson rang Bianca at work to break the news. Three days later, Maddinson underwent surgery. Then, after about seven weeks, came the words he didn’t want to hear: “The cancer has spread.” “Once I found out I had to have chemo, that was pretty hard to deal with,” he says. “It had spread to parts of my abdominal lymph nodes and lung. That was a bit where it was pretty daunting. Bianca was the one asking all the questions. It was a bit of a blur. I’m glad she was there.”
Green Party MP Tamatha Paul undergoes cardiac procedure in Wellington Hospital
October 16, 2025
Wellington – Green Party MP Tamatha Paul has revealed she underwent a heart procedure today.The Wellington Central MP shared a photo of herself in Wellington Hospital after a cardiac ablation – a procedure where doctors use an energy charge to correct an irregular heartbeat. “About a year into becoming an MP, I noticed changes in my body,” she wrote.“I did lots of tests and found out that at least a third of all of my heartbeats were irregular. Today, I finally got an ablation, which is basically them zapping my heart back into a regular rhythm.”
Grand Jury Subpoenas Infamous Anti Trump FBI OfficialsThe Justice Department is currently investigating the Russian collusion hoax and a federal grand jury has served subpoenas to former CIA director John Brennan and former FBI officials Lisa Page, and Peter Strzok. Strzok and Page were both served federal subpoenas by the FBI on Friday. Strzok was instrumental both in stopping the FBI’s investigation of Hillary Clinton, former secretary …READ THE FULL REPORT
Grand Jury Subpoenas Infamous Anti Trump FBI OfficialsThe Justice Department is currently investigating the Russian collusion hoax and a federal grand jury has served subpoenas to former CIA director John Brennan and former FBI officials Lisa Page, and Peter Strzok. Strzok and Page were both served federal subpoenas by the FBI on Friday. Strzok was instrumental both in stopping the FBI’s investigation of Hillary Clinton, former secretary …READ THE FULL REPORT
Oregon teens score legal victory after protesting trans athlete at State ChampionshipThe Oregon High School Sports Association has won an initial legal victory in the case of two high school athletes that made headlines in early this year when they stepped down from a podium to protest a competitor who was transgender. Alexa Anderson, of Tigard High School, and Reese Eckard, of Sherwood High School in Oregon made a powerful but …READ THE FULL REPORT
A college student is arrested after flipping a Turning point USA table in a viral videoAfter a viral video of a University of Iowa student violently flipping a Turning Point USA display, hot chocolate and leaflets were hurled in an unprovoked outburst. The suspect has been identified by authorities as Justin Pham Calhoon (19), a University of Iowa Student who is transgender. On November 5, the incident occurred during a campus gathering hosted by Turning …READ THE FULL REPORT
Report: Voting Day in Key State, Thousands of voters blockedA bureaucratic mixup in Chester County resulted in tens and thousands of unaffiliated voters being left off of the official voter rolls. When county officials printed the pollbooks that poll workers used to verify voters, they admitted to not including anyone who was outside of the two major political parties. Al Schmidt, Secretary of Commonwealth, said that this is a …READ THE FULL REPORT
recurrent infection pre-Omicron etc. (even that) 3)lie about inferior natural immunity to vaccine induced immunity 4)the lie of equal risk of severe outcome if exposed 5)lie that lockdowns work
6)lie that masks (surgical and cloth masks) used in COVID work to curb transmission of a viral respiratory pathogen; there is ZERO evidence anywhere globally in the past or up to today that any COVID mask worked, not one! it was a lie! the mask is a talisman at best…a virtue signally entity 7)the lie that this was a pandemic for it never was a pandemic, we have never had a pandemic, it is a ‘made up’ construct for money making reasons 8)lie that the PCR ‘process’ (we know to be 95% false-positive above 30 cycles) was detecting culturable, infectious, lethal pathogen above 24 cycles 9)lie that mRNA technology that underpins mRNA COVID vaccines was safe and needed 10) lie that COVID mRNA vaccines were ‘safe and effective’ when no study even up to today, no randomized controlled trial, no proper trustworthy science, none, has shown these vaccines to be effective or even safe, not one! Not one study, no data, no credible data, has shown that they ever curbed hospitalization or ICU or death, in adults or children! Not one! 11)the lie that you could stop spread of an infectious pathogen by closing borders and quarantining, when the pathogen of concern has an animal reservoir and has already been spreading withing the borders 12)the lie that you could conduct mass testing of asymptomatic persons to be of any benefit and the lie that you could mass test the general population
100% lies, lies, and more damn lies!
All of COVID was a fraud, a lie!
95% if not all of those who tested positive were false positive, that means, we shut down society and took people out of society for NO reason, there was no reason to lockdown nor take people out of school or society and that killed!
This was a 95% false-positive ‘PCR-manufactured’ fake ‘asymptomatic transmission lie’ non-pandemic
I will complete the list later. The 12 are not exhaustive.
COVID, all of it was a lie, all, the lockdowns, the Malone Bourla Bancel et al. mRNA vaccine that was unsafe and untested yet remains on market as HHS, FDA, CDC, NIH etc. refuse to remove it and actually expand it more.
NEWSWIZE
LATEST REPORTS FOR NEWS JUNKIES
The death threat of a Dem candidate backfires and leads to a crushing electoral defeatAfter sending a threatening, unhinged voicemail in July to Senator Tim Sheehy of the Republican Party (MT), a Democratic Party legislator suffered a devastating electoral defeat. Haley McKnight is a candidate running for the position of city commissioner of Helena, Montana’s capital. She sent the voicemail shortly after Sheehy, along with the vast majority of Republican members, had advanced the …READ THE FULL REPORT
Report: Nancy Mace is accused of fabricating sexual assault claimsCongresswoman Nancy Mace, R-SC, is being accused of a shocking crime by her ex-fiance Patrick Bryant. Bryant claims that the Republican legislator waged an “unforgiving” campaign against him after they split up. In a 19 page complaint, filed in Charleston County on Thursday, Bryant accused Mace hacking into his phone and tracking his vehicle, as well as fabricating allegations of …READ THE FULL REPORT
Thune’s massive filibuster decision revealedEven after a second push by former president Donald Trump, Senate Republicans have not budge on their filibuster. John Thune, the Senate Minority leader who returned from the White House Wednesday made it clear Trump’s efforts to abolish the 60-vote requirement won’t be successful. Thune stated, “I have no doubt that he can influence some members.” But I understand the …READ THE FULL REPORT
Mamdani Begs for Cash Hours after Winning the Mayoral ElectionZohran mamdani is already asking New Yorkers for their money, even though he hasn’t picked the drapes yet. Mamdani is the fiery far-left activist who stunned former Governor. Andrew Cuomo, who beat Curtis Sliwa and the GOP candidate Curtis Sliwa for New York City’s next Mayor, uploaded a video of his victory on X following his win. This immediately drew …READ THE FULL REPORT
LATEST REPORTS FOR NEWS JUNKIES
Pennsylvania elects its first transgender mayorDowningtown in Pennsylvania, made history on Election Day when a man dressed up as a female and was elected. This is the first time this has happened both within the city and throughout Pennsylvania. The Democrat Mayor-elect Erica Deuso said, “I’m overwhelmed by the support.” ABC 6 Philadelphia reports that the transgender Mayor received phone calls “all day” Wednesday congratulating …READ THE FULL REPORT
Ambush Attack on ICE Agents — Horrifying Update On TerroristsThe Department of Homeland Security (DHS) confirmed late Saturday that several U.S. Customs and Border Protection (CBP) agents were fired upon in what officials are calling a “coordinated attack” during an immigration enforcement operation in Chicago. According to a DHS statement, the agents were carrying out enforcement activity near 26th Street and Kedzie Avenue when a male suspect driving a …READ THE FULL REPORT
Ambush Attack on ICE Agents, Suspects at LargeThe Department of Homeland Security reported Saturday that a group of U.S. Customs and Border Protection agents (CBP), who were conducting immigration enforcement in Chicago, had been shot in an apparent coordinated attack. DHS released a statement stating that agents were performing operations at 26th Street and Kedzie Avenue, when a male driver in a black Jeep fired several shots …READ THE FULL REPORT
The J6 ‘Pipe Bomb’ Narrative Is Imploding After Forensics Evidence implicates Capitol Police OfficerThe Blaze’s new investigation has revealed evidence which challenges the narrative of the mainstream media about the pipe-bombs found on the 6th January 2021 in Washington DC. According to several intelligence sources, forensic gait analysis of the former U.S. Capitol Police Officer Shauni Rae Kirkhoff and the pipe bomb suspect still unidentified yielded 94%-98% matching results. Multiple intelligence agencies confirmed …READ THE FULL REPORT
Grand Jury Subpoenas Infamous Anti Trump FBI OfficialsThe Justice Department is currently investigating the Russian collusion hoax and a federal grand jury has served subpoenas to former CIA director John Brennan and former FBI officials Lisa Page, and Peter Strzok. Strzok and Page were both served federal subpoenas by the FBI on Friday. Strzok was instrumental both in stopping the FBI’s investigation of Hillary Clinton, former secretary …READ THE FULL REPORT
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
the UK is in a mess re it’s oil and gas industry and usage:
Tory Leader Declares Oil And Gas Emergency In Scotland
Conservative leader Kemi Badenoch called for an end to Labour’s ban on new oil and gas licenses, warning of severe economic risks to Scotland’s energy sector.
She urged the government to scrap the green levy and prioritize domestic fossil fuel production to lower household energy costs.
Labour defended its green energy policy, accusing the Conservatives of clinging to outdated strategies that would deepen Britain’s energy insecurity.
Tory leader Kemi Badenoch has declared an oil and gas “emergency” in the North East of Scotland as she pushes the Labour government to overturn its ban on new oil and gas licenses.
Badenoch has pledged to “get Britain drilling again” in a new campaign in partnership with the Scottish Conservatives.
The announcement marks the Conservative leader’s growing focus on oil and gas, splitting from previous party leaders who were more critical of fossil fuels.
Badenoch, who is currently in Aberdeen, has called on Chancellor Rachel Reeves to scrap the green levy on energy bills at the Budget later this month.
The Tory leader has re-emphasised her party’s focus on providing cheap energy for families, claiming that the Government’s renewable energy ambitions are driving up electricity prices.
But the Government insists that investing in green power is “the best way” to bring down energy costs.
Badenoch announced last month that her party would scrap legislation forcing the government to achieve net zero by 2050.
Badenoch said the North East of Scotland, along with the UK, is facing an energy crisis and called on energy secretary Ed Miliband to allow new gas and oil licenses.
She believes this would stimulate economic growth and productivity, and save the livelihoods of oil and gas workers who she says face losing their jobs.
Badenoch hits out at Labour’s oil and gas policy
Labour promised in its manifesto not to grant new licenses on new oil and gas fields, but energy secretary Ed Miliband is reportedly considering watering down his ban on drilling in the North Sea.
Badenoch said: “By the end of Labour’s first term in office, it’s not inconceivable that Scotland’s oil and gas sector will be at serious risk, with domestic production currently set to half by 2030.
“That would be a shocking indictment of Labour’s energy policy, and a dangerous act of economic self-sabotage.
“If the Labour government fails to act, we could be witness to the end of our domestic energy security as we know it.”
Starmer in Brazil
Andrew Bowie MP, the shadow secretary of state for Scotland, said: “Labour and the SNP are putting the economic livelihood of Scotland, and the economic security of the UK in serious danger.
“Only the Conservatives have a clear plan to back our domestic energy industry – putting it front and centre in our plan to deliver a stronger economy.”
The Tory leader’s comments come as Prime Minister Sir Keir Starmer travels to the COP30 climate conference in Brazil.
Ahead of the conference, he said that pushing for climate action is a “challenge,” but insisted that he is still committed to cutting emissions.
A Labour Party spokesperson said: “Kemi Badenoch is doubling down on the same failed Tory energy policy that caused the worst cost of living crisis in a generation.
“The Conservatives’ anti-growth, anti-jobs, anti-investment position on clean energy would cost hundreds of thousands of jobs, leave Britain reliant on insecure, expensive fossil fuels, and lock families into higher bills for generations to come.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
INDIA
Car Bomb Rips Through Tourist-Packed Area Of Indian Capital, Killing & Wounding Scores
Monday, Nov 10, 2025 – 10:25 AM
What appears to be an act of terrorism in the heart of India’s capital city has left at least eight people dead and over 24 injured. It happened at Delhi’s popular Lajpat Rai Market.
“A car explosion in New Delhi’s Red Fort area, popular with tourists to the Indian capital city, has killed several people and injured many more, local media reported,” according to reports of Monday’s blast. “The cause of the explosion is not immediately clear, but it occurred in a parked car outside Gate 1 of the Red Fort metro station.”
One eyewitness only identified as a nearby shopkeeper has told local media: “I never heard such a loud explosion ever in my life.” The person described, “I fell three times due to the explosion. It felt as if we were all going to die.”
Amid a huge police and emergency response, security personnel across India have been put on a high state of alert particularly near religious and tourism sites, per Al Jazeera:
Local authorities said the Uttar Pradesh region has been put on a red alert in the wake of the blast.
Provincial official Amitabh Yash told local media that all senior officials in Uttar Pradesh were instructed to increase security at religious sites, sensitive districts, and border areas. Police in all districts of Uttar Pradesh have been put on alert, and patrols and checks are to be increased.
Footage has been circulating showing the car bomb aftermath and chaos unleashed:
BREAKING: Two powerful blasts near Delhi’s Red Fort have killed and injured several people. pic.twitter.com/iVw38JReGg
Another eyewitness, Mohsin Ali, described: “It was a strong blast. This area has a heavy crowd regularly. It was very crowded. I couldn’t see how many people were injured amid the stampede that ensued. There were several people who had fallen on the ground.”
More images showing large fires rising high above the street immediately after the attack:
Explosion near Red Fort in Delhi’s Lajpat Rai Market, several vehicles caught fire, and many shop windows were shattered! pic.twitter.com/6g74aA3xt9
Regional media reports that “A slow-moving vehicle stopped at the red light following which the explosion took place at 6.52 pm. Nearly 2-3 people were seated inside the car, says Delhi Police Commisioner Satish Golcha.”
It is currently anything but clear who may have been behind it. There’s a likelihood of it being an Islamic terror group, given India has over several years suffered from this kind of sectarian violence, and in some instances anti-Hindu attacks.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1571 UP 0.000-5 PTS OR 6 BASIS POINTS/WITH STOCKS HIGHER
USA/ YEN 154.18 UP 0.793 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 1.31.77 UP .0027 OR 27 BASIS PTS
USA/CAN DOLLAR: 1.4008 DOWN 0.0018 CDN DOLLAR UP 18 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED UP 21.04 PTS OR 0.53%
Hang Seng CLOSED UP 407.20PTS OR 1.55%
AUSTRALIA CLOSED UP 0.86%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 407.25PTS OR 1.55%
/SHANGHAI CLOSED UP 21.04POINTS OR 0.53%
AUSTRALIA BOURSE CLOSED UP 0.86 %
(Nikkei (Japan) CLOSED UP 635.30 PTS OR 1.26%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4080.65
silver:$48.84
USA dollar index early MONDAY morning: 99.42 DOWN 60 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.019 % UP 1/ 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.701% UP 3 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.134 UP 3 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.170 UP 1in basis points yield
ITALIAN 10 YR BOND YIELD 3.408 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6612 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1503 DOWN 0.0002 OR 2 basis points
USA/Japan: 154.08 UP 0.700OR YEN IS DOWN 70 BASIS PTS//
Great Britain 10 YR RATE 4.4570 DOWN 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.234 DOWN 2 BASIS POINTS.
Canadian dollar UP 0.0004 OR 4 BASIS pts to 1.4022
US stocks gained on government reopening hopes – Newsquawk Asia-Pac Market Open
Monday, Nov 10, 2025 – 05:16 PM
US stocks closed the first trading session of the week in the green amid risk-on sentiment as the US Senate took the first steps over the weekend to end the US government shutdown, alongside continued positive US/China trade developments. Sectors were predominantly firmer with mega-cap sectors Technology, Communications, and Discretionary outperforming with all Mag-7 names in positive territory, while Consumer Staples was one of few industries in the red.
USD marginally softened to start the week amid the broader risk-on sentiment due to a couple of factors, including the positive US-China trade headlines and progress regarding the US government shutdown, in which the Senate voted to advance the government funding bill through the procedural hurdle. In the more recent updates, House Speaker Johnson wants a vote “as soon as possible” and is seeking a Wednesday vote on the stopgap bill, while Senate Majority leader Thune later said the vote on the stopgap spending bill is still in a ‘holding pattern’ and it was unclear if it would happen on Monday. Elsewhere, newsflow has been sparse, although there were several comments from Fed officials including Miran, Musalem and Daly, but did little to spur price action.
Looking ahead, highlights include Australian Westpac Consumer Sentiment & NAB Business Confidence, Japanese Current Account Balance & Eco Watchers Survey, New Zealand Inflation Expectations, Supply from Japan.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
LOOKING AHEAD
Highlights include Australian Westpac Consumer Sentiment & NAB Business Confidence, Japanese Current Account Balance & Eco Watchers Survey, New Zealand Inflation Expectations, Supply from Japan.
US stocks closed the first trading session of the week in the green amid risk-on sentiment as the US Senate took the first steps over the weekend to end the US government shutdown, alongside continued positive US/China trade developments. Sectors were predominantly firmer with mega-cap sectors Technology, Communications, and Discretionary outperforming with all Mag-7 names in positive territory, while Consumer Staples was one of few industries in the red.
SPX +1.54% at 6,832, NDX +2.20% at 25,612, DJI +0.81% at 47,369, RUT +0.97% at 2,456.
US President Trump said they are making a deal with India, which is different to the one in the past, and they are getting close.
US President Trump posted on Truth “The “Pay Back” Number on tariffs… are much higher than those being stated by our Fake Opposition…would be in excess of $2 Trillion Dollars”.
China’s Commerce Ministry responded to the US suspending 301 measures, in which it stated it is an important step in realising consensus and looks forward to the US continuing to meet China halfway.
China’s Commerce Ministry said they were making adjustments to management catalogues of drug-related precursor chemicals and will require a license for export of certain chemicals to the US, China, Canada and Mexico.
EU reportedly eyes banning Huawei from mobile networks of member countries, with the European Commission exploring making its 2020 guidance on excluding high-risk telecom vendors legally binding, according to Bloomberg.
Switzerland is nearing a deal to cut the US tariff on its exports to 15% from 39%, with an agreement possible within two weeks. Negotiations accelerated after Swiss executives met with US President Trump, who directed USTR Greer to intensify talks, while Switzerland seeks relief as the initial levy hurt growth and pushed unemployment to a four-year high, according to Bloomberg.
NOTABLE HEADLINES
Fed’s Miran (voter) said a potential end to the government shutdown does not change his outlook by much and he still sees a 50bps cut in December absent new information, according to an interview with CNBC. Miran said it is reasonable to be incrementally more dovish and reiterated that policy should be forward-looking, while he noted that barring new information that makes him update his forecasts, he sees a 50bps rate cut in December, and a minimum of 25bps. Furthermore, he said it is imperative to ease policy and that staying the path on rate cuts is the right move, but noted that the Fed is divided.
Fed’s Musalem (voter) said the US economy has been pretty resilient and the Fed has enough information to make policy decisions. Musalem said real rates have declined by 250bps in the last year, of which 150bps were for insurance, and that it is important to tread with caution with limited room to ease further.
Fed’s Daly (2027 voter) said policymakers need to keep an open mind about further rate cuts and need to be on guard against inflation risks, but should not ignore the possibility of a productivity boom and faster non-inflationary growth. Daly said policy is in a good place and that she does not want to make the mistake of holding rates too long, while she does not see evidence that monetary policy does not transmit to the economy.
US Senate Majority Leader Thune said they will be voting on a stopgap package in the near future, hopes the vote can happen within hours, while he looks forward to taking up more appropriations bills soon and will try to make an ACA deal in the Senate and get it to the House. Thune later said the vote on the stopgap spending bill is still in a ‘holding pattern’ and it was unclear if the vote would happen on Monday.
US House Speaker Johnson is seeking a Wednesday vote on the stopgap bill, while he will not commit to an ACA subsidy vote.
US House Minority Leader Jeffries said he will continue to fight for an extension to ACA tax credits, and sees reasons to be sceptical of the Republicans.
US Treasury Secretary Bessent said the Treasury and the IRS have issued new guidance giving crypto ETPs a clear path to stake digital assets and share staking rewards with their retail investors.
Apple (AAPL) reportedly pulled the next-gen iPhone Air off its release schedule next fall, while manufacturing partners have already stopped or cut production of the first iPhone Air, according to The Information.
OpenBrand price data suggested US consumer durables and personal goods inflation decelerated in October for the first time in three months, according to Bloomberg.
FX
USD marginally softened to start the week amid the broader risk-on sentiment due to a couple of factors, including the positive US-China trade headlines and progress regarding the US government shutdown, in which the Senate voted to advance the government funding bill through the procedural hurdle. In the more recent updates, House Speaker Johnson wants a vote “as soon as possible” and is seeking a Wednesday vote on the stopgap bill, while Senate Majority leader Thune later said the vote on the stopgap spending bill is still in a ‘holding pattern’ and it was unclear if it would happen on Monday. Elsewhere, newsflow has been sparse, although there were several comments from Fed officials including Miran, Musalem and Daly, but did little to spur price action.
EUR was ultimately flat and kept to within relatively tight parameters in the absence of any notable catalysts from the bloc.
GBP benefitted alongside strength in cyclicals, but with the upside in GBP/USD capped by resistance just shy of the 1.3200 level.
JPY weakened with USD/JPY returning to 154.00 territory as the heightened risk appetite sapped haven demand.
FIXED INCOME
T-notes were pressured amid broad risk-on trade owing to US government reopening optimism.
COMMODITIES
Oil prices ultimately settled firmer but with gains capped in choppy trade amid a lack of headline newsflow.
Ukraine’s Special Forces said it struck a Russian oil depot in Crimea.
Russia’s Lukoil declared a force majeure at Iraq’s West Qurna-2 and warned Iraq that it could exit if the force majeure persists, according to Reuters sources.
Codelco copper production fell 7.2% Y/Y in September to 115.6k tons and Escondida copper production rose 16.8% to 118.6k tons, while Collahuasi copper production fell 26% Y/Y to 38k tons.
GEOPOLITICAL
MIDDLE EAST
Israeli PM Netanyahu said Israel will implement the ceasefire with an iron hand.
Israeli government spokesperson said Israeli PM Netanyahu and US Envoy Kushner discussed Hamas demilitarising Gaza and ensuring that Hamas does not have a role in Gaza ever again.
Israeli official told Al-Arabiya that if the Lebanese army does not take the initiative to disarm Hezbollah, Israel will do so.
RUSSIA-UKRAINE
Russia’s Kremlin said regarding US President Trump’s remarks about ending the war in Ukraine in the not-too-distant future, that Russia would also like to end the conflict as soon as possible, while Russia remains open to resolving the conflict through diplomacy, but the situation is stuck.
ASIA-PAC
NOTABLE HEADLINES
China issued measures on boosting private investment and will also encourage private capital to invest in railway and nuclear power, while it will clean up “unreasonable” access restrictions for the services sector. China will also guide private capital to participate in low-altitude economy, commercial aerospace and other fields in an orderly manner, as well as meet reasonable credit demand for private firms, according to Xinhua.
Japan released its growth panel recommendations for an economic package, while it is mulling chips, critical minerals and defence in the package, and is to aim for higher revenue without tax hikes.
EU/UK
NOTABLE HEADLINES
UK Chancellor Reeves said it would be possible to stick with the manifesto but would require deep cuts in capital spending, and that a lot of challenges have been thrown the UK’s way, while she added that they are looking at both taxes and spending in the Budget.
USA DATA RELEASES
Consumer Inflation Expectations Slide Amid Deterioration Job Market, Personal Finances
Monday, Nov 10, 2025 – 05:45 AM
There was good and bad news in this month’s NY Fed survey of consumer expectations.
Starting with the former, expectations for consumer price increases in the year ahead ticked down to 3.2% in October from 3.4% in September – which was the highest since April – while measures for three and five years ahead were unchanged changed at 3%.
Putting the inflation expectations in context to other forward looking inflation metrics, we can see that the NY Fed is among the lowest predictors of future price growth.
Taking a closer look at the components, median home price growth expectations remained unchanged at 3.0% for the fifth consecutive month (the series has moved in a narrow range between 3.0% and 3.3% since August 2023)…
… while year-ahead commodity price change expectations declined by 0.7 percentage point for gas to 3.5% and by 0.1 percentage point for food to 5.7%. The year-ahead price change expectations increased by 1.2 percentage points for the cost of college education to 8.2%, by 0.1 percentage point for the cost of medical care to 9.4% (the highest reading since February 2023), and by 0.2 percentage point for rent to 7.2%.
That’s the good news; the bad news is that despite the decline in inflation, overall sentiment deteriorated as Americans’ perceptions of the job market worsened in October.
Unemployment expectations rose for a third straight month as consumers assigned an average 43% probability – the highest since April – to the likelihood the US unemployment rate will be higher one year from now.
Yet ironically, the NY Fed Survey also showed that the mean perceived probability of losing one’s job in the next 12 months dropped by 0.9 percentage point to 14.0%, so once again we have a direct contradiction.
Tied to that, the survey showed consumers saw a smaller chance in October of finding a new position in the event of job loss. In line with what economists have described as a low-firing, low-hiring job environment, the perceived chances of voluntarily leaving a job fell, while the odds of job loss also declined.
At the same time, expectations for household finances continued to deteriorate, with more respondents saying their finances were worse off than a year ago and would be worse a year from now.
Yet perceptions of credit access improved, as the share of households saying it’s harder to get loans fell to the lowest level since 2022.
Finally, a larger percentage of consumers, 13.1% vs 12.6% in prior month, expect to not be able to make minimum debt payments over the next three months
The data will worsen the growing (political) divide among Fed voters as signs of weakness in the job market pile up even as inflation expectations continue to drop (and ironically confirm that Trump was right to slam Powell for waiting too long to cut rates). Last week, the Fed lowered interest rates by a quarter percentage point, but a number of policymakers have since voiced concerns about extending their easing cycle saying concerns about inflation were greater than employment worries.
USA ECONOMIC COMMENTARIES
“This Time Really Is Different”: Ray Dalio Warns Fed Is ‘Stimulating The Economy Into A Bubble’
Saturday, Nov 08, 2025 – 11:05 AM
The US Federal Reserve’s decision to ease monetary policy is inflating an economic bubble that could drive up the prices of hard assets, but also marks the final phase of a 75-year economic cycle, according to former hedge fund manager Ray Dalio.
Typically, as CoinTelegraph’s Vince Quill reports, the Federal Reserve typically eases interest rates when economic activity is stagnating or declining, asset prices are falling, unemployment is high and credit dries up, as seen during the Great Depression of the 1930s or the 2008 financial crisis,
However, as Dalio wrote in an article posted to X this week, the Fed is now easing monetary policy at a time of low unemployment, economic growth and rising asset markets, Dalio wrote, which is typical of late-stage economies saddled with too much debt.
Monetary stimulus is typically injected during times of falling inflation and lower asset prices. Source: Ray Dalio
This “dangerous” combination is more inflationary, Dalio wrote, warning investors to keep an eye on upcoming fiscal and monetary decisions.
“Because the fiscal side of government policy is now highly stimulative, due to huge existing debt outstanding and huge deficits financed with huge Treasury issuance – especially in relatively short maturities – quantitative easing would effectively monetize government debt rather than simply re-liquify the private system.”
This Time is Different Because the Fed Will be Easing into a Bubble.
While I would expect the mechanics to work as I described, the conditions in which this QE would take place are very different from those that existed when they took place before because this time the easing will be into a bubble rather than into a bust.
More specifically, in the past QE was deployed when:
Asset valuations were falling and inexpensive or not overvalued.
The economy was contracting or very weak.
Inflation was low or falling.
Debt and liquidity problems were large and credit spreads were wide.
So, QE was a “stimulus into a depression.”
Today, the opposite is true:
Asset valuations are at highs and rising. For example, the S&P 500 earnings yield is 4.4% while the 10-year Treasury bond nominal yield is 4% and real yields are about 1.8%, so equity risk premiums are low at about 0.3%.
The economy is relatively strong (real growth has averaged 2% over the last year, and the unemployment rate is only 4.3%).
Inflation is above target at a relatively moderate rate (a bit over 3%) while inefficiencies due to deglobalization and tariff costs are exerting upward pressures on prices.
Credit and liquidity is abundant and credit spreads are near record lows.
So, QE now would not be a “stimulus into a depression” but rather a “stimulus into a bubble.”
Let’s look at how the mechanics typically affect stocks, bonds, and gold.
Because the fiscal side of government policy is now highly stimulative (due to huge existing debt outstanding and huge deficits financed with huge Treasury issuance especially in relatively short maturities) QE would effectively monetize government debt rather than simply re-liquify the private system.
That’s what makes what is happening different in ways that seem to make it more dangerous and more inflationary.
This looks like a bold and dangerous big bet on growth, especially AI growth, financed through very liberal looseness in fiscal policies, monetary policies, and regulatory policies that we will have to monitor closely to navigate well.
…
With a lag it should be expected to raise inflation from what it otherwise would have been.
When the Fed and/or other central banks buy bonds, it creates liquidity and pushes real interest rates down as you see in the chart below.
What happens next depends on where the liquidity goes.
If it stays in financial assets, it bids up financial asset prices and lowers real yields so multiples expand, risk spreads compress, and gold rises so there is “financial asset inflation.” That benefits holders of financial assets relative to non-holders so it widens the wealth gap.
It typically passes to some degree into goods, services, and labor markets raising inflation. In this case, with automation replacing labor, the extent to which this will happen would seem to be less than typical. If it stimulates inflation enough that can lead nominal interest rates to rise to more than offset the decline in real interest which then hurts bonds and stocks in nominal terms as well as in real terms.
If real yields fall because of QE but inflation expectations rise, nominal multiples can still expand, but real returns erode.
It would be reasonable to expect that, similar to late 1999 or 2010-2011, there would be a strong liquidity melt-up that will eventually become too risky and will have to be restrained.
During that melt-up and just before the tightening that is enough to rein in inflation that will pop the bubble is classically the ideal time to sell.
Maybe the most effective slogan for Zohran Mamdami’s campaign for mayor of New York City was “A city we can afford.” Indeed, New York long has been famous for being horribly expensive, part of why people often said, “It’s a nice place to visit but you wouldn’t want to live here.”
Of course the whole country is a lot more expensive lately because of inflation, generated in large part by uncontrolled federal government spending and borrowing that has allowed the country to live far beyond its means. Both major political parties are responsible for that.
But the federal government is no more responsible for New York City’s expensiveness than it is for the expensiveness of the rest of the country. The expensiveness of New York City is mainly the responsibility of city government and New York State government.
Mamdani, a Democrat and a socialist, wants to tax the rich more to create a socialist paradise, but New York City’s income tax is determined by state government, not city government, and the rich already pay a hugely disproportionate share of taxes in the state and are notoriously mobile. That narrows the possibilities for making New York “a city we can afford.”
Housing costs in New York City have been driven up by unchecked illegal immigration, a Democratic policy Mamdami supports.
Mamdani wants more rent control in the city, which will help a few people at the expense of the many by discouraging housing construction and pushing up housing prices even more.
Mamdani wants less enforcement of criminal law in the city and has denounced its police department though crime increases the expense of city living for everyone.
Most city government expense is a matter of the compensation of its employees. New York City’s government workforce is heavily unionized, politically active, generously compensated, and difficult to hold accountable. Making the city more affordable requires making its government more efficient and getting more value from its employees. But the government employee unions are a big component of Mamdani’s party, they embody socialism, and they aren’t likely to cooperate with efficiency.
New York City spends $40,000 per pupil in its school system and yet half the students still fail to meet basic proficiency standards. Graduating so many uneducated young people doesn’t help them earn the income needed to live in an expensive place.
The city’s transit system, operated jointly state government and city government, is often exposed for fraud, incompetence, goldbricking by its employees, poor maintenance, and generally excessive costs, even as most city residents must rely on it. It long has resisted reform.
Making city bus service free to passengers, as Mamdani would like to do, isn’t such a crazy idea in principle. But it [ITALICS] is [END ITALICS] crazy while the city’s transit system remains so badly managed. Free buses should be financed from transit system efficiencies.
New York State has had Democratic governors since 2007. New York City hasn’t had a genuinely Republican mayor since Rudy Guiliani left office in 2001. (His successor, billionaire Michael Bloomberg, was nominated by the Republican Party but was actually a Democrat at heart and soon formally became one.)
Since Democrats have been unable to control the cost of living in New York City, a Democratic socialist isn’t likely to do any better without changing some of his premises.
Of course Connecticut is also too expensive and for some of the same reasons New York City is.
Government’s subservience to the government employee unions may be even more demeaning in Connecticut than in New York. Connecticut columnist Red Jahncke reported this week that some retired state employees are receiving pensions much higher than the salaries they earned.
Taxes in Connecticut are high, economic growth is low, education is failing the poor, housing is expensive, poverty and homelessness are worsening, and the Democrats who run the state are advocating rent control as they haggle over zoning legislation that, even if enacted, won’t get much housing built.
So is “democratic socialism” to be Connecticut’s fate as well?
—–
Chris Powell has written about Connecticut government and politics for many years. (CPowell@cox.net)-END-
END
FREIGHT/VOLUMES
ROBERTY H
Asia/US trade slowed down drastically
Hmmm…. total cargo volumes from China have HALVED to ~300,000 TEUs, where one TEU equals a standard shipping container, the lowest since at least January 2024. Perhaps Retailers have cut back on inventories. Total cargo volumes from Asia at this time is the same as it was in February 2024. Something is amiss because with the busiest shopping day being Black Friday and Christmas some 49 days away, one would have expected much more sea traffic. US trade with all of Asia has slowed down drastically. This will impact USD velocity because the same level of currency will not be used for non existent trade settlement.
Whenever ocean borne traffic declines like this the word recession looms large.
The closure of New York air traffic today will have an impact across the US and abroad. Next week 10% of all air traffic will be reduced across 40 airports in the US. This will have an impact on travel and the economy. As it is now it is common to see planes stacked up waiting to take off. Many airports are already reduced and wait times on the runways are to be expected.
VICTOR DAVIS HANSON
KING NEWS
The King Report November 10, 2025 Issue 7616
Independent View of the News
The October Employment Report was NOT released on Friday due to the government shutdown.
In early trading on Friday, investors jettisoned Fangs, AI plays, and related trading sardines. They bought DJIA and DJTA stocks on the relative valuation rotation. The DJTA was +0.9% at 10:15 ET; the DJIA was -0.1%; the NY Fang+ Index was -1.7%. USZs were -3/32. Gold was up $8 and change. The DJIA peaked at 10:16 ET and then sank.
Mr. Market is finally recognizing unpleasant AI truths.
NYT: Lawsuits Blame ChatGPT for Suicides and Harmful Delusions The seven lawsuits, filed in state courts in California on Thursday, claim people have been driven into delusional states, at times resulting in suicide, after engaging in lengthy chat sessions with the bot. The complaints contain wrongful death, assisted suicide and involuntary manslaughter claims… https://www.msn.com/en-us/news/us/seven-lawsuits-allege-openai-encouraged-suicide-and-harmful-delusions/ar-AA1PXCfW
OpenAI’s Sam Altman backtracks on CFO’s government ‘backstop’ talk OpenAI CEO Sam Altman says the company has no plans to seek a government backstop for its $1 trillion worth of data center investments, further walking back comments made by the company’s chief financial officer this week that some interpreted as indicating the company would seek one… https://www.msn.com/en-us/news/technology/openais-sam-altman-backtracks-on-cfos-government-backstop-talk/ar-AA1PXfgq
White House rules out bailout for AI giants as bubble fears grow David Sacks, Donald Trump’s AI tsar, said the US government would not support failing companies. “There will be no federal bailout for AI,” he wrote on X. “The US has at least five major frontier model companies. If one fails, others will take its place.”… https://finance.yahoo.com/news/white-house-rules-bailout-ai-113716308.html
Why OpenAI might not want to go public (It’s the disclosure, stupid!) With complex and seemingly insatiable financial needs, its executives are doubtless content without the obligations, disclosures, and instant quantifiable judgment that come with trading on the open market… On stage at a Wall Street Journal event, OpenAI CFO Sarah Friar said that OpenAI is looking for Washington to provide loan guarantees to the world’s largest private company. After a brief backlash, Friar softened her stance in a LinkedIn post, walking back the remarks and clarifying that her use of the word “backstop” muddied the point… https://www.msn.com/en-us/money/markets/why-openai-might-not-want-to-go-public/ar-AA1PZK6l
@GaryMarcus: Leaked October 27 letter from OpenAI to White House shows that • OpenAI had begun asking for Federal guarantees over a week ago. • Sam’s long attempted walkback yesterday on X after the huge backlash was a total lie. You cannot trust this man, ever.
@iamgingertrash: Here is an OpenAI document submitted one week ago where they advocate for including datacenter spend within the “American manufacturing” umbrella. There they specifically advocate for Federal loan guarantees. Sam Lied to everyone, Again https://x.com/iamgingertrash/status/1986649332599410820
@MorePerfectUS: In a new podcast Sam Altman says: “ When something gets sufficiently huge … the federal government is kind of the insurer of last resort, as we’ve seen in various financial crises … given the magnitude of what I expect AI’s economic impact to look like, I do think the government ends up as the insurer of last resort.”https://x.com/MorePerfectUS/status/1986493064064671904
November UM Sentiment fell to a three-year low of 50.3, 53.6 prior. Most everyone knows the UM survey is distorted and perverted by politics. However, Republican Sentiment sank to 91.9 from 97.2 in October. Independent Sentiment fell to 45 from 49.5. Democrat Sentiment dropped to 33.2 from 35.9.
BBG: Democrats won several key local elections by focusing on the issue of “affordability,” including curbing utility bills (AI and crypto escalating electricity costs) and reducing the cost of childcare, groceries, health care and public transportation. Americans now overwhelmingly disapprove of Trump’s handling of the economy… A recent CNN poll showed 72% of Americans say the economy is doing poorly, while 67% say Trumps policies have made economic conditions worse… Basic economic stress just isn’t abating for most families, even as Trump call this the “golden age” for the US economy. This disconnect has created an opportunity for Democrats…
@TheCalvinCooli1: President Trump top political adviser James Blair (@JamesBlairUSA) says President Trump will focus on affordability going forward: “I think you’ll see him be very, very focused on prices and cost of living”https://t.co/dVStDd1GX5 (It’s about time!)
Near 13:09 ET on Friday afternoon, Trump gaslighted and said, ‘inflation is at a perfect number, and he is ‘not worried about an AI bubble.’
We’ve warned for the past few months that Trump was screwing up bigly: Over focused on winning Nobel Peace Prize; hawking crypto and stocks; overhyping AI and predicting it is creating a golden age for the US economy; and just talking too much when 2nd time presidents are vulnerable to public fatigue. ESZs traded moderately higher in early Nikkei trading on Friday. After hit a peak of 6772.00 (+24.50) at 19:45 ET, ESZs declined to 6732.00 at 23:01 ET. ESZs then plodded to 6769.50 at 3:15 ET. The pro dump appeared; ESZs commenced an intractable decline that persisted until ESZs hit the daily low of 6655.50 (-92.00) at 12:05 ET. The Noon Balloon and the Friday afternoon and lifted ESZs higher.
After ESZs retreated from 6705.00 at 13:39 ET to 6695.25 at 13:55 ET, reports circulated that a deal to open the US government was on the burner. ESZs zoomed to 6761.75 at 15:02 ET.
At 15:49 ET, GOP Sen. Leader Thune rejected Schumer’s 1-year Obamacare subsidiary extension plan. ESZs continued to rally on the hope that Dem and GOP senators might be ready to negotiate a deal.
@DannyDayan5: ADP has made perhaps the weirdest statistical error I have ever seen. They applied the QCEW adjustment that applies to March 24-25 data to their recent payrolls prints. This makes no sense, and it subtracted 99k from August & September job reports alone. Major booboo ADP! The QCEW adjustment will be very different for post March 2025 period. Different birth death assumption, different immigration profile. Applying last year’s adjustment is a major no no. https://x.com/fcastofthemonth/status/1986821193610228047
Because small businesses do NOT generally use ADP for payrolls, ADP estimates small business jobs. This is why ADP does not correlate well to NFP.
@DannyDayan5: Additional context to Challenger. Hiring plans surged and were well above layoff announcements. net hiring would be 100k or so. Contrast that with February and March. https://x.com/DannyDayan5/status/1986418292760719807
Ergo, just announcing layoffs and not hiring plans distorts the employment picture.
Positive aspects of previous session ESZs and stocks soared after 14:25 ET on Schumer’s plan to end the Schumer Shutdown. The DJIA was strong all session and closed +252.60 on the relative valuation play.
Negative aspects of previous session Fangs got hammered, led by AI plays. Stocks declined sharply until noon. Despite the ginormous afternoon rally on Friday, the Naz 100 closed -0.25% and Nasdaq fell 0.21% Precious metals rallied moderately. USZs closed -5/32.
Ambiguous aspects of previous session Have stocks made some type of top? Trump ordered the DoJ to probe meatpacking companies over beef prices
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6696.78 Previous session S&P 500 Index High/Low: 6730.11; 6631.44
@KobeissiLetter: The U.S. Now Has: 1. Record $18.6 trillion in household debt 2. Record $13.1 trillion in mortgages 3. Record $1.7 trillion in auto loans 4. Record $1.7 trillion in student loans 5. Record $1.2 trillion in credit card debt
Total household debt is now up +60% over the last 10 years and total credit card debt is up +50% since 2020. Meanwhile, delinquency rates on subprime auto borrowers are at a record 6.1%. Americans are drowning in debt. https://x.com/KobeissiLetter/status/1986468116180955352
Trump proposed 50-year mortgages on Saturday. Most everyone panned the obvious gimmick.
@DowdEdward: Perusing X it looks like the 50-year mortgage idea is going over like a lead balloon. It’s also a signal that they know a housing crisis is brewingand the subsequent bank collateral issues as prices roll. It’s a weak attempt at making monthly payments lower marginally to induce buyers into market and prop up prices in the short-term kicking the can down the road for the banks. Market forces however, eventually overwhelm this extend and pretend.
@TheMaverickWS: The capitalist system is failing. If not fixed, radical economic ideologies will replace it… (NOT accurate – there is little capitalism in the US. There is crony capitalism and big government socialism with some capitalism for the masses but socialized risks with privatized profits for Big Biz. Plus, the Fed papers over Big Government spending while wet nursing Big Banks and Wall Street.)
What the US desperately needs is resumption of capitalism and its ‘creative destruction’ for ALL!
@DefiantLs: CNN’s Ashley Allison says SNAP is having a “massive impact” after she went to her eyebrow technician who told her they had to fire people because clients don’t have money to do their brows. (Not AI or a parody!) https://x.com/DefiantLs/status/1987143069666316311
@RantyAmyCurtis: Man, I’m sure glad government takes my tax dollars so the eyebrow industry can stay afloat.
WaPo Editorial Board: Zohran Mamdani drops the mask The mayor-elect divides New Yorkers into two groups: the oppressed and their oppressors. Across 23 angry minutes laced with identity politics and seething with resentment, Mamdani abandoned his cool disposition and made clear that his view of politics isn’t about unity. It isn’t about letting people build better lives for themselves. It is about identifying class enemies — from landlords who take advantage of tenants to “the bosses” who exploit workers — and then crushing them. His goal is not to increase wealth but to dole it out to favored groups. The word “growth” didn’t appear in the speech, but President Donald Trump garnered eight mentions… Mamdani fared best among newcomers and people with advanced degrees. Apparently, living in New York for decades — and witnessing what does and doesn’t work when it comes to running a city — offers more wisdom than grad school. https://www.washingtonpost.com/opinions/2025/11/08/zohran-mamdani-class-warfare-new-york-mayor/?s=02
Fox’s @BrookeSingman: EXCLUSIVE: a federal grand jury has subpoenaed former CIA Director John Brennan and former FBI officials Peter Strzok & Lisa Page. Sources tell me as many as 30 subpoenas related to the federal Russiagate probe could be issued in the coming days
Trump on Sunday: People that are against Tariffs are FOOLS! We are now the Richest, Most Respected Country In the World, With Almost No Inflation, and A Record Stock Market Price. 401k’s are Highest EVER. We are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 Trillion. Record Investment in the USA, plants and factories going up all over the place. A dividend of at least $2000 a person (not including high income people!) will be paid to everyone. (Bessent said the rebate might be via tax cuts.)
Ace NFL insider/reporter Adam Schefter: President Donald Trump wants the Washington Commanders to name their planned $3.7 billion stadium after him, multiple sources with knowledge of the situation told ESPN. (Trump is self-immolating. The masses are tired of his insulting gaslighting and egomania!)
“Whom the gods would destroy, they first make mad with power.” – from classical Greek literature
BBG: A group of moderate Senate Democrats agreed to support a deal to reopen the government and fund some departments and agencies for next year… provide pay for furloughed government workers, resume withheld federal payments to states & localities and recall agency employees who were laid off…
Reportedly, there are 8 Dems that will vote to reopen the government, and Schumer is a ‘no’ vote. Chuckie is history and politically toxic. The whacko left will assail him; moderate Dems will avoid him.
Today –Traders are eagerly buying equity futures on Sunday night for the Monday Rally and the government reopening. How much of the government reopening rally was spent on Friday afternoon?
They key for today could be the ability for equities to keep the robust gains that appeared on Sunday night and probably during the first hour of NYSE trading today.
ESAs are +36.50; NQZs are +218.00; Dec AU is +42.90; and USZs are -13/32 at 20:23 ET.
S&P Index 50-day MA: 6670; 100-day MA: 6488; 150-day MA: 6225; 200-day MA: 6130 DJIA 50-day MA: 46,3691; 100-day MA: 45,374; 150-day MA: 44,011; 200-day MA: 43,784 (Green is positive slope; Red is negative slope)
S&P 500 Index (6728.80 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 negative – a close above 6820.97 triggers a buy signal Hourly: Trender and MACD are positive – a close below 6670.77 triggers a sell signal
Germany to Raise Retirement Age to 70 Germany’s retirement age will gradually increase from the current 67 to 70, according to Jens Spahn, leader of the CDU/CSU parliamentary group…. Since 2012, Germany has been gradually increasing the retirement age from 65 to 67, to be fully implemented by 2031… https://connectingregion.com/news/germany-to-raise-retirement-age-to-70/
German leaders, realizing that their generous retirement system and socialism, which dates to Bismark, decided that unfettered immigration would provide a new and larger base of workers that would ‘pay in’ to the socialism Ponzi Scheme and keep terminal scam afloat. However, the immigrants apparently, via the freebies, are taking pour out of the scheme than they are adding. This accelerates the denouement.
Of course, the US and most of the West are doing the same thing.
Cloward-Piven Strategy (CPS) (Will Mamdani implement it? “The past is prologue.) First proposed in 1966 and named after Columbia University sociologists Richard Andrew Cloward and his wife Frances Fox Piven — both longtime members of the Democratic Socialists of America, where Piven today is an honorary chair — the “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse… Cloward and Piven recruited a militant black organizer named George Wiley to lead their new movement…New York City’s arch-liberal mayor John Lindsay, newly elected in November 1966, capitulated to Wiley’s every demand. An appeaser by nature, Lindsay sought to calm racial tensions by taking “walking tours” through Harlem, Bedford Stuyvesant, and other troubled areas of the city… New York’s welfare rolls had been growing by 12% per year already, before Lindsay took office. The rate jumped to 50% annually in 1966. During Lindsay’s first term of office, welfare spending in New York City more than doubled, from $400 million to $1 billion annually. Outlays for the poor consumed 28% of the city’s budget by 1970. “By the early 1970s, one person was on the welfare rolls in New York City for every two working in the city’s private economy,” Sol Stern wrote in the City Journal. As a direct result of its massive welfare spending, New York City was forced to declare bankruptcy in 1975. The entire state of New York nearly went down with it. The Cloward-Piven strategy had proved its effectiveness…https://www.discoverthenetworks.org/organizations/clowardpiven-strategy-cps/
@unusual_whales: Palantir CEO: “If fentanyl was killing 60,000 Yale grads instead of 60,000 working class people, we’d be dropping a nuclear bomb on whoever was sending it from South America.” https://x.com/unusual_whales/status/1987520802686656808
@Rightanglenews: Conservatives are now pointing to inconsistencies in the New Jersey gubernatorial race after nearly 500,000 new voters appeared from 2021 to 2025, more than double the state’s population growth over four years, with almost all of them going to Democrats. https://t.co/TR9qxRePv0
@Rasmussen_Poll: Arizona 2020: Maricopa County – 1 legal election ballot paper type, 10 types found – Over 200,000 “non-conforming” ballots found – 1 legal software version, 2 versions and a compiler found – Biden 2020 Arizona “win” margin – 10,457 “votes” https://t.co/JqpnBd0Thk
@JeffPassan: Cleveland Guardians pitchers Emmanuel Clase and Luis Ortiz have been indicted by prosecutors in Brooklyn on a host of charges related to a scheme to rig bets on pitches thrown in MLB games. Ortiz was arrested in Boston earlier today. Clase is not currently in custody.
SWAMP STORIES FOR YOU TONIGHT
Brennan, Page, & Strzok Hit Today With Russiagate Grand Jury Subpoenas, Up To 30 More Pending
Fox News is reporting that three grand jury subpoenas were issued today for John Brennan, Peter Strzok and Lisa Page.
Brennan was the former CIA Director during Russiagate, who created the fraudulent Intelligence Community Assessment. Strzok was the lead FBI counterintelligence agent in charge of Crossfire Hurricane, and Page was the former DOJ lawyer assigned to FBI Deputy Director Andrew McCabe. Strzok and Page worked both the Clinton email investigation and the Trump-Russia investigation.
Fox News also reports that up to 30 grand jury subpoenas are anticipated to be served on former government officials involved in “Spygate” and/or “Russiagate.”
There has been a tremendous amount of external pressure being applied, and thankfully this year a significant amount of key internal pressure has joined that effort. For the issues surrounding former CIA Director John Brennan, Fox News is citing a declassified “Annex A” of the Intelligence Community Assessment (ICA) which highlights John Brennan including the Steele Dossier in the ICA at the request of former FBI Director James Comey.
Apparently, according to Fox News, the most significant citation against Brennan is an issue we outlined at CTH five years ago [SEE HERE] when we wrote about Annex-A and the implications therein. President Trump was still in office in 2020 when Annex-A was released. The good news is that Annex-A found its way into evidence that a prosecutor can present to a grand jury.
The outcome of a grand jury subpoena means the primary Russiagate officials will have to lawyer up, spend money and go plead the 5th amendment, the most likely outcome.
From my frame of reference, the evidence against the targets clearly exists and does not need them to make any admissions or denials.
However, putting them on record in court individually, possibly compelled to testify or invoke the 5th, would perhaps narrow down their options if they were eventually indicted and face a criminal trial.
EXCLUSIVE: A federal grand jury has subpoenaed former CIA Director John Brennan, former FBI officials Peter Strzok and Lisa Page, among others as part of the Justice Department’s investigation into the origins of the Trump-Russia probe, Fox News Digital has learned.
Sources told Fox News Digital Brennan; Strzok, the FBI’s former deputy assistant director of counterintelligence; and Page, a former FBI lawyer, were served with federal subpoenas on Friday.
Law enforcement sources told Fox News Digital that up to 30 subpoenas will be issued in the coming days relating to the investigation.
The grand jury is out of the Southern District of Florida. U.S. attorney for the Southern District of Florida Jason Reding Quiñones is supervising the probe. Fox News Digital first reported this summer that Brennan was under criminal investigation.
[…] As for the criminal investigation into Brennan, CIA Director John Ratcliffe referred evidence of wrongdoing by Brennan to FBI Director Kash Patel for potential prosecution, DOJ sources told Fox News Digital.
[…] But back in June 2020, Ratcliffe, while serving as director of national intelligence, declassified a footnote of the 2017 ICA, which revealed that the reporting of Trump dossier author Christopher Steele had only “limited corroboration” regarding whether then-President-elect Trump “knowingly worked with Russian officials to bolster his chances of beating” Hillary Clinton and other claims.
[…] The footnote, also known as “Annex A” of the 2017 ICA, exclusively obtained by Fox News Digital in June 2020, spanned less than two pages and detailed reporting by Steele, the former British spy who authored the unverified anti-Trump dossier — a document that helped serve as the basis for controversial Foreign Intelligence Surveillance Act (FISA) warrants obtained against former Trump campaign aide Carter Page. (read more)
I also find it interesting they begin with “Russiagate”, and I wonder if they will find the “Spygate” that preceded it {GO DEEP}.
Then again, I am thankful for the change and recognize Spygate might just be a little too uncomfy for those who seek to retain continuity of government.
END
Trump Pardons Rudy Giuliani, Others Involved In Bid To Challenge 2020 Election
President Donald Trump has pardoned a number of prominent figures involved in his effort to challenge the 2020 election outcome, according to U.S. Pardon Attorney Ed Martin on Nov. 9.
A proclamation document shared by Martin on social media named more than 70 individuals, including former New York City Mayor Rudy Giuliani, former White House Chief of Staff Mark Meadows, and attorneys Sidney Powell and John Eastman, all accused of involvement in Trump’s bid to challenge the 2020 election results.
The pardons apply to conduct tied to the individuals’ involvement in activities surrounding the 2020 presidential election, as well as any conduct related to “their efforts to expose voting fraud and vulnerabilities in the 2020 Presidential Election,” according to the document.
“This proclamation ends a grave national injustice perpetrated upon the American people following the 2020 Presidential Election and continues the process of national reconciliation,” the document states.
The pardon would only cover federal charges brought against those listed. The proclamation also explicitly states that the pardon does not apply to Trump.
Neither Trump nor the White House released a statement regarding the pardons. The proclamation was signed by the president on Nov. 7, according to the document.
The Epoch Times reached out to the White House for comment but did not receive a response by the time of publication.
In 2023, Trump was indicted by then-special counsel Jack Smith over allegations that he improperly sought to overturn the 2020 election results. He pleaded not guilty, and the case was ultimately dismissed in November 2024.
After taking office for a second term on Jan. 20, Trump granted pardons and commutations to people convicted of offenses stemming from the Jan. 6, 2021, Capitol breach.
Then-Democratic presidential candidate Joe Biden won the 2020 presidential election, defeating Trump, the incumbent president. Trump challenged the results in some states, alleging voter fraud.
In June, Trump called for a special counsel to investigate the 2020 election results and once more alleged fraud, after FBI Director Kash Patel disclosed that the Chinese communist regime may have conspired to influence the race.
“The evidence is MASSIVE and OVERWHELMING. A Special Prosecutor must be appointed. This cannot be allowed to happen again in the United States of America,” Trump wrote in a Truth Social post.
His post came after Patel stated on June 16 that the FBI had located “documents which detail alarming allegations related to the 2020 U.S. election, including allegations of interference by the CCP [Chinese Communist Party].”
END
CHUTZPAH! SELECTIVE PROSECUTION??? WHAT DID SHE DO WITH RESPECT TO TRUMP???
Facing 30 Years In Jail, NY AG Letitia James Seeks Dismissal Of Mortgage Fraud Charges
New York Attorney General Letitia James asked a federal judge in Virginia on Nov. 7 to dismiss a mortgage fraud case against her that she says is a case of selective prosecution.
James, who entered not-guilty pleas to charges of mortgage fraud in Norfolk, Virginia, on Oct. 24, alleges the Trump administration targeted her after she brought a civil action against President Donald Trump for bank fraud in New York. Her trial is scheduled for Jan. 26, 2026.
James is accused of one count of bank fraud and one count of making false statements to a financial institution, after she said on mortgage documents that a house she purchased in Norfolk would be used as a secondary residence.
The U.S. Department of Justice claims that she instead used that home as a rental property for a family of three. Designating the property as a second home instead of a rental property allowed James to save nearly $19,000 in interest and tax credits, the government alleges.
If convicted, she could be sentenced to as many as 30 years in prison and fined $1 million for each count.
James was elected in 2018 after running on a campaign promise to investigate Trump. In September 2022, she filed a lawsuit against Trump, alleging he had overvalued his real estate holdings by billions of dollars.
James stated in the motion that she had brought a lawsuit against Trump, two of his children, and the Trump Organization, which resulted in a court finding in 2024 that they were liable for fraud.
New York Supreme Court Justice Arthur Engoron ruled against Trump in February 2024, issuing a judgment of more than $460 million, with interest accruing.
The New York Appellate Division’s First Judicial Department, a branch of the New York Supreme Court, tossed the penalty in August in a fractured ruling but left the finding of fraud against Trump undisturbed.
James filed an appeal on Sept. 4 of the ruling throwing out the financial penalty.
In the motion filed on Nov. 7 with the U.S. District Court for the Eastern District of Virginia, James said the court should throw out the indictment against her because the federal government “targeted [her] for prosecution because of the President’s genuine animus towards her protected campaign speech and fulfillment of her statutory obligations as New York Attorney General.”
The indictment is “the product of vindictive and selective prosecution, in violation of the Fifth Amendment,” the motion said. “Because this prosecution is flagrantly unconstitutional, this Court should dismiss the indictment with prejudice.”
If a case is dismissed with prejudice, the government is not allowed to refile the case in the same court.
The motion said that the lawsuit against Trump, coupled with James’s “outspoken criticism of the President, triggered six years of targeted attacks.” Trump, along with his allies, “have used every insulting term in their vocabulary to deride AG James and call for criminal penalties in retaliation for the exercise of her rights and fulfillment of her statutory duties to fulfill her obligations as New York state’s attorney general,” it said.
Since his return to the presidency, Trump and “his hand-picked Department of Justice officials exhausted every avenue to secure the payback that the President demanded,” the filing said.
James claimed that despite lengthy efforts, federal officials “could not support a criminal charge” and “that did not sit well with the President,” so Trump removed the interim U.S. attorney and replaced him with Lindsey Halligan, giving her “the singular mission of churning out indictments against his political enemies,” the motion said.
James said she has presented “substantial, clear evidence that she was chosen for prosecution” because she exercised her rights as New York attorney general.
The court should dismiss the indictment with prejudice “to preserve the foundational tenets of due process and equal protection under the law,” the motion said.
James filed a separate motion on Oct. 24 to dismiss the indictment, arguing that Halligan was unlawfully appointed and therefore had no legal authority to file charges.
Halligan “lacked the power to present this case to the grand jury or sign this indictment, and she cannot continue to supervise this prosecution,” the motion said.
The Epoch Times reached out to the Department of Justice for comment. No reply was received by publication time.
Scientist and inventor Weston Warren is back with an update about the so-called Black Star or electromagnetic anomaly that has entered our solar system. It’s slow moving; it’s an event that only happens about every 4,000 years, and it causes earth changes and destruction. USAW and Warren have been following the progression of the Black Star since April 2025 here, here and here. Weston Warren and his group of clandestine scientists speculate God/Jehovah sent the Black Star to punish the world for sin and evil, such as the manipulation of genes with His creations during the Days of Noah. According to the Bible, Jehovah and the heavenly realm control celestial bodies. Evil has zero control. Fast forward to today, and you see a transhuman agenda, AI causing mass layoffs, a plan for the tokenization of everything on earth and evil everywhere. Warren says big tech is working on a super high-powered chip that can control human thought. Warren explains, “When you get to two nanometers and smaller, you are dealing with technology that is able to interact with human consciousness. That’s the goal. . .. Do you see where the power structure is headed?” (Samsung is building a $50 billion chip factory in Texas. It’s running into problems, but no one is giving up on it. It’s still going full steam ahead.)
Warren says, “Blockchain and stablecoins are not meant for a human economy. It’s not meant for you and I. . .. It gets very disturbing if you go further. To sum this up, if this is an agenda that is anti-human and not approved by a higher realm (God/Jehovah) . . . like a heavenly realm, do you think they will allow them to enter into the conscious realm? This is the essence of what is comprised of god-like. These would be god-like technologies. Will they (God/Jehovah) allow that? Or are there technologies in our solar system that will cause the earth to shake, rattle and roll? If you have unstable geology, you are not going to be making any two-nanometer chips. That’s for sure.”
About these two-nanometer (2nm) chips, Warren goes on to say, “Now you are controlling consciousness after death. . .. This is what God/Jehovah or the heavenly is supposed to be doing. So, you can’t have both. You can’t have an infrastructure here on Earth that has the same technology that the heavenly realm has. It is going to be a cruder version of what the heavenly realm has, but it can still be effective. . .. We will have a digital system that is non-male and non-female as opposed to the natural analog system we have now that is male and female. Which world do you want to live in? If we are moving to a different reality that is different than the way we were born or created . . . which system is going to win out? Consciousness can only be logged in an analog aetheric field or an artificial digital aetheric field. The artificial digital aetheric field, the cloud, has already been created.”
Does Warren think the Black Star can and will disrupt the human transition from analog to digital? Warren says, “Oh, yeah. That’s where I am. I could have joined the digital world, and I would have had a seven to eight figure income. Instead, I live from check to check and struggle like everyone else because I did not go to the dark side.”
How is the Black Star/electromagnetic anomaly going to go to war with evil? Warren says, “This anomaly alters physics. CERN is not going to work, factories are not going to work . . . satellites are not going to work. They are counting on the laws of physics to remain constant for their technologies to work. I don’t think they (evil) have any contingencies if the laws of physics are altered, which will happen with this anomaly and none of their technologies work. . .. So, they are very vulnerable, and they won’t succeed.”
Join Greg Hunter of USAWatchdog as he goes One-on-One with Weston Warren, scientist and inventor of the bipolar ionization technology. He will update us on the Black Star, damage of Biblical proportions it will cause and how it will defeat evil for 11.08.25.
Each large reactor (1600-1800 MW) requires 3-5 MILLION ounces
2025 could be history’s FIRST year where 100% of mine output goes to industry
harveyorganblog.com 
Harvey: What is this black star horse shit. Do you even read what you post?
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