Sprott Latest (MUST READ!) and a Turdite Video

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Thu, Jun 30, 2011 - 9:59am

Two quick things this morning. First check out this email and video I received yesterday. We should all be proud of the initiative our fellow Turdite has shown!

Turd, you've been a real inspiration to me. Reading your blog posts over the last few months (and, more recently, the forums here on the new site) have encouraged me to learn more about what's really going on with the American/global economy.

To make a long story short, once I got a handle on just how big and scary the situation is, I decided to boil it down into a format that ANYBODY could understand. Since my day job is video production, I created a little animated presentation that covers as many of the bases as I could in five easy-to-follow minutes.

Like you, I've done this without seeking credit or compensation. It's purely a public service. Since you have called - from the beginning - for your readers to educate the sheeple around them, I hope that this will be a tool that Turdites everywhere can use.

Please take a look and let me know what you think! I hope you will find it worthy of sharing far and wide.

https://www.youtube.com/watch?v=NblhUrcdrSc

All the best,

- "Paladex"

Next, I just received the latest "Sprott Update" via email and I figured I should post it in its entirety. YOU ABSOLUTELY MUST TAKE TIME TO READ AND UNDERSTAND IT. If you'd like to receive this directly, too, click here:
https://www.industrymailout.com/Industry/Subscribe.aspx?m=22439

June 2011

Caveat Venditor!

By: Eric Sprott & Andrew Morris

The recent bear raid on silver has left many concerned about the sustainability of its historic run. Silver, being a relatively obscure market for most mainstream commentators, attracted much attention in the ensuing days following the May 1 takedown. Indeed, though the 30% drop in silver occurred over only four days, seemingly all eyes were on silver, with commentators who could’ve cared less about the silver market only a couple of months ago, suddenly tripping all over one another to make the bubble call. Silver bubble 2.0? Hardly. Anyone who has been fortunate to have been invested in silver over the past few years would unfortunately be used to such blatant takedowns. The Chinese don’t call it the "Devil’s Metal" for no good reason. With so much talk these days about the risks of investing in silver, we think that perhaps it may be timely for us to weigh in on the matter. The silver market is riskier than ever, but for reasons the vast majority of pedestrian commentators have failed to grasp.

There is no doubt that speculative dollars have been flowing into the silver market. We note that in April record trading volumes were registered in the SLV1, Comex futures2, LBMA transfers3, and the Shanghai Gold Exchange futures4. In fact, converting the average daily trading volume in the aforementioned silver instruments to the amount of ounces of silver they are supposed to represent, there were on average, over 1.1 billion ounces worth of silver traded every day in the month of April5. Truly a staggering number when contrasted against the actual amount of silver available for investment. To wit, the world will only supply about 979 million ounces this year from mine and recycling of scrap, of which it is estimated that 657 million ounces will be used up for non-investment purposes6. So in effect, that leaves roughly only 322 million ounces available this year for investment purposes. Converting to days (recall that at least 1.1 billion ounces traded each day) it leaves only about 1.3 million ounces per trading day of available supply. So, we are essentially trading the amount of physical silver actually available for investment, 891 times over each day! It really begs the question; just what are people trading in these markets?

Consider the largest and most prominent of those markets - the Comex, which we believe has owned an effective monopoly on silver price discovery for decades. In fact, the Comex churned over 800 million ounces of silver futures and options on average each day in April7. Indeed, notwithstanding the massive but very opaque over-the-counter silver derivatives market, trading on the Comex dwarfs both the physical and the other (known) paper silver markets, combined. Despite its dynamics being relatively complex and generally not well understood by most, the world’s financial community continues to view trading on the Comex as representative of the fundamentals for the physical silver markets. A market built on a high amount of leverage, both the buyers and sellers of Comex futures and options contracts are able to establish a position in "silver" with pennies on the dollar in collateral and even more astonishingly, no physical silver backing the contracts at all. The following charts illustrate just how unreal these markets have become.

Chart A:

Source: Bloomberg, Sprott Asset Management

Chart B:

Source: Bloomberg, Sprott Asset Management

In chart A, we compare the total open interest in Comex futures and option contracts to the actual amount of silver held in registered inventories able to be delivered against those contracts, since 2009. In chart B, with the steeply-sloping line shows the ratio of open interest (i.e. paper silver ounces) per ounce of physical silver held in inventory. We believe the historical trend of rising open interest and falling inventories deserves considerable attention from anyone attempting to understand the silver market. And though we do note that since October 2010 the trend of rising open interest appears to have abated, the inventories have been evaporating steadily and thus the ratio of the two measures has continued to trend higher. In fact, since 2009 the ratio of paper silver to physical silver has increased fourfold from approximately 8 times to almost 33 times, where it stands today.

What is the significance of this discord between paper and physical supply on the Comex? Recall, that over 800 million ounces traded each day in April on that market. Further, consider that as at the end of April there were only 33 million ounces of registered inventories to back up all of that paper trading. Just imagine if a mere 5% of all of that buying actually stood for delivery; the entire inventories would be more than wiped out. Yet despite the steady erosion of these already scant Comex inventories - a characteristic which would surely be interpreted as most bullish in other commodity markets - the price of silver has actually declined since April. We endeavour to provide a framework for understanding this phenomenon below.

Those who were following the developments in the silver market in April and May (we note that there were many who were) will likely recall that the CME Group raised both initial and maintenance margins five times within less than a two week span effectively raising the minimum amount of capital required to participate in the silver futures market by 84%8. This is significant due to the amount of leverage in the futures market and also due to the losses resulting from the precipitous selloff which began on Sunday, May 1st, when several thousand contracts were wantonly dumped onto the very thinly traded after-hours silver futures market causing the silver price to plunge 13% within the span of less than 15 minutes9.

For example, consider a hypothetical speculative trader who went long, say 200 July 2011 SI futures contracts on April 28th. At that time this trader would have been required to post an initial margin of $2.565 million for a position of one million ounces of "silver" and thus would have been levered 18.5 times10. Below we present what the trade blotter for this trader might look like over the next few days assuming he maintained his position.



Following the initial trade, each day the trader’s positions would be marked-to-market and any losses or gains would be applied against his account’s equity balance. Should the losses on the position bring the equity balance below the maintenance margin level, the trader would be required to deposit the additional capital required to bring the equity in the account back up to at least the initial margin requirement level.

While the margin increases alone would have forced a decision for this leveraged long to either post the additional margin or close enough positions to bring margin balances in line with substantially higher requirements, the trader was actually fighting a battle on two fronts. This is because in addition to the margin increases, the trader was also experiencing massive losses to his capital due to a rapidly falling silver price. So it is also important to consider the extent of losses to the trader’s equity following the precipitous drop which began on the evening of May 1st. In our scenario, before finding a bottom around May 17th, the cumulative losses would have amounted to over $14 million, or over five times the initial margin deposit of $2.565 million that was required to take on the position on April 28th. This meant that with margin call after margin call, the capital committed to the position ballooned almost 700% by the time the silver price finally bottomed in mid May. The significance of such a dramatic erosion of capital on a leveraged position cannot be overstated, particularly in the context of rising margin requirements. The CME Group would know this very well, and so it strikes us as particularly suspect that they would continue to raise margin rates in the face of such a sharp selloff. A selloff, we might add, which emanated from highly unusual trading activity on May 1st that, in our opinion, just reeks of manipulation. How else can one explain the dumping of several thousand SI futures contracts within the course of 15 minutes, in one of the most illiquid hours of trading, without seemingly any regard for price or a fundamental catalyst to speak of11? Though we will let the reader connect the dots as to what the intent of the CME Group and the seller’s of SI futures contracts on May 1st really was, we can certainly observe what effect these actions had on the market by looking further into the weekly Commitments of Traders (COT) reports published by the CFTC.

The COT provides us with the weekly open interest held by various categories of silver futures market participants, and thus gives us clues as to how these participants reacted in response to these margin increases and ensuing volatility. We present the following table showing net open interest for the various categories, converted into silver ounces, which we obtained from the COT report for selected dates.



First, note how in the three weeks following the margin hikes, the speculative12 net long position dropped from 212.7 million ounces to 170.1 million. This very clearly indicates that the speculative longs, when faced with rising margin requirements and losses to capital, did close out a substantial amount of their long positions. The commercials who were short those 212.7 million ounces appear to have been taking every opportunity to cover their own positions. Rather than shorting further into the ensuing weakness, the commercials covered approximately 42.6 million ounces in the three week period.

Another piece of information gleaned from the COT data is that despite what many commentators were hailing as a bubble caused by excessive speculation in the futures markets, the net speculative long positions had in fact been dropping over time. Even during the April run up preceding the five margin hikes, the net speculative long position actually decreased by 23%.

That commercial short position deserves further mention. What is unique and of interest to many silver market observers is not only the size of the short position on the Comex, which is dominated by those "commercials", but also the concentration of the short interest. We provide the percentage of the total open interest held by the four largest short sellers on a net basis in the table above. Note that the net position of the four largest equates to 29% of the total open interest as of May 17th. Further we would also note that the concentrated short interest of the big four, though still quite high has actually dropped substantially over the past year coinciding with the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the resultant public discourse on position limits. Comments from CFTC commissioner Bart Chilton acknowledging the "repeated attempts to influence prices in the silver markets," and that, "violations to the Commodity Exchange Act (CEA) have taken place in silver markets and that any such violation of the law in this regard should be prosecuted," perhaps have also had an impact on the behavior of silver market participants.13 And though the CFTC’s investigation into the silver futures and options market remains open after three years, we remain hopeful that its findings will further serve the interests of the investing public who rightly expect a fair and transparent silver market void of manipulative forces.

Could the drop in open interest and the reduction of the concentration in the commercial short open interest be perceived as an indication that those top four short-sellers are positioning for the inevitable imposition of position limits rules? Perhaps, and if so, it would follow that likely the short sellers seized the opportunity to further reduce their "liabilities" by buying up contracts in early May at a 30% discount.

Let there be no mistake, we view the current setup as extremely bullish. In our view, whatever froth and excess was present in the paper markets has likely been shaken out in the recent selloff. The remaining longs do not seem willing to part with their silver at these prices. These are the strong hands with longer time horizons that are likely not overly leveraged or are willing and able to withstand substantial volatility. Moreover, perhaps the "game" on the paper silver markets which has been meticulously documented over decades by Ted Butler14 and others, will soon be coming to an end.

What is perhaps most important is that despite what has recently transpired in the paper silver markets, the robust demand fundamentals for silver have not changed in our view. For confirmation of this, look no further than the physical silver market (i.e. the real silver market) which is providing us with evidence almost daily of a sustained bull market for physical silver. The US Mint recently stated that, "demand for American Silver Eagle Coins remains at unprecedented high levels."15 Likewise for the Perth Mint16, the Austrian Mint17, and the Royal Canadian Mint18 as well. The Chinese, who were net exporters of silver only four years ago, imported 300% more silver in 2010 than 2009 and such large quantities of imports are expected to continue19. Last year, Indian silver imports increased nearly six-fold, and this year consumption is expected to rise nearly 43% according to the Bombay Bullion Association20. In Utah, silver (along with gold, of course) will now be accepted in weight value as legal tender21. According to Hugo Salinas-Price, a prominent Mexican billionaire, there is now "very strong support for the monetization of silver" in the Mexican congress22. We suspect the Europeans are likely to account for an increasing amount of silver purchases going forward as well. In fact, we just can’t imagine a better outlook for silver fundamentals. This really makes us question who could be short such massive quantities of silver and why? Particularly in those leveraged paper silver markets, where as we demonstrated, only a fraction of the outstanding notional ounces are actually available in physical quantity.

We have a very tough time understanding those bearish arguments against silver. We look at the real silver market, and based on the supply and demand data coming from the real, physical markets for silver, the fundamentals are only getting stronger. And yet there exists another silver market, which as we’ve shown, is not very connected to the physical realm at all. And though silver investors have for decades suffered the tyranny of a rigged paper monopoly over silver price discovery, it appears to us that the tides are turning. In the age of QE to infinity, investors are being more scrupulous with their capital and as such they are demanding physical silver in quantity. With more and more dollars flowing into the silver markets and a finite supply of physical to meet that demand, the theoretical losses for the paper silver short-sellers are near infinite. And with such a skewed and obvious risk/reward payoff vastly favoring the longs, we pose the following question. Who is most at risk in the silver markets: the buyers of a scarce and real asset that serves a growing multitude of purposes, or the sellers, who are short a quantity of silver which may very well not even be obtainable at anywhere near current prices? Let the Seller Beware!

For more information about Sprott Asset Management’s views on silver and its silver bullion funds, please visit www.sprott.com.



1 Bloomberg
2 https://www.cmegroup.com/trading/metals/files/MoMU-April2011.pdf
3 https://www.lbma.org.uk/pages/index.cfm?page_id=51&title=clearing_-_most...
4 https://www.sge.sh/publish/sgeen/sge_price/sge_price_daily/index.htm5 Source: Bloomberg, CME Group, LBMA, Shanghai Gold Exchange. Figure also includes trading of Comex silver options which had registered a record open interest in the month of April.
6 Andrew Kaip, David Haughton and John Hayes. "A New Paradigm for Silver: Demand is Expected to Outstrip Production Growth," BMO Capital Markets. April 3, 2011, p. 35. Note: "Non-investment" demand includes industrial, silverware, and photographic demand
7 https://www.cmegroup.com/trading/metals/files/MoMU-April2011.pdf
8 https://www.cmegroup.com/clearing/risk-management/files/SI_2009_to_may_2...
9 Bloomberg
10 A trader can always post more than the required amount of margin in his account.
11 https://www.cmegroup.com/clearing/risk-management/files/SI_2009_to_may_2...
12 For explanatory notes including definitions for each category of trader listed on the COT, please visit: https://www.cftc.gov/MarketReports/
CommitmentsofTraders/ExplanatoryNotes/index.htm
13 https://www.cftc.gov/pressroom/speechestestimony/chiltonstatement102610....
14 For further information please visit https://www.butlerresearch.com/archive-free.asp
15 https://www.usmint.gov/pressroom/?action=press_release&id=1251
16 https://www.perthmintbullion.com/blog/blog/11-02-23/Sales_Record_For_201...
17 https://www.bloomberg.com/news/2011-05-13/silver-boom-continues-at-austr...
18 https://www.ft.com/intl/cms/s/0/7f316ac4-3acc-11e0-9c1a-00144feabdc0.htm...
19 Andrew Kaip, David Haughton and John Hayes. "A New Paradigm for Silver: Demand is Expected to Outstrip Production Growth," BMO Capital Markets. April 3, 2011, p. 17
20 https://www.ft.com/intl/cms/s/0/e64ca6b2-65e5-11e0-9d40-00144feab49a.htm...
21 https://www.nytimes.com/2011/05/30/us/30gold.html
22 https://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/5/18_...
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With a history going back to 1981, Sprott Inc. offers a collection of investment managers, united by one common goal; delivering superior long-term returns to our investors. Sprott has a team of best-in-class portfolio managers, market strategists, technical experts and analysts that is widely-recognized for its investment expertise, performance results and unique investment approach. Our Investment Team relentlessly pursues a deeper level of knowledge and understanding which allows it to develop unique macroeconomic and company insights. Our team-based approach allows us to uncover the most attractive investment opportunities for our investors. When an emerging investment opportunity is identified, we invest decisively and with conviction. We also co-invest our own capital to align our interests with our investors. Our history of outperformance speaks for itself.

Our Businesses
The company currently operates through four distinct business units: Sprott Asset Management LP, Sprott Private Wealth LP, Sprott Consulting LP and Sprott U.S. Holdings Inc.

Sprott Asset Management LP is the investment manager of the Sprott family of mutual funds, hedge funds and discretionary managed accounts. Sprott Asset Management offers a Best-in-Class Investment Team led by Eric Sprott, world renowned money manager. The firm manages diverse mandates united by the same goal: delivering superior returns to investors. Our team of investment professionals employs an opportunistic, high conviction and team-based approach, focusing on undervalued securities with the greatest return potential.
For more information, please visit www.sprott.com

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For more information, please visit www.sprottwealth.com

Sprott Consulting LP provides active management services to independent public and private companies and partnerships to capitalize on unique business opportunities. The firm offers deep bench strength with a highly-talented and knowledgeable team of professionals who have extensive experience and a proven ability to design creative solutions that lead to market-beating value improvement.
For more information, please visit www.sprottconsulting.com

Sprott U.S. Holdings Inc. offers specialized brokerage services and asset management in the natural resource sector. Global Resource Investments Ltd., our full-service U.S. brokerage firm, specializes in natural resource investments in the United States, Canada and Australia. Founded in 1993, the firm is led by Rick Rule, a leading authority on investing in global natural resource companies. More than just brokers, the team is comprised of geologists, mining engineers, scientists and investment professionals.
For more information, please visit www.gril.net

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Have a great day!! More later. TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  163 Comments

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daveyboy
Jul 2, 2011 - 3:56pm

 What a crock of......that

What a crock of......that video was!

No mention of the glass steagalz act, no mention of derivatives

It's all just done very cynically to say oh uncle sam borrows too much, the deficit is too big. We must slash ALL benefits, even though people have paid into those benefits and others are advocating that those benefits should be stolen from them?

What about that STUPID video tackle the evils of the system? the leveraging

What about it tackles the hidden wealth of the world? the offshoring of most of the wealth?

buffalo3
Jul 2, 2011 - 1:29am

Tax's

All good corporation's pay tax. Good =20% - bad = 0%. Bad hide all the profits or pay ridiculous attorney related expense that try to fool the public and make sure that the IRS who is ran by the FED never investigates. True or not?

Swampfox
Jul 1, 2011 - 10:23pm

Great Job!

Very well done Paladex. Wil be sharing this with friends and family.

TheGoodDoctormaravich44
Jul 1, 2011 - 5:01pm

@maravich44 Thanks man. I

@maravich44 Thanks man. I know I have a bunch of grammatical errors in the post. Usually I try to edit. I don't have children or a significant other either so I am grateful for that right now. I don't know how people are making it. The next choice people will have when inflation hits like the 80's is whether or not they need two full time jobs or can actually afford to have children. What a choice to have to make!

I'm a little concerned about the youth today as well. They seem rather self centered. What is it Generation Y or Z? I think Z is hitting the work force right now post college. Maybe it's being raised by the TV or the computer or the iPhone. Or living off of the parents credit excesses and getting what they want all the time. It seems we have some fevered egos hitting the work force. I'm not saying all younger kids are like this. I am just saying some things are noticeable.

This gets to my point about leadership, mentoring, and fostering leadership for the future. When (read if) all the Boomers retire there will be a rather large gap. Not only in skilled or senior positions but leadership. I'm hoping that I will have an opportunity to help fill that gap. I don't know. We will see.

Anyway, I will probably post rants where applicable. Sometimes I just have to get it out! Thanks for reading and the positive commentary. It makes me feel what I have to say is worthwhile.

maravich44TheGoodDoctor
Jul 1, 2011 - 4:07pm

What You Said

@TheGoodDoctor, very well thought out and presented, concise and accurate. I do not have children,but when I look around all i see are Zombie youth, thought my generation was lost,but this next wave is completely detached from everything. Just figured out how to Hat Tip and that post was defenitely worthy,keep up the good work. Happy 4th to you and all.

TheGoodDoctorTexAsh
Jul 1, 2011 - 3:26pm

@TexAsh What we need is a

@TexAsh What we need is a three year moratorium on income taxes for American citizens. That would spawn demand and then growth along with jobs. The consumption tax would be a joke. They would be able to raise taxes on a single vote. I'm not saying the current tax system is not broken. I'm saying don't make it so easy for them to raise the taxes on consumption.

But the taxes will go up automatically with inflation. So, it's a win/win for the government. When something sounds too good to be true it usually is. You have these flat tax, consumption tax folks saying everything will be grand! The first 50k will give you credits! Well, the rich folks know that it will be less taxes for them because a smaller percentage of their dollars goes to purchasing things. Whereas there are a lot of families in this country living paycheck to paycheck.

These multinational corps don't want to bear the burden of anything anymore - including taxes. Even though through American ingenuity and hard work these corporations were built on the American backs of Americans on American soil. It's a big "fuck you" to the Americans that worked hard to help build up these companies. They feel along with government that they are elite and the rules shouldn't apply to them. Hell, even Bill Clinton was on Bloomberg saying we have to have a tax repatriation holiday for corporate money overseas. What good will it do if no jobs are created?

The problem with America today is leadership. Whether it be at any level of government or these corporations. There is so much waste at large companies. One hand doesn't know what the other hand does. There could be some efficiencies for cost savings. No, the health care company or the corp has so much God damned money they sure as hell can buy that nice painting or sculpture for the lobby though right? Everyone is concerned about their own ass. We have to worry about other countries. We give them money to be our puppet states. We need to concentrate on our country and our own people here. Rather than that, those in leadership positions are more concerned with what it will get them vs what it will do for the greater good of all.

And I am all for free markets. So, no matter what you say about "engine of liberty" it is all bullshit. It's a matter of a political contribution or a lobbyist working behind the scenes to make sure you can get that gravy train government contract. Or a HFT bot with a runaway algo. You tell me where the free markets are? But we are in a time right now where things are going to get very difficult for a lot of people in this country. And the problem I have is this: You can complain about high taxes all you want, you can complain about spending all you want, you can complain about the debt all you want, something has to be done.

There is going to be pain all around. If we had been on the gold standard wages would have not remained flat since 1970. Inflation would not have caused two income families in the 80's. And certainly families today would be able to afford housing, health care, education, and food/fuel with money left over to save. So, did the tax rate stay at 90% for the rich after the Great Depression? Do you think it would be a permanent thing to raise taxes? There is going to be a lot of pain for most everyone. You can go ahead and cut off welfare, you can go ahead and cut off unemployment. That is when you will see riots in the streets. Everyone must do their part.

So, you can sit there and blame the poor and uneducated and the great unwashed masses. But I think you should be more upset at politicians, Federal Reserve, and their ilk. They have known the system has been rigged and rigged the system for ages. And they do nothing about it. Causing and creating inflation by devaluing the dollar. We here are for the most part preaching to the choir: ourselves. My point is, when the country as a whole realizes they have been robbed for years and years there will be anger. They need to be educated about what is going on too.

I have come to the conclusion that the politicians will do nothing aside from posturing and getting quoted in the media as being frustrated by the other side. It is all about the elections in 2012. I'm pretty sure the debt ceiling will be raised. No one gives a shit if Geithner goes or stays. And ultimately I think we have a currency devaluation against gold like in 1933. I don't know when, but they will milk the dollar down as low as it can go. I'm hoping one or more of the European countries will not put up with their governments for much longer. Maybe when the news reels start rolling, Congress might pull their head out of their asses and do something. To quote the late, great Frank Zappa. "It can't happen here!"

Ok, I'm done ranting. Have a great 4th of July weekend folks!

Eman Laer
Jul 1, 2011 - 11:01am

Sandy Springs GA - public vs private services

Sandy Springs, Georgia: The City that Outsourced Everything
Eric Original
Jul 1, 2011 - 9:22am

Stick to your guns Paladex

Don't change a thing. There will always be idealogues to come around and nitpick whatever you do.

Visit the FAQ page to learn how to track your last read comment, add images, embed videos, tweets, and animated gifs, and more.

Colonel AngusTF
Jul 1, 2011 - 9:19am

Turdite...

Someone remind me...is turdite a rare earth that China is hoarding?

vonburpenstein
Jul 1, 2011 - 8:50am

Sprott Article

Blah, Blah, Blah...I am holding a decent amount of fiz and won't be selling any, but it is clear to me based on all that is occurring that nobody knows JACK for sure right now. Sprott and everyone else talking this crap just happens to be selling this stuff - so why wouldn't they be talking it up. With all the world events occurring, with the US in an inevitable pinch, this schnike should be up up and away - but it ain't. So I'm gonna quit looking at it all for a month then come back and see what has happened...if I am right then it'll be the same old sh!+s about to hit the fan stuff and MAYBE (but who knows) I'll be better off or worse off - this way EVERYBODYS right, and maybe I'll wanna see how far I can skip this shiny ass 10oz englehart across the pond. Enjoy the fourth and make something go BANG!

Vonburp out!

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5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

Key Economic Events Week of 4/6

4/8 2:00 ET March FOMC minutes
4/9 8:30 ET Producer Price Index
4/10 8:30 ET Consumer Price Index

Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
4/1 8:15 ET ADP Employment
4/1 9:45 ET Markit manu PMI
4/1 10:00 ET ISM manu PMI
4/2 10:00 ET Factory Orders
4/3 8:30 ET BLSBS
4/3 9:45 ET Market service PMI
4/3 10:00 ET ISM service PMI

Key Economic Events Week of 3/23

3/24 9:45 ET Markit flash PMIs
3/25 8:30 ET Durable Goods
3/26 8:30 ET Weekly jobless claims
3/27 8:30 ET Personal Inc and Spending

Key Economic Events Week of 3/9

(as if these actually matter)
3/11 8:30 ET CPI
3/12 8:30 ET weekly jobless claims
3/12 8:30 ET PPI
3/13 8:30 ET Import Price Index

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