Fri, Sep 16, 2011 - 9:46am

Gold is recovering today and is actually green on my screen. Wow! How unusual! Let's see if we can rally today and crawl back above 1800 before we call it a week. There's been some very interesting "news" rolling around for the last 24 hours and I wanted to take a minute to give you my non-educated opinion.

The crux of the matter is summarized quite well below:

Between these comments and the wikileaks cables, one can quickly conclude that the Chinese are considering (if not already actively engaging in) further "diversification" of their vast U.S. treasury holdings. In the article above, Mr. Pritchard makes this sound as if there will be some happy and pleasant side effects of these moves. "Don't worry", he seems to say, "those dollars will flow into hard assets like stocks, land and gold". As if it's a zero-sum, no-big-deal event. On this point, he is dreadfully wrong.

As you know, I have long maintained that the real purpose of Quantitative Easing is not to promote economic growth. It is to promote low interest rates. Remember how rates on U.S. treausries are set...through auctions. Simply stated, if you need to borrow $50B and there are no takers at 2%, then you have to try 3%. If no one wants your bonds at 3%, then maybe they'll take them at 4%. Low or no demand means higher interest rates. Period.

With U.S. borrowing needs at all-time high levels, the rest of the world must be induced to buy treasuries. But, rates cannot be allowed to rise. As Mark Steyn points out in his new book, if long-term rates were to return to 5.7% (the average for the period 1990-2010), debt service projections for 2015 would increase from $290B to $850B! Additionally, the only "way out" of our current fiscal disaster is to magically increase tax revenues through economic growth. A return to higher rates would stifle and crush any potential "recovery".

So, what's a Boy Wonder to do? The answer: MORE QE MORE QE MORE QE.

The U.S. has managed to cover its necessary funding needs since June by managing the headlines. Have you noticed that nearly every time a treasury auction arises or the POSX moves down toward critical support, some type of intervention takes place. Whether it's a foreign central bank devaluing their currency or a rash of suddenly scary headlines out of Europe, events seem perfectly timed to keep money flowing into treasuries. This can work in the short-term and it obviously has. The yield on the 10-year note has actually declined since the end of QE2 in June. This won't and can't continue. A recent study from the University of Wisconsin showed that, by 2020, U.S. funding needs will soak up nearly 20% of the total annual global GDP! Do you really think that that is possible? There can be no world GDP when world economic growth is crushed under that type of debt burden.

But, that's in the future. What about the near term? Eventually, rates will rise when buyers (like China) disappear. Faced with an immediate funding crisis, QE will resume with vigor. Left with no other government funding option, the Federal Reserve will be forced into creating trillions of new greenback, simply to keep the social security checks flowing, the doctors paid and the military shooting. The dollar will resume its long-term decline into obscurity.

In the end, all of the central bank intervention in the world will not be able to suppress the global demand for true safe haven financial protection. Gold will rise to heights that even you, my dear reader, may currently think are unattainable. Silver will most certainly come along for the ride. Therefore, do not be fearful. If you use the time left to prepare...mentally, financially and will survive, and even prosper, in the days ahead.

Here are your updated charts. Unfortunately, both have taken on the appearance of range-bound markets. This can be managed as it affords us the clear opportunity to buy at the bottom of the range and sell at the top but it certainly isn't as much fun as runaway efforts to the upside. For today, don't get too excited until/unless either metal is able to firmly trade through the blue trendlines I've drawn inside the ranges.

I'm going to be away and unavailable for most of the day today so, just as John said to Yoko, "looks like you're on your Ono". I will be monitoring things from afar, however, and will attempt to update if conditions warrant. Have a great day and a relaxing weekend! TF

p.s. Another preparatory move for the opening of PAGE:

About the Author

turd [at] tfmetalsreport [dot] com ()


RaRaRasputin exiledbear
Sep 17, 2011 - 12:19pm

Gold being used by banks to access dollar funds

European banks are rushing to use their gold to access much-needed dollar funding, in the latest sign of the growing liquidity crunch for the continent’s financial institutions.

Not sure if already posted but FYI

Sep 17, 2011 - 12:30pm


"You'll also find that the two polarities are always chasing each other"

Some call it Tao

"I like to think of it as a joke"

Sure, you bet, a cosmic one; Alan Watts had a lot to say about that!

"who the Bullshit King is"

We are the bullshit king and we are everywhere and always; the game of black and white is never won, only played; enjoy but don't take it too seriously; hell, it's only life and death

Sep 17, 2011 - 12:30pm


Thanks for the excellent videos. Hopefully everyone will watch them.

Sep 17, 2011 - 12:42pm

Here is John Exter anno 1973

Here is John Exter anno 1973 on The futere of gold and the International Monetary System.

I the article John takes a stand agains Keynesians and the hybrid thinking of Milton Friedman .

He goes among other things into the workings of IOUs (gold backed paper money) , IOU_nothings (debt backed paper money), and who_owes_you_nothings (SDR special drawing rights, IMFs global fiat ponzi dream)

Its from an article in American Institute for Economical Researchs Economic Education Bullitin november 1973.

Sep 17, 2011 - 1:57pm

On the ground report from Greece by Manos

Previously posted, by whom I can't remember but worth a read.

September 11, 2011

It's very important because all our discussions and postings seem to come true.

After our socio-fascist government implemented all of Germany's directives, the Greek people have come to an absolute desperation and poverty.

What is also outrageous is the fact that are own government has passed the message to the global banksters and other nations that Greek people are
lazy and incapable.

Today, after two years of screwing and pressing us, most households and businesses have stopped paying. Stopped paying taxes, utility bills, toll fees, or anything else related to the government.

Two hours ago, this same government announced a new property tax (added to the 2 previous ones). This one will be calculated on every and each household, business, cottage, or even a barn for animals. It will be 4 euros per square meter calculated immediately, to be paid by this December the latest.

Once again let me tell you that we are not a lazy nation or useless people.

This has to do with some 4% of the working force, and all of them public servants who were hired by each government in order to gain votes for its next election campaign. So what's actually happening is the same person who hired those people, now tries to persuade the rest of the nation that they are incapable.

The steps were very wisely thought out and implemented by the globalists.

* They made fools out of us
* They turned one against the other.
* They decreased salaries and wages.
* They increased prices of necessary goods.
* They put us into poverty.
* Now they demonize property by implementing more and more taxes
* The next steps are to force us sell our properties to German and Chinese companies, and create jobs in German and Chinese factories for the thousands of hungry.

Please Mac, pass the message. Your people must learn from our suffering.

We are finished.

Alert yor friends, relatives, co-workers.

Be safe and stay alert. It's coming.

Sep 17, 2011 - 2:41pm


i just found this:

it's a news feed with libertarian - themed news links.

Sep 17, 2011 - 3:02pm

Oops..gotta' be home when the riots erupt...

Greece’s Papandreou Cancels U.S. Trip

Q By Maria Petrakis - Sep 17, 2011 1:17 PM ETSat Sep 17 17:17:03 GMT 2011

Greek Prime Minister George Papandreou unexpectedly canceled a planned visit to the U.S. at the last minute, saying he needed to remain in the country for a“critical” seven days.

“As the coming week is particularly critical for the implementation of the July 21 decisions in the euro area and the initiatives which the country must undertake, Prime Minister George A. Papandreou decided to cancel his scheduled visit to the U.S.,” according to an e-mailed statement today from his office in Athens. No further details were given.

Greece’s government is rushing to meet demands from international and European Union partners that will allow the release of a sixth tranche of loans to prevent default. The government on Sept. 11 announced a levy on properties to help raise 2 billion euros ($2.8 billion) in a bid to show it’s serious about plugging a swelling budget deficit, key to getting a second financing package agreed by EU leaders on...

Sep 17, 2011 - 3:17pm


lol....nice shred job by you. You're right.

I posted the article after reading about 1/3 of it and figured it would be good weekend material. The article was loaded with uncertainty. We certainly don't need that around here.

Hey everyone....forget all about that article for the most part and just know that the PM's are going much higher based on what's going to happen next Thursday and Friday.

I think all of you realize that but if your new to it and getting some nervous feet I think I'm safe saying that to be out of the market next week could possibly be something you might regret for a while until you get back in. (jmho)

Call me out if nothing big happens on either of those two days. I would be shocked if nothing big happens, including nothing at all.

Mudsharkbytes ashtoncole
Sep 17, 2011 - 3:17pm


For less than $100 you could get yourself a decent bicycle to knock off that 2.7 mile walk in about 10 minutes. Don't know where you live, but around here busses have bike racks on the front of 'em to hang your bike on.

Don't know about the 2 hour bus ride though.

I have a friend that lives in the middle of town, hasn't got enough fiat to buy a car and is always complaining about having to walk walk walk to get groceries, & etc… my suggestion of a cheap bicycle just falls on deaf ears with him.

Sep 17, 2011 - 3:42pm

Pretty slow in here today.

Pretty slow in here today. Everyone must be pitching their tents to protest on Wall Street or at banks around the country, donating to Ron Paul, or reading the JPM lawsuit document.

Sep 17, 2011 - 3:45pm

What is the impact of the

What is the impact of the European currency swaps provided by the US?

Once they have that money can they leverage it immediately on their balance sheet? Are they just going to buy bonds with this money?

Not sure how I understand how these work completely.

Sep 17, 2011 - 3:47pm

Could someone explain this?

Could someone explain this? And what the impact is on PMs?

CFTC’s Division of Market Oversight Provides Temporary Relief from Large Swaps Trader Reporting for Physical Commodities

Washington, DC – The Commodity Futures Trading Commission’s (Commission’s) Division of Market Oversight (Division) today issued a letter providing temporary relief from the requirements of the Commission’s regulations regarding large trader reporting of physical commodity swaps (§§20.3 and 20.4). Because this is the first time that swaps data is being collected, this temporary relief is intended to provide sufficient time to enable both the industry and the Commission to develop and refine systems and processes that will be able to report these complex transactions.

On July 22, 2011, the Commission published large trader reporting rules for physical commodity swaps and swaptions. The rules require daily reports from clearing organizations, clearing members and swap dealers, and become effective on September 20, 2011. The letter issued today provides temporary relief from reporting, as long as parties are making a good faith attempt to comply with the reporting requirements, until November 21, 2011, for cleared swaps, and January 20, 2012, for uncleared swaps. Upon the conclusion of applicable relief periods, such reporting parties must become fully compliant.

Last Updated: September 16, 2011

Sep 17, 2011 - 3:53pm

New KWN Article: Michael

New KWN Article: Michael Pento

Michael Pento - JP Morgan Silver Manipulation & US Debt Crisis

“To top off everything, last week the follicle challenged Donald Trump accepted gold as a lease deposit worth about $200,000 from Michael Haynes, chief executive of precious metals dealer APMEX. But Trump has the payment method for this transaction 100% correct.

The faith in the purchasing power of the U.S. dollar is falling about as fast as our crumbling GDP. We must, as a country, defend the middle class by promoting savings and investment. We can only do this by balancing our budget and fighting inflation. Unfortunately, we are doing everything to kill whatever value is left in our currency and our economy.

As a side note, if the allegations that JP Morgan has engaged in silver manipulation are proven correct, as discussed in the King World News piece, the conspiracy theorists will have been exonerated. This will vindicate those who believed for so many years that prices in the silver market were being artificially depressed. Chalk one up for the hard money advocates as this is a big blow to the wire houses who have been hopelessly defending their silver short positions.”

Sep 17, 2011 - 4:03pm

This is not a edited picture...seriously

Holtermann and his colleagues pose with their discovery. Holtermann sits to the left of the nugget. The photograph’s caption refers to the“Holtermann-Byers [sic] Nugget.” Courtesy

Beaufoy Merlin’s photograph of Holtermann and nugget, 1872.

Sep 17, 2011 - 4:09pm

So they invited Geithner

So they invited Geithner first, and then when he gave his opinion, told him to get his own shit in order first.

Was he really pushing for something then, or what?

Seems to me the EU might have pressured papandreu to not go to the USA, maybe the currency war is heating up a little.

btw why is La Garde seated in the USA?

Sep 17, 2011 - 4:12pm

The next stage of the USD/Euro/gold evolution/Next week?

excerpt from~~~~~~


In my opinion, there are two things we learned from ANOTHER via his mouthpiece FOA that outweighed all the other great insights they shared. Those two things are:
1. The true purpose behind the euro and its architecture, and
2. The effect the approaching euro launch would have on gold.

Following ANOTHER's revelations, Jacques Rueff was the first name I put on my own personal list of early ideological euro architects a couple years ago. The ECB itself pegs the beginning of "The Road to the Single Currency, The Euro" at 1962 with the "Marjolin-Memorandum". [5][6]

The Marjolin-Memorandum was the European Commission's first proposal for an economic and monetary union. Robert Marjolin (1911-1986) was a French economist and politician involved in the formation of the European Economic Community (EEC). He was 15 years Jacques Rueff's (1896-1978) junior and, like Rueff, he was an economic advisor to Charles de Gaulle. I mention this only to further the connection between the modern euro and Charles de Gaulle of the 1960s who complained publicly about the exorbitant privilege afforded the US by the use of dollars as international CB reserves, demanded physical gold from the US Treasury, and pulled out of the London Gold Pool which led to the end of Bretton Woods three years later.

What we learned from ANOTHER thirty years later was:

1. The purpose of the euro was to provide an international transactional alternative to the dollar.
2. The consequence of the launch of the euro would be that gold would undergo "the most visible transformation since it was first used as money."

Quote - Monday, August 6, 2001 - GOLD @ $267.20 - FOA: "The result will be a massive dollar price rise in gold that performs over several years."

Tuesday, January 1, 2002 - Launch of euro notes and coins
Friday, February 8, 2002 - GOLD ABOVE $300
Monday, December 1, 2003 - GOLD ABOVE $400
Thursday December 1, 2005 - GOLD ABOVE $500
Monday, April 17, 2006 - GOLD ABOVE $600
Tuesday, May 9, 2006 - GOLD ABOVE $700
Friday, November 2, 2007 - GOLD ABOVE $800
Monday, January 14, 2008 - GOLD ABOVE $900
Monday, March 17, 2008 - GOLD ABOVE $1000
Monday, November 9, 2009 - GOLD ABOVE $1100
Tuesday, December 1, 2009 - GOLD ABOVE $1200
Tuesday, September 28, 2010 - GOLD ABOVE $1300
Wednesday, November 9, 2010 - GOLD ABOVE $1400
Wednesday, April 20, 2011 - GOLD ABOVE $1500
Monday, July 18, 2011 - GOLD ABOVE $1600
Monday, August 8, 2011 - GOLD ABOVE $1700
Thursday, August 18, 2011 - GOLD ABOVE $1800

What I can tell you with full confidence is that this is only the very beginning of gold's functional transformation.

Here are a few more quotes from A/FOA:

It's important to understand that most of the world wanted to at least see another currency that could share some of the dollar's function. It didn't have to replace it. To this end, most every country gave some philosophical and political support in its creation.


Within this change, gold would undergo one of the most visible transformations since it was first used as money.


We are, today, at the very conclusion of a fiat architecture that is straining to cope with our changing world. Neither the American currency dollar, its world reserve monetary system or the native US structural economy it all currently represents will, in the near future, look anything as it presently does. Trained from birth, as all Western thinkers are, to read everything economic in dollar system terms; we, too, are all straining to understand the seemingly unexplainable dynamics that surround us today.

Western governments, the public and several schools of economic thought are attempting to define and explain what extent these changes will have within our financial and economic world.


Asking more; what if the architects of a competing currency system and the major players that helped guide its internal construction, all took a hand in promoting the dollar's extended life, its overvaluation and its use; so as to buy time for this great transition in our money world?


The actual debt machine that built much of America's lifestyle is now going into reverse as it destroys its own currency; one built upon a stable debt system with locked down gold prices.


To compete in the new architecture of a Euro System currency, unrestrained trading of gold will advance its dollar and Euro price significantly.


This not only has "everything to do with a gold bull market", it has everything to do with a changing world financial architecture. And I have to admit: if you hated our last one, you will no doubt hate this new one, too. However, everyone that is positioned in physical gold will carry this storm in fantastic shape. This is because the ECB has no intentions of backing their currency with gold and every intention of using gold as a "free trading" financial reserve. None of the other metals will play a part in this.

Sep 17, 2011 - 4:13pm
Sep 17, 2011 - 4:17pm

Occupy Wall Street

Dup of above.

Hehe, great minds think alike zilverreiger ;)

Bay of Pigs
Sep 17, 2011 - 4:24pm

DPH, Tom L

Funny I've never heard of Jason Zweig yet he states he's been "writing on gold for years"?

And then he quotes Bogle of all people about gold/miners. LOL.

Clown Show material. Nice try WSJ.

Sep 17, 2011 - 4:26pm

Are you glad we bailed GM out? No lessons learned except...

...that the taxpayer got screwed again and the unions are being catered to on a whole new level in a obvious attempt to secure their votes. What happened to keeping the entry wages and benefits competitive? All a lie because they totally reorganized and wrote every single thing possible off in a blur of "restructuring"( account gimmickry).

Doesn't everyone wish they could restructure with the Govt.'s backing and support and start over at "ZERO" liabilities and a fat balance sheet to start over GM or AIG or Citi or etc...? (wtf !)

GM Will Raise Entry-Level Wage by $2 to $3

Q By David Welch - Sep 17, 2011 3:14 PM ETSat Sep 17 19:14:22 GMT 2011

General Motors Co. (GM) will increase entry-level pay by $2 to $3 an hour as part of a tentative agreement on a new four-year contract with the United Auto Workers, said two people familiar with the accord.

Starting pay will increase to about $16 an hour from $14 and rise to about $19 an hour from a previous maximum of $16, said the people who asked not to be identified disclosing details before they have been presented to union members for ratification. UAW President Bob King had said getting those workers a middle-class lifestyle was his highest priority....

Economical Disaster
Sep 17, 2011 - 4:28pm

Agenda 21 IS HERE

Effective execution of Agenda 21 will require a profound reorientation of all human society, unlike anything the world has ever experienced a major shift in the priorities of both governments and individuals and an unprecedented redeployment of human and financial resources. This shift will demand that a concern for the environmental consequences of every human action be integrated into individual and collective decision-making at every level. - George H. Bush

Agenda 21 isn’t coming. It is here
. Most don’t know about it. They’ve never heard of it, but it is creeping in the back door right now. So, look behind you. It may already be in your backyard.
...Agenda 21 and related programs will eliminate many things we hold dear. These have been declared “unsustainable” and will be abolished. Here are some of them:

All private property rights (property ownership)
All forms of irrigation, pesticides & commercial fertilizer
Livestock production and most meat consumption
Privately owned vehicles and personal travel
Use of fossil fuels for power generation or mechanized travel
Single family homes
Most forms of mineral extraction and timber harvesting
Human population must be reduced to fewer than 1 billion people

@ Good Dr- there is something here...

This announcement you posted is not getting a great deal of attention yet, but this seems significant. I have not been able to find much commentary on this aside from the Bix Weir comment here:

So what does this tell us besides that the CFTC is a bunch of fearful, sniveling wimps? It tells us that the banking cabal is STILL in deep trouble with their gold and silver swap portfolio and need a couple more months of price rigging to try and get out of the mess. Best of luck boys! May the Road you choose be the Right Road

Bix Weir


So the big boys need to forego the usual reporting formalities and shuffle around huge amounts of paper gold and silver without those pesky reporting standards... why would they need to do this now? What is the rush? Hmmmmm...

Sep 17, 2011 - 4:37pm

Republocrats then or now, doesn't matter

Rage Against The Machine - Testify Music Video
Sep 17, 2011 - 4:56pm

"What I have been afraid to blog about" / 5 videos on the ESF

After months of work, the video series on the Treasury's Exchange Stabilization Fund is finally finished!
Why you should watch these five videos:

It is impossible to understand the world today without knowing what the ESF is and what it has been doing. Officially in charge of defending the dollar, the ESF is the government agency which controls the New York Fed, runs the CIA's black budget, and is the architect of the world's monetary system (IMF, World Bank, etc). ESF financing (through the OSS and then the CIA) built up the worldwide propaganda network which has so badly distorted history today (including erasing awareness of its existence from popular consciousness). It has been directly involved in virtually every major US fraud/scandal since its creation in 1934: the London gold pool, the Kennedy assassinations, Iran-Contra, CIA drug trafficking, HIV, and worse...

These five videos are the "answer" I have arrived at after three years of blogging on They took me a month and a half to make (and months of research). You will not find the material covered anywhere else. So if you enjoyed them, please donate.

The Links to all the material covered can be found below the videos. I recommend following them and confirming the facts for yourself.

Animal Sacrifice
Sep 17, 2011 - 5:07pm

Dick, Car, W. Benton

There are several free Philip K. Dick eBooks here: just put his name in the search box and you'll turn up a lot. I download them and convert them for my Kindle (not his books, others on that site, I've read everything he's written.)

Yesterday, I sold the car I don't drive, a 1973 Chevy Impala that has been parked for over a year because it only gets 4 MPG which is ridiculous. And what I did with the $ was pretty ridiculous too: I bought a 20 peso gold coin at the bank and ordered two American Platinum Eagle 1 ozt coins which have huge premiums over spot, which no one here would ever recognize as worth anything and I don't even like platinum (the color: silver has the prettiest color IMO, but it tarnishes wickedly. Then Palladium which makes lovely jewelry. Platinum has an unpleasing colour to me. Oh well.) I was playing the ratio even though I have so much stacked that I probably couldn't spend it all; my family has been stacking since 1964 - 3 generations.

I have no opinion on Wynter Benton though I'd like to believe they are real. If I cared enough, I'd dowse them and find out and report back. However, if I recall correctly, they announced that Greece would default this coming Wednesday according to their source and they were going to wait to see if the source is right. ZeroHedge has a story suggesting a confluence of factors that seem to point to Greece's possible default on the 20th. I guess I'll get the pendulum out.

Ibú Ayé fun o mi opolopo owo

rowdyboy ¤
Sep 17, 2011 - 5:13pm

DPH, thanks for the spotlight on the ESF

DPH, thanks for the spotlight on the ESF. Very few people understand the power and control held by the ESF. This does not fit in with what the country's founders intended. It is a black op that works outside the government, with no overview of any of its activities.

I will definitely review this material. Did you set up a forum topic for this?

Kenscott madgstrader
Sep 17, 2011 - 5:21pm

First Post - Good Source of Info Here

Hello All,

This is my first post here. I already know I am outgunned by some of the comments I have read here. Yet, I thought I would jump in with some questions with hopes you can help. I love to learn and this seems like the place to do so.

My first question is whether or not a decline in industrial demand will likely effect the price of silver in a negative way. I am wondering if a weaker world economy will mean less demand for things created with silver and therefore less industrial demand for silver. Even if such is the case, are there other aspects of silver which will keep it in line with gold?

My second question is how the European facade is likely to effect silver prices short term (the next month or so). I have read mixed comments on this but would like your input.

Finally, let me say I do like the chart with the MACD crossing and other support indicators backing up the crossing. I am by no means any expert of the technical side of things but I have bought and sold a bit here and there and know the chart is favorable.



Sep 17, 2011 - 5:22pm

Russian Bankster fistfight

Alexander Lebedev (National Reserve Bank) punches Mirax Group Construction magnate Polonsky in a lame game quiz

Eric Original
Sep 17, 2011 - 5:30pm


That's the thing about silver, the neverending debate about whether it's an industrial metal or a monetary one. It seems to go through phases, first one then the other. Even day-to-day sometimes it seems industrial one day, money the next. If anybody tells you that it's 100% one or the other, I just want to say ahead of time that I disagree.

Bay of Pigs
Sep 17, 2011 - 5:36pm

NEB/UW game

I'm looking for Turd in the stands in Lincoln. Anyone see that Big Yellow Hat yet?

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Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
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Key Economic Events Week of 5/28

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Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
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Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
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Key Economic Events Week of 5/6

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Key Economic Events Week of 4/29

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