Front-running The Bernank

Wed, Sep 21, 2011 - 8:48am

 It's going to be a wild and wooly day. Expect lots of volatility ahead of the Fed "announcement" at 2:15 EDT. The day of the QE2 announcement last November was wildly volatile as The EE tried to force price down before the expected surge higher. Do not be surprised by similar action today.

In fact, we're already seeing this play out. After reaching $1819 just a few hours ago, the criminals on the LBMA have succeeded in clipping $30 off of gold. They'd better keep it up otherwise gold will consolidate here and surge later today.


But they're fighting a losing battle. Physical demand only increases the more they drop the price. Read the article below but know that The Turd has a "London source", too, who confirms this information.

At any rate, BTFD! Risk appears minimal while potential reward is great!

While we wait for this afternoon, please take time to read this very well written and informative piece from Casey Research. Their site is full of good info so I would encourage you to check it regularly:

Since this was publicly posted to ZH, I'm reprinting the entire article below. I've asked their permission to do this and not heard back from them. Assuming it's OK, here you go. My suggestion is to read it thoroughly. Maybe even print it off from the Casey site and pass it around to your friends. The scenario the author describes is, most assuredly, coming. It is "the end of the Great Keynesian Experiment" for which we are all preparing.

By David Galland, Casey Research

Tune into CNBC or click onto any of the dozens of mainstream financial news sites, and you’ll find an endless array of opinions on the latest wiggle in equity, bond and commodities markets. As often as not, you'll find those opinions nestled side by side with authoritative analysis on the outlook for the economy, complete with the author’s carefully studied judgment on the best way forward.

Lost in all the noise, however, is any recognition that the US monetary system – and by extension, that of much of the developed world – may very well be on the verge of collapse. Falling back on metaphor, while the world’s many financial experts and economists sit around arguing about the direction of the ship of state, most are missing the point that the ship has already hit an iceberg and is taking on water fast.

Yet if you were to raise your hand to ask 99% of the financial intelligentsia whether we might be on the verge of a failure of the dollar-based world monetary system, the response would be thinly veiled derision. Because, as we all know, such a thing is unimaginable!

Think again.

Monetary Madness
Honestly describing the current monetary system of the United States in just a few words, you could do far worse than stating that it is “money from nothing, cash ex nihilo.”

That’s because for the last 40 years – since Nixon canceled the dollar’s gold convertibility in 1971 – the global monetary system has been based on nothing more tangible than politicians' promises not to print too much.

Unconstrained, the politicians used the gift of being able to create money out of nothing to launch a parade of politically popular programs, each employing fresh brigades of bureaucrats, with no regard to affordability.

Such programs invariably surged during political campaigns and on downward slopes in the business cycle when politicians hearing the cries of the constituency to “do something” tossed any concern about balancing budgets out the window of expediency. After all, the power to print up the funds for debt service whenever needed makes moot any concern over deficit spending.

Former VP Cheney, who fashions himself a fiscal conservative, let the mask drop when, in 2002, he stated that “Reagan proved deficits don’t matter.”

Those words were echoed just a few weeks ago, when both former Fed Chairman Alan Greenspan and Obama economic advisor Larry Summers, in separate interviews, said almost the same, paraphrased as, “There is no chance of the US defaulting on its bonds, not when our government can borrow dollars and print new dollars to meet any future obligations.”

Of course, Greenspan and Summers were referring to an overt default – of just not paying – and not to a covert default engineered by inflation. Unfortunately, like virtually all of the power elite, both miss the point that the mountain of debt that has been heaped up since 1971 is fast reaching the point of collapsing like a too-big tailings pile and taking the monetary system down with it.


Importantly, the debt shown in this chart whistles past the government's unfunded liabilities, in particular for the Social Security and Medicare systems. Adding those would more than triple the US government’s acknowledged obligations – to over $60 trillion.

Given the role the US dollar plays as the world’s de facto reserve currency – with all major commodities priced in dollars, and dollars forming the bulk of reserves held by foreign central banks – the dismal shape of the US monetary system spells trouble for the global monetary system.

Making matters worse, following the lead of the United States, governments around the world long ago adopted similar fiat monetary systems. You can see the deficit contagion in this next chart. It is worth noting that the dire condition of the United States now leaves it in the same muddy wallow as Europe’s desperate PIIGS.


In a recent article in The Telegraph, Ambrose Evans-Pritchard referenced a paper out of the BIS that paints the picture using appropriately stark terms.

Stephen Cecchetti and his team at the Bank for International Settlements have written the definitive paper rebutting the pied pipers of ever-escalating credit.

“The debt problems facing advanced economies are even worse than we thought.”

The basic facts are that combined debt in the rich club has risen from 165pc of GDP thirty years ago to 310pc today, led by Japan at 456pc and Portugal at 363pc.

“Debt is rising to points that are above anything we have seen, except during major wars. Public debt ratios are currently on an explosive path in a number of countries. These countries will need to implement drastic policy changes. Stabilization might not be enough.”

Viewing the situation from another perspective, we turn to the work of Carmen Reinhart and Ken Rogoff, who studied the factors contributing to 29 past sovereign defaults. They found that default or debt restructuring occurred, on average, when external debt reached 73% of gross national product (GNP) and 239% of exports. Using the Reinhart/Rogoff findings, Casey Research Chief Economist Bud Conrad prepared the following chart showing that the US government is already far along on the path to bankruptcy. 


It’s hard to argue against the contention that the situation is, to be polite, precarious. Given that the obligations of the US government, as well as most of the world’s other large economies, are now impossible to repay and that their reserves are just IOUs backed by nothing, the stage is set for a highly disruptive but entirely necessary do-over of the fiat monetary system.

“Preposterous!” say the lords of finance and masters of all.

Is it?

Of course, these very same mavens completely missed the looming housing crash and the depth and duration of the subsequent crisis – a crisis that is still far from over. In other words, listen to them at your peril, because in our view it’s essential in calibrating your financial affairs to understand that, if history is any guide, we are now well down the road to a collapse in the monetary system.

In fact, over its relatively short history, the US monetary system has come unglued time and time again thanks to politically expedient attempts to interfere with the workings of a free market in order to reward constituents or kick the can on the economic problems of the day down the road.

Thus it is our contention that while the mainstream media focus on the daily gyrations of equity markets or the futile political charade that is Washington, they overlook powerful tectonic rumblings indicating the world’s prevailing monetary system is about to fracture.

A Brief Timeline of US Monetary System Failures
Here’s a brief history of past disruptions here in the United States. Importantly, with the US dollar now the de facto reserve currency of the world, this time around it’s global.

1861 – When the Civil War begins, the dollar is convertible into gold and silver.

1862 – Congress passes the Legal Tender Act and authorizes the issuance of non-redeemable "Greenback" currency. Convertibility into gold and silver is suspended for all US currency.

1863 – National Banking Act authorizes the chartering of banks by the federal government.

1865 – A 10% tax is levied on the issuance of bank notes by state-chartered banks, effectively ending that practice.

1879 – The US Treasury resumes redeeming dollars for gold and silver.

1900 – Passage of the Gold Standard Act, adopting the gold standard by the United States and demonetizing silver.

Specifically, the act provided for "...the dollar consisting of twenty-five and eight-tenths grains (1.67 g) of gold nine-tenths fine, as established by section thirty-five hundred and eleven of the Revised Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard..."

But 33 years later, to gain the power to inflate the currency and collect the profit from doing so…

1933 – By executive order, Franklin Roosevelt prohibits the private ownership of gold. Congress passes the Gold Reserve Act, which enacts Roosevelt's executive order, abrogates all gold clauses in all contracts public or private, past or future (which cancels the convertibility of Federal Reserve notes into gold), though it confirms the convertibility of US Treasury notes held by foreigners into gold. Eleven years later, the US government takes its show on the road…

1944 – Bretton Woods system adopted with signature countries agreeing to tie the exchange rates of their currencies to the US dollar, which itself is linked to a fixed price of gold. Foreign trading partners retained the right to swap dollars for gold, imposing a de facto restraint on printing more dollars. For all intents and purposes, the US dollar becomes the world’s reserve currency. But 27 years later…

1971 – Nixon abruptly closes the “gold window,” unilaterally reneging on the Treasury's promise to allow foreign governments to redeem dollars for gold. Bretton Woods collapses. With no remaining tie to a tangible, the dollar is reduced to a paper token. The transition to a global fiat monetary system is complete.

Until 40 years go by and the inevitable consequences of giving politicians free rein over money creation become untenable…

Present day – Sovereign debt crisis. Desperate, debt-laden governments around the globe – the bulk of their reserves composed of fiat US dollars and euros at risk of going up in smoke – turn to the only thing they know, printing more money and issuing yet more debt. The global monetary system cracks and heads toward failure with no workable alternative on the horizon.

Governments, corporations and investors alike are caught unprepared in the downward spiral of failing fiat currencies and are wiped out by a combination of frantic currency debasements, higher taxation, exchange controls and worse. Social unrest spreads, with the public paradoxically demanding that governments do more, not less.

That’s because all the world’s major currencies are at risk, simultaneously, as the issuers engage in a dangerous race to the bottom. As the monetary system moves inexorably toward terminal debasement and collapse, the results will be catastrophic for the unprepared.

Importantly, while the list of historical attempts to re-jigger the US monetary system have, to this point, more or less succeeded in kicking the can a bit further down the road, the sheer scale of today’s government obligations has driven us into a box canyon, with no way out. As the government’s debt and spending obligations are mathematically impossible to resolve, it is now a certainty that a lot of people are going to wake up one morning to the reality that they are a lot poorer than they thought.

Fortunately for those now paying attention, the collapse of a monetary system doesn't happen in a flash. It is a progression, like the spiral of water down a drain. Thus, while no one can predict exactly when the downward spiral will accelerate out of control, there is still time to prepare.

Have a fun day. More later. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 21, 2011 - 8:54am
Blight Master
Sep 21, 2011 - 8:56am


Silver, Bitchez

Sep 21, 2011 - 9:02am
Sep 21, 2011 - 9:05am

Turd Getting Educational

Precious Metals, Relevant News Stories, Sound preparation advice, and now monetary History? What's next!??! Thanks Turd :)

Gold is the base currency now. Moving as a single price direction against all fiat currencies, regardless of the currency trade . The super-cycle is unfolding in its early days right in front of our very eyes. (See Here)

That’s because all the world’s major currencies are at risk, simultaneously, as the issuers engage in a dangerous race to the bottom. As the monetary system moves inexorably toward terminal debasement and collapse, the results will be catastrophic for the unprepared.

Translation: Gold and Silver are about to be worth a lot more paper notes in all currencies.

P.S. -- Wonder if this article comes into play.

"Forget QE III, Fed's Next Move to Expand US Bank Credit"

Sep 21, 2011 - 9:09am

Thanks T, this will be a day to remember one way or another

Another great thread oozing with loads of info. to dissect



We may have just seen the lows for the day and maybe for quite some time.

Hard to say at this point, but we had a day last week also where Au just went up gradually all day long for the most part. It would make sense if the word was spread in London in advance and the beat down happened early.

We shall see.

Bobbejaan Shill
Sep 21, 2011 - 9:13am

@Almost a Bear ... You Caught me!! (from last thread)

Only a multi-billionaire? I have a single 100 trillion (Zimbabwe) dollar note - I guess I'm doing ok...

OK, Guv, it's a fair cop, I'll come quietly .... I was really just trying to be ultra-modest so as not to over-awe y'all with with the real extent of my billions of trillions of Dollars of Zimbabwean wealth. blush

I'm just biding my time until Sterling£, FRN$, & Euros all catch up with my Zimbabwean wealth at a 1:1 forex exchange rate ... Then I will execute my cunning plan for world domination, probably starting with a hostile (or at least slightly miffed) takeover of the Rothschild's Empire. devil wink

... Alternatively I may instead decide to buy something more noble & worthwhile, like a blanket for my Royal Cave.

Best Regards

Bobbejaan the Magnificent Albeit Quite Unhinged Future Ruler of The Galaxy.

Sep 21, 2011 - 9:13am

in 2002, Cheney said “Reagan proved deficits don’t matter.”

Turd, to follow on your comment:

In late 2003, during the VP televised debate, Cheney said it again when his opponent brought up the GOP's profligate spending and simultaneous lowest combined income tax rate in generations (~14.5% of GDP as compared to an historic norm of over 20%, as under Reagan and Clinton) causing runaway deficits...

In response to that charge, and the moderator allowing his retort to stand as the final comment on the subject, Cheney said in his gruffest voice, "In fact, deficits don't matter". End of national conversation.

and THEN, amazingly to me, ~50% of the population (most of whom now ironically and laughably scream "Socialist" every chance they get) voted for him (again). Then they accelerated the bus down the ravine and jumped out as they handed the keys to the current driver. 

I was already quietly stacking.

Thanks for at least recognizing who drove us to this irreparable condition in the last 10 years (because prior to about 2006, it COULD have been fixed), where now all we are left with is to react with Keynesian fire hoses or let it all burn to the ground immediately (which NO politician nor electorate is going to knowingly choose to do).

So - it will burn slowly most times and quickly some times; and we prepare.

NO one can fix it anymore (it frankly no longer matters one whit financially who gets elected or selected any more), so we best just prepare by stacking our insurance and leveraging our wealth via our miners.

Thx for what you do here!

Sep 21, 2011 - 9:15am

My neck is out: The Lowe is in!

(What's so funny about) Peace. love, and understanding

By Nick Lowe

As I walk through
This wicked world
Searchin' for light in the darkness of insanity.

I ask myself
Is all hope lost?
Is there only pain and hatred, and misery?

And each time I feel like this inside,
There's one thing I wanna know:
What's so funny 'bout peace love & understanding? Ohhhh
What's so funny 'bout peace love & understanding?

And as I walked on
Through troubled times
My spirit gets so downhearted sometimes
So where are the strong
And who are the trusted?
And where is the harmony?
Sweet harmony.

'Cause each time I feel it slippin' away, just makes me wanna cry.
What's so funny 'bout peace love & understanding? Ohhhh
What's so funny 'bout peace love & understanding?

So where are the strong?
And who are the trusted?
And where is the harmony?
Sweet harmony.

'Cause each time I feel it slippin' away, just makes me wanna cry.
What's so funny 'bout peace love & understanding? Ohhhh
What's so funny 'bout peace love & understanding? Ohhhh
What's so funny 'bout peace love & understanding?

As I watched last night (with relief to solidly break $40 silver),

and then again this morning, I had to ask myself: "Is all hope lost? Where are the strong? Who are the trusted?"

What crap that morning beatdown was. I am going to have to post the chart I am looking at... but I think that was the "Nick Lowe" and sub-$40 is history...

Sep 21, 2011 - 9:16am

Watched some CNBC this

Watched some CNBC this morning and they trotted out 'experts' that said the housing crisis created the credit problems we are having now - with no mention of course that the government agencies created the market for sub prime and low/no down payment loans and a moral hazard environment.

And how Illegal immigrants were not only given loans with no verifiable employment, they were also allowed to take second mortgages out to live a lifestyle they could not have otherwise afforded. But not to just single out the illegals portions of the Soup, many Americans refinanced 5, 6, 7, 10 times, again to live a life style of the rich and famous.

It amazes me that TPTB stand up there in front of their teleprompter's and stupidly say
" We did not see this coming " WTF did you think was going to happen?

Anyway glad I caught on early, as I knew the gig was up in late 04. And to be honest I am still amazed at how they have managed to keep it together up to this point.

Sep 21, 2011 - 9:17am

Collapse of Fiat Experiment - No!...

Watched some CNBC this morning and they trotted out 'experts' that said the housing crisis created the credit problems we are having now - with no mention of course that the government agencies created the market for sub prime and low/no down payment loans and a moral hazard environment. The guy even had the nerve to say we needed MORE of Dodd-Frank type regulation! Fortunately , they then brought in Rick Santelli from the floor of the CBOT who tacitly let them all know the real story!

Of Course since this is all a result of the fiat system, and few are speaking to that point, my man Ron Paul is also left out of the conversation, a man who has been yelling fire from the rooftops for 30 years:

Ron Paul on the Federal Reserve and Government Deficit Spending
Sep 21, 2011 - 9:17am


The Loonie is 3 basis points away from parity with Pigatha!

Hard Rain
Sep 21, 2011 - 9:18am


Best pic I have seen in a long time.


Sep 21, 2011 - 9:18am



No need to gamble just to have a fun guess. Too much seriousness involved already to even consider giving up a silver round for the inexact market we trade in and witness on a daily basis. Plus this is historcal stuff going on so who's to say what might happen.

You like to gamble? I don't. I like to guess about the moment sometimes in possibly a stress relieving way. No shortage of that today. Safe to say we all have quite a bit riding on what is said or isn't today. At least in the short term. If they do nothing and the currencies and the markets crash then they inevitably will resort to gold/silver in the moment of self created desperation as a alternative to paper.

So my "bet" is online in front of all of you. 

Flame away if I'm wrong but it's a no brainer imo that if the Bernank gets on TV or where ever and mentions 100's and 100's of billions or even implies that possibly trillions will be used between the Fed. and the ECB then $1800 and $40 are history for quite sometime. That's super conservative thinking imo on a day like today.

Sep 21, 2011 - 9:22am

Don't Get Caught in the Left/Right Paradigm

Bottom line: Republicans know Bernanke is up to no good, but they have no clue as to how. Bernanke will run circles around this crew.

I think that the mainstream perception is being lead to the "end the fed," "Bernanke is a fraud" type of perception. Very evident as it was asked/discussed on one of the last debates, as the republican shill candidates are "suddenly" very opinionated on the matter (specifically Rick Perry, the official banking representative). In the coming days, somebody has to take the fall, and I think it is part of the plan to phase the FED/Bernanke out and make way for the new global currency system. "Rogue Central Planners" may be the story ;).

I don't put much faith in politics, especially those who constantly lead our country in the direction of tyranny instead of freedom. The guys who are "throwing a stink" here are completely unaware to the greater problems, or are purposefully lying to the American Public. Eitherway, a saddening situation as countless people will suffer because of the ego-driven lifestyles of these so called "representatives."

There is more going on than at first meets the eye, I am pretty sure you agree with that at least ;).

Sep 21, 2011 - 9:25am

PRINCETON, NJ -- Three in

PRINCETON, NJ -- Three in four Americans assess the U.S. economy as no better than a year ago, with 35% saying it is about the same and 42% saying it is worse. Looking ahead to a year from now, Americans remain largely pessimistic, with 61% expecting economic conditions to be similar to now, or worse.

Optimism about an economic recovery has declined at least marginally among all party groups in each of the last three years. In 2009, at least half of all three party groups thought the economy would improve in the year ahead.

Although the last U.S. recession officially ended in 2009, the poll finds 80% of Americans believing the economy is currently in a recession, similar to what Gallup measured in each of the previous three years.


In U.S., 6 in 10 Do Not Expect Economy to Improve Soon

Gold Dog
Sep 21, 2011 - 9:25am


The Bernank does not announce the Twist, the Swim, the Frug or the Lambaba. He says that the FED window now pays 0% on overnight money.

ZIRP numbers plummet. As I pointed out a couple of weeks ago and ZH brought up recently the Shadow Banking system is pretty much nonexistent. As also pointed out, although I am not an Elliot guy, there is a chance that it's prediction of a deflationary spiral IS a possibility.

Contrary to the prevailing view here that fiat is a dead man, it could be that to save the day as much liquidity as possible is pulled out of the system at any cost ala Volker and cash turns into king.

Just sayin.

Dog the Contrarian

Sep 21, 2011 - 9:30am

Thanks Big T

Good morning to you and everyone!

Sep 21, 2011 - 9:31am

Best of luck today one and

Best of luck today one and all

Hard Rain
Sep 21, 2011 - 9:31am

Question on Home Defense

I have never owned nor even fired a gun in my life!!!!!!!!!!!!!!

But I am starting to think of getting a small, reliable, moderately priced hand gun.

Any advice/opinion?


Tom L
Sep 21, 2011 - 9:33am

Former Resistance is now Support

And who says TA is worthless?

Sep 21, 2011 - 9:33am

Why I think we have seen "Nick's Lowe"

I said I would post a chart, I stuck some comments on it. Spot silver looked strong last night, FUBM/FUBB this morning is confirmation we have seen the last of the thirties?

Just saying....

The chart:

Sep 21, 2011 - 9:34am

Can kick road the down

Can the kick road the down again.enlightened

Rearrange the letters to find the hidden message :)

Maybe that "can" should now be called a "brick" or something heavier perhaps as every time it gets kicked, it starts to cause quite the bruising now ?

Long John
Sep 21, 2011 - 9:35am

The Financial Times Discovers Gold Stocks

Having read "Gold and Silver Stocks", the Financial Times decided to follow the trend with "Investors Bet Miners Will Follow Gold's Gain." (September 20, 2011) The article discusses efforts of gold miners to distinguish themselves from Gold ETFs: "[G]old miners are beginning to respond to their share-price underperformance. The most popular response is to raise dividends, offering investors one thing an ETF cannot: a yield." (See "Gold and Silver Stocks" for the same discussion.) The Financial Times continues, discussing two companies that are increasing dividend payouts, Newmont Mining and Gold Resource Corporation.

These are the same two miners discussed in "Gold and Silver Stocks." The Financial Times relays Newmont Mining's Monday announcement (September 19, 2011) that it will pay out an additional 10 cent dividend for every $100 above $2,000 an ounce. The FT discussed a novel dividend payout being considered by Gold Resource Corporation. The miner "might start paying dividends in physical gold." read the rest here, first time i've come across this guy, short article.

Sep 21, 2011 - 9:38am


Fantastic & imo incredibly insightful & concise analysis by Mr. Galland! TY for posting the link to Casey research (added to my dropdowns). For me this is a resounding witness & justification for my stacking. TY for firing up my synaptics! Good luck to all.

Sep 21, 2011 - 9:39am

CPN DarkPurpleHaze

Since today's Fed announcement is expected to be a "watershed" moment (The more suitable term would be water closet!)

And if it is a water closet moment, what better time for Turds? Since Turdites are the most informed group around, how about a contest guessing what helicopter Ben's number will be?

I'll start off with QEIII of $1.2 Trillion...

Sep 21, 2011 - 9:39am

I have never owned nor even

I have never owned nor even fired a gun in my life!!!!!!!!!!!!!!

But I am starting to think of getting a small, reliable, moderately priced hand gun.

Any advice/opinion?


Yes, best advice, forget the hand gun and get yourself a nice shot gun. Mossberg, Benelli, or Remington. Hand gun is for personal defense not home defense.

And above all consider taking a firearms course.

PM Stackin' Fool
Sep 21, 2011 - 9:43am

Silver Time

I just can't get away from the fact that the Gold:Silver ratio is way out of whack. At a 45:1 rate currently, I see nothing but upside in Silver. When the natural ratio on earth is around 16:1 (depending on who you talk to due to industrial uses some think it is more like 12:1). The investing universe is very small in AG compared to gold, so all it will take is 1%-2% of investors' to get it (wake up) and then.... launch time.

Whether the Bernake goes for QE3 or not, Silver has major upside in the near future. My target is $75 by the spring. 

Not shaking these strong hands!

Blight Master
Sep 21, 2011 - 9:44am

As shill said, definitely,

As shill said, definitely, definitely a shotgun for home defense and take some courses. Also a good fallback for tshtf scenario and you have to hunt for your food or something.

Tom L
Sep 21, 2011 - 9:45am

Re: Guns

Shill's recommendation for a shotgun is a good one.

If you want a handgun, though, first consider a few things first:

1) proximity to a good range, b/c handguns require a good amount of practice.

2) a Gun Safety/Training Class

3) Working with a friend who does own guns and letting them take you under their wing. That's what I did, and it was the best thing I ever did wrt guns. I had a good friend at the time with a vast selection of guns to choose from and test. He taught me the basics of ballistics, re-loading, when cheap is expensive with regards to ammo and firearms, and a whole host of other things.

After all of that find a good gun shop and pick up every handgun he has. The one that fits your hand best, that feels like an extension of our arm is the one for you. I'm not a big fan of the 'caliber wars'... ie. .45 vs. 9mm vs. .40S&W etc. The gun that you are comfortable with and love to shoot will be the one you are most effective with, regardless of its 'stopping power.'

For me that gun was a CZ-85 Combat. I'm left-handed so the ambidextrous controls were important. 

Looner Hard Rain
Sep 21, 2011 - 9:46am


Beretta PX4. Fairly cheap, reliable, double action/single action, 14 round magazine with .40 cal. Then get a tactical shotty (Mossberg or Remington). Then get an AR. Then something with range. And all the while buy food, water filtration and gold. Lots of stuff to buy right now.

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Key Economic Events Week of 1/21

1/22 10:00 ET Existing Home Sales
1/24 9:45 ET Markit Manu and Svc PMI
1/24 10:00 ET Leading Econ Indicators
1/25 8:30 ET Durable Goods
1/25 10:00 ET New Home Sales

Key Economic Events Week of 1/14

1/15 8:30 am ET Producer Price Index
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1/16 8:30 am ET Retail Sales
1/16 8:30 am ET Import Price Index
1/17 8:30 am ET Housing Starts
1/17 8:30 am ET Philly Fed
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Key Economic Events Week of 1/7

1/7 10:00 ET ISM Services Index
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1/9 2:00 ET December FOMC minutes 
1/10 Speeches from CGP, Goons Bullard and Evans
1/11 8:30 ET CPI

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