Waiting on The Bernank

Wed, Apr 25, 2012 - 10:22am

On a day where not much is happening ahead of the FOMC and The Bernank, what in the world does a Turd write about? Fortunately, Turd has friends who can help him out of this predicament.

First up, I spent a considerable amount of time this morning getting caught up with my new pal, Winston. It's such a dull day globally that he was able to spare some time. Apparently, even London physical trading is very quiet today and Winston estimated that less than 10% of all trades were "real", the rest being simple HFT paper trades attempting to game stop orders and the like. Even physical buyers in London, who have been accumulating on nearly every fix recently, were on standby today but he suspects that won't last for long. One last nugget he shared with me...In Shanghai overnight, the backwardation in silver of spot versus the front-month on the Comex reached over $1. In other words, though paper silver may be trading at $30.80 in NY, someone was willing to pay nearly $32 for physical silver in Shanghai earlier today. Hmmmm. I'll let you draw your own conclusions regarding that.

Next, I'd like to highlight two, terrific bits of information from your fellow Turdites that were written into the comments of the previous post. The first is from SRSRocco. Steve does a fantastic job of digging into the fundamentals and uncovering the truth, be it about gold, silver, crude, whatever. It's the kind of work I'd like to do but my ADHD prevents me from even attempting it.


As I sit here and read comments on this blog as well as articles on silver, I see a trend taking place. Silver investor sentiment is hitting rock bottom (maybe will fall even more) and the psychology is now in the HANDS OF THE FED & MEMBER BANKS. They have done a very neat trick this past year using all methods of manipulation and negative hit pieces on silver in the MSM. You don't need alot because you get BRAIN DEAD ANALYSTS who come in behind to fill in the rest.

I am simply amazed at what I see. I have been in silver since 2002, and have never looked back. In the past 10 years I have seen silver bug extremes. As I see the reports coming out about higher comex inventories, low premiums, low silver eagle sales, and etc, the sentiment falls even further. It is a NEGATIVE FEEDBACK LOOP and it is working HOOK LINE and SINKER.... just as the FED designed.

Here is a typical part of an article about silver:

Demand for silver fell in 2011 for the first year in four as Europe’s debt crisis sapped industrial use of the metal found in solar panels and photography, Thomson Reuters GFMS said in a report on April 19. The decline in ETP assets yesterday drove holdings to the lowest level since August.

“The price drop drives fund selling and that in turn drives prices even lower,” said Sun Yonggang, an analyst at Everbright Futures Co., a unit of China’s largest state-owned investment group. “Silver isn’t holding up as well as gold because it is still primarily an industrial metal.”


Demand for silver fell in 2011.... that's the big line there. Let's take a look at GFMS newest 2011 chart on silver demand:

World Silver Supply and Demand (million ounces)
(totals may not add due to rounding)


2010 2011
Mine Production 751.4 761.6
Net Government Sales 44.2 11.5
Old Silver Scrap 228.7 256.7
Producer Hedging 50.4 10.7
Implied Net Disinvestment - -
Total Supply 1074.7 1040.6


2010 2011
Industrial Applications 500.0 486.5
Photography 72.1 66.1
Jewelry 167.4 159.8
Silverware 51.2 46.0
Coins & Medals 99.4 118.2
Total Fabrication 890.1 876.6
Producer De-hedging - -
Implied Net Investment 184.6 164.0
Total Demand 1074.7 1040.6

In 2010 silver demand as 890 million ounces. What's funny is if you go to their website, you will notice that their total 2010 demand figures were 878 million oz. Somehow they adjusted their 2010 figures higher by 12 million ounces. If they revise figures each year, will 2011 turn out higher?? Who knows. Furthermore, the Fabrication demand in their old 2010 figures was 487 million. They revised it up to a cool round figure of 500 million.

The interesting thing to note is the IMPLIED NET INVESTMENT (this just means total investment). They state that there was actually less investment buying of silver in 2011 than 2010. How can that be if Coin & Medals (most official coins such as Eagles & Maples) were up from 99.4 million to 118.2 million?

The answer to that question is this.... GFMS has to make sure that the TOP SUPPLY FIGURES match up with the BOTTOM DEMAND figures. They don't want any surpluses or deficits in this accounting category. However, they will show a so-called surplus of 260 million oz this year due to their CREATIVE ACCOUNTING. That is for another post coming later.

Lastly, the real news is in the SUPPLY CATEGORY at the top. Here we can see that Government sales from China and Russia fell off a cliff from 2010... 44 million down to 11 million in 2011. Also, Producer Hedging declined a substantial amount of nearly 40 million oz. Together that accounted for nearly 70 million oz less than 2010.

The total supply was down 34 million oz from last year so the folks at GFMS had to do some creative accounting to make it look like INVESTMENT DEMAND was lower along with Fabrication demand.



Then there was this terrific analysis of AAPL from "Number 47". It would take a great amount of fortitude to step in and short AAPL here. Even put buying seems like a waste of money. However, the chart pattern is what it is​. If APPL doesn't follow the historical pattern going forward, it will truly be one-of-a-kind.

"It's summer here in Ireland, rain and wind galore. No hibernating at this time of year.

You can't eat an Ipad, food, gas, tax and service price inflation V wage stagnation and underemployment does not bode well for aapl. On Bloomberg yesterday the talking heads were speculating this is a $1000 stock and to count increments in price in only $100 moves.

New paradigm? Can't lose? Investment of the century etc, etc?

Ripe for the bears, fatten us up before the long sleep. "


OK, that's all for now as we wait for The Bernank. I would caution everyone from gambling ahead of this afternoon's fireworks show. Though underlying physical demand will continue to provide a stable floor here, the best advice would be to sit back and enjoy the theatrical nonsense and wait for tomorrow before acting.

More post-Bernank. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Apr 25, 2012 - 10:24am

purposely waiting

so I don't have to be first

EDIT: dammit

Apr 25, 2012 - 10:29am


I've been first, never second!


Apr 25, 2012 - 10:32am

Sinclair's Gap

Santa talking about a possible gap to $3K in gold is not exactly making me smile this AM. In fact, it makes me think about him the way I was thinking about W in 2006, "Either this man is a genius or a complete idiot." For W, the answer was finally the latter. I sure hope Santa doesn't show himself to be the same.

Today is a bad day. For the first time in a long time I had to take a loss on a PM fund to make the end of the month bills. This price action is getting tiresome.

Colonel Angus
Apr 25, 2012 - 10:32am


Why is the bear under a graph of a hat? And why is that hat not yellow?

(I know, I know, but someone has to ask it...)

Apr 25, 2012 - 10:33am

Hello Bernank

Hello Bernank, what have you to surprise us with today?

Apr 25, 2012 - 10:41am

May 31st - June 3rd

May 31st - June 3rd - Bilderberg meeting in Virgina for a Really Big Shoe? or Show


Apr 25, 2012 - 10:43am

Infamous last post

Just did it! Thanks for the update.

AAPL will definitely hit $1000 at some point and I think it's only scratched the surface with it's accomplishments and vast potential. Just imagine what might happen if/when Microsoft gets really, really stale and gives up a large percentage of it's market share to APPL.

The only thing I could see happening that puts the brakes on it a bit is if the Govt. gets involved and tries to forcefully keep it under wraps legislatively and not get too big like they did with the phone companies at one time. I still think it easily hits $1000 at some point within 5 years.


Apr 25, 2012 - 10:44am


Thanks Turd, I know I don't post often but I read everyday. I just wanted to say that whatever comes out of the bullshitnake's mouth wont change my stacking habits that have been in place for many years! I don't see anything changing for the better until the American people get off the I-crack and start paying attention to whats going on in the world around them! Thanks again to Turd and everyone here that makes this site so great.

Apr 25, 2012 - 10:51am

got 5 on it

Luniz - I Got 5 On It Lyrics

make your move dOOd. my gueSS is PM's take a dive b/c of course everything is fine. fishing line time.

edit: i gueSS i got 6 on it. bring it.

Dr G
Apr 25, 2012 - 10:51am

Sigh. You can't compare

Sigh. You can't compare Google to Apple. Apple makes products that people line up around city blocks for. There are stampedes when their products are released, both here and internationally. Their profit margins on products are unseen in the computing industry, or any industry for that matter.

Google doesn't make anything. With Google YOU are the product (your personal information, browsing preferences, etc.) that they are selling. Google WAS all hype. A very poor comparison indeed.

Honestly, it reminds me of all the "analysts" saying gold is in a bubble or silver is worthless. They simply haven't done their homework and are only looking at the charts--while completely ignoring the fundamentals.

The AAPL fundamentals are ridiculously solid. Billions of cash on hand. They could pay all over their employees a full salary and benefits for over 2 years if they didn't sell another product in those 2 years. That is a fiscally sound company. Here are some facts from their earnings report yesterday:

- They sold 11.8 million iPads in the quarter. They did that in one QUARTER.

- Those iPad sales were a 151% increase year-over-year.

- Net profit was up 94% from a year ago.

New iPhone this fall. You've been warned.

(this mini-rant wasn't directed at Turd, who I know loves his MacBook). :)

Dr G
Apr 25, 2012 - 10:59am

Must be election season.

Must be election season. Obama on Fallon "slow jamming" the news. What an idiot.

Video unavailable
Apr 25, 2012 - 11:02am

So Turd...

...you're saying that people who bought AAPL "low" and are going to sell at a 50% (or better) profit are not as astute as those who bought PMs? Sorry if I'm misreading your implications but I thought the name of the game was to "prepare for the end of the great Keynensian experiment". Please elucidate. Not trying to be a smart-ass, just want to know why there's a difference between making a profit on PMs or stocks.

Apr 25, 2012 - 11:11am

S&P 500 Gains Seen as Corrective

S&P 500 Gains Seen as Corrective, Positioning Hints at Renewed Selling

S&P 500 – As we suspected, prices rebounded after putting gin a Hammer candlestick above support in the 1357.40-1364.10 area to retest a rising trend line support set from the April 10. The move appears corrective for now, with the completion of a continuation Triangle yesterday arguing for a broadly bearish bias. A measured downside target stands at 1322.70. Trend line resistance is now at 1381.40, with a break higher exposing 1392.10.

8hr Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL – Prices remain wedged between resistance at 104.90 and a rising trend line support set from mid-December, with a Bullish Engulfing candlestick pattern arguing for an upside bias. A break above 104.90 exposes falling trend line resistance at 106.25. Support is now at 101.78.

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD – Prices are testing support at 1638.02, the 23.6% Fibonacci expansion, after putting in a Bearish Engulfing candlestick pattern below falling trend line resistance set from early March. A break lower exposes the 38.2% level at 1612.02. Falling channel top resistance is now at 1664.19.

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR – Prices are testing the intersection of a rising trend line set from early February and the bottom of a Triangle chart formation carved out over the past two months, a formation typically indicative of trend continuation (a bullish signal in this case). A Harami candlestick pattern lends cautious reinforcement to the possibility of a bounce. Near-term resistance lines up at 9935, the 38.2% Fibonacci retracement, but the key level to overcome is the 10,000 figure (a psychological barrier bolstered by the Triangle top and the 23.6% Fib). Alternatively, a break downward initially exposes 9885, the 50% Fibonacci retracement.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

Apr 25, 2012 - 11:13am

Pound Strength Hinges on GDP Report

Pound Strength Hinges on GDP Report, FOMC Threatens Euro and Yen

UK Gross Domestic Product figures headline the economic calendar in European hours. Expectations call for output to rise 0.1 percent in the three months through March after shrinking in the fourth quarter, avoiding the onset of a technical recession. The probability of such an outcome has been enhanced by an equivalent reading on a closely-watched private sector estimate from NIESR, a London-based consultancy.

Validation of a return to growth is likely to offer further support to front-end UK bond yields – the leading driver of price action at the moment – reinforcing diminishing QE expectations and pushing the British Pound higher. Data from Credit Suisse suggests priced-in bets on additional BOE stimulus moderated after last week’s surprisingly hawkish BOE meeting minutes and strong set of good economic data (CPI, jobs, retail sales), helping Sterling outperform the spectrum of major currencies. Needless to say a downside surprise would go a long way toward deflating the currency’s momentum.

Later in the session, all eyes turn to the Federal Reserve monetary policy announcement. As we detail in our weekly fundamental trends monitor, the path of least resistance seems to favor no changes in the overall policy mix. The market-moving component of the outing is likely to be found in an updated roundup offorecasts for interest rates and key economic performance metrics from FOMC members. Traders will beparticularly keen to see if any policymakers now expect rates to rise earlier than the official late-2014 time frame. Bernanke’s post-announcement press conference may likewise spark volatility in the event that any of the Chairman’s remarks catch the markets off-guard.

On balance, the revelation of a comparatively optimistic Fed is likely to see the US Dollar rise against currencies where the yield outlook is materially less robust, particularly the Japanese Yen (where USDJPY continues to track 10-year Treasury yields).The Euro is also likely to renew its drive lower, althoughcorrelation studies point a stalemate between rates expectations and risk trends as drivers of price action, meaning directional momentum may be somewhat subdued.

The implications of an upbeat FOMC for growth-linked currencies are a bit mixed in that a stronger US recovery would be supportive for risk appetite. We suspect the Canadian and New Zealand Dollar will broadly hold recent ranges as receding fears of further USD dilution clash with moderation in global slowdown fears.By contrast, the Australian Dollar is likely to find itself under pressure however as rate cut expectations build in the wake of a dismal first-quarter CPI print.

Asia Session: What Happened









Small Business Confidence (APR)






Machine Tool Orders (YoY) (MAR F)




Euro Session: What to Expect









Gross Domestic Product (QoQ) (1Q A)






Gross Domestic Product (YoY) (1Q A)






Index of Services (MoM) (FEB)






Index of Services (3M/3M) (FEB)






CBI Trends Total Orders (APR)






CBI Trends Selling Prices (APR)






CBI Business Optimism (APR)




Critical Levels










--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

Apr 25, 2012 - 11:15am

Gold Vulnerable on Fed Meeting Outcome

Crude Oil Aiming Higher, Gold Vulnerable on Fed Meeting Outcome

The spotlight is pointing squarely at the Federal Reserve policy announcement today. The central theme driving the spectrum of financial markets in the second quarter is the degree to which headwinds from the Eurozone and China can be offset by a firmer recovery in the US, and the outcome here will be critical to evaluating the latter part of the equation. The most market-moving component of the outing is likely to be found in an updated roundup of forecasts for interest rates and key economic performance metrics from individual FOMC members. Ben Bernanke’s post-announcement press conference may likewise spark volatility if any of the Chairman’s remarks catch the markets off-guard.

On balance, a relatively supportive outcome seems likely. Although US economic data has struggled to outperform relative to expectations lately, this most probably reflects a catch-up in analysts’ forecasts rather than slowing growth. Indeed, a survey of economists polled by Bloomberg shows that consensus bets on 2012 output have edged higher since the last FOMC meeting. If a similarly rosy view is seen emerging among Fed policymakers, that ought to prove supportive for growth-geared commodities including crude oil and copper.Gold and silver prices are likely to suffer however as fading QE3 hopes dent demand for a non-fiat inflation hedge and drive the US Dollar higher.

WTI Crude Oil (NY Close): $103.55 // +0.44 // +0.43%

Prices are testing support at 1638.02, the 23.6% Fibonacci expansion, after putting in a Bearish Engulfing candlestick pattern below falling trend line resistance set from early March. A break lower exposes the 38.2% level at 1612.02. Falling channel top resistance is now at 1664.19.

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1642.27 // +3.45 // +0.21%

Prices are testing below support at 1638.02, the 23.6% Fibonacci expansion, after putting in a Bearish Engulfing candlestick pattern below falling trend line resistance set from early March. A break lower exposes the 38.2% level at 1612.02. Trend line resistance is now at 1664.19.

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $30.85 // -0.13 // -0.04%

Prices finally took out support at 31.04 this week, exposing the next downside target at 29.79. The 31.04 level has been recast as near-term resistance. Broadly speaking, a Head and Shoulders (H&S) top carved out between late January and mid-March argues for a measured downside target at 26.84.”

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.672 // +0.046 // +1.27%

Prices continue to test rising trend line support set from early October, now at 3.639. A break lower exposes supports at 3.573 and 3.522 marked by swing tops in early December and January respectively. Initial resistance lines up at 3.713.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

Apr 25, 2012 - 11:17am


Chile $100bn copper push under threat on power scarcity

President of Chilean mining lobby group Consejo Minero, Joaquin Villarino, says the country will have to shelve many of its mining investments due to the high cost and scarcity of electricity.

Author: By Matt Craze
Posted: Wednesday , 25 Apr 2012

The biggest-ever pipeline of copper projects is under threat as Chile, the world's top producer, struggles to contain rising opposition to new power plants.

At least 5,000 megawatts of capacity, including a $5 billion coal-fired plant proposed by Brazilian billionaire Eike Batista, are facing delays or have been shelved as companies including BHP Billiton Ltd. and Anglo American Plc spend as much as $100 billion on copper and metals projects in Chile.

The country, struck by a power blackout as recently as this week, needs to boost capacity by 47 percent within 8 years to keep pace with consumption. Protesters from fishermen to university students oppose the plants, prompting miners to consider their own projects to help meet China's copper demand.

"Chile will have to shelve many of the country's mining investments due to the high cost and scarcity of electricity," Joaquin Villarino, president of mining lobby group Consejo Minero, said in Santiago on April 19. Delays will jeopardize a "significant" part of the proposed mine investments, he said.


This is the exact problem that I have been writing and warning about. They burn a lot of DIESEL in Chile to run powerplants that supply electricity to run mining equipment as they don't have enough electric generation. The irony in this news article is that they fail to mention FUTURE DIESEL SUPPLIES in this same scenario.

This is the most HILARIOUS part of the article (or lack of there of). They are worried about not having enough ELECTRIC GENERATION for the mining industry which consumes a fifth of the power in Chile, but don't consider if there will be adequate DIESEL SUPPLIES to run these huge mining operations.

The BRAIN DAMAGE is everywhere. The world does not realize it will not have the POWER (Electric or Liquid Fuel) to continue the kind of growth that is forecasted. I just finished an article that I sent to WORLD BIZ MAGAZINE on this issue. It covers energy as it pertains to GOLD and COPPER MINING. Once they publish it on their international publication, I will bring out a longer version a week after that publish date on the internet.... sometime at the end of MAY.

India is facing huge BROWN OUTS and BLACK OUTS due to the fact that it can't get enough coal to burn in the power plants to run the infrastructure it currently has. This is going to get very ugly in the next several years.

This situation of growing power demands without the ability to meet them will do WONDERS for GOLD and SILVER

Apr 25, 2012 - 11:20am


Fine, then instead of comparing AAPL to GOOG, compare AAPL to CSCO. Cisco makes products that people want, not just selling personal information. They had their blow off top and subsequent crash too.

Pick 52
Apr 25, 2012 - 11:22am

Money, Power and Wall Street

PBS Frontline aired the first part of a two part series on the financial crisis last night. Probably not a lot of new info in the show for anyone here, but...Blythe Masters' role is profiled and she sits for interviews with Frontline. They profile the creation of CDS's and go all the way back to the unhumble beginnings at a resort in Boca Raton in '94

Bill Winter (aka Wynter Benton?) also shows up in the segment

The parts about Blythe are well worth watching, and they come early in the program:


Apr 25, 2012 - 11:22am

My uninformed thought.

To me all this control of the gold and silver market is being done so that central banks and governments can buy them at the lowest price and control their effects on world fiats and interest on government bonds.

S Roche
Apr 25, 2012 - 11:24am

If anyone needed a reason...

to own precious metals, the mere fact that the whole financial world stops until the bearded loon speaks later today, that alone is reason enough. The world has gone mad. You have been warned, this is not normal behavior and will end badly. Deal with it. Take delivery.

Apr 25, 2012 - 11:30am

I'm not saying anything of the sort

I'm simply pointing out the identical nature by which AAPL has risen vs "history".

Could AAPL be different? Sure. Just sayin.

Btw, the drop in paper silver MUST BE WATCHED. A move toward $30 would be a buying opportunity. A head-fake prior to The Bernank. Note, too, that silver is still following the pattern from crude which I posted in the previous thread.

Apr 25, 2012 - 11:31am


Who says gold is the only alternate non-fiat currency?! Funny thing is I work with a guy who lived through the collapse of the soviet union and the Russian's currency crisis. He says that soap was a major bartering item during the tougher times.

NEW YORK – Law enforcement officials across the US have been left baffled by a crime wave targeting an unlikely item -- Tide laundry detergent.

Theft of Tide detergent has become so rampant that some cities are setting up special task forces to stop it and retailers like CVS are taking special security precautions to lock down the liquid.

One Tide thief in West St. Paul, Minn., stole $25,000 of the product over 15 months before he was arrested last year.

"That was unique that he stole so much soap," said West St. Paul Police Chief Bud Shaver.

"The name brand is [all] Tide. Amazing, huh?"

Tide has become a form of currency on the streets. The retail price is steadily high -- roughly $10 to $20 a bottle -- and it's a staple in households across socioeconomic classes.

Tide can go for $5 to $10 a bottle on the black market, authorities say, and some thieves even resell it to stores.

"There's no serial numbers and it's impossible to track," said Detective Larry Patterson of the Somerset, Ky., Police Department, where authorities have seen a huge spike in Tide theft. "It's the item to steal."

Exbroker Shnozberries
Apr 25, 2012 - 11:32am


Appl just started trading on the Comex. Imediatly it was beaten down 400.00. When asked by regulators what happened the traders said: We only have one key on our keyboards. Sell.

ClinkinKY abreik
Apr 25, 2012 - 11:34am

@ abreik

Why do the AAPL "haters" (or at the very least "doubters") assume that all APPL stock holders are going to "hold on" till it crashes?

If I check Google cache will I find a website that "predicted" that PM holders would be "sorry" after May 1, 2011? This is a sincere question. Please, someone explain the difference. I'm a "believer" that the S is going to HTF (just look at my avatar) but I don't understand the "competitiveness" between people who invest in stocks and /or PMs.

Apr 25, 2012 - 11:35am

Silver miners holding

Silver price falls, but miners aren't following... interesting.

Dr G
Apr 25, 2012 - 11:36am

No QE today. Maybe no QE this

No QE today. Maybe no QE this year? Me likes silver dropping towards $30. Please go below so I can get some nice shiny for under $32!

Turd nailed it, a buying opportunity indeed. But a head fake? Hmmm, this could get interesting.

Apr 25, 2012 - 11:38am


Blythe getting itchy fingers?

ClinkinKY TF
Apr 25, 2012 - 11:38am

Thanks Turd...

...for the response/explanation. I still don't understand the adverse reactions to taking/making a profit.

Number 47
Apr 25, 2012 - 11:39am


I don't think anyone can say apple WAS a bad investment, I certainly didn't. I'm saying it is a risky investment NOW. That's all. I'm saying they have lost their drive, (Steve Jobs) they have released all the innovative products, (which are great) they have run their business well but, what now?

How can they keep this going? no leadership, no new products, (just slight variations/improvements) and there is so much spec money in there that it is not going to just plateau. They have worker issues, patent litigation and soon there will be competition as there was for sony in the games console market. Coupled with declining disposable income and it's hard to see demand rising at this pace for long. The wow factor is slipping too.

My point is that apple has done well, anyone with any sense will surely be looking for the next opportunity, perhaps one that would do well during economic calamity, which I think most of us here agree is getting closer by the day.

Apr 25, 2012 - 11:40am

Silver sales!!

Looks like something may have been said, the sales are now on!


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Key Economic Events Week of 4/15

4/16 9:15 ET Cap Util and Ind Prod
4/17 8:30 ET Trade Deficit (Feb)
4/17 10:00 ET Wholesale Inventories
4/18 8:30 ET Retail Sales (March)
4/18 8:30 ET Philly Fed
4/18 10:00 ET Business Inventories (Feb)
4/19 8:30 ET Housing Starts and Building Permits

Key Economic Events Week of 4/1

4/1 8:30 ET Retail Sales (Feb)
4/1 9:45 ET Markit & ISM Manu PMIs
4/1 10:00 ET Construction Spending (Feb)
4/1 10:00 ET Business Inventories (Jan)
4/2 8:30 ET Durable Goods (Feb)
4/3 9:45 ET Markit & ISM Services PMIs
4/5 8:30 ET BLSBS

Key Economic Events Week of 3/25

3/26 8:30 ET Housing Starts (Feb)
3/27 8:30 ET Trade Deficit (Jan)
3/28 8:30 ET Q4 GDP final guess
3/28 10:00 ET Pending Home Sales (Feb)
3/29 8:30 ET Personal Income (Feb)
3/29 8:30 ET Consumer Spending and Core Infl. (Jan)
3/29 9:45 ET Chicago PMI
3/29 10:00 ET New Home Sales (Feb)

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