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A Significant Day For Silver

527
Tue, Jul 3, 2012 - 12:12pm

Just a few things before I take some time away.

Tomorrow is Independence Day here in America. The markets will all be closed. I will be traveling and out of action until mid-day on Thursday. With that, here are a few things to ponder.

Today's move in silver is potentially quite significant. On the surface, it's just a 3% short squeeze. However, take a look at these long-term charts. Silver has been following the downtrend line from the Leap Day highs for over 4 months. Today, it broke out. Do you recall a few days ago when I mentioned that you should beware of "descending triangles"? They are a bit of an optical illusion as the diagonal line always seems to look more powerful than the horizontal line. In this case, though, the horizontal line connects multiple bottoms and goes back over 9 months, or about twice the duration of the diagonal line. The idea that price would break UP and not down should NOT be surprising. Now, before we get excited, it's only one day. Silver needs to confirm the breakout by not only holding its gains but advancing further. A move through $29 would be great and set up a move back toward $29.50. Then, IF we can get a lousy NFP number on Friday, the stage will be set for a run at $30 and the buy stops set above there.

Of course, silver is getting a shove, too, from some powerful action in the grains and in crude. Keep an eye on crude, by the way. Tensions are heating up again in The Gulf and a move through 88 and then 90 would likely signal a run back toward 100.

The gold chart looks solid, too. I expected some Cartel capping above 1620 and we got it today. That's OK. It is what it is. Let's see what we can do tomorrow without Comex interference. Thursday will be a setup day for Friday and Friday, IF THE BLSBS IS LOUSY, could be a tremendously significant day.

A couple more things. First, if you haven't yet done so, take some time over the holiday to listen to this BBC radio piece regarding a return to "the gold standard". A very interesting discussion.

https://www.bbc.co.uk/programmes/b01k9qd8

I did an interview yesterday with The Doc at SilverDoctors. He hasn't posted it yet but I suppose he will over the next few hours. You'll be able to find it here: https://www.silverdoctors.com/ though I imagine someone will also post a link into the comments section of this thread.

Lastly, our good pal "Fortinbras" informed us today of the death of one of his good friends earlier this week in Afghanistan. As you celebrate and relax over the next 2 days, you might send out a prayer for "Dids" and his family. Below is a picture of him, relaxing with a cold one, taken about two years ago. We here at TFMR are always grateful to those willing to make the ultimate sacrifice and, clearly, this one hits pretty close to home.

I hope everyone has a safe and relaxing, mid-week vacation. See you Thursday.

TF

About the Author

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

  527 Comments

Dagney Taggart Dr G · Jul 3, 2012 - 2:58pm

Damn right Dr! We need more "kill missions" and heroin!

Dr G · Jul 3, 2012 - 2:58pm

Also, for your enjoyment, a response on Reddit to the question: "Where has all the money in the world gone?"

Credit to Reddit poster otherwiseyep​ for posting the following, which I enjoyed reading. The entire original post may be found here: https://www.reddit.com/r/finance/comments/utf5u/where_has_all_the_money_...

It's hard to explain this to a five-year-old, because there are some fairly abstract concepts involved, but here goes...

All actual "money" is debt. All of it, including monetary gold, etc. (Don't argue with me yet, I'll get to that.)

Imagine a pretend world with no money, some kind of primitive villiage or something. Now let's invent paper money. You can't just print a bunch of paper that says people have to give you stuff, because nobody would honor it. But you could print IOUs. Let's walk through this...

  • Let's say you're an apple-farmer and I'm a hunter. You want some meat but haven't harvested your crops yet. You say to me, "hey, go hunt me some meat and I'll give you 1/10th of my apple harvest in the fall". Fair enough, I give you meat, you owe me apples. There's probably a lot of this kind of stuff going on, in addition to normal barter. In time, standard "prices" start to emerge: a deer haunch is worth a bushel of apples, or whatever.

  • Now, let's say a week later, I realize that my kid needs a new pair of shoes more than I need a bushel of apples. I come back to you and say, "Hey remember that bushel of apples you owe me? Could you write a marker, redeemable for one bushel of apples, that I can give to the shoemaker in trade for a pair of shoes?" You say okay, and we have invented a transferable note, something a lot like money.

  • In time, our little villiage starts to figure out that a note redeemable for a bushel of apples can be swapped for all kinds of things. The fisherman who doesn't even like apples will accept apple-certificates in trade for fish, because he knows he can trade them to boat-builder who loves apples. In time, you can even start to hire farm-workers without giving them anything except a note promising a cut of the future harvest.

Now, you are issuing debt: a promise to provide apples. The "money" is a transferable IOU-- your workers get a promise to provide value equal to a day of farm-work, or whatever, and it's transferrable, so they can use it to buy whatever they want. The worker gets fish from the fisherman, not in exchange for doing any work or giving him anything he can use, but in exchange for an IOU that the fisherman can redeem anywhere.

So far so good. But there are a couple of forks in the road here, on the way to a realistic monetary system, that we'll address separately:

  • What happens if your apple orchard is destroyed in a wildfire? Suddenly all the notes that everyone has been trading are basically wiped out. It didn't "go" anywhere, it's just gone, it doesn't exist. Real value was genuinely destroyed. There is no thermodynamic law of the conservation of monetary value-- just as you and I created it by creating transferable debt, it can also be genuinely destroyed. (We'll get back to this in a minute, it gets interesting).

  • The second issue is that, in all probability, the whole town is not just trading apple-certificates. I could also issue promises to catch deer, the fisherman could issue promises of fish, and so on. This could get pretty messy, especially if you got the notion to issue more apple-certificates than you can grow: you could buy all kinds of stuff with self-issued debt that you could never repay, and the town wouldn't find out until harvest-time comes. Once again, value has been "destroyed" people worked and made stuff and gave you stuff in exchange for something that doesn't exist, and will never exist. All that stuff they made is gone, you consumed it, and there is nothing to show for it.

The above two concerns are likely to become manifest in our village sooner or later, and probably sooner. This leads to the question of credit, which is, at its most basic, a measure of credibility. Every time you issue an apple-certificate, you are borrowing, with a promise to repay from future apple-harvests.

After the first couple of town scandals, people will start taking a closer look at the credibility of the issuer. Let's say the town potato-farmer comes up with a scheme where his potato-certificates are actually issued by some credible third-party, say the town priest or whatever, who starts every growing season with a book of numbered certificates equal to the typical crop-yield and no more, and keeps half of the certificate on file, issuing the other half. Now there is an audit trail and a very credible system that is likely to earn the potato-grower a lot of credit, compared to other farmers in town. That means that the potato-grower can probably issue more notes at a better exchange rate than some murkier system. Similarly, the town drunk probably won't get much value for his certificates promising a ship of gold.

Now we have something like a credit market emerging, and the potato-farmer is issuing something closer to what we might call a modern "bond"...

  • So some time goes by and people start catching onto this system of credit-worthiness, and farmers and fishermen and so on start to realize that they can get better value for their IOUs by demonstrating credibility. People with shakier reputations or dubious prospects may not be able to "issue money", or might only be able to do so at very high "interest". E.g., a new farmer with no track-record might have to promise me twice as many potatoes in exchange for a deer haunch, due to the risk that I might never see any potatoes at all.

  • This obviously gets very messy fast, as different apple- and potato-certificates have different values depending on whether they were issued by Bob or Jane, and everyone has to keep track of and evaluate whose future apples are worth what.

  • Some enterprising person, maybe the merchant who runs the trading-post, comes up with the idea to just issue one note for all the farms in town. He calls a meeting with all the farmers, and proposes to have the town priest keep a book of certificates and so on, and the farmers will get notes just like everyone else in exchange for the crops they contribute to the pool, and the merchant will keep a cut of the crops with which to hire some accountants and farm-surveyors to estimate the total crop yields across town and so on.

  • Everyone agrees (or at least, enough farmers agree to kind of force the other ones to get on-board if they want to participate meaningfully in the town economy), and we now have something like a central bank issuing something like fiat currency: that is, currency whose value is "decided" by some central authority, as opposed to the kind of straight-up exchange certificates that can be traded for an actual apple from the issuer, for example.

  • Now we have something that looks a lot like a modern monetary system. The town can set up audit committees or whatever, but the idea is that there is some central authority basically tasked with issuing money, and regulating the supply of that money according to the estimated size of ongoing and future economic activity (future crop yields).

  • If they issue too much money, we get inflation, where more apple-certificates are issued than apples grown, and each apple-note ends up being worth only three-quarters of an apple come harvest-time. If they issue too little currency, economic activity is needlessly restricted: the farmers are not able to hire enough workers to maximize crop yields and so on, the hunter starts hunting less because his deer meat is going bad since nobody has money to buy it, and so on.

At this point, you may be asking, "Why the hell go through all this complexity just to trade apples for deer and shoes? Isn't this more trouble than it's worth?"

The answer is because this is a vastly more efficient system than pure barter. I, as a hunter, no longer need to trade a physical deer haunch for a bushel of apples to carry over to the shoemaker in order to get shoes. You, as an apple-farmer, can hire workers before the crop is harvested, and therefore can grow more, and your workers can eat year-round instead of just getting a huge pile of apples at harvest-time to try and trade for for whatever they will need for the rest of the year.

So back to money...

The thing to remember is that all throughout, from the initial trade to this central-banking system, all of this money is debt. It is IOUs, except instead of being an IOU that says "Kancho_Ninja will give one bushel of apples to the bearer of this bond in October", it says "Anyone in town will give you anything worth one bushel of apples in trade."

The money is not an actual thing that you can eat or wear or build a house with, it's an IOU that is redeemable anywhere, for anything, from anyone. It is a promise to pay equivalent value at some time in the future, except the holder of the money can call on anybody at all to fulfill that promise-- they don't have to go back to the original promiser.

This is where it starts getting interesting, and where we can start to answer your question...

(for the sake of simplicity, let's stop calling these notes "apple certificates", and pretend that the village has decided to call them "Loddars").

  • So now you're still growing apples, but instead of trading them for deer-haunches and shoes, you trade them for Loddars. So far, so good.

  • Once again, you want some meat, except harvest time hasn't come yet so you don't have any Loddars to buy meat with. You call me up (cellphones have been invented in this newly-efficient economy), "Hey otherwiseyep, any chance you could kill me a deer and I'll give you ten Loddars for it at harvest-time?"

  • I say, "Jeez, I'd love to, but I really need all the cash I can get for every deer right now: my kid is out-growing shoes like crazy. Tell you what: if you can write me a promise to pay twelve Loddars in October, I can give that to the shoe-maker." You groan about the "interest rate" but agree.

Did a lightbulb just go off? You and I have once again created Money. Twelve loddars now exist in the town economy that have not been printed by the central bank. Counting all the money trading hands in the village, there are now (a) all the loddars that have ever been printed, plus (b) twelve more that you have promised to produce.

This is important to understand: I just spent money on shoes, which you spent on deer meat, that has never been printed. It's obviously not any of the banknotes that have already been issued, but it's definitely real money, because I traded it for new shoes, and you traded it for a dead deer.

  • Once you and I and others start to catch on that this is possible, that we can spend money that we don't have and that hasn't even been printed yet, it is entirely possible for a situation to arise where the total amount of money changing hand in the village vastly exceeds the number of loddars that have actually been printed. And this can happen without fraud or inflation or anything like that, and can be perfectly legitimate.

  • Now, what happens if another wildfire hits your orchard? Those twelve loddars are destroyed, they are gone, the shoe-maker is twelve loddars poorer, without spending it and without anyone else getting twelve loddars richer.

The money that bought your deer and my shoes has simply vanished from the economy, as though it never existed, despite the fact that it bought stuff with genuine economic utility and value.

Because I said I would get to it...

The above pretend history of the pretend village is not how modern money actually came to be. In reality, things are much less sequential and happen much more contemporaneously without the "eureka!" moments. The above was a parable to illustrate how money works to a 5-year-old, not an actual history of how money emerged.

Until fairly recent times, paper money was not really very useful or practical for most purposes, especially if you wanted to spend money in a different village than where it was printed.

If we go back in time a period before ATMs, wire-transfers, widespread literacy, etc, then a piece of paper written in Timbuktu is not likely to get you very far in Kathmandu. You could take your apples and deer-haunches and shoes around with you to trade, but the earliest naturally-emerging currencies tend to be hard things that were rare and easily-identifiable (jewels, colored shells, etc), and they frequently coincided with the personal decorations of the rich, in a self-reinforcing feedback loop (people with a surplus of time and food could decorate themselves with pretty things, which became valuable as status symbols, which made them more valuable as decorations, which made them more valuable as barter objects, which made them more prestigious shows of wealth, etc).

Gold emerged as a sort of inevitable global currency, before people even thought of it as currency. It is rare, portable, easy to identify, can easily be made into jewelry, and can be easily quantified (unlike, say, jewels or seashells, which are harder to treat as a "substance"). Once word got around that rich people like it, it became easy to barter with anyone, anywhere, for anything.

In the early stages, it was not really the same thing as "money", it was just an easy thing to barter. But it had money-like characteristics:

  • If someone walked into your apple-orchard offering to trade a yellow rock for apples, you might look at them a little funny. What use does an apple-grower have for a yellow rock?

  • But if you know that rich people in town covet this soft yellow metal as something they can make jewelry out of, then you might be happy to trade apples for it.

  • Once everyone knows that rich people will trade for this stuff, it becomes something like actual currency: neither the hunter, the shoemaker, nor the fisherman in town has much use for it, but because they know they can redeem it for the stuff they do want and need, it becomes a sort of transferable IOU that can be redeemed anywhere, i.e., money.

The early history of paper money did not evolve the way I described in the earlier posts (although it could have, and would have got to the same place). Instead, the early history of paper money was certificates issued by storage-vaults of precious metals (i.e., early "banks"). Instead of carrying around yellow and silver rocks, you could deposit them somewhere and get a piece of paper entitling the holder to withdraw a certain quantity of gold or silver or whatever.

Pre-1934 dollars, like virtually all paper currency until fairly recently, could be redeemed for physical gold or silver at a Federal Reserve Bank, and dollars were only printed if the treasury had enough physical gold and silver to "pay off" the bearer with precious metals.

For a whole lot of reasons that are topics for another discussion, decisions were made that eventually led to the abandonment of the "gold standard" and now the dollar, like most modern currencies, is pure fiat paper: it's only "worth" whatever everyone agrees it is worth, and can only be "redeemed" by trading it to someone else for whatever they will give you for it. There are long, loud, and ongoing feuds over whether that was a good idea, and I'm not going to get into that here.

Anonymous SRSrocco · Jul 3, 2012 - 3:00pm

Removed comment.

Mudshark Bytes · Jul 3, 2012 - 3:03pm
Aristocracy rule of the best Timocracy rule of the honorable Oligarchy rule of the few Plutocracy rule of the rich Democracy rule of the people Tyranny rule of the Despot Cryptocracy secret rule Bureacracy rule by no one Anarchy rule by no one Mediocracy rule by the mediocre Monarchy rule by the King Kakistocracy rule by the least qualified or most unprincipled citizens, or criminals.

I do believe we're currently suffering from a Kaikostocracy and headed towards an Idiocracy:

Idiocracy Mash-up
daveyboy · Jul 3, 2012 - 3:03pm

I am going to put this bluntly and this isn't anti anything, it's simply an observation. Firstly let me be clear I am entirely anti war for many reasons none of which I will go into. However it's very peculiar how people can lambast government spending, call for basic services to be slashed and burned (despite the fact that won't do shit) and yet be supportive of the wars, Do not bitch and moan about spending when trillions goes on war spending. You make your bed lie in it, don't pick and choose when you want to attack spending.

EVERY death to me in these wars is a needless death, so indeed, RIP.

phanophite · Jul 3, 2012 - 3:13pm

Regardless of why TPTB want to wage war, all soldiers who willingly go to fight believe they are fighting to defend their fellow citizens.

Thank you to ​all troops!

KD Dougan SRSrocco · Jul 3, 2012 - 3:15pm

Why so conservative???? Sincerely, King World News !!!

Anonymous · Jul 3, 2012 - 3:15pm

Removed comment.

Drew Hammerhead · Jul 3, 2012 - 3:17pm
Big Buffalo · Jul 3, 2012 - 3:22pm

my wife just landed a job at a 20% increase, plus 5% bonus, plus free cable and internet, plus 100% match up to 4.5% 401K, plus all kinds of goodies.

life is good.

Dr. Coco McGlinty · Jul 3, 2012 - 3:22pm

UT OH, I think Moderater Jane is about to open some cans of :

and rightfully so IMO

achmachat · Jul 3, 2012 - 3:23pm
Dr G KD Dougan · Jul 3, 2012 - 3:25pm

Why so conservative???? Sincerely, King World News !!!

​Such a great response! I'm actually jealous that my feeble mind couldn't formulate it.

I would think that $2,200 and $50 isn't happening this year. That's a 100% increase in the price of silver in one year.

Dr G Big Buffalo · Jul 3, 2012 - 3:26pm

@BigBuff, congrast on the wifey's job. Just ignore that 401k part, though. Would you rather lose 100% of a large number or get to keep a smaller number?

Dagney Taggart · Jul 3, 2012 - 3:38pm

I'm not upset at you. We are honoring Dids by trying to help others not end up as banker/politician cannon-fodder and start asking hard inconvenient questions as any honest adult with real courage and real patriotism would. It is the time to remember those who have fallen unnecessarily and to not dishonor their memory by simply waving a flag, beating a chest, and grunting, "f'yea!" People are upset that the United States is bankrupt. THIS is why.

The United States has not won a war in 67 years. It has fought wars the same for at least this long. What is the definition of insanity again? And why is it so hard for people to recognize that they hate the bankers with each gold/silver bought but love them with each imperialistic war they support?

Again, I'm just a stupid woman.

maravich44 SRSrocco · Jul 3, 2012 - 3:45pm

..meager means on my part, but still staying the fight,buy a bit of physical every time that you are able. We might be chomping at their ankles, The Fed cannot print (physical) silver..44.

babaganoush2307 · Jul 3, 2012 - 3:46pm

Very interesting history posted above, they should teach that to 5th graders and get them off to the right start!

Jimmy James Dr G · Jul 3, 2012 - 3:48pm

Interesting parable on the history of money. One place that I'd disagree with him is on his glossing over of how gold came to become currencies.

There was clearly value in gold BEFORE modern man decided to use gold as a currency, not simply because rich people liked to make jewelry out of it. WHY did they like to make Jewelry out of it? Simply because it was shiny? I doubt it. It goes back to all of the properties of gold we all know very well**, most importantly, its rarity.

Another interesting thing about gold to me, is that (iirc) gold use developed independently in a wide variety of unconnected places throughout the world (again leading me to think of the inherent qualities).

**Summary of gold's inherent qualities that lead it to be a good store of value from here:

Note, gold is not like other commodities in many ways, about 9-10 as i count the major ways. Gold is money, for the following reasons: The above ground supply of gold is very large relative to new supply. 5 billion oz. Vs. 80 million newly mined oz. This ratio is 5000/80 or 62.5:1, or inversely, new supply ads 1.6% to the old gold. Note the following 9 attributes, in 3 major categories.  Precious metals are a great store of value. To be a store of value: 1 * It should be long lasting, durable, it must not be perishable or subject to decay. Gold does not decay, not even in seawater. Silver may tarnish and react with sulfur, but the tarnish is very thin and acts as a protective patina that prevents further decay. This is why food items, expensive spices, or even fine silks or oriental rugs, are not generally suitable as money. 2 * It should have a stable value. Gold and silver values do fluctuate, but their value has never gone to zero value, like paper money often does. 3 * It should be difficult to counterfeit, and the genuine must be easily recognizable. Paper money is rather easily counterfeited, and good counterfeits are very hard to detect. Precious metals are a great unit of account. To be a unit of account: 1 * It should be divisible into small units without destroying its value; precious metals can be coined from bars, or melted down into bars again, with a low percentage cost. Actually, gold gets more valuable when made into smaller tenth ounce coins, which carry a higher premium, or price percentage over spot. Furthermore, gold, when distributed to the people, creates monetary demand, and a higher value for the remaining gold in the world. Animal skins, or live animals, are not suitable as money, because they are not easily divisible, nor can they be put back together when taken apart. If an item can be divisible, it can be fungible, which is the next point. 2 * It should be fungible: that is, one unit or piece must be equivalent to another, which is why diamonds, works of art, or real estate are not suitable as money. If an item is fungible, then it can be countable, which is the next point. 3 * It must be a specific weight, or measure, or size to be verifiably countable. You must be able to weigh, measure, and count, your unit of account! And this is why paper dollars are not suitable as money any longer. What are you counting? What are you measuring? Dollars are nothing but promises to pay in more dollars. Precious metals are a great medium of exchange. To be a medium of exchange: 1 * It should be cheaply and easily tradeable, with a low spread between the prices to buy and sell, in other words, a low transaction cost, and be able to be quickly and easily bought and sold anywhere in the world. Land is not transportable. Even US cash is not accepted everywhere in the world anymore. 2 * It should have a high value to weight ratio, and thus be easily transportable, and cheap to store away. Precious metals have a high value to weight and size ratio. This is why oil, coal, or water are not suitable as money even though they are valuable. It's why real estate is not money, it's not portable at all. It's why copper is not money, nor is wheat, nor balloons. While even air is valuable and necessary to live more than 5 minutes, and while air can also fungible, air is neither rare nor valuable enough by any significantly measurable units to be useful -- unless perhaps you are a scuba diver under water. 3 * It should be durable. Gold does not decay. Silver tarnishes a bit, but it's negligible. Coins are often mixed with 10% copper to improve hardness and durability, and coins are made with ridges around the rim to prevent coin shaving or debasement. Paper money, surprisingly, is actually expensive as money, because paper wears out quickly, and it costs money to have to re-print the paper.
heyJoe · Jul 3, 2012 - 3:48pm

Either you can't read or are a douchebag. I'm guessing the latter.

Big Buffalo · Jul 3, 2012 - 3:52pm

Thanks! She's always worked for smallish companies and they never had a matching 401k plan, so she's very excited. The good thing is that she's on board with not buying into one of the pre-scheduled "retire rich" at your age plans. We'll probably do some selective company buys such as apple, phillip morris, whole foods market. I buy enough gold and silver, so she'll not be buying into those, such as pslv.

Jimmy James · Jul 3, 2012 - 3:55pm

...at silverdoctors.com:

https://www.silverdoctors.com/turd-ferguson-the-rest-of-the-bullion-bank-cartel-has-turned-on-jp-morgan/

EDIT: Actually, its just a prequel (taste). The full thing including audio and full transcript get released tomorrow.

Fortinbras · Jul 3, 2012 - 3:56pm

... You choose to be the way you are, Dids chose to be the way he was... No one asked for your sympathy.

Daveyboy - while sometimes I think your points are "douche baggish," i actually agree with you 100% on this one and I appreciate your RIP.

One more thing Endzeit, your country kills with the best of us.

And for my Aussie friends here, tonight, on my flight to Amsterdam, I will be watching "The Castle" which Dids forced me to watch many years ago.

Jousting Sticks
Dagney Taggart Fortinbras · Jul 3, 2012 - 3:59pm

We used to have a principle in this country along the lines of, "We all can choose to be who we are. Just don't tell me to pay for it."

Sorry for loosing your friend. I lost a friend in the first gulf war but that doesn't matter any more. Nothing meaningful changed.

Jimmy James Fortinbras · Jul 3, 2012 - 4:03pm

Dids did you a favor many years ago.

And my condolences.

Anonymous · Jul 3, 2012 - 4:04pm

Removed comment.

Mudshark Bytes · Jul 3, 2012 - 4:09pm

…zip, zero, zilch disrespect for people who for whatever reason choose to enter the military, regardless of their fate.

I have zip, zero, zilch respect for the military industrial complex that has gotten us into this state of perpetual war. I am beginning to think Eisenhower was the last good president we ever had, and that's primarily on the basis of one portion of his farewell address:

Ike Military Industrial Complex

btw - it was impossible to find a clip of this speech on youTube that DIDN'T contain some smarmy music overlaid, why??? If somebody can find a CLEAN, un-music'd clip, it would be nice.

Fortinbras · Jul 3, 2012 - 4:16pm

... we are self-important bugs that think we are something grander and more special than the other living things... An opposable thumb is great for talking on the telephone, but it really doesnt make us very special in the big scheme of things.

Roark · Jul 3, 2012 - 4:19pm

No explanation needs to be given. None. Where you stand is clear. As is why you choose to stand there. 

Any person who conditions basic human sympathy for the deceased and their survivirs based on dime store politics has already left the continuum of the Human spirit. 

Fort: give my best to the family and kids left behind. Our thoughts are with them and politics be damned. 

justin · Jul 3, 2012 - 4:20pm

R.I.P. 

my prayers and thoughts to his family and all the families that have lost a loved one in these war torn times.

Big Buffalo · Jul 3, 2012 - 4:24pm

I flew off the handle the other night, mainly b/c I felt like this site was going the way of Zerohedge and that a lot of the folks I liked and respect seemed to be gone. It's very nice to see I was wrong and those folks are still here and still positive and supportive.

I here by solemnly swear never to get caught up in the BS and add more folks to my ignore list. These are the folks that just think it's nice to give backhanded compliments and think they're being cool and witty. I should have known that Turdville is more mature and that those folks will be weeded out in time.

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Key Economic Events week of 6/11:
6/12 Trump-Kim summit
6/12 8:30 ET CPI
6/13 8:30 ET PPI
6/13 2:00 ET June Fedlines
6/13 2:30 ET CGP presser
6/14 8:00 ET Count Draghi presser
6/14 8:30 ET Retail Sales
6/14 10:00 ET Busi.Inv.
6/15 9:15 ET Ind. Prod

Key Economic Events week of 6/4:
6/4 10:00 ET Factory Orders
6/5 9:45 ET PMI Svcs
6/5 10:00 ET ISM Svcs
6/6 8:30 ET Intl Trade and Productivity
6/8 10:00 ET Wholesale Trade

Key Economic Events week of 5/28:
5/30 8:30 ET Q2 GDP 2nd guess
5/31 8:30 ET Personal Income
5/31 9:45 ET Chicago PMI
5/31 10:00 ET Pending Home Sales
6/1 8:30 ET BLSBS
6/1 9:45 ET PMI Manu Index
6/1 10:00 ET ISM Manu Index
6/1 10:00 ET Const Spend

Key Economic Events week of 5/21:
5/22 10:00 ET Richmond Fed
5/23 9:45 ET PMI Composite
5/23 10:00 ET New Home Sales
5/23 2:00 ET May FOMC minutes
5/24 10:00 ET Existing Home Sales
5/25 8:30 ET Durable Goods
5/25 9:20 ET Chief Goon Powell speech

Key Economic Events week of 5/14:
5/15 8:30 ET Retail Sales and Empire State Fed
5/15 10:00 ET Business Inv.
5/16 8:30 ET Housing Starts
5/16 9:15 ET Industrial Production
5/17 8:30 ET Philly Fed

Key Economic Events week of 5/7:
5/9 8:30 ET PPI
5/9 10:00 ET Wholesale Trade
5/10 8:30 ET CPI
5/11 8:30 ET Import/Export Prices

Key Economic Events week of 4/30:
4/30 9:45 ET Chicago PMI
4/30 10:00 ET Pend Home Sales
5/1 9:45 ET PMI and ISM Mau Idx.
5/1 10:00 ET Const. Spending
5/2 2:00 ET FOMC fedlines
5/3 9:45 ET PMI/ISM Svcs.
5/3 10:00 ET Factory Orders
5/4 8:30 ET BLSBS

Key Economic Events week of 4/16:
4/16 8:30 ET Retail Sales, One Fed Goon speech
4/16 10:00 ET Business Invt.
4/17 9:15 ET Industrial Prod., Four Goon speeches
4/18 Two Goon speeches
4/19 8:30 ET Philly Fed, One Goon speech
4/20 Two Goon speeches

Key Economic Events week of 4/9:
4/10 8:30 ET PPI
4/10 10:00 ET Wholesale Trade
4/11 8:30 ET CPI
4/11 2:00 ET March FOMC minutes
4/12 8:30 ET Imp/Exp Prices
4/13 Fed Goon Speeches...Rosengren 7:30 ET, Bullard 9:00 ET, Kaplan 1:00 ET

Key Economic Events week of 4/2:
4/2 9:45 ET PMI Mfg Idx
4/2 10:00 ET ISM Mfg Idx and Construction Spending
4/4 9:45 ET PMI Svcs Idx
4/4 10:00 ET ISM Svcs Idx and Factory Orders
4/5 8:30 ET Intl Trade
4/6 8:30 ET BLSBS

Recent Comments

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randomness