Your Weekly Podcast

Fri, Aug 3, 2012 - 1:27pm

A little something different this week. As a change of pace, I'm the one getting interviewed. I spoke yesterday with Alasdair Macleod of GoldMoney and I think you'll enjoy listening in.

The link to the interview is right here:

But it's also available on Youtube:

Turd Ferguson and Alasdair Macleod on the end of the Great Keynesian Experiment

As mentioned above, the NFP numbers this morning threw nearly everyone for a loop, at least initially. Then, once folks were able to "look under the hood", they discovered that things aren't quite so rosy. ZeroHedge opened the door ( and then Jim Quinn kicked it down (

Crude oil is really cooking today and must be watched closely next week. I've got the October crude pushing $92 as we head into the close. A move above the highs from late July near $93 and we'll see crude sets its sights upon $100. Obviously, $100 crude would have an impact on the metals.

This week's CoT is going to be very interesting. Once I see the numbers this afternoon, I'll add some thoughts in the comments section of this thread, so please look for that sometime after 3:30 EDT.

Lastly, "Turd's Army" just completed another stellar month under General Maguire's leadership. We know that it can sometimes be a logistical challenge to perfectly mimic Andy's trades and we're working on that. In the meantime, some folks have chosen instead to simply trade in larger size. I found a thread at where the service is being discussed. Please check it out. (If you're interested, August would be a fine time to consider a trial membership.)

And here's the link to the service:

Lastly, I promised you a wild week this week and it certainly was. Not surprisingly, it turned out almost exactly as we expected. Next week, however, promises to be very exciting as well. I urge you to take the weekend to relax and rest. The summer is getting hotter by the day and you need to be ready for whatever lies ahead.


About the Author

turd [at] tfmetalsreport [dot] com ()


Aug 4, 2012 - 8:55pm

Diesel per ounce of gold

Perhaps not only a diesel bottleneck...

might be my memory playing tricks, but I recall a rubber supply issue a few years back, and one of the noted drains on supply were the massive 13 foot diameter tyres that are used by those huge mining vehicles that haul the ore out of the ground.

Mining sucks up a lot of resources all round it seems.

Aug 4, 2012 - 8:59pm



Here we can see the big change in diesel consumption per ounce of gold. For every ounce of gold that GoldCorp produces, it takes 23.2 gallons of diesel. If you read my previous article, this is about right for the average. However, we can see just how much this amount has risen in just 6 years.

I am working on other aspects such as total amount of processed ore and how much gold that is being produced per tonne.


2005 = 8.5 million tonnes

2011 = 95 million tonnes


2005 = 4.14 G/T

2011 = 0.81 G/T

1H 2012 = 0.65 G/T


2005 = 9.7 million gallons (8.5 gal per oz)

2011 = 58.3 million gallons (23.2 gal per oz)


Wow, that is just amazing. Look at that amount of gold per tonne that GoldCorp is producing. In just the past 6 months it has fallen 20%!!!...LOL

No one in the industry has a clue how bad the energy situation will become in the next several years as the gold mining community devours millions and millions more gallons of diesel.... as well as an increasing amount of gallons per oz.

Lastly.... just times this by the whole industry going forward.

Aug 4, 2012 - 9:00pm

Agenda for Shared Prosperty, and "loaning" your 401K

to the government. I know that the topic came up a couple of years ago, but the worse things get, the more likely it seems that it may happen. Hell, we wouldn't be the first country where the government stole the citizens' private assets.

She originally wrote the article on May 6, 2010.

Fritz SRSrocco
Aug 4, 2012 - 9:15pm

Diesel per ounce of gold . . .

Thanks for putting the numbers together. By the way, I think that you could ask for a paid service. On another front, I noticed that Teck reported increasing lead and zinc grades at their new Red Dog pit . . . Seeing that the previous Red Dog pit was responsible for one of North America's biggest silver mines, I wonder if you have looked into if silver has also increased in grades there . . . Any thoughts?

Fred Hayek
Aug 4, 2012 - 9:24pm

@Turd, re Really Good Stuff from Trader Dan

I'm sure that what Dan is saying is part of the truth. But he acts as though there are times when the precious metals markets are completely free and just happen to catch a bad case of ennui and so the hedge funds depart. An interlude of totally natural price discovery in response to which the hedge funds take certain actions. Really?

And, come on, what interest do hedge funds have in selling so that gold and silver don't go up more than 1%? What interest do hedge funds have in selling so that gold and silver don't go up at the same time as the stock market is going down? Etc . . etc . . etc . .

James McShirley printed an 18 point list of the most common manipulations seen clearly in the gold and silver markets. Almost none of them would seem to be in the particular interest of hedge funds in the precious metals markets. However, all, every one of them, are in the interest of bullion banks doing the bidding of the U.S. and U.K. governments.

Dan knows his stuff but so did Ted Butler before he finally threw in the ideological towel and came around to the viewpoint that the market in which he was working, in which he'd spent so much of his life was hopelessly corrupt.

Fred Hayek Rico
Aug 4, 2012 - 9:30pm

@ Rico re I don't think Norcini is

I agree.

The problem is that his explanation takes for granted that the market actions which inspired the hedge funds to leave are natural. It's an implicit assumption of his argument. But, once examined, this assumption doesn't seem credible. In addition to suppressing price, a primary goal of the manipulation of the PM markets would obviously have to be to dampen sentiments so that yield famished hedge funds, among other parties, don't bother.

Aug 4, 2012 - 9:31pm

Talking about price of gas, Eric

Stole this from SGS site a while back.

These Gas Prices Blow-The Video by 91.5 The Beat Listener Gabi Cortes
Fred Hayek Boswell
Aug 4, 2012 - 9:35pm

@Boswell re the app to locate Dem voters.

If I were a serious thief, I would LOVE this app. L-O-V-E, love it.

Someone's done a lot of my work for me. Which targets in a certain area are *significantly* less likely to own firearms with which to defend themselves? Why, here it is set up for a thief on a data mining platter! Thanks pal!

Aug 4, 2012 - 9:38pm

so is GG a $5 stock?

It looks to me like cash flow issues should force the miners to shut down operations until prices go up...a lot.

Aug 4, 2012 - 9:38pm

It's not just Harry Reid…

Regarding "Voluntary Self-Assessment"


In 1953, Mr. Dwight E. Avis, head of the Alcohol and Tobacco Tax Division of the Bureau of Internal Revenue, made the following remarkable statement to a subcommittee of the Committee on Ways and Means in the House of Representatives:

Let me point this out now: Your income tax is 100 percent voluntary tax, and your liquor tax is 100 percent enforced tax. Now, the situation is as different as day and night. [Internal Revenue Investigation] [Hearings before a Subcommittee of the ] [Committee on Ways and Means] [Feb. 3 thru Mar. 13, 1953]

In 1971, the following quote was found in the IRS instruction booklet for Form 1040:

Each year American taxpayers voluntarily file their tax returns and make a special effort to pay the taxes they owe.

In 1974, Donald C. Alexander, Commissioner of Internal Revenue, published the following statement in the March 29 issue of The Federal Register:

The mission of the Service is to encourage and achieve the highest possible degree of voluntary compliance with the tax laws and regulations .... [Vol. 39, No. 62, page 11572]

One year later, in 1975, his successor, Mortimer Caplin authored the following statement in the Internal Revenue Audit Manual:

Our tax system is based on individual self-assessment and voluntary compliance.

In 1980, yet another IRS Commissioner, Jerome Kurtz (their turnover is high) issued a similar statement in their Internal Revenue Annual Report:

The IRS's primary task is to collect taxes under a voluntary compliance system.

Even the Supreme Court of the United States has held that the system of federal income taxation is voluntary:

Our tax system is based upon voluntary assessment and payment, not upon distraint. [Flora vs United States, 362 U.S. 145]

The dictionary defines "distraint" to mean the act or action of distraining, that is, seizing by distress, levying a distress, or taking property by force.

IRS Publication 21 is widely distributed to high schools. It acknowledges that compliance with a law that requires the filing of returns is voluntary. (Get to those young minds early, and it's easier to wash their brains later on in life.) At the same time, it suggests that the filing of a return is mandatory, as follows:

Two aspects of the Federal income tax system -- voluntary compliance with the law and self-assessment of tax -- make it important for you to understand your rights and responsibilities as a taxpayer. "Voluntary compliance" places on the taxpayer the responsibility for filing an income tax return. You must decide whether the law requires you to file a return. If it does, you must file your return by the date it is due.


The application of a bit of logic and knowledge of the 5th amendment to the constitution makes the voluntary aspect of filing income taxes clear.

1) You must sign the income tax form under penalty of perjury.

2) According to the 5th amendment, you cannot be forced to testify against yourself, therefore,

3) You cannot be forced to file an income tax form, as, depending upon your source of income, there are many many instances where you would be forced to testify against yourself (I made $100,000 last year selling drugs) or lie (I made that $100,000 last year selling a LOT of lemonade).

It surprises me the number of people here who overlook this and declare the issue of voluntary self assessment as ridiculous.

Will the IRS come after you if you simply don't file? It depends. Many people simply stop filing and never hear from the IRS again. Many do. Of those that do, many successfully stop the IRS in their tracks. Full disclosure, I file every year - voluntarily.

I don't really want to push another hot-button issue here, I've had more than enough of that, but the notion that filing is voluntary is far from ridiculous.

Aug 4, 2012 - 9:52pm

Harry Reid

is just senile.

Aug 4, 2012 - 9:56pm


No argument there.

Aug 4, 2012 - 10:14pm

Markets corrupt

of course they are-in more ways than can be counted.

Boilerrooms for one

HFT for another

Brokers for another (I esp like the ones that charge a wrap fee but no fees on each trade. However what they do not say is when they trade for you , the price you buy at is higher than maybe even the hig of day and the reverse when you are selling.

If you want to buy or sell a large chunk of a stock, better do it in small chunks as when you would put in an order to say sell, the bids disappear. (this is on stocks not very liquid)

then we have the inside info traders.

Or the "we make a market in this security" deal.

I had one where I was reimbursed when I complained 20 years ago-broker wants me in a certain stock -I tell him to sell and it goes down w/o him selling. He tells me he will make it up to me-his plan-screw someone else on a trade and stick the profit into my account.

Then we have the traders (internal hedge funds mostly I guess) who push a stock down (or like Friday push a sector like miners down in the last 15 minutes only to do a trading places gimmick and buy the stock back after they effectively yelled fire in a theatre and flushed out weak hands.

Then we have the CME/JPM type of manipulation which is merely an offshoot of those described above. And the corruption where somehow the long shave to out up margin while shorts do not--collusion might be a better term.

Then you have the brokers with discretionary power--who do not give a hoot about performance-just make sure they build a great book of business.

ever hear the one about brokers and advisors do not want gold in clients accounts because it does not pay interest? But were proud to tell clients how their contacts got him an allocation of FB.

And then of course its the Morgan Stanley deal with Facebook, or teh CEO of Enron saying buy enron stock to employees, or the Bear Stearns CEO on Friday saying the stock is perfectly safe only to see it barf sunday night.

You all get the idea? I think you have to assume PM sector is manipulated if for no other reason that the market is manipulated. Why should PM miss the fun.

Louie Bohemian
Aug 4, 2012 - 10:16pm

@Bohemian- Hampede!

Thanks for the heads up. Look out Walgreens, here comes Turd's Army!

Louie exiledbear
Aug 4, 2012 - 10:22pm

@ exiledbear- Each man did what was right in his own eyes

exiledbear says, "at some point people will stop taking them seriously and just start doing whatever they want."

There are several neighborhoods in my community where people are already doing whatever they want. Drugs are openly sold on the street. Prostitutes ply their wares on every street corner. The police only go into these neighborhoods when they are called. I would say that what you have predicted is already coming true.

Aug 4, 2012 - 10:39pm

Voluntary income tax

How about, when the tax man comes, you tell them, "How could there be any problem with my taxes? I had Timothy Geither help me with them." You could also claim that Charles Rangel was your tax advisory.

Bohemian Louie
Aug 4, 2012 - 11:17pm

RE: Hampede !

Yeah, that's the way to do it !!!

Dire Straits - Money For Nothing (Live At Knebworth)

It's even cheaper than those supermarket's chicken-turkey wieners, or even the premium dog food.

Aug 4, 2012 - 11:24pm

Ernesto to bypass US oil rigs

But might hit the Mexican ones. Only likely as Cat 1, however. Might stop production but no damage likely.

Aug 4, 2012 - 11:24pm

Friday Chart Porn: Value Play Of The Decade


Friday Chart Porn: Value Play Of The Decade

Before I get to the good stuff, I wanted to comment quickly on today's employment report released by the Government. As we all know by now, the NFP (non-farm payroll report) is one of the most highly politicized and statistically manipulated economic statistics on the planet. It's gotten to the point at which it's become absurd in extremis the degree to which so-called experts get in front of the public and discuss this report as if it has any meaning at all. In fact, the only meaning it represents to me is the outrageous degree to which the Government is willing to stretch the truth in an attempt to exert control over the public. Unfortunately, for the actual 20% of the population that is unemployed/under-employed, this monthly three-ring circus of Wall Street economists, CNBC and the Government has turned truly tragic.

Now on to the good stuff...A long-time colleague of mine sent me this chart which shows the ratio of the XAU mining stock index to the price of gold going back to 1984. I have not seen anything like this in blogosphere or posted on the usual gold-bug aggregator websites. The XAU index is composed of 16 of the largest gold/silver mining stocks traded on the NYSE/Nasdaq. If you are interested, here's the list: LINK The ratio itself represents the value of the index in relation to the price of an ounce of gold:

(click on the chart to enlarge) As you can see, despite the 11-year move in gold, which has taken gold from 0/oz to as high at 00, the market value of mining stocks in general has declined in relation to the price of gold by extraordinary amount since its peak in 1996, when the price of gold averaged around 0/oz and silver around .80/oz. Does this make sense, especially given that the large mining companies have steadily increasing their dividend payout ratio and throwing off record amounts of cash flow? Either the market is pricing in the expectation of gold and silver selling off to the level where they started this bull market or the universe of mining stocks represents the value play of the decade. Barring some miracle bestowed upon us by some fantastically imagined divine intervention, the financial, economic and political problems faced by the world are going to continue to get worse. This would argue against a big drop in the price of gold/silver and in support of the value theme. The trigger for a massive inflow of capital into the mining stock sector will be the eventual discovery of this asset class by the large institutional funds - pensions, insurance companies, mutual funds, general-category money managers. As an asset class as a whole, institutional investors globally have less 1% of their asset base invested in the sector. At the peak in 1980, this allocation was over 6%. We're talking trillions in capital that will potentially flow into this sector, triggering a mania in mining assets that will at least rival, and likely exceed, the mania we saw in internet and tech stocks at the end of the last decade. So for instance, the total market cap of all publicly traded mining stocks (gold/silver) is roughly 0 billion. This is less than the individual market caps of the top 15 stocks in the S&P 500. Fidelity has a small dedicated mining stock fund that has about billion in assets. But as an institution Fidelity has over trillion under management. At some point, just like with the tech bubble, Fidelity will move a lot of capital across many of its funds into the gold/silver mining stock sector. Sheer investor demand will require it. This trend will sweep across all large asset management companies. I'm not going to try and put a timetable on when this investing shift will occur. But I will say that it is absolutely accurate to say that it's silly to discuss whether or not the precious metals sector is in some sort of "investment bubble" when most of the capital that could potentially flood into the sector and create a "bubble" has yet to do so. Have a great weekend. POSTED BY DAVE IN DENVER AT 12:34 PM
Aug 5, 2012 - 12:24am

Value Play

I agree that the greatest long term growth potential for PMs is in quality mining operations. Indeed, my portfolio is heavily weighted in that direction. However, I do have concerns; most notably, that the world's major stock markets are precariously close to collapse and when the stock market dumps 1500 points in 2 days, you can be pretty confident that it will take a lot (if not all) the PM stocks along with it. Yes, they'll make a reasonably quick recovery (at least, sooner than other stocks) but you've got to to able to survive that original crush and then have the balls to hang in there while holding only the ragtag remnants of your pre-collapse portfolio value. We've seen it all before and it's easier said than done.

Silver Danny
Aug 5, 2012 - 12:31am

GGR finds confirmation of gold's rally in 'managed money' short

GGR finds confirmation of gold's rally in 'managed money' short covering

Please Read the article for more:

Sure looks like gold has bottomed....

SRSrocco Fritz
Aug 5, 2012 - 1:49am


Fritz.... I have actually spoken to Lisa Harbo, one of the authors of the Alaska Mineral Report. I have to tell you, I am amazed at the lack of credibility in some of the government agencies (geared towards the USGS). The last 2010 USGS Silver Mineral Yearbook showed the following top 25 silver producing mines in the United States in 2010:

You will notice as of 2010, the RED DOG MINE was the number one silver producer in the country beating out HECLA'S GREENS CREEK. However, this is not true. Teck who runs the Red Dog mine does not give out their silver production. So, the Alaska Dept of Geology has to do the calculation themselves. They do an excellent job. All the USGS has to do is call them up and ask for the figures. Both the 2011 USGS SILVER YEARBOOK & ALASKA MINERAL REPORT are not yet published.

If we look below at the next two tables from the 2010 ALASKA MINERAL REPORT, we will see the exact silver production coming from RED DOG and GREENS CREEK;

If you look at the top table which is the RED DOG MINE, you will see that they produced 6.78 million oz of silver in 2010. The Alaska Dept of Geology calculates the silver from Red Dog's lead production (where most of the silver is contained). The second table which is GREENS CREEK, shows that they produced 7.2 million oz of silver. This is also in Hecla's 2010 annual report. Green Creek produced 400,000 more oz than Red Dog, but according to the USGS, Red Dog was the larger producer. Go figure...

Anyhow... to your question about rising zinc and lead ore grades at Teck's RED DOG MINE. If we look at the Q2 2012 report we see the following:

Even though Teck is getting better recovery out of lead and a bit out of zinc, their production in 2012 is less than 2010 when the RED DOG MINE produced 6.78 million oz of silver. In 2010 they produced 121,144 tons of lead and 593,004 tons of zinc. So far the first half of 2012 Red Dog has only produced 46,800 tons of lead and 260,000 tons of zinc. Thus, lead production is down 23% since 2010 and zinc production is down 12.3%

Because the lead part of the ore contains more of the silver, Red Dog will produce even less silver this year than in 2010. If lead is down 23% in the first 6 months of 2012, I would imagine it will be down at least 20% for the full year. If we take 6.78 million oz times 20% we get the following:

6.78 X 20% = 1.35 million oz decline

So, the RED DOG MINE, is slated to produce about 5.4-5.6 million oz of silver in 2012.... even though lead recoveries are much higher this year.

How bout that for numbers....LOL

Fritz SRSrocco
Aug 5, 2012 - 3:50am

Red Dog

Thanks for your analysis. However, Teck had some issues with equipment that led to a shut down that accounts for the majority of their decline. I think that's on page 21 or so of their q2 PDF. What caught my eye is that their ore grades are up . . . And as you point out, they are a major producer of silver . . . I guess I'll have to call the state folks and see what their take is on the silver production grades from the new pit. I have been told that the entire area is very rich . . . In silver . . . And as new pits are opened up there is room for increases of silver as well as lead and zinc . . . Could Teck be a stealth silver producer . . . Actually with increasing grades? I'll let you know what their response is.

El Gordo
Aug 5, 2012 - 4:23am

Voluntary Tax Filings

Filing your FIT form is voluntary. Stopping at red lights is voluntary. In fact, unless you are incarcerated, compliance with virtually every law is voluntary. Failure to comply is where the problem arises. Of course, every time a new law is passes, a new class of criminals are created. Lately selling raw milk harvested from your own cows or having an open air birthday party and preparing your own cake and ice cream have resulted in arrests, so you can readily see where this is going.

Aug 5, 2012 - 7:40am

@ SRSrocco

" I have to tell you, I am amazed at the lack of credibility in some of the government agencies (geared towards the USGS). "

​here in blighty, I contracted for a while in the petroleum industry, and we annually had to supply info to government agencies for a number of topics, directly geared to our industry.

The forms that we had to fill in were ambiguous and uninformed to the point of being shambolic and nonsensical, put together by people who clearly had no knowledge of our industry. We called them on several occasions to press them to define their terms, and nobody at the other end understood the questions. Looking back at what my predecessors had submitted, there was no consistency at all in what my own then employer had historically submitted. God knows how the several competitors were treating the exercise.

So there we go; insatiable government desire for info resulted in money wasted on ineffectual agencies, wasting the time of the private sector, to produce misleading reports (though they might end up feeding policy), and in the event that any truth somehow emerged, they would probably subvert it if it didn't give the right results. Kind of like the BLS I suppose.

Mudsharkbytes El Gordo
Aug 5, 2012 - 8:08am

Red lights & tax forms

The difference between the two is there are laws on the books that criminalize failure to stop at a red light. The laws on the books that deal with income tax are ones that punish perjury, lying, cheating on your form - not failure to file. Failure to file is not a criminal offense.

bam tyberious
Aug 5, 2012 - 8:18am


Gary over at biiwii has a short rebuttle to that chart:

A chart making the rounds says 'why buy gold stocks?'

According to this chart, the XAU-Au ratio has made a lower low to the 2008 low and thus has massive resistance above.

Okay, but in the spirit of truth in advertising, maybe an area chart is not the best way to go as it does not show the actual low to which the ratio declined in 2008.

A monthly candlestick chart shows the situation we have been operating to for many - too many - months now, since the the nominal gold stock indexes broke down from a bear flag and lost support last winter/spring.

See? No loss of support and no reason for hysterics as a long as the higher low is in place.

Aug 5, 2012 - 8:47am

S&P downgrades 15 Italian banks

I know that lots of us also read Zero Hedge too.

With Italy facing a potentially deeper and more prolonged recession than we had originally anticipated.....

...a more severe recession will likely push up the stock of Italian banks' problem assets in 2012 and 2013 to levels higher than we previously expected....

El Gordo
Aug 5, 2012 - 10:33am

I'm getting nervous

Things are too quiet over here in Turdville. Have they started the attack on all the Turdites - shutting down their computers, taking them to re-education camps, using flash-bang grenades to wake up the neighbors to watch as we are frog marched into the waiting black SUV? I'm locking my doors and gassing up my generator. They might get me, but it won't be easy.

Aug 5, 2012 - 10:55am

Wall Street under cyber attack ?

India electric break-down a few weeks after defying Washington by exchanging Iranian oil against gold... US cyber-attack

Knight Capital Corp losing control on its trading software, ... indian cyber-attack

Traders lost with thursday & friday moves on the NYSE ? Do all the WS trading programs going nuts ?

My thesis on this page

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Key Economic Events Week of 6/17

6/18 8:30 ET Housing Starts and Building Permits
6/19 2:00 ET FOMC Fedlines
6/19 2:30 ET CGP presser
6/20 8:30 ET Philly Fed
6/21 9:45 ET Markit flash June PMIs

Key Economic Events Week of 6/10

6/11 8:30 ET Producer Price Index
6/12 8:30 ET Consumer Price Index
6/13 8:30 ET Import Price Index
6/14 8:30 ET Retail Sales
6/14 9:15 ET Cap Ute and Ind Prod
6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 5/28

5/28 10:00 ET Consumer Confidence
5/30 8:30 ET Q1 GDP 2nd guess
5/31 8:30 ET Personal Income and Consumer Spending
5/31 8:30 ET Core Inflation
5/31 9:45 ET Chicago PMI

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

Key Economic Events Week of 4/29

4/29 8:30 ET Pers Inc, Cons Spend, Core Infl
4/30 8:30 ET Employment Costs
4/30 9:45 ET Chicago PMI
5/1 8:15 ET ADP jobs report
5/1 9:45 & 10:00 ET Markit and ISM Manu PMIs
5/1 10:00 ET Construction Spending
5/1 2:00 ET FOMC Fedlines
5/1 2:30 ET CGP presser
5/2 8:30 ET Productivity and Unit Labor Costs
5/2 10:00 ET Factory Orders
5/3 8:30 ET BLSBS
5/3 9:45 & 10:00 ET Markit and ISMServices PMIs

Key Economic Events Week of 4/22

4/22 10:00 ET Existing Home Sales
4/23 10:00 ET New Home Sales
4/25 8:30 ET Durable Goods
4/26 8:30 ET Q1 GDP first guess

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

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