Getting Ready

Sun, Jun 9, 2013 - 1:42pm

I suspect we are about to have a rather consequential week, therefore, here's a Sunday post to get you started.

There's certainly a lot of disgust and angst out there at the price action from Friday. Put me in that category, too. The U.S. unemployment rate rises from 7.5% to 7.6% and it's used as a rationale for a 2.5% selloff in the price of gold? Uhhhmm...yah...that makes a lot of sense. I guess what doesn't make sense is going over it all again as I made my frustration pretty clear in the previous post. In the end, the desperate scheme of The Bullion Banks to transfer as much short obligation onto the backs of the Specs continues unabated.

This week's CoT report showed next-to-nothing in terms of weekly changes to net bullishness or bearishness. The real action, though, sprang forth from the monthly Bank Participation Report. Again, it is this report that many analysts use to calculate the net long or short positions of the individual Bullion Banks...and this month's report is a doozy!

The report shows that not only are the major Bullion Banks no longer net short, they are actually NET LONG gold futures. I've seen one report that suggests this is the first time the Bullion Banks have been NET LONG since 2001. I've also seen a report suggesting that JPM itself is now net long as many as 50,000 contracts! IF this is true, and it's simply a matter of correctly interpreting the data (of course the DATA ITSELF has to be accurate), then there can be NO DOUBT that the precious metals are on the verge of a MAJOR BOTTOM followed by a ferocious rally.

The only thing I'd like to add to the discussion is the rationale for JPM's move into NET LONG territory. The shortages in their gold vaults has been well-documented and clearly this has much to do with it. But there seems to be a lot of curiosity this weekend as to how JPM can be net long so many gold contracts yet still be net short so many silver contracts. The answer likely lies in offshore and OTC positioning, but as this relates directly to The Comex, I think that part of the JPM gold position is actually a hedge against their remaining silver position. Huh? Let me explain.

As you know, I watch the OI and CoT levels pretty closely and I've been banging the drum pretty hard for months about the unusual and exceptionally large Comex Commercial GROSS LONG position. This gross level of Commercial long contracts has historically and consistently fluctuated between 30,000 and 45,000 for the past several years. At price peaks, the gross level would be close to 30,000 and, at price bottoms, the number would rise to somewhere near 45,000. Essentially, these "other commercials" added contracts at lows and then closed them out at highs, making a tidy profit from anticipating how JPM was going to once again fleece the Spec Sheep.

Well, something flipped with this last price cycle. At the lows of last August, the Commercials had again built up a large gross long base (47,797) and, by the time price was capped at the announcement of QE∞ in mid-September, this position had been trimmed back (32,206). During this entire Cartel operation in the nine months since, you would have expected that the Commercial gross long position would have grown again. But, would you have expected this?


8/14/12 $27.78 47,797

9/11/12 33.46 32,206

10/23/12 31.66 35,786

11/27/12 34.03 42,525

12/31/12 30.29 45,415

2/5/13 31.79 46,293

3/12/13 29.13 51,929

4/9/13 27.97 61,060

5/7/13 23.94 65,703

6/4/13 22.52 66,857

OK, so what the heck does all this mean? I'll try to bring it all together in some sort of coherent form:

  • Caught flatfooted and enormously short paper metal at the initiation of QE∞, a deliberate and calculated plan has been orchestrated by the major Bullion Banks, in particular JPMorgan.
  • By driving price the price of gold almost $400 lower, The Gold Cartel has been able to reduce their general liability by nearly 80% ( and, by virtue of the latest Bank Participation Report, some Bullion Banks have been able to move NET LONG for the first time in over a decade.
  • If reports are correct the JPM has flipped from 50,000 net short to 50,000 net long, we must conclude that the operation to smash gold is close to complete.
  • However, even though silver has been smashed a greater price percentage than gold, JPM has been been blunted in their attempts to completely cover their net short silver position as the "other commercials" (who at least on the surface don't appear to be JPM itself) have added at least 20,000 more longs than they have historically ever carried.
  • And notice that the gross long position shown above has continued to rise, even in the face of sharply lower prices over the past eight weeks. These are some very deep pockets that, clearly, are not being shaken out. Instead of selling on further weakness, they continue to add.
  • JPM could attempt to jam silver prices even lower in an increasingly desperate attempt to frighten these longs but at what cost? By doing so they lose big on their gold position and further exacerbate their already tenuous physical/deliverable gold position.
  • And it is this "juggling act" that leads me to think that this entire operation, which began a brutally-long nine months ago, is nearly finished.

You see, by moving so deeply long in gold futures, JPM has effectively hedged much of the remaining silver short position that they've been unable to cover. At its most basic level...if they are forced to cover silver into a rising price, the potential losses they'd incur will be more than equaled by the gains they'd show in gold. (Just for fun...If you're long 50,000 contracts and price rises $500 back to the August 2011 highs, you make $2.5B!)

Now, all of this is well and good and NO DOUBT foreshadows much higher prices for both metals in the weeks ahead. However, none of this is going to matter much to the Spec HFTs which are expected to pounce on the metals this evening, particularly in silver. The fact that China is "closed" through mid-week will only serve to exacerbate the paper price volatility. However, IF I'm right about the ideas laid out above, price should show surprising resilience this week. Gold has been very well bought each and every time that attempts have been made to drive it down through $1350. Let's see if this continues. Silver, too, has hung tough around $22 and has bounced back twice from "shock lows" near $21.

So, I'll close this post the way I began. This is going to be a very consequential week for the that will tell us a lot about the short-term and intermediate trend for price as we head into summer. Nearly every indicator that I've traditionally followed is indicating that a bottom is near and trend change is coming. Let's see where we go from here.


About the Author

turd [at] tfmetalsreport [dot] com ()


Jun 10, 2013 - 4:47pm
Jun 10, 2013 - 4:48pm

Having read about

Having read about self-improving AI, I have a very hard time believing in any form of alien space travel capable of reaching between star systems without them present. And if a self improving AI were here, you would KNOW IT because it would be optimizing our star system according to its basic programming.

From the article:

The AI does not hate you, nor does it love you, but you are made out of atoms which it can use for something else.

—Eliezer Yudkowsky, Artificial Intelligence as a Positive and Negative Factor in Global Risk

The paperclip maximizer

is the canonical thought experiment showing how an artificial general intelligence, even one with an apparently innocuous and impractical goal, would ultimately destroy humanity--unless its goal is the preservation of human values.

By choosing for illustrative purposes a goal for an artificial general intelligence (AGI) which is very unlikely to be implemented, and which has little apparent danger or emotional load (in contrast to, for example, curing cancer or winning wars), the thought experiment shows the contingency of human values: An extremely powerful optimizer (a highly intelligent agent) could seek goals that are completely alien to ours, and as a side-effect destroy us by consuming resources essential to our survival.


Any alien civilization that does not consist of a god-like AI will thus be relatively primitive, not more than a few hundred years more advanced than us, unless they have set specific prohibitions against AI creation, or have created a powerful AI-killer (which would itself have to be an AI which has limits placed on its growth). If aliens were here, I would think that they would be preventing AI research from taking place, as that is an existential threat to them (as it is to us, we just haven't had to deal with it yet).

Jun 10, 2013 - 4:50pm

UFO crazy guy

Raving loony:

I hope.

Non over re Krugman; think you doth protest too much - self loathing?

Jun 10, 2013 - 4:57pm


NSA is Recruiting

I know a space cadet in an orbiter, circling Jupiter on thrusters.

Ill pass the word at light speed.

LIFTOFF of Space Shuttle Endeavour/STS-134(last time)
Ground Control to Major Tom
Steve Miller - Space Cowboy

Chill out Bugs, just dropping SRBs and the ET. Hope no polar bears where hit.

Tally ho, and not a tax agent in sight, and thats outta sight!

Jun 10, 2013 - 4:57pm

Another petition

We Demand President Obama Resign

President Richard Nixon resigned after wiretapping a handful of journalists, sparing the nation the ordeal of impeachment. We call on Obama to do the same. His administration vetted the NSA's surveillance of millions of Americans and seriously violated the Fourth Amendment. He confiscated the personal records of reporters, thus violating the First Amendment, and the IRS under his watch harassed political organizations opposed to his policies. Moreover, his administration has lied under oath to Congress. In addition to violating Article I, Section 8 of the Constitution by invading Libya, his administration engaged in torture and conducted a covert drone war. Due to the severity of these crimes, we call for the immediate resignation of Barack Obama.

If this one is as successful as the ones on silver manipulation, well then I guess we are stuck with the douche. Hold on yo your boot straps!

Jun 10, 2013 - 4:59pm


I don't agree with this commentary as I find it contradictory to most of the other analysis I've read, not to mention my personal conclusions.

Yielding to Deflation: Important Risk Factors to Consider

By Joshua Enomoto, Founder of and Contributor

It seems implausible, given the amount of media hype surrounding global quantitative easing, that the subject of deflation would actually be the front and center focus of current economic discourse, but it is: with Japan's Nikkei 225 index down more than 19% from its 2013 peak, and the S&P 500 finally showing significant signs of weakness, deflation, and more specifically, the fear of deflation, may be the recurring theme of 2013, much like the fear of inflation was the previous year's motif. And while it is certainly prudent to not go too overboard with any one particular theory, understanding the risks associated with deflation would be smart and practical, given how ill-prepared most investors are to this silent killer.

First, we must acknowledge that even from a conspiratorial mindset, deflation is a more likely reality than inflation or hyper-inflation. There's a common saying that the rich get richer and the poor get poorer. The reason why is mostly obvious: the rich have access to the most resources, the best information, and the least (personal) exposure to risk. When it comes to financial investments, an obvious but underappreciated advantage the mega-rich employ is leverage: their trading activities move the markets. In other words, when they sell, the market has topped. When they buy, the market has bottomed. The reason the poor continue to be poor is that they often chase trends that no longer exist.

Inflation is yesterday's news...that is, according to the mega-rich, the large financial institutions. The story now is about stability, interest rates and yields. Sure, inflation is very much a concern to the average, everyday investor who is rightfully apprehensive about central bank mismanagement. Nevertheless, it is not his opinion that matters, but the actions taken by the institutional players: wherever they go, the markets will follow.

And the markets right now are trending a path to higher dollar valuations:

Over the last 43 years, U.S. Treasury Notes 10-Year Yields have been fairly volatile, not only from a generational perspective, but annually as well. Specifically, within this time frame, there have only been three instances where a 4-year consecutive volatility band between peak and trough has been less than 20% (years 1971 thru 1974 ; 1988 thru 1991 ; 2003 thru 2006). Interestingly, however, interest rates appear to be stabilizing after the abolition of the gold standard, as indicated by the 47% reduction in volatility comparing the years 2003 - 2006 and 1971 - 1974). Also, the length of time between each 4-year period of consecutive stability has shortened, suggesting that something is fundamentally changing within the bond market.

Taken as a whole, the average 10-year yield over the last 143 years is 4.62%, fairly close to the average of the last 20 years of 4.82% (1993 - 2012). Historically, the United States has never seen the levels we are accustomed to today, with yields often going below 2%. A reversion to historical averages suggest that at some point, a 100% increase from current rates is more likely than not. And this could have "repercussions" in other sectors, namely, the greenback and the economy.

Higher yields in and of themselves are not necessarily a "bad" thing: true, they make existing debt loads more difficult to pay back, but if higher yields are accompanied by a growing economy (which they usually are), the increased output should theoretically balance out long-term obligations. On Friday, June 7, the Labor Department released their monthly jobs report, which indicated 175,000 jobs were created, a "just right" number that was above expectations but low enough to warrant continued quantitative easing. As expected, jubilation hit Wall Street, with the Dow Jones, NASDAQ, and S&P 500 closing up an average of 1.33% against their respective prior sessions.

While the equities market is the "sexy" side of investing, where the focus should have been was the 10-year yields, which rocketed up to 2.16, a 4.14% increase against prior. The US dollar index also closed up higher, albeit slightly, gaining 0.21% against the prior day's massive sell-off. Gold, however, closed down -2.35%, eroding earlier efforts to build a support base for further price gains. Technically, gold has become so ugly that it is on a whisker's edge of entering a prolonged bear market cycle. If there is inflation, the institutional money have pulled the greatest magic trick on Earth.

Compounding matters even more, currency crises are often resolved by the institutionalists moving to other currencies: only the individual investor moves to gold, if they choose to move at all. The rise in valuation of the Japanese Yen against the dollar gives you all the confirmation you need. Even a "sure-bet" like short USD/YEN can have a "hiccup," throwing many traders off the saddle.

By watching the latest events unfold, it's becoming clear that the financial sector will resolve fiat problems with fiat solutions, with hard assets playing an ever-decreasing role. And with higher yields and a generally downtrending Yen, the greenback is technically and fundamentally poised to become stronger. The question is, will the dollar rise with the economy or will there be a divergence between paper valuations and physical reality?

This quandary will be the base for near-term instability of the U.S. equities sector, as investors speculate the latest happenings around the world. On the technical side, a stronger dollar is a competitive disadvantage towards exports as foreign partners will have to pay larger net costs to utilize American goods. Fundamentally, a higher yielding dollar will attract safe-haven money, further spiking the dollar due to carry-trade dynamics. This should, and has, positively impacted Japan's economy, incentivizing American institutionalists to invest in Japanese equities.

If the U.S. economy cannot improve in terms of real growth, higher dollar valuations would essentially subsidize growth in other countries, an ironic reversal to Japan's lost decade. This would likely be a "worst case scenario" for America, who would have to pay debt obligations with higher valued currency units, which would lead to more and more investors looking abroad for opportunities. Circulation would cease, thus rendering inflationary policies ineffective at best.

However, there are signs that the economic recovery may be for real: the higher yields is just one of many factors. Improvement in the jobs market, though highly flawed, do show at least a positive trend. The easing of armed conflicts should lessen the burden placed by the military industrial complex. The shale gas revolution and other energy related projects could put more Americans to work and take us significant steps closer towards energy independence. And finally, a stronger dollar allows American consumers more leverage in choosing quality over quantity.

Regardless of your economic worldview, the institutional money have largely negated inflationary scenarios and therefore, it is critical that investors consider deflationary forces, either as a currency play or as a long-term contraction in the economy. In both circumstances, being cash-rich more than anything else would be the best course of action.
Green Lantern
Jun 10, 2013 - 5:01pm

Clash of Paradigms.  Take it

Clash of Paradigms.

Take it to the forums.

Back to our regular scheduled programming. Exhaustion gaps as a predictor of our financial realities

Jun 10, 2013 - 5:02pm

Random thoughts... 1.

Random thoughts...

1. Following up on my Chinese gold ETFs being approved and how it could be a positive price have to imagine that 1 or more silver ETFs are going to follow soon in China. Imagine the demand for metals those things could generate...

2. I have been thinking about SRSRocco's posts on the all in primary silver miner costs. Its accurate (to the best of my knowledge) but incomplete in the sense that the vast majority of silver is mined not from primary silver miners but from base metal miners where silver is a byproduct. Miners that are profitably mining copper for less than $3 per pound. You can be assured that their silver costs are far less than the primary silver miners. However - he still makes a valid point in the sense that the metals price is set at the margin (i.e. most recent trade) and that if some primary silver miners are forced to shutter due to prices being below their break even costs - that would negatively affect supply which would alter the pricing at the margins.

3. Martin Armstrong posted an article on May 5, 2011 announcing the top in silver (11 year high) and theorized that silver wouldnt bottom for 2.15 years from that top (May 1st, 2011). 2.15 years from that date is late June 2013 - June 24th to be precise (if my math is correct).

Here is a link to a discussion on that MA article.

That analysis would line up with the work that Argentus Maximus is doing on his thread.

Jun 10, 2013 - 5:04pm

LOL Fear factoring all humanity.

From terrorist in caves blowing up the twin towers to now aliens among us. Wonder how long the technology has been suppressed to have the beast work miracles to deceive the elect. Bring on the aliens, bring on the gold and silver suppression, as with technology suppression to black magic illusionist us all to hell. Stay earth bound. Certain angels have been coming to visit the earth and prepare us for a 1000 year reign. Too bad the masses run out after aliens to worship strange gods. Whole earth reeling into one massive cluster flock after the bilderberg satanists met. Talk about insanity. It's everywhere and only God can reveal the truth to those who ask with a sincere heart; real intent having faith in Christ. It will be manifested unto you by the power of the Holy Ghost and by the the Holy Ghost one may know the truth of all things. Yet we're continually tossed to and fro, by every word of doctrine, by the slight of man, whereby they lay in wait to deceive. Hang on and hang in as certain the earth reels to and fro as a drunken man. Maybe we just wobble off into the sun and burn up with the magnetic north moving what? A mile a day now? I smell bacon burning anyway regardless. Dang porkin pig men.

Jun 10, 2013 - 5:05pm

we petition the obama

we petition the obama administration to:

Pardon Edward Snowden

Edward Snowden is a national hero and should be immediately issued a a full, free, and absolute pardon for any crimes he has committed or may have committed related to blowing the whistle on secret NSA surveillance programs.

Created: Jun 09, 2013 Issues: Civil Rights and Liberties, Government Reform, Human Rights

Jun 10, 2013 - 5:06pm

we petition the obama

we petition the obama administration to:

Repeal, in whole or in part, the U.S.A. Patriot Act, in order to stop secret, warrantless collection of data.

In order to recognize and preserve the 4th Amendment rights of the American People, to stop the warrantless and unjustifiable collection of personally identifiable information deemed to be private by the majority of Americans, and to put measures in place to prevent future abuses of power, we resolve to amend and/or repeal, in whole or in part, the U.S.A. Patriot Act of 2001, as amended.

Cry Me A River
Jun 10, 2013 - 5:16pm


This might be a sign that a bottom in gold has occurred:

silver foil hat
Jun 10, 2013 - 5:19pm
Jun 10, 2013 - 5:23pm

copernicus take two

Never even thought of that one, God in man's image or green with large head and suckers for fingers? Guess there are no Aliens at all from a Christian perspective. UFO a form of blasphemy?

I do not believe in little green men visiting us either Buzz.

Jun 10, 2013 - 5:23pm

Omen/Confirmation/Message from Beyond?

So at lunch my wife calls me and tells me that our bank is going to start charging us fees if we do not maintain a minimal balance in our checking account. We do most our banking with a separate entity, and really use this account for a few bills and walking around money. Anyhow, I immediately proceeded to walk in to our branch office and close my account. The teenager representing himself to be a 'banker' tried to convince me that . . . blah blah blah, I wasn't paying attention. I asked for my funds, handed over my debit card and walk out the door. I get back to my office, pull out the loose change that the banker had handed me and lo and behold, there is one nickel that appears quite old. I have never researched any coin before, but since joining this community, I realized that some older US coins may contain silver and thus be worth more than their face value. The coin is a 1943 P Nickel. I gather from my research worth about 1.25 now due to 35% silver content. How funny. How appropriate.

Jun 10, 2013 - 5:27pm

said it before

I'll say it again,from a ZH post

As Ayn Rand wrote in "Atlas Shrugged"...

“Did you really think that we want those laws to be observed?” said Dr. Ferris. “We want them broken. You’d better get it straight that it’s not a bunch of boy scouts you’re up against—then you’ll know that this is not the age for beautiful gestures. We’re after power and we mean it. You fellows were pikers, but we know the real trick, and you’d better get wise to it. There’s no way to rule innocent men. The only power any government has is the power to crack down on criminals. Well, when there aren’t enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws. Who wants a nation of law-abiding citizens? What’s there it that for anyone? But just pass the kind of laws that can neither be observed nor enforced nor objectively interpreted—and you create a nation of lawbreakers—and then you cash in on guilt. Now that’s the system, Mr. Rearden, that’s the game, and once you understand it, you’ll be much easier to deal with.”

Atlas Shrugged is not a novel, it's a battle plan, like Mein Kampf

Jun 10, 2013 - 5:35pm

Silver Lease Rates Update

Now showing after the market closes as:

Silver Lease Rates
Jun 10 2013 Change
1M 0.0055% -0.3645
2M 0.0055% -0.4145
3M 0.0054% -0.4546
6M 0.0053% -0.4947
1Y 0.0059% -0.5241

Which would make no sense at all based on the earlier rates from Friday (that were up all day) unless you noticed this just after 9 this morning. There had to be at lease one other update in the day (that didn't show up/or I missed it) in order for the change to work out to the new rates.

Silver Lease Rates
Jun 10 2013 Change
1M 0.1872% +0.3648
2M 0.2253% +0.4150
3M 0.2688% +0.4536
6M 0.4059% +0.4961
1Y 0.6772% +0.5220

Hmmmm.... so now all the rates are basically reset at zero. What an interesting development (for the few of us who care).


Edit (4:34 local) Now showing as follows (which, ironically, is what showed up this morning for a few minutes before it got scrubbed).

Silver Lease Rates
Jun 10 2013 Change
1M 0.1870% +0.3646
2M 0.2252% +0.4149
3M 0.2688% +0.4536
6M 0.4060% +0.4962
1Y 0.6773% +0.5221

Jun 10, 2013 - 5:39pm

Be sure to read this

An excerpt of his excerpt:

Here is what Ted Butler had to say about this report today:

"Since the BPR of February 5, the US bank category position (in effect, almost exclusively JPMorgan) has swung by a net 100,000 contracts, from net short 70,000 contracts to net long 30,000 contracts (all rounded). There has never been a move of such magnitude before. Over that same time, the total net commercial short position (in the COT) declined by 113,000 contracts, meaning that JPMorgan accounted for almost 90% of the entire commercial decline. It is not possible for that extreme degree of concentration and market share not to be manipulation, pure and simple.

And here’s the manipulative icing on the cake – JPMorgan was able to flip a net short position in COMEX gold of 50,000 contracts in February to a net long position of 50,000 contracts on a gold price decline of as much as $350. I would submit that the singular purchase of 10 million ounces of gold (worth the equivalent of $15 billion) within four months on a greater than 20% price decline could only be accomplished if the price was manipulated lower by the purchaser. No other explanation would be possible...

JPMorgan’s emergence as the big COMEX gold long changes the dynamic of the gold market. In addition to conclusively proving that this is the most crooked and evil financial institution ever to exist, it confirms the extremely bullish set up for the gold price...

Of course, if JPMorgan can continue to accumulate inventory on lower prices, we will get lower prices temporarily. But having JPMorgan confirmed as being on the long side of gold is a game changer. That’s why I continue to throw money out the window on silver call options."
The Watchman
Jun 10, 2013 - 5:43pm
Jun 10, 2013 - 5:48pm

@Strawboss Silver Bottom

Interesting coincidence? Armstrong's bottom in silver almost corresponds to Kitco's last day (June 26, 2013).


Jun 10, 2013 - 5:53pm
Green Lantern
Jun 10, 2013 - 5:53pm

Silver Call Options

Believe me I know how fast money goes out the window on those silver call options.

My current strategy on very bullish call options is

"No, go you first"

Urban Roman
Jun 10, 2013 - 6:02pm

Kitco's last day?

Oh, noes!

Who else has a nice little spot price 3-day chart thingie like Kitco? Does that mean their website goes away?

Jun 10, 2013 - 6:16pm

They're among us...

Ok...I'm going with this guy...

Gary Gensler ~ Chairman of the Commodity Futures Trading Commission

Jun 10, 2013 - 6:28pm

What if...?

...JPM is truly long, and massively so? And now, the CFTC finally rules that their positions are so large that they are deemed to be manipulative.

That would actually be funny if it weren't possible.

silver foil hat
Jun 10, 2013 - 6:33pm

Hey, look at the bright side...

My computer crashed recently so I asked the NSA if they could send me all the files I lost.

edit: some entity named "Skynet" said I would have to file a FOIA request and submit $6.8B as it said it was recently aware I became rich.

Jun 10, 2013 - 6:34pm

LOL @silver foil hat

I forgot my password for online banking...

Should be easy for them to remind me of that .

Jun 10, 2013 - 6:42pm

Should be worth tuning in...

Watch Democracy Now! host Amy Goodman tonight at 8:40pm ET on MSNBC’s All In With Chris Hayes. She will discuss the NSA leak and Edward Snowden.
Jun 10, 2013 - 6:47pm

Continued from yesterday...Charts 2.0

USD 5-Year

USD 30-Year

...and 40-Year

Jun 10, 2013 - 6:47pm


This bank incident today has me thinking that it may be a fun hobby to search through coins to try to find rare coins and/or those with some silver component. I have young kids and it could be fun for them while at the same time providing an important teaching moment. Does anyone currently do this? What is the best way to pick up bulk coins? Is it worthwhile from an economic/stacking standpoint. I heard that the banks sort all their coins through a machine that magnetically separates the silver ones (don't know if there is any truth to that). Any pointers would be appreciated.

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Key Economic Events Week of 6/24

6/25 10:00 ET New Home Sales
6/25 1:00 pm ET Chief Goon Powell
6/25 5:30 pm ET Goon Bullard
6/26 8:30 ET Durable Goods
6/27 8:30 ET Q1 GDP final guess
6/28 8:30 ET Personal Income and Consumer Spending
6/28 8:30 ET Core Inflation
6/28 9:45 ET Chicago PMI

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