A Freebie from Uncle Ted

82
Fri, Jan 3, 2014 - 3:32pm

Ted Butler's "New Year" newsletter was released to subscriber's on Wednesday. He's made it public today through the SilverSeek site.

Here's the link to the full report at SilverSeek: https://www.silverseek.com/commentary/2013-–-year-jpmorgan-12815

You should be sure to read the entire report but I want to C&P and highlight two paragraphs below. As regular know, I've been tracking JPM's hoarding of Comex gold and silver deliveries since July of last year. Ted has, too, and these two paragraphs get to the crux of the matter:

"Here’s something new I’ve been meaning to mention. The CME Group (owner-operator of the COMEX) lists a spot month position limit and monthly limit on actual deliveries of 7.5 million silver oz and 300,000 gold ounces by any one trader. Yet the CME is reporting that JPMorgan in its house account took delivery of more than double the amount of gold allowed in any one month. Since JPMorgan held the 6254 gold contracts from first delivery day forward, it also means that JPM was in violation of CME rules limiting spot month holdings in gold futures of 3000 contracts for the entire month. The violations in silver were less egregious but were violations nonetheless.


I’m sure if pressed the CME could come up with some cockamamie excuse why JPMorgan was allowed to hold and take delivery of so many gold and silver contracts in one month, but the real reason is that JPMorgan is above all rules and law. The CFTC backed down on policing JPMorgan and it would be foolish to think the CME would restrict its most important client in any way. Far from a band of brothers, this is a brotherhood of criminals. Besides, rules are for the little people, not JPMorgan."

If you're looking for something to do this weekend, perhaps you should C&P these two paragraphs yourself and send them off to the CFTC for an answer...

mwetjen[at]cftc[dot]gov

Again, to subscribe to Ted's excellent service, simply click here: https://www.butlerresearch.com/subscribe.asp

TF

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  82 Comments

Jan 3, 2014 - 3:38pm

The full text

After compiling this post, I emailed Uncle Ted and asked if I could simply reprint the entire thing. He said that that would be fine. Rather than re-write the post, here's Ted's full column:

2013 – The Year of JPMorgan
Theodore Butler | January 1, 2014
Probably owing to the dramatic decline in the price of gold and silver, I’ve read scores of year end metal reviews, more than I have ever read previously. Like most of you, I read in order to learn. Therefore, I approach every year end review and outlook with an eye towards understanding just what caused the prices of silver and gold to decline as much as they have and what that portends for the New Year.

I know I look at silver and gold differently than most commentators and what follows I haven’t seen elsewhere, for better or worse. Let me assure you that I’m not trying to be different for the sake of being different; my objective is to understand what really moves the price of silver and gold - no more, no less. I’m not interested in making up stories that can’t be verified or documented; I would not put my name on anything that I did not believe to be factual and accurate.

As has been the case for the past five years (since it acquired the concentrated short positions of Bear Stearns), 2013 was the year of JPMorgan in silver and gold. Everything important that transpired in silver and gold can be traced to JPMorgan, just as this bank will dictate what happens in the future. I realize I am being overly specific and that many different factors influence the price of any market; but the circumstances surrounding JPMorgan are so overwhelming as to render all those other factors combined moot when it comes to silver and gold.

From the very beginning of the year to the last two days of 2013, JPMorgan has dominated and controlled the price of silver and gold. Here are the documented facts. At the start of 2013, with gold at $1650 and silver at $30, JPMorgan held short market corners in COMEX gold and silver futures. JPM was short 75,000 gold contracts (7.5 million oz) and 35,000 silver contracts (175 million oz). JPMorgan’s short market corners at the start of 2013 amounted to a 21% net share of the entire COMEX gold futures market (minus spreads) and an astounding (but typical) 35% of the entire COMEX silver market. No single entity had ever held such outsized and anti-competitive shares of any important regulated futures market. It is unreasonable not to associate such extreme market corners with what followed in price.

The next standout feature to this year’s historic $450 (28%) decline in the price of gold and the $10.50 (35%) decline in silver is in the specific manner of the decline. The vast majority of the total price decline in gold and silver occurred within several days; two days in April (when gold fell $200 and silver by $5) and a few days in June (when gold fell another $150 and silver another $3). The price record clearly shows that the major damage of the worst year in gold and silver history transpired over a handful of days, something never witnessed before in gold, but occurring before in silver (twice in 2011). It wasn’t just that gold and silver declined dramatically in 2013, but the nature of the decline.

Take away those five trading days of 2013 and it would have been a rather ho-hum year in gold and silver. Of course, we can’t take away those five horrible days, but to ignore them would be a mistake. The degree of the time-compression of this year’s decline in gold and silver, were it to occur in any other market would necessitate historical nomenclature (Black Monday or Friday). Even more than the plunge in price for gold and silver in 2013 was the time-concentrated nature of the decline. Try to imagine the furor that would arise if the stock or bond market were to decline 35% in a matter of days.

Let’s stop for a moment and connect these two dots – JPMorgan’s short market corner in COMEX gold and silver at the start of the year and the historic and concentrated price plunge of 2013, essentially completed for the year by the end of June. Can it be possible that these two facts were not directly related and a case of cause and effect? Let me restate that – is it possible that JPMorgan just happened to be in the right place at the right time and the historic gold and silver price plunge occurred through no input by JPM? Before you answer, let me comment further.

The price plunge through the end of June resulted in JPMorgan making more than $3 billion on their short market corners in COMEX gold and silver. So, to conclude that JPMorgan had nothing to do with the price plunge is the same as concluding that $3 billion in commodity futures trading profits is a normal and regular occurrence. But it wasn’t just that JPMorgan innocently stood by while legitimate market forces bestowed a sudden $3 billion windfall on a financial institution found to have acted improperly in more different circumstances than can be recorded – it’s what JPM did as a result of the gold and silver price plunge.

The facts show that JPMorgan not only took profits on their short market corners in gold and silver (to the tune of $3 billion+), JPM bought so aggressively on the price plunge thru June, that this bank almost eliminated their short market corner in COMEX silver and actually reversed their short market corner in COMEX gold to a long market corner. The facts indicate that JPMorgan was the single most aggressive trader on the extreme price plunge and not a lucky bystander.

It is well-established that a market corner is against commodity law. In fact, this is the most important aspect to commodity law, because market corners are unquestioned proof of manipulation. CFTC data indicate (as I’ve been reporting all year) that JPMorgan held short market corners in COMEX gold and silver at the start of the year and that this crooked bank holds a long market corner currently in COMEX gold. There can be no question that JPMorgan held and holds market corners in COMEX gold and silver based upon market share.

The only question is how the heck did these crooks pull it off? Specifically, how was JPMorgan able to buy so much COMEX gold and silver as prices plunged? Normally, one would think the net purchase of 150,000 COMEX gold contracts (15 million oz) and 23,000 COMEX silver contracts (115 million oz) by the US’s largest bank would cause prices to soar. That would usually be the case, except for one other fact – JPMorgan and other collusive traders have come to control the price mechanism on the COMEX, thru high frequency trading (HFT), spoofing and other illegal computer trading means. The evidence of this is in the otherwise inexplicable daily price volatility on the COMEX and the fact that JPMorgan and other collusive commercials are always on the buy side on big down days with no exceptions.

This HFT daily price control, combined with trading counter parties (technical funds) solely motivated by price signals has created a Frankenstein-market – a monster out of control. Real commodity markets are supposed to have prices dictated and discovered by real world supply and demand forces; the COMEX monster market has computer algorithms dictating prices to real world producers, consumers and investors for the benefit of JPMorgan.

I’ve concentrated on what JPMorgan has done this year on the COMEX because that market determines gold and silver prices throughout the world. But JPMorgan’s influence and activity is not limited to COMEX gold and silver futures. In addition to holding a long market corner in COMEX gold futures, JPM has been extraordinarily active in taking actual delivery of metal recently. For the month of December, JPMorgan has taken delivery of more than 96% of the 6493 gold deliveries issued this month. The 6254 contracts taken by JPMorgan in its house (proprietary) account is equal to 625,400 oz of gold. In addition, JPMorgan also took delivery of 10 million silver oz in December and another 5 million silver oz this week in the new January delivery month. https://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsYTDReport.pdf

Here’s something new I’ve been meaning to mention. The CME Group (owner-operator of the COMEX) lists a spot month position limit and monthly limit on actual deliveries of 7.5 million silver oz and 300,000 gold ounces by any one trader. Yet the CME is reporting that JPMorgan in its house account took delivery of more than double the amount of gold allowed in any one month. Since JPMorgan held the 6254 gold contracts from first delivery day forward, it also means that JPM was in violation of CME rules limiting spot month holdings in gold futures of 3000 contracts for the entire month. The violations in silver were less egregious but were violations nonetheless.

I’m sure if pressed the CME could come up with some cockamamie excuse why JPMorgan was allowed to hold and take delivery of so many gold and silver contracts in one month, but the real reason is that JPMorgan is above all rules and law. The CFTC backed down on policing JPMorgan and it would be foolish to think the CME would restrict its most important client in any way. Far from a band of brothers, this is a brotherhood of criminals. Besides, rules are for the little people, not JPMorgan.

2013 also highlighted the unintended consequences of JPMorgan’s control on silver and gold prices. By rigging gold and silver prices lower on the COMEX to close out its gold market corner and flip it to long market corner, JPMorgan also caused the extraordinary liquidation of metal from the world’s largest gold ETF, GLD. There can be little argument that the steep plunge in gold prices caused the massive liquidation of almost 18 million ounces (41%) of gold holdings in GLD. Investors dumped $25 billion worth of GLD in reaction to declining gold prices and prices declined because JPMorgan rigged prices lower on the COMEX in order to flip a short market corner into a long market corner. If there’s an alternative plausible explanation, I haven’t heard it.

Earlier in the year, when I first discovered that JPMorgan held a long market corner in COMEX gold, I speculated that JPM was gaining ownership of much of the gold liquidated from GLD. Numerous reports of buying by China and India subsequently persuaded me to think that most of the metal from GLD ended up there. But considering how aggressive JPMorgan has been in acquiring gold and silver metal via COMEX deliveries recently, I now believe JPM got a pretty good chunk of the liquidated GLD gold. I also think that JPMorgan has been getting serious amounts of silver from SLV by buying shares and converting to metal before share holdings require SEC reporting. There are just too many factors pointing to JPMorgan acquiring all forms of gold and silver to not consider this the key factor of 2013.

One of the questions I have been unable to answer to myself over the past several months is why hasn’t JPMorgan let gold and silver prices rip to the upside after establishing a long market corner in COMEX gold and sharply reducing their short market corner in COMEX silver. After having made $3 billion on the short side, JPMorgan has been in position to make that much and more to the upside. I couldn’t quite understand what was holding them back. The recent COMEX delivery data, as well as the continued outflows from GLD (and more recently from SLV), come close to answering my question.

It appears that JPMorgan hasn’t let gold and silver rip to the upside because the bank is still acquiring important quantities of metal in physical form. It does appear that JPMorgan has hit the limit of COMEX gold futures ownership, as the bank’s long market corner is pretty easy to track and, apparently, hard for anyone to deny. Likewise, JPM’s short position in COMEX silver has been hard to reduce significantly for six months or longer.

But the documented data clearly indicate that JPMorgan has been acquiring important amounts of gold and silver thru COMEX deliveries and, most likely, in actual metal from GLD and SLV. Unlike futures contracts which are reported weekly in COT reports, there is no reporting requirement by JPMorgan for physical gold and silver held. Considering that the statistics from the COMEX have shed much light on JPMorgan taking delivery of gold and silver in extraordinary amounts and the knowledge that JPM doesn’t welcome close scrutiny of its trading, I’m inclined to believe we are closer to the end of JPM taking such visible deliveries, rather than this being the start of growing delivery-taking by them. In addition, after the unprecedented bleed of more than 40% of the metal in GLD, further massive liquidations look improbable from that source.

Therefore, I can see what JPMorgan has accomplished in 2013 and why they haven’t pulled the trigger yet to the upside, as they continue to acquire physical gold and silver. But the easy flow of physical gold and silver accumulation by JPMorgan now appears largely over. That’s not to say JPMorgan is done with its dirty tricks to the downside, but it’s important to put things in perspective, which is the main purpose of year end reviews.

As was the case in 2013 and every year since 2008, the next year in gold and silver will be determined by JPMorgan. But considering that JPMorgan now holds a long market corner in COMEX gold for the first time in history, it is hard to see how 2014 doesn’t shape up to be the exact opposite of 2013. Throw in JPM’s sharply reduced short position in COMEX silver and the massive quantities of physical gold and silver acquired by the bank and the start of 2014 couldn’t be more different than the set up of a year ago.

While no one can accurately predict short term pricing or the exact moment the deliberate price beatings of 2013 will end, the facts indicate a remarkable turnabout in JPMorgan’s positioning. We fell sharply in 2013 because of JPMorgan and will likely rise sharply in 2014 for the same reason. From my perspective, that’s all that matters. 2013 – Good riddance. 2014 – Step right in. Happy and Healthy New Year to all.

Ted Butler

Published on January 1, 2014

For subscription info please go to www.butlerresearch.com

TreeTop Dweller
Jan 3, 2014 - 3:45pm

2014

2014 is going to be a good year for metals, not sure about anything else. Hold on to your hats this year.

Beware when the elite worry about feeding the masses;

Prince William Going Back to School in 2014, Studying Agricultural Management at Cambridge University

https://omg.yahoo.com/news/prince-william-going-back-school-2014-studyin...

It is a 10 week course but he is Prepping himself, wants to insure a future for George!

ivars
Jan 3, 2014 - 3:50pm

E.g COMEX deliveries to JPM

E.g COMEX deliveries to JPM was -true? 640 000 Oz/month?

What is 640 000 Oz of gold per month? Peanuts, about 20 tons. That is less than daily London turnover in physical trade. By physical trade in London I mean any transaction where the title of physical gold changes, without gold necessarily being moved physically. Same about silver.

Like in real estate, where most of physical trade happens without moving houses to new locations, nevertheless, it is real physical trade since houses change OWNERS.

However, participating in a house futures market where people bet on house prices but neither own any nor intend to own and are happy if 97% of their deals are settled in money instead of getting ownership of houses has no chance to impact house prices. Does there exist futures market in real estate? Must be a betting company, pure and simple.

As in gold, house (real estate) stock to flow ( net new houses) ratio is big.

I will let the topic die but no one will ever persuade me that pure dealings (without dealing in parallel in physical in a certain way ) in COMEX may influence physical PM price more than fractions of %, which are seen as deviations from London fix when they happen. Silver is more susceptible to some fraction of % influence as market is smaller and stock to flow ratio a bit smaller, but nevertheless.

ancientmoney
Jan 3, 2014 - 3:52pm

@ivars re: paper sets price of gold . . .

You seem not to be able to see the forest for the trees. If physical gold was really setting the price, the price would be 50 to 100x the current price. Because that is how much paper gold is masquerading as physical.

The market currently sees no difference between physical and paper gold. That is how the 50-100x the amount of physical (paper) is controlling price.

-------------------------------------------------------------------------------------I reposted this from previous thread, since you reposted the same question from there.

ivars
Jan 3, 2014 - 3:53pm

I had to pen this to make

I had to pen this to make clear my position for myself. Hope it may encourage more thinking about how competition in capital markets , especially in gold market, is a CARTEL.

Having cartel in capital markets means capital does not have to compete ( its production/release is regulated to regulate everything) hence there are no capital markets . There is international capital that like oil can be priced by producers agreement between themselves.

Not all capital is part of this CARTEL, but income taxes and other transparency policies sees to that that as little as possible escapes attention.

As with oil, the key are swing capital holders who , although they hold may be only 10-40% of worldwide capital, their supply decisions decide capital ( especially gold) price in the world since , if they contract supply, the whole world is short of capital.

Its essential for CARTEL to have hold on most liquid capital that can flow or not to the needed spots very fast, and to have globalization so that there is not place nor industry which can survive on its own capital without a threat of drain.

OPEC in general or Saudis in particular in oil are similar to this CARTEL in capital.

It is this capital Armstrong is speaking of and its flows, and its effects are , as with Saudi oil, unproportionally big.

If Chinese would create own capital ( which they have been doing by hard working its populace for last 40 years) and close their financial market to globalization as they had them closed in e.g prior to 16th century, they would be unmanageable and prosper. If they collect too much gold without debt they can pull it off.

For capitalism to work, there needs to be TRUE competition in capital. No cartels, no swing capital holder control of world capital prices. Saudis are called swing oil producers as their own production costs are very low plus they can vary the supply in great magnitude and fast. Someone may be called swing capital holders on similar grounds. Swing capital that is not tied to physical assets, and has low cost to produce-meaning has small fixed costs ( very liquid.. like Saudi oil), and is big enough part of world capital supply and is controlled by one group that acts in concert.

Otherwise, with a cartel instead of market, like expensive oil, swing capital flows only enrich its holders (cash, gold holders), and drains the economies like expensive oil drains economies- like a tax. This tax is collected by CARTEL ( like OPEC and especially Saudis collects tax from all world by being SWING producer.).

ivars
Jan 3, 2014 - 3:56pm

Quote:You seem not to be able

Quote:
You seem not to be able to see the forest for the trees. If physical gold was really setting the price, the price would be 50 to 100x the current price. Because that is how much paper gold is masquerading as physical.

The market currently sees no difference between physical and paper gold. That is how the 50-100x the amount of physical (paper) is controlling price.

You must be kidding. They are all idiots, really? Paper gold that can be settled in cash has no difference from physical gold in the minds of contracting parties???

ancientmoneyivars
Jan 3, 2014 - 4:09pm

@ivars re: paper gold . . .

"They are all idiots, really? Paper gold that can be settled in cash has no difference from physical gold in the minds of contracting parties???"

--------------------------------------------------------------------------------

The COMEX PM trade is primarily a bunch of bankers playing with other bankers, so as to fleece anyone who attempts to trade against them.

LBMA is also primarily a paper-trade as well, as admitted by Jeff Christian. Certainly, physical trades there, but overwhelmingly the fractionalized ownership via rehypothecation of the same physical, allowed via paper trading mechanisms like futures, unfortunately still controls pricing.

Not all are idiots, however. most of us here are stackers, who take advantage of the paper-created price, and use fiat to buy phyzz at those faux prices.

ivars
Jan 3, 2014 - 4:30pm

Quote:LBMA is also primarily

Quote:
LBMA is also primarily a paper-trade as well, as admitted by Jeff Christian. Certainly, physical trades there, but overwhelmingly the fractionalized ownership via rehypothecation of the same physical

Fractionality and rehypothecation of LBMA gold market participant stocks of gold ( deposits) is of course true and leverage is high but has nothing to do with COMEX or futures.

If there is trust in the system still, the leverage can be as high as possible as long as everyone who wants his gold registered can get it registered , and everyone who does not trust this and wants his gold delivered can get it delivered.

That is what is happening so far. Even more so, likely hood of the run on bank in LBMA has been reduced apparently since 2011 by whatever means as gold price has reduced. That would not have happened in fractional system if it was struggling to keep depositors happy?

In any case, it has no inverse relation to COMEX futures game, i.e. what happens in COMEX will not initiate/calm bank run and related price changes.

If there is run on physical, prices will shoot up and then LBMA will close for a holiday. Black market will take over if all exchanges collapse like this. Price will be very high. Are we waiting for this day? Fine, but what has it to do with COMEX?

JPM may hold whatever futures it wishes to fleece other bettors as JPM probably has more knowledge about physical, and to hedge. Hedging may tell something about its clients positions in physical gold, as they have to be paired . Speculation only tells that there are others in futures who speculate in opposite direction to both JPM hedging and speculative positions.

ivars
Jan 3, 2014 - 4:32pm

Repeat can someone explain HOW COMEX can

Influence physical gold prices if contracts can be settled in cash. If only 1-3% of contracts are delivered. Its not a market or even manipulated market. Futures may be a reflection of manipulated markets but not the market in commodities.

Physical sales determine the price. London fix fixes it. Gold flows. Demand is manipulated politically. Supply is arranged even if bleeding throuh the nose. GOFO rates are set by CBs supply of gold for lending . They are akin to FED rates..they are set to regulate supply demand of gold , encourage lending or suppress it, not to reflect it. Negative GOFO obviously makes holding of loaned gold more costly compared to lending it out, so it speeds up lending it out from CBs as GLR increases at given LIBOR the more negative GOFO is. So to encourage lending, GOFO is set to be negative. The international GOFO committee in London decides if they wish more gold to be lent or less from world CBs or any other gold owner. The world most liquid, gold capital opportunity cost in USD is set in London, where both LIBOR and GOFO is fixed. Negative GOFO is like an order to world big gold holders to loan more gold. The more negative it is, the more gold shall be loaned. It is a strategic decision not haphazard event. Yes it shows that there is demand and price needs to be suppressed now ..or not. Even if demand does not change, GOFO may be varied and that in turn is reflected in gold London Fix price. Even if demand is high GOFO may be high and prices will go up as much as loaned gold share of physical market is. The more hedging there is from Miners, the bigger this share is, and GOFO is more effective in price regulation. Hence demand from LBMA for miners to HEDGE as much as possible. Demand that can turn into order.

COMEX: JPM clients buy into e.g. GLD ( are long gold as commodity, physical) , JPM shorts gold in COMEX ( same for SLV and silver). When JPM clients sell from GLD physical ( are short commodity) , JPM goes long in COMEX ( same for SLV and silver) . And nets the commission/spread.

I understand analyzing COMEX is nice, one can build theories as there are data available which are not available at all from physical market, but that does not mean COMEX has any chance to affect physical price. It is but a 2D shadow of a 3D world of physical market.

COMEX is a game . LBMA is reality.

ivars
Jan 3, 2014 - 4:37pm

Quote:Swing producer is a

Quote:
Swing producer is a supplier or a close oligopolistic group of suppliers of any commodity, controlling its global deposits and possessing large spare production capacity. A swing producer is able to increase or decrease commodity supply at minimal additional internal cost, and thus able to influence prices and balance the markets, providing downside protection in the short to middle term. Examples of swing producers include Saudi Arabia[1] in oil, Russia in potash fertilizers,[2] and, historically, the De Beers Company in diamonds.[3]

Now imagine this commodity is capital and think.

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

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Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

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