Guest Post: "The World's Most Undervalued Asset", by Ted Butler

72
Mon, Apr 28, 2014 - 1:32pm

"Uncle" Ted wrote up this fantastic column for his subscribers last week. The analysis is so important that he made it a public article earlier today and he's given me permission to reprint it here.

"The World's Most Undervalued Asset"

by Ted Butler

First off, it is pretty audacious to label any investment asset as the world's cheapest when you consider the implications of that claim. Most of the world's investors are value oriented, always on the prowl to find undervaluation and if they could identify the single most undervalued investment opportunity, it would only be a matter of time before they descended upon it. Simply put, if you could identify the most undervalued investment asset in the world that would be another way of saying you had identified the world's best investment opportunity.

The next step would be to back up any such claim with straight forward reasoning and facts to substantiate any claim of extreme undervaluation. That's the purpose of this article, namely, to show why I believe silver is the cheapest investment asset to own and that it is likely destined, therefore, to be the best investment opportunity over time. The only caveat is one of time. It would be unrealistic to assume that if you were able to identify the cheapest investment asset in the world and purchased it that you would be instantly rewarded. If the whole world mispriced something, it is unlikely the undervaluation would be corrected the instant you bought it; give it time, say five to ten years.

I'm not going to speak today about silver's undervaluation in the ways unique to silver, such as it being at or below its primary cost of mine production or of how scare and rare it is, particularly in dollar terms, or how much it has dropped from its price highpoint of three years ago. Certainly, one could establish whether silver was undervalued by such measures, but that would not be the way to determine if silver was the most undervalued investment asset in the world. The only way to determine what the world's most undervalued asset might be is by comparing all assets to each other. In other words, you can only declare any asset to be the most undervalued by relative price comparison.

Fortunately, a relative comparison by price is not a difficult thing to do. Instead, trying to figure out why I didn't see this sooner is more difficult to answer. But in my defense, I discuss silver's relative valuation to gold on a non-stop basis. After all, silver and gold are as connected as love and marriage or a horse and carriage; it's hard to conceive of a better relative comparison. So let's start with gold and silver. It is said that a picture is worth a thousand words, so let me see if I can spare you some unnecessary verbiage. For the sake of uniformity, let me present silver's relative valuation as it is usually depicted, namely, by dividing silver's price into gold's price and stick to that format in the examples that follow. Remember, the higher the ratio, the more undervalued silver is to the item depicted. These charts cover the last three years or so.

Here's silver compared to platinum;


Silver compared to palladium;


Silver compared to copper;



Silver compared to crude oil (West Texas Intermediate);



Silver compared to the Dow Jones Industrial Average;



Silver compared to the US Dollar Index;



Silver compared to the 10 year US Treasury note (interest rates);




Remember, the higher the relative price ratio, the more undervalued is silver. I'm not intentionally leaving out any other comparisons and would include real estate if I knew of a chart. I believe silver would show up as generally the most undervalued if you included all other commodities. My point is simple – on a relative basis, silver is the cheapest asset of all. And to my mind that makes it the asset offering the highest prospective gains for the future.

I'm not trying to trick anyone in any way – this is as straight forward as it gets. As I indicated earlier, I'm kind of mad at myself for not writing about this before now. And just because it's as simple as pie that doesn't invalidate the approach. About the only thing I haven't addressed is how silver got to be the most undervalued investment asset in the world. I suppose, if there were some obvious and compelling legitimate explanation for why silver should be so undervalued relative to everything else, perhaps the undervaluation would be widely understood and justified. But there is no such justification.

The best thing about silver's extreme undervaluation is that the reason for it is as clear as is the undervaluation itself; not in terms of legitimacy, but certainly in terms of clarity. As I have reported recently and for years, COMEX silver has the largest concentrated short position of any traded commodity. Eight traders, led by JPMorgan, are responsible for silver being the most undervalued asset in the world. The world's largest concentrated short position should logically result in the world's most undervalued asset. I think this is good news because it would be impossible for me to show conclusively that silver was the cheapest investment asset of all without providing a definitive explanation for the unprecedented undervaluation.

Of course, I suppose a rejoinder to silver's compelling undervaluation leading to eventual outstanding investment performance might be if JPMorgan and the other commercial crooks on the COMEX were able to continue to manipulate the price indefinitely thru additional short contracts. While this can extend silver's undervaluation in terms of time, it cannot last forever. Additional paper short sales by JPM and the crooks will blow up in their faces at some point or the COMEX will shut down. That's because selling additional paper contracts short will not satisfy physical demand in excess of physical supply. That day must come, for no other reason than silver is the cheapest asset in the world.

That is not to say that silver can't get even more undervalued in the short term, but isn't this what investment is all about? Is it not the universal goal of all investors to seek out the most undervalued assets and try to avoid the most overvalued sectors?

As must be expected, silver didn't get to be the cheapest investment asset in the world without price pain and suffering. It is guaranteed that whatever might be the world's most undervalued asset only got to that point because it was overlooked and unappreciated or loathed or manipulated. There is no way the world's most undervalued asset could achieve that status through positive investment returns. By definition, the cheapest investment asset in the world had to have horrid price performance to get to that point. It's good news that the reason in silver's case was due to deliberate price manipulation because that manipulation must end at some point.

Also good news is the fact that silver is no stranger to being the best performing asset in the world, as was the case most recently up through the price highs of 2011. The reason silver was the very best investment asset was because it had formerly been incredibly undervalued before that price run. It is said that history doesn't repeat itself, but in the case of silver, I don't see how that can be avoided. In more ways than not, silver today reminds me of the time when it traded under $5 per ounce. As was the case back then, the thought that it might eventually climb more than ten times in value was widely disbelieved and openly scoffed at. That's because silver was the most undervalued asset in the world, both then and now. If you didn't catch the first run, you've just been given a second chance.

And it is also interesting that silver is registering as the most undervalued investment asset precisely at the same time when there is more total investment net worth and buying power in the world than ever before. The assets in hedge funds alone are now at a record $2.7 trillion; 1 percent of which ($27 billion) is more than the value of all the silver bullion in the world (if it could be bought). The 100 million oz of new silver available for investment annually would take only one-tenth of one percent ($2.7 billion) of hedge fund assets. Unless hedge funds have stopped looking for undervalued assets, I can't help but feel that's a set up akin to a lit match and a barrel of dynamite.

Don't be confused by the simplicity of this presentation. Comparing the relative price of all investment assets is the only objective way to determine which is the most undervalued. Right now, on that objective basis, silver is the cheapest investment asset in the world. I feel fortunate to have made this observation and even more fortunate that it doesn't conflict in any way with anything I've written previously. I'll probably make this article public (sometime next week) after subscribers have had a chance to digest it. To me, it's a big deal.

Ted Butler

April 23, 2014

For more information on Ted's invaluable subscription service, please go to https://www.butlerresearch.com

About the Author

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

  72 Comments

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Plunjer
Apr 29, 2014 - 6:39am

So silver is the worlds most

So silver is the worlds most under valued asset? Brother JohnF has also been saying this for years, and at much higher prices and GSR. He also said that if silver ever drop to a 19 handle that there would be no physical available. BJF continues to be proven wrong on that one.

Eric Sprott said in a recent interview that "there is so little silver available that one decent guy with big pockets could buy all the silver that's kicking around." WTF Billionaire Eric Sprott? Aren't you a decent guy with big pockets?

Personally I think this is all hype and bullshit.

Occasnltrvlr
Apr 29, 2014 - 2:08am

Operation "Choke Point"...

...Indeed!

(Based on the photos, I'm thinking maybe Chase is applying a minimum skank factor.)

Okay, in all seriousness (just as I think wouldyoubelieve... is saying), this seems like a trial balloon. But on the other hand, who would want to bank with Chase anyway?

wouldyoubelieve...
Apr 29, 2014 - 1:22am

Magpie,

1st they came for the porn stars, but I said nothing because I wasn't one......

yeah, I'm an insensitive a$$hole, tough, but your point is valid, if someone working legally can be shut out then anyone can for whatever reason they want

metalsbyamile
Apr 29, 2014 - 12:47am

Repost.To All Newbies

Hell, to all of us , within a year of every new fed chairman appointment since 1971 there has been economic catastrophe. That is probably the most telling correlation about the near future.
Yellen will most likely oversee the reset.

Hammer
Apr 29, 2014 - 12:02am

The world's most undervalued

The world's most undervalued asset (with all due respect) is me ;) and possibly you but I don't know any of you.

Count Basie Orchestra "Who Me?" (Frank Foster) & I Need To Be Bee'd With (Quincy Jones)
Boswell
Apr 28, 2014 - 11:24pm
Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

So It Goes
Apr 28, 2014 - 10:34pm

A thought

I haven't been around for a while but here is a current observation FWIW.

If this is even close to reality - then we are now descending - the elevator is going down:

https://www.zerohedge.com/news/2014-04-28/epidemic-hunger-new-report-says-49-million-americans-are-dealing-food-insecurity

People are beginning to starve in America - and when you starve you only concern yourself with the day to day. From this perspective there is no obvious future. Obviously this is a bad situation. The consequences of which can only be left to the imagination.

But, I'm bothered that the examples use people who have 3 or 4 children. Who is to blame for the possibility of children starving?

Who educated these parents? How did these people come to the conclusion that they could GO FORTH AND MULTIPLY BEYOND THEIR MEANS AND THERE WOULD BE NO CONSEQUENCES? Implying somebody else will pick up the tab.

Where has the public discourse on population control been since the early 1970's? Is this an example of the natural order proving Darwin correct?

IMO - intellectual liberals have lost their minds basing their fundamental premise of social justice on the impossibility of exponential growth forever without consequences.

The most important video ever - The Exponential Function​ - always worth revisiting.

The Most IMPORTANT Video You'll Ever See (part 1 of 8)

Magpie
Apr 28, 2014 - 10:19pm

Who will be next to get kicked out of the banking system?

Maybe preppers, or pro Second Amendment folks, or home gardeners.

(And guys, don't forget to read the article! )

https://www.dailymail.co.uk/news/article-2615301/Porn-industry-fury-Chase-bank-sends-hundreds-account-termination-letters-adult-film-stars-considered-risky.html

'Operation Choke Point is asking banks to identify customers who may be breaking the law or simply doing something government officials don’t like,' Keating wrote.

'Banks must then ‘choke off’ those customers’ access to financial services, shutting down their accounts.'

DayStar
Apr 28, 2014 - 10:11pm

Harvey's Up! (TFMR)

Harvey: https://www.tfmetalsreport.com/comment/617530#comment-617530

  • Harvey: On Friday, I reminded you that silver finished the day unchanged while gold finished close to $11.00 up. I also stated that options expiry occurred on Friday and first day notice is on Wednesday. I thought that today would be a good day for a gold and silver hit and the bankers again did not disappoint us with their criminal actions. I would expect gold and silver to be "under the weather" until 1 May 2014. GLD: Gold was unchanged at 792.14 tonnes. It looks like there is no physical in London to give Shanghai.
  • Mark O’Byrne (GoldCore): One unappreciated risk is that state sanctioned Russian hackers may target U.S. exchanges and financial infrastructure. Bloomberg reports that “U.S. officials and security specialists are warning that Russian hackers may respond to new sanctions by attacking the computer networks of U.S. banks and other companies.”
  • GoldCore on gold as a safe haven: Veteran gold analyst, George Gero, who is the precious metals analyst at RBC is not a man for hyperbole or overstatement. Indeed, he has been quite bearish on gold in recent years. However, he believes that Ukraine and the deepening crisis, could have a “massively bullish impact on gold prices.” He told CNBC the following: "One of the largest suppliers of gold, and of course platinum, is Russia and if they're going to be involved in sanctions, and more problems with Ukraine, and deliveries are curtailed—and there is already a problem in South Africa between the miners of platinum, palladium and the mining companies. All of that could somehow explode on the upside and curtail deliveries, meaning higher prices." Russia is the fourth-largest producer of gold, outputting 7% of the world's total supply according to the British Geological Survey.
  • Chris Powell: While the gold sector couldn't be more demoralized, Swiss gold fund manager Egon von Greyerz today said that the gold price can rise very quickly and indeed did rise very quickly in recent years, and he expects it to rise quickly again.
  • Caroline Binham and Kara Scannell: U.S. criminal prosecutors have flown to London to question individuals as part of their probe into the alleged rigging of foreign exchange rates in a sign that the stakes are getting higher for the traders involved in the sprawling probe. The Department of Justice, in its first significant move since announcing in October that it would investigate alleged manipulation of the $5.3 trillion forex market, invited several UK-based currency traders "on the periphery" of the investigation to attend voluntary interviews in London rather than the U.S., according to three people familiar with the department's tactics.
  • Andrew Jack: When AngloGold Ashanti began a malaria control programme at its gold mine in Obuasi in the Ashanti region of southwest Ghana in 2005, the main local hospital was handling 6,800 cases of the disease a month. Almost a decade later, and after an annual investment of $1.5 million, it has cut that volume to about 100 a month, and as low as 47 in March.
  • Chris Powell: The Financial Times today reports approvingly about the success of Anglogold Ashanti in almost eradicating malaria among the population around its gold mine at Obuasi in Ghana. But will the FT ever acknowledge that a free-market gold price could eradicate not only malaria in Ghana but much disease throughout the gold-producing continent of which Ghana is a part? For that matter, will African governments themselves ever figure it out and summon the courage to do something about it? Of course this may take a while, since FT employees, gold-price suppressing central bankers, and African government officials already have pretty good medical care.
  • Bill Holter: I can envision several events taking place all at the same time. Russia could push into the Ukraine, China could become aggressive with Japan, North Korea takes their cue and attacks South Korea while Iran and Syria strike at Israel...all at once... while Saudi Arabia switches allegiance. Dollars and Treasuries are dumped with the proceeds use to "call" our paper metals markets and demanding deliveries. Interest rates may not rise as the Fed would surely become a buyer but the value of the dollar would certainly crater. Were all this to occur at once, how could we respond? Our military is too stretched and too weakened to cover 4 fronts at once. Any major defeat of our "technology" such as the sinking of an Aegis class ship would on its own sink the dollar by 25% or even more. I could envision all of this taking place, the smoke already beginning to clear and a very different looking world over a 2 week period.
  • Beni Emmanuel: In what seemed like a direct response to critics who accuse him of exaggerating the Iranian threat, Netanyahu said those who warned about the Nazis were roundly criticized by people who dismissed them as "prophets of doom" and "warmongers." "I ask how it could be that so many did not understand the reality?" he questioned. "The bitter, tragic truth is that it is not as though they did not see; they did not want to see. And the reason they chose not to see the truth is that they did not want to deal with the ramifications of that truth." In an effort to avoid a repeat of the horrors of World War I, the West's leaders wanted to avoid a confrontation at any price.
  • ALI ZERDIN: Slovenia's government is facing likely collapse after Prime Minister Alenka Bratusek, whose government saved the small European Union state from an international bailout, lost her party leadership on Saturday. Zoran Jankovic, mayor of the capital, Ljubljana, was chosen the leader of Positive Slovenia party. Bratusek said before the vote at the party congress that she cannot lead the government. "Without the support within my own party, I can no longer be the prime minister," she said. Jankovic, 61 appealed to Bratusek after the party vote early Saturday to remain as premier, saying she has done a good job at the helm of the government. Bratusek's three coalition partners in the four-party center-left government have said they would step out of the cabinet if Jankovic, who is under investigation for corruption, becomes the party leader.
  • Zero Hedge: We read with amusement that in the latest attempt to de-escalate violence, now that diplomacy has failed, the OSCE has dispatched a negotiating team to try to secure the release of the first OSCE group, a German government source said on Saturday. "A negotiating team from the OSCE is on the way to the region," said the source, declining to give further details, including exactly where they were heading. So what happens when the OSCE rescue team, too, is captured and held hostage? Will a third OSCE team be unleashed to seek the release of the team that was sent out previously to liberate the original OSCE team, and so on? Hopefully this farce will be avoided, as the separatists made it quite clear they simply intended to hold on to the OSCE hostages as a bargaining chip.
  • Zero Hedge: With a diplomatic solution to the Ukraine crisis now officially out of the window as an option to de-escalate the second Cold War, and yet with both sides still leery of engaging in an overt military campaign, there is one last trump card both sides can play - natural resources. Specifically, gas for Russia, and water for Ukraine. Not surprisingly both are in play now. So what does a desperate Ukraine do, realizing that all of its leverage is gone, and that its western "allies" are about to let it hang? It used the nuclear option (not very nuclear but it really doesn't have much if any leverage), and stopped the flow of the bulk of water to now Russian Crimea. Voice of Russia reports that "Crimea will be supplied with water according to a fallback plan, there is currently no lack of fresh water in the region, the interim head of the Republic of Crimea Sergei Aksyonov wrote in his Twitter account Saturday. "Crimea will not be left without water! We have fallback plans. There are no problems with fresh water. Agricultural producers will receive compensations for the losses," Aksyonov wrote.

All this and more at...

The Harvey Report!!!

https://www.tfmetalsreport.com/comment/617530#comment-617530

DayStar

Mr. Fix
Apr 28, 2014 - 10:11pm

I felt a “rant” coming on, so I went for it…

“The world's most undervalued asset”,

has to be honest information in every market, and every news event.

The level of misinformation is at an all time record high.

As far as the markets are concerned, I would conclude that every single one of them is a complete fraud now.

Every number the government releases is pure fantasy, and it doesn't really matter which news broadcast you turn on, it has all become bull shit, and propaganda. Even alternative news outlets are becoming increasingly unreliable,

and I am forced to simply look at the facts, and draw my own conclusions.

There are only a few analysts left these days that have earned my respect, (This includes Turd) but even with them, I often find myself coming to entirely different conclusions. There are still far too many that base their analysis on numbers which I have concluded are completely fabricated.

I've actually given some thought as to whether TF metals report has become an echo chamber or not, but after reading the last couple of threads, I have to conclude that this is far and away the best source of information on a variety of topics available anywhere. I have grown to trust many of the people who post here, and once again, although I don't necessarily agree with them, I've known them long enough to conclude that they are giving their best and most sincere effort at unraveling the mysteries we are presented with.

Some people here still hold to the theory that we are “in a cycle”, and use charts and graphs to present an argument that there is soon to be a major uptrend.

I reject such theories, as I have for the past couple of years. This is not cyclical in any way shape or form, the only word that can describe this is “endgame”!.

When these markets finally are released,

it will be a very different world, one that we have not seen in our lifetimes. I've also concluded that the markets will be largely irrelevant when the “endgame scenario” finally comes to a conclusion.

I'm not going to post a whole bunch of links to supporting stories here,

I do enough of that.

But I do have some thoughts on current events, and how they are playing out, and what they will ultimately mean. There are a few stories that are watching closely, because they will have far-reaching implications on humanity as a whole, and since I've been studying the “gold/silver” markets,

I have been looking to grasp an understanding of just how corrupt the system is, and have concluded that the same people that are “screwing us out of our profits”, have a much larger agenda.

I've been watching the weather for the past couple years, and have concluded that it has been weaponized on a global scale. Although I tend to focus on the United States more than most of the rest of the world, I can see events unfolding globally that just are not natural, and things that are blamed on “global warming”, are actually staged.

I watch the chem-trails form in the sky, almost daily now. It has actually become a rarity now that a pristine blue sky in the morning still looks like that by evening. More often than not, the sky is just crisscrossed with lines, both old and new, sharp, and fuzzy, but they will extend from horizon to horizon by the end of the day. I also watch HAARP, and is easy to see when a major weather event is about to unfold, the whole area will get lit up on the map at least a couple of days before the storms converge, and even the weather forecasters have caught on to this.I figure it's only a matter of timeBefore they start using that particular infrastructure for biological or chemical warfare agents. To a limited extent, it is already happening now. Ebola anyone?

I'm watching the president of the United States along with the entire federal government do everything they can to destroy this country. I have concluded that Western civilization has little hope of remaining civilized. It seems to be marked for destruction.

I've gone to great lengths to study “The Illuminati” and “Agenda 21”, and have concluded that the elites are working a “depopulation agenda”, that is quite far-reaching, and will probably affect every human being on the planet, although some more than others. Our food, air, water, is all being poisoned, and this is not “pollution” as is usually defined by the environmentalist movement, it is genocide plain and simple. Crops are being intentionally destroyed, livestock is being slaughtered, and water (or lack there of) is being used as a weapon.

I have a basic understanding of what's going on at Fukushima in Japan, and cannot escape the conclusion that the entire northern hemisphere is being irradiated. Just for the heck of it, I'll throw in the money supply, as most of you know, with the global bankers printing it to oblivion, most of the real assets of planet Earth are being stolen with paper that's being printed out of thin air.

I almost forgot to mention World War III, but I'm sure most of you are paying attention to that one. The elites want a global conflict, they are willing to do whatever it takes. One way or another, the loss of life is liable to be biblical.

Many of the analysts from the "prepper" sites mentioned the need to sure up your spiritual condition for what lies ahead, and quite frankly I've been focused on that a lot lately. I have also concluded that just like our government that has been completely hijacked, the same applies for the vast majority of mainstream religion. Dave Hodges did an excellent piece last week explaining how the 501-C 3 tax exempt status has in effect made all churches answerable to the state. This also explains why most “true believers”, have no idea just how criminal our government is, and worse than that, they are intentionally being misled into obeying all of our governments insane policies, regardless of how immoral they are.

On a brighter note, I'm actually inundated with work, there was a vast amount of damage due to ice and storms this winter, and many of my customers are selling their homes and relocating. They need to be fixed up either way.

Maybe it's due to thinking “the end is near” for far too long, but I've made a conscious decision to stop using that phrase, and to quietly prepare for the inevitable.

I have most certainly noticed that the more attention I pay to “spiritual pursuits”, the less interested I am in the day to day bullshit. I haven't sat down for a while to write a decent rant, I guess I was a little overdue.

Thanks for reading, and thank you for being here, keep stacking, because even if they make possession of gold and silver illegal, it'll just be one more law that I break.

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Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

Key Economic Events Week of 7/13

7/13 11:30 ET Goon Williams speech
7/13 1:00 ET Goon Kaplan speech
7/14 8:30 ET CPI for June
7/14 2:30 ET Goon Bullard speech
7/15 8:30 ET Empire State and Import Price Idx
7/15 9:15 ET Cap Ute and Ind Prod
7/16 8:30 ET Retail Sales and Philly Fed
7/16 11:00 ET Goon Williams again
7/17 8:30 ET Housing Starts and Permits

Key Economic Events Week of 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

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