The Swiss Gold Initiative

Sat, Aug 23, 2014 - 12:23pm

When we first wrote about this, we actually caused a bit of a stir but the primary vote on The Swiss Gold Initiative was still over six months away. Now, with the date of the vote rapidly approaching, it is time to begin reviving this issue.

Interest is beginning to build, awareness is growing and the date of the national referendum has been set. Later this year, on November 30, the good people of Switzerland will finally get an opportunity to make their voices heard. The Swiss Gold Initiative can be roughly stated in three parts:

  1. The halting of all Swiss gold sales
  2. The repatriation of all Swiss gold that is held in foreign vaults
  3. Resume backing the Swiss Franc with gold, at a minimum level of 20%

Of course, the politicians and bankers of Switzerland are squarely against this initiative as it greatly diminishes their hold on power and restricts their ability to continue to debase the Franc. Fortunately, as one of the world's few remaining democracies, the Swiss people have an opportunity on November 30 to directly affect a change. For their sake and for the sake of their posterity, I pray that they choose wisely.

As this issue comes to the forefront this autumn, you will need to be aware of the circumstances surrounding the vote. So, below you will find a few background links and, ultimately, a re-print of the seminal article that we first posted here back on May 12. Please take the time to review this information. We must do everything we can to help warn and educate the good people of Switzerland before the vote is taken.

First, here are two bits of background from earlier this year. From former US Budget Director David Stockman we have this:

And from the FinancialSense website, we have this interview of Luzi Stamm, who is one of the Swiss parliamentarians behind the initiative:

Last week, Swiss money manager Egon von Greyerz brought the issue back to our attention and I urge you to take a moment to read this brief commentary:

Finally, here's the link to the article we first posted back in May. If you are Swiss or personally know any Swiss citizens, please consider forwarding this link. It is imperative that we do everything possible to see that this initiative passes, not just for the good people of Switzerland but for freedom, liberty and sound money advocates everywhere.


"From Turdville With Love; An open letter to the good people of Switzerland"

I hate to be the bearer of bad news, Switzerland, but what you suspected all along is actually true. Your gold is gone. All of it. Leased and sold away by your central bankers and politicians.

As recently as 1996, the Swiss Franc was considered "good as gold". Why was this the case? Since the early 20th century, the Swiss Franc had offered a reserve backing of gold. This uniquely sound currency had given the country of Switzerland considerable financial power and independence, yet, at the urging of their politicians and central bankers, the Swiss willingly forfeited this enviable position.

The demise of the Franc and Swiss sovereignty began in 1992 when the Swiss made the fateful decision to join the International Monetary Fund (IMF). The IMF's Articles of Agreement (Article IV, Sec 2b) clearly state that no member country can have a currency linked to gold and, as such, Switzerland immediately set out on a course to de-link the Franc from gold. Just four short years later, the Swiss National Bank (SNB) and the Swiss government had formed a plan to eliminate the Franc's gold backing and, in March of 1997, a revision of the Nationalbank Act was passed and all links of gold to the Franc were removed. Further, since the Swiss constitution mandated sound money, it had to be amended, too. Thus, in a hastily organized vote, a new Swiss constitution was approved in May of 2000. ( This served to finally and permanently sever the Franc's gold backing and initiated the Swiss into the world of global fiat currency.

The SNB has spent the 14 years since leasing and re-leasing the country's gold reserves. In 1999, the SNB reported gold reserves of 2,590 metric tonnes. The most current "audit" of SNB reserves showed just 1,040 metric tonnes of gold remaining on the balance sheet and I believe that none of this is actual, physical gold. Instead, what the SNB holds are paper claims and promissory notes. The remaining 1,040 tonnes has been sold and re-sold into the marketplace by greedy bullion banks, intent upon suppressing price through the leverage of paper metal futures contracts and rehypothecation. In other words, the "gold" that the SNB claims to hold/own on behalf of the Swiss people is gone. This makes the Swiss people just another bagholder, certain to be left in line wanting with all of the other holders of unallocated accounts when the fractional reserve bullion banking system inevitably collapses.

Furthermore, I've come to the conclusion that it was this last bit of Swiss gold that was utilized to suppress and manipulate price away from the alltime highs of September 2011. What makes me think this? Let's start with a history lesson...

Again, the Swiss officially forfeited their birthright of national independence and sovereignty when they joined the IMF in 1992. Then, by formally de-linking the Franc from gold in 2000, they accepted full membership into the clique of fiat currencies. Regardless, and perhaps just by tradition, the Swiss Franc was still considered a "safe haven" currency as late as 2011. But that's when things got out of hand.

You recall 2011, don't you? Under the weight of $600B worth of QE2, the U.S. Dollar Index was collapsing. From a high near 90 in mid-2010, it had fallen to near 73 by the spring of 2011. Shortly thereafter, the U.S. fiscal situation began to wobble as "Debt Ceiling" negotiations took place in Washington and the U.S. credit rating was downgraded by Standard & Poor's. The ensuing political rancor drove gold from $1500 to $1900 in eight weeks. Also catching a bid in this "safe haven" trade was the Swiss Franc and, in the summer of 2011, it also rallied over 20%.

"We can't have this!", screamed the Swiss Keynesians. "Something must be done or our export-driven economy will suffer", they warned. So what happened next? The SNB went ALL IN.

In the wee hours of Tuesday, September 6, 2011, the SNB announced a permanent and horrific change to the Swiss currency. Henceforth, the Franc would be linked/pegged to the Euro. No more safe haven bid. No more national sovereignty. Going forward, the Swiss were all in. Their fortunes had been officially tied to the fortunes of the European Union, for better or for worse. At this point, there was no further reason to hold any gold in reserve. Why would the Swiss need it? Their currency was now officially fiat and it's value was permanently pegged to another fiat, the Euro. What purpose would gold serve going forward? As the Keynesians say, it had become "a barbarous relic".

Left as the sole remaining "safe haven", one would have expected a huge rally in gold on 9/6/11, likely moving price up and through $2000/ounce from the weekend close near $1920. Instead, with the same counter-intuitive move to which we've all grown accustomed in the time since, gold was raided and price was smashed. Here are some flashback c&ps for you. First two charts from 9/6/11 and 9/7/11 showing the unusual price action:

And, as you might imagine, I was actively chronicling these events on this site. Here's a sample from Wednesday, Sept 7:

"I think it's quite clear now why gold responded yesterday in the opposite direction from what you would have expected. With central banks actively managing a debasement of their currencies, we are now seeing them also attempt to actively manage a debasement of gold, too. Be careful. Be very careful.

We all wondered yesterday why gold would plunge on the SNB news. Now we know. In an attempt to mitigate the "negative" effect on francs priced in gold, the SNB sold a massive amount of gold futures at the same time. How do we know this, because it appears that the same thing earlier today.

Yes, that's 7,000 contracts (700,000 ounces) (nearly 22 metric tons!) dumped on the Globex while London and NY are closed! This should also raise your deja vu spidey senses regarding silver in May. The $ drop in silver was greater because the silver market is considerably smaller. However, it's the same strategy. Maximize the downward impact and collateral damage by executing the attack at a time of minimal liquidity. This all wreaks of malicious manipulation. If you are trading, be prepared for anything."

And there you have it. Speculated upon at the time and again here in this post: The SNB is the culprit. It was the remaining SNB gold that was leased and dumped onto the market in late 2011, shoving price back from the record highs and smashing gold for nearly 0 in a little over three weeks. What was left of the Swiss gold was then leased to bullion banks throughout 2012 and the first half of 2013. Physical demand only increased, however, and that remaining Swiss gold has now been delivered to China and points East. Yes, the SNB still shows this leased gold on their balances sheet as an asset. Most every other western Central Bank utilizes the same accounting gimmick. Instead, it should be listed as a liability as the actual, physical underlying is no longer there. It is...gone for good.

Sensing this, a movement has begun in Switzerland to reclaim their sovereignty and birthright. The Swiss People's Party (SVP), which was the only major party voting against the new Constitution back in 2000, began an initiative last year to re-enforce a gold backing to the Franc. After collecting more than the requisite 100,000 signatures, a national referendum on the issue is planned. First, however, a vote was held last week in Swiss parliament. This procedural vote is basically a "recommendation" from Parliament, designed to impact the eventual, national vote. Here's how Bloomberg described it in an article dated May 5:


Swiss parliamentarians urged rejection of a popular initiative that would curtail the Swiss National Bank’s independence by requiring it to hold a fixed portion of its assets in gold.

Members of the Swiss parliament’s lower house voted 129 to 20 with 25 abstentions today against the plan, which demands that at least 20 percent of the central bank’s assets be in gold. It would also disallow the sale of any such holdings and require all SNB gold be held in Switzerland.

No date for a national vote has yet been set. The government in November also recommended the initiative be opposed, saying it would impinge upon the SNB’s ability to conduct monetary policy. Parliament and the multi-party government issue recommendations on all national referendums as a matter of procedure.

Of course! How could anyone, in their right mind, be in favor of this:

  1. Demanding that at least 20% of your central bank assets be in gold
  2. Disallowing any sale of said gold
  3. Require repatriation of all foreign-held gold

Don't you silly peasants know what's good for you? By making these demands, you "impinge on your central bank's ability to conduct monetary policy" and "curtail the SNB's independence"!

Then, check this out, also from the same Bloomberg story. Last year, even Thomas Jordan, the head of the SNB, got in on the act:

"SNB President Thomas Jordan took the extraordinary step of commenting on politics last year when he urged rejection of the initiative, saying it would crimp the Zurich-based institution’s independence and force it into “large-scale” purchases to meet the required 20 percent threshold."

Hmmm. "Large-scale purchases", just to get back to the 20% threshold? Well, that's interesting, now isn't it? And what about this repatriation requirement? Why should that be a big deal? The SNB currently provides this list of its gold storage:

  • 70% (728 mts) of the gold is already held in Switzerland
  • 20% (208 mts) is held at The Bank of England
  • and 10% (104 mts) is held at The Bank of Canada

I can't speak for the 104 metric tonnes held in Canada but the Swiss people should be very nervous about the gold the SNB allegedly stores in London ( Also, the SNB has been reticent to discuss where in Switzerland their gold is stored. Could this be because the "gold" is stored with the Bank of International Settlements for easy distribution and leasing? And where is the BIS? It's in Basel, of course. And where is Basel? It's in Switzerland!! How about that??

Look, I'll cut the chase here to save some time. Here's the "open letter":

To the good people of Switzerland:

You have been scammed and sold down the river. Your politicians and bankers, in a pathetic attempt to consolidate power and curry favor with the EU, have given away your independence and your historic sovereignty. You should be angry.

The initiative you have taken and the referendum you have planned are all well and good. I applaud you for taking these steps within the context of Swiss law and tradition. However, you must understand what is truly at stake and if you don't take more powerful and forceful acts soon, the likelihood of you ever regaining your birthright as an independent, sovereign nation is slim.

The next steps you undertake must include these:

  • Demand an immediate and full, independent audit of the SNB gold reserves. This is your gold, not the SNB's, and you should be allowed a full accounting.
  • All Swiss gold that is held domestically must be held in Swiss-owned bank vaults, not at the BIS.
  • Demand an immediate repatriation of all foreign-held gold. Do not accept excuses regarding "logistics". Give the BoE and the BoC no more than 90 days to return your gold.
  • Immediately de-peg the Franc from the Euro and divest yourself of all accumulated Euro holdings. Ignore the Keynesian shills who would have you believe that a strong currency is bad for economic growth.
  • Use the process of divesting yourself of the Euro to accumulate and rebuild your gold reserves. Then, use these reserves to once again partially back your currency.

The world is rapidly changing and tomorrow will not be like yesterday. The current global financial system, based upon promises, debt and unlimited fiat currency will one day soon by replaced by a system that returns the world to a sound money platform. The monetary powers of the 21st Century will come to the forefront by virtue of their accumulated reserves of sound money, not by their addiction to easy money.

You, Switzerland, still have time to act and prepare but you must move quickly. The possibility exists for you to reverse course and demand change but time is short. The end of the great Keynesian experiment is upon us. Reclaim your gold and your sovereignty now or be forever consigned to the trash heap of fiat currency history.

Faithfully submitted with all sincerity,


About the Author

tfmetalsreport [at] gmail [dot] com ()


Aug 25, 2014 - 12:32am

Harry Dent? LOL!!!!....

Dow to hit 30,000 by year 2010.

What's that you say? Its 2014? No 30k Dow yet???

Fat Willie
Aug 25, 2014 - 12:30am

Dent's One good call

He called the 90's tech bubble in 92 or 93. The rest of his record is a disaster.

Fat Willie
Aug 25, 2014 - 12:24am

Bo Polny

Well, it didn't take long for this charlatan to be wrong again.

7. The next day following the July 22, 2014 post Gold dropped $18

and then again on August 1, 2014 dropped an additional $12.50

into a FINAL Summer low of $1281.00. ... The 2014 Summer

Gold Low is COMPLETE!

drlinksFat Willie
Aug 25, 2014 - 12:23am


Do you know what the ONE CALL he got correct was?

SearchFat Willie
Aug 25, 2014 - 12:18am

Harvey Dent

What was his call? Tails? Sorry Batman joke

Fat Willie
Aug 25, 2014 - 12:12am

Harry Dent

is a tool. All you have to do is look at the titles of his books and you will what a tool he is. He got one call right and has been living off of it ever since.

Aug 24, 2014 - 11:15pm

Check out this OUTRAGEOUS VIDEO courtesy of Harvey Dent

Get a load of this MUST WATCH VIDEO by Harvey DENT... It's Outrageous b/c he predicts Gold will fall to BELOW $800/oz and this is the best part, SILVER, the most important element on the periodic table w/respect to our mobile and hands free lifestyle to which we've become accustomed, will fall to $5 he says. And hoard Cash, too!"

I hope he's right on that b/c it would stay ther for a day or two and offer the greatest LEAP options opportunities or Warrant opportunity on New Gold (NGDAF) is the ewarrant, the price is $1.13, and the srike is $15.00 and expiry is JUNE 17, 2017 FYI. [Other LEAP opportunities available for Stremers like SLW and solid Primary Ag Miners I'm very bullish on and own 2016 LEaps on are Pan American (PAAS), Endeavor Silver (EXK), First Majestic (AG), Silver Standard (SSRI), Coure Mining (CDE), which is HQed in Idaho and has tremendous diverisfication w/respect to where the plentiful amount of Silver Mines they own originate. PLUS, CDE is trading at .501 of Book, meaning it's price is 50% what it should be ($8 instead of $16 if it's P:B were 1) and if you, as I believe, Silver can't go much lower than $19.50, maybe down to $19.00, then CDE offers a phenomenal opportunity to buy LEAP options on if your bullish the future price of Silver, whose AVG cost to Mine by Primary Silver PRoducers for FYE2013 was $23.70! I know that close to 70% of silver production is in the form of offsets in the search for gold, which allows savy companies to mine it at around $12-$15, and in one RARE and only instance I know of, the Primary Miner Tahoe Resources has the Escobal Mine in Guatemala that's loaded with high grade ore and has another 20.5 years to keep pumping over 20,000oz/year at under or equal to $8/oz and it's because of this ridiculously low cost/HIGH ORE combo that puts a premium tantamount to Silver Wheaton as it's stock price is well over $25/share!, Bear Creek (BCEKF) trades for just over $3, Great Panther Silver (GPL) is $1.19, and the CHEAPEST of the two aformentioned JRs. and MY FAVORITE among all the mriad of JRs. are Balmoral Resoures (BALMF, Rubicon Minerals (RBY), and Excellon Resources (EXLLF), trading for $1.09, and which will have AISC of $5.99/oz when all the credits of Gold and Copper and Molybdenum will reduce it to such a cheap per ounce price model, but Ecellon and SLW-a streamer that gets each z for $4.14, and Tahoe are FEW AND FAR BETWEEN.. I understand his lunacy b/c he believes that the FED is all out of Ammunition AND THAT b/c the FED can't stymie DEFLATION, Gold is headed to sub $800 levels and SILVER, which this I found even more risible, myopic, and plain stupid, will fall to $5 in the next 30 months to 48 months (2.5-4 years)!!! I know Dent has many people who respect his CHARTING and CYCLING abilities, but just watch this 30 minutes of ANTI-TURD garbage, it's literally the first and ONLY counter position to the multitude of various economists I follow that aren't unreasonable and proven WRONG neo Keynseyians, from uber Billionaire Eric Sprott to You Craig (Turd), to Steve St. Angelo, George Soros, James Turk, Henry Paulson, Jim Rickards, Jim Comiskey, Ted Butler, Chris Martenson, Jim Sinclair, to Billionaire William Bonner AND Addison Wiggin (founders of the AGORA financial newsletters), to the biggest Billionaire and 3rd or 4th wealthiest MAN ALIVE depending on what day it is - Warren Buffet whose been, according to various reports I've read, exiting dollars at a frenetic pace by buying more gold and silver and PGM's, plus Diamonds and Real Estate esp. Ariable Farm Land, and with his latest purchase before Burlington Railroad, which I'll get to in a moment, his sage purchase of Heinz ketchup was a masterful play on the atrocious inflation we are ALREADY SEEING while shopping for ANY FOOD PRODUCT, and ketchup is a staple of America's favorite sauce for everything from Backyard BBQ's consisting of burgers and hotdogs to the Fast Food outlets who put ketchup and mustard on the burgers and Fries, plus there are a litany of other uses for ketchup, or the tomatoes that engender ketchup! His most recent purchase of the Burlington Santa Fe Railroad, that's an ALL HARD ASSET PLAY from the tracks to the railcars and everything in between, and what does it do, it moves HARD ASSETS. With Buffet "afraid of paper money" because this day of reckoning is coming to all of the 38 nations who kept their printing commensurate with the United States insane liquidity injections Volume 1 and 2, then we changed the name to QE i, II and the most infamous QE4Ever of QE 3, with the 3rd one STILL in effect since 2009, and totaling over $4.5Tn of fiat currency that will very soon result in the coming FIAT BUBBLE that will offer the largest transfer of wealth in human history. The USD$ will be worth $.13-.17 CENTS!!! Dent says that the best thing to HOARD right now and for years to come is CASH, as in Greenbacks!!! Trust me, it's an hysterical presentation.... To prove the demise of the dollar is not bullshit or even a thought of DHS, Shah Gilani wrote me this on his Insights and Indictments column.

Aug 24, 2014 - 10:56pm

Ex-White House Official - Gold, Capital Controls & Inflation

Positive spin on things to come...

Dr. Philippa “Pippa” Malmgren: President & Founder of DRPM Group - Dr. Malmgren was former Special Assistant to the President of the United States for Economic Policy and former member of the U.S. President’s Working Group on Financial Markets.

While in the White House, Dr. Philippa “Pippa” Malmgren served as financial market advisor in the White House and functioned as the liaison between the White House and the Federal Reserve.

Dr. Malmgren formerly headed the Global Asset Management business for Bankers Trust in Asia, out of Hong Kong, was also the Chief Currency Strategist for Bankers Trust, and the former Head of Global Investment Strategy at UBS. Dr. Malmgren was also a senior consultant to Deutsche Bank, and currently advises the largest sovereign wealth funds, hedge funds, and pension funds in the world.


Aug 24, 2014 - 10:28pm

Dr. P, there you go blasphemin' again... lol

any FED chart is as fictitious as Bernie Madoff's audit reports. The value of everything that is reported on a central 'market' chart, is set 'BY' the chart. Not by what they reportedly tell you is going on behind the chart. That's just to keep you playing along.

All based on confidence in the system, or the willful ignorance that it's all a hoax, caused by institutionalization and the they-said-it-enough-times-that-people-believe-it cultural fear that the system must be maintained at all costs.

Show me a direct correlation between any 2 charts or reports in the whole fake system? The USD to Gold?.. nope. Not that the USDX is even an index anyway. It's merely a weighted basket of currencies that are all valued relative the USD, just like every other fiat currency.. (valued against the USD). and on and on it goes, the manufactured charts are only good for some conversational hysterics by those who still remember what they might have meant if the system were real.

The value of my 'silver chart'? Well, ... if you would turn off CNBC and step out into the light for a moment, ... ok, now- look around the entire world and notice that every physical silver transaction references "the silver chart" to set price. see that? every physical silver transaction ...silver chart for price.

hearing 'silver chart', you instantly start with " it's all about miner's hedging, spec shorts, hft algos, cartel, foam, CoT Reports, smoke, position limits, mirrors etc... " No no no..., i'm not talking about what you've been taught to believe makes the little zigzaggy line go up and down, i'm talking about how the chart functions in reality, in the real world.

It's a price control device. It controls the price of every LCS, online, etc. physical Silver transaction in the world. That's what the silver chart is all about, that's it's sole purpose in the system. All that bullshit about what "supposedly" goes on behind the chart.. LOL.. those are just stories amigo!!

How long would the silver chart last as the global price reference for the world's physical Silver transactions if everybody knew it was just a hoax being ran by an app?? exactly.

So now... if that's not TMI, then you are now ready to take another look at my worthless meaningless silver chart that contains no actionable data... (and actually, i am a pretty crappy chart/slide maker), but at least consider this ugly thing out here in the light...

Well, that's a different slide than last time, couldn't find the other worthless one, but it's the same point. Now you just have to say "wait a minute!, that means ___ ______ _____ __ _ ____!!" Yes exactly. But now you also know what kind of bind the owners of the silver chart, and the system are really in right?? You see why they're screwed??

now you know why over 10 months ago, before you had ever heard the first peep about what is now the "USD is DYING!!!" daily report, ...i told you that they would start prepping the minds of the masses for a new World Reserve Currency.. and that the now Dead-in-the-water silver chart would remain adrift in that specific range until they were ready to pull the "New WRC anyone?" trigger, ...which it has.

How can knowing why the silver chart is where it is, why it's there, and how long it's going to stay there, not be actionable?? What kind of action are you looking for my man?

Grey Mare
Aug 24, 2014 - 10:00pm


Watch yourself there, sonny boy,


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Key Economic Events Week of 9/21

9/21 8:00 ET Goon Kaplan
9/21 10:00 ET Goon Evans
9/21 Noon ET Goon Brainard
9/21 6:00 pm ET Goon Williams & Goon Bostic
9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
9/22 3:00 pm ET Goon Bostic again
9/23 9:00 ET Goon Mester
9/23 9:45 ET Markit flash PMIs for September
9/23 10:00 ET Chief Goon Powell on Capitol Hill
9/23 11:00 ET Goon Evans again
9/23 Noon ET Goon Rosengren
9/24 1:00 pm ET Goon Bostic #3
9/24 2:00 pm ET Goon Quarles
9/24 10:00 ET Chief Goon Powell on Capitol Hill
9/24 Noon ET Goon Bullard
9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
9/24 2:00 pm ET Goon Bostic #4
9/25 8:30 ET Durable Goods
9/25 11:00 ET Goon Evans #4
9/25 3:00 pm ET Goon Williams again

Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
9/16 2:00 ET FOMC Fedlines
9/16 2:30 ET Powell Presser
9/17 8:30 ET Philly Fed
9/18 8:30 ET Current Acct Deficit

Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
9/10 8:30 ET Initial jobless claims
9/10 8:30 ET PPI
9/10 10:00 ET Wholesale Inventories
9/11 8:30 ET CPI
9/11 9:45 ET Core CPI

Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
9/1 10:00 ET ISM Manu Index
9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
9/2 10:00 ET Goon Williams
9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
9/3 8:30 ET Trade Deficit
9/3 12:30 ET Goon Evans
9/4 8:30 ET BLSBS

Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
8/25 10:00 ET Consumer Confidence
8/26 8:30 ET Durable Goods
8/27 8:30 ET Q2 GDP 2nd guess
8/27 9:10 ET Chief Goon Powell Jackson Hole
8/28 8:30 ET Pers Inc and Consumer Spend
8/28 8:30 ET Core Inflation
8/28 9:45 ET Chicago PMI

Key Economic Events Week of 8/17

8/17 8:30 ET Empire State Manu Idx
8/17 Noon ET Goon Bostic
8/18 8:30 ET Housing Starts
8/19 2:00 pm ET July FOMC minutes
8/20 8:30 ET Jobless claims
8/20 8:30 ET Philly Fed
8/20 10:00 ET LEIII
8/21 9:45 ET Markit flash PMIs July

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

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