In Case You Missed It – Week Ended April 16, 2016.
Stories from the week ended April 16, 2016.
The big economic news of the week was the announcement of a settlement by Deutsche Bank of a private silver price manipulation case. The news was surpassed in importance by an announcement the next day that Deutsche Bank had also agreed to settle a private gold maninipulation case.
As part of the agreements Deutsche Bank has agreed to pay undisclosed amounts of money and to cooperate and provide evidence against their co-conspirator banks.
Late in the week, Saudi Arabia threatened to sell its U.S. Treasury bonds if the U.S.Congress passed the “9-11 bill” that might implicate Saudi Arabia in the terrorist attack on September 11, 2001. For a list of largest foreign holders of U.S. Treasury Securities, see below.
Gold and silver
Gold closed last week at $1221.90 and closed this week at $1234.10
Silver closed last week at $15.05 and closed this week at $16.23
The gold and silver ratio ended the week at 76:1
The Gold Silver Ratio dipped below 80:1 for the first time in months in mid – April 2016.
Chart of the Week
Silver ETFs experienced net inflows in April 2016.
Here are the stories we wrote, followed or commented on.
April 10, 2016
From Smaulgld.com
What if 1% of the U.S. Labor Force Saved in Silver?
The impact of a small increase in the percentage of people investing in small amounts of silver would have a dramatic impact on demand.
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
April 11, 2016
Gold
Indian Jewelers end strike, open shops
India imposes 15% duty on items purchases abroad after 1 year stay
WSJ: China goes prospecting for world’s gold mines
RBC ups gold price target to $1300 based on Chinese, Indian & ETF demand
Silver
From Smaulgld.com
Mexican Government projects decrease in silver mining production in 2016.
A decade of Mexican silver mining production growth is set to end in 2016.
Yellen meets with Obama and Biden
@Halsrethink Orders: Keep the economic happy talk going- describe labor market as "Solid" Robust", keep stock market from crashing @ektrit
— Smaulgld (@Smaulgld) April 12, 2016
April 12, 2016
Silver
From Smaulgld.com
Sales of Mexican Libertads Increase 110% in 2016.
Mintages for the Mexican Silver Libertadad have averaged just 775,000 per year from 2004-2015.
Compare Pricing and Shipping on Mexican Silver Libertad Coins
BGASC.com
Golden Eagle Coins
JM Bullion
Gold
Gold hits highs vs Platinum and Silver
US New World Report: Will Gold Continue To Shine?
U.S. Economic Data
Export Prices ex-ag. 0.3% Prior -0.5%
Import Prices 0.2%, Prior -0.3%
Import Prices ex-oil -0.1% Prior -0.1%
US Import Prices rose in March
Fed Chatter
SF Fed President Williams says online financial products need regulation
Two non voting Fed members speak out:
Dallas Fed’s Rob Kaplan says another rate hike may come soon could raise three times this year if oil prices pick up
but
Richmond Fed President says four rate hikes in 2016
Oil
Oil surges on news of Saudi/Russian production freeze agreement
Oil tanker traffic jam: full tankers stuck at sea
Global Economy
IMF cuts global growth estimate
U.S. Mint Sales Update
U.S. Mint reported selling 984,500 American Silver Eagles & 10,000 American Gold Eagles today.
MTD American Silver Eagles sold 2,106,000 American Gold Eagles Sold 28,500
YTD American Silver Eagles Sold 16,948,500/American Gold Eagles sold 214,000.
The U.S. Mint also reported selling 2,000 American Gold Buffalo coins.
MTD 8,000 sold YTD 68,000 sold
Buy 2016 American Silver Eagle Coins
April 13, 2016
Silver
From Smaulgld.com
Indian Silver Imports were nearly 275 million ounces in 2015
Indian silver imports rose to over 273 million ounces in 2015.
Gold
China’s Four largest banks to join Yuan Gold Fix – China flexes its gold muscle
Anglo Asian Mining Plc, cuts its output by 17.6 percent
Europe
European Industrial Production Falls most in 18 months
U.S. Economic Data
U.S. Retail Sales March -0.3%, Exp. +0.1%
Producer Price Index -0.1% Exp. +0.2%
Core PPI -0.1 Exp. +0.1%
U.S. Mint Sales Update
U.S. Mint reported selling 51,500 American Silver Eagles & 14,000 American Gold Eagles today.
MTD American Silver Eagles sold 2,157,500 American Gold Eagles Sold 42,500
YTD American Silver Eagles Sold 17,000,000/American Gold Eagles sold 228,000
The U.S. Mint also reported selling 3,500 American Gold Buffalo coins.
MTD 11,500 sold YTD 71,500 sold
Yellen Yacks
Fed Chair says Fed must move with care, focused on Main Street to boost jobs
April 14, 2016
Silver
Deutsche Bank to settle U.S. silver price-fixing litigation
Gold
From Smaulgld.com
Shanghai Gold Exchange withdrawals fall year over year in March
Shanghai Gold Exchange withdrawals in 2015 were 2,597 tonnes. Through March 2016, SGE withdrawals are 516.631 tonnes, or 17.4% lower than 625.136 tonnes withdrawn through March 2015.
You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
Deutsche Bank Settle Gold Manipulation Charges
Gold demand in Japan Soars on Negative Interest Rates
CNBC
Gold’s $33 billion man: Don’t be a doubter; keep buying
Bank of England
Bank of England maintains #BankRate at 0.5% and the size of the Asset Purchase Programme at £375 billion…
— Bank of England (@bankofengland) April 14, 2016
US Economic Data
CPI 0.1%, Exp. 0.2%, Last -0.2%
Initial Claims 253K, Exp. 270K, Last 266K
Reuters U.S. jobless claims fall, revisit 1973 level
The economy sucked in 1973 too. SOLID ROBUST job market!
Fed Chatter
Atlanta Fed President doesn’t support June rate hike
U.S. Mint Sales Update
U.S. Mint reported selling no American Silver Eagles & 3,000 American Gold Eagles today.
MTD American Silver Eagles sold 2,157,500 American Gold Eagles Sold 45,500
YTD American Silver Eagles Sold 17,000,000/American Gold Eagles sold 231,000
The U.S. Mint also reported selling 500 American Gold Buffalo coins.
MTD 12,000 sold YTD 72,000 sold
April 15, 2016
Gold
From Smaulgld.com
Deutsche Bank settles gold manipulation case
Silver
From Smaulgld.com
Deutsche Bank Settles Silver Manipulation Case
US Economic Data
US Industrial Production March -0.6%; Capacity Utilization -0.5 TO 74.8%
Empire Fed 9.56, Exp. 2.10, Last 0.62
University of Michigana Consumer Sentiment 89.7, Exp. 92.0, Last 91
NEW YORK FED 2Q NOWCAST GDP FORECAST +1.2% VS PREV +1.9%
NEW YORK FED 1Q NOWCAST GDP FORECAST +0.8% VS PREV +1.1%
Atlanta Fed BOOSTS 1Q GDP from 0.1% to 0.3%
From Smaulgld.com
War on Cash
U.S. Mint Sales Update
U.S. Mint reported selling no American Silver Eagles & 2,500 American Gold Eagles today.
MTD American Silver Eagles sold 2,157,500 American Gold Eagles Sold 48,000
YTD American Silver Eagles Sold 17,000,000/American Gold Eagles sold 231,000
The U.S. Mint also reported selling 500 American Gold Buffalo coins.
MTD 12,000 sold YTD 72,000 sold
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