In Case You Missed It – Week Ended April 2, 2016.
Stories from the week ended April 2, 2016.
The big economic news was Janet Yellen’s speech on March 29, stressing that the Fed “proceed with caution” regarding monetary policy. Her remarks immediately undercut the dollar and gold and silver rose. The dollar remained under pressure all week but gold and silver fell after the Bureau of Labor Statistics released its non farm payroll number that showed top line new job creation of 215,000.
Gold and silver
Gold closed last week at $1216.20 and closed this week at $1221.90
Silver closed last week at $15.20 and closed this week at $15.05
The gold and silver ratio ended the week at 80:1.
The Gold Silver Ratio remained above 80:1 during the week ended April 2, 2016.
Chart of the Week
The U.S. Mint first quarter American Silver Eagle sales set a record in 2016.
Here are the stories we wrote, followed or commented on.
March 27, 2016
Gold
The Economist Critcizes India’s Physical Gold Culture
March 28, 2016
U.S. Economic Data
Dallas Fed -13.6, Exp. -28, Last -31.8
Personal Income 0.2%; Exp. 0.1%
Personal Spending 0.1%; Exp. 0.1%
PCE deflator 1.0% Y/Y, Exp. 1.0%
PCE core 1.7% Y/Y, Exp. 1.8%
The Atlanta Fed slashed Q1 GDP from 1.4% to 0.6% after the release of the tepid consumer spending data.
Pending Home Sales 3.5%, Exp.1 2.%, Prior revised from -2.5% to -3.0%
Pending Home sales up as price slowed up 3.5% led by the Midwest (+11.4%), South (+2.1%) and West (+0.7%) while Northeast fell -0.2%.
Gold
Prospecting For Gold In Minnesota
Chinese Investors Increase their Gold bar and coin consumption
March 29, 2016
Fed Chatter
Fed President Williams says US economy is fine, the world’s isn’t
adds U.S. Economy keeps “chuggin along”
Silver
Silver Funds Increase Most Since 2013
Silver ETf inflows have increased in 2016./caption]
Oil
Oil takes a breather after rising 45% since mid February
Yellen Yacks
Janet Yellen gives “dovish” speech, mentions that “unconventional monetary policies (QE) may be used again and says monetary policy will “proceed with caution”
Dollar gets hit by Yellen’s comments
Gold
Gold advances on Yellen’s “proceed with caution” warning
Gold Rally Seen Ending by CPM as Investors Reassess U.S. Economy
U.S. Mint Sales Update
U.S. Mint sold 501,500 American Silver Eagles & 1,000 American Gold Eagles today.
YTD American Silver Eagles Sold 14,501,500/American Gold Eagles sold 181,500
MTD Silver Eagles sold 3,765,000 MTD Gold Eagles sold 25,000
The US Mint also sold 500 American Gold Buffaloes today.
MTD 5,500
YTD 58,500
Buy 2016 American Silver Eagle Coins
March 30, 2016
Fed Chatter
Chicago Fed President says April rate hike unlikely, June possible
Dollar
Dollar heads for worst quarter in five years
US Mint Sales Update
U.S. Mint sold 341,000American Silver Eagles & 2,500 American Gold Eagles today.
YTD American Silver Eagles Sold 14,842,500/American Gold Eagles sold 184,000.
MTD Silver Eagles sold 4,106,500 MTD Gold Eagles sold 27,500
The US Mint also sold 1,000 American Gold Buffaloes today.
MTD 6,500
YTD 59,500
Buy 2016 American Silver Eagle Coins
Gold
CNBC: Central Banks May Boost Gold in Europe
Why Are Russia and China Buying Tons of Gold?
March 31, 2016
From Smaulgld.com
Gold and Silver
Sales of American Silver Eagles Set First Quarter Record
Sales of American Silver Eagle coins in the first quarter 2016 were more than the entire mintages of each of 1986-2007.
Canada
Canadian GDP surges on manufacturing growth
Euro
Euro Has Strongest quarter in five years despite stimulus
Gold
Gold Set for largest quarterly rise in nearly 30 years
Million Dollar Gold Coin To Go On Sale In Ireland
Florda Man Pleads ‘Not Guilty’ in $4.8 million Gold Truck Theft
Is this the Start of a Long-term Gold Rally?
Silver
Silver Wheaton to raise $550 million in share sale
US Economic Data
Chicago PMI 53.6, Exp. 50.7, Last 47.6
Initial Jobless Claims 276K, Exp. 265K
U.S. Mint Sales Update
U.S. Mint sold 341,000American Silver Eagles & 1,500 American Gold Eagles today.
YTD American Silver Eagles Sold 14,842,500/American Gold Eagles sold 185,500.
MTD Silver Eagles sold 4,106,500 MTD Gold Eagles sold 29,000
The US Mint also sold 500 American Gold Buffaloes today.
MTD 7,000
YTD 60,000
Buy 2016 American Silver Eagle Coins
April 1, 2016
From Smaulgld.com
Perth Mint Silver Sales Surge to 1.7 million ounces in March
Perth Mint silver sales in March topped 1.7 million ounces.
Buy Perth Mint Silver Kangaroo coins from JM Bullion
US Economic Data
Non Farm Payroll 215K vs 200K expectations
Atlanta Fed increased Q1 GDP estimate from 0.6% to 0.7%
UMich 91.0, Exp.90.5, Last 90.0
Mfg ISM 51.8, Exp.50.8, Last 49.5
Gold
India tweaks gold monetization scheme to make it more attractive- allows gold redemption feature
Fed Chatter
Fed’s Meister says she doesn’t want to wait too long to raise rates
Oil
Oil falls on Saudi Arabian comments rejecting production freeze
U.S. Mint Sales Update
U.S. Mint sold 115,000American Silver Eagles & 1,000 American Gold Eagles today.
YTD American Silver Eagles Sold 14,957,500/American Gold Eagles sold 186,500.
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