In Case You Missed It – Week Ended April 9, 2016.
Stories from the week ended April 9, 2016.
The big economic news was the continued decline of the dollar, with the dollar index falling under 95. Seems that no amount of Fed President backpeddling over the number of rate hikes or statements insisting that a rate hike is possible in April can undo Yellen’s “dovish” March speech and years of bluffing about removing accommodation.
China reported its lowest addition to gold reserves since it started monthly reporting of reserves in June 2015. The Austrian Mint reported record gold sales and a 57% increase in silver sales in 2015.
Gold and silver
Gold closed last week at $1221.90 and closed this week at $1238.40
Silver closed last week at $15.05 and closed this week at $15.36
The gold and silver ratio ended the week at 80:1
The Gold Silver Ratio rose steadily from April 2015 to April 2016.
Chart of the Week
American Silver Eagle Premiums
Despite booming demand American Silver Eagle premiums have remained steady in 2016.
Here are the stories we wrote, followed or commented on.
April 3, 2016
War on Cash
JPMorgan Limits cash withdrawals to $1,000
Gold
Russia’s Gold helps it erase its currency loss
April 4, 2016
U.S. Economic Data
Factory Orders Fall 1.7% in February
Gold
Anti-gold Propanda From the Wall Street Journal
Wall Street Journal – A warning for gold bugs: This rally won’t last
Gold settles lower as investors focus on “upbeat ” data via @WSJ Propaganda
Prospecting for gold: Gold doesn’t sparkle, it shines
Reuters: Gold falls after robust U.S. data boosts risk sentiment “ROBUST”
Barrons- WSJ vs. Bloomberg on the direction of gold
Silver
Bloomberg: Silver captures hearts of investors
U.S. Mint Sales Update
U.S. Mint sold 651,000 American Silver Eagles & 7,000 American Gold Eagles today.
MTD American Silver Eagles sold 766,000 American Gold Eagles Sold 8,000
YTD American Silver Eagles Sold 15,608,500/American Gold Eagles sold 193,500.
The U.S. Mint also sold 500 American Gold Buffalo coins.
MTD 500 sold YTD 60,500
Buy 2016 American Silver Eagle Coins
Oil
Oil prices fall as production freeze doubts remain
April 5, 2016
From Smaulgld.com
Gold Prices in World Currencies in the First Quarter of 2016
Fears of a “yes” vote in June to Britain leaving the European Union weakened the British Pound vs. Gold.
US Econommic Data
US ISM NON-MFG COMPOSITE INDEX 54.5 MAR, EXP. 54.2, LAST 53.4
Markit Service PMI 51.3, Exp. 51.2
US Trade Deficit rises to highest level in six months
Fed Chatter
Euro and Yen rise despite negative interest rates
Gold
HP to release two luxury gold plated lap tops
Indian Jeweler Strike Cripples March Gold Imports
NY Times Bin Laden was a gold bug
Record amounts of gold seized at Greek/Turkish border
April 6, 2016
From Smaulgld.com
U.S. Economic Data
MBA Mortgage Applications +2.7%
– Purchases down 2.4% (+2.1% last)
– Refis up 6.8% (-3.3% last)
War on Cash
UK Banks to close 400 branches
Fed Minutes Released
Fed uncertain of when it might raise rates
Fed Chatter
As the second quarter outlook crumbles St. Louis Fed President says poor first quarter doesn’t change Fed outlook
U.S. Mint Sales Update
U.S. Mint sold 355,500American Silver Eagles & 3,000 American Gold Eagles today.
MTD American Silver Eagles sold 1,121,500 American Gold Eagles Sold 11,000
YTD American Silver Eagles Sold 15,964,000/American Gold Eagles sold 196,500.
The U.S. Mint also sold 1500 American Gold Buffalo coins.
MTD 2000 sold YTD 62,000
Buy 2016 American Silver Eagle Coins
April 7, 2016
From Smaulgld.com
Chinese Gold Reserves Grow 9 tons in March- smallest increase since June 2015
Chinese gold reserves grew by 9 tons in March 2015..
War on Cash
Japan to print more higher denominated Yen bills as Japanese stash cash at home
US Economic Data
U.S. jobless claims 267,000 for week ended April 2, claims below 300,000 for the longest stretch since 1973
Gold
India’s Gold Mining Industry- Lots of Red Tape Little Gold
Central Banks
Japan
Fed Chatter
S.F. President John Williams says global risks are pretty well balanced
…sees two rate hikes at least in 2016 as “economy continues to grow, businesses add jobs”
Yellen Yacks
Yellen participated in a panel with former Fed Chairmen Bernanke, Volker and Greenspan
Buy 2016 American Silver Eagle Coins
April 8, 2016
From Smaulgld.com
Austrian Mint Smashes Annual Gold Sales Record in 2015
Austrian Mint gold sales were up 215% in 2015 vs 2014.
Fed Chatter
NY Fed President urges caution on rate hikes, says external risks linger
Gold
Gold Mining Stocks up after some lean years
CNBC Warning: CNBC In times of fear, buy gold? Not so fast
Significant Gold Find in Ireland
Gold and Silver
Mexican Government says gold and silver production to fall in 2016
U.S. Mint Sales Update
U.S. Mint sold no American Silver Eagles & 7,500 American Gold Eagles today.
MTD American Silver Eagles sold 1,121,500 American Gold Eagles Sold 18,500
YTD American Silver Eagles Sold 15,964,000/American Gold Eagles sold 196,500.
The U.S. Mint also sold 4000 American Gold Buffalo coins.
MTD 6,000 sold YTD 66,000 sold
Buy 2016 American Silver Eagle Coins
U.S. Economic Data
Wholesale Inventories fell 0.5% in February – Expectations 0.1%. January Revised down from +0.2% to -0.2%.
Atlanta Fed Lowers GDP for Q1 to 0.1%
April 9, 2016
From Smaulgld.com
Austrian Mint Silver Sales Spike 57% in 2015
Austrian Mint silver sales rose from 2014’s low levels.
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