In Case You Missed It – Week Ended December 26, 2015.
Stories from the week ended December 26, 2015.
The week was light on news stories during the days preceeding Christmas.
The main economic news of the week was related to digesting new U.S. economic data in the aftermath of the Fed’s rate hike the prior week.
Interest Rate Hike Deniers
Interest rate hike deniers back peddled about why they really weren’t wrong about their no Fed interest rate hike in 2015 calls. Jim Rickards (I was right until they raised rates) and Peter Schiff (others were more wrong than me) made their cases that they were indeed correct.
Smaulgld was right all along in prediciting a Fed rate hike by year end.
Gold and Silver
Gold closed last week at $1066.10 and closed this week at $1076.30
Silver closed last week at $14.08 and closed this week at $14.38.
Here are the stories we wrote, followed or commented on.
December 19, 2015
De-Dollarization
December 20, 2015
Gold
CNBC continues it’s gold bashing tradition – “perfect storm for gold”
Gold found in 2000 year old Chinese tomb of a marquis of the Western Han Dynasty
India’s Gold Monetization Scheme
Gold held in Indian temples not ready to be monetized
Government Intervention
Japan to buy $2.5 billion of non existent ETFs.
European Politics
Spain’s ruling party wins elections but fails to gain majority.
Putin vows to stand behind Russian in Ukraine.
The Fed Continues the Rate Hike Chatter
Atlanta Fed President sees rate hike every other meeting.
December 21, 2015
Russia
EU extends sanctions on Russia.
Government Intervention
China signals more stimulus/flexible policy on their economy.
Gold
BN Amro BNP Paribas, Deutsche Bank and Goldman Sachs have all forecast sub $1,000 an ounce gold.
Thirteen Killed in Gold Mine Collpase in Guinea
U.S. Economic Data
Chicago Fed National Activity Index –0.30 in November from –0.17 in October.
December 22, 2015
Gold
Turkey, Kazakhstan add to gold reserves.
Canadian gold manipulation lawsuit filed against Bank of Nova Scotia
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Trade Wars
U.S. to levy 256% tarrif on Chinese steel – a clever way of driving up inflation!
U.S. Economic Data
Final Third Quarter GDP +2.0%
Real Estate Slumps – A New Excuse
Existing home sales 4.76M Exp 5.35M Prior 5.32M down 10.5%
“Paperwork” is the new “weather” for excuses for bad housing reports.
Reuters, citing National Association of Realtors talking point, blames “paperwork: “although new regulations on paperwork for home purchases may have driven the decline”.
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Gold
Asian demand to buoy gold price
European Banks
Deutsche bank in $10 billion of suspect Russian trades?
December 23, 2015
U.S. Economic Data
From Smaulgld.com
De-dollarization
Zimbabwe grants Chinese Yuan official currency status
Gold
Gold’s Importance to Countries.
Bloomberg covers the importance of gold in China and India
Smaulgld’s take on the importance of gold
Silver Doctors reports CNBC commmentator and perma gold bear Dennis Gartman goes long gold
Real Estate
New Home Sales 490K, Exp. 505K
Manufacturing Craters
Capital goods orders drop 0.4% in November and October’s reading of +0.6% was revised to -1.3%.
BUT Reuters reports “rising income brightens outlook” “the outlook for the economy remains encouraging”
Atlanta GDP fourth quarter revised down to 1.3%
Russia
Russia May Deplete Reserve, National Welfare Funds by 2019
Asset Forefetiure
Feds shut down controversial asset forfeiture program
December 24, 2015
U.S. Economic Data
Initial Jobless Claims Data Touted as “best in decades”
Initial Jobless claims 267K (lowest since 1972) Exp. 271K prior 272K
…fewer employees in the labor market, fewer left to fire….
December 25, 2015
December 26, 2015
Gold
Shanghai Gold Exchange Withdrawals Top 2500 Tonnes for 2015
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