In Case You Missed It – Week Ended February 27, 2016.
Stories from the week ended February 27, 2016.
The big economic stories of the week revolved around the extremely volatile gold, silver oil and currency markets.
Gold and silver
Gold closed last week at $1226.00 and closed this week at $1221.80
Silver closed last week at $15.31 and closed this week at $14.67
The gold and silver ratio ended the week at 83:1
Chart of the Week
The Gold Silver Ratio
Here are the stories we wrote, followed or commented on.
WE Missed it!
From the week ended February 20, 2015:
February 18, 2015
In a trend that started when the world’s largest primary silver mining company in the world, Fresnillo announced an increase in 2015 silver mining production more companies reported achieving an increase or record silver mining production in 2015.
Pan American Silver Reports Record Silver Production
Silver Mining Production is discussed in this podcast we did with The Daily Coin
February 20, 2016
Russia’s Central Bank Most Banking Loans Should Be in Roubles
Russian increases gold reserves by 700,000 ounces in January
February 21, 2016
WSJ: When Banks lose money they fudge the numbers
February 22, 2016
Smaulgld was a guest on the Daily Coin. We discussed the silver market and silver mining production.
Smaulgld Discusses the Silver Market with the Daily Coin – Podcast
London Mayor comes out in favor of Brexit
HSBC loses 1.33 billion in fourth quarter; comes under SEC securtiny
Oil rises on U.S. Shale output prediction Shale oil output expected to decline in 2016.
Negative Interest Rates Causes Cash Hoarding in Japan-Safe Demand Soars
No Market for Bail in Bonds Bonds that convert into equity when banks get into trouble find no buyers.
Ashanti gold mining production drops 11% in 2015
Gold drops 2% as haven demand wanes “higher risk appetite” or insanity?
U.S. Mint Sales Update
U.S. Mint sold 761,000 American Silver Eagles & 4,500 American Gold Eagles today.
YTD American Silver Eagles Sold 9,687,500/American Gold Eagles sold 146,500.
The US Mint sold 22,500 Shawnee National Forest Five ounce America The Beautiful Coins today. Total YTD 97,500
The US Mint sold no American Gold Buffalo coins today- Total Sales MTD 12,500 YTD 46,500
February 23, 2016
Silver and Gold
Hecla Reports record Silver Production in 2015
Hong Kong Exchange to Offer Gold Contract
Reuters:Indian Gold Imports “Seen to Drop” in February
Oil Drops After Iran Calls Oil Freeze a Joke
Bank of England
Bank of England Says it has scope to loosen policy but stops short of embracing negative interest rates
Use of Yuan in International Transactions Increase
U.S. Economic Data
Case Shiller 20 City Composite 0.8%, Exp. 0.85%, Last 0.96%
Richmond Fed Manufacturing -4 vs Exp +2
Existing Home Sales 5.47MM, Exp. 5.33M, Last 5.45MM
Consumer Confidence 92.2, Exp. 97.3, Last 97.8
Brazilian Real Falls on Insolvency Risk
War on Cash
NY Times Editorial Board Supports Outlawing Cash
U.S. Mint Sales Update
U.S. Mint sold 224,000 American Silver Eagles & no American Gold Eagles today.
YTD American Silver Eagles Sold 9,911,500/American Gold Eagles sold 146,500.
The US Mint sold 5,000 Shawnee National Forest Five ounce America The Beautiful Coins today total YTD 102,500
The US Mint sold 2,500 American Gold Buffalo coins today- MTD 15,000 YTD 49,000
February 24, 2016
Lacker Fed’s Lacker: There’s a case for further rate hikes sees no evidence US recession is imminent.
Gold is done! http://cnb.cx/249ZKiS #Gold has DONE $45 since @CNBC hit piece. Two guests one presenter both against gold
Bloomberg: Multiweek Gold rise may peter out When stocks rise for no reason for multi YEARS no such concerns are raised!
Kazakhstan adds gold to reserves
Dutch Gold to be Moved From Amsterdam
Venezuela’s Swiss gold holdings may hold key to whether it defaults
January gold down 55% month over month
Reuters Indian February gold imports sag to lowest levels since February 2013
US Economic Data
New Home Sales 494,000 Expectation. 520,000 vs 544,000 because the “Saulid” laybor market and hoily accalmadative mawneterry paulicy
Median new home sale price down 4.5% Y/Y
IMF report urges G20 to prepare global economic stimulus plan
Markets clearly spooked- obvious by sudden surges in gold and the inability of equity markets to sustain a rally
— Smaulgld (@Smaulgld) February 24, 2016
Contradicting Lacker’s insistence that the case to raise rates was still intact, Fed President Bullard says not to raise rates
February 25, 2016
First Majestic Reports Record Silver Production in 2015
Silver Standard Resources Reports Record Silver Production in 2015
Bank Paribas says gold to go below $1000-reiterates negative view
Gold just passed $1200 a few days ago, now the Wall Street Journal declares it is stuck.
WSJ:Gold Climbs BUT “STUCK” in $1200-$1300 Range
Gold Mining In the Scottish hills by May?
Bullard repeats plea not to raise rates on CNBC
San Francisco Fed President Williams – Fed can’t follow a single policy rule – sees no sign of recession.
Atlanta Fed President Lockhart: Rising rates are a risk to U.S. banks
US Economic Data
Initial Claims 272K, Exp. 270K, Last 262K
Durable Goods 4.9%, Exp. 2.9%
Durables ex transports: 1.8%, Exp. 0.3%
Durables overstated by 54% increase in aircraft; core capital goods fell 0.4 percent last month
BUT Shipments of core capital goods – used to calculate equipment spending in the gross domestic product report – fell 0.4 percent last month after advancing 0.9 percent in December.
Russian Energy Minister says (non existent) oil freeze deal should last at least a year
Next Wave of Oil Defaults on the way?
British Pound Falls to near seven year lows on “Brexit” Fears
U.S. Mint sold 88,500 American Silver Eagles & 1,000 American Gold Eagles today.
YTD American Silver Eagles Sold 10,000,000/American Gold Eagles sold 147,500.
MTD Silver Eagles 4,045,500 silver eagles sold
The US Mint sold 2,500 Shawnee National Forest Five ounce America The Beautiful Coins today total YTD 105,000
The US Mint sold 2,000 American Gold Buffalo coins today- MTD 17,000 YTD 51,000
February 26, 20165
FED’S MESTER: GRADUAL RATE RISES STILL CORRECT CALL FOR U.S.
US Economic Data
Q4 GDP First Revision 1.0%, Exp. 0.4%, Last 0.7%
Personal Income 0.5%, Exp. 0.4%, Last 0.3%
Personal Spending 0.5%, Exp. 0.3%, Last 0.2%
Deutsche Bank says its time to buy gold … for insurance. CNBC leads in with “Gold is still expensive,”
Belgium charges Swiss Bank UBS with fraud and tax evasion
S.F. Fed President Williams says “forward guidance” is effective
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Buy 2016 American Silver Eagle Coins
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