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

The gold silver ratio soared above 80 to 1 February 2016.

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

De-Dollarization

Russia’s Central Bank Most Banking Loans Should Be in Roubles

Gold

Russian increases gold reserves by 700,000 ounces in January

Russia added 700,000 ounces of gold to its reserves in January 2016.

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February 21, 2016

Fraud

WSJ: When Banks lose money they fudge the numbers

February 22, 2016

From Smaulgld.com

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

Brexit

London Mayor comes out in favor of Brexit

Fraud

HSBC loses 1.33 billion in fourth quarter; comes under SEC securtiny

Oil

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.

Gold

Brexit Gold investing surges

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

Gold

Hong Kong Exchange to Offer Gold Contract

Reuters:Indian Gold Imports “Seen to Drop” in February

Gold Saves a Nevada Town

Oil

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

De-Dollarization

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

Fed Chatter

Lacker Fed’s Lacker: There’s a case for further rate hikes sees no evidence US recession is imminent.

Gold

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

India and Gold

January Gold Imports soar 85%

But
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

Intervention

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

Fed Chatter

Contradicting Lacker’s insistence that the case to raise rates was still intact, Fed President Bullard says not to raise rates

February 25, 2016

Silver

First Majestic Reports Record Silver Production in 2015

Silver Standard Resources Reports Record Silver Production in 2015

Gold

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?

Fed Chatter

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%

Reuters: SOLID LABOR MARKET

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.

Oil

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

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 Chatter

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%

Gold
Deutsche Bank says its time to buy gold … for insurance. CNBC leads in with “Gold is still expensive,”

Fraud

Belgium charges Swiss Bank UBS with fraud and tax evasion

Fed Chatter

S.F. Fed President Williams says “forward guidance” is effective

Buy 90% Junk Silver From BGASC.com

Buy 2016 American Silver Eagle Coins

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