In Case You Missed It – Week Ended July 2, 2016.
Top Gold And Silver Stories from the week ended July 2, 2016.
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The big story of the week was the aftermath/fallout of Brexit vote on last Thursday.
Gold and silver
Gold closed last week at $1315.60 and closed this week at $1341.90 (+2%)
Silver closed last week at $17.72 closed this week at $19.75 (+11.5%)
The gold and silver ratio ended the week at 70.76 to 1
Silver’s dramatic rise last week drove the gold silver ratio down near 70 to 1.
Chart of the Week
Silver Spikes!
Silver rose about $1 on friday or more than 5%
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Here are the stories we wrote, followed or commented on.
June 26, 2016
The collapse will be blamed on Brexit
The Collapse will be blamed on Brexit
— Smaulgld (@Smaulgld) June 26, 2016
Gold
Hedge Funds Win World-Beating Rally With Record Gold Holdings
June 27, 2016
U.S. Reaction to Brexit
Dow down 300 pts
“There is no sense of a financial crisis developing,” Jack Lew U.S. Treasury Secretary
Jack Lew comments here too.
Fed
Yellen pulls out of ECB gathering in Portugal
Greenspan says US economic environment ends in inflation
Gold
Gold Extends biggest rally in seven years
Metal detectorist who who found gold Bronze Age ring fined after trying to sell it to a museum. He failed to report his find within two week statutory period.
Investors Keep Piling into Gold Funds
US Economic Data
U.S. JUNE DALLAS FED MANUFACTURING INDEX -18.3, EXP: -15.0, LAST -20.8
Markit Service PMI 51.3, Exp. 52.0, Last 51.3
U.S. Mint Sales Update
U.S. Mint reported selling 60,000 American Silver Eagles 3,500 American Gold Eagles today.
MTD American Silver Eagles sold 1,899,500 & American Gold Eagles sold 49,500
YTD American Silver Eagles Sold 25,312,5000 /American Gold Eagles sold 393,000
The U.S. Mint reported selling 500 American Gold Buffalo coins.
MTD 12,000 sold YTD 110,000 sold
The U.S. Mint Reported selling no Harpers Ferry National Historical Park five ounce silver America The Beautiful Coins.
MTD Sales of Harpers Ferry coins – 34,200
June 28, 2016
From Smaulgld.com
HOLY COW! GOLD FOUND IN COW URINE
Brexit Aftermath
Market Manipulation
Denmark Dumped nearly a Billion in Kroner to prevent it from rising
Gold
Gold Veteran Says Brexit May Be Start of ‘Major Bull Market’
Gold is sending a dark sign that ‘almost everything has changed’
Gold imports to China Through Hong Kong rise 68% in May
Silver
Post Roman – Pre Viking Silver Treasure Found in Gaulcross, Scotland Hoard contains Roman and Pict coins
U.S. Economic Data
Q1 GDP Final Estimate 1.1%, Exp. 1.0%, Last 0.8%
April Home Price increase slows
Terror Attack at Istanbul Airport
U.S. Mint Sales Update
U.S. Mint reported selling 125,000 American Silver Eagles 4,500 American Gold Eagles today.
MTD American Silver Eagles sold 2,024,500 & American Gold Eagles sold 54,000
YTD American Silver Eagles Sold 25,437,500 /American Gold Eagles sold 397,500
The U.S. Mint reported selling 1,500 American Gold Buffalo coins.
MTD 13,500 sold YTD 111,500 sold
The U.S. Mint Reported selling no Harpers Ferry National Historical Park five ounce silver America The Beautiful Coins.
MTD Sales of Harpers Ferry coins – 34,200
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June 29, 2016
From Smaulgld.com
GOLD DEMAND SHIFTS TO THE WEST – PODCAST
London has overtaken India and China gold shipments from refineries in Switzerland.
Gold imports from Switzerland into London to feed EFT demand have soared, outpacing Swiss exports to Hong Kong, India and China combined.
JP MORGAN CLEARED IN SILVER MANIPULATION CASE
Court Holds Plaintiffs Failed to Show that JP Morgan Made “Uneconomic Bids”
Gold
March Faber Says buy gold in preparation for QE4
U.S. Economic Data
Personal Income 0.2%, Exp. 0.3%
Personal Spending 0.4%, Exp. 0.4%
Pending Home Sales -3.7%, Exp. -1.1%, Last 5.1%
Global Bailouts
German Finance Minister Portugal Needs and Will Get New Aid Program
Puerto Rico to Get Congressionally Approved Debt Restructuring
Brexit Fails to Provide Dollar Boost
U.S. Mint Sales Update
U.S. Mint reported selling 538,000 American Silver Eagles 5,500 American Gold Eagles today.
MTD American Silver Eagles sold 2,562,500 & American Gold Eagles sold 59,500
YTD American Silver Eagles Sold 25,975,500/American Gold Eagles sold 403,000
The U.S. Mint reported selling no American Gold Buffalo coins.
MTD 13,500 sold YTD 111,500 sold
The U.S. Mint Reported selling no Harpers Ferry National Historical Park five ounce silver America The Beautiful Coins.
MTD Sales of Harpers Ferry coins – 34,200
June 30, 2016
From Smaulgld.com
SWEDISH PRECIOUS METALS DEALER BANK ACCOUNT CLOSED WITHOUT NOTICE
Sweden is at the forefront of the movement to eliminate physical currency.
Canstockphoto
The Dark Side of a Cashless Society” target=”_blank”>The Dark Side of A Cashless Society
Brexit Aftermath
Yuan Heads for worst quarter on record
IMF cuts growth forecasts due to Brexit uncertainties
Gold
IMF: Deutsche Bank in Trouble Shares plummett
Bank of England
Carney says more stimulus needed this summer Excuse to do more stimulus
“material slowing” in economic growth because of the Brexit vote.
De-Dollarization
Dollar share of global currency reserves shrinks
IMF Dollar as a pct of reserves down to 63.6 percent in the first quarter, equivalent to $4.57 trillion, from 64.3 percent in the last quarter of 2015. Not coincidentally, the dollar fell 4 percent against a basket of currencies .DXY in the first three months of 2016.
Fed’s Bullard sees slower growth but no recession
Fed’s Bullard – A Flip Flopper?
U.S. Economic Data
Initial Claims 268K, Exp. 267K
US Chicago PMI Jun: 56.8 (est 51.0; prev 49.3)
U.S. Mint Sales Update
U.S. Mint reported selling 275,000 American Silver Eagles 3,000 American Gold Eagles today.
MTD American Silver Eagles sold 2,837,500 & American Gold Eagles sold 62,500
YTD American Silver Eagles Sold 26,250,500/American Gold Eagles sold 406,000
The U.S. Mint reported selling 1,000 American Gold Buffalo coins.
MTD 14,500 sold YTD 112,500 sold
The U.S. Mint Reported selling no Harpers Ferry National Historical Park five ounce silver America The Beautiful Coins.
MTD Sales of Harpers Ferry coins – 34,200
July 1, 2016
Fed Chatter
Fed’s Powell says not contemplating negative interest rates
U.S. Economic Data
May Construction Spending -0.8% Exp 0.5% Prior -2.0%
Reuters propaganda re MAY construction spending slipping: “as the effects of Britain’s decision to leave the European Union become more apparent.” “providing another sign that U.S. manufacturing was regaining its footing after weakness early this year.”
July 2, 2016
From Smaulgld.com
GOLD PRICED IN WORLD CURRENCIES – SECOND QUARTER 2016
Gold hit nearly £ 1,000 in the second quarter as Brexit uncertainty caused the pound to weaken and gold to strengthen.
SILVER UP 56% AGAINST BRITISH POUND IN 2016
Silver is up 56% vs the British Pound in 2016, while gold is up “only” 40%.
You Tube Notes to this report
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