In Case You Missed It – Week Ended June 11, 2016.
Stories from the week ended June 11, 2016.
NEW: Smaulgld commentary on this In Case You Missed It report now available on You Tube here.
The big economic news of the week was the fall out from the poor jobs report from last Friday, and Fed officials insisting that rate hikes were still coming and (hoping) that perhaps the slow down in jobs was transitory. Gold and silver ignored the calls for future rate hikes and headed higher all week.
Gold and silver
Gold closed last week at $1243.50 and closed this week at $1273.30
Silver closed last week at $16.39 closed this week at $17.28
The gold and silver ratio ended the week at 73.64:1
The gold silver ratio fell last week as silver rose more than gold.
Chart of the Week
Silver Eagle premiums have fallen since the Great Silver Shortage of 2015.
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Here are the stories we wrote, followed or commented on.
June 4, 2016
Cashless Society
Last Hurrah for British Bank Notes
June 5, 2016
Gold
Ghana to produce 2.7 million ounces of gold in 2016
Economic Insanity
Swiss reject basic income proposal
Brexit
From Smaulgld.com
Russia’s Stacking Gold Faster Than China (Podcast)
Russia added 58 more tonnes of gold to its reserves than China from August 2015 – April 2016.
June 6, 2016
Gold
Indian Gold Imports Drop for fourth month in a row
China begins to extract gold from Tajikistan mine
Bank of Montreal files to say Vaulted Gold Bullion Trust to issue $500 mln of gold deposit receipts
Large Scale Gold Mine Approved for New Zealand
18 Karat Chicken McNugget In Japan story also covered by Mashable.
Fed Chatter
Rate Hike Yack Attack: Fed’s Rosengren flags jobs report, yet says Fed rate hikes coming
Yellen to reintroduce “patience” “global uncertainty” “transitory” today?
3/3 Yellen mentioned global uncertainties, transitory and Fed President Lockhart stressed patience
Fed President Lockart stresses “patience”
Yellen Yacks
Yellen Speech Indicates Fed May Rethink Rate Hike Plan
Yellen Delusion: As Labor market deterioriates she says rate hike appropriate “provided that labor market conditions strengthen further” YET Fed’s job index hits lowest in seven year- shows labor market weakening!
Silver
Scientists using silver to make lights shine brigher
U.S. Mint Sales Update
U.S. Mint reported selling 720,000 American Silver Eagles 16,500 American Gold Eagles today.
MTD American Silver Eagles sold 720,000 & American Gold Eagles sold 16,500
YTD American Silver Eagles Sold 24,133,500 /American Gold Eagles sold 360,000
The U.S. Mint reported selling 3,500 American Gold Buffalo coins.
MTD 3,500 sold YTD 101,500 sold
The U.S. Mint Reported selling 33,000 Harpers Ferry National Historical Park five ounce silver America The Beautiful Coins.
June 7, 2016
From Smaulgld.com
Gold
People’s Bank of China Halts Gold Purchases in May
The People’s Bank of China added 11 tonnes of gold to reserves in April 2016 and none in May 2016.
*many suspect that “China” has under reported its gold reserves. See ““The Case of China’s Missing Gold“ and “China’s President Confirms Practice Of Moving Official Reserve Assets To Other Entities In China.”
Sales Of American Gold Buffalo Coins Surge 95%
The U.S. Mint sold 18,500 American Gold Buffalo coins in May 2016, the second highest May sales total in the coin’s history.
You can compare American Gold Buffalo coins for sale at these websites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
Gold
500 Year Old Shipwreck filled with gold found in Namibian desert
You can still pay with gold at this historic California hotel
Incredibly rare 2,300-year-old Ancient Greek gold crown worth £100,000 “discovered” by owner
S&P’s Gunzberg on Commodities Rally, Gold Could See $1800 an ounce (Audio)
India’s Gold import drop by 51% in May
Silver
A better and eco friendly way to clean silver
Rare cache of silver coins discovered in Israel
US Economic Data
Q1 Nonfarm Productivity: -0.6%, Exp. -0.6%, Last 1.0%
Q1 Unit Labor Costs: 4.5%, Exp. 4.0%, Last 4.1%
U.S. Mint Sales Update
U.S. Mint reported selling 113,500 American Silver Eagles 500 American Gold Eagles today.
MTD American Silver Eagles sold 833,500 & American Gold Eagles sold 17,000
YTD American Silver Eagles Sold 24,246,500 /American Gold Eagles sold 360,500
June 8, 2016
From Smaulgld.com
Sales of America The Beautiful Coins top 2015 Sales
Two of the top selling ATB coins are from the 2016 series.
Gold
Egypt looking to start up its gold mining business in the shadows of the Pharaohs
Gold miners gear up for growth
New company can turn water into gold and other precious metals
British Royal Mint to Sell Gold Bars For Pensions
Central Bank Insanity
Commerzbank considers hoarding billions to avoid ECB charges
From Smaulgld.com
U.S. Economic Data
Hiring Tumbles as Job Opening Soar
Oil
Inventories Fall and Production Rises
Gold
U.S. Mint Sales Update
June 9, 2016
From Smaulgld.com
How the Federal Reserve Manages the Dollar and Avoids Collapse
Will the Fed Sacrifice the Dollar for the Markets?
Shanghai Gold Exchange Gold Withdrawals Lower in May
Through May 2016, SGE withdrawals were 835 tonnes, or 15% lower than 983 tonnes withdrawn through May 2015.
Gold
London gold demand up on Brexit concerns
George Soros shorting stocks, buying gold
CNBC: Why some investors say it’s time to hoard gold
Silver
Bloomberg: Silver Acting Like Gold On Steroids
Silver ‘gone mental’ as investors place big bets
Silver Shekel Stash: 2,000-Year-old Coins Uncovered in Israel
Brexit
Sterling hedging costs rise on Brexit possiblity
US Economic Data
Wholesale Inventories 0.6%, Exp.0.1%
Wholesale sales 1.0%, Exp. 1.1%
June 10, 2016
Fed Chatter
Fed’s Meister sees rate hike despite weak jobs data
U.S. Economic Data
UMich 94.3, Exp. 94, Last 94.7
Brexit
“Leave” vote takes ten point lead in latest poll
You Tube Notes to this report
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