In Case You Missed It – Week Ended June 18, 2016.
Top Gold And Silver Stories from the week ended June 18, 2016.
New: Click here to see the Smaulgld commentary video to this report below.
It was an eventful week with a terrorist attack in Orlando, the Federal Reserve’s decision not to raise interest rates at its June meeting and the assassination of a British Member of Parliament that further politicized the Brexit vote.
Gold and silver
Gold closed last week at $1273.30 and closed this week at $1298.10
Silver closed last week at $17.28 closed this week at $17.47
The gold and silver ratio ended the week at 74:31 to 1
The gold silver ratio is about flat year over year after reaching over 80:1 in the first quarter of 2016.
Chart of the Week
Gold continues to soar against the British Pound as the Brexit vote approaches.
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Here are the stories we wrote, followed or commented on.
June 12, 2016
A terrorist attack at an Orlando night club that killed 50 was reported.
De-Dollarization
China’s yuan trade system to open branches in London, New York
June 13, 2016
From Smaulgld.com
The Dark Side of Minimum Wage Laws
Gold
Fake gold and silver coins “flood” the market
Gold producers fortunes increase
Brexit
Latest Brexit Poll: Leave + 6%
U.S. Mint Sales Update
U.S. Mint reported selling 81,000 American Silver Eagles 5,000 American Gold Eagles today.
MTD American Silver Eagles sold 914,500 & American Gold Eagles sold 22,000
YTD American Silver Eagles Sold 24,327,500 /American Gold Eagles sold 365,500
The U.S. Mint reported selling 2,500 American Gold Buffalo coins.
MTD 6,000 sold YTD 104,000 sold
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June 14, 2016
U.S. Economic Data
US Retail Sales Rise on increased Gas Spending
Gold
Egypt Looks at Ancient History To Find New Gold
Gold for UK Pensions- Not So Easy?
Silver
100 Silver Pieces Found in Roman Era Scotland
June 15, 2016
U.S. Economic Data
PPI May 0.4%, Exp. 0.3%
Industrial Production -0.4%, Exp. -0.2, Last 0.7%
Empire Fed 6.01, Exp. -4.90, Last -9.02
From Smaulgld.com
Podcast: U.S. Mint Overstocks Authorized Purchasers to Avoid Panic Buying
Silver
British Silver 2p struck in error found- worth £1,350
Gold
HSBC – Gold Will Explode if Brexit happens
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
Fed Rate Hike Decision
Fed keeps rates at .25% says keeping them there will help further labor market improvements. Fed statement
The number of officials who see just one rate increase rose to six from one in the previous forecasting round in March.
‘HAWKISH’ YELLEN- “Not impossible that we could raise rates in July”
Re helicopter money
Yellen: “You cant have the congress telling the Fed to print money.” (the Fed has to come up with the idea themselves!)
Yellen: “But one might legitimately consider helicopter money in an unusual situation.”
Fed Chatter
Former Fed President Kocherlakota- Negative Interest Rates Are Nothing To Fear
Gold
Gold Touches $1300 briefly post Fed minutes
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June 16, 2016
U.S. Economic Data
Initial Claims 277K, Exp. 270K, Last 264K
CPI 1.0% Y/Y, Exp. 1.1%
CPI Core: 2.2% Y/Y, Exp. 2.2%
Philly Fed 4.7, Exp. 1, Last -1.8
Treasury bond dumping most since 1978
Top Foreign Holders of U.S. Treasuries Chart
U.S. current account deficit rises to seven-year high in first quarter
Brexit Fall Out
Switzerland withdraws EU application
A Counsellor for the Swiss state of Schaffhausen said “only a few lunatics” may want to join the EU now,”
88% of people in The Netherlands want a referendum on staying in Europe
Foreign intervention if Brexit passes?
British Pro European Union MP Killed
Brexit campaign suspended in wake of shooting
Circumstances of killing of Ms. Cox were eerily similar to the assasination of pro EU Swedish Foreign Minister Anna Lindh in 2003 just days before the Swedish vote to determine if they would join the EU.
The Wealth Watchman on The Assassination of Jo Cox
Gold Smash Down
Gold Slammed- falls from two year high
Story was the same with Silver
Gold
HSBC Gold has little Downside- Brexit or not
Amateur archaeologists stumble upon largest trove of Viking gold ever found in Denmark
Silver
Silver Assets Climb to Record as ‘Forgotten’ Metal Soars
U.S. Mint Sales Update
U.S. Mint reported selling 230,000 American Silver Eagles 13,000 American Gold Eagles today.
MTD American Silver Eagles sold 1,144,500 & American Gold Eagles sold 35,000
YTD American Silver Eagles Sold 24,557,500 /American Gold Eagles sold 378,500
The U.S. Mint reported selling 3,000 American Gold Buffalo coins.
MTD 9,000 sold YTD 107,000 sold
The U.S. Mint Reported selling 1,200 Harpers Ferry National Historical Park five ounce silver America The Beautiful Coins.
MTD Sales of Harpers Ferry coins – 34,200
Two of the top selling ATB coins are from the 2016 series.
June 17, 2016
Fed chatter
St. Louis Fed President Bullard says Fed may only need to do one rate hike this year
Bullard: Raise rates or face devastating bubbles
Message from the Fed: ‘This is as good as it’s going to get’
In Why the Fed Raised Rates we noted why the fed raised rates and why they would do it again. We never believed and do not believe that the Fed will “normalize” rates.
It is survival for the Fed as they are in a box. They either hit the truck head on or swerve and take out pedestrians. A Hobsons choice – They either shoot themselves in the head or in the foot.
Fed lowers U.S. Second and Third quarter growth estimates
Brexit
Pound Rises on Decreased Brexit Risk
WSJ:Britons dump equities/pound for gold
U.S. Economic Data
Housing Starts 1.164MM, Exp. 1.160
Housing Permits 1.138MM, Exp. 1.150MM
Curious Bloomberg Says Economy looks like the 1930’s
De-Dollarization
China to start direct trading between yuan, South African rand
Follows Zimbabwe granting the Chinese Yuan official currency status in December last year
You Tube Notes to this report
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