In Case You Missed It – Week Ended June 25, 2016.
Top Gold And Silver Stories from the week ended June 25, 2016.
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The big story of the week was the Brexit vote on Thursday.
Gold and silver
Gold closed last week at $1298.10 and closed this week at $1315.60
Silver closed last week at $17.47 closed this week at $17.72
The gold and silver ratio ended the week at 74:24 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’s initial reaction to reports that the LEAVE vote had a firm hold on the Brexit vote. Gold at one point as up over $100 an ounce on Thursday evening.
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Here are the stories we wrote, followed or commented on.
June 19, 2016
Four Reasons COMEX Won’t Default
Four Reasons Comex Won't Default from Smaul Gld on Vimeo.
June 20, 2016
Brexit
British Pound Rises 2% on Reduced Brexit Fears
Oil rallies Back over $50 a Barrel
Gold
Gold down on easing, waning, receding, falling, dropping, declining, ebbing, fading Brexit Fears
Gold Falls as Brexit fears ease Bloomberg
WSJ Gold falls as Brexit fears wane
Marketwatch: Gold falls as Brexit fears recede
Dollar Falls Pound Soars on reduced Brexit risk
From Smaulgld.com
Russia Slows it Gold Purchases In May
Russia has added 12.9 million ounces (approximately 400 tons) to its reserves from June 2014 through May 2016.
The Wall Street Journal Notes the Popularity of Perth Mint’s Silver Kangaroo Coin
Perth Mint silver sales of 974,865 were the lowest since the Australian Silver Kangaroo coin was introduced in September 2015.
Gold Fever Hits Australian Town
India’s Gold Monetization Scheme Update
India’s Tiramula temple looking to monetize its gold at short term higher rates of interest
Trump Supporters Tend to Be Gold Bugs
U.S. Mint Sales Update
U.S. Mint reported selling 238,000 American Silver Eagles 1,000 American Gold Eagles today.
MTD American Silver Eagles sold 1,382,500 & American Gold Eagles sold 36,000
YTD American Silver Eagles Sold 24,795,500 /American Gold Eagles sold 379,500
The U.S. Mint reported selling no American Gold Buffalo coins.
MTD 9,000 sold YTD 107,000 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 21, 2016
Yellen Yacks
Yellen Appears In Front of Senate Banking Committee
Hesitant to raise rates due to slowing jobs market, Brexit
From Smaulgld.com
AU! That’s My Claim
“pan out” “stake a claim” “pay dirt”
Gold
Prices may have been falling on “reduced Brexit fears” but physical buying soared.
Gold bullion demand surges run-up to EU referendum
Brexit Fears Prompt Savers to Stuff Gold Bars in Safes at Home
Indian March gold imports were the lowest monthly imports since September 2013.
The British Pound
Pound rises to highest level since Brexit poll date set
So the British Pound is now strong because Britain might not do anything but remain a stagnant economy within the EU?
https://twitter.com/Smaulgld/status/745207664297259008
Gold
Gold Market Hits Record High in Burma
U.S. Mint Sales Update
U.S. Mint reported selling 371,000 American Silver Eagles 7,500 American Gold Eagles today.
MTD American Silver Eagles sold 1,753,500 & American Gold Eagles sold 43,500
YTD American Silver Eagles Sold 25,166,500 /American Gold Eagles sold 387,000
The U.S. Mint reported selling 2,000 American Gold Buffalo coins.
MTD 11,000 sold YTD 109,000 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
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June 22, 2016
Brexit
Markets/Polls Diverge in Final Days Leading to Brexit Vote
Funds Stock Up on Cash Ahead of Brexit Vote
Britains Stocking up on Foreign Currencies
Britons Line up to Exchange Pounds Pre Brexit Vote
EU to Revisit Turkish EU application days after Brexit vote
FXCM ups Margins on Brexit Fears
Pound Strengthens on Eve of Brexit Vote
Gold
From Smaulgld.com
Brazilian flood tragedy leads to increase in gold pan handling
A half a ton of gold was used to decorate the Igreja Matriz de Santo Antonio.
Japanese maker of gold-plated golf clubs planning Hong Kong-listed IPO
US Equity Bubble
Two Unicorns are Better than One
Double Fantasy – The merger of Solar City and Tesla will create a family of unicorns.
Canstockphoto
Silver
Indian Silver Imports Increase
Indian Silver imports rebounded in March.
De-Dollarization
Singapore to Include Yuan Assets as Part of Reserves
Chinese yuan to play major role in int’l financial markets: African bank governors
Fed Chatter
Fed Governor Jerome Powell says Fed is ready for any Brexit fallout
U.S. Economic Data
U.S. Existing-Home Sales Rise at Fastest Pace Since 2007
U.S. Mint Sales Update
U.S. Mint reported selling 86,000 American Silver Eagles 1,000 American Gold Eagles today.
MTD American Silver Eagles sold 1,839,500 & American Gold Eagles sold 44,500
YTD American Silver Eagles Sold 25,252,500 /American Gold Eagles sold 388,000
The U.S. Mint reported selling no American Gold Buffalo coins.
MTD 11,000 sold YTD 109,000 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 23, 2016
Pre Brexit Results News
Betfair odds at 86% probability of UK voting to remain in EU
British Pound hits high of the year
If remain wins, the Fed rate hike talk begins again
It’s raining across Great Britain
The remain vote will remain home in the rain
https://twitter.com/Smaulgld/status/746021943560765440
If Brexit, the pound may take a beating but UK will still be the UK- what will become of the EU and the Euro?
https://twitter.com/Smaulgld/status/746053585658576896
Smaulgld.com
Gold
While the Emerald Island has no known emerald deposits, gold deposits are being found all over Ireland.
BREXIT VOTE
Brexit Rules Britannia
Silver, like gold, spiked on Brexit.
https://twitter.com/Smaulgld/status/746174231587741696
Another reason not to buy gold besides it doesnt pay interest it receives no bail outs or subsidies
U.S. Economic Data
Initial Claims 259K, Exp. 270K
US Jobless claims fall to 43 year low
New Home Sales 551K, Exp. 560K, Last 586K (revised down from 619K).
New home sales fall- what housing ‘recovery’? http://www.wsj.com/articles/pace-of-u-s-new-home-sales-slows-in-may-1466690670
https://twitter.com/Smaulgld/status/746012650082021376
US Mfg PMI 51.4, Exp. 50.9, Last 5.07
TBTF Banks
Deutsche Bank to close 188 branches, fire 3000 workers
Silver
https://twitter.com/Smaulgld/status/746005504485359617
Another Reason Not To Buy Gold
Gold doesn’t get government subsidies or bailouts
Surely the Oracle of Omaha is aware of this
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
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June 24, 2016
Brexit Fall Out
From Smaulgld.com
Gold and Silver
The price of gold and silver shot up but then miraculously stabilized
Gold traded in an incredibly tight range today after an initial burst higher in reaction to the Brexit vote.
Silver’s price action was steady as can be in mid Friday post Brexit trading.
DEVOLUTION
Netherlands, France Italy want their own referenda
Ireland wants united Ireland referendum
Gold Sales Surge
In the coming days we will hear from the same people warning of disaster how Brexit is manageable under their skillful guidance
https://twitter.com/Smaulgld/status/746327352355987456
EU issues statement “respects the decision”
China is also “monitoring” the Brexit situation
Global central banks attempt to stabilize Brexit fall out
London gold dealers report surge in coin, bar demand on Brexit vote
Fed chatter
Fed Statemennt on Brexit – we are ‘carefully monitoring’ – will provide liquidity
Former Fed Chair Alan Greenspan – This is the Worst!
Gold
U.S. Economic Data
UMich 93.5, Exp. 94.0, Last 94.7
U.S. MAY DURABLE GOODS ORDERS FALL 2.2%; exp 0.5% EX-TRANS. DROP 0.3%
Coin Finds
Roman coins found in Devon England
Pompeii
Gold coins, skeletons dug up in Pompeii site
Skeletons, coins found in dig of ancient Pompeii shop
U.S. Mint Sales Update
U.S. Mint reported selling no American Silver Eagles 1,500 American Gold Eagles today.
MTD American Silver Eagles sold 1,839,500 & American Gold Eagles sold 46,000
YTD American Silver Eagles Sold 25,252,500 /American Gold Eagles sold 389,500
The U.S. Mint reported selling 500 American Gold Buffalo coins.
MTD 11,500 sold YTD 109,500 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 25, 2016
From Smaulgld.com
Gold as Insurance – The Brexit Lesson
In 2016, Gold rose 33% against the British Pound from January -June.
The Remain backlash
Young people supporting remain have NOTHING to gain but have been sold the concept of “inclusion” and not being racist.
Today there were
Recording artists complaining at Glastonbury and
Demands for another referendum
Democracy, by definition always dictates to the minority.
Having lost the vote, the remain camp are claiming they are being “held hostage”, “removed from the EU against their will” (and if the vote had gone the other way wouldn’t the leave camp have been forced INTO the EU against their will?)
If they had won, they would have said “respect democracy” “the people have spoken”
Now they are saying “democracy failed”
You Tube Notes to this report
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