In Case You Missed It – Week Ended March 12, 2016.
Stories from the week ended March 12, 2016.
The big economic news of the week was the European Central Bank’s announcement on Thursday that they would engage in more quantitative easing (bond buying) and lower interest rates further into negative territory. The Euro fell and rose, the dollar rose and fell, gold fell and rose and fell again.
Gold and silver
Gold closed last week at $1259.10 and closed this week at $1250.10
Silver closed last week at $15.51 and closed this week at $15.47
The gold and silver ratio ended the week at 80:1
Chart of the Week
Here are the stories we wrote, followed or commented on.
WE Missed it!
From the week ended March 4, 2015:
March 4, 2016
Indian Silver Imports In Perspective

Indian silver imports from 2013-2015 exceeded American Silver Eagle sales from 1986- 2016 and are about 80% of 2015’s global silver mining production
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March 6, 2016
Gold
Shanghai Gold Withdrawals Fall in February

Shanghai Gold Exchange withdrawals in 2015 were 2,597 tonnes. Through February 2016, SGE withdrawals are 333.404 tonnes.
March 7, 2016
Smaulgld on Rethinking the Dollar
Gold
China Boosts Gold Reserves by 9.9 tonnes in February

China has added over 130 tonnes (value approx $4.75 billion) of gold to its reserves since July 2015* (while selling over a half a trillion dollars of foreign reserves).
BlackRock gold fund IAU faces penalties over unregistered share issue
South African gold miners get boost from cheap Rand
Silver
Chinese Construction Bank joins the Silver Fix
Iron Ore Soars 19%. after Goldman Sachs call for lower prices
Oil
First Iranian oil arrives in Europe since sanctions were lifted
European Central Bank
Traders expect more quantitative easing from the ECB
Oil
Oil hits 2016 highs but glut concerns remain
Russia
Rouble hits 2016 high on higher oil prices
Fed Chatter
Fed’s Fisher sees inflation risk
Fed Vice Chair Fischer and Fed’s Brainard see inflation accelerating
March 8, 2016
Gold
Gold miners have more options with rising gold prices
Goldman Sachs still negative on gold
China
Oil
Oil fell 3% on renewed supply concerns
U.S. Mint sold 759,000 American Silver Eagles & 7,500 American Gold Eagles today.
YTD American Silver Eagles Sold 11,759,000/American Gold Eagles sold 165,000.
MTD Silver Eagles sold 1,022,500 MTD Gold Eagles sold 8,500
The US Mint sold 2,000American Gold Buffalo coins today- MTD 2,000 YTD 55,000
Buy 2016 American Silver Eagle Coins
March 9, 2016
Gold
CNBC “pro” gold rally over again BOTH guests against gold
after this one two weeks ago- Feb 16 Gold is Done http://video.cnbc.com/gallery/?video=3000494364&play=1
India’s gold monetization scheme analyzed
Silver
Oil
Oil rises as output cuts are discussed… again
Central Banks
Japan holds off on futher rate cuts
US Mint Update
U.S. Mint sold 208,500 American Silver Eagles & 1,500 American Gold Eagles today.
YTD American Silver Eagles Sold 11,967,500/American Gold Eagles sold 166,500.
MTD Silver Eagles sold 1,231,000 MTD Gold Eagles sold 10,000
March 10, 20165
Silver
Bloomberg’s Eddie Van Der Walt of Bloomberg wrote a column on the silver’s prospects. In it contained a quote from Jeffrey Christian of the CPM Group
“Silver is in surplus, plain and simple.”
We immediately challenged that statement in this twitter exchange:
Mr. Van Der Walt noted that the CPM and Silver Institute were different entitites. We responded that the CPM group does NOT include silver bar and coin investment demand in its supply/demand surplus/deficit analysis.
For more information on silver supply and demand click here
ECB
Gold declines on ECB rate cut as dollar strengthens
BUT
https://twitter.com/Smaulgld/status/707926131584929792
Negative interest rates
Negative rates dig a hole for Japan
Are negative rates an adventure in financial wonderland?
U.S. Economic Data
Initial Claims 259K, Exp. 275K, Last 277K
Reuters notes – “labor market strengthens”
US Mint Update
U.S. Mint sold 32,500 American Silver Eagles & 1,500 American Gold Eagles today.
YTD American Silver Eagles Sold 12,000,000/American Gold Eagles sold 168,000
MTD Silver Eagles sold 1,263,500 MTD Gold Eagles sold 11,500
March 11, 2016
Gold
Madagascar removes restrictions on gold exports
Gold Found on 115 year old Alaskan Ship wreck up for sale
The Dollar
Dollar falls for second week in a row
U.S. Mint sold no American Silver Eagles & 1,000 American Gold Eagles today.
YTD American Silver Eagles Sold 12,000,000/American Gold Eagles sold 169,000
MTD Silver Eagles sold 1,263,500 MTD Gold Eagles sold 12,500
Buy 90% Junk Silver From BGASC.com
Buy 2016 American Silver Eagle Coins
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