In Case You Missed It – Week Ended March 26, 2016.
Stories from the week ended March 26, 2016.
The big stories of the week were the Brussels terrorist attacks and the mudslinging between leading Presidential candidates Donald Trump and Ted Cruz and a National Enquirer story accusing Mr. Cruz of five extra marital affairs.
The big economic news story of the week was the resurgent dollar and the fall of gold and silver due to Fed Presidents giving speeches reversing their dovish tone from their meeting earlier this month and stating that a rate hike is a possibility at the Fed’s next meeting in April.
Gold and silver
Gold closed last week at $1254.70 and closed this week at $1,216.20
Silver closed last week at $15.81 and closed this week at $15.20
The gold and silver ratio ended the week at 80:1.
The gold silver ratio closed at 80:1 on March 24, 2016.
Chart of the Week
Gold vs. The Dow
The Dow Jones rose during March after hitting a 2016 low in mid February.
Here are the stories we wrote, followed or commented on.
March 20, 2016
Gold
Indian Jewelers call of strike, imports set to rise
Fed Chatter:
Bullard: MISSION ACCOMPLISHED! says Fed’s goals largely met, rates should edge up
March 21, 2016
From Smaulgld.com
Silver
Global Silver Mining Production To Fall in 2016 For First Time in a Decade
Central Bank Manipulation
There are no currency wars Did central bankers make a secret deal to drive markets? This rumor says yes
US Economic Data
Existing home sales fall 7.1 percent to an annual rate of 5.08 million units
Fed Chatter
Richmond Fed President confident of inflation return to 2%
Fed officials say rate hike possible in April Atlanta Fed President Lockhart and San Francisco Fed Presidents see possibility of rate hike in April.
Gold
Gold at the turn of the 20th century in Arizona
Buy 2016 American Silver Eagle Coins
Silver
How Silver turned Potosí into ‘the first city of capitalism’ How silver turned Potosi into the fourth largest city in the Christian world.
U.S. Mint sold 651,500 American Silver Eagles & no American Gold Eagles today.
YTD American Silver Eagles Sold 13,651,500/American Gold Eagles sold 174,500.
MTD Silver Eagles sold 2,915,000 MTD Gold Eagles sold 18,000
The US Mint sold no American Gold Buffalo coins today- MTD 4,000 YTD 57,000
Buy 2016 American Silver Eagle Coins
March 22, 2016
Gold
Eldorado gets license to start Greek gold mine
Oil
Libya joins Iran – Says no to oil output freeze
U.S. Economic Data
US Mfg PMI 51.4 Est. 51.9
Richmond Fed March Activity +22 vs -4 prior month
Fed Chatter
Philadelphia Fed President Patrick Harker says Fed needs to “get on with” rate hikes
U.S. Mint Sales Update
U.S. Mint sold 291,000 American Silver Eagles & 3,000 American Gold Eagles today.
YTD American Silver Eagles Sold 13,942,500/American Gold Eagles sold 177,500.
MTD Silver Eagles sold 3,206,000 MTD Gold Eagles sold 21,000
The US Mint sold 1,000 American Gold Buffalo coins today- MTD 5,000 YTD 58,000
Buy 2016 American Silver Eagle Coins
Gold
Why Goldman is Wrong about gold
Venezuela exports $456 mln in gold to Switzerland amid cash crisis
Silver
CME Group, Thomson Reuters to implement changes to silver benchmark in May
Buy 2016 American Silver Eagle Coins
March 23, 2016
US Economic Data
MBA Mortgage Applications -3.3%
Purchases down 1.0% after rising 0.3% in prior week
Refis down 4.9% after falling 5.6% in prior week
Gold
Hong Kong and Shanghai Gold Exchange to join forces to delivery bullion products
India’s Gold Monetization Scheme
Indian Temple Wants to be repaid in gold under Indian government gold monetization scheme. Defeats the purpose of the scheme, doesn’t it?
Gold fell nearly $30 an ounce and silver $.65 an ounce on Fed chatter about an imminent rate hike.
Fed Chatter
Chicago Fed President sees two rate hikes in 2016- boosts dollar
Bullard adds to the typical Fed MO- Fed has dovish meeting, then SIX Fed Presidents follow with hawkish statements about an April rate hike.
St. Louis Fed President sees case for April rate hike on inflation data
Monetary Madness
March 24, 20165
Silver
From Smaulgld.com
Mexican Silver Mining Production Grew 3.52% in 2015.
A decade of Mexican silver mining production growth.
Click to buy Mexican Silver Libertad coins from Golden Eagle Coins
Click to buy Mexican Silver Libertad coins from JM Bullion.
U.S. Economic Data
Durable Goods ex Trans: -1.0%, Exp. -0.3%, Last Revised from 1.7% to 1.2%
Feb Durable Goods orders headline (-2.8% vs +4.2%) ex trans (-1.0% vs +1.2%) & core (-1.8% vs +3.1%) all worse than expected.
Durable goods have declined 13 months in a row.
U.S. jobless claims rise to 265,000 in latest week vs. 259,000 the previous week
Services PMI 51.0, Exp. 51.4
Kansas City Fed -6, prior -12
Fed Chatter
St. Louis Fed President Bullard says next rate hike may be coming soon
Gold
Eldorado suspends dividend and reports $1.24 billion losss
Gold and India – A Love Affair
Forbes: Gold is Portfolio Insurance
U.S. Mint Sales Update
U.S. Mint sold no American Silver Eagles & 3,000 American Gold Eagles today.
YTD American Silver Eagles Sold 13,942,500/American Gold Eagles sold 180,500.
MTD Silver Eagles sold 3,206,000 MTD Gold Eagles sold 24,000
The US Mint sold 1,000 American Gold Buffalo coins today- MTD 5,000 YTD 58,000
Buy 2016 American Silver Eagle Coins
Buy 90% Junk Silver From BGASC.com
Buy 2016 American Silver Eagle Coins
March 25, 20165
US Economic Data
Final 4th Quarter 2015 GDP 1.4% , Exp 1.0%
China’s AIIB says thirty countries await membership
U.S. Mint Sales Update
U.S. Mint sold 57,500 American Silver Eagles & no American Gold Eagles today.
YTD American Silver Eagles Sold 14,000,000/American Gold Eagles sold 180,500.
MTD Silver Eagles sold 3,263,500 MTD Gold Eagles sold 24,000
Buy 2016 American Silver Eagle Coins
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