In Case You Missed It – Week Ended May 14, 2016.
Stories from the week ended May 14, 2016.
The big economic news of the week was the continued barage of Fed President statements indicating that a rate hike might happen at the June Fed meeting. Also drawing market observers’ attention was the “stronger than expected” April retail sales number released on Friday. The number seemed at odds with reports of major retailers (JC Penny, Macys and others) whose most recent sales numbers had been in decline. Gas prices rose adding to the retail sales total,
Gold and silver
Gold closed last week at $1287.70 and closed this week at $1272.30
Silver closed last week at $17.43 and closed this week at $17.08
The gold and silver ratio ended the week at 74.52:1.
The gold silver ratio was flat week over week last week.
Chart of the Week
Gold hit a new high against the Turkish Lira last week.
Here are the stories we wrote, followed or commented on.
May 9, 2016
Gold
From Smaulgld.com
The People’s Bank of China adds 11 Tons of Gold to Reserves
The People’s Bank of China added 11 tonnes of gold to reserves in April 2016.
Eldorado Gold To resume work on Greek mine
Nazi Gold Train hunter search for treasure
Akshay Tritiya gold sales down
Silver
From Smaulgld.com
Canadian Mint Silver Sales Set Record in 2015
Canadian Mint Silver Sales 2005 -2015
Sales of silver at the Canadian Mint have risen from under one million ounces in 2005 to over 34 million ounces in 2015.
Compare Canadian Silver Maple Leaf coins for sale at these online bullion dealers:
BGASC.com
Golden Eagle Coin
JM Bullion
Money Metals Exchange
NY Court Investigates Silver and Gold Rigging
Fed Chatter
Chicago Fed President favors ‘wait and see’ approach on rate hikes.
Reuters editorializes “Encouraged by a strengthening labor market, Fed policymakers raised rates in December for the first time in nearly a decade.”
The Dollar
https://twitter.com/Smaulgld/status/729831226647977984
May 10, 2016
Silver
From Smaulgld.com
The Big Four Sovereign Mints Sold Over 100 Million Ounces of Silver in 2015
Each of the four major sovereign mint experienced sales growth in their silver products. The Canadian, Perth and United States set silver sales records in 2015.
Gold
From Smaulgld.com
Canadian Mint Gold Sales Rise 34% in 2015
Canadian Mint Gold Sales 2007 -2015
The Canadian Mint has averaged sales of over one milllion ounces of gold a year since 2008.
You can compare Canadian Gold Maple Leaf coins for sale at these online dealers:
BGASC.com
Golden Eagle Coin
JM Bullion
Money Metals Exchange
Britain’s Largest Gold Nugget Found off the coast of Anglesey.
U.S. Economic Data
JOLT Job Openings 5.76 million vs exp 5.56 million.
Fed Chatter/De-Dollarization
NY Fed President Dudley says he’d welcome more reserve currencies in addition to the US Dollar
Puerto Rico
US Treasury to restructure, not bail out Puerto Rico
Post Fed Chatter
https://twitter.com/Smaulgld/status/730433454404468736
May 11, 2016
Silver
From Smaulgld.com
Top Silver Mining Companies in 2015
Silver
World’s Largest Silver Miner Aims For Double Digit Silver Mining Production in 2016
All top ten silver mining companies saw production increases in 2015 over 2014, except Pan American whose output was flat year over year.
Gold
JP Morgan – Gold Is In A New Bull Market
Goldman Sachs- Ups Price Target on its Bearish Gold Call
Hedge Fund Manager Paul Singer: Gold Rally Just Getting Started
Indian Gold Smuggling up to Avoid Tarrif
May 12, 2016
From Smaulgld.com
Silver
There Goes Silver… Down the Drain!
Gold
From Smaulgld.com
Shanghai Gold Exchange Withdrawals down in April
2016 Shanghai Gold Exchange Withdrawals 2008 -2015
Withdrawals on the Shanghai Gold Exchange in 2015 were 23.5% higher than 2014 and 19.07% higher than prior record year 2013.
World Gold Council Reports Gold Demand at record levels in Q1 2016
Indian Gold Demand to Rise on good Monsoon Rains
Gold demand off to fastest start ever in 2016
Here we go with the M & A in the mining sector!
Goldcorp to buy Kaminak for $520-million as gold rallies
Gold Coins Worth 57 Lakh…Found In An Airline Toilet At Amritsar Airport!
Story of the California Gold Rush
A gram of gold can be stretched 2 milles!!
U.S. Economic Data
Initial Claims 294K, Exp. 270K
Bloomberg : a sign progress in the U.S. job market is moderating.
Import prices 0.3%, Exp. 0.6%
Poll: Fed to hold off on rate hikes until September then raise them right before the Presidential election?
De-Dollarization
Central banks buying up gold to diversify away from US dollar
UK
Brexit may worsen unemployment, Bank of England warns
leaves interest rates at 0.5 as growth slows
Euro zone growth momentum weakening, Brexit a major risk: Reuters poll (more than migrant invasion?)
Canadian Banker warns: Brexit will lead to lower living standards and falling house prices
Fed Chatter
Fed Chatter Dollar Rally
Boston Fed President says market wrong about the Fed says underestimates potential for rate hikes and the strength of U.S. economy.
https://twitter.com/Smaulgld/status/730798284042850304
https://twitter.com/Smaulgld/status/730803625509986304
Gold and Silver Smash Dow
The Canary Must Not Be Allowed To Sing
https://twitter.com/Smaulgld/status/730778616418738177
U.S. Mint Sales Update
U.S. Mint reported selling 972,500 American Silver Eagles & 9,000 American Gold Eagles today.
MTD American Silver Eagles sold 2,058,000 & American Gold Eagles Sold 20,000
YTD American Silver Eagles Sold 20,972,500/American Gold Eagles sold 299,000
The U.S. Mint reported selling 3,500 American Gold Buffalo coins.
MTD 10,000 sold YTD 89,500 sold
May 13, 2016
PODCAST: GOLD AND SILVER MARKET UPDATE MAY 2016
Gold
Gartman – I am getting more bullish on gold
Rakesh Jhunjhunwala (India’s biggest equity bull) recommends gold, cites negative interest rates
Turkish Gold Imports Surge 92% in April to 3.2 metric tons, highest level this year
Three ways to tell if gold is counterfeit
Men arrested for trying to smuggle gold in their rectums
Silver
Solar Power Driving Silver Demand
Silver Nanowire technology may boost silver demand More on this story here
Fed Chatter
Yellen letter reveals negative interest rates not ruled out
U.S. Economic Data
Retail Sales +1.3 +0.8 ex autos
PPI. +0.2% Core +0.1%
U.S. purchases at retailers rose in April by the most in a year, indicating consumer spending will help shore up economic growth & “continue to spend strongly”
Yet the sales gains were in higher gas prices and retailers Macy’s Nordstroms, JC Penny Dillards all had lower than expected sales.
Reuters
Strong U.S. retail sales, consumer sentiment data buoy economic outlook
Bank of America: We are witnessing a stock market ‘exodus’
May 14, 2015
From Smaulgld.com
Silver
Top Silver Mining Countries in 2015
The top two silver mining countries, Mexico and Peru increased their output in 2015.
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