In Case You Missed It – Week Ended May 21, 2016.
Stories from the week ended May 21, 2016.
The big economic news of the week was the release of the Fed minutes from April that showed “members” thought that a rate hike might be appropriate at the next Fed meeting. Many Fed Presidents made hawkish statements during the week. The dollar rose and gold fell.
Gold and silver
Gold closed last week at $1272.30 and closed this week at $1251.90
Silver closed last week at $17.08 and closed this week at $16.50
The gold and silver ratio ended the week at 75.74
The gold silver ratio ticked up last week as silver declined more than gold.
Chart of the Week
Sales of silver at the Canadian Mint have risen from under one million ounces in 2005 to over 34 million ounces in 2015.
Here are the stories we wrote, followed or commented on.
May 16, 2016
Gold
From Smaulgld.com
Big Four Sovereign Mints Sales Topped 3.7 Million in 2015
Austrian Mint gold sales were up 215% in 2015.
China’s ICBC Standard Bank to buy Barclays’ precious metals vault Vault can hold 2,000 tons of gold
Forbes Why gold is a better investment than Apple
Analysts puzzled by swift fall of gold and silver prices today
Gold Depository On Its Way Texas
Trading in Indian gold bonds to begin by month-end: Finance Ministry
BUT the Indian Gold Monetization Scheme is not Working
ElDorado sells remaining gold mines to China
Oil
Platinum
Platinum Supply Projected to Decrease as Demand Increases
U.S. Economic Data
NY Fed -9.02, Exp. 6.5
Too Big To Fail Banks
Fed Chatter
Richmond Fed President says rate hike should be on the June agenda
“The case for raising rates looks pretty strong in June” Lacker is a non voting member.
U.S. Treasury Bonds
US Treasury discloses Saudi Arabia Treasury Bond holdings for the first time
May 17, 2016
From Smaulgld.com
Silver
Indian Silver Imports Down In February
Indian Silver imports in February were impacted by a nation-wide jewelry strike.
Gold
Russia and China Ditch Dollars for Gold
Russia and China buy physical Gold, not GLD
Russia and China Don't Buy GLD they buy physical #GOLD.
— Smaulgld (@Smaulgld) May 18, 2016
Soros adds to gold position, buys Barrick gold mining shares
Gold Gleams Amid Voracious Demand
U.S. Economic Data
Industrial production 0.7%, Exp. 0.3% (led by increase in utilities)
CPI 0.4%, Exp. 0.3%, Last 0.1% Gas prices +8.1%
So Fed can raise rates because of higher gas prices?
ATLANTA FED 2Q GDPNOW FORECAST +2.5% VS +2.8% PREV
Real Estate
Housing Starts Increase Reuters editorializes “supporting views that the economy was regaining steam early in the second quarter.”
Housing Starts: 1172K, Exp. 1125K, Last 1099K
Housing Permits: 1116K, Exp. 1135K, Last 1077K
Fed Chatter
SF Fed President Williams, Atlanta Fed President Lockart and repeat their views- two rate hikes in 2016 and June is a “live” meeting, Dallas Fed President Robert Kaplan rate hike appropriate at “upcoming meeting”. None of the three are voting members this year.
June Rate Hike Yackers: Messrs. Williams, Lacker, Kaplan and Lockhart have no vote at June’s FOMC meeting
June Rate Hike Yackers: Messrs. Williams, Lacker, Kaplan and Lockhart have no vote at June's FOMC meeting @RudyHavenstein
— Smaulgld (@Smaulgld) May 17, 2016
May 18, 2016
Gold
From Smaulgld.com
Indian Gold Imports Down in February
Indian February gold imports were the lowest monthly imports since December 2014.
A rate hike will hurt the stock market far more than gold
Trump warns of Silicon Valley Bubble, SV execs mock
Bank of Russia Shelves Plan to Boost Its Reserves Amid Oil Rally
April Fed Minutes Signal Rate Hike in June …if conditions warrant
The Fed Will Do One Rate Hike This year
.@hardassettimes @zerohedge the Fed WILL do one rate hike this year
— Smaulgld (@Smaulgld) May 18, 2016
U.S. Mint Sales Update
U.S. Mint reported selling 867,500 American Silver Eagles & 10,000 American Gold Eagles today.
MTD American Silver Eagles sold 2,925,500 & American Gold Eagles sold 30,000
YTD American Silver Eagles Sold 21,840,000 /American Gold Eagles sold 309,000
The U.S. Mint reported selling 1,000 American Gold Buffalo coins.
MTD 11,000 sold YTD 90,500 sold
May 19, 2016
Fed Chatter
From Smaulgld.com
Why the Fed Raised Interest Rates in 2015 and Why They Will Raise them in 2016
Fed Vice Chair Fisher says U.S. needs faster growth potential
Richmond Fed President comfortable with Four rate hikes in 2016
Voting Member Dudley says June is a “Live” meeting
Dudley says important for markets to grasp Fed thinking
US Economic Data
Philly Fed -1.8, Exp. 3.0
Jobless Claims 278K, Exp. 275K
YET Reuters
Gold
The instability caused by a nominal rate hike will rock currencies & the stock market creating a positive distubance for #gold and #silver
The instability caused by a nominal rate hike will rock currencies & the stock market creating a positive distubance for #gold and #silver
— Smaulgld (@Smaulgld) May 19, 2016
U.S. Mint Sales Update
U.S. Mint reported selling 77,500 American Silver Eagles & 6,000 American Gold Eagles today.
MTD American Silver Eagles sold 3,003,000 & American Gold Eagles sold 36,000
YTD American Silver Eagles Sold 21,917,500 /American Gold Eagles sold 315,000
The U.S. Mint reported selling 500 American Gold Buffalo coins.
MTD 11,500 sold YTD 91,000 sold
The U.S. Mint reported 11,000 Cumberland Gap National Historical Park America the Beautiful five ounce coins sales today
MTD 11,000
YTD 75,000
Total ATB coins sold YTD 180,000
America The Beautiful Silver Bullion Coins – available from BGASC.com.
May 20, 2016
Gold
From Smaulgld.com
Russia Adds Another 500,000 Ounces of Gold To its Reserves in April
Russia added 500,000 ounces of gold to its reserves in April 2016.
Nazi victim’s hidden jewels discovered at Auschwitz museum
Silver
Should you sell the family silver?
Silver in pillow case keeps bacteria at bay
Real Estate
Existing home sales 5.45MM, Exp. 5.4MM
U.S. Mint Sales Update
U.S. Mint reported selling 25,000 American Silver Eagles & 2,500 American Gold Eagles today.
MTD American Silver Eagles sold 3,028,000 & American Gold Eagles sold 38,500
YTD American Silver Eagles Sold 21,942,500 /American Gold Eagles sold 317,500
The U.S. Mint reported selling 1,500 American Gold Buffalo coins.
MTD 13,000 sold YTD 92,500 sold
May 21, 2016
From Smaulgld.com
Podcast Where Does Silver Come From?
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