In Case You Missed It – Week Ended May 28, 2016.
Stories from the week ended May 28, 2016.
The big economic news of the week was the continued open mouth operations of the Fed calling for interest rate hikes in 2016, reaching its peak on Wednesday with Fed Chair Janet Yellen saying a rate hike in the coming months would be appropriate. The dollar continued to rise and gold and silver fell.
Gold and silver
Gold closed last week at $1251.90 and closed this week at $1212.80
Silver closed last week at $16.50 closed this week at $16.20
The gold and silver ratio ended the week at 74.86
The gold silver ratio illustrated with seven American Silver Eagle coins, two 1/10 ounce silver rounds and one 1/10 American Gold Eagle coin.
Chart of the Week
Money continued to flow into gold ETFs last week.
Here are the stories we wrote, followed or commented on.
May 22, 2016
Fed Chatter
Fed’s Williams says Fed will raise rates even in election year
Oil
Iran – No plans to freeze oil production
May 23, 2016
From Smaulgld.com
Podcast – If the Fed has to Raise Interest Rates, It Will
Fed Chatter
St. Louis Fed President James Bullard see U.S. Economy at “past full employment”
Non Voting Williams Fed Member Yacking Rate Hikes for the 3rd Time: US rate hikes despite Brexit risk, more in 2017
So much talk/noise about the one rate hike the Fed will do this year- It started out as a quiet Four now its a loud ONE https://twitter.com/Smaulgld/status/734757547404623872
Gold
Gartman lends his prodigious Gold buying knowledge to the mix: Buy gold … but only after Fed Rate hike
From the Bank that says “gold is a 5,000 year old bubble” : This could send gold tumbling below $1,000 again Citi
U.S. Econommic Data
MARKIT U.S. MFG PMI 50.5, EXP. 51.0, LAST 50.8; FACTORY INDEX IS LOWEST SINCE SEPTEMBER 2009
U.S. Mint Sales Update
U.S. Mint reported selling 829,000 American Silver Eagles & 8,500 American Gold Eagles today.
MTD American Silver Eagles sold 3,857,000 & American Gold Eagles sold 47,000
YTD American Silver Eagles Sold 22,771,500 /American Gold Eagles sold 326,000
The U.S. Mint reported selling 2,000 American Gold Buffalo coins.
MTD 15,000 sold YTD 94,500 sold
May 24, 2016
From Smaulgld.com
Silver
First Quarter Canadian Mint Set Sales Record</strong>
Canadian Mint Silver Sales
First Quarter Royal Canadian Mint sales were higher than 2009’s then record sales of 9.7 million.
Compare Canadian Silver Maple Leaf coins for sale at these online bullion dealers:
BGASC.com
Golden Eagle Coin
JM Bullion
Money Metals Exchange
U.S. Economic Data
Richmond Fed -1, Exp. 8.
Real Estate
New Home Sales 619K, Exp. 523K
Fed Chatter
Another NON VOTING MEMBER shoots his mouth off about June rate hikes: June Rate Hike appropriate unless data weakens:Fed’s Harker
Calls labor market “extraordinarily dynamic”
Past as Guide:There will be ONE rate hike this year after Fed forecasting FOUR earlier in the year, then YACKING 2-3 the past three weeks
https://twitter.com/Smaulgld/status/735156775742283776
Reuters: The “economy has recovered from the weak winter”!
U.S. Mint Sales Update
U.S. Mint reported selling 32,000 American Silver Eagles & no American Gold Eagles today.
MTD American Silver Eagles sold 3,889,000 & American Gold Eagles sold 47,000
YTD American Silver Eagles Sold 22,803,500 /American Gold Eagles sold 326,000
The U.S. Mint reported selling 2,000 American Gold Buffalo coins.
MTD 15,000 sold YTD 94,500 sold
May 25, 2016
Gold
From Smaulgld.com
Canadian Mint First Quarter Gold sales up 18.6%
The Canadian Mint has averaged sales of over one milllion ounces of gold a year since 2008.
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You can compare Canadian Gold Maple Leaf coins for sale at these online dealers:
BGASC.com
Golden Eagle Coin
JM Bullion
Money Metals Exchange
Venezuela sells gold 16% of its gold in the first quarter of 2016
Silver
First Majestic Silver CEO sees $20 by year end
Hecla Idaho Mint Sunk nearly 10,000 feet
Fed Chatter
Yack Attack Retreat
Fed realizes they may have oversold a rate hike, trots about Bullard again:
“June rate hike not set in stone”
US Economic Data
Markit Service PMI 51.2, Exp. 53.1, Last 52.8
De-Dollarization
Russia to bypass foreign banks in future bond issuances
Gold
Gold Nano particles help make solar cells work better
May 26, 2016
US Economic Data
DURABLE NEW ORDERS +3.4%; EXP. 0.5%
EX-TRANSPORTATION +0.4%, EXP 0.3%
Initial Claims 268K, Exp. 275K
Kansas City Fed mfg activity: -5, exp. -3, Last -4
Pending home sales 5.1%, Exp.0.6%
Too Big to Fail Bank Corruption
Citi fined $425 million in rate rigging case
Fed Chatter
Fed Governor Powell- A Rate Hike May Be Appropriate Soon
Gold
Digging for Gold In Egypt’s Desert
Trump clinches nomination, agrees to debate Sanders
https://twitter.com/Smaulgld/status/735902264892764160
May 27, 2016
Gold
US Economic Data
UMich Final 94.7, Exp. 95.4, Prelim 95.8
NY FED 2Q NOWCAST GDP FORECAST +2.2% VS PREV +1.7%
Yellen admitted Fed needs to raise rates not because the economy warrants it but because they need higher rates so they can lower them later
https://twitter.com/Smaulgld/status/736256126640082944
Fed Open Mouth Operation End with Yellen Speech- Now Time To Raise Rates in June or July or keep the mouths SHUT!
https://twitter.com/Smaulgld/status/736255318569684992
THE federalreserve serves the Treasury & the Dollar without which which there would be no TBTFs.The Markets/Main Street are secondary.
https://twitter.com/Smaulgld/status/736255819608674304
Yellen one liner: “Ben was immensely courageous,”
https://twitter.com/Smaulgld/status/736263345737719808
De-Dollarization
China issues first renminbi-denominated sovereign bond abroad
U.S. Mint Sales Update
U.S. Mint reported selling 30,000 American Silver Eagles 10,000 no American Gold Eagles today.
MTD American Silver Eagles sold 3,919,000 & American Gold Eagles sold 57,000
YTD American Silver Eagles Sold 22,833,500 /American Gold Eagles sold 336,000
The U.S. Mint reported selling 1,000 American Gold Buffalo coins.
MTD 16,000 sold YTD 95,500 sold
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