In Case You Missed It – Week Ended May 7, 2016.
Stories from the week ended May 7, 2016.
The big economic news of the week was the far lower than expected ADP and Non Farm Payroll numbers. The big general news was Donald Trump winnining Indiana Presidential Primary and his two competitors, John Kasich and Ted Cruz dropping out, leaving Mr. Trump as the presumptive Republican nominee.
Gold and silver
Gold closed last week at $1292.50 and closed this week at $1287.70
Silver closed last week at $17.82 and closed this week at $17.43
The gold and silver ratio ended the week at 74.47:1.
The gold silver ratio ticked up from last week.
Chart of the Week
Speculative gold long interest now at higher levels than 2010/2011 bull market.
Here are the stories we wrote, followed or commented on.
May 1, 2016
Too Big To Fail Banks
FCA sees issues in Deutsche Bank controls over financial crimes, FT reports
May 2, 2016
Silver
From Smaulgld.com
Four for Four
April 2016 American Silver Eagle Sales Top Four Million For Fourth Month in a Row
April sales of American Silver Eagles were the second best April total ever and follow record first quarter sales.
Gold
Bloomberg: Gold Keeps Shining as Funds Miss Out on Best Rally in Two Months
World’s Tiniest Engine For Medical Uses Powered by Gold Nano Particles
Fed Chatter
Fed’s Williams Says Rate Hikes Could Depress Asset Prices, but says Fed ready for rate hikes
The Dollar
Saudi Arabian Minister Confirms US T Bond Dump Threat re 9/11 Law
The Yen
BOJ’s Karoda may act to stop Yen rise
Oil
Oil falls 3% on near record OPEC Production
U.S. Mint Sales Update
U.S. Mint reported selling 675,500 American Silver Eagles & 7,500 American Gold Eagles today.
MTD American Silver Eagles sold 675,500 & American Gold Eagles Sold 7,500
YTD American Silver Eagles Sold 19,590,000/American Gold Eagles sold 286,500
The U.S. Mint reported selling 3,000 American Gold Buffalo coins.
MTD 3,000 sold YTD 82,500 sold
US Economic Data
Institute for Supply Management (ISM) 50.8 April 51.8 in March
Mfg PMI April 50.8, Exp. 50.8, Last 51.5
Markit says weakening in Q2
"Rather than reviving after a disappointingly weak Q1, the data flow therefore appears to be worsening in Q2" – Markit
— zerohedge (@zerohedge) May 2, 2016
YET:
Reuters put its customary positive spin on the number: Q2 GDP REBOUND EXPECTED
May 3, 2016
Silver
From Smaulgld.com
Silver Confiscation Under Executive Order 6814
Fed Chatter
Fed’s Lockart says Get ready for rate hikes -at least two but but but Brexit may make Fed call it off
Australian Dollar
Australian Dollar Clobbered After Suprise Rate Cut
Gold
CNBC: Gold’s surge is making it feel a lot like late 2007
Bangladesh gold smuggler nipped in the butt
Sydney Morning Herald: Gold won’t stop at $US1300 an ounce
2 Kilos of Gold biscuits Seized at India’s Mubai airport
Maharashtra man with gold shirt makes it to Guinness World Records
India’s Gold Monetization Scheme
OH NO! Time to Sell Gartman says gold is in a true bull market—and on its way to $1,500
India has managed to “monetetize” 2.8 tons of gold so far from 105 depositors… out of 18,000 tons reported to be held in India by its citizens.
Silver
Anti -Bacterial silver underwear
India
India’s silver bar imports surge nearly 200% in March
May 4, 2016
Silver
From Smaulgld.com
Perth Mint April Silver Sales Top One Million For the Eight Month in a Row
Buy Perth Mint Silver Kangaroo coins from JM Bullion
Perth Mint silver sales of 1.16 million were the eight month in a row of one million a month sales.
U.S. Econonmic Data
ADP payrolls: 156K Exp. 195K
Labor costs up but productivity down
US Q1 Labor Costs 4.1%, Exp. 3.3%, Last 3.3%
US Nonfarm Productivity Q1 -1.0%, Exp. -1.3%, Last 2.2%
Productivity Reading Worst Since 1993
Silver
Silver Demand for Solar Industry to Set Record in 2016
Gold
Gold in China – Not Just in PBOC
Precious metals assets held by China's big banks as of 2015 pic.twitter.com/Khu1wEdv4E
— Silver Watchdog (@Silver_Watchdog) May 4, 2016
As we wrote last summer, the People’s Bank of China is not a proxy for “China’s” gold. There is gold elsewhere in the country most likely at state owned and controled banks and investment funds.
China eases gold trade rules in 6 cities to help boost gold imports
India
Indian Gold Imports Down 67% in April
Randgold mining production down 11%
Fed Chatter
Fed Presidents talking about possibility of rate hike in June boosts dollar
War on Cash
ECB discontinues 500 Euro bill
Italy rules its not a crime to steal if you are hungry
.@RudyHavenstein its not considered a crime to rob a liquor store in italy if you are thirsty @zerohedge
— Smaulgld (@Smaulgld) May 4, 2016
May 5, 2016
Silver
Silver Institute announces global silver mining production and demand up in 2015.
Silver Demand Reaches “Historic” Proportions
Gold
From Smaulgld.com
American Gold Eagle Sales Top 100,000 in April
April 2016 sales of one ounce American Gold Eagle coins were the sixth best in the coin’s thirty year history.
China laying the foundation for the next world gold standard?
Chinese Gold Demand Down in Q1 2016
Fed Chatter
U.S. Economic Data
Initial Claims 274K, Exp. 260K
US Challenger Job report: April Layoff intentions 65,141 vs. March 48,207
Reuters As claims rise, planned layoffs also rise BUT but the underlying trend continued to point to a strengthening labor market.
War on Cash
ECB exescutive board member says there is no plot to eliminate cash
Fed Chatter
St. Louis Fed President -Labor market could be beyond full employment; says Brexit is not a global stress event
Oil
Oil Up on Canadian Wildfire in oil producing region
U.S. Mint Sales Update
U.S. Mint reported selling 346,000 American Silver Eagles & 2,500 American Gold Eagles today.
MTD American Silver Eagles sold 1,022,000 & American Gold Eagles Sold 10,000
YTD American Silver Eagles Sold 19,936,000/American Gold Eagles sold 289,000
The U.S. Mint reported selling 2,500 American Gold Buffalo coins.
MTD 5,500 sold YTD 85,000 sold
May 6, 2016
Gold
From Smaulgld.com
April Perth Mint Gold Sales Up 79%
Perth Mint gold sales remained elevated in April 2016.
U.S. Economic Data
NFP 160k vs 210 exp
Unemployment Rate 5.0%
Ave hourly earnings +0.3
Full-time jobs -253K
Labor force participation rate 62.8%
Average work Week + .01 to 34.5 hours
March NFP revised down from 215K to 208K
Feb NFP revised from 244K to 233K
Fed Chatter
Too Big to Fail Banks
Italian prosecutor probes Deutsche Bank for manipulation of government bonds
Deutsche Bank told clients Italy's public debt was no cause for concern, then sold 90% of their holdings-How do you say "Muppets" in German?
— Smaulgld (@Smaulgld) May 6, 2016
May 7, 2016
Silver
From Smaulgld.com
America The Beautiful Sales in April
After less than a month of sales, the Cumberland Gap Historical Park has sold 64,000.
America The Beautiful Silver Bullion Coins – available from BGASC.com.
U.S. Mint Sales Update
U.S. Mint reported selling 63,500 American Silver Eagles & 1,000 American Gold Eagles today.
MTD American Silver Eagles sold 1,085,500 & American Gold Eagles Sold 11,000
YTD American Silver Eagles Sold 20,000,000/American Gold Eagles sold 290,000
The U.S. Mint reported selling 1,000 American Gold Buffalo coins.
MTD 6,500 sold YTD 86,000 sold
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