Central Banks World Wide Maintain Ultra Loose Monetary Policies – Except One.
Bank of England leaves bank rate at 0.25%, maintains government bond purchases at £435bn and corporate bond purchases at £10bn
Bank of Japan maintains pledge to keep short-term interest rates at minus 0.1%; rules out reducing its massive stimulus program.
Swiss National Bank maintains short term interest rate at minus 0.75%; will keep bloated balance sheet, monetary policy remains expansionary.
People’s Bank of China leave rates unchanged, injects $60 billion into system- most since January.
Central Bank of Russia cuts interest rates, hints at further cuts.
European Central Bank leaves interest rates 0%; maintains €80bn bond buying stimulus program.
Fed Raises Interest Rates; Details Plans to Reduce Balance Sheet.
Central Bank of Russia and People’s Bank of China Increase U.S. Treasury Holdings.
Central Bank of China is ready to increase its holdings.
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Top stories:
Tragic London apartment tower fire and shooting at Republican Congressional baseball practice.
Economy
Fed raises interest rates, details plans to reduce balance sheet while other central bank retain ultra loose monetary policies. Central bank coordination, led by the U.S. includes Vice-Charirman Stanley Fischer convincing the ECB to do QE and Japan announcing their own new QE program the day after the Fed stopped theirs. This is coordinated central bank action, not “currency wars”.
Re-dollarization
Central banks around the world have begun to buy U.S .treasuries again. Trump holds off on labeling China a currency manipulator, Fed raises rates, Russian and Chinese Treasury holdings surge.
Higher rates? How can the U.S.pay the higher interest. No worries. Ponzi 101 – attract more debt by paying higher interest!
Greece gets bailed out again.
Litecoin rose nearly 50% in a day.Trading volume exceeding bitcoin’s.
Charts of the Week
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Gold and silver.
Gold closed last week at $1266.40 an ounce and closed this week at $1253.40 -1%
Silver closed last week at $17.17 an ounce and closed this week at $16.68 -2.9%
The gold and silver ratio ended the week at 75:1
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Tweets of the Week
https://twitter.com/Smaulgld/status/874454374231224320
https://twitter.com/Smaulgld/status/874953924385656832
Here are the stories we wrote, followed or commented on.
June 12, 2017
From Smaulgld.com
SHANGHAI GOLD EXCHANGE WITHDRAWALS FALL IN MAY
BILL WOULD REQUIRE A DECLARATION OF DIGITAL CURRENCY HOLDINGS AT THE BORDER
Later picked up in Zerohedge
Silver
How four Irishmen found the largest pot of silver ever known in Nevada
Gold
Germany – Bringing the Gold Back Home
June 13, 2017
US Economic Data
PPI 0.0%, Exp. 0.0%
PPI 2.4% Y/Y, Exp. 2.3% Y/Y
Core PPI 2.1% Y/Y, Exp. 2.0%, Last 1.9%: first time > 2% in 3 years
China to issue treasury, sovereign bonds overseas
Gold
New leader named for long-awaited Texas gold depository
Orocrypt to Add Stability of Gold to Cryptocurrencies
Ethereum
Russian Central Bank Group Prepares ‘Masterchain’ Ethereum Fork for Testing
U.S. Mint Sales Update
U.S. Mint reported selling 205,000 American Silver Eagles and 1,000 American Gold Eagles today.
MTD American Silver Eagles sold 434,000 & American Gold Eagles sold 0
YTD American Silver Eagles sold 11,681,500/American Gold Eagles sold 138,000
The U.S. Mint reported selling 0 American Gold Buffalo coins.
MTD 500 sold
YTD 64,500 sold
The U.S. Mint sold 500 of the first America the Beautiful Coin of 2017 today – the Effigy Mounds National Monument coin. YTD Effigy Mounds ATB coins 21,200. The US Mint sold 0 Frederick Douglas National Historical Site ATB coins and 2,800 of the Ozark National Scenic Riverways.
Total YTD ATB coin sales 28,700 Effigy Mounds National Monument coin, 20,000 Frederick Douglas National Historical Site and 20,000 Ozark National Scenic Riverways ATB coins. Total 68,700
June 14, 2017
From Smaulgld.com
INDIAN GOLD IMPORTS CONTINUE TO SURGE
London Fire, Congressional baseball shooing
US Economic Data
CPI 1.9% Y/Y, Exp. 2.0%
Retail Sales -0.3%, Exp. 0.2%
Retail sales ex autos -0.3%, Exp. 0.2%
Business Inventories -0.2%, Exp. -0.2%
Copper Demand to rise 9X from electric cars
Fed raises rates details plans to reduce balance sheet
June 15, 2017
From Smaulgld.com
INDIAN SILVER IMPORTS REBOUND SHARPLY
No policy tightening in sight for Swiss National Bank
China stands pat on rates this time despite Fed hike
Bank of England comes closest to voting for rate hike since 2007
MPC holds #BankRate at 0.25%, maintains government bond purchases at £435bn and corporate bond purchases at £10bn.
as Fed tightens – demand for treasury bonds
ECB BOJ BOE
BOJ maintains hyper loose monetary policy
US Economic Data
Initial Claims 237K, Exp. 241K
NY Fed 19.8, Exp. 4
Philly Fed 27.6, Exp. 24.8
Industrial production 0.0%, Exp. 0.2%
June 16, 2017
From Smaulgld.com
RE-DOLLARIZATION! CHINESE AND RUSSIAN U.S. TREASURY HOLDINGS SURGE
Gold
India’s gold imports surge 3-fold to $4.95 bn in May
Silver
Silver imports too jumped to $442.9 million in May from $39.54 million in the same month last year
US Economic Data
UMich 94.5, Exp. 97.1
Housing Permits 1.168MM, Exp. 1.249MM
Housing Starts 1.092MM, Exp. 1.220M
Greece gets credit lifeline, IMF joins bailout
China’s Holdings of U.S. Treasuries Rise to Six-Month High
China is ready to increase its holdings, officials say
June 17, 2017
From Smaulgld.com
CRYPTOCURRENCIES: FIAT KILLERS OR STRENGTHENERS?
Will crypto assets be subsumed into the banking system?
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Golden Eagle Coins
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