In Case You Missed It – Week Ended January 23, 2016.

Stories from the week ended January 23, 2016.

The main stories focused on terrorist attacks and the Republican and Democratic presidential primaries. The National Review enlisted conservatives to dump Donald Trump and left wingers started a “stop hate” campaign to stop Trump.

On the Democratic side, Hillary Clinton spoke out against the too big to fail/jail crowd during the Democratic debate while the audience snickered.

The markets were dominated by swooning global markets saved at the end of the week by some comments from European Central Bank President Mario Draghi that more stimulus was on the way. The falling price of oil also featured heavily in the news.

Gold and silver

Gold closed last week at $1088.80 and closed this week at $1098.00
Silver closed last week at $13.91 and closed this week at $14.00

The gold and silver ratio ended the week at 78.43:1

Here are the stories we wrote, followed or commented on.

WE Missed it!

From the week ended January 15, 2015:

January 15, 2015

Walmart closing 269 stores . Here is a list.

U.S. Mint Sales Update
The U.S. Mint sold 500,000 American Silver Eagles & 2,000 one ounce American Gold Eagles today.
YTD American Silver Eagles Sold 4,000,000/American Gold Eagles sold 52,500

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January 17, 2016

De-Dollarization

As the Chinese led Asian Infrastructure Investment Bank (AIIB) opens:

AIIB president committed to “highest possible standard”

Democratic Debate Highlight

Hillary Clinton, without a trace of self conscious, proclaims at the Democratic Presidential debate and tweets out “There should be no bank too big to fail and no individual too big to jail.”

"There should be no bank too big to fail and no individual too big to jail." —Hillary #DemDebate

— Hillary Clinton (@HillaryClinton) January 18, 2016

January 18, 2016

Gold

India’s Gold Monetization Scheme was back in the news as the Indian government continues to push it.

Indian Temple to invest in gold monetization scheme

Indian Gold Imports Jump

1/10 Oz Canadian Maple Leaf Gold Coins

Indian Gold imports up 179% in December

Gold Miners say their output has peaked

Kitco, always happy to tout a negative gold forcast, ran this story:

Paribas forcasts sub $1000 gold

Silver

As we observed last week silver miners continue to boost production despite falling prices:

Silver Miners Increase silver production despite decline in silver price

Apmex says interest in the 2016 American Silver Eagle is at an all time high

Gold and Silver

India raises tarrif on gold and silver

Oil

The potential for massive shale oil company defaults was covered extensively during the week.

Big Banks Wait for Oil Loans To Implode

Take My Oil, PLEASE

Suncor to Buy Canadian Oil Sands

JP Morgan – Oil Producing nations to sell $240 million of assets, including over $100 million of U.S. Treasuries

Fewer dollars needed to buy oil- so higher rates neede to attract buyers

Russia

Rouble Falls Hard

But Russians holding gold are fine:

Gold is near all time highs vs. the Russian Rouble.

Putin to discuss Syrian with Quatar

China

Chinese shipyards see orders shrink in half

Socialism

French President admits economy French economy is a disaster, declares emergency but doesn’t blame socialism or high taxes.

French President declares economic state of emergency – Just like Venezuela

January 19, 20165

Oil

A barrel of oil now costs less than the barrel

Petro Yuan?

Saudi Arabia and China in deal

U.S. Mint Sales Update

U.S. Mint sold 950,000 American Silver Eagles & 16,500 one ounce American Gold Eagles today.
YTD American Silver Eagles Sold 4,950,000/American Gold Eagles sold 69,000.

Buy 2016 American Silver Eagle Coins

Silver

Silver miners report record production results:

Great Panther

Great Panther -30% increase in production in 2015

Pan American Silver

Pan American Silver sets new annual records for gold and silver production

First Majestic

First Majestic reports record output in 2015

Smaulgld and Jason Burack discussed record gold and silver mining production and the potential impact on the markets in a Wall Street For Main Street podcast:

China

Chinese GDP Growth Slumps

AIIB to Finance 5-10 projects in Russia worth $1 billion in 2016

January 20, 2016

Gold

From Smaulgld.com

Russia announced it added 700,000 ounces of gold to its reserves in December and a total of 208 tonnes during the year

Russian gold reserves rose by 208 tonnes in 2015

U.S. Economy
The Atlanta Fed Projects .07% GDP growth in fourth quarter of 2015

Heard on CNBC

CNBC guest arguing that “Fundamentals are not deteriorating as fast as the stock market”, but failing to point out that the stock rose in the absense of any fundamentals

In an idiotic comment, CNBC guest tries to explain away the precipitous fall in oil prices as “idiosyncratic”

Of course, the contagion is contained- to the world equity markets!

Terrorism

Pakistan Terror Attack at University Kills 20 injures 50

Gold

Gold Miner Newmarket gold reports record production

Newmarket Gold Achieves Record Gold Production of 222,671 oz,

Islamic finance set sights on standard for gold-based products

Citibank says gold safe haven back in vogue

Trump makes case for gold and no one notices

World faces wave of epic debt defaults, fears central bank veteran

European Banks

Deutsche Bank says to post $7.3B net loss BECAUSE IT’S NOT 2008

US Economic Data
CPI -0.1% Exp 0.0 Prior 0.0%
Core CPI 0.1% Exp 0.2% Prior 0.2%

Housing Starts 1149K Exp 1197K Prior 1179K

Permits 1232K Exp 1200 Prior 1282

Silver and Gold

Fresnillo gold and silver out put to rise in 2016

Treasure Hunting for gold and silver

Silver
Silver Wheaton Audit News Crashes Stock Price

January 21, 2016

Heard On CNBC

Still peddling fiction

U.S. Economic Data

Philadelphia Fed -3.5, Exp. -5.9, Prior revised to -10.2 from -5.9
Initial Jobless Claims 293K Exp 280K Prior 283

European Central Bank

ECB leaves rates unchanged, hints at more easing

Global stock markets rise on Mario Draghi’s comments

Gold

India
Reserve Bank of India will allow sale of gold coins

Gold and Silver

Gold rises on jewelry demand, silver slips

Gold Miner announces higher output

Acacia Mining forecasts higher gold output

Chip makers go for the gold

Australian Gold Miner announces increase in production

Australian Gold Miner Silver Lake Resources increases production

January 22, 2016

Gold

Indian Gold Monetization Scheme

Banks to get commission for unlocking household gold – RBI

U.S. Mint Sales Update

US Mint sold 50,000 American Silver Eagles & 8,000 one ounce American Gold Eagles today.
YTD American Silver Eagles Sold 5,000,000/American Gold Eagles sold 77,000

Buy 90% Junk Silver From BGASC.com

U.S. Economic Data

Chicago Fed

-0.22 Prior -0.36.

December existing home sales 5.46M Exp 5.12 Prior 4.76M (new mortgage rules reduced November sales, closings moved to December)

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