In Case You Missed it – The Week Ended October 17, 2015

In Case You Missed it Week Ended October 17, 2015.

Stories from the week ended October 17, 2015.

The week began again with contradictory statements from various U.S. Fed Officials on the possibility of interest rate hikes and ended on the same note. Rate hikes and negative interest rates were once again cited as possibilities.

In addition to various Fed officials, the participants at the International Monetary Fund’s conference in Peru, the European Central Bank, the Bank of International Settlements and even Donald Trump weighed in on the direction of U.S. interest rates last week.

Gold opened the week at $1156.40 closed up at $1177.70.

Silver opened at $15.82 and closed at $16.03.

The week ended with the U.S. Treasury report update on foreign holdings of U.S. Treasury Bonds.

JM Bullion

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

October 11, 2015

Federal Reserve Officials Speak

Fed Vice-Chairman Stanley Fischer clarifies/muddles Fed intentions on the direction of interest rates

Fed Vice Chairman says a rate hike in 2015 is an “expectation” NOT a “committment”

Rate Hikes?

Negative Rate Talk Creeps into the Conversation

Will Fed go Negative in Next Crisis? Fed Presidents Dudley & Kocherlakota hints it’s possible

Let’s all be negative (about interest rates)

Swiss Natonal Bank President Thomas Jordan on Negative Rates


Most of the gold from Dubai and Singapore is smuggled into India

South African Gold Mining Union Votes To Strike


Shanghai Gold Exchange Withdrawals for the week ended October 9, 2015

October 12, 2015

Gold and Silver

Bad news is good news for gold and silver

Chicago Fed President Charles Evans Speaks:

Chicago Fed Evans: “I Want Gradual Rate Hikes”

The Bank for International Settlements Weighs in on Rate Hikes

Bank for International Settlements and McKinsey & Co.: Higher Rates Would Be Good For Banks

Officials at the International Monetary Fund Conference in Peru Weigh in on Interest Rate Hikes

Officials at IMF Meeting in Peru to Fed: Raise Interest Rates, End Uncertainty

The Chinese Finance Minister Weighs in on U.S. Rate Hikes

Chinese Finance Minister to the Fed: Don’t Raise Interest Rates Yet

Rate Hike Delay Stregthens Chinese Yuan

October 13, 2015

Former Fed Chairman Ben Bernanke Says $1 Trillion in outstanding student loans are not a threat to the financial system.

Bernanke: Student Debt Not a Threat To the Financial System

Mr. Bernanke’s comments on student loan debt remind us how often he has been wrong about threats to the financial system.

Former Fed President- FOMC has egg on its face

U.S. Mint American Gold and Silver Eagle Sales Update:

The U.S. Mint sold 5,000 American Gold Eagles & 845,500 American Silver Eagles today.
MTD Sales 18,500 Gold Eagles; 1,920,500 Silver Eagles.

Market Manipulation

CME Group Enters Permanent Bar Against Three Traders for Exchange Violations


While gold gained during the week, the mainstream naysayers were out in force.

CNBC It “seems” gold is gaining growd-The gold rally is ‘doomed to fail’: Strategist

Reuters: Indian Gold Demand “sluggish”,’Asian Gold Demand “lackluster” & Chinese Demand “Tepid”

October 14 2015

Walmart Warning:

Walmart earnings forcast plunges- blames higher wage costs

Economic Data Released Today

Business Inventories 0.0%, Exp. 0.1%.

Producer Price Index -0.5% Exp. -0.2%
Core -0.3% Exp. -0.1%

Sales 0.1% Exp 0.2%
ex-auto -.03% Exp 0.2%

Initial Jobless Claims

Lowest Jobless claims since 1973

Misinterpreting Initial Jobless Claims Data

U.S. Treasury on Negative Interest Rates:

US Treasury Won’t take Money To Hold Lender’s Money If Rates Are Negative

Bullard Back Pedals

Bullard says it will be hard for Fed to raise rates in October


China to issue Yuan Debt out of London


Billionaire Fud Manager Paul Singer Praises Gold

Bloomberg’s Gold Bear Joe Deaux Notices Gold Surge


The Dark Side of Negative Interest Rates

October 15, 2015

New York Fed President on Rate Hikes

New York Fed President Dudley says rate hikes could come this year

Reuters Notes that the Fed is Talking about Negative Interest Rates

U.S. Budget Deficit Shrinks

U.S. Budget Deficit Shrinks to $439 Billion as Economy “continues to recover”

U.S. Mint American Gold and Silver Eagle Sales Update:

U.S. Mint sold 1,500 American Gold Eagles & 41,500 American Silver Eagles today

MTD Sales 20,000 American Gold Eagles;1.962,000 American Silver Eagles.

Economic Data Released Today

CPI -0.2%, Exp. -0.2%
CPI ex food and energy +0.2%, Exp. 0.1%

Empire Fed -11.3, Exp. -8.0

Initial Claims 255K, Exp. 270K. (gold and silver sell off)

The European Central Bank Weighs in on U.S. Rate Hikes:

ECB says Fed Rate Hike Could cause global problems

October 16, 2015

U.S. Job Openings Fall

JOLTS job openings fall in August

Donald Trump on Interest Rates

Trump says Yellen Keeping Rates Low as a Favor for Obama


Indian Media Propaganda for their Gold Monetization Scheme– “Gold Loses Lustre on Global Cues, Muted Demand

Reuters: Gold Up BUT outlook soft

U.S. Mint American Gold and Silver Eagle Sales Update:

U.S. Mint sold no American Gold Eagles and 43,000 American Silver Eagles today MTD Sales 20K American Gold Eagles/2,005,000 American Silver Eagles.


Top Foreign Holders of U.S. Debt -UPDATED


Since January, Belgium, often considered a proxy for China, has lowered their U.S. Treasury holdings by $243.9 billion.

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