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.
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
Gold
Most of the gold from Dubai and Singapore is smuggled into India
South African Gold Mining Union Votes To Strike
From Smaulgld.com
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
Gold
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
De-Dollarization
China to issue Yuan Debt out of London
Gold
Billionaire Fud Manager Paul Singer Praises Gold
Bloomberg’s Gold Bear Joe Deaux Notices Gold Surge
From Smaulgld.com
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
Gold
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:
From Smaulgld.com:
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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