In Case You Missed it – The Week Ended October 3, 2015

In Case You Missed It.

In Case You Missed it Week Ended October 3, 2015.

Stories from the week ended October 3, 2015.

JM Bullion

The week began with continued discussion of the potential for an interest rate hike after Fed Chair Janet Yellen spoke at the end of the prior week indicating she thought a rate hike by the end of the year would be appropriate.

The week ended with a general market consensus that rate hikes are off the table for 2015 after the Non Farm Payroll numbers for September were released showing poor overall job market growth. To make the employment picture bleaker, August and July’s Non Farm Payroll numbers were reduced downward.

In addition to “global market uncertainty”, Ms. Yellen had stated that she wanted to see “further evidence of improvement in the labor markets” before raising interest rates. On Friday she go evidence to the contrary.

Syria and President Obama’s meeting with Russian President Vladamir Putin dominated much of the news cycle last week.

Here are the stories we followed, covered or commented on during the week ended October 3, 2015.

September 26, 2015

The Price of Gold

Negative outlooks for gold popped up during the week, including this Kitco gem of an interview with CPM’s Jeff Christian who argued the short term view for gold was poor because there are no economic or political crisis at the moment. He added, he expected there to be such issues by 2017, at which time the price of gold might rise. Mr. Christian also argued in response to those that have noted that Comex registered gold (see chart) had fallen to historically low levels that over all Comex stocks of gold are high by historic standards.

No economic or poitical crisis until 2017, Comex gold is fully stocked – CPM’s Jeff Christian

comex eligible and registered cgold october 2015

Combined eligible and registered gold on the Comex are at fairly healthy levels.

Comex registered gold stocks as of Sept 30 2015

But registered Comex gold is nearly depleted at just 160,000 ounces.

Syria Gets Attention From Russia, China, France, Germany and the United States

Syria was back in the news as Russia, France and Germany entered the fray in the supposed fight against ISIS, with rumors that China was also contemplating involvement. Russia’s move to take the initiative in Syria put the U.S. on its heels for , pushing it aside, for the time being, as the dominant military/policy making power in the region.

France carries out airstrike against Syria

Germany and France enter alliance with Russia on Syria

Chinese Navy Sets off for Syria

Iraq says Russia, Iran, Syria cooperating on security issues in Baghdad

France supposedly had good economic news:

As French unemployment hit highs, consumer confidence also soars

September 27, 2015

Fed Presidents Speak

The regional Fed Presidents spoke today, with contrary positions regarding whether the Fed should raise rates this year.

Charles Evans, Chicago Fed President
Evans Says Fed Should Delay Liftoff, Inflation Risks Overblown

William Dudley, New York Fed President
Fed’s Dudley: Fed will likely raise rates later this year

U.S. Mint Sales Report

US Mint sold 6,500 American Gold Eagles today & 693,000 American Silver Eagles today.

MTD sales 95,000 one ounce Gold Eagles; 3,497,000 Silver Eagles

Another Investigation into Gold and Silver Manipulation

Swiss watchdog opens bank probe into precious metal collusion

September 28, 2015

India and Gold

India to issue gold coins in connection with their gold monetization scheme.

Coins for gold monetization scheme to be launched in October

Indian Government plans 150 billion Rupee gold bond offering

U.S. Mint Sales Report

US Mint sold 6,500 American Gold Eagles today & 693,000 American Silver Eagles today.

MTD sales 95,000 one ounce Gold Eagles; 3,497,000 Silver Eagles

Pending Home Sales Decline

U.S. pending home sales decline in August

September 29, 2015

Obama and Putin Meet

Obama and Putin meet over Syria

Stock Jockeys Got a Boost From this Reuters Article

Reuters: The Worst is Over for Stocks: Strategists still betting on fourth-quarter U.S. stocks rebound

U.S. Mint Sales Report

US Mint sold 2K American Gold Eagles today & 307,500 American Silver Eagles today. MTD sales 97K Gold Eagles; 3,804,500 Silver Eagles

India Cuts Interest Rates

India’s central bank cuts key interest rate to 6.75%

Bad News For Volkswagen

VW’s Stock to Be Removed From Dow Jones Sustainability Indexes After Emissions Scandal


We reported on surging junk silver premiums:


September 30, 2015

Silver News

Reuters Covers the Silver Shortage:

Silver-coin shortage shows bright side of precious metal collapse (notes “improving US economy”)

Bloomberg takes note of surging Indian and Chinese Gold Demand

Bloomberg Reports on Indian and Chinese Gold Demand

U.S. Mint Sales Report

US Mint sold 1,500 American Gold Eagles & no American Silver Eagles today.

MTD sales 98,500 Gold Eagles; 3,804,500 Silver Eagles

Marketwatch On Gold

Marketwatch refers to recent “Upbeat economic data” as reason for gold’s lower price.

IMF Weighs in on Fed Rate Hikes

IMF’s Lagarde says Fed should not rush its rate rise decision

Some not so “upbeat economic data was released today:

Chicago September PMI 48.7 vs 53.0

ISM Milwaukee 39.4, Exp. 48.5

Russia has sent military experts to Baghdad coordination centre: Russian official

Reuters reporting on the demise of gold

Reuters:Gold heads for biggest quarterly loss in a year “It’s not the best time to get into the gold market, when you know there will be a rate hike.”


We reported on the U.S. Mint’s September gold and silver sales:


October 1, 2015

Fed Head Yacking about a Rate Hike

Richmond Fed’s Lacker Says October Rate Rise Possible

Sell The Spike

Some tepid economic data was released today:

Initial jobless claims 277K

ISM 50.2, Exp. 50.6, Last 51.1
US Mfg Employment 50.8 Last 52.4,
US Mfg PMI 53.1, Exp. 53.0, Last 53.0


We reported on the nearly 400% increased in silver sales at the Perth Mint.


October 2, 2015

Obama Predicts Russian Failure in Syria and Warns

Obama sees Russia failing in Syria and warned Putin of a “quagmire in Syria

Reuters Claims Gold Demand in China and India is Sluggish

Reuters- “signs of sluggish demand sluggish demand/persistent weakness in India/China,could add more pressure on gold prices already reeling from a looming U.S. interest rate hike.

Non Farm Payroll Job Growth Falls off the Table

Non Farm Payroll MISS 142K
No wage increases
August NFP revised down from 173k to 136k
July NFP 235k to 223k
Labor Force Participation Rate down to 62.4%

Reuters reaction: Reuters:”China-led global economic slowdown is sapping America’s strength.”

CNBC reaction: “not what pretty much anybody expected.”

Food services and drinking establishments have added 349,000 jobs over the past year. #DRINK

Bloomberg reaction: Bloomberg: The weak report vindicates the Federal Reserve’s decision to delay an interest-rate increase last month


We reported on the continued mega withdrawals of gold on the Shanghai Gold Exchange:


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