In Case You Missed It – Week Ended February 13, 2016

In Case You Missed It – Week Ended February 13, 2016.

Stories from the week ended February 13, 2016.

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Republican Donald Trump and Democrat Bernie Sanders emerged as the winners in the New Hampshire Presidential Primary in New Hampshire and North Korea launched a test long range missile. Janet Yellen gave two days of muddled testimony on Capitol Hill.

The big economic story of the week was gold as investors went ‘bananas’ for the yellow stuff. We have plenty of headlines and analysis below on the surge of gold (and silver) last week.

Oil and the dollar were also in focus as both dropped. Oil rose at the end of the week on talks of oil producers cutting output.

Gold and silver

Gold closed last week at $$1173.50 and closed this week at $1237.90
Silver closed last week at $$15.01 and closed this week at $15.75

The gold and silver ratio ended the week at 78.6:1

gold silver ratio chart february 2016

The gold silver ratio remained elevated in February as gold and silver surged.

The Lowest Cost. Period.

Chart of the Week

Dow vs. Gold

The Dow gold ratio plummeted last week as gold surged.

gold vs the dow

Gold’s surge in 2016 has lowered the Dow/gold ratio to 12.5:1 as of February 11, 2016.

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

WE Missed it!

From the week ended February 6, 2015:

February 5, 2016


Iran says its wants Euros not Dollars for its oil

February 6, 2016

European Central Bank

ECB Reveals its assets for the first time

North Korea Launches Long Range Missle


According to the China Gold Association, Chinese Gold mining production dipped to 450 tonnes in 2015

chart showing chinese gold mining production 2000-2015

Chinese gold mining production is the largest in the world.

February 7, 2016



China sells $99.5 billion in reserves but buys gold

China adds 16 tonnes of gold to reserves in January

Chinese gold reserves 2009- 2016 Jan

Chinese gold reserves increased 16 tonnes in January 2016.

Shanghai Gold Exchange Report 226 tonnes of gold withdrawn in January

Shanghai gold exchange final 2105 vs other years

The Shanghai Gold Exchange had record withdrawals in 2015.


Venezuela flirts with default

February 8, 2016

War on Cash

Europol director wants large Euro notes removed from circulation.


Russia considers trading with Iran and China in national currencies


Dollar falls to 15 month low

European Banks

Barclays shares suspended from trading

Deutsche Bank hits all time low

US Mint Sales Update

U.S. Mint sold 722,500 American Silver Eagles & 5,500 American Gold Eagles today.
YTD American Silver Eagles Sold 7,722,500/American Gold Eagles sold 104,000.

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Rio Tinto, 5 others quit London Metal Exchange

China sells reserves but buys gold

February 9, 20165

Nikkei crashes 5.4%


LBMA Said to Invite CME LME, ICE to Propose Gold Trading Platform

Goldman Sachs trashes gold rally; says Fed will raise rates three times this year – Marco Rubio told them that three times.

Negative Interest Rates

World’s Negative-Yielding Bond Pile Tops $7 Trillion

U.S. Economic Data

December Wholesale Inventories -0.3%, Exp.-0.2%, Nov revised from -0.3% to -0.4%


India and Gold

Reuters on gold demand in India: India gold discounts hit record highs as demand falters “Struggling to draw buyers”

But see the India Times Gold gallops on frantic demand; silver reclaims Rs 37k mark


Reuters: Dollar hits four-month low as investors flee to safe havens

I thought the dollar was the safe haven?


Oil Falls 8%


Goldman Sachs defends banks’ liquidity

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February 10, 2016

Yellen Yacks

Fed not on preset rate hike course, will consider market turmoil/economic conditions (full statement) “conditions less supportive of growth”

Likely to pursue rate hikes

Not sure if negative rate hikes are legal

Chesapeake Oil hires help to avoid “Lehman moment”


Oh Canada! Canada sells about half of its remaining gold

India and Gold

Government raises tarrifs on gold and silver

Bloomberg talks gold down

Gold’s Monkey Magic Seen Fading

CNBC trader likes gold because of negative interest rates

War on Cash

EU Push to abolish large Euro Notes

Buy 2016 American Silver Eagle Coins


Female suicide bomber kills 60 in Nigeria

Fed Chatter

Fed’s Fischer worried by emergency credit reporting rules

U.S. Mint Sales Update

U.S. Mint sold 199,500 American Silver Eagles & 8,500 American Gold Eagles today.
YTD American Silver Eagles Sold 7,922,000/American Gold Eagles sold 112,500.

The US Mint also sold 3,500 American Gold Buffalo coins today- MTD 5,500 YTD 39,500

US Government posts surplus in January

JM Bullion


Archaeologists examine a 5,000 year old silver mine in Greece

February 11, 2016

Gold Soars and Bloomberg Takes Note
but includes the standard stock language cut against gold that it doesnt pay interest

Yellen Yacks Again

Yellen says global developments may effect the United States but premature to say what the shocks will be and insists that on balance lower oil prices are good for US consumers.

Yellen says the Fed’s December rate hike was not responsible for the market declines and says the markets were tranquil for a few weeks after the rates hike and that it was oil and downward movement in chinese currencies and weakening global growth that caused the market decline. There was overall confusion over Yellen’s testimony because there are conflicting messages coming from Yellen and the Fed. Will it be four rate hikes this year OR possible rate cut in March OR negative interest rates?

Gold Crashes Through $1200 – World Gold Council Cites Strong Demand; Russian Buying

Russian gold reserves 2009-2015

Russian gold reserves rose by 208 tonnes in 2015


World Gold Council on 4th quarter 2015 trends

India and Gold

Gold demand to rise in India in 2016 as buyers seek ‘safe haven’


First Majestic Secures $60 million in financing

US Economic Data

Initial jobless claims 269K exp 280K prior 285K

U.S. Mint sold 78,000 American Silver Eagles & 7,000 American Gold Eagles today.
YTD American Silver Eagles Sold 8,000,000/American Gold Eagles sold 124,000.

The US Mint also sold 3,500 American Gold Buffalo coins today- MTD 5,500 YTD 39,500


Oil falls to 2003 low then rebounds on talk of OPEC cuts

February 12, 2016

US Economic Data

Retail Sales 0.2%; Exp. 0.1%

Michigan Consumer Confidence 90.7, Exp.92.3, Last 92

Business inventories +0.1% MoM in December (retail up 0.4%) and sales -0.6%.


Bloomberg’s writer Ed Van Der Walt acting in response to Smaulgld removes the “gold doesnt pay interest” standard language and replaces it with: “Even as the metal delivers no returns other than through price gains, that’s a better deal than some government debt. Gold doesn’t look so bad when rates are below zero in France, Germany, Japan and Switzerland”

Reuters Takes Note of Gold’s Rise

Barron “WARNS” on Gold Two Reasons to Avoid the Gold-Buying Bandwagon

War on Cash

Austrian Deputy Economy Minister says Austrians should have a constitutional right to pay in cash

Fed Chatter

NY Fed President dismisses Negative Interest rate talk

U.S. Mint sold no American Silver Eagles & no American Gold Eagles today.
YTD American Silver Eagles Sold 8,000,000/American Gold Eagles sold 124,000.

The US Mint sold 500 American Gold Buffalo coins today- MTD 6,000 YTD 40,000

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