In Case You Missed It – Week Ended February 20, 2016.
Stories from the week ended February 20 2016.
The big economic stories of the week revolved around the extremely volatile gold, silver oil and currency markets.
Gold and silver
Gold closed last week at $1237.90 and closed this week at $1226.00
Silver closed last week at $15.75 and closed this week at $15.31
The gold and silver ratio ended the week at 78.6:1
The gold silver ratio has been near 80:1 during February 2016.
Chart of the Week
Gold has been soaring vs. the Brazilian Real for months.
Here are the stories we wrote, followed or commented on.
WE Missed it!
From the week ended February 13, 2015:
February 12, 2016
Silver
From Smaulgld.com
Too much Thompson Reuters in the silver market?
In “Silver Institute Trends for 2016” we analyze the latest data from the Silver Institute
Thompson Reuters helps compile silver industry data with the Silver Institute, reports on silver news and works with the CME Group, operator of the COMEX silver futures exchange to establish the price of silver.
This chart is amended to assume that if silver coin demand grew by 21% in 2015, silver round and bar demand also grew by the same amount vs. the Silver Institute’s projection that silver round and bar demand declined by 21% in 2015.
Reuters Spin on Gold As gold price soars, traditional India, China buyers show little love
But this story contradicts Reuters: China on massive gold buying spree
Last week we noted that reporters constantly include in every gold story a cut against it by saying gold doesnt pay interest.
Seems that standard language has been removed from gold reporting with the awareness that negative interest rates make gold look better.
Gold bullion is the place to be
@Smaulgld See, I told you to watch this space.
— Eddie van der Walt (@EdVanDerWalt) February 19, 2016
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February 13, 2016
February 14, 2016
China
Gold
Look for #gold and #silver smash downs as the light trading over the holiday weekend will provide cover #lufttansaheist @RudyHavenstein
— Smaulgld (@Smaulgld) February 14, 2016
Japan
Japan’s economy shrinks again in the fourth quarter–
Japanese stock market soars 7.1%
Iran
Iranian Stock Market bucks the downward trend rises 18%
Pakistan
February 15, 2016
War on Cash
ECB votes to ditch 500 Euro note
Oil
Oil continues its three day surge on more speculation of OPEC production cuts
Gold
FT Recognizes Negative Yields are Good For Gold
Gold bugs prosper in negative yielding world
Reuters Talking Down Gold Again: China dampens gold’s rally as peak demand period wraps up
Harmony Gold to increase production 45%
China
Chinese investors renew ‘gold rush’ as market prices rocket up
European Stocks
Russia
Ruble Rises with the price of oil
Currency Manipulation
Japan spends billions of dollars to support the Yen
Mario Draghi spoke at the Euro Parliament
Dovish Draghi -Ready to Act; ease further
February 16, 2016
From Smaulgld.com
We published the third installment of our “Welcome To the Cashless Society” series, which covered the century long events that have led to the near cashless society.
Oil
Saudi Arabia and Russia Agree to Freeze Oil Production- At Current Levels
Oil price rose then fell “as hopes over Saudi, Russia deal faded”
War on Cash
Summers says kill the $100 bill
“Most economists” say Fed will hike twice in 2016, undeterred by external risks: Reuters poll
Gold
Classic CNBCnow segement- Two gold bashing guests and one gold bashing host! h/t @Blanchardgold
Chief CNBC bullion-basher Sully at it again: “Gold is done”
Australian Gold Miners doing well
Bloomberg says Indian Gold Demand is down
Silver
Treasure Hunter Gets His Shipwreck Silver Coins Back from the US Government
Fed Chatter
“Most economists” say Fed will hike twice in 2016, undeterred by external risks: Reuters poll
US Mint Sales Update
U.S. Mint sold 803,000 American Silver Eagles & 16,000 American Gold Eagles today.
YTD American Silver Eagles Sold 8,803,000/American Gold Eagles sold 140,000.
The US Mint also sold 2,500 American Gold Buffalo coins today- MTD 8,000 YTD 42,000
Silver
Chemistry World: Burn to boost silver salvage from solar cells
February 17, 20165
U.S. Economic Data
Housing Starts 1.099MM, Exp. 1.173MM, Last 1.143MM
PPI 0.1% Exp -0.2% Prior -0.2
Core 0.4% Exp 0.0% Prior -0.1%
Industrial Production 0.9%, Exp.0.4%,
Manufacturing 0.5%, Exp. 0.3%
Utilities +5.4%, largest since 2010
Gold
On God of Wealth’s day, Vietnamese jostle to buy gold (photos of Vietnamese lining up to buy gold)
India
WSJ: Is Now the Time to Buy Gold in India?
Reuters reports: A WHOLE CONTINENT SHUNS GOLD!
Reuters: Asia shuns gold on higher prices
A Longtime Gold Bear Capitulates as Global Economy Turns Gloomy
ABN sees gold rising to $1,300/oz by year-end, up from $900
Oil
Oil up 7 percent, extending rebound, as Iran welcomes output freeze
Buy 90% Junk Silver From BGASC.com
Fed
FOMC minutes show Fed members saw downside risks
De-Dollarization
Brazil could waive U.S. dollar to bolster Iran trade – minister
Puerto Rico Contemplates Default
Fraud
Morgan Stanley to pay $3.2 Billion to settle government mortgage probes
U.S. Mint sold 123,500 American Silver Eagles & no American Gold Eagles today.
YTD American Silver Eagles Sold 8,926,500/American Gold Eagles sold 140,000.
The US Mint also sold 75,000 Shawnee National Forest five ounce America The Beautiful silver coins – the highest sales of America the Beautiful coins since 2011’s Olympic National Park 104,900
The US Mint also sold 2,500 American Gold Buffalo coins today- MTD 8,000 YTD 42,000
February 18, 2016
From Smaulgld.com
Global Silver Mining Production Increased in 2015
Global Silver Mining Production increased 1.8% in 2015.
US Economic Data
Initial Claims 262K, Exp. 275K
US jobless claims fall as labor market tightens Reuters cites “labor market strength” but claims estimated in some states.
Buy 2016 American Silver Eagle Coins
Fed Chatter
Fed bullard unwise to continue a normalization strategy
St. Louis Fed President Bullard says unwise to raise rates now
Gold
India and Gold
IIM-A study calls for gold spot exchange “to improve price discovery”
Gold Sales Surge in Germany
CNBC Daily Gold Bash The Trade: Here’s what could be next for gold “as equities recover”
Jim Cramer promotes gold as insurance and negative interest rates
Pan American Silver Reports 4Q Loss But Record Silver, Gold Output For 2015
Walmart’s Q4 income down 7.9% as sales fall, lowers outlook Because of SOLID LABOR MARKET, ROCKIN US CONSUMER
U.S. Mint sold noAmerican Silver Eagles & 1,500 American Gold Eagles today.
YTD American Silver Eagles Sold 8,926,500/American Gold Eagles sold 141,500.
The US Mint also sold 4,500 American Gold Buffalo coins today- MTD 12,500 YTD 46,500
February 19, 2016
Market Manipulation
China to inject $153 billion into money markets
CPI came in flat against expectations of -0.1% and -0.1% in December.
Core CPI +0.3% vs expectations of 0.2% and 0.2% in December.
The Core CPI reading was the highest in four and a half years.
Rents and health care costs rise so fed can raise rates
Fed Chatter
Cleveland Fed President Meister says U.S. Economy on track
Gold
Pure gold violin goes on display
More main stream media reports noting that while gold doesn’t pay interest, banks and bonds often have negative rates
US News: Slow Economic Growth? Look to Gold, Treasuries as Haven Investments
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