In Case You Missed It – Week Ended February 6, 2016.
Stories from the week ended February 6, 2016.
The main stories of the week involved continued tensions in the Middles East, terrorist attacks and the Iowa Republican and Democratic Presidential caucuses.
The big economic story of the week was the fall of the dollar and the economic data and statements by Fed officials that led to a fall in the US dollar index from about 99.50 to 96.30 on Thursday before settling at 96.96 on Friday.
Gold and silver
Gold closed last week at $1117.80 and closed this week at $1173.50
Silver closed last week at $14.23 and closed this week at $15.01
The gold and silver ratio ended the week at 77.81:1
Chart of the Week
Argentines holding gold have been spared the economic impact of the devaluation of the Argentine peso
Here are the stories we wrote, followed or commented on.
WE Missed it!
From the week ended January 30, 2015:
January 29, 2016
Gold and Silver
Oklahoma Bill would Establish Gold and Depository to Faciliate Transactions
Platinum
Platinum expected to be in deficit nearly 8 tonnes until 2021
Gold and platinum rose sharply during the week. Platinum peeked above $900 an ounce. The gold platinum ratio ended the week at 1.29 to 1.
For platinum supply and demand dynamics click here.
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January 30, 2016
Russia
Turkey says Russia violated its airspace – again!
January 31 2016
From Smaulgld.com
Gold and Silver
We reported on the US Mint gold and silver sales in Janaury 2016.
January 2016 sales of American Silver Eagles were nearly six million.
Gold
Bloomberg: Bring on The Cashless Society
February 1, 20165
From Smaulgld.com
Gold and Silver
Smaulgld reported on the strong gold and silver sales at the Perth Mint in January 2016.
Perth Mint January 2016 silver sales were up 156% over January 2015.
Silver
Investor Faith Broken in London Silver Fix?
Silver Mining History in Arizona
Terrorism
Suicide Bomb Kills More than Twenty in Afghanistan
JP Morgan
JP Morgan blames Fed for Bearish Tone
U.S. Economic Data
ISM MFG 48.2, Exp. 48.4
US Markit Mfg PMI 52.4, Exp. 52.6, Last 52.7
US Manufaucturing Slumps For Fourth Month in a Row
Consumer spending flat, savings jump
December Construction Spending 0.1%, Exp. 0.6%.
Personal Income: 0.3% Exp. 0.2%
Personal Spending: 0.0% Exp. 0.1%
Savings rate rises from 5.3% to 5.5%
Gold
Will “peak gold” help the gold price
Fed Chatter
Fed Vice Chairman Stanley Fischer hints at no more rate hikes this year
U.S. Mint Sales
US Mint sold 727,000 American Silver Eagles & 1,500 one ounce American Gold Eagles today.
YTD American Silver Eagles Sold 6,687,000/American Gold Eagles sold 90,500
Buy 90% Junk Silver From BGASC.com
February 2, 2016
Gold
India’s Gold Rule Designed to Curb Imports, Backfires
CNN Publishes a Positive Gold Story
CNN Money: Gold is 2016’s Most Beloved Asset
Bloomberg comments positively on gold
Bloomberg: Gold Resillient as Commodities and Stock Slump
Oil
BP reports worst annual loss in twenty years
Presidential Primaries
Iowa Caucus- Cruz and Clinton Win, Sanders urges recount
Fiat Currencies
Swiss National Bank President says Swiss Franc Over Values- Ready to Act
Fed wants to test how banks would handle negative interest rates
U.S. Mint Sales Update:
U.S. Mint sold 288,000 American Silver Eagles & 6,500 one ounce American Gold Eagles today.
YTD American Silver Eagles Sold 6,975,000/American Gold Eagles sold 96,000
Buy 2016 American Silver Eagle Coins
February 3, 2016
From Smaulgld.com
Smaulgld was interviewed by the Daily Coin
U.S. Economic Data
ADP says private employers added 205,000 jobs in January, Reuters calls the report “Solid”
ISM non-mfg big miss: 53.5, Exp. 55.1, Last 55.8
Fed Chatter
Gold
Business Insider says buy gold ahead of the 2016 election
Pizza Hut to Create 24K gold topped pizza for the Super Bowl
U.S. Mint Sales Update
U.S. Mint sold 25,000 American Silver Eagles & 500 American Gold Eagles today.
YTD American Silver Eagles Sold 7,000,000/American Gold Eagles sold 96,500
February 4, 2016
US Economic Data
Initial Jobless Claims 285K, Exp. 278K, Last 277K but but but pleads marketwatch – claims still very low
Challenger Gray Job cuts surge 218% in January
Gold
Teenage Girl to keep Gold Bar found in German Lake
Bank of England
Bank of England’s Governor threatens rate hike sooner than later
Fed Chatter
Dallas Fed President urges patience on rate hikes
Dollar
Dollar Falls again on doubt that Fed will raise rates
Silver
Thompson Reuters CME to introduce new silver benchmark
Got insurance? How Good is your insurance company?
Oil
Obama proposes $10 a barrel of oil tax to fund “clean energy”
February 5, 2016
Gold
Powerful earthquake strikes Tawain
via Reuters Anti Gold Propaganda
Gold rally scares away physical buyers in China, India “Most physical gold buyers in Asia stayed off the market this week”
U.S. Economic Data
Non Farm Payroll: 151k Exp 190k
Unemployment Rate: 4.9%
Average hourly Earnings increased 0.5% Exp. 0.3%, Last 0.0%
November and December were revised lower
Jobs Created
Retail 58k
Drinking establishments 48k
Health care 37k
Labor Force Participation 62.7%
Market Reaction to Jobs Data
More Reuters Propaganda ““Traders took the report as a sign of labor market strength“
News stories referred to the poor jobs report as “mixed”
Nasdaq fell 3.5% and the Dow was down over 200 points.
Atlanta Fed ups Q1 GDP forcast from 1.2% to 2.2%
US Mint Sales Update
U.S. Mint sold no American Silver Eagles & 2000American Gold Eagles today.
YTD American Silver Eagles Sold 7,000,000/American Gold Eagles sold 98,500
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