In Case You Missed It – Week Ended January 16, 2016.
Stories from the week ended January 16, 2016.
Terror attacks struck Turkey, Indonesia and Burkina Faso and the global markets werer in turmoil.
The crashing global stock markets led to many wall street observers to change their stance on future rate hikes. Instead of more rate hikes, some suggest that the Fed could hold off on rate hikes, cut rates or even implement negative interest rates.
The basis for our prediction that the Fed would raise rates was to ensure continued demand for U.S. Treasury bonds. The Fed’s win-win scenario to raise rates meant higher rates would attract more investment and if a rate hike crashed the markets, demand for treasuries would increase on “safe haven buying” which would in turn lower rates. That is exactly what is happening as bloomberg reported last week.
Gold and silver
Gold closed last week at $1104.60 and closed this week at $1088.80
Silver closed last week at $13.93 and closed this week at $13.91
The gold and silver ratio is approaching 80:1
Here are the stories we wrote, followed or commented on.
WE Missed it!
From the week ended January 9, 2015:
Silver
Barber dime sells for $2 million at auction
Gold
Gold helps make computer touchscreens more sensitive
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January 9, 2016
Geo-Political
U.S. Flies B-52 bombers over South Korea after North Korean nuclear test.
Silver
From Smaulgld.com
We noted a drop in August and September U.S. silver mining production from comparable months last year, did not reflect a significant downward trend in U.S. silver mining production. (that trend occurred long ago)
“Peak Silver has Not Arrived in the United States”
U.S. silver mining production 2010 -2015 has been fairly consistent.
1/10 Oz Canadian Maple Leaf Gold Coins
January 10, 2016
Economic Cheerleading
Reuters and Bloomberg provided these two observations:
Reuters declares a “profit recession” but says the economy is doing well. Reuters New Economics?: How an economy can be deemed to be doing well, even if its companies’ profits are declining.
Bloomberg asserts As China Dumps Treasuries, World Sees No Better Place for Refuge
De-Dollarization
China sets limits on buying of US dollars
Silver
From Smaulgld.com
While U.S. and Canadian Silver Mining output have remained fairly constant the past ten years, surging demand for American Silver Eagles and Canadian Silver Maple Leaf coins has exceeded mining output.
U.S. Silver Mining Production Does Not Cover American Silver Eagle Demand
U.S. silver mining production vs. American Silver Eagle demand.
Canadian Silver Mining Production Does Not Cover Canadian Silver Eagle Demand
Canadian silver mining production vs. Canadian Silver Maples Leaf coin demand 2010-2014
Gold and Silver
Path to Making Gold and Silver Currency
Gold
Indian Gold demand to fall 15% as rural buying slumps over poor kharif season
Buy 2015 American Silver Eagle Coins
January 11, 20165
Fed Chatter
Atlanta Fed President: probably not enough data for a March rate hike
Government Intervention
China Said to Create New Office Coordinating Finance and Economy
Gold
£77,000 worth of gold Found hidden on Air India flight
Dubai gold futures market posts record trading volumes
Mining Companies Fight for Survival
Wall Streeet Journal: Investors fleeing market turmoil head for gold
Silver
Fed Vice Chairman Stanley Fischer can’t identify an American Silver Eagle coin
From Smaulgld.com
Gold and Silver
Perth Mint 2015 Gold and Silver Sales
Silver sales soared at the Perth Mint in 2015.
Market Manipulation
Britain begins first Euribor rate-rigging case
U.S. Mint Sales Update
US Mint sold 2,756,500 American Silver Eagles today and 41,500 one ounce American Gold Eagles
JP Morgan says sell stocks on the bounces
January 12, 2016
From Smaulgld.com
First day sales of American Silver Eagle were higher than most January entire month sales.
Despite dropping silver prices many, North American primary silver producers hit record output in 2015.
Gold sales at the U.S. Mint open strongly
January sales of American gold buffalo coins in the first two days of January 2016 were strong.
Terrorism
Turkish blast kills ten in tourist area
U.S. Mint Sales Update
US Mint sold 389,000 American Silver Eagles & 6,000 American Gold Eagles today.
YTD American Silver Eagles: sold 3,146,000; American Gold Eagles: sold 47,500
Oil
Royal Bank of Scotland cries: Sell Everything!
Gold
Investors on Gold ETF Buying Spree Amid Global Stock
India’s Gold Monetization Scheme
India to launch second tranche of gold monetization scheme
UK Economic Data
UK Industrial and Manufacuring Production fall in November
Oil
WSJ: Bankrupcies could sink 1/3 of shale oil companies
As we noted last week, we spotted the potential for lower oil prices and bankruptcy of shale oil companies and financial difficulties for their lenders over a year ago as did Mitch Feierstein of Planet Ponzi.
Audit the Fed
Senate rejects Rand Paul’s ‘Audit the Fed’ legislation
Terrorism
Iran Takes Ten Hostages: CNN Host Presses WH Press Secretary Why U.S. Should Relieve Sanction on Iran?
Deflation
Swiss National Bank says deflation, good, necessary
1/10 Oz American Gold Eagle Coins
January 13, 2016
From Smaulgld.com
We published the follow up to “The Decline and Fall of the First Silver Empire”
The decline in silver content of the Roman Denarius paralleled the decline of the Roman Empire.
China
China’s trade surplus up 56.7% in 2015 but overall trade down exports 1.8% down, imports 13.2% down
JP Morgan on Oil Exposure
De-Dollarization
Russia takes steps to price oil in Rubles instead of dollars
Fed Chatter
Boston Fed President Eric Rosengren says Fed may slow pace of rate hikes
Chicago Fed President says four rate hikes in 2016 would be too much
From Russia:
Russia declares it is among the top 10 countries with the lowest debt and highest gold and foreign currency reserves
Gold
World Gold Council:Global Gold jewelry demand down 14% in 2015
US Mint Sales Update
US Mint sold 345 000 American Silver Eagles & 3,000 one ounce American Gold Eagles today.
YTD American Silver Eagles Sold 3.5M/American Gold Eagles sold 50,500
January 14, 2016
U.S. Economic Data
Initial Jobless Claims 284K EXP 275K
Consumer spending falls 0.9% in January
Fed Chatter
Bullard Fed’s Bullard cites ‘worrisome’ drop in inflation expectations due to low oil prices
U.S. stock market soars after his comments
Bitcoin
Key Bitcoin Developer says Bitcoin has failed, is subject to collapse and “quits” bitcoin
More from the NY Times and Reuters
Terrorism
Jakarta
Two Days of bombs shootings in Jakarta,Indonesia
Buy 90% Junk Silver From BGASC.com
Gold
Rio Tinto Freezes all employees’ pay including its CEO
Oil
The Wealthwatchman provided this fine analysis of the global financial system
Goldman Sachs to pay $5 billion fine
January 15, 2016
Socialism
Inflation tops 140% in Venezueal, Maduro claims state of economic emergency
Gold
Indian physical gold demand up on festivals, weddings
U.S. Economic Data
December Retail Sales -0.1% Exp +0.1% Prior 0.4%
PPI -0.2% Exp 0.1% prior 0.3%
Empire Manufacturing -19.4% exp -3.5% prior -6.2%
Industrial Production: -0.4% exp -0.2% prior -0.9%
Crisis? What Crisis?
Heard on CNBC
Jpmorgan analyst on CNBC: “china wont slow us down and stocks havent been this cheap since 2014- the US is insulated” #propaganda
Fed chatter
Fed’s Williams Market Volatility won’t stop Fed from raising rates in coming years
Atlanta Fed Downgrades 4th Quarter GDP to 0.6%
New York Fed Presdient William Dudley says Fed could implement negative interest rates
De-Dollarization
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