Wikileaks 1974 Cable Reveals Purpose of Creation of Gold Futures Market.
Top economic stories of the week: Wilikeaks 1974 cable confirming the intent of the creation of a gold futures market prior to the legalization of gold at the end of 1974.
- 1933: gold ownership banned (FDR executive order 6102)
- 1944: Bretton Woods Agreement (established US Dollar as world’s reserve currency, backed by gold)
- 1971: Nixon closes gold window (expectation that gold demand would drop since no longer tied to monetary system- demand expected to be limited to jewelry/trinkets)
- 1974: gold ownership made legal again in the U.S.
- 1986: U.S. Mint produces first gold bullion coins for US citizens since 1933 (the American Gold Eagle).
- 2016: US. Mint sells 1,240,000 ounces of gold worth approximately $1.5 billion.
December 10, 1974 cable from Ronald Ian “Ron” Spier, Charge d’affairs and Deputy Chief of Mission,
THE BELIEF THAT THE FUTURES MARKET WOULD BE OF SIGNIFI-
CANT PROPORTION AND PHYSICAL TRADING WOULD BE MINISCULE BY
COMPARISON. ALSO EXPRESSED WAS THE EXPECTATION THAT LARGE
VOLUME FUTURES DEALING WOULD CREATE A HIGHLY VOLATILE MAR-
KET. IN TURN, THE VOLATILE PRICE MOVEMENTS WOULD DIMINISH
THE INITIAL DEMAND FOR PHYSICAL HOLDING AND MOST LIKELY
NEGATE LONG-TERM HOARDING BY U.S. CITIZENS.
Sales of one ounce American Gold Eagle coins in 2016 were the best since 2011.
Total gold ever mined is estimated to be 170,000 tons or 6 billion ounces – worth about $7.2 trillion (at $1,200 an ounce).
Comex, LBMA gold futures trading estimated to be about $125 billion a day, or about $30 trillion annually.
First Majestic CEO to Join Silver Manipulation Class Action Law Suit
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Gold and silver.
Gold closed last week at $1150 an ounce and closed this week at $1172.20 up 1.9%
Silver closed last week at $15.88 an ounce and closed this week at $16.43 up 3.4%
The gold and silver ratio ended the week at 71.3:1
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Charts of the week
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Here are the stories we wrote, followed or commented on.
January 3, 2017
From Smaulgld.com
KAZAKHSTAN ADDS 100,000 OUNCES OF GOLD TO RESERVES IN NOVEMBER
Cost of producing pennies exceeds one cent
Gold
Leaves and Termites may hold key to gold prospecting
New York Restaurant Serves $2000 pizza with gold topping
Indian Commerce Minister – Lower Gold Import Duty
India Gold Smuggling Gets Creative
Silver
Hundreds scramble for silver coins found in demolished Chinese home
January 4, 2017
From Smaulgld.com
What Will Trump Do if the Stock Market Crashes
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January 5, 2017
From Smaulgld.com
PERTH MINT GOLD SALES SURGE IN FINAL FOUR MONTHS; RISE 14% IN 2016
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Gold
Spanish department store stashing gold ingots inside festive cakes
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January 6, 2017
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US Economic Data
December Payrolls 156K, Exp. 175K
AVG HOURLY EARNINGS +0.4% VS NOV -0.1%; +2.9% Y/Y
US factory orders fall 2.4 percent in November vs estimate of 2.2 percent decrease
Kitco! Re jobs data
“US labor market is robust and continues to display strength.” “very respectable gains” with US payrolls adding 156,000 “just under” surveyed expectations
Fed Chatter
Chicago Fed President on rate hikes in 2016 “two moves is not an unreasonable expectation (data dependent) if stronger, three is not going to be implausible”
January 7, 2017
From Smaulgld.com
PERTH MINT SILVER SALES SET RECORD IN 2016
PEOPLE’S BANK OF CHINA ADDS 80 TONS OF GOLD TO RESERVES IN 2016
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