No End in Sight to Trump Turmoil.
Shrink the Fed’s Balance Sheet to Provide Room for More QE?
India to Lift Cash Withdrawal Limits.
Utah and Texas Legislation Prepare a Greater Role for Gold and Silver.
Germany Gets Its Gold Back.
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Top stories: Trump turmoil continues.
Trump Travel Ban and the 9th Circuit Temporary Restraining Order
Trump criticizes ruling of “so called judge”.
The President’s Executive Order
Plain reading of statute (that 9th Circuit Court did not refer to!):
Immigration and Nationality Act (INA), 8 U.S.C. 1101 et seq.,(1952) and section 301 of title 3, United States Code
(f) Suspension of entry or imposition of restrictions by President:
Whenever the President finds that the entry of any aliens or of any class of aliens into the United States would be detrimental to the interests of the United States, he may by proclamation, and for such period as he shall deem necessary, suspend the entry of all aliens or any class of aliens as immigrants or nonimmigrants, or impose on the entry of aliens any restrictions he may deem to be appropriate. Whenever the Attorney General finds that a commercial airline has failed to comply with regulations of the Attorney General relating to requirements of airlines for the detection of fraudulent documents used by passengers traveling to the United States (including the training of personnel in such detection), the Attorney General may suspend the entry of some or all aliens transported to the United States by such airline.
This gives the president the authority “suspend the entry of any class of aliens” or “impose restrictions” whenever he finds/deems they “detrimental to the interest of the United States” for “such period as he deems necessary”.
The 9th Circuit reasoning was in effect challenging the President’s “finding”. The court also found that the state bringing the request for the TRO, Minnesota and Washington had standing:
“The States argue that the Executive Order causes a concrete and particularized injury to their public universities, which the parties do not dispute are branches of the States under state law” (the States argued “that the teaching and research missions of their universities are harmed by the Executive Order’s effect on their faculty and students who are nationals of the seven affected countries”)
AND that someone’s due process may have been violated by the order and so it struck down the entire order.
[T]he Government argues that the TRO is overbroad in two independent respects: (1) the TRO extends beyond lawful permanent residents, and covers aliens who cannot assert cognizable liberty interests in connection with travelling into and out of the United States, and (2) the TRO applies nationwide, and enjoins application of the Executive Order outside Washington and Minnesota. We decline to modify the scope of the TRO in either respect.
Criticism vs. Refusal to Obey
Trump comments attacked as a ‘Threat to Democracy’ (or was it threat to a constitutional republic, or not a threat at all?)
President Obama criticized the ruling in Citizens United in his State of the Union while the judges were in attendance.
- Marbury vs Madison
(1803)- set precedent that Supreme Court is final arbiter on constitutional issues.
Tests
- Worcester v. Georgia
(1832) – President Jackson ignored the ruling “The decision of the supreme court has fell still born, and they find that it cannot coerce Georgia to yield to its mandate.” (Marshall has issued his order, now let him enforce it)
- United States vs. Nixon
(1974) -Nixon claimed executive privilege, lost the case and complied and turned over the tapes (with 18 minutes missing).
DeVos and Sessions confirmed and Elizabeth Warren silenced by Rule 19
Plain reading of statute
2. “No Senator in debate shall, directly or indirectly, by any form of words impute to another Senator or to other Senators any conduct or motive unworthy or unbecoming a Senator.”
In practice this means any time a Senator is up for confirmation the debate can not raise negative traits and motives as part of opposing the confirmation, directly or indirectly. Another Senator (eg Ms. Warren) can not make any “unworthy or unbecoming imputation”. Such Senator also can’t get around the rule by reading a letter by Corretta Scott King. It doesn’t matter if the third party words are from Abe Lincoln, Mother Teresa, Nat King Cole or the Jolly Green Giant.
Top economic story of the week: Silver rises for the sixth week in a row, gold also rises.
Gold and silver.
Gold closed last week at $1219.50 an ounce and closed this week at $1232.90 up 1.1%
Silver closed last week at $17.49 an ounce and closed this week at $17.93 up 2.5%
The gold and silver ratio ended the week at 68.76:1
Chart of the week
Gold is near an all time vs the Turkish Lira.
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Here are the stories we wrote, followed or commented on.
February 6, 2017
From Smaulgld.com
PERTH MINT GOLD SALES SPURT 52% HIGHER IN JANUARY
U.S. Mint Sales Update
U.S. Mint reported selling 125K American Silver Eagles and 2K American Gold Eagles today.
MTD American Silver Eagles sold 125K & American Gold Eagles sold 3,500
YTD American Silver Eagles Sold 5,252,500/American Gold Eagles sold 90,000
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
The U.S. Mint reported selling 0 one ounce American Platinum Eagle coins.
YTD 20,000
The U.S. Mint reported selling 1,500 American Gold Buffalo coins.
MTD 4,000 sold
YTD 36,000 sold
The U.S. Mint sold 37,500 of the first America the Beautiful Coin of 2017 in February – the Effigy Mounds National Monument coin.
You can compare American Gold Buffalo coins for sale at these websites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
February 7, 2017
From Smaulgld.com
INDIAN GOLD IMPORTS FALL 39% IN 2016
Gold
Dubai gold prices hit record high
U.S. Mint Sales Update
U.S. Mint reported selling 125K American Silver Eagles and 500 American Gold Eagles today.
MTD American Silver Eagles sold 250K & American Gold Eagles sold 4,000
YTD American Silver Eagles Sold 5,377,500/American Gold Eagles sold 95,000
You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
The U.S. Mint reported selling 0 one ounce American Platinum Eagle coins.
YTD 20,000
The U.S. Mint reported selling 1,000 American Gold Buffalo coins.
MTD 5,000 sold
YTD 37,000 sold
The U.S. Mint sold 37,500 of the first America the Beautiful Coin of 2017 in February – the Effigy Mounds National Monument coin. (revised above 37,500 ATB coins sold to 17,700)
You can compare American Gold Buffalo coins for sale at these websites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
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February 8, 2017
From Smaulgld.com
PEOPLE’S BANK OF CHINA ADDS GOLD IN JANUARY WHILE BLEEDING FOREIGN RESERVES
U.S. MINT SELLS 32,000 AMERICAN GOLD BUFFALO COINS IN JANUARY
Gold
Indian Jewelers Restocking Gold Again
War on Cash
No limit on cash withdrawal from March 13: RBI
Silver
U.S. Mint strikes 2017 American Eagle silver bullion coins at three facilities
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U.S. Mint Sales Update
U.S. Mint reported selling 0 American Silver Eagles and 7,500 American Gold Eagles today.
MTD American Silver Eagles sold 250K & American Gold Eagles sold 11,000
YTD American Silver Eagles Sold 5,377,500/American Gold Eagles sold 98,000
Compare Pricing and Shipping on American Gold Eagle Coins
You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
The U.S. Mint reported selling 0 one ounce American Platinum Eagle coins.
YTD 20,000
The U.S. Mint reported selling 1,500 American Gold Buffalo coins.
MTD 6,500 sold
YTD 37,000 sold
The U.S. Mint sold 0 of the first America the Beautiful Coin of 2017 in February – the Effigy Mounds National Monument coin. YTD ATB coins 17,700
You can compare American Gold Buffalo coins for sale at these websites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
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Febraury 9, 2017
From Smaulgld.com
AMERICAN PLATINUM EAGLE COINS ARE BACK AGAIN IN 2017
INDIAN SILVER IMPORTS FALL 58% IN 2016
Gold
Indian Jewelers Restocking Gold Again
Fed Chatter
BULLARD: No need to raise rates because of fiscal uncertainty; argues for shrinking balance sheet instead. This would also give the Fed some “policy space,” as it would permit the bank to return to asset purchases in the future, should the need arise.
U.S. Treasury securities held by the Federal Reserve: All Maturities
2017-02-08: $2,463,436
Source: Board of Governors of the Federal Reserve System (US), U.S. Treasury securities held by the Federal Reserve: All Maturities [TREAST], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/TREAST, February 11, 2017.
All Federal Reserve Banks: Total Assets
2017-02-08: $4,456,236
Source: Board of Governors of the Federal Reserve System (US), All Federal Reserve Banks: Total Assets [WALCL], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/WALCL, February 11, 2017.
U.S. Mint Sales Update
U.S. Mint reported selling 0 American Silver Eagles and 500 American Gold Eagles today.
MTD American Silver Eagles sold 250K & American Gold Eagles sold 11,500
YTD American Silver Eagles Sold 5,377,500/American Gold Eagles sold 98,500
Compare Pricing and Shipping on American Gold Eagle Coins
You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
The U.S. Mint reported selling 0 one ounce American Platinum Eagle coins.
YTD 20,000
The U.S. Mint reported selling 0 American Gold Buffalo coins.
MTD 6,500 sold
YTD 37,000 sold
The U.S. Mint sold 0 of the first America the Beautiful Coin of 2017 in February – the Effigy Mounds National Monument coin. YTD ATB coins 17,700
You can compare American Gold Buffalo coins for sale at these websites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
February 10, 2017
From Smaulgld.com
SHANGHAI GOLD EXCHANGE JANUARY WITHDRAWALS SLUMP
Gold
A long-awaited gold depository in Texas remains in limbo
U.S. Mint Sales Update
U.S. Mint reported selling 0 American Silver Eagles and 500 American Gold Eagles today.
MTD American Silver Eagles sold 250K & American Gold Eagles sold 11,500
YTD American Silver Eagles Sold 5,377,500/American Gold Eagles sold 98,000
You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
The U.S. Mint reported selling 0 one ounce American Platinum Eagle coins.
YTD 20,000
The U.S. Mint reported selling 1,000 American Gold Buffalo coins.
MTD 7,500 sold
YTD 39,500 sold
The U.S. Mint sold 0 of the first America the Beautiful Coin of 2017 in February – the Effigy Mounds National Monument coin. YTD ATB coins 17,700
You can compare American Gold Buffalo coins for sale at these websites:
BGASC.com
Golden Eagle Coins
JM Bullion
Money Metals Exchange
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