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Gold Falls Through $1550, “Bulls Misjudged the Dollar” as Euro Crisis Sparks EU Wrangling | The Daily Gold

by Adrian Ash:

 

"...Trading volume in US gold futures yesterday hit a new 2012 record according to Reuters data, leaping to 484,000 contracts and breaching both the previous high of late January and the current level of open interest outstanding.

 

“Gold continues to consolidate the last leg down, trading sideways for the past 2 weeks,” says strategist Russell Browne at Scotia Mocatta, also pointing to $1522 as support.

 

“The lows near $1520 underpin our greater bullish view for gold,” agrees a note from Barclays, also a market-making bank in the London gold market.

 

“Near term we expect a range to unfold under $1620,” says Barclays, adding that the bank’s analysts are “bullish for silver while above $26.00″ with an initial target of $29 per ounce..."

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LearCapital | Download Lear Gold & Silver Daily Today!

LearCapital | Download Lear Gold & Silver Daily Today! | Gold and What Moves it. | Scoop.it

Download the Free Lear Gold & Silver Daily Today!

 

Stay on top of the latest breaking commodities market news, coin prices, real time charts and special promotions from Lear Capital's “Lear Gold and Silver Daily” app for both iOS  and Android devices .

 

The Lear Gold and Silver Daily app is a special new benefit brought to you by Lear Capital at no additional cost.

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Richard Russell - Expect An Avalanche Of Fiat Money Creation

Richard Russell - Expect An Avalanche Of Fiat Money Creation | Gold and What Moves it. | Scoop.it
Russell:  “In the early days of the US, the dollar was trusted. The reason it was trusted was that the dollar was backed by physical gold. Those were the days when the dollar was considered “good as gold.” The obvious reason was that a person could take his dollars into any bank, and exchange his dollars for gold.
 
This changed in 1933 when Americans were forbidden by law to own gold. As far as Americans were concerned, they were now dealing with paper and could no longer exchange their paper for gold.
 
So in 1933, Americans were no longer on the gold standard. But foreigners who were creditors of the US would settle their accounts in gold. If the US had a debt with a creditor, the creditor could settle his debt by calling in a quantity of gold.
 
This changed in 1971 when, in the face of an outpouring of US gold, President Nixon slammed the gold window shut. This took the US, both domestically and internationally, off the gold standard. The dollar was simply a piece of paper, comparable to Monopoly money. Following the US’ example, the rest of the world abandoned the gold standard.
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'Plunge protection' behind market's sudden recovery

'Plunge protection' behind market's sudden recovery | Gold and What Moves it. | Scoop.it

John Crudele writes:

 

Mysterious forces were trying their best, but they couldn’t keep the stock market from swooning Wednesday.

 

They failed in the morning, despite massive purchases of stock index futures contracts. Within minutes of the market’s opening, the Dow Jones industrial average was down 350 points. Later in the day — after a lot of shocking ebb and flow — the Dow bottomed out with a decline of 460 points.

 

It was only in the last hour of trading that the market saviors managed to trim the Dow loss to just 173 points. And they succeeded only after Janet Yellen’s private, upbeat remarks about the economy were leaked.

 

Welcome to a new kind of stock market — one that the average investor should refuse to be invested in. ...

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Jesse's Café Américain: The American Dream By Joe the Angry Hawaiian

Jesse's Café Américain: The American Dream By Joe the Angry Hawaiian | Gold and What Moves it. | Scoop.it

"Democracy in a free market capitalistic society today only exists in the imaginations of sleep-walkers in the American Dream. The idea of honest, hard work being suitably rewarded has become a mind-numbing slogan that is now just beginning to wear off in the minds of some Americans.

While Americans were working and playing hard, our representational democracy has evolved into a political system that has been completely and utterly bought by the moneyed interests, and is now a protection racket for their accumulation of wealth and advantageous positions of power and influence. We live in a land where untaxed off-shored wealth is ignored, and the whole tax system has been customized to suit their personal needs.

We live in a fictitious land where multi-national corporations are legally given Frankenstein-like status as a red-blooded American, and their money has become their vocal chords. Politicians, while posturing that they are working for the people, are nothing but lobbyists for the rich, which most of them are, or assured to be upon leaving office to be rewarded with speaking fees, or think tank positions by their powerful benefactors.

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Gold gains on volatility, rise in net speculative longs:ETFS

Gold gains on volatility, rise in net speculative longs:ETFS | Gold and What Moves it. | Scoop.it
Net speculative longs in gold increase for the first time since August 2014. There is a growing sense that the metal’s price has been beaten up too far. With the marginal cost of production close to US$1100/oz, miners are likely to cut back on production should the price fall any further, helping to constrain supply.
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Market Volatility and Growth Uncertainty Brought Back Interest into Gold - @SharpsPixley.com

Market Volatility and Growth Uncertainty Brought Back Interest into Gold - @SharpsPixley.com | Gold and What Moves it. | Scoop.it

Kelly Smith writes:  The U.S. Comex gold futures outperformed all the major asset classes this week, jumping 1.60% to end at $1,241.20 on Thursday. Gold prices have surged while the S&P 500 Index has dropped 2.26%, the Euro Stoxx 50 Index has plunged 3.87%, and the crude oil futures have dived 3.64% week-to-Thursday. The Dollar Index has lost 1.11% to finish at 84.955 on Thursday. The benchmark U.S. ten-year Treasury bond yield plunged to a low of 1.862% from 2.281% last Friday. The Merrill Lynch Treasury Bond options implied volatility index (MOVE Index) surged from 74.64% on Tuesday to 101.28% on Wednesday while the VIX Index jumped from 21.24% at the end of last week to 26.25% on Wednesday and 25.20% on Thursday. The Greek ten-year bond yield has surged almost 220bp this week to 8.641%. 

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Gold set to post weekly gain on economic fears, US Federal Reserve view - The Economic Times

Gold set to post weekly gain on economic fears, US Federal Reserve view - The Economic Times | Gold and What Moves it. | Scoop.it
Despite Friday's drop, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.2 per cent to 760.94 tonnes.
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Structural over-indebtedness argues for further upward revaluation of gold

Structural over-indebtedness argues for further upward revaluation of gold | Gold and What Moves it. | Scoop.it

Ronald-Peter Stoferle tells King World News:

 

Structural over-indebtedness argues for further upward revaluation of gold

 

Economists and politicians continue to attempt to lower high debt relative to economic output (debt/GDP), resp. stop its further growth. We think the ratio between the size of the public debt and gross domestic product is not very meaningful. The uselessness of this data can be seen from the fact that the calculation of GDP has recently been changed. An increase in GDP must – ceteris paribus – lower indebtedness relative to GDP. This happened in the US, where overnight GDP was reported to be 3% higher than previously believed, by suddenly including intangible values such as licensing fees and R&D spending in the calculation. As a result, $470 billion. were pulled out of the statistics hat. This is roughly equivalent to the economic output of Belgium. ...

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China gold output growth to slow to less than 1% by 2018: Analysts - The Economic Times

China gold output growth to slow to less than 1% by 2018: Analysts - The Economic Times | Gold and What Moves it. | Scoop.it
Growth in gold mine output from number one producer China is set to slow significantly in coming years in the face of declining ore grades and waning profitability, analysts said.
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3 Reasons the Silver Price is Bound to Rise - Shanghai Metals Market

3 Reasons the Silver Price is Bound to Rise - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
Silver managed to close Thursday at $17.37 per ounce after taking a steep fall to $17.04 the previous day. 3 Reasons the Silver Price is Bound to Rise
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68.369 tonnes withdrawn from Shanghai Gold Exchange for week ending 10/10

Ed Steer writes concering chart sent by Nick Laird:

 

[Weekly] gold withdrawals from the Shanghai Gold Exchange for the week ending Friday, October 10.  They reported that 68.369 tonnes were withdrawn...

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Gold rebound thwarted by positive US data, equity gains

Gold rebound thwarted by positive US data, equity gains | Gold and What Moves it. | Scoop.it
Despite hitting a resistance at $1250 levels, gold is still on track for second weekly gains. Changing rate expectations are driving gold and US dollar, analysts said.
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Large Speculators Add To Gold Bullish Positions For First Time Since Mid August - Shanghai Metals Market

Large Speculators Add To Gold Bullish Positions For First Time Since Mid August - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
After cutting bullish Comex gold futures and options holdings for eight straight weeks, large speculators added to their net-long holdings.
Large Speculators Add To Gold Bullish Positions For First Time Since Mid-August
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Indian Finance Ministry wants gold import curbs to be reinstated - Shanghai Metals Market

Indian Finance Ministry wants gold import curbs to be reinstated - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
The Indian Finance Ministry has called for re-imposition of the gold import curbs which were earlier relaxed on May 21st this year. Indian Finance Ministry wants gold import curbs to be reinstated
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Jesse's Café Américain: Lower Gold Prices Prompt Large BRIC Purchases

Jesse's Café Américain: Lower Gold Prices Prompt Large BRIC Purchases | Gold and What Moves it. | Scoop.it

Apparently those lower gold prices proved attractive to the BRICS.

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Dollar is The Weak Spot for US-Paul Craig Roberts | Greg Hunter’s USAWatchdog

Dollar is The Weak Spot for US-Paul Craig Roberts | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
By Greg Hunter’s USAWatchdog.com   (Early Sunday Release)

Former Treasury Secretary Dr. Paul Craig Roberts says all U.S. financial policy revolves around propping up the dollar.  Dr. Roberts contends, “I’ve always said the whole system is rigged.  It’s a house of cards, and the weak spot is the dollar because they cannot print foreign currencies for which to buy dollars.  So, if there is a worldwide run on the dollar, they lose control then.  In the meantime, they have all these things they can do to counteract the direction of the markets, and I expect them to continue doing that.”
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Despite Rally & Propaganda, Fed To Launch Historic QE-Infinity - Pento

Despite Rally & Propaganda, Fed To Launch Historic QE-Infinity - Pento | Gold and What Moves it. | Scoop.it

By Michael Pento of Pento Portfolio Strategies
October 17 (King World News) - Despite Rally & Propaganda, Fed To Launch Historic QE-Infinity

It wasn’t too long ago that the stock market was busy celebrating a “great” September jobs report.  There were 248k net new jobs created and the unemployment rate dropped to 5.9 percent.  Janet Yellen, Ben Bernanke and the rest of Washington D.C.’s central planners deemed it a great time to take a Keynesian victory lap, basking in the delusion that they have now proved you actually can print and borrow your way to prosperity.

And because of their success, the Fed would be able to raise interest rates without any damage to the economy....

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Ebola delaying Liberia’s first modern gold mine - @Mineweb.com

Ebola delaying Liberia’s first modern gold mine - @Mineweb.com | Gold and What Moves it. | Scoop.it

Author: Lawrence Williams
Posted: Friday , 17 Oct 2014
LONDON (MINEWEB) - 

One of the junior gold exploration sector’s big West African success stories is facing delays, probably fairly minor, due to logistical complications arising from Liberia’s Ebola epidemic.  Speaking at a Canaccord Genuity resource event on Thursday, Aureus Mining’s CEO, David Reading, noted that although there had been no Ebola cases reported at the mine site, nor at the local village at the company’s New Liberty gold project, the disease epidemic, along with the rainy season, has affected equipment deliveries which may delay the guided start-up projection of initial gold production in Q1 2015 and steady state output by the end of the first half of the year.  

Reading noted that Aureus has, similar to many West African companies, implemented strict Ebola protection protocols with enhanced security and more restricted access to operations...

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Is The Next Giant Gold Field Hiding Under The Great Plains? - American Hard Assets

Is The Next Giant Gold Field Hiding Under The Great Plains? - American Hard Assets | Gold and What Moves it. | Scoop.it

Most of the world’s greatest mines started as a surface outcrop before turning into a big hole in the ground. Australia’s Deep Exploration Technologies Cooperative Research Centre, backed by miners like BHP Billiton , Barrick and Newcrest, is developing new techniques to find deposits visible only deep underground.

 

The premise is that mineral deposits are evenly scattered across the globe and miners have only found the ones with veins at or near the surface, says Neil Williams, retired chief of government research agency Geoscience Australia. Even the world’s deepest mines, like the 2-mile-deep Mponeng gold mine in South Africa, exploit structures that prospectors originally found with conventional methods. Those methods include everything from sophisticated gravity and radiation sensors to old-fashioned panning for gold, where prospectors work upstream until the flakes disappear, then look uphill for the source of the gold. ...

 
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The real problem is that there has been no economic recovery -- it was just an illusion

The real problem is that there has been no economic recovery -- it was just an illusion | Gold and What Moves it. | Scoop.it

Egon von Greyerz tells King World News:

 

The real problem is that there has been no economic recovery -- it was just an illusion.  The real economy is weak and we have now started a downturn in the economy that will last for a very long time.  All we have seen since 2007 is a false improvement based on money printing and a massive increase in world debt.

The U.S. debt has doubled from $9 trillion - $18 trillion since 2007 when the crisis started.  Of course the Fed has also printed an additional $3 trillion.  It was just announced that the budget deficit for the previous year that just ended in September was only $480 billion.  Well, the U.S. debt has grown by over $1 trillion in the last 12 months.  So the difference between the budget deficit of $480 billion and the $1.1 trillion increase in debt is just creative accounting. ...

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For those who doubt that America is ruled by a narrow elite: three charts. Charles Hugh Smith

For those who doubt that America is ruled by a narrow elite: three charts. Charles Hugh Smith | Gold and What Moves it. | Scoop.it

For those who doubt that America is ruled by a narrow elite: three charts.

The book Why Nations Fail: The Origins of Power, Prosperity, and Poverty neatly summarizes why nations fail in a few lines:

(A nation) is poor precisely because it has been ruled by a narrow elite that has organized society for their own benefit at the expense of the vast mass of people. Political power has been narrowly concentrated, and has been used to create great wealth for those who possess it.

Sound like any countries you know?Perhaps we should flip this question around and ask: how many nations don'tfit this profile? ...

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The developed world is choking on debt

The developed world is choking on debt | Gold and What Moves it. | Scoop.it

 Jean-Marie Eveillard tells King World News:

 

But the main problem is there is just too much debt.  The developed world is choking on debt.  When Western central planners intervened and took absolutely unprecedented steps in 2008 - 2009 in order to save the day, it did not allow for a cleansing of the financial system.  In other words, there are zombie companies that exist today because interest rates are almost nothing. ...

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HFT Firm Athena Engaged In Massive Closing Price Manipulation, Called It "Gravy" | Zero Hedge

HFT Firm Athena Engaged In Massive Closing Price Manipulation, Called It "Gravy" | Zero Hedge | Gold and What Moves it. | Scoop.it
Another day, another HFT firm busted for manipulating the market. Today's participant: Athena Capital, which did what every other algorithmic, HFT firm does - rig the market of course, but at least it had a sense of humor about it: Athena called the market-rigging algorithm that "manipulated the closing prices of tens of thousands of stocks during the final seconds of almost every trading day during the Relevant Period" by the very amusing name "Gravy." But remember: HFTs are really your friend - they just provide liquidity and stuff.
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Bullard to BTV: Fed Should Consider Delaying The End of QE | Bloomberg | Safehaven.com

Bullard to BTV: Fed Should Consider Delaying The End of QE | Bloomberg | Safehaven.com | Gold and What Moves it. | Scoop.it
James Bullard, President of the St. Louis Federal Reserve Bank, told Bloomberg Television's economics editor Michael McKee today that the Fed should consider delaying the end of QE.
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100-YEAR CHART: Gold price vs Dow Jones shows metal still cheap

100-YEAR CHART: Gold price vs Dow Jones shows metal still cheap | Gold and What Moves it. | Scoop.it
Gold price hits 5-week high Wednesday as stocks drop but gold's gains could've been greater if not for strong dollar.
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