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Wedding season demand lifts Gold by Rs 1,000/tola in Nepal

According to Nepal Gold and Silver Dealers Association (Negosida), people are buying gold with a premium of Rs 1,000 per tola (11.664 gm) over the daily price fixed by it.

 

KATHMANDU(BullionStreet): "Wedding season demand boosted gold in Nepal but the acute shortage of the commodity forced customers to buy the metal with a high premium of Rs 1000 per tola.

 

"According to Nepal Gold and Silver Dealers Association (Negosida), people are buying gold with a premium of Rs 1,000 per tola (11.664 gm) over the daily price fixed by it.

 

"Gold is also being used as a mode of payment to Indian traders due to shortage of Indian currency, analysts said.

 

"Nepalese importers have been using gold to make payments for goods being imported from India for the last three months, leading to shortage of the yellow metal despite recent hike in gold prices.

 

"Nepal is highly dependent on India for import of foreign goods and it is estimated that three-fourth of Nepalese imports comes from India. ..."

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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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Gold, silver remain weak in Diwali trade on global cues - The Economic Times

Gold, silver remain weak in Diwali trade on global cues - The Economic Times | Gold and What Moves it. | Scoop.it
Gold prices fell by Rs 50 to Rs 27,800 per ten grams in special Diwali trading in national capital largely in tandem with a weakening global trend.
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Gold or Crushing Paper Debt | GE Christenson | Safehaven.com

Gold or Crushing Paper Debt | GE Christenson | Safehaven.com | Gold and What Moves it. | Scoop.it
A Yahoo headline: Pentagon Readying For Long War in Iraq, Syria. More war means more debt and higher inflation. Increasing national debt is as certain as death and taxes. Increasing consumer prices follow.
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US Mint Sales: Gold Coins Stronger, Hoover Set Debuts

US Mint Sales: Gold Coins Stronger, Hoover Set Debuts | Gold and What Moves it. | Scoop.it
On Thursday, Oct. 16, the United States Mint started selling Hoover Presidential $1 Coin & First Spouse Medal Sets. Holding an uncirculated quality 2014-P Herbert Hoover Presidential $1 Coin an...
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Why India's love affair with gold is set to deepen - American Hard Assets

Why India's love affair with gold is set to deepen - American Hard Assets | Gold and What Moves it. | Scoop.it
Oct 22 (BBC) — For the last two days Neeta Malhotra has been busy shuttling from one jewellery store to another in Mumbai. Her elder daughter is getting married next year but she’s trying to buy as much jewellery as possible for the wedding now.
‘I was waiting for this period to start buying gold jewellery for my daughter’s wedding’ says Mrs Malhotra, as she checks out a necklace in the store.
But why is she in such a hurry to buy so much jewellery right now? After all, her daughter’s wedding is still a year away.
“This is the best time to purchase gold and the prices are also low right now. I am not sure whether I will get the same rate next year,” she says.
Neeta is one among millions of Indians who have been thronging stores over the last two weeks to purchase jewellery, as the festive and wedding season kicks in.
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Census workers manipulated economic data: whistleblower

Census workers manipulated economic data: whistleblower | Gold and What Moves it. | Scoop.it
The city known as America’s story factory is making up Census data.

 

In the latest allegation of The Post’s exclusive probe into fishy goings-on at the Census Bureau, a new whistleblower says workers in the Los Angeles region have been manipulating economic data.


Contact information for the veteran Census worker — who reached out to me by e-mail recently and whom I interviewed by phone — has been turned over to congressional investigators who are looking into data falsification in other parts of the country.


“Everybody knows falsification is going on,” the whistleblower told me, adding the malfeasance in the LA region is so obvious that it’s hard to miss. ...

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An ebola Armageddon could trigger a rebirth in gold and silver prices: Eric Sprott

An ebola Armageddon could trigger a rebirth in gold and silver prices: Eric Sprott | Gold and What Moves it. | Scoop.it
Could an infectious disease kill the monster that has been choking gold and silver prices for more than a year? On the heels of a lively Sprott Precious Metals Roundtable discussion, The Gold Report caught up with investor Eric Sprott to ask how a tragedy in Africa could impact the price of precious metals and mining stocks. We also spoke to his Executive Vice President of Corporate Development John Ciampaglia about a new way to gain exposure to gold.

The Gold Report: Deutsche Bank warned in a recent note that the Ebola virus could impact commodity markets, including gold and cocoa, as it spreads to producing countries in West Africa, particularly Ghana and Mali. In a recent article titled "Ebola, The Tipping Point," you mourned the unnecessary loss of life and predicted 5% less global production next year than this year. Could a lack of supply due to Ebola-related closures really cause the price of gold to rise?

Eric Sprott: There is already a shortage of gold and silver in the markets without a corresponding increase in the price. I wrote an open letter to the World Gold Council questioning its data on China. If you believe the Shanghai Gold Exchange data, China consumes more than 2,000 tons (2 Kt). In 2011, it consumed only about 1 Kt. In the last two years, China has bought an extra 1 Kt gold—25% of a 4 Kt market. If any country came in and bought 25% of the oil market, the wheat market or the orange juice market, the commodity price would not go down. Obviously, the physical gold market is not manifesting itself in the price changes.
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Waiting for Something bad to happen - Golem XIV - Thoughts

I think Friday saw a power-shift from the central banks to the global private banks. I think the global banks served notice that the Central bank plan of 1) reining in the risk-taking of the TBTF banks and 2) stimulating growth in the real economy is now dead in the water. There is a new plan.

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Huge, honkin’ gold nugget hits the market in S.F. - American Hard Assets

Huge, honkin’ gold nugget hits the market in S.F.  - American Hard Assets | Gold and What Moves it. | Scoop.it
Here we go again — what is believed to be the biggest gold nugget found in modern times in California’s historic Gold Country is going on sale Thursday in San Francisco.
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The Many Roads to Currency Ruination

The Many Roads to Currency Ruination | Gold and What Moves it. | Scoop.it
Frank O. Trotter, Executive Vice President - EverBank
Total abject failure. Mad Max. Breakdown of society. Chaos.
How’s that for an upbeat start?

Failure is a tough thing to talk about, particularly here in the US where it’s all about optimism. What’s the best? Who's the fastest? Where should I put my money for the highest return?

But examining failures can help us avoid mistakes. So let’s take a tour of a few currencies and money systems that fell apart. We’ll learn some principles of sound money and hopefully, have a little fun.

What Is Money?
Even though we don’t think about it every day, we all know that money is a fiction. It is a medium of exchange – a token we pass back and forth instead of bartering, and a store of value that keeps score of our assets and debts. It is based on belief and faith—nothing more.

At times, money has been metals or tobacco or wampum. There are the famous Yap Island stones. At other times, like today, paper tokens with no intrinsic value stand in as money.

As we’ll see, people and societies have always experimented with money.

So, What Is a Failure?
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New report reveals just how much Central Bank money is needed to keep markets from crashing

New report reveals just how much Central Bank money is needed to keep markets from crashing | Gold and What Moves it. | Scoop.it
The central-bank put lives on.

Policy makers deny its existence, yet investors still reckon that whenever stocks and other risk assets take a tumble, the authorities will be there with calming words or economic stimulus to ensure the losses are limited.

A put option gives investors the right to sell their asset at a set price so the theory goes that central banks will ultimately provide a floor for falling asset markets to ensure they don’t take economies down with them.

Last week as markets swooned again, it was St. Louis Federal Reserve President James Bullard and Bank of England Chief Economist Andrew Haldane who did the trick. Bullard said the Fed should consider delaying the end of its bond-purchase program to halt a decline in inflation expectations, while Haldane said he’s less likely to vote for a U.K. rate increase than three months ago.
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Permanent Damage to US Economy-Michael Snyder | Greg Hunter’s USAWatchdog

Permanent Damage to US Economy-Michael Snyder | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it

Michael Snyder is a self-proclaimed “truth-seeker” and financial writer who says there is no recovery on Main Street, and we are not going to get one—ever.   Snyder contends, “We’ve had permanent damage to the U.S. economy.   It’s kind of like going to the beach, and you build a sandcastle.  The waves start coming in, and the sandcastle is not going to be destroyed by the first wave.  Then, more waves will come in, and eventually the whole sandcastle will be wiped out.  That’s kind of what’s happening to the U.S. economy.  We’ve had waves of economic problems, and we have had permanent damage as a result.  Our economy is not totally destroyed yet, but we have permanent damage.  Now, new waves are on the way, which will cause more damage because of the long term trends.”  Snyder goes on to explain, “None of the long term problems that have been plaguing our economy have been fixed.  Instead, the Fed printed a bunch of money and pumped up the stock market.  It made people feel good, but the underlying fundamentals are not getting any better.”

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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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The Swiss Gold Vote: Should Investors Worry? - American Hard Assets

The Swiss Gold Vote: Should Investors Worry?  - American Hard Assets | Gold and What Moves it. | Scoop.it
Should the Swiss National Bank buy gold? Lots and lots of gold? The country’s electorate goes to the polls on Nov. 30 to decide.
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the interesting thing is how gold keeps trading with the action in the Chinese Shanghai Composite Index

the interesting thing is how gold keeps trading with the action in the Chinese Shanghai Composite Index | Gold and What Moves it. | Scoop.it

Victor Sperando tells King World News:

 

So gold is forming a major bottom.

But the interesting thing is how gold keeps trading with the action in the Chinese Shanghai Composite Index.  If you look at the action in the Shanghai Index and the action in gold, they are very similar in terms of building a bottom.  The Shanghai Index made its low in November of last year.  Now the Chinese stock market is trading well even though the economy is growing less than expected.

But gold is doing exactly what Shanghai’s Index is doing in that...

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Gold Lower As Dollar Strengthens

Gold Lower As Dollar Strengthens | Gold and What Moves it. | Scoop.it
Gold prices gave back some ground today as stocks fell and the dollar index rose. Many are still wondering if the recent volatility seen in stocks is over. Judging by the V bottom made on the daily chart, stocks may have put in a near-term bottom. This could be potentially bearish for gold prices as investors look to continue to ride the stock market higher. Perhaps the even bigger story right now when it comes to gold, however, is the dollar and the euro. The dollar index appears to be heading back to its recent highs as the euro continues to drop. This drop in the euro is likely based on the notion that the ECB will be forced to act with additional stimulus measures in order to combat its slowing economy.
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It Will Take 398,879,561 Years To Pay Off The US Government's Debt | Zero Hedge

Submitted by Simon Black of Sovereign Man blog,

The US government’s debt is getting close to reaching another round number—$18 trillion. It currently stands at more than $17.9 trillion.

But what does that really mean? It’s such an abstract number that it’s hard to imagine it. Can you genuinely understand it beyond just being a ridiculously large number?

Just like humans find it really hard to comprehend the vastness of the universe. We know it’s huge, but what does that mean? It’s so many times greater than anything we know or have experienced.

German astronomer and mathematician Friedrich Bessel managed to successfully measure the distance from Earth to a star other than our sun in the 19th century. But he realized that his measurements meant nothing to people as they were. They were too abstract.

So he came up with the idea of a “light-year” to help people get a better understanding of just how far it really is. And rather than using a measurement of distance, he chose to use one of time.
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Can the Indian Chinese Gold Frenzy Boost Prices? - Shanghai Metals Market

Can the Indian Chinese Gold Frenzy Boost Prices? - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
By Charlotte McLeod+ - Exclusive to Gold Investing News

Many investors aren’t pleased with the current price of gold , which closed Wednesday at $1,241.10 per ounce, but for buyers in India, the metal’s ill fortune has turned into an opportunity.

CNBC reported that a better Indian economy has prompted those in the country to buy the yellow metal during this year’s five-day Diwali festival, which will peak on Thursday. “[T]here is more money around to spend,” Matthew Turner, a precious metals analyst at Macquarie, told the news outlet.

Also helping sales is a slight relaxation in the 80:20 rule. Put in place by the Indian government back in 2012, it mandates that 20 percent of imported gold be set aside for re-export. Along with a concurrent jump in the country’s gold tax from 2 to 10 percent, it put quite a damper on gold sales last year. ”Many jewelers in Delhi and Mumbai witnessed up to a 40% drop in sales last Diwali,” The Wall Street Journal points out.
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Gold Manipulation - Is It Treason? | David Jensen | Safehaven.com

Gold Manipulation - Is It Treason? | David Jensen | Safehaven.com | Gold and What Moves it. | Scoop.it
Is the Manipulation of Gold and Stripping it from the Treasuries of Sovereign States an Act of Treason?
MP3: Interview with Jay Taylor taped October 20, 2014.
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You might find this an interesting listen.

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Caterpillar global sales down 10% in September

Caterpillar global sales down 10% in September | Gold and What Moves it. | Scoop.it
The equipment maker is scheduled to report third-quarter earnings Thursday.

 

Caterpillar (NYSE:CAT), the world's largest maker of mining and construction equipment, said Wednesday that its worldwide dealer machinery sales dropped 10% for the three months ended in September.

The worst affected of its division was the resources segment, made up mainly by mining equipment, which sank by 28% compared to the same period last year. Construction sales for the period also fell, but only by 3%.

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The Designated Losers Of Central Bank Policy –----Wage Earners And Savers

The Designated Losers Of Central Bank Policy –----Wage Earners And Savers | Gold and What Moves it. | Scoop.it
Since the financial crisis, the government of the UK and the Bank of England have jumped through hoops and twirled around in extraordinary gyrations to bail out one of the largest financial centers in the world, the uniquely powerful and at once unaccountable speck of land, the City of London, an incorporated area within London known as the Square Mile; or rather bail out its financial institutions, its way of doing business, and its bonuses; and along the way, bail out banks further afield.

Done in the now classic way. Key ingredient: the Bank of England printed enormous amounts of money, repressed interest rates, and stirred up inflation, which hit 5% in 2011. But somebody had to pay for it: savers and workers. It demolished real wages and purchasing power of the people who make up the rest of the country.
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One country does its part to keep buying gold - American Hard Assets

One country does its part to keep buying gold  - American Hard Assets | Gold and What Moves it. | Scoop.it
Gold prices are far off their soaring levels from two years ago, but investors can at least count on one factor supporting prices this year—a stronger appetite for the precious metal in India.
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oftwominds-Charles Hugh Smith: What Happens When Cash Is No Longer Trash?

oftwominds-Charles Hugh Smith: What Happens When Cash Is No Longer Trash? | Gold and What Moves it. | Scoop.it
Those who actually create value as opposed to chasing yield with nearly-free money will actually have some traction once the swamp of excess liquidity drains.

When those closest to the money spigots of the Federal Reserve can borrow billions for next to nothing, cash--laboriously saved from years of paychecks--is reduced to trash. What chance does a saver have in a bidding war for a house or other asset against a financier who can borrow essentially unlimited cash?

Answer: none. The saver can leverage his cash at best 4-to-1: a 20% down payment leverages a mortgage of 80% borrowed money. The financier can borrow as much he wants for next to nothing.
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Jim’s Mailbox :: Jim Sinclair's Mineset

Excerpt:

…Gold market is an important and integral part of China’s financial market. We are now the largest gold producer, as well as the biggest gold importer and consumer in the world.

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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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