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Credit Suisse terms Gold a "wounded bull"

Credit Suisse cut its forecast for gold by over 5 per cent to $1,740 per oz from $1,840 and that of silver to $32.20 an ounce from $33.10 an ounce.

 

In a statement the bank said "If our central macroeconomic case (the acute phase of the global crisis is probably over; slow improvement in growth through second half of 2013) proves to be correct, then the relative appeal of gold is likely to diminish as fear trades fade."

 

The bank expects ample supply due to growth in primary producers in Latin America and the United States; as a byproduct of expanding zinc-lead operations in Latin America, Turkey, Russia and China; and potentially from large new gold-silver and copper-gold projects such as Pascua-Lama and Oyu-Tolgoi. ...

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"Global crisis is probably over"? Really? That reminds me of a phrase, "Just when you thought it was safe to go back into the water."

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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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Russia offers to discuss BRICS prototype of SWIFT global system

Russia offers to discuss BRICS prototype of SWIFT global system | Gold and What Moves it. | Scoop.it
The Central Bank of Russia (CBR) has proposed a discussion about establishing an analogue to the SWIFT global network for transmission of financial information that processes $6 trillion worth of communiqués daily.
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It's just a matter of time before the dollar is a memory.

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CIA insider: Here's how the dollar will die...

CIA insider: Here's how the dollar will die... | Gold and What Moves it. | Scoop.it

From Jim Rickards, Editor, Jim Rickards’ Strategic Intelligence:

The same force that made the dollar the world’s reserve currency is working to dethrone it.

July 22, 1944, marked the official conclusion of the Bretton Woods Conference in New Hampshire. There, 730 delegates from 44 nations met at the Mount Washington Hotel in the final days of the Second World War to devise a new international monetary system.

The delegates there were acutely aware that the failures of the international monetary system after the First World War had contributed to the outbreak of the Second World War. They were determined to create a more stable system that would avoid beggar-thy-neighbor currency wars, trade wars and other dysfunctions that could lead to shooting wars.

It was at Bretton Woods that the dollar was officially designated the world’s leading reserve currency — a position that it still holds today. Under the Bretton Woods system, all major currencies were pegged to the dollar at a fixed exchange rate. The dollar itself was pegged to gold at the rate of $35.00 per ounce. Indirectly, the other currencies had a fixed gold value because of their peg to the dollar. ...

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Junk Debt Party Now, Apocalypse Later

Junk Debt Party Now, Apocalypse Later | Gold and What Moves it. | Scoop.it

by Wolf Richter:

 

Barron’s assuaged our fears about junk bonds. “High yield is likely to be relatively safe and offer decent yields for the next year or two.” A year or two? And then what? Ah… “But risks loom as the credit cycle stretches out and the long-expected rise in rates materializes.”

Everyone gets out in time. That’s the idea. Everyone, all at once. With no buyers at the other end because everyone is getting out, rather than in. But Barron’s was right, even if the timing doesn’t work out: whatever mayhem awaits us in the future, at the moment we’re having fun. ...

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“The World Is Drowning In Debt” – Goldman Sachs | Investment Research Dynamics

“The World Is Drowning In Debt” – Goldman Sachs | Investment Research Dynamics | Gold and What Moves it. | Scoop.it
The media propagandists, Wall Street snake-oil pimps and U.S. policymakers collectively like to point the finger at the rest of the world when addressing the issue of debt.  But when you total up all Government + private sector debt, the U.S. is the most debt-laden country in the history of the universe.
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China’s empire building bodes well for gold

Julian Phillips sees China’s move towards gold as playing an even more active role in its monetary system as hugely significant for the yellow metal’s future

As a forerunner to the expected IMF announcement on the inclusion of the Chinese Yuan into the basket that makes up the IMF’ Special Drawing Right, the IMF has announced that the Chinese Yuan is no longer ‘undervalued’. The next statement should include that it is a “well used currency”. Thereafter we expect a fuller announcement on its inclusion in the SDR.
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China Has Only One Option :: Jim Sinclair's Mineset

The title is of course a little misleading because China has many options, none of which except one in my opinion will actually work.  Options to what exactly you ask?  Options to a collapsing global economy and an imploding financial system which will surely affect China as much as anywhere else, but with one caveat.  I take these events as a given, others do not but betting against an outright panic and global bankruptcy is betting against pure mathematics itself.

Let’s back up a little bit and look at where China is currently.  They are the second largest economy in the world (maybe the largest, we can’t really know because the numbers here, there, and everywhere are made up).  China is by far THE largest manufacturer in the world and also an enormous exporter.  China is also in a three horse race as to who owns the most U.S. Treasuries with Japan and unbelievably the Federal Reserve itself.  They have an oversized shadow banking system which has already been shown as fraudulent in several cases regarding copper, zinc and lead as "collateral" (or not).
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China on a gold standard? Food for thought at least

By Lawrie Williams

 

Earlier this week I penned an article based on a talk by Ken Hoffmann, Bloomberg’s Global Head of Metals & Mining Research at the Global Mining Finance Precious and Base Metals Conference in London.  This was published on Mineweb and has already attracted extremely strong readership from around the world – See: Will China go for a gold standard? The jury is out!

In it, Hofmann set out what some might consider an off-the-wall appraisal of possible Chinese moves to back its currency with gold to try and help cement the yuan’s position as a potential future reserve currency.  This, it feels, could go a long way towards other countries’ central banks accepting the yuan as an integral part of their foreign currency holdings, perhaps even pari  passu with the U.S. dollar.

Hofmann puts forward the viewpoint that the Chinese are exasperated by the West trying to treat the nation as a second class citizen on global trade and economic organisations, despite it being the world’s second largest economy – or some would even put it at No.1. ...

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We Have Officially Entered The Final Phase Of Every Market Bubble - King World News

We Have Officially Entered The Final Phase Of Every Market Bubble - King World News | Gold and What Moves it. | Scoop.it
By Michael Pento of Pento Portfolio Strategies

May 23 – (King World News) – At the beginning of every quarter Wall Street places its overly optimistic GDP forecasts on parade. And by the end of the quarter, those same carnival barkers line up a myriad of excuses as to why the numbers fell short. Port strikes, a stronger dollar and snowier winters (supposedly caused by global warming) are among their current favorites.

But the anemic data in the first quarter of 2015, followed by the not so much better data in the first month and a half of Q2, has rattled the optimism of not only the usual Wall Street cheerleaders, but even many at the Federal Reserve….
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2015.75 = The Crash in Government

2015.75 = The Crash in Government | Gold and What Moves it. | Scoop.it

To set the record ABSOLUTELY correct, the “C R A S H” we see on the horizon is by NO MEANS the private sector and the stock market. It seems just using the word “crash” leads people to assume we are talking about another stock market crash. What is most interesting is the fact I have been misreported as saying there will a “stock market crash” rather than a “crash in government” explains the problem that we face – they just assume government is there forever. The contrast between the view of LIBERTY of the 18th century compared to the cycle inversion of LIBERTY as expressed by Obama, says it all. This is no longer about the people and freedom, this is all about government maintaining power for it feels that scepter of power slipping from their hands. ...

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The Government Fraudulently Reported April Inflation Numbers | Investment Research Dynamics

The Government Fraudulently Reported April Inflation Numbers | Investment Research Dynamics | Gold and What Moves it. | Scoop.it
There’s no B.S. like the BLS – Dave Kranzler, Investment Research Dynamics

The Bureau of Labor Statistics reported the Consumer Price Index for April this morning. This Ministry of “Truth” published an inflation report that asserts that consumer inflation rose .1% month over month for April.   But a further dissection of the numbers shows that the BLS has the price of gasoline falling 1.7% during April.

This is either a politically motivated act of fraud or complete incompetence on the part of the Government statisticians and data gatherers (the Census Bureau).
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Is it any wonder that no thinking person trusts DC any more? Click through for the full post and charts.

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It Is Mathematically Impossible To Pay Off All Of Our Debt

It Is Mathematically Impossible To Pay Off All Of Our Debt | Gold and What Moves it. | Scoop.it
Did you know that if you took every single penny away from everyone in the United States that it still would not be enough to pay off the national debt?  Today, the debt of the federal government exceeds $145,000 per household, and it is getting worse with each passing year.  Many believe that if we paid it off a little bit at a time that we could eventually pay it all off, but as you will see below that isn’t going to work either.  It has been projected that “mandatory” federal spending on programs such as Social Security, Medicaid and Medicare plus interest on the national debt will exceed total federal revenue by the year 2025.  That is before a single dollar is spent on the U.S. military, homeland security, paying federal workers or building any roads and bridges.  So no, we aren’t going to be “paying down” our debt any time in the foreseeable future.  And of course it isn’t just our 18 trillion dollar national debt that we need to be concerned about.  Overall, Americans are a total of 58 trillion dollars in debt.  35 years ago, that number was sitting at just 4.3 trillion dollars.  There is no way in the world that all of that debt can ever be repaid.  The only thing that we can hope for now is for this debt bubble to last for as long as possible before it finally explodes.
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India's Convoluted Gold Scheme

India's Convoluted Gold Scheme | Gold and What Moves it. | Scoop.it
There's been a lot of talk about this today, highlighted by a dedicated post at ZeroHedge this evening. In the hope of minimizing the confusion, I thought we should give this topic its own thread.

Basically, here's the deal.

Indian citizens have long recognized the value of owning and saving in gold...and for good reason. As the Reserve Bank of India has aggressively devalued the rupee over the past 5 decades, the value of gold in rupees has skyrocketed!
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​G7 agree ‘in principle’ to add Chinese currency to IMF basket – German Finance Minister

​G7 agree ‘in principle’ to add Chinese currency to IMF basket – German Finance Minister | Gold and What Moves it. | Scoop.it
The finance ministers of G7 have supported the inclusion of the yuan in the IMF currency basket. The decision means the yuan has gained international recognition after Beijing was accused of artificially curbing the exchange rate for more than ten years.
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Well, well, well. We know which side the bread is buttered on.

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Robert Shiller: Unlike 1929 This Time Everything - Stocks, Bonds And Housing - Is Overvalued | Zero Hedge

Robert Shiller: Unlike 1929 This Time Everything - Stocks, Bonds And Housing - Is Overvalued | Zero Hedge | Gold and What Moves it. | Scoop.it
Robert Shiller: I think that compared with history, US stocks are overvalued. One way to assess this is by looking at the CAPE (cyclically adjusted P/E) ratio that I created with John Campbell, now at Harvard, 25 years ago. The ratio is defined as the real stock price (using the S&P Composite Stock Price Index deflated by the CPI) divided by the ten-year average of real earnings per share. We have found this ratio to be a good predictor of subsequent stock market returns, especially over the long run. The CAPE ratio has recently been around 27, which is quite high by US historical standards. The only other times it has been that high or higher were in 1929, 2000, and 2007—all moments before market crashes.

But the CAPE ratio is not the only metric I watch. In my book Irrational Exuberance (3rd Ed., Princeton 2015) I discuss several metrics that help judge what's going on in the market. These include my stock market confidence indices. One of the indicators in that series is based on a single question that I have asked individual and institutional investors over the years along the lines of, "Do you think the stock market is overvalued, undervalued, or about right?" Lately, what I call "valuation confidence" captured by this question has been on a downward trend, and for individual investors recently reached its lowest point since the stock market peak in 2000. The fact that people don't believe in the valuation of the market is a source of concern and might be a symptom of a bubble, though I don't know that we have enough data to prove it is a bubble. In general, I try to get a sense of investors' excitement and anxieties through these kinds of measures and even by just reading the news. You might say that's very unscientific, but I do what I can to understand the state of mind of investors, which I think is very important in understanding market moves.
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oftwominds-Charles Hugh Smith: U.S. Households Under Pressure: Stagnant Incomes, Rising Basic Expenses

oftwominds-Charles Hugh Smith: U.S. Households Under Pressure: Stagnant Incomes, Rising Basic Expenses | Gold and What Moves it. | Scoop.it
How do you support a consumer economy with stagnant incomes for the bottom 90%, rising basic expenses and crashing employment for males ages 25-54? Answer: you don't.

Frequent contributor B.C. passed along a sobering set of charts that provide context for How The Average U.S. Consumer Spends Their Paycheck. The basic story is well-known to the bottom 90%: most of the household income goes to taxes, housing, food and transportation, with healthcare and insurance, pensions and retirement contributions rounding out the big-ticket items. (Higher education is, as we all know, paid with student loans by all but the top-tier of families.)

Here's the question this raises: is the sliver that's left enough to support a $17 trillion consumer economy? The answer is obvious: no.
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This Is What Happens When A Millennial Tries To Get A Job | Zero Hedge

This Is What Happens When A Millennial Tries To Get A Job | Zero Hedge | Gold and What Moves it. | Scoop.it
“College graduates will spend the upcoming month looking toward their futures – but as they celebrate, their ability to get a job remains top of mind. Young people have seen their economic situation improve in 2015. While we’re glad for that, April’s jobs report still shows a 13.8 percent youth unemployment rate, a discouragingly high number for those who are hoping to embark on their careers in the next few weeks,” the group’s Director of Policy Engagement at Generation Opportunity Luke Kenworthy says.

“If you look at the numbers starting in 2009, we’ve been in the longest sustained period of unemployment since the Bureau of Labor Statistics began collecting their data following World War II. This misconception that we don’t want jobs or that we’re lazy and entitled is nonsense,” a spokesman added, in a statement to Newsweek.
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DGCX's MoU with Bank of China seeks to increase interaction b/w UAE, China

DGCX's MoU with Bank of China seeks to increase interaction b/w UAE, China | Gold and What Moves it. | Scoop.it
The Dubai Gold & Commodities Exchange (DGCX) has announced the signing of a Memorandum of Understanding with the Bank of China (BOC). The agreement creates a framework for both institutions to work together to enhance interaction and collaboration between the derivatives and financial markets of the UAE and China.


DUBAI (Bullion Street): The Dubai Gold & Commodities Exchange (DGCX) has announced the signing of a Memorandum of Understanding with the Bank of China (BOC). The agreement creates a framework for both institutions to work together to enhance interaction and collaboration between the derivatives and financial markets of the UAE and China.
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Paul Craig Roberts: Free Financial Markets Are A Hoax | Investment Research Dynamics

There are no free financial markets in America, or for that matter anywhere in the Western word, and few, if any, free markets of any other kind. The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the dollar’s exchange value, which is the basis of US power.

There is a contradiction between a strong currency on one hand and on the other hand massive money creation in order to sustain zero and negative interest rates on the massive debt levels. This inconsistency is revealed by rising gold and silver prices.

When gold hit $1,900 an ounce in 2011 the Federal Reserve realized that the precious metal market was going to limit its ability to provide enough liquidity to keep the thoughtlessly deregulated financial system afloat. The rapid deterioration of the dollar in terms of gold and silver would sooner or later spill over into the ...

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Real impact of interest rates on gold prices - Shanghai Metals Market

Stephan Bogner (Rockstone Research) | 25 May 2015 14:44

Janet Yellen Delivers Semi-Annual Testimony To Senate Banking Committee Janet Yellen, Chair of the US Federal Reserve

Boris Gerjovič from Maribor, Slovenia, accomplished a thorough examination of the real impact of interest rates on the price of gold . The results may surprise.

For quite some time, central banks around the globe — first and foremost the Federal Reserve System — are tinkering with the threat of a hike in interest rates, whereas the prompt result is a ‘Damocles Sword’ hovering above the markets, especially gold (higher US interest rates are generally believed to lead to ...

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oftwominds-Charles Hugh Smith: Our Crazy-Making Economy's Endgame: Festering Frustration Seeking an Outlet

oftwominds-Charles Hugh Smith: Our Crazy-Making Economy's Endgame: Festering Frustration Seeking an Outlet | Gold and What Moves it. | Scoop.it
The consequence of policies that exacerbate injustice, inequality and double-bind demands is a madness that will find a social and economic outlet somewhere, sometime.

We all know crazy-makers: people who make contradictory claims about reality, who say one thing and do another, who change their stories constantly to justify their own pursuit of self-interest, who demand the impossible of others while giving themselves unlimited excuses.

When they can't change reality to suit their purposes, they change their accounts of reality, and stick with the revised stories even when they are contradictory.

This describes the entire financial structure of the U.S.: crazy-making.
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Rising Gold Price Could Set Off Derivative Nightmare-Bill Murphy | Greg Hunter’s USAWatchdog

Rising Gold Price Could Set Off Derivative Nightmare-Bill Murphy | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
Bill Murphy, Chairman of GATA (Gold Anti-Trust Action Committee), says precious metal prices have been relentlessly rigged by central banks and governments.  Murphy contends, “If gold were to just to have kept pace with inflation, forget all the QE, it would be double what it is today.  That’s how artificially low the price of gold is today, and also silver.  Once they lose control of silver, it will go from $22 to $100 per ounce very fast.”

Murphy claims that one reason precious metal prices are suppressed is central banks are afraid of what Murphy calls “a derivative nightmare” touched off by a rising gold and silver prices.  Murphy explains, “We saw some of this before in 2008.  There is counter-party risk all over the place, and it could set off like a nuclear reaction where there is one default after another.   Derivatives have exploded to $250 trillion, or just pick a number.  They don’t know what the outcome could be if they start getting this kind of reaction.  So, they are maniacal in trying to keep the gold and silver prices in line.”
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NY State investigators think Feds missed the bulk of big banks' forex rigging | Gold Anti-Trust Action Committee

NY State investigators think Feds missed the bulk of big banks' forex rigging | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it
Banks Probed Over Automated Forex Deals

Gina Chon and Ben McLannahan
Financial Times, London
Friday, May 22, 2015

Wall Street banks are facing the threat of new and more damaging allegations about their rigging of foreign exchange markets, as New York's banking regulator intensifies a probe into computer-driven currency trading -- raising the prospect that the total penalties arising from the scandal will exceed the $10 billion already paid.

The New York Department of Financial Services, run by Benjamin Lawsky, has become increasingly convinced that banks have been systematically abusing forex markets through the use of automated trades driven by computer algorithms, according to people familiar with its investigation.

Findings from the probe may indicate more widespread market abuse than US and UK authorities disclosed on Wednesday, when detailing their settlement with six global banks, the people added. They pointed out that this $5.6 billion settlement related to allegations of market manipulation by bank employees -- but Mr Lawsky's probe covers electronic trading, which accounts for the majority of forex transactions. ...
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Why The US Consumer Is About To be Crushed: The Obamacare Inflationary Deluge Arrives | Zero Hedge

Why The US Consumer Is About To be Crushed: The Obamacare Inflationary Deluge Arrives | Zero Hedge | Gold and What Moves it. | Scoop.it
For the past three years, the biggest argument supporters of Obamacare would trot out every single time when faced with opposition to the mandatory tax, would be that despite widespread predictions of soaring prices, US medical care service costs had remained low and even, on occasion, declined (we leave aside the lack of discussion about soaring deductibles which are recurring "one-time" charges incurred whenever anyone does need medical care, and whose weighted impact on overall medical outlays is dramatic).

A big reason for this delayed increase in prices is that many insurers were unable to gauge the full base-effect impact of Obamacare on their P&L: after all, effective implementation of Obamacare had been materially delayed thus preventing an apples to apples comparison of incurred fees versus revenues.
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Public Confused Why World's Biggest Banks Admitting Criminal Fraud, Leads To Public Yawns | Zero Hedge

Public Confused Why World's Biggest Banks Admitting Criminal Fraud, Leads To Public Yawns | Zero Hedge | Gold and What Moves it. | Scoop.it
It was about two years ago when we summarized all the known and confirmed rigged markets.

Libor - interest rates (link)
ISDAfix - swaps (link)
Platts - oil prices (link)
WM/Reuters - FX (link)
High-Frequency Trading - equities (link)
Since then things have gone from bad to worse for believers in fair and efficient markets, with not only countless more banks now admitting they rigged Libor and FX, not to mention gold (yes gold too was manipulated as impossible as it sounds) and even the CFTC finally figured out just how spoofers manipulate the price of both stock indices and gold, but that biggest master manipulator of all, the world's central banks, unleashed a record liquidity blitz into world markets with 2015 set to be the year in which CBs are set to monetize all net issuance.
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This thing really burns me. Click through for the full piece.

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SoT Ep 29 – Jeff Nielson: The Complete Criminalization Of Our System | Investment Research Dynamics

[If you really study the patterns] you can actually see the when they turn on and off the algorithm program used to manipulate the gold and silver markets.  – Jeff Nielson, Shadow of Truth

Rule of Law has been completely abandoned by the Government and business elite.  What remains is a citizenry in this country that has been largely dumbed-down and taught ignore or deny the reality unfolding right before its eyes.
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