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Barring a Debt Ceiling Solution, the US Will Begin Defaulting on February 15 2013 | Zero Hedge

We’ve now have just a little over 30 days until US breaches its debt ceiling.

 

We would have already done so, except Treasury Secretary Tim Geithner borrowed some $200 billion from emergency funds to buy a few weeks’ time (announcing that he’d be leaving his post before the actual ceiling was breached).

 

The “solutions” to the debt ceiling discussions range from outright insane ($1 trillion coins) to just staggeringly irresponsible (just get rid of any oversight and grow the debt without restriction).

 

Let us consider the facts.

 

The only reason the US is even having these discussions is because we’ve added $1+ trillion in debt to our balance sheet every year since 2008. The reason we were able to get away with this was because Congress hasn’t even implemented a budget since that time. Indeed, the last time a budget was even proposed (by President Obama in that case) it was rejected 97-0.

 

Let’s say a US family spent all of its savings and income and so began using credit cards to fund its purchases. Then, instead of implementing reforms and a budget, these folks decide to abandon any kind of tracking of their expenses and start spending even more. Eventually this family would begin to stop paying its bills. ...

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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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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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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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China's Upgraded Military, The IMF And The Move That Will Send Gold Skyrocketing - King World News

China's Upgraded Military, The IMF And The Move That Will Send Gold Skyrocketing - King World News | Gold and What Moves it. | Scoop.it
Stephen Leeb:  “Many people are concerned about what is happening in Europe.  There is a lot of fear concerning whether or not Greece will drop out of the euro.  What people are not watching is the kind of infrastructure spending that China is announcing….
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oftwominds-Charles Hugh Smith: Our Social Depression

oftwominds-Charles Hugh Smith: Our Social Depression | Gold and What Moves it. | Scoop.it
This erosion of opportunities to complete life's stages and core dramas is rarely recognized, much less addressed.

The consequences of economic stagnation are not limited to finance: stagnation is causing a social depression. We can best understand this social depression by examining how the natural stages of human life are being disrupted.


Confucian thought views life as a developmental process with seven stages, each roughly corresponding to a decade: childhood, young adulthood (16-30), age of independence (30-39), age of mental independence (40-49), age of spiritual maturity (50-59), age of acceptance (60-69), and age of unification (70 - end of life).
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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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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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UBS Shielded From Charges in U.S. Precious Metals Probe - Shanghai Metals Market

UBS Group AG won immunity from criminal fraud charges in a Justice Department investigation into misconduct in the trading of precious metals .

The Swiss bank’s main UBS AG unit won’t be charged by the department’s criminal division for information the firm disclosed to prosecutors about precious-metals transactions, according to the company’s plea agreement released on Wednesday to resolve a probe into interest-rate manipulation.

Prosecutors have been investigating whether at least 10 banks, including Barclays Plc, JPMorgan Chase & Co. and Deutsche Bank AG, manipulated prices of precious metals such as silver and gold , Bloomberg reported in February. The scrutiny follows international probes into the rigging of financial benchmarks for rates and currencies, which have yielded billions of dollars in fines.

The Justice Department on Wednesday announced that JPMorgan, Barclays and units of Citigroup Inc. and Royal Bank of Scotland Group Plc agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros.
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The Debt To GDP Ratio For The Entire World: 286 Percent

The Debt To GDP Ratio For The Entire World: 286 Percent | Gold and What Moves it. | Scoop.it
Did you know that there is more than $28,000 of debt for every man, woman and child on the entire planet?  And since close to 3 billion of those people survive on less than 2 dollars a day, your share of that debt is going to be much larger than that.  If we took everything that the global economy produced this year and everything that the global economy produced next year and used it to pay all of this debt, it still would not be enough.  According to a recent report put out by the McKinsey Global Institute entitled “Debt and (not much) deleveraging“, the total amount of debt on our planet has grown from 142 trillion dollars at the end of 2007 to 199 trillion dollars today.  This is the largest mountain of debt in the history of the world, and those numbers mean that we are in substantially worse condition than we were just prior to the last financial crisis.
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Silver – And Gold – Are Both Acting Very Bullish | Investment Research Dynamics

Silver – And Gold – Are Both Acting Very Bullish | Investment Research Dynamics | Gold and What Moves it. | Scoop.it
However, after 14 years of full-time involvement in the precious metals sector, I believe the next big move – the second leg of the bull market, if you will – is  in its nascence.  This was my reply:

The key to yesterday’s price action was that silver held above $17 going into the Comex close
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