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Zimbabwe seeks LBMA reentry with Gold production hike

According to country's Chamber of Mines, country's gold output rose 13,4 percent last year to 14 742kg from 12 992kg a year earlier, but fell short of the targeted 15 000kg.

 

HARARE(BullionStreet): Seeking reentry into LBMA, Zimbabwe improved it's gold production by 13 percent this year but fell just short of set target.

 

According to country's Chamber of Mines, country's gold output rose 13,4 percent last year to 14 742kg from 12 992kg a year earlier, but fell short of the targeted 15 000kg.

 

The Chamber of Mines in a statement said Gold revenues were up 18,9 percent to $782,75 million from the previous comparable period. ...

 
Hal's insight:

Zimbabwe knows a thing or two now about currency inflation and gold's value. Some just have to learn the hard way... ok, most.

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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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It`s almost time to buy, not sell, gold - Mineweb.com

It`s almost time to buy, not sell, gold - Mineweb.com | Gold and What Moves it. | Scoop.it
Author: Avi Gilburt
Posted: Friday , 21 Nov 2014
MARKET WATCH - 

I do not often write about the metals on MarketWatch, but have seen too many bearish articles calling for the death to the metals, so I felt compelled to speak up. While many are now saying it is time to sell metals, I will have to disagree. The time to sell your metals was several years ago. Now is the time to start looking to buy them back.

Please allow me to start with some of my history in this market.

For those of you that remember the summer of 2011, gold was in the middle of a parabolic run, with some days seeing more than $50 gains in price. However, in my first gold article on Seeking Alpha on Aug. 22, 2011, I provided my topping target for gold, in the face of the parabolic gold run, when everyone was so certain we would be easily seeing over $2000:
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Russia still adding to gold reserves big time - Mineweb.com

Russia still adding to gold reserves big time - Mineweb.com | Gold and What Moves it. | Scoop.it
Author: Lawrence Williams
Posted: Friday , 21 Nov 2014
LONDON (MINEWEB) - 

The latest announcement from the Russian Central Bank shows that the nation is still accumulating gold at a high level. Total gold reserves according to figures compiled by Nick Laird of www.sharelynx.com have now reached 1,169 tonnes having been expanded by a further 600,000 ounces (18.7 tonnes) in October. This moves Russia further ahead of China as far as ‘official’ gold reserve figures are reported (China’s figure reported to the IMG is 1,054 tonnes which it has been for the past five years, although it is widely believed to be accumulating substantial additional gold reserves without declaring them).
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Record Silver Mining Output 'Negated' by 2014 Drop in Scrap - American Hard Assets

Record Silver Mining Output 'Negated' by 2014 Drop in Scrap - American Hard Assets | Gold and What Moves it. | Scoop.it
SILVER MINING PRODUCTION worldwide is set to reach an all-time high in 2014, according to new analysis from the market’s leading data consultancy.
This week’s Interim Silver Market Review from GFMS – a division of the Thomson Reuters newswire and data agency – says silver mining output will rise 3.5% this calendar year from 2013.
However, due to this year’s steep fall in prices, the silver market is also seeing a continued decline in ‘scrap’ flows from sales of existing above-ground holdings. So the total increase in supply to the market expected to increase by only 2.9% year-on-year.
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Was GLD Gold Moved To The Dutch Central Bank? | Investment Research Dynamics

Was GLD Gold Moved To The Dutch Central Bank? | Investment Research Dynamics | Gold and What Moves it. | Scoop.it
In a move that is much more significant and relevant than the Chinese interest rate cut news, it was revealed that Netherland's Central Bank repatriated 120
Hal's insight:

This is an interesting question. Click through for the full post.

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Jesse's Café Américain: Senator Levin: Fed Enabled Banks To Elbow Way Into Commodities, Manipulate Prices

Jesse's Café Américain: Senator Levin: Fed Enabled Banks To Elbow Way Into Commodities, Manipulate Prices | Gold and What Moves it. | Scoop.it

Apparently Senator Levin is not expecting many $250,000 speaking engagements from Wall Street after he leaves the Senate.

The Wall Street Banks have NO business using their subsidized banking funds and deposits to speculate in global markets for their own accounts.

Hal's insight:

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A Critical Area To Watch In The Gold & Silver Wars

A Critical Area To Watch In The Gold & Silver Wars | Gold and What Moves it. | Scoop.it
November 21 (King World News) - Worried About Gold / Silver Action - Just Read This

Creative destruction: does an about-face for the sector lie ahead pt1

Gold stocks have failed to deliver the expected leverage to gold in recent years. It appears that mining stocks are being punished by investors for the mistakes made in previous years. Apart from cost inflation, the main reasons for this were sub-optimal capital allocation and the investment alternative offered by gold ETFs backed by bullion, but above all, the extrapolation of an ongoing upward trend in the gold price.1 In the course of the bull market, the industry used ever higher price assumptions in order to include previously unprofitable ounces into its mine plans. As a result, the life of mines was increased and production expanded.2 A large part of the expansion however consisted of high-priced ounces....
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Jesse's Café Américain: Russian Gold Reserves Continue to Expand

Jesse's Café Américain: Russian Gold Reserves Continue to Expand | Gold and What Moves it. | Scoop.it

Russia added another 600,000 oz to its reserves in October.

Hal's insight:

Click through for the chart. Putin is looking of position. And if you think this is the actual number they packed away... well, you know.

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Banking breeds cheating for financial gain - Swiss researchers

Banking breeds cheating for financial gain - Swiss researchers | Gold and What Moves it. | Scoop.it
Society expects bank employees to be honest when entrusting them with money. However, new research involving bankers suggests they are more likely than other professionals to be dishonest if they are reminded about their professional role.

When bank employees were primed to think less about their profession and more about normal life, however, they were less inclined to dishonesty, the study by the University of Zurich reveals.

"Many scandals..have plagued the financial industry in the last decade," Ernst Fehr, a researcher at the University of Zurich who co-led the study, told Reuters. "These scandals raise the question whether the business culture in the banking industry is favoring, or at least tolerating, fraudulent or unethical behaviors."
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Unusual gold moves in Asian hours puzzle traders - Mineweb.com

Unusual gold moves in Asian hours puzzle traders - Mineweb.com | Gold and What Moves it. | Scoop.it
Author: A. Ananthalakshmi (Reuters)
Posted: Thursday , 20 Nov 2014
SINGAPORE (REUTERS)  - 

Some of the biggest price moves in gold since late October have, unusually, occurred in Asian hours and traders more accustomed to following the lead of their Western counterparts suspect a big increase in algorithmic trading may be to blame.

Sensitivity to the dollar-yen exchange rate may also help explain the moves, although some traders speculated that the timing looked suspiciously like attempts to catch Chinese traders off-guard during their lunch break.

Liquidity in Asia tends to be thin until Europe wakes up but recent weeks have been different: COMEX gold futures, the busiest gold contract in the world, have suffered sharp sell-offs in Asia, sometimes sparked by the news flow or currency moves but often for no identifiable reason.

"It is unusual for Asia to be seeing these busy trading sessions," said David Govett, head of precious metals at broker Marex Spectron in London.
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Here Are The Highlights From The Senate's Finding That Banks Manipulate Physical Commodities - Live Hearing Feed | Zero Hedge

Here Are The Highlights From The Senate's Finding That Banks Manipulate Physical Commodities - Live Hearing Feed | Zero Hedge | Gold and What Moves it. | Scoop.it
After two years, and 396 pages of report, the Senate investigations committee finds (translating their gobbledygook into English) that the banks did indeed corner and rig the commodity market. As Bloomberg reports, the Senate panel said the firms have eroded the line separating banking from commercial activities to the detriment of consumers and the financial system. The holdings give banks access to non-public information that could move markets and increase the likelihood that industrial accidents will spur taxpayer bailouts, the report said... (i.e. manipulated the system). The hearing, involving bankers from Goldman, Morgan Stanley, and JPMorgan begins at 930ET...
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Jesse's Café Américain: Senate Report Reveals Powerful Manipulative Positions of Goldman, JPM In Global Commodities

Jesse's Café Américain: Senate Report Reveals Powerful Manipulative Positions of Goldman, JPM In Global Commodities | Gold and What Moves it. | Scoop.it
"We had to struggle with the old enemies of peace--business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering.

They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob."

Franklin D. Roosevelt


"Why is JP Morgan getting so much heat?   Maybe because it is a massive international crime syndicate."

Matt Taibbi, Talking JPM With Sam Seder

JPM and Goldman sought and obtained manipulative powers in global commodities, even while they were being bailed out on the back of the American people?   Oh no, nothing like this could be true, or so the shills and toadies of the moneyed interests will say.  Just get the government out of our way, and everything will be all right.  The market is naturally rational and efficient, pure and pristine.   No Bank would risk its reputation by doing anything illegal.

Especially when they buy off and intimidate enforcement, write the laws, and do what they will. 
Hal's insight:

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Jesse's Café Américain: Can You Help the Fed Figure Out What Is Wrong With The Recovery™

Jesse's Café Américain: Can You Help the Fed Figure Out What Is Wrong With The Recovery™ | Gold and What Moves it. | Scoop.it

Why doesn't the public spend and save more?

Hal's insight:

What a great recovery.

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The Gold Market Takes its Short-term Cues from Inflation and Swiss Referendum | @SharpsPixley.com

The Gold Market Takes its Short-term Cues from Inflation and Swiss Referendum | @SharpsPixley.com | Gold and What Moves it. | Scoop.it
SharpsPixley.com aims to bring you the latest gold news, live gold prices and gold charts and will soon be an online shop for buying gold bars and gold coins.
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​Russia-China trading settlements in yuan increases 800%

​Russia-China trading settlements in yuan increases 800% | Gold and What Moves it. | Scoop.it
Settlements in yuan between China and Russia have increased ninefold in annual terms between January and September 2014, says the Chinese Ministry of Economic Development.

"The settlement in national currencies between China and Russia in bilateral trade amounted to about 2 percent in 2013. There has been a significant growth in 2014. In particular, the use of the yuan in mutual settlements increased nine times in the first nine months of 2014." TASS quotes Lin Zhi, head of the Europe and Central Asia Department of the Chinese Ministry of Economic Development.
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Global gold demand will overwhelm manipulators - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb

Global gold demand will overwhelm manipulators - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it
Author: Nathan McDonald
Posted: Friday , 21 Nov 2014
SPROTT MONEY NEWS - 

Precious metals have taken a horrible beating over the past month. They were suppressed to levels not seen since 2010. The result of this price depression was a massive increase in demand from individual investors and nations alike. 

No longer are people fooled by the paper price of precious metals. Premiums have remained relatively high through this price correction and demand has been so intense, that the US Mint was forced to cease sales of their ever-popular Silver American Eagles.

Nation states, such as China and Russia are well known for their affinity to gold and have also continued their accumulation of precious metals. Russia, which officially became the fifth largest holder of gold recently, announced that it has once again increased their gold reserves by another 150 additional tonnes in 2014. An increase of 8.4% year over year.
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oftwominds-Charles Hugh Smith: Have Central Banks Entered an Undeclared War?

oftwominds-Charles Hugh Smith: Have Central Banks Entered an Undeclared War? | Gold and What Moves it. | Scoop.it

The monetary tectonic plates are shifting, and predicting the next global financial earthquake is relatively easy.

I recently suggested that the devaluation of the yen was Japan's Monetary Pearl Harbor: a direct attack on the currencies of its major trading partners: the euro (European Union), the won (South Korea), the Australian dollar (AUD) and the U.S. dollar (USD), which affects both the U.S. and China since China's currency, the renminbi, is pegged to the USD.

Though there have been no overt (that is to say, public) counter-attacks, this may not reflect monetary peace so much as an undeclared war. Correspondent Mark G. observed that the current geopolitical backdrop is considerably more unsettled than the relatively benign global chessboard in 2008:

Hal's insight:

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Swiss Gold Initiative Leader Banned From Televised Debate

Swiss Gold Initiative Leader Banned From Televised Debate | Gold and What Moves it. | Scoop.it

Today King World News was stunned to learn that the Swiss politician who launched the Swiss Gold Initiative was actually banned from participating in the televised debate.  Luzi Stamm, who was one of the primary architects of the Swiss Gold Initiative, spoke with KWN about why he was banned from the televised debate and why “It is not possible (to continue) what’s (currently) going on in the Western world.” 

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India s Gold Bar imports surged 15% during Oct 2014: GJEPC - Shanghai Metals Market

India s Gold Bar imports surged 15% during Oct 2014: GJEPC - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewellery for the month of October this year. India's Gold Bar imports surged 15% during Oct 2014: GJEPC
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The Netherlands Has Repatriated 122.5t Gold From US

The Netherlands Has Repatriated 122.5t Gold From US | Gold and What Moves it. | Scoop.it
The Dutch central bank has repatriated in utmost secret 122.5 tonnes of gold from the Federal Reserve Bank of New York (FRBNY) to its vaults in Amsterdam...
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Switzerland Net Exports 100t Of Gold In October

Switzerland Net Exports 100t Of Gold In October | Gold and What Moves it. | Scoop.it
From looking at rising SGE withdrawals and Indian import in recent months, we knew some supply had to come from Switzerland...
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Iran launches Middle East's ‘biggest' gold plant, plans to double production

Iran launches Middle East's ‘biggest' gold plant, plans to double production | Gold and What Moves it. | Scoop.it
Iran has opened a new gold processing plant, reportedly the biggest in the Middle East, hoping to double its production of precious metals. Using a unique technology, Tehran says it will now mine up to three tons of gold per year.

Iranian TV reported that the opening ceremony was attended by First Vice President Ishaq Jahangiri.

The new facility is located near one of the country's richest mines, Zareh Shuran. It is located 35 kilometers from the city of Takaab in northwest Iran, in an area where gold, silver, and mercury are extracted.
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Gold-Mining Industry Mostly ‘Under Water,’ Gold Fields CEO Says - American Hard Assets

Gold-Mining Industry Mostly ‘Under Water,’ Gold Fields CEO Says - American Hard Assets | Gold and What Moves it. | Scoop.it

Across the industry, costs are about $1,300 an ounce including debt repayments, Holland said by phone from Johannesburg today, citing analysts’ research. Gold dropped 0.1 percent to $1,182 an ounce, bringing the decline since the beginning of 2013 to 29 percent.

 

“The industry by and large is under water,” Holland said. “I would expect further writedowns. Production I think will be curtailed but it will take some time to filter through the system.”


Gold producers are struggling to adapt to a lower bullion price after a decade of debt-fueled expansion, acquisitions and cost inflation during the boom years that saw bullion peak at $1,921.17 an ounce in September 2011. The spot price has tumbled in the past 18 months as investors speculate the Federal Reserve will raise interest rates due to an improving U.S. economy, lowering demand for the safe-haven metal.

Hal's insight:

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Ambiguity over import policy spurs gold hoarding in India - Shanghai Metals Market

Ambiguity over import policy spurs gold hoarding in India - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
The importers and big bullion traders in the country are reported to be holding on to their gold stocks in anticipation of higher premiums. Ambiguity over import policy spurs gold hoarding in India
Hal's insight:

LOL That doesn't surprise me in the least.

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oftwominds-Charles Hugh Smith: The Falcon Can No Longer Hear the Falconer

oftwominds-Charles Hugh Smith: The Falcon Can No Longer Hear the Falconer | Gold and What Moves it. | Scoop.it
The politicos can no longer hear the people they supposedly serve.

Concentrated wealth no longer heeds any falconer; it is free to exploit its power in the market and the halls of government.

Unconstrained by an inner falconer of integrity, many seek to game the system to maximize their private gain by any means available.

Market manipulators, equally unconstrained, ceaselessly rig markets for their private gain and the benefit of their cronies.
Hal's insight:

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When Gold-US dollar become directly correlated

When Gold-US dollar become directly correlated | Gold and What Moves it. | Scoop.it
Changes in gold are sometimes driven upward not by relative weakness in the U.S. dollar to other fiat currencies, but, instead, by flight from all paper currencies.
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