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Eric De Groot: Gorilla Still Pushing Around Gold

The 800lb gorilla continues to wreck havoc on the trading floor.  Early and late morning "displays" (price attacks) reflect him pounding his chest to maximize fear.

Yet despite these impressive displays, signs of fatigue have emerged.  The 13ema WA has fallen below 20% (chart 1). This indicates downside concentration. Also, the window of opportunity (TIME) for the B-wave consolidation is beginning to close. ...

Hal's insight:

This was pretty much my thought this morning when i fired up ExactPrice [ http://www.learcapital.com/exactprice ] and saw gold's graph for this morning and that fairly regular morning attack.

 

Click through for the chart that Eric posted and the rest of his thoughts.

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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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For the second time in a week the OCC issued a Press Release containing some pretty alarming statements regarding credit risk among U.S. banks: Jim Sinclair's Mineset

For the second time in a week, on December 17, 2014, the OCC (regulator of nationally-chartered banks), issued a Press Release containing some pretty alarming statements regarding credit risk among U.S. banks. The Release, titled "OCC Highlights Key Risks Facing National Bank and Federal Savings Associations," described key findings from the OCC’s just-published, Semiannual Risk Perspective for Fall 2014 ("RP Report").

Highlights of the Press Release included:

"The [RP Report] noted declining revenues and profitability in OCC-supervised institutions contributed to the increasing credit risk within the banking sector."

"Competition for limited lending opportunities is intensifying, resulting in loosening underwriting standards, particularly in direct and indirect auto lending, leveraged lending, asset-based lending, commercial real estate lending, and commercial and industrial loans. Increased risk layering is also occurring in commercial loans."

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Financial Fantasy Land Continues to Prevent Collapse-Bill Holter | Greg Hunter’s USAWatchdog

Financial Fantasy Land Continues to Prevent Collapse-Bill Holter | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
Financial writer Bill Holter says the record stock market does not reflect reality.  Holter explains, “This will go on until it doesn’t.  Very quietly, this past week, they postponed the “Volcker Rules” for the banking system.  The reason they did that is they can’t allow the Volcker Rule to come into place.  That would require increased capital ratios.  It would bring mark to market back.  We live in a financial fantasy land, and they need to continue the fantasy to prevent collapse.” 

The recent spending bill passed by Congress, which puts taxpayers on the hook for more than $300 trillion in future derivative losses, is another ominous sign financial trouble is coming.  Holter contends, “It tells me that they know something.  They know something we suspect, and they know something they don’t want to tell us.  They know a crash is coming and they are preparing.  For the Republicans to vote “yes” on this after they won a landslide election is throwing the voters under the bus.  People voted for change and we got change, but it was change into a greater direction of taxpayers being screwed.”
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Get REAL - Gold Heading From West to East - YouTube

Chinese and Indian gold demandGold price backwardation and possible arbitrageNegative GOFOMiners and price trends for 2015
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Hat tip to @TFMetals 

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India s gold bar imports surged 49% in Nov 14: GJEPC - Shanghai Metals Market

India s gold bar imports surged 49% in Nov 14: 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 November this year. India's gold bar imports surged 49% in Nov '14: GJEPC
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Central Banks Secretly Controlling all Futures Prices-Chris Powell | Greg Hunter’s USAWatchdog

Central Banks Secretly Controlling all Futures Prices-Chris Powell | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it

By Greg Hunter’s USAWatchdog.com    (Early Sunday Release) Chris Powell, Secretary/Treasurer of the Gold Anti-Trust Action Committee (GATA), says recent bombshell evidence shows intense central bank “interventions” at the CME Group, which handles $1 quadrillion ($1,000 trillion) worth of business annually.  Powell explains, “The greatest documentation that’s come out recently has been filings by the CME Group which operates the major futures exchange in the United States.  They filed a letter with the U.S. Commodity Futures Trading Commission (CFTC) . . . showing that central banks are receiving special volume discounts for trading futures on all the major futures exchanges, not just financial futures contracts and metals futures contracts, but even agricultural futures contracts.  The CME Group’s most recent 10-K filing with the U.S. Securities and Exchange Commission (SEC) lists its customers.  Included in that list are governments and central banks.  This is really a sensational development.  Nobody can trade against central banks, they create infinite money.  If central banks are secretly trading in the futures markets, there are no markets.  The CME Group defended this as a matter of adding liquidity to the futures markets, but it’s liquidity in the sense of the Atlantic Ocean.” ...

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Russian Roulette: Taxpayers Could Be on the Hook for Trillions in Oil Derivatives

Russian Roulette:  Taxpayers Could Be on the Hook for Trillions in Oil Derivatives | Gold and What Moves it. | Scoop.it
The sudden dramatic collapse in the price of oil appears to be an act of geopolitical warfare against Russia. The result could be trillions of dollars in oil derivative losses; and the FDIC could be liable, following repeal of key portions of the Dodd-Frank Act last weekend.
Senator Elizabeth Warren charged Citigroup last week with “holding government funding hostage to ram through its government bailout provision.” At issue was a section in the omnibus budget bill repealing the Lincoln Amendment to the Dodd-Frank Act, which protected depositor funds by requiring the largest banks to push out a portion of their derivatives business into non-FDIC-insured subsidiaries.
Warren and Representative Maxine Waters came close to killing the spending bill because of this provision. But the tide turned, according to Waters, when not only Jamie Dimon, CEO of JPMorgan Chase, but President Obama himself lobbied lawmakers to vote for the bill.
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You Can’t Be Serious | Investment Research Dynamics

You Can’t Be Serious | Investment Research Dynamics | Gold and What Moves it. | Scoop.it

Here’s how long the Fed will keep interest rates at zero – and REAL interest rates negative: Until the elitists have confiscated all our wealth and the system collapses.

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India Silver Import 6789t YTD

India Silver Import 6789t YTD | Gold and What Moves it. | Scoop.it
Gold and silver import into India in November were spectacular. Gold import was 148 tonnes and silver import was 1254 tonnes.
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Fed Cries Heard From Rubble - Gold Set to Rescue

Fed Cries Heard From Rubble - Gold Set to Rescue | Gold and What Moves it. | Scoop.it

by David Engstrom:

 

Today, as the wrecking ball of debt tears down the future of our economy, a faint cry from the growing pile of rubble emerged.  It comes as no surprise the statement made by the Fed today indicates zero urgency to raise interest rates.  I hate to say it but in my last report, “Where’s the Can?,” I showed why the Fed has no interest in raising interest rates.

 

Referred to in today’s statement was inflation.  It, presumably, remains well below the Fed’s target rate of 2%.  Today’s low oil prices were described as having a transitory lowering effect on inflation.  Funny!  When gas is $4 a gallon how they exclude food and energy costs from normal inflation calculations.  Then BOOM!  The minute oil goes down they say inflation is in check because of low energy costs.  Please will someone make up my mind? ...

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Bullish 2015 gold outlook | Resource Investor

Bullish 2015 gold outlook | Resource Investor | Gold and What Moves it. | Scoop.it
Gold prices will recover next year as demand in China and India improves, according to Australia & New Zealand Banking Group Ltd., which forecast an advance for bullion even as the Federal Reserve raises interest rates.
The precious metal will climb to $1,280 an ounce by the end of 2015, rising each quarter, strategists Victor Thianpiriya and Mark Pervan wrote in an e-mailed report dated Dec. 17. The forecast for end-2016 is $1,420, according to the report.
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Pam Martens: Meet your newest legislator -- Citigroup | Gold Anti-Trust Action Committee

Pam Martens: Meet your newest legislator -- Citigroup | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it
By Pam Martens
Wall Street on Parade, New York
Tuesday, December 16, 2014

Citigroup is the Wall Street mega-bank that forced the repeal of the Glass-Steagall Act in 1999; blew itself up as a result of the repeal in 2008; was propped back up with the largest taxpayer bailout in the history of the world even though it was insolvent and didn't qualify for a bailout; has now written its own legislation to deregulate itself; got the president of the United States to lobby for its passage; and received an up vote from both houses of Congress in less than a week.

And there is one more thing you should know at the outset about Citigroup: It didn't just have a hand in bringing the country to its knees in 2008; it was a key participant in the 1929 collapse under the moniker National City Bank. Both the U.S. Senate's investigation of the collapse of the financial system in 1929 and the Financial Crisis Inquiry Commission that investigated the 2008 collapse cited this bank as a key culprit. ...
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A Full-Blown Economic Crisis Has Erupted In Russia

A Full-Blown Economic Crisis Has Erupted In Russia | Gold and What Moves it. | Scoop.it
The 8th largest economy on the entire planet is in a state of turmoil right now.  The shocking collapse of the price of oil has hit a lot of countries really hard, but very few nations are as dependent on energy production as Russia is.  Sales of oil and natural gas account for approximately two-thirds of all Russian exports and approximately 50 percent of all government revenue. So it should be no surprise that the fact that the price of oil has declined by almost 50 percent since June is absolutely catastrophic for the Russian economy.  And when you throw in international sanctions, wild money printing by the Central Bank of Russia and unprecedented capital flight, you get the ingredients for an almost perfect storm.  But those of us living in the western world should not be too smug about what is happening in Russia, because the nightmare that is unfolding over there is just a preview of the economic chaos that will soon envelop the whole world.
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Casey Research: If the oil crash continues, a “2008-style” collapse is coming here

Casey Research:  If the oil crash continues, a “2008-style” collapse is coming here | Gold and What Moves it. | Scoop.it
By Marin Katusa, Chief Energy Investment Strategist, Casey Research:

If you only paid attention to the mainstream media, you’d be forgiven for thinking that the U.S. is going to get away from the collapse in oil prices scot free. According to popular belief, America is even going to be a net winner from cheaper oil prices, because they will act like a tax cut for U.S. consumers. Or so we are told.

In reality, though, many of the jobs the U.S. energy boom has created in the last few years are now at risk, and their loss could drag the economy into a recession.

The view that cheaper oil automatically boosts U.S. GDP is overly simplistic. It assumes that U.S. consumers will spend the money they save at the pump on U.S.-made goods rather than imports. And it assumes consumers won’t save some of this windfall rather than spending it.

Those are shaky enough. But the story that cheap fuel for our cars is good for us is also based on an even more dangerous assumption: that the price of oil won’t fall far enough to wipe out the U.S. shale sector, or at least seriously impact the volume of U.S. oil production.
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A U.S. Government Christmas Fairytale | Investment Research Dynamics

A U.S. Government Christmas Fairytale | Investment Research Dynamics | Gold and What Moves it. | Scoop.it

We have descended fully into the Orwell/Rand vision.  We have a Government that is corrupted to the core by enormous amount of money from Wall Street and big business. Laws have now been passed which enable the Government/Wall Street to fully extract every last nickel and dime of wealth still possessed by the middle class.

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Ron Paul: What you haven't heard about the economic recovery

Ron Paul: What you haven't heard about the economic recovery | Gold and What Moves it. | Scoop.it

From Ron Paul at The Ron Paul Institute for Peace and Prosperity:

Last week, we learned that the key to a strong economy is not increased production, lower unemployment, or a sound monetary unit. Rather, economic prosperity depends on the type of language used by the central bank in its monetary policy statements.

All it took was one word in the Federal Reserve Bank’s press release − that the Fed would be “patient” in raising interest rates to normal levels − and stock markets went wild. The S&P 500 and the Dow Jones Industrial Average had their best gains in years, with the Dow gaining nearly 800 points from Wednesday to Friday and the S&P gaining almost 100 points to close within a few points of its all-time high.

Just think of how many trillions of dollars of financial activity occurred solely because of that one new phrase in the Fed’s statement. That so much in our economy hangs on one word uttered by one institution demonstrates not only that far too much power is given to the Federal Reserve, but also how unbalanced the American economy really is. ...

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oftwominds-Charles Hugh Smith: Will the Fed Intervene in the Oil Market?

oftwominds-Charles Hugh Smith: Will the Fed Intervene in the Oil Market? | Gold and What Moves it. | Scoop.it
In a larger sense, the Fed is already intervening in the oil sector via its zero interest rate policy (ZIRP) and its unlimited liquidity for financial speculation.

The problem with financializing a critical sector of the economy is the financialization process transforms it into a systemic risk. The trajectory of every financialized sector is the same: debt and leverage are piled ever higher on a base of collateral that eventually collapses as heightened risk becomes the Monster Id of a crowded trade.
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The Lawless Manipulation of Bullion Markets by Public Authorities -- Paul Craig Roberts and Dave Kranzler - PaulCraigRoberts.org

The Lawless Manipulation of Bullion Markets by Public Authorities -- Paul Craig Roberts and Dave Kranzler - PaulCraigRoberts.org | Gold and What Moves it. | Scoop.it
The Lawless Manipulation of Bullion Markets by Public Authorities

Paul Craig Roberts and Dave Kranzler

Note: In this article the times given are Eastern Standard Time. The software that generated
the graph uses Mountain Standard Time. Therefore, read the x-axis two hours later than the axis indicates.

The Federal Reserve and its bullion bank agents are actively using uncovered futures contracts to illegally manipulate the prices of precious metals in order to keep interest rates below the market rate. The purpose of manipulation is to support the U.S. dollar’s reserve status at a time when the dollar should be in decline from the over-supply created by QE and from trade and budget deficits.

Historically, the role of gold and silver has been to function as a means of exchange and a store of wealth during periods of economic and political turmoil. Since the bullion bull market began in late 2000, It rose almost non-stop until March 2008, ahead of the Great Financial Crisis, which started with the collapse of Bear Stearns. When Bear Stearns collapsed, gold was taken down over the course of the next 7 months from $1035 to $680, or 34%; silver from $21 to $8, or 62%. The most violent takedown occurred as Lehman collapsed and Goldman Sachs was about to collapse.
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Just What Is China Buying? | Zero Hedge

Just What Is China Buying? | Zero Hedge | Gold and What Moves it. | Scoop.it

Something strange is going on in China. On one hand, as the chart below shows, China's trade surplus is growing and growing, and just hit record highs. In other words, China is - on paper - receiving record amounts of foreign currencies in exchange for its (mostly) goods exports.

That much is clear in the Chinese (record) trade balance chart below:

Yet on the other hand, a chart from Deutsche Bank shows something very peculiar: even as China's foreign reserves should be rising, they are not only dropping, but just suffered their biggest quarterly drop in the past decade! ...

Hal's insight:

Click through for the full read and all the charts. It definitely bears some thought.

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Indian dealers offer gold discount for first time in 5 months - Shanghai Metals Market

Indian dealers offer gold discount for first time in 5 months - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
Indian gold importers are offering a discount of $2 an ounce versus London prices for the first time in almost five months due to market oversupply. Indian dealers offer gold discount for first time in 5 months
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What Will It Take to Be a Superpower in 2025?

What Will It Take to Be a Superpower in 2025? | Gold and What Moves it. | Scoop.it
The temptation is to create money out of thin air to solve the other problems: just create money (or borrow it into existence) to pay for old-age social security, youth unemployment, higher energy costs, and every other problem facing the status quo.

But this “solution” generates its own problem.  Even more damaging, issuing money and credit doesn’t actually solve any of the other structural problems; it simply papers them over, allowing them to fester behind the façade of freshly printed money and debt.
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Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Dona Nobis Pacem

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Dona Nobis Pacem | Gold and What Moves it. | Scoop.it

The Anglo-American banking cartel is effectively setting the key prices for the world, in a sometimes arbitrary, almost capricious manner, according the intent of its policies and the private profits of its Banks. 
 
And woe to the country that fails to use the United States Dollar for whatever they may choose to buy or sell under the two great empires, of the sea and of the earth.   For those with eyes and ears open, let them see and hear.
 
But empires rise, and rage for their time upon the stage, and fall. 

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Gold hedging activity remains subdued

Gold hedging activity remains subdued | Gold and What Moves it. | Scoop.it
Gold producers limited their hedging during the third quarter according to the latest data about forward selling in the gold mining industry from metals research firm GFMS.

The global producer hedge book contracted in the third quarter by 0.20 million ounces (6 tonnes).

Over the nine-months of calendar 2014, an increase of 1.84 Moz (57 tonnes) was recorded. The marked-to-market value of the aggregate producer hedge book grew by $205 million.
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​Russian financial market worst since 2008 – Central Bank deputy chairman

​Russian financial market worst since 2008 – Central Bank deputy chairman | Gold and What Moves it. | Scoop.it
The situation in the Russian financial market over the next few days can be compared to the worst period of 2008 crisis, says the Deputy Chairman of Russian Central Bank Sergey Shevtsov.

"There are plenty of issues. In the coming days, I believe, the situation will be comparable to the most difficult period of 2008, but I think that the experience of the many crises the Russian financial system has gone through will help us make the right decisions," said Shvetsov.
Hal's insight:

Hmm. Do you suppose there is a contagion at work? Or worse, a full out currency war?

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The 'Hunger Games' Economy - The National Memo

The 'Hunger Games' Economy - The National Memo | Gold and What Moves it. | Scoop.it
That our Congress is intent on taking from the many to enrich the few was on full display during passage of the new $1.1 trillion federal spending bill, as five provisions show.

In a Washington run by and for oligarchs, official theft happens suddenly and without warning. No public hearings. No public debate. Instead, as we saw in North Carolina and Wisconsin, it occurs with just abrupt moves to shift power and money from the many to the richest few.

And with little focus by our best news organizations on the consequences for people’s lives, especially if they are in the 90 percent, many people have no idea they just got officially mugged.

The continuing resolution to fund the government was combined with an omnibus spending bill to create a 1,603-page statutory monster called the “cromnibus.” Among the provisions that show how both political parties help corporations pick the pockets of the vast majority, while far too many mainstream journalists help obfuscate the awful truth:
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Phenomenal rise in India s gold imports a concern trade secy - Shanghai Metals Market

Phenomenal rise in India s gold imports a concern trade secy - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
A "phenomenal" rise in India's gold imports is a concern and the government will watch the impact from a recent easing in gold import rules. 'Phenomenal' rise in India's gold imports a concern - trade secy
Hal's insight:

Hahahaha

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