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Only SJC Gold eligible for transaction in Vietnam

Criticizing the move, Vietnam Gold Business Association said gold bullion trading is a transaction between gold traders and members of the public, but the central bank has intervened too much.

 

HANOI(BullionStreet): A year after Vietnam announced SJC as state gold brand, country's country's central bank, the SBV issued a decree declaring all other gold bullion as illegal and not eligible for transactions.

 

According to the decree only one-tael SJC gold bullion of 99.99 percent purity is eligible for transactions.

 

The new decree has created a panic among public as they fear market may soon only accept amounts of 1 tael (37.5 grams).

 

But gold holders say they are afraid of being forced to sell their precious metal at low prices due to their light weights.

 

Last year SJC was selected as a state gold brand name under the SBV’s bid to better control the market.

 

Saigon Jewelry Co currently produces as many as seven different ..

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Control, control, control, confiscate.

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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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The U.S. Government Is Borrowing About 8 Trillion Dollars A Year

The U.S. Government Is Borrowing About 8 Trillion Dollars A Year | Gold and What Moves it. | Scoop.it

I know that headline sounds completely outrageous.  But it is actually true.  The U.S. government is borrowing about 8 trillion dollars a year, and you are about to see the hard numbers that prove this.  When discussing the national debt, most people tend to only focus on the amount that it increases each 12 months.  And as I wrote about recently, the U.S. national debt has increased by more than a trillion dollars in fiscal year 2014.  But that does not count the huge amounts of U.S. Treasury securities that the federal government must redeem each year.  When these debt instruments hit their maturity date, the U.S. government must pay them off.  This is done by borrowing more money to pay off the previous debts.  In fiscal year 2013, redemptions of U.S. Treasury securities totaled $7,546,726,000,000 and new debt totaling $8,323,949,000,000 was issued.  The final numbers for fiscal year 2014 are likely to be significantly higher than that. ...

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Click through for the rest. But I'll tell you what, with that kind debt, gold's rise won't be tiny once the chains are loosed.

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Government cuts import tariff value on gold & silver - The Economic Times

Government cuts import tariff value on gold & silver - The Economic Times | Gold and What Moves it. | Scoop.it

NEW DELHI: The government today cut the import tariff value on gold and silver to $ 396 per 10 gram and $ 575 per kg, taking into account weak global trends. 

For the second fortnight of September, the tariff value on imported gold was fixed at $ 420 per 10 gram, while that for silver at $ 645 per kg. 

Read more at:
http://economictimes.indiatimes.com/articleshow/43912149.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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Richard Russell - Financial Meltdown & Once In 600-Year Event

Richard Russell - Financial Meltdown & Once In 600-Year Event | Gold and What Moves it. | Scoop.it

Richard Russell tells King World News:

 

I believe an entirely new system will be needed in view of the world being choked on ever-increasing debts.  But before a new system can be instituted, the old (current) system will have to be destroyed.  This, I'm afraid, will necessitate a brutal bear market that will bring about the absolute need for change.

Change will be very painful. I don't know what will survive the coming changes, but I'm convinced that there will be two survivors -- silver and gold.

In its battle to make its fiat currency the only legal currency, the Fed has adopted a strategy of denouncing the precious metals.  But ultimately the truth will win out, and the fiat dollar will join all the other dead fiat currencies that have become footnotes in economic history.  Remember every currency that has left the gold standard has died.  Without the backing of gold, no currency has survived, and there are no exceptions.  Sooner or later, a new world reserve currency will be adopted.  It will be at least partly backed by gold.

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Total Corruption In Global Markets & Silver In Backwardation

Total Corruption In Global Markets & Silver In Backwardation | Gold and What Moves it. | Scoop.it

James Turk tells King World News:

 

 “I have been watching the silver price as we speak, Eric, and December delivery is trading between 2-to-3 cents below spot. So silver is clearly in backwardation according to the price quotes I receive here in London, which are based on dealings in the actual physical market. In fact, silver has been in a persistent backwardation in London even as the price of silver continued to fall these past few weeks....

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.@Grandich on #Gold

.@Grandich on #Gold | Gold and What Moves it. | Scoop.it

Just about everybody and their mother dislikes gold now. While very oversold and due for a technical rebound, you can see how determine the bears are to sell into any pop and get a break below $1,180. I think it’s best to stand aside and if there is a dramatic washout to the downside, step in when the overwhelming number of bearish articles run the inevitable headline, “last one out, turn the lights off in the gold market.”

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John Embry - Silver Is The Cheapest Asset In The World Today

John Embry - Silver Is The Cheapest Asset In The World Today | Gold and What Moves it. | Scoop.it

John Embry tells King World News:

 

“The action in silver is becoming more and more bizarre with each passing day.  Silver is the cheapest asset in the world today.  Silver was hit hard once again shortly after the opening of trading in the access market.  Silver fell about 25 cents, or 1.5 percent, in the quiet trading period.

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Chinese Gold Demand Explosive

Chinese Gold Demand Explosive | Gold and What Moves it. | Scoop.it

Wholesale demand, measured by withdrawals from the SGE vaults, accounted for an astonishing 50.3 tonnes in week 38 (September 15 -19), up 22.79 % w/w. Year to date SGE withdrawals stand at 1381 tonnes.

 

Because the SGE International Board started trading on September 18, I checked with the SGE if the total withdrawal ...

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Bearish sentiments continue to cloud Gold, support $1203

Bearish sentiments continue to cloud Gold, support $1203 | Gold and What Moves it. | Scoop.it
Over the longer term, expectations for rising rates and a stronger dollar will continue to pressure gold, keeping the price-negative macro backdrop too large a burden for any seasonal uptick in physical consumption to overturn, according to Barclays.
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Is It Time to Stash Your Cash in Your Mattress? | Uncommon Wisdom Daily

Is It Time to Stash Your Cash in Your Mattress? | Uncommon Wisdom Daily | Gold and What Moves it. | Scoop.it
Gold remains the only hedge that makes sense whether we enter a period of inflation, catastrophic deflation and/or political turmoil.
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Peak Debt----Why The Keynsian Money Printers Are Done

Peak Debt----Why The Keynsian Money Printers Are Done | Gold and What Moves it. | Scoop.it
Bloomberg has a story today on the faltering of Draghi’s latest scheme to levitate Europe’s somnolent socialist economies by means of a new round of monetary juice called TLTRO—–$1.3 trillion in essentially zero cost four-year funding to European banks on the condition that they expand their business loan books. Using anecdotes from Spain, the piece perhaps inadvertently highlights all that is wrong with the entire central bank money printing regime that is now extirpating honest finance nearly everywhere in the world.

On the one hand, the initial round of TLTRO takedowns came in at only $100 billion compared to the $200 billion widely expected. It seems that Spanish banks, like their counterparts elsewhere in Europe, are finding virtually no demand among small and medium businesses for new loans.
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oftwominds-Charles Hugh Smith: What the Global Status Quo Optimizes: Protecting Elites and the Clerisy Class That Serves Them

oftwominds-Charles Hugh Smith: What the Global Status Quo Optimizes: Protecting Elites and the Clerisy Class That Serves Them | Gold and What Moves it. | Scoop.it
The incestuous embrace of privilege and power by entrenched, socially isolated Elites characterizes failed states and brittle, doomed regimes throughout history.

Every system is optimized to serve a specific purpose. As noted in my recent essay What Metric Are We Optimizing For?, what the system optimizes is rarely explicitly stated.

Sometimes this results from not understanding the metric that the system is designed to optimize; but in other cases, explicitly describing what the system optimizes would trigger social instability.

The Status Quo around the world--from France to China to the U.S.--is optimized to protect its Elites and the sprawling Upper-Caste of academics, managers, think-tank toadies, technocrats, apparatchiks, functionaries, factotums, lackeys and apologists who serve the Elites, and are well-paid for enforcing the Status Quo on the disenfranchized castes below.
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Gold markets waiting for the Asian festive demand

Gold markets waiting for the Asian festive demand | Gold and What Moves it. | Scoop.it
In China, the Lunar New Year is Feb. 15, so manufacturers are likely to start restocking in December and January ahead of the holiday, he said.

 

By Debbie Karlson (Kitco News): Gold jewelry demand from China and India is expected to pick up as festival seasons arrive later this year and into early 2015, but buyers might be waiting for gold prices to stop skidding.


General Asian gold demand has been weak, with imports into India and China down year-to-date. Part of that has to do with import restrictions in India, and part of it has to do with the idea, at least in China, that buyers are already well-supplied after last year’s “gold rush” when prices fell about $200 an ounce in the second quarter, industry experts said. ...

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Gold price: The world's wealthy are snapping up bullion - American Hard Assets

Gold price: The world's wealthy are snapping up bullion - American Hard Assets | Gold and What Moves it. | Scoop.it
World News Precious Metals: Gold may be lingering at nine-month lows but demand for the precious metal is growing among the super rich.
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Jim Rogers Russia, China, Brazil sign deal to bypass US dollar - YouTube

Jim Rogers - Russia, China, Brazil sign deal to bypass US dollar. Jim Rogers thinks sanctions on Russia over the Ukraine crisis are bad for th.SUBSCRIBE for ...
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Senate Sponsor Exposes The Real Reason For The Fed | Zero Hedge

Senate Sponsor Exposes The Real Reason For The Fed | Zero Hedge | Gold and What Moves it. | Scoop.it
...Funding War!
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oftwominds-Charles Hugh Smith: Is the Stock Market Top In?

oftwominds-Charles Hugh Smith: Is the Stock Market Top In? | Gold and What Moves it. | Scoop.it
The pool of greater fools willing and able to buy assets at higher prices with leveraged free money has been drained by six years of credit/risk expansion.

Is the top in U.S. stocks in? The consensus is "no"--corporate profits are rising, the U.S. economy is recovering and has reached "escape velocity," i.e. it can continue expanding even as the Federal Reserve ends its monetary stimulus (QE) and plans the first increase in interest rates since the zero-interest rate policy (ZIRP) was launched in response to the Global Financial Meltdown.

Many observers have noted that global capital flows (from the risky periphery to the less-risky core) favor U.S. stocks and bonds--another reason to see the 5.5-year rally continue to new highs.
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Gold is undervalued, could rebound quickly: James Turk

Gold is undervalued, could rebound quickly: James Turk | Gold and What Moves it. | Scoop.it
James pointed out that there is so much money being printed by central banks, and its got to end up somewhere, and a lot of this money is ending up in what are perceived as safe-havens

NEW YORK: Gold prices could rebound quickly as it is undervalued according to James Turk, founder of Goldmoney.com. 

In an interview to Palisaderadio.com, James Turk said that gold rebound is possible simply for the reason that gold has had so much downwards pressure, and that gold has been so undervalued. The recent downturn could be a short-squeeze, and if it is, then we could see a 'rubber band' effect in the price. ...

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My Blog

My Blog | Gold and What Moves it. | Scoop.it
By Michael Pento of Pento Portfolio Strategies
September 27 (King World News) - Global Markets Set To Collapse

Wall Street came to a halt recently as Chinese e-commerce giant Alibaba made its initial public offering. The media became myopically focused over this so-called “historic event” and by its celebrity founder, Jack Ma. By the time the closing bell had rung, the hype and fanfare propelled Alibaba up 36 percent on its first day of trading and caused the world’s largest IPO to display a market cap worth $231 billion. The investing public seems to have forgotten the dangers associated with disregarding valuation metrics -- Alibaba is trading at a price-to-book value ratio north of 27!....
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Gregory Mannarino-We Are Going to Global War - YouTube

What happens when the global money printing stops working? Gregory Mannarino of TradersChoice.net says, “War, we are going to global war. This is the next st...
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Macy's CEO Offers An Ominous Insight About American Consumers

Macy's CEO Offers An Ominous Insight About American Consumers | Gold and What Moves it. | Scoop.it
Macy's CEO Terry Lundgren said he was expecting a rebound this year. 

It didn't happen. 

"The consumer has not bounced back with the confidence that we were all looking for," Lundgren said at the Goldman Sachs Annual Retail Conference earlier this month, weeks after the company reported sluggish second-quarter sales. 

Lundgren also said he doesn't expect things to get better in time for the holiday season. 

"The performance I think we had in the second quarter, and we expect to have in the second half, is going to be a continuation of what we’ve been able to do over the last several years — and that is to capture market share and get the most out of the consumers that are in our stores," he said. 
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Geneva Report warns record debt and slow growth point to crisis - FT.com

Geneva Report warns record debt and slow growth point to crisis - FT.com | Gold and What Moves it. | Scoop.it
A “poisonous combination” of record debt and slowing growth suggest the global economy could be heading for another crisis, a hard-hitting report will warn on Monday. The 16th annual Geneva Report, commissioned by the International Centre for
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$1200 for Gold Underpinned by Physical Demand | Alasdair Macleod | Safehaven.com

$1200 for Gold Underpinned by Physical Demand | Alasdair Macleod | Safehaven.com | Gold and What Moves it. | Scoop.it
This week saw gold rally $15 to $1233 on Tuesday before sliding to $1207 yesterday morning, then rallying in the afternoon. Silver's moves tracked gold's, bottoming out at $17.30 yesterday at the London opening. This morning precious metals ...
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Zimbabwe cuts miners royalty to boost gold output - Shanghai Metals Market

Zimbabwe cuts miners royalty to boost gold output - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
The Zimbabwean government has decided to lower the royalty on gold from 7% to 5% in an attempt to boost gold production from the country. Zimbabwe cuts miners' royalty to boost gold output
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Global Market Collapse & Wealth Destruction Is Now Upon Us

Egon von Greyerz tells King World News:

 

“It’s important to look at the consumption of commodities in China.  Right now they are declining rapidly.  Then we have the shadow banking system in China which is in a massive bubble.  In Europe, only one major economy, which is Germany, has kept the eurozone alive.  But German growth has now come to a halt.

And as we’ve discussed many times, Spain, Italy, Greece, and Portugal will not survive in their present construct.  And in spite of that these countries can borrow money at ridiculously low rates, as if there was no risk at all.  The markets don’t even understand what risk means today.

In the U.K. we have seen a slight improvement but it’s all debt and deficit based so it’s not sustainable. ...

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Survey: Three Out Of Four Americans Feel Like Recession Continues

Americans have a bleak view of the economy and their own financial situations, according to a new study from the Public Religion Research Institute.
Hal's insight:

Does that really surprise anyone? Well, yes it does, Those 1 out 4 Americans anyhow.

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