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Paul Craig Roberts - 2014 Will Be Year Of Reckoning For U.S.

Paul Craig Roberts - 2014 Will Be Year Of Reckoning For U.S. | Gold and What Moves it. | Scoop.it

Today former US Treasury official, Dr. Paul Craig Roberts, warned King World News that 2014 will be a dangerous year of reckoning for the United States.  Dr. Roberts also warned a collapse is coming that will be so powerful it will overrun the Exchange Stabilization Fund and other measures now in place by central planners to protect against such catastrohic market events.  Below is what Dr. Roberts had to say in this remarkable interview.


Dr. Roberts:  “The people who are saying that the Ukraine crisis will cause a flight to safety and a rise in the dollar’s value are overlooking the main impact of the crisis in the Ukraine which comes from Washington’s threat of sanctions against Russia.  And the Russian government replied to this threat by announcing that they were simply leaving the dollar-based payment system....

Hal's insight:

Click through for the rest of the interview. This is a sentiment that I am getting fro many fronts and many levels of income. That's worrisome. 

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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 buys most gold for reserves since ’98 - GOLD NEWS - Mineweb.com Mineweb

Russia buys most gold for reserves since ’98 - GOLD NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

The country expanded its stockpile by 37.2 metric tons in September, according to data on the IMF's website.

 

Author: Nicholas Larkin (Bloomberg)
Posted: Wednesday , 29 Oct 2014 

(BLOOMBERG)  - 

Russia boosted gold reserves by the most since defaulting on local debt in 1998, driving its bullion holdings to the largest in at least two decades.

 

The country expanded its stockpile, the world’s fifth- biggest, by 37.2 metric tons in September to 1,149.8 tons, according to data on the International Monetary Fund’s website. The increase, valued at about $1.5 billion, was the biggest since November 1998. Russian reserves, which overtook those of Switzerland and China this year, almost tripled since the end of 2005 and are at the highest since at least 1993, the data show. ...

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What in the world could Russia want with all that gold?  ;-)

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Warning: “Civil forfeiture” has just become a much more serious threat

“How can this happen?” Ms. Hinders said in a recent interview. “Who takes your money before they prove that you’ve done anything wrong with it?”

The federal government does…

The topic of civil asset forfeiture has been high on our agenda recently as federal ‘agents’ discover how to steal Americans’ hard-earned cash with zero repercussions, and decide unilaterally how much cash a ‘common man’ is allowed to carry.

But as The NY Times reports, the escalation to the IRS brings a whole new world of possibilities with regard asset confiscation based on no actual crime being proved…
Hal's insight:

This news item is growing and I've heard a number of people talking about it of late. Even my mechanic. It raises again a distant issue that I didn't think we'd see again, the seizing of gold, ie gold confiscation.

 

But I may have to reconsider that with this new power the government is wielding. 

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The Many Ways The State Taxes The Poor | Zero Hedge

Submitted by Julian Adorney via the Ludwig von Mises Institute,

Most defenders of the state assume that government services help the poor. And, sometimes, some poor people do benefit financially from government programs. But there’s a hidden cost: taxation and mandatory programs (Social Security, for instance) that hurt the needy by restricting their choices. Government taxes away income that low-income households could invest in improving their lives. At the same time, state-sponsored benefits create incentives that keep the poor trapped in poverty.

Many assume that government barely taxes the poor, but the reality is otherwise. The poorest fifth of Americans pay 16 percent of their incomes in taxes (including federal, state, and local). One in six dollars they earn goes straight to the government. For a family living at the margin, those taxes can be the difference between food on the table and hungry children.

Admittedly, a big chunk of government expenses is for programs designed to help the poor. But even when this money actually helps — and it rarely does — it’s important to note the pernicious effects of taxation. Consider: every dollar of taxes is one dollar that a worker must give to the government first, regardless of whether that dollar could help him feed his family or improve his livelihood. If a poor man is faced with the choice of paying taxes or starting a business, he had best choose the former, otherwise he’ll go to jail.
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Physical market tightness supports Gold - Shanghai Metals Market

Physical market tightness supports Gold - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
Despite the sharp recovery in the stock indices, strength in the US dollar and increase in bond yields, precious metals ended last week mostly flat in anticipation of the FOMC meeting this week.
Physical market tightness supports Gold
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Egon von Greyerz-Reset Will Be Dramatic - YouTube

Egon von Greyerz, Founder of Matterhorn Asset Management, says, “You can’t have governments borrow more than ever and have interest rates at zero. You can on...
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Worth a listen.

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Physical Silver Being Drained + A New Silver Miner Research Report

Physical Silver Being Drained + A New Silver Miner Research Report | Gold and What Moves it. | Scoop.it

Thru today (Oct 28) the U.S. mint has sold 4,365,000 silver eagles.  This is by far the highest total for October on record, with 3 business days left in the month.   It remains to be seen if 2014′s yearly total will exceed last year’s  42,675,000.  But if November and December continue at the September/October 4 million-plus rate, 2014 will smash last year’s record. Either way, the U.S. mint is selling more ounces of silver than all U.S. mines combined produce annually.

As most of you know the roughly 93% of the physical silver inventory – 1,062 tonnes has been removed this year from the Shanghai Futures Exchange ...

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India s Silver bar imports surged 36% in Sep 14: GJEPC - Shanghai Metals Market

India s Silver bar imports surged 36% in Sep 14: GJEPC - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests notable rise in Silver bar imports by the country during the month of September this year. India's Silver bar imports surged 36% in Sep '14: GJEPC
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Gold Bar Imports surged 36% in India during September - Shanghai Metals Market

Gold Bar Imports surged 36% in India during September - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
The Gems and Jewelry Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewelry for the month of September 2014. Gold Bar Imports surged 36% in India during September
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Embry - There's a degree of leverage in the system which has never been remotely approached in history

Embry - There's a degree of leverage in the system which has never been remotely approached in history | Gold and What Moves it. | Scoop.it

In reality I think we are approaching the end of yet another epic failed experiment with fiat currency, except this time it is many magnitudes of anything that has ever occurred in all of history.  This is due to the financial innovation facilitated by the staggering computing power.

The combination of unfathomable amounts of derivatives, algorithm programs, high-frequency trading, etc., has led to a degree of leverage in the system which has never been remotely approached in all of human history.

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Global Economy Has Collapsed-Andy Hoffman | Greg Hunter’s USAWatchdog

Global Economy Has Collapsed-Andy Hoffman | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
Financial analyst Andy Hoffman says the real global economy is in deep trouble, which is much to the chagrin of the Fed. Hoffman explains, “Recall last April, they started smashing gold and started with the ‘taper’ talk. The Fed figured by about this time, they’d be ready to start hiking rates. The fact is the global economy has collapsed. Our real economy has collapsed. Forget the fake PMI numbers or their ridiculous employment numbers. The economy of the world is getting worse and worse and worse.  No matter how hard they try to say yes, there is a recovery and we are tapering. Interest rates keep falling and falling. There are plunging rates despite all their talk of recovery and tapering.” Hoffman, who also has deep Wall Street experience, points to the recent sell-off in the stock market and the Fed’s reaction. Hoffman contends, “The Dow Jones propaganda average fell a whopping 9% from its all-time highs. The Fed absolutely freaked out. Within minutes, they had the Plunge Protection Team (PPT) running it back up, and no less than six Fed Governors in the space of three days came out and called for extension of QE and extension of zero-percent-interest-rates (ZERP). That’s how terrified they are, and remember, next week is when QE is supposed to end.”
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Notes From Underground: The stress tests were just the END OF THE BEGINNING.

3. Every investor and trader has to ask this question: Will the ECB and FED allow deflation to establish itself with the huge amount of debt that continues to plague the balance sheets of most of the world’s economies? The answer is NO for the lessons of 1937 populate the minds of economic policy makers in the ECB and the FED. Bernanke preached that the FED would not make the mistakes of the great Depression and Mario Draghi and Janet Yellen are both of that philosophical bent. What can be done to avoid it? I DON’T KNOW BUT THE CENTRAL BANK CHIEFS ALL PROCLAIM TO HAVE MORE TOOLS. Markets always test the policies of the governing elites. Stay vigilant and we will be monitoring market action for hints of stress and possible responses. The stress tests were just the END OF THE BEGINNING.
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James Turk - 2 Key Charts, #Gold & The Destruction Of Money

James Turk - 2 Key Charts, #Gold & The Destruction Of Money | Gold and What Moves it. | Scoop.it

James Turk tells King World News:

 

The purchasing power of fiat currency is continually eroded by central bank mismanagement until eventually confidence in the fiat currency is totally lost, meaning people stop using it. At that point, the fiat currency’s purchasing power is lost. The currency has collapsed and becomes worthless. The dead currency then gets quickly buried in the fiat currency graveyard while the same central bankers that killed it then try to float a replacement currency. 

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Are the Currency Wars Back On? - FXstreet.com

Are the Currency Wars Back On? - FXstreet.com | Gold and What Moves it. | Scoop.it
Brace yourselves, forex fellas! Another round of currency wars is starting, but economies no longer seem to be bent on gaining an advantage in trade this time.

Via jean lievens
Hal's insight:

Where the ever really off? 

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China`s `new normal` still global metals demand driver - @Mineweb.com

China`s `new normal` still global metals demand driver - @Mineweb.com | Gold and What Moves it. | Scoop.it
Although China’s growth has slipped the Asian dragon remains the key driver for metals and minerals prices and trade.

 

Author: Lawrence Williams
Posted: Wednesday , 29 Oct 2014 

LONDON (MINEWEB) - 

 

Consensus opinion at last week’s Bloomberg East meets West seminar in London was that the latest growth figures from China, which have been considerably lower than those of the previous few years, are indeed the ‘new normal’ rather than just a downwards blip.  


Government policy now seems to have abandoned the growth-at-any-costs scenario, which saw double digit GDP growth, to a more sustainable level which seems more likely to encompass annual growth figures of between 5% and 8%.   ...

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CEO Went Against the Petrodollar and Dies a Mysterious Death. Who Holds a Monopoly on the Truth?

CEO Went Against the Petrodollar and Dies a Mysterious Death. Who Holds a Monopoly on the Truth? | Gold and What Moves it. | Scoop.it
The energy-sector geopolitical chess match just got kicked into higher gear with the death of Total SA CEO Christophe de Margerie.
Hal's insight:

Big money = big consequences

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Does This Look Like A Housing Recovery To You?

Does This Look Like A Housing Recovery To You? | Gold and What Moves it. | Scoop.it
We just learned that the homeownership rate in the United States has fallen to the lowest level in 19 years.  But of course this is not a new trend.  As you will see in this article, the homeownership rate in the United States has been in a continual decline for more than 7 years.  Obviously this is not a sign of a healthy economy.  Traditionally, homeownership has been one of the key indicators that you belong to the middle class.  When people define "the American Dream", it is usually one of the first things mentioned.  So if the percentage of Americans that own a home has been steadily going down for 7 years in a row, what does that tell us about the health of the middle class in this country?
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Gold: A better footing for prices in the short term - Shanghai Metals Market

Gold: A better footing for prices in the short term - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
Gold market focus will shift to the FOMC meeting this week, at which Barclays economists expect the Fed to end QE3.
Gold: A better footing for prices in the short term
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The Big Question: Have We Seen The Bottom In Gold & Silver?

The Big Question: Have We Seen The Bottom In Gold & Silver? | Gold and What Moves it. | Scoop.it
People want to know the answer to the all-important question: Have we seen the bottom in gold and silver? To help answer this major question, below are two important charts which cover two of the largest gold and silver producers in the world. The first one features Barrick Gold. The stock has fallen back to an extremely important support level dating back to 1998. Since then, Barrick has never traded below this
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oftwominds-Charles Hugh Smith: Globalization = Permanent Instability

oftwominds-Charles Hugh Smith: Globalization = Permanent Instability | Gold and What Moves it. | Scoop.it
Globalization continually creates imbalances that fuel a perpetual instability that gradually impoverishes every sector other than global capital.

Globalization has two guaranteed consequences: permanent instability and endless boom-and-bust cycles. As noted in Forget "Free Trade"--Focus on Capital Flows, the key engine of globalization is mobile capital: capital that can borrow money for next to nothing in one nation and then move that capital to other nations where yields are higher and opportunities for exploitation riper.
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Richard Russell - Here Is What I’ve Learned After 90 Years

Richard Russell - Here Is What I’ve Learned After 90 Years | Gold and What Moves it. | Scoop.it

Russell tells King World News:

 

“The world situation is as complicated as I’ve ever seen it. So let’s try to make it simple. The world is in a state of deleveraging and deflation. Europe is close to recession. Germany, the engine of the European economy, is stalling. China, now arguably the world’s largest economy, is running out of gas. Brazil is slumping, as is Japan. The only economy in the world that appears to have a strong heartbeat is the US. The great fear today is that the world may sink into a downward spiral of deflation. The Central Bank of Europe would like to join the Fed in Quantitative Easing. But Germany, which is terrified of inflation, will not stand for QE.
 
Thus it falls on the Federal Reserve to save the world from the terror of deflation. Will the Fed shut down QE as it claims? Or will it reverse its schedule of ending QE by the end of this month? The Fed has already bought nearly $4 trillion of bonds in its QE operations, and it hesitates to buy more.
 
The Fed meets tomorrow and Wednesday, after which we will discover what it intends to do. As matters stand now, the stock market is almost motionless as it awaits the Fed’s decision. Gold bullion has backed off slightly, but the gold mining stocks have been hit hard. The gold miners are cheap, hated and showing signs of stabilizing. Many speculators feel that the gold mining stocks are selling like perpetual warrants and can be bought as long-term holdings. I think the stock market’s constructive action will encourage the Fed to shut down QE as promised. But it is only after QE is actually shut down that we will know the rest of the story.

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New London gold benchmark to go live in early Q1 2015 LBMA - Shanghai Metals Market

New London gold benchmark to go live in early Q1 2015 LBMA - Shanghai Metals Market | Gold and What Moves it. | Scoop.it
A new electronic gold price mechanism is expected to be in operation early in the first quarter of 2015, replacing the century-old gold benchmark. New London gold benchmark to go live in early Q1 2015 -LBMA
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We Don't Have One Problem-We Have Three Interlocking Sets of Problems | oftwominds-Charles Hugh Smith

We Don't Have One Problem-We Have Three Interlocking Sets of Problems | oftwominds-Charles Hugh Smith | Gold and What Moves it. | Scoop.it

The additional sets of problems added as "solutions" only guarantee that the third and final crash of asset bubbles just ahead will be far more devastating than the crashes of 2000 and 2009.

The conventional view tacitly assumes the global economy is dealing with one problem: recovering from the Global Financial Meltdown of 2008-09. Stimulating a "recovery" has been the focus of central banks and states everywhere.

Short-sighted political expediency is a hallmark of the modern state's reaction to crisis, but political expediency isn't the only flaw in the central banks/states' obsessive focus on "recovery;" it's not even the primary flaw.

The real flaw is the central banks/states don't even recognize that we face three interlocking sets of problems, not one. ...

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7 Things the Middle Class Can’t Afford Anymore

7 Things the Middle Class Can’t Afford Anymore | Gold and What Moves it. | Scoop.it
Though there is some debate over the exact income a middle class household brings in, we do have an idea of who the middle class are — most working class people. Today’s bourgeoisie is composed of laborers and skilled workers, white collar and blue collar workers, many of whom face financial challenges. Bill Maher reminded us a few months back that 50 years ago, the largest employer was General Motors, where workers earned an equivalent of $50 per hour (in today’s money). Today, the largest employer — Walmart — pays around $8 per hour.

The middle class has certainly changed. We’ve ranked a list of things the middle class can no longer really afford. We’re not talking about lavish luxuries, like private jets and yachts. The items on this list are a bit more basic, and some of them are even necessities. The ranking of this list is based on affordability and necessity. Therefore, items that are necessity ranked higher, as did items that a larger percentage of people have trouble paying for.
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Central Bank Vampires @JessesCafe

Central Bank Vampires @JessesCafe | Gold and What Moves it. | Scoop.it
Unlike the fiends of folklore fright;
No coffin holds them safe for night.
Our Vampires live amongst our ranks;
And haunt us from their central banks.

A. S.
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Taper Tale is Tall and Long For Gold

Taper Tale is Tall and Long For Gold | Gold and What Moves it. | Scoop.it

David Engstrom writes:

 

When the Fed first announced it would begin tapering its asset buying programs, my phone began to ring with the trillion dollar question.  What will that do to stocks?

 

I think very few people believed the markets or the economy could survive without the benefit of multi-trillion dollar stimulus.  Face it, we’re addicted to printed money.  We can debate all day whether the data show we are in recovery, or that inflation is in check, or that debt is under control but let’s start with one fact we can all agree on.  Market uncertainty is prevalent as ever.

 

For the year, stock indices have been all over the place.  They have been down for the year, up to record highs, back into negative territory and now somewhere in between.  The economy has also sent mixed signals with GDP growth reported in both negative and positive territory.  At best, the jury is still out on tapering and its effect on the markets and the economy.  Or is it?

 

Throughout 2014 total Fed asset purchases will come in around $415 billion.  That is assuming the program ends as scheduled this month.  But here’s a shocker.  While the Fed has been tapering ...

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