Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
Curated by Hal
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China housewives help Gold during price plunge

China housewives help Gold during price plunge | Gold and What Moves it. | Scoop.it
China's latest hunger for gold began in middle of last month following a decline in global gold prices after Cypriot authorities made a commitment to sell excess reserves.

 

BEIJING(BullionStreet): What could be the major reason behind gold's immediate come back from the recent plunge, some says it's the bulk buying Chinese housewives.

 

"Chinese housewives" spent 100 billion yuan ($16 billion) over the past two weeks purchasing 300 tons of gold and thus helping to sustain gold prices at $1,468 an ounce, according to "Voice of China" a radio program.

 

The program said 'Chinese gold rush"' has prevented short selling, where gold is sold and then bought back when prices fall. ...

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Turkey sells more Gold to Iran in March

Turkey sells more Gold to Iran in March | Gold and What Moves it. | Scoop.it
However, overall Turkish gold exports declined by 15 percent to $467.6 million, TUIK added.

 

ANKARA(BullionStreet): Amid all sanctions and blockades, Turkey exported more gold to Iran in March.

 

According to Turkish Statistics Institute, the country exported almost $381 million worth of gold to the Islamic Republic in March. After rising throughout the last year, Turkey’s gold exports to Iran peaked at $1.8 billion in July.

 

Turkey sold no gold to Iran in January as banks and dealers eyed the Feb. 6 implementation of U.S. sanctions that tightened control over precious metal sales, but the trade resumed as Turkey has exported $117.9 million gold to Iran in February. ...

Hal's insight:

Someone must be liking how all those sactions are working.

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Foreign Holdings of US Securities Explodes

Foreign Holdings of US Securities Explodes | Gold and What Moves it. | Scoop.it
Foreigners now hold a record of more than $13 trillion in American securities.
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Federal Reserve ponders possibility of increasing stimulus

Remarks reveal worries about the pace of the economy’s recovery.

 

By Ylan Q. Mui, Wednesday, May 1, 2:55 PM

The Federal Reserve on Wednesday broached the possibility of increasing its massive stimulus program if the economy weakens, suggesting it remains worried that the recovery could stall.

 

The Fed has been purchasing $85 billion in bonds a month in an effort to keep long-term interest rates low and stoke demand. The program is tied to improvement in the labor market, and officials had begun talking about tapering it off after several strong months of job growth earlier this year.

 

But after its two-day policy-setting meeting wrapped up Wednesday, the central bank explicitly stated for the first time that it could increase, as well as reduce, bond purchases “as the outlook for the labor market or inflation changes.” ...

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VIDEO: Huge gold demand underlies marketplace

VIDEO: Huge gold demand underlies marketplace | Gold and What Moves it. | Scoop.it
Veracity of consumers' appetite for the yellow metal caught many dealers by surprise.
Hal's insight:

Click over for the full video. Good video.

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Year of the yuan: China's explosive currency goes global — RT Business

Year of the yuan: China's explosive currency goes global — RT Business | Gold and What Moves it. | Scoop.it

The ‘people’s currency’ of China is redefining the global economic monetary system. The closed-capital pariah is blossoming into a reserve standard and is hedging appeal against the indebted dollar and the untested euro, piquing foreign interest.

 

Degenerating credit quality across the board has prompted asset managers to shy away from the dollar, euro, Japanese yen, British pound, and Swiss franc. And some are turning to the yuan, a currency that 10 years ago was completely off limits to foreign investors.

 

An HSBC forecast projected that by 2015, the yuan will become one of the three most used currencies in global trade, in league with the dollar and euro. The report, issued in April, also foresees a third of China’s cross-border transactions being carried out in yuan.

 

China has been making a concerted effort to establish itself as an international currency reserve. China already has agreements with Russia, Vietnam, Thailand, and Japan allowing trade to be settled in yuan instead of dollars ...

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Harvey Organ's - physical gold continues to leave London with 2.14 tonnes of gold departing the GLD for the shores of China/and or Russia

Harvey Organ's - physical gold continues to leave London with 2.14 tonnes of gold departing the GLD for the shores of China/and or Russia | Gold and What Moves it. | Scoop.it

... physical gold continues to leave London with 2.14 tonnes of gold departing the GLD for the shores of China/and or Russia.  

We had good commentaries today from Mark Grant, Ambrose Evans Pritchard, Jim Sinclair, Rosie Murray West of the UK Telegraph, Michael Kreiger on CME President Duffy, Bill Murphy and James Turk on Barrick and Pascua Lama and Glenys Sim of Bloomberg on gold's huge demand. 

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Where the heck is all the silver coming from that's disappearing into all these silver funds - Ed Steer

Where the heck is all the silver coming from that's disappearing into all these silver funds - Ed Steer | Gold and What Moves it. | Scoop.it

Ed Steer writes:

 

In the last eight calendar days there has been 4.3 million ounces of silver added to SLV...and during that same period 600,000 troy ounces of gold have been withdrawnfrom GLD.  Something does not compute here...and that story about "investor liquidation" in GLD is getting a little tired.  It appears that there is something else going on that we aren't privy to, at least for the moment.

 

The good folks over at Switzerland's Zürcher Kantonalbank...for the week ending at the close of trading on Monday...reported that 33,111 troy ounces of gold were withdrawn from their gold ETF but, for the second week in a row, more silver was added to their silver ETF.  This time it was 169,402 troy ounces.  Where the heck is all the silver coming from that's disappearing into all these silver funds? ...

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Bill Gross: "There Will Be Haircuts" | Zero Hedge

Bill Gross: "There Will Be Haircuts" | Zero Hedge | Gold and What Moves it. | Scoop.it

The highlights from Bill Gross' monthly outlook letter: "The past decade has proved that houses were merely homes and not ATM machines. They were not “good as money.” Likewise, the Fed’s modern day liquid wealth creations such as bonds and stocks may suffer a similar fate at a future bubbled price whether it be 1.50% for a 10-year Treasury or Dow 16,000.... if there are no spending cuts or asset price write-offs, then it’s hard to see how deficits and outstanding debt as a percentage of GDP can ever be reduced....  Current policies come with a cost even as they act to magically float asset prices higher, making many of them to appear “good as money”.

 

And the take away: "PIMCO’s advice is to continue to participate in an obviously central-bank-generated bubble but to gradually reduce risk positions in 2013 and perhaps beyond. While this Outlook has indeed claimed that Treasuries are ...

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Embry - This May Create A Massive Upside Breakout In Gold

Embry - This May Create A Massive Upside Breakout In Gold | Gold and What Moves it. | Scoop.it

Today John Embry asked the question, why should gold and silver investors worry?  He then told King World News about a key situation which may create a massive upside breakout in gold.  Embry also commented on the massive global physical demand for the metals.  Below is what Embry, who is chief investment strategist at Sprott Asset Management, had to say in his tremendous interview:


Embry:  “What I am focused on right now is this whole paper gold market and the fact that the gold in the banking system has been hypothecated and rehypothecated so many times that nobody knows who owns what.  


We’re seeing more and more evidence that the market is getting tighter and tighter, and I believe there will be a run on physical gold because of this.  When these various people and entities find out they don’t really own the gold they think they do, there is going to be an amazing reaction....


Hal's insight:

Click over for the full interview. Paper gold has long been a thorn in a lot of our flesh... well those who would rather own physical anyway.

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WHAT WEALTH REALLY IS | Louis Scatigna, Author of The Financial Physician

WHAT WEALTH REALLY IS | Louis Scatigna, Author of The Financial Physician | Gold and What Moves it. | Scoop.it

Lou Scatigna


When people build wealth, they can become myopic. As they acquire more money, their vision can narrow and they can lose sight of everything else, especially the bigger picture. They can become so involved in getting rich that all they think about is making money and it’s all they want to do.

 

So they devote their time to building fortunes, which take away from other aspects of their lives. They become obsessive and spend less time at home with their families. When they’re home, they’re disconnected — their minds are somewhere else. Financially, they prosper, but their families suffer. Their children often have problems, become resentful and act out.

 

Although they work tirelessly and earn lots of money, many never truly enjoy the fruits of their success. Sooner or later, something crashes and they can’t understand why it happened to them.


DIAGNOSIS 

 

It’s easy to get diverted. You can be moving smoothly on course, when something suddenly intervenes and before you know it you’re headed in a new and different direction, not where you intended to go. Money frequently has that affect. When it enters the picture, it can throw everything off track.

 

Passion can also be a problem. When you want something deeply, you may go after it with all your heart. You focus on your objective ...

Hal's insight:

Click through for the rest.

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Will The New Housing Bubble That Bernanke Is Creating End As Badly As The Last One Did?

Will The New Housing Bubble That Bernanke Is Creating End As Badly As The Last One Did? | Gold and What Moves it. | Scoop.it

Federal Reserve Chairman Ben Bernanke has done it.  He has succeeded in creating a new housing bubble.  By driving mortgage rates down to the lowest level in 100 years and recklessly printing money with wild abandon, Bernanke has been able to get housing prices to rebound a bit.  In fact, in some of the more prosperous areas of the country you would be tempted to think that it is 2005 all over again.  If you can believe it, in some areas of the country builders are actually holding lotteries to see who will get the chance to buy their homes.  Wow - that sounds great, right?  Unfortunately, this "housing recovery" is not based on solid economic fundamentals.  As you will see below, this is a recovery that is being led by investors.  They are paying cash for cheap properties that they believe will appreciate rapidly in the coming years.  Meanwhile, the homeownership rate in the United States continues to decline.  It is now the lowest that it has been since 1995.  There are a couple of reasons for this.  Number one, there has not been a jobs recovery in the United States.  The percentage of working age Americans with a job has not rebounded at all and is still about the exact same place where it was at the end of the last recession.  Secondly, crippling levels of student loan debt continue to drive down the percentage of young people that are buying homes.  So no, this is not a real housing recovery.  It is an investor-led recovery that is mostly limited to the more prosperous areas of the country.  For example, the median sale price of a home in Washington D.C. just hit a new all-time record high.  But this bubble will not last, and when this new housing bubble does burst, will it end as badly as the last one did?

 

Federal Reserve Chairman Ben Bernanke has stated over and over that one of his main goals is to "support the housing market" (i.e. get housing prices to go up).  It took a while, but it looks like he is finally getting ...

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Harvey Organ's - 2.41 tonnes of gold departing for the shores of China/and or Russia

Today, physical gold continues to leave London with 2.41 tonnes of gold departing for the shores of China/and or Russia.  Silver saw an advance of almost 1/2 million oz.

Cyprus announced that 90% of depositors over 100,000 euros will lose their hard earned cash:  37.5% will go for worthless Bank of Cyprus shares, 22.5% will be held as a buffer and 30% will be held "temporarily" as an additional buffer.  Trust me, they will never get back that money.

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The Fatal Disease of the Status Quo: Diminishing Returns

The Fatal Disease of the Status Quo: Diminishing Returns | Gold and What Moves it. | Scoop.it

The costs of maintaining a sclerotic, cartel-state Status Quo infected with incurable diminishing returns eventually exceed the carrying capacity of the real economy and the Status Quo collapses in a heap.


On the surface, the Status Quo appears stable, if not quite healthy. This stability is illusory, however, for the Status Quo has a fatal disease: diminishing return. The basic idea of diminishing return is closely related to marginal utility and marginal return: the more capital, energy and labor committed to a project, the lower the return/yield/output.Diminishing return works in two ways:
1. Output (yield) remains stable, but it requires an ever-increasing input of capital, energy and labor to maintain that output. ...
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Yamada - 3 Absolutely Incredible #Gold Charts & Commentary

Yamada - 3 Absolutely Incredible #Gold Charts & Commentary | Gold and What Moves it. | Scoop.it

By Louise Yamada Technical Research Advisors, LLC ("LYA") tells King World News:

 

While we attempt to follow only the technical evidence, there has been a lot of chatter of the hand of manipulation in this Gold decline, raising even conspiratorial questions.  Firstly, major banks recently went out with Sell recommendations (and anecdotally set themselves up to benefit from short sales).


Secondly, that the U.S. and ECB, in continuous competitive currency devaluation, may not want the public to benefit from owning the safe haven protection of Gold against such devaluations, preferring to force money into equities.  Thirdly, the fear of confiscation, an event that took place recently with a European being relieved of $6M in gold at a border crossing leaving one to wonder whether even Gold will be safe.


The most plausible reason may relate to the above-mentioned sudden unwinding of structured products around Gold, resultant sales and margin calls.  Nevertheless, apparently, over months, the holdings of Gold held at Comex warehouses plunged by the largest ever since record keeping began in 2001; reasons unknown.

Hal's insight:

Be sure to click through for the full article. It's rather interesting.

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Sri Lanka banks hit hard by recent Gold plunge

Sri Lanka banks hit hard by recent Gold plunge | Gold and What Moves it. | Scoop.it
Economists fear that customers may be attracted towards purchasing fresh stocks of gold at the reduced price, as against retrieving their gold articles, pawned previously to banks and financial institutions.

 

COLOMBO(BullionStreet): Days after Sri Lanka central bank governor said falling prices are an opportunity for the country to raise gold reserves, economic analysts warned that the recent drop would inevitably have an adverse impact on this country's banking sector.

 

They said some banks may even face collapse, if this trend continues further. A similar situation was reported in the US, when the real estate prices declined there, they further pointed out.

 

During the recent gold plunge, the value of a gold sovereign dropped from Rs 40,000 to Rs 30,000 in Sri Lanka. ...

Hal's insight:

So it's not really the reason one might first think, ie losing investments in gold. It's because people who would otherwise be using the bank to store wealth are taking their money and buying gold. Yet another example of why bankers don't like gold.

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Begins Gold Dealer Shutdown | Jeff Berwick | Safehaven.com

Begins Gold Dealer Shutdown | Jeff Berwick | Safehaven.com | Gold and What Moves it. | Scoop.it

If you don't own gold yet, you might really want to hurry up and get some. We keep saying it, but this time it's not just because physical precious metals are getting incredibly scarce. Purchasing gold may become outright illegal if what's going on in Connecticut is any indication. Even if Connecticut's plan to track all gold sales isn't a harbinger for a modern day Roosevelt-like ban on gold ownership, it will at the very least drive gold bullion dealers out of business with the cost of complying with the new regulation. That will create artificial scarcity in Connecticut and could set a precident for other US States ...

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U.S. Mint gold bullion coins sales soar in April to highest in 3 years - Mineweb

U.S. Mint gold bullion coins sales soar in April to highest in 3 years - Mineweb | Gold and What Moves it. | Scoop.it

Author: Dorothy Kosich
Posted: Wednesday , 01 May 2013 

RENO (MINEWEB) - 

 

U.S. Mint figures show American Eagle gold coin sales hit a three-year high of 209,500 ounces in April, the highest since December 2009 sales of 231,500 coins. These figures include 187,500 one-ounce American Eagle bullion coins.


Year-to-date total gold coin sales now stand at 502,000 ounces as of Tuesday, April 30th. American Eagle one-ounce bullion coins sales now stand at 434,000 ounces as of that date. U.S. Mint spokesman Michael White told Bloomberg that the one-ounce gold bullion coins are the most popular for investors. ...

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Notes From Underground: May Day! May Day! May Day!

Notes From Underground: May Day! May Day! May Day! | Gold and What Moves it. | Scoop.it

The international distress call is going out from Europe as the overall eurozone unemployment rate reached 12.1%. Germany had a low rate of 5.4% while Spain was more than 27%. So how is theECB to do deal with the huge discrepancy between the economic performance of its 17 members? If the austerians are being relegated to economic purgatory then the pressure on the ECB to act will be diminished. Cutting rates for the sake of a show of action will be a detraction from the bigger political issue. Why irritate the Bundesbank and Chancellor Merkel by moving the ECBlending rate by a measly 25 basis points? ...

Hal's insight:

Be sure to click through for the full post and check out all the charts.

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Gold and Silver Plummet in April, US Mint Bullion Coins Soar

Gold and Silver Plummet in April, US Mint Bullion Coins Soar | Gold and What Moves it. | Scoop.it

Gold futures climbed higher for a second session Tuesday, trimming from what still remained a hefty April loss.


Gold for June delivery added $4.70, or 0.3%, to settle at$1,472.10 an ounce on the Comex in New York. That brought the monthly decline to $123.60, or 7.8%, and the year-to-date loss to$203.70, or 12.2%.

 

Gold prices jumped 4.2% last week, marking the first weekly gain in five weeks as physical demand for gold bars and gold coins soared. ...

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Arizona Becomes 2nd State To Make Gold & Silver Legal Tender | Zero Hedge

 

 

The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.

 

...

 

The bill calls for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government.

 

If signed into law, Arizona would become the second state in the nation to establish these precious metals as legal tender. Utah approved such legislation in 2011.

 

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Gottcash.com Penny Auction's curator insight, May 2, 2013 11:29 AM

And you thought precious metals were nothing more then a some would say a collectable.

 

Now there's 2 states in the country that allow for both gold and silver to be "legal tender".

 

Funny thing...

 

I always thought it was.

 

As the economy and the world slip and slide, it will be even more importnat (and safe too) to have your own silver and gold that you can hang on to.

 

If you'd like to see what you can pick up at auction (get a good price) depending how the bids go.... 

 

You can grab FREE BIDS over at www.GottCash.com 

 

Don't worry.

 

Even if someone out bide you, you can still use those bids to buy something so nothings wasted.

 

www.GottCash.com the safest and fairest penny auction site on the net and the biggest in New England.

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Fleckenstein - Massive Shorts May Create Squeeze In Gold

Fleckenstein - Massive Shorts May Create Squeeze In Gold | Gold and What Moves it. | Scoop.it

Bill Fleckenstein tells King World News:


“Most likely what we are seeing is that $1,400 and maybe some level below $1,500 might be the wrong price as physical buying takes up whatever metal is on offer.  This price was created by a lot of paper selling (in the first place).  The paper market can be quite big, right?  So since the paper market is so much bigger than the physical market on any given day, in the short-run the paper market is what matters. 


Now we have a position whereby, based on the Commitment of Traders Report, the large specs have the largest short position ever, and the small specs have their largest short position ever.  So we know there is a big short in the paper market, and we know physical demand is quite strong.  That ought to be a recipe for higher prices.  I guess we’ll find out shortly.  


One of the things people have to be careful of is that sometimes the shortages you see in the physical market are a function of the fact that refinery capacity is somewhat constrained.  But in this case what I think is this is the wrong price (for gold).  The under $1,500 price is the wrong price. ...

Hal's insight:

If this price is wrong then what we are saying is the market is rigged and not free to set its own prices. Think about that for a bit.

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Fourth Quarter Spiked Income and Boosted Taxes - Biderman's Money Blog

Fourth Quarter Spiked Income and Boosted Taxes - Biderman's Money Blog | Gold and What Moves it. | Scoop.it

April income tax payments sent in by individuals are surging, up by more than $50 billion over April 2012 and higher by $63 billion year to date. That means to me that year end 2012 income from asset sales and bonuses had to have spiked by around $300 billion to generate that $63 billion in bigger tax payments. I know, this is a lot of numbers and some of you should read the transcript instead of this video. To go back, in other words anticipation of this year’s higher taxes created a one time 10 percent pop in income over those few months the $300 billion became income!

 

And all you GDP watchers out there will never see that pop. Why? The US Bureau of Economic Analysis, which puts the garbage in garbage out GDP number, in its infinite wisdom ignores capital gains as well as any and all real time data. Why? Who knows. You ask them, they won’t answer me.

So no wonder the economy looked great to start this year. The $300 billion income spike created a very rosy glow particularly since none but us at TrimTabs were saying that the year pop in income was a one time event. Checking my year end videos I was guessing $100 to maybe $200 billion in higher income, not $300 billion.

 

Right now, over the past three weeks, wage and salary growth has slowed to less then 3 percent year over year ...

Hal's insight:

Click over for the full video.

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World Changing Events & The Global Run On Gold And Silver

World Changing Events & The Global Run On Gold And Silver | Gold and What Moves it. | Scoop.it

Robert Fitzwilson tells King World News:  “We could see some real fireworks in the markets in the next few weeks.  This past week saw a run on bullion, particularly silver.  We also found out that inventories of gold and silver are dropping precipitously at the well-known bullion repositories, particularly Western central banks and commodity exchanges.  


Refiners are severely backlogged, inventories of popular products have been depleted, and premiums on available items have gone up significantly.  Panic buying swept the globe since the coordinated takedown of paper prices for precious metals.  It feels as if we are very close to some sort of resolution with the potential for world changing events.  There is no question that a form of a bank run on gold is occurring all over the world.

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caleb leef's curator insight, September 8, 2014 4:15 AM

it would be good if there was a gold rush in new zealand.

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Lear Capital Announces Its Executive Sponsorship of Kentucky Derby Frontrunner, Goldencents with a Winners’ Circle Gold Coin Contest

Lear Capital Announces Its Executive Sponsorship of Kentucky Derby Frontrunner, Goldencents with a Winners’ Circle Gold Coin Contest | Gold and What Moves it. | Scoop.it
Lear Capital (http://www.learcapital.com/goldencents) is sponsoring Kentucky Derby frontrunner, GoldenCents with its Winners’ Circle Gold Coin Contest.

 

Santa Monica, CA (PRWEB) April 30, 2013

 

Lear Capital is sponsoring Kentucky Derby frontrunner, GoldenCents with its Goldencents Winners’ Circle Contest. Leading up to the running of the 139th Kentucky Derby, visitors to LearCapital.com are invited to guess GoldenCents’ lap time, worth in gold and the location of the Lear Capital corporate sponsorship logo on the jockey uniform. Participants will be in the running for a chance to win free Gold or Silver Coins and other great prizes. Entries can be made here:http://www.learcapital.com/goldencents.

 

Lear Capital President, Kevin DeMeritt, recently described the motivation behind the sponsorship of Goldencents by saying, “as a young horse, GoldenCents and his jockey have defied many odds in their pursuit of the Winners’ Circle. At Lear Capital we too understand the value of rising to the occasion to deliver superior products and services in a highly competitive field. The GoldenCents’ team story is one that many of our talented employees and clients can relate to.

 

Demeritt went on to say, “GoldenCents is a 3-year-old Colt bred from Kentucky by Karyn Pirrello. The horse is owned by W.C. Racing, Dave Kenney and Louisville Cardinals coach Rick Pitino. Doug O’Neill, trainer of “I’ll Have Another”, winner of last year’s Kentucky Derby and Preakness is also behind GoldenCents. 29-year-old Kevin Krigger is competing to become the first black jockey to win the Kentucky derby since 1902. He is from the Virgin Islands and began riding at a young age.”

 

Lear Capital is excited to watch the event and hopes to excite their clients as well. Lear Capital is holding a contest for the public to guess GoldenCents’ finishing time, worth in gold and location of sponsorship on the jockey. The prizes include gold and silver coins, discounts, gift certificates, Lear Capital merchandise and DVDs. For more information, please check out http://www.learcapital.com/goldencents.

 

Lear Capital is going all in for the 2013 Kentucky Derby by placing its brand behind such an intriguing story.

 

GoldenCents is currently boasting 6/1 odds to win the race. Only two other horses have better odds of winning the Kentucky Derby, so he has a very favorable chance to win among 25 horses. In the past weeks, GoldenCents’ rank has increased dramatically from being a top 10 horse to now a top 3. GoldenCents placed 1st at Santa Anita as an underdog and we see this being a very similar situation.

 

To enter to win, simply go to http://www.learcapital.com/goldencents and enter your guesses. Winners will be notified shortly after the race.

 

About Lear Capital: 

 

Lear Capital (http://www.learcapital.com) has been America's Precious Metals leader since 1997, helping customers diversify their portfolios with bullion, premium rare coins, and the addition of physical gold and silver to IRA accounts. For investors looking to realign their asset allocation, maintain an aggressive hedge against global volatility, or secure tangible retirement protection, Lear Capital has a plan. They provide a personal account representative, a secure ordering environment, and a "real-time" investment relationship that keeps customers abreast of spot pricing, precious metals news, and economic events that impact savings and retirement accounts.

Hal's insight:

Hat tip to https://twitter.com/scottcarter/status/329369118375542786

 

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