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.
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Duty hike boosts Gold smuggling in India

Duty hike boosts Gold smuggling in India | Gold and What Moves it. | Scoop.it
Despite India's best efforts to curb illegal gold imports, which included a boost to the nation's customs in 2012, gold smuggling has been rather rampant.

 

MUMBAI(BullionStreet): Cases of smuggled gold entering India are coming in thick and fast. Almost as fast as gold coins and jewellery pieces are flying off retail shelves.

-- A brother-sister duo who arrived in Hyderabad by an Emirates flight from Dubai, were arrested for trying to smuggle in 8kgs of gold ornaments.

-- Mumbai airport custom officials arrested a Somali national with a Dutch passport, for attempting to smuggle in 5kgs of gold. -- Eighteen kgs of gold were confiscated in Hyderabad and Chennai at their respective airports.

-- Seven people including three Sri Lankans were arrested by Indian Customs officials at the Chennai airport trying to smuggle ...

Hal's insight:

LOL I'm shocked. Shocked, I say.

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Russia may raise Gold output by 5% every year till 2020

According to Russian Gold Industrialists' Union, country's gold production is likely to increase by 5 percent this year from 226 tonnes in 2012.

 

MOSCOW(BullionStreet): A day after Russian central bank announced adding 570 tons of gold to it's reserves in the last ten years, a top industry body sees country’s gold production at 226 tons in 2012.

 

According to Russian Gold Industrialists' Union, country's gold production is likely to increase by 5 percent this year from 226 tonnes in 2012.

 

The Union said Russia may increase production by 5 percent a year till 2020 if gold prices remain high. In 2011, Russia produced 222 tons of gold, driven by the development of Polyus Gold's projects. ...

Hal's insight:

Russia, like China, has a game plan for the chaning currency landscape and gold is key to that plan.

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Iran may use Revolutionary Guards to smuggle Gold

The Islamic republic began to demand gold in exchange for oil after it was ejected from the SWIFT international electronic banking system last year.

 

TEHRAN(BullionStreet): Iran has formed a large network of private front companies to engage in gold trade for the nation after US led economic sanctions blocked all legal routes.

 

According to reports, the Iranian regime even recruited members of it's elite Revolutionary Guards for the purpose to circumvent the economic sanctions.

 

As per the new plan, members of the RG flew to different destinations of the world to physically carry gold back to Iran.

 

Iran is not known to release any official statements about ...

Hal's insight:

LOL Which is to say, they are moving a lot of gold.

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Turkey sees no immediate end to Iran Gold flow

Turkey sees no immediate end to Iran Gold flow | Gold and What Moves it. | Scoop.it
Iranians buy gold in Turkey, and couriers carry bullion worth millions of dollars in hand luggage to Dubai, where it can be sold for foreign currency or shipped to Iran.

 

ANKARA(BullionStreet): Turkey denied any direct gold exports to Iran but said private firms were responsible for gold flow to the Islamic Republic.

 

According to Turkish Economy minister Zafer Cagalyan, US sanctions is not applicable to Turkey and to Turkish private firms. He said private firms from even the US and UK were involved in gold trade to Iran.

 

US continued it's efforts to block gold sale to Iran and persuaded the UAE last month to end providing safe routes to Iran.

 

Since then, trade in Turkish gold bars to Iran via Dubai is drying up as banks and dealers increasingly refuse to buy the bullion to avoid ...

Hal's insight:

Effects of the on going currency war.

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India banks may be allowed to hedge risks on bulk Gold purchase

The RBI panel is of the opinion that buyback of coins might help recycle the domestically available gold which is estimated at 18,000-20,000 tonnes

 

NEW DELHI(BullionStreet): Indian central bank's recommendations to allow people to sell gold coins to banks is a right step towards cutting gold imports, analysts said.

 

The move will allow people to approach a responsible buyer rather than going to any private dealer and also enable them to get maximum prices for their gold.

 

Further, the group said banks could be allowed to use the futures markets to hedge risks in bulk gold purchases.

 

Banks can also benefit as the move helped them to better manage the cost-structures and will also help them to improve revenue by reselling the coins.

 

A panel constituted by the Reserve Bank of India to suggest measures to manage gold demand recommended that banks be allowed to buy back gold coins, which is not permitted now. ...

Hal's insight:

Hmm.. Anyone thinking this is a way for the gov to encourage people to get gold out of their hands?

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Russia to keep searching for more Scythian Gold

Scythians believed, like the Egyptians, that they could take their wealth with them into the afterlife.

 

MOSCOW(BullionStreet): Russia announced further plans to search for the Scythian gold in the country's far east. 

The Russian Geographical Society (RGS) will lead search parties in Tuva and to examine the New Siberian Islands.

 

There are straits under the ice there that have not been explored yet. Another volunteer expedition to Siberian Tuva will be the most large-scale project of the Russian Geographical Society this year.

 

However, ahead of construction work scientists and volunteers from 28 countries will examine all barrows and ancient settlements there. Since the major recovery more than a decade ago, Russia is yet to strike it rich with Scythian gold.

 

Almost 5,000 decorative gold pieces, earrings, pendants and beads ...

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Big Move In Gold – Peter Grandich

Big Move In Gold – Peter Grandich | Gold and What Moves it. | Scoop.it

After 30 years playing the markets and watching gold intra-day patterns for far too long, I sense we’re close to a major move. My heart says up but my brain is saying be careful. The above technical pattern suggests we’re close to such a move and they’re often quite extensive out of a technical pattern like this.


Yesterday was yet another day of scratching one’s head and feeling a sense of manipulation afoot. You just don’t see swift retreats like this right after a nice rally on no news that can suggest such a quick change of heart (except on the CrimeNex). Such moves continue to shake out the speculators.

 

In New York, the so-called speculative net long position of Comex gold futures and ...


Hal's insight:

Click over for Grandich's full analysis.

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Iranians shun own currency for Gold

Worries about the declining buying power of the rial and doubts over the currency's stability are the main drivers behind the flight to gold.

 

TEHRAN(BullionStreet): Iranians continued to purchase gold from every available centers on fears about it's economy, particularly the risk of soaring inflation and a wobbly currency.

 

According to latest reports, one Azadi gold coin sold for 15.3 million rials at Iran's free market last Sunday, which is a new record.

 

Analysts said ever dipping rial, Iran's currency, forced even those people who already have coins in large numbers to buy again rather than cashing in for a profit.

 

Worries about the declining buying power of the rial and doubts over the currency’s stability are the main drivers behind the flight to gold. ...

Hal's insight:

Does anyone esle find that surprising? Of course they would prefer gold over there currency. 

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Germany and Gold Holdings

Germany and Gold Holdings | Gold and What Moves it. | Scoop.it
Gold is not just a mineral with little industrial use and importance in the international monetary system, but is still considered a measure of wealth throughout the world and holds an important role in the global monetary system.

 

By Heide B. Malhotra
Suspicions are being voiced by market analysts, economists, and a number of researchers and political experts that Germany has lost confidence in the central banks of the United States, United Kingdom, and France, and it’s putting them on notice concerning the gold they hold for Germany. 

A January 16 article posted on the Gain, Pains & Capital website asked, “Why would Germany suddenly decide that it wants to change a policy it has had in place for over 30 years? … How did it go from wanting to audit its reserves to actually removing them from the NY Fed’s care?” The article then stated “In simple terms, Germany has just announced that it doesn’t trust the US Fed.”

At present, Germany holds 31% of its gold in Frankfurt, 45% in New York, 13% in London, and 11% in Paris. By December 31, 2020, it will hold 50% of its gold in Frankfurt and reduce its holdings in New York by 8% and in Paris by the full 11%, according to a Jan. 16 announcement by ...

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LBMA,IGE urged to end Iran-Turkey Gold trade

The trade of Turkish gold for Iranian crude oil is enabling the Iranian regime to evade sanctions and continue funding its nuclear program.

 

NEW YORK(BullionStreet): Turkey is facing more pressure from global communities to end it's gold-for-gas dealings with Iran.

 

The latest to join the fray is United Against Nuclear Iran (UANI), which launched its Turkey gold campaign, and called on both the London Bullion Market Association (LBMA) and Istanbul Gold Exchange (IGE) to enact new measures to combat illicit barter agreements, where Iranian crude oil is being exchanged for Turkish gold.

 

Specifically, UANI is calling for the LBMA to require all of its members, particularly the IGE, to certify that the recipient of their gold products is not Iran. The LBMA should revoke the membership of any member that is unable to do so. ...

Hal's insight:

The battle continues.

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Germans want Gold reserves returned

Germans want Gold reserves returned | Gold and What Moves it. | Scoop.it
Germany has been facing mounting pressure to audit its national gold holdings from various political groups.

 

BERLIN(BullionStreet): The Germans are demanding their gold reserves be returned to them, and economist, columnist, radio host and international conference speaker Jerry Robinson says on his Follow the Money Weekly program this week that is bad sign for America. 

Robinson explains in the opening part of this week’s FTM Weekly program that the move appears to be the leading edge of a “similar breakdown of global trust in the U.S .government’s ability to handle its finances.”

Robinson explains more fully that Germany has been facing mounting pressure to audit its national gold holdings from various political groups. Some leaders also want all of the nation’s gold brought back home, so Germany’s Bundesbank last week publicly revealed its plans to repatriate half of its gold. ...

Hal's insight:

Well, of course they do. If you can't lay your hands upon it, you don't really have it.

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Historic Move By The US Has Just Guaranteed Hyperinflation

Historic Move By The US Has Just Guaranteed Hyperinflation | Gold and What Moves it. | Scoop.it

Today James Turk spoke with King World News about a historic event which has just taken place in the United States.  Turk states that this situation is not being accurately reported in the mainstream media.  He also believes that because of this unfolding drama, “It is all but certain now that the dollar is headed for hyperinflation.”  Here is what Turk had to say:  “The huge bases in gold and silver are getting bigger, which is very positive, Eric.  The only thing the drop in price over the last few days has done is set up a retest of this significant and growing support.


“We are seeing just another example of how the central planners intervene in the precious metal markets by selling paper to drive the price down during month-end option expiry.  This maneuver maximizes the profit for their agents - those bullion banks facilitating the gold price suppression scheme – so that the calls they've sold to investors and financial institutions expire out of the money.  It also ensures that as many call buyers as possible lose money, which helps the central planners foster a negative sentiment for the precious metals. 

 

"We have seen this time and again, Eric.  Contributing to the manipulation is the FOMC meeting this week, during which the central planners like to put a lid on gold and silver prices while they announce their new money printing schemes.  And then watch out for Friday when the unemployment report is released, usually a time of wide price swings aimed to trigger stops.  None of this is new.  But there is something new and important happening in Washington DC. ..."

Hal's insight:

Click through for the rest.

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Gold lacklustre awaits FOMC statement

Gold lacklustre awaits FOMC statement | Gold and What Moves it. | Scoop.it
PM Abe continued on his relentless assault on the BOJ and today he repeats his request for the bank to act on the 2% inflation target.

 

By Robert Jillies
PM Abe continued on his relentless assault on the BOJ and today he repeats his request for the bank to act on the 2% inflation target. In addition, he mentioned that the fiscal spending will not be forever and that once growth and inflation is attained then raising taxes will be viable.

Meanwhile, bond traders are worried that the Fed may cut short QE program as early as the end of 2013 which could indicate a possible rise in interest rate to curb potential rise in inflation. This argument is based on the latest media frenzy that the US economy is on the road to recovery. Such argument is also boosted by a better economic data from the Euro zone as well as verbal confirmation from European leaders that they are out of the crisis.

In addition, China better than expected GDP numbers lend a hand to the current optimistic equities market. However, is this optimism a sustainable one? ...

Hal's insight:

Click through from the analysis on gold and silver.

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There Is No Way… « Jim Sinclair's Mineset

My Dear Friends,


There is no way that any entity, be it private, public or both, is going to manipulate away the debt situation faced today. 

 

There is no way that the US is going to become a net exporter of energy in amounts that could even slow down this rate of growth in the debt. 

 

There is no way this flat line recovery is going to turn into a boom in business. 

 

There is no way that the unemployment figures are going to have a sustained improvement short of all the unemployed giving up hope and shifting to the underemployed list. 

 

There is no way that you can set such records in increased liquidity and not have explosion inflation regardless of business activity. 

 

There is no way that the Fed can liquidate its holdings of treasuries in an orderly manner without collapsing the Treasury market. 

 

There is no way the Fed can liquidate any toxic paper it took on from banks internationally in the crisis of 2008. 

 

There is no way the Fed can step away from QE which would mean higher interest rates without collapsing the flat line so called economic recovery. 

 

There is no way any human being could answer thousands of emails that are now overwhelming me.

 

I am deeply grateful for those CIGA around the world that browse for me, helping me keep in present time with all the unfolding monetary matters globally.

 

Whiners need only read the opening here to know that this is a passing but well constructed manipulative cloud. Those that are trying simply to frustrate me by sending emails cursing my genes that I was born are simply wasting their time and entering the spam blocker.

 

There is however a take away from this. Last night was the first time I went to sleep with a long list of incoming emails. I have no one to help me with emails because only I can answer them. For the first time, I must tell you that other than corporate emails I can no longer promise you prompt or even answers. I have a company to run, and that is my first order of business and that has always been and is my first order of business.

 

Sincerely, 
Jim

Hal's insight:

You won't find me in disagreement.

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Trader Dan's Market Views: Gold Drifting towards Bottom of its Range

Trader Dan's Market Views: Gold Drifting towards Bottom of its Range | Gold and What Moves it. | Scoop.it

The Asian holiday period has closed down some of the big physical market buys that we normally see from that quarter of the globe. The result has been a lack of physical offtake which typically helps offset speculative selling over in the New York trading hours.

That has allowed bears to take gold lower after it failed to pushed past overhead resistance last week near the $1685- $1690 level. Gold is now retreating towards the bottom of its 6 week+ trading range near $1640 and below.

Bears will try to break through this support level as there are significant sell stops lurking down there that have them salivating. I would expect some Central Bank buying to emerge ...

Hal's insight:

Click through for the full analysis and chart.

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Jim Rickards: Global Monetary System Headed for Collapse - Ed Steer's Gold & Silver Daily

Jim Rickards: Global Monetary System Headed for Collapse - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it
Whether it was real buyers and sellers, or just high-frequency traders duking it out, is hard to tell.

 

The world currency system is riding down the road to catastrophe, says James Rickards, senior managing director of Tangent Capital Partners.

The world already has entered a currency war that began in 2010 on the heels of the Federal Reserve’s massive easing program, he tells Wall Street Journal Digital Network. Since then, plenty of nations have joined in, including Brazil, Switzerland and Japan, says Rickards, author of “Currency Wars: The Making of the Next Global Crises.”

“All major central banks are easing,” he says. “Eventually so much money will be printed that this will lead to inflation. The endgame is collapse of the international monetary system — sometime sooner than later.” ...

Hal's insight:

The currency war is running at full steam now.

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India unlikely to offer Gold for oil scheme to Iran again

Though Gold is a highly unlikely payment option, India categorically stated that it would continue to purchase Iranian oil, which is imperative for the country's energy security.

 

NEW DELHI(BullionStreet): India is unlikely to use gold as a payment option for it's Iranian oil import after the country stopped money transfers to Iran through Turkey's Halkbank because of U.S pressure.

 

Many analysts said India is in the process of cutting gold imports and cannot afford to take up any official dealing involving gold even for oil purchase.

 

India annually buys oil worth $ 11 billion ...

Hal's insight:

How are those sanctions working now? And does anyone really believe they won't use their gold as a payment?

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U.S. Dollar Collapse: Where is Germany’s Gold? | Peter Schiff | Global Research

U.S. Dollar Collapse: Where is Germany’s Gold? | Peter Schiff | Global Research | Gold and What Moves it. | Scoop.it

The financial world was shocked this month by a demand from Germany’s Bundesbank to repatriate a large portion of its gold reserves held abroad. By 2020, Germany wants 50% of its total gold reserves back in Frankfurt – including 300 tons from the Federal Reserve. The Bundesbank’s announcement comes just three months after the Fed refused to submit to an audit of its holdings on Germany’s behalf. One cannot help but wonder if the refusal triggered the demand.

 

Either way, Germany appears to be waking up to a reality for which central banks around the world have been preparing: the dollar is no longer the world’s safe-haven asset and the US government is no longer a trustworthy banker for foreign nations. It looks like their fears are well-grounded, given the Fed’s seeming inability to return what is legally Germany’s gold in a timely manner. Germany is a developed and powerful nation with the second largest gold reserves in the world. If they can’t rely on Washington to keep its promises, who can?


Where is Germany’s Gold?


The impact of Germany’s repatriation on the dollar revolves around an unanswered question: why will it take seven years to complete the transfer?

The popular explanation is that the Fed has already rehypothecated all of its gold holdings in the name of other countries. That is, the same mound of bullion is earmarked as collateral for a host of different lenders. Since the Fed depends on a fractional-reserve banking system for its very existence, it would not come as a surprise that it has become a fractional-reserve bank itself. If so, then perhaps Germany politely asked for a seven-year timeline in order to allow the Fed to save face, and to prevent other depositors from clamoring for their own gold back – a ‘run’ on the Fed. ...

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India to introduce PAN must scheme for Gold purchase

Currently, banks account for about 60 per cent of the total gold import.

 

NEW DELHI(BullionStreet): World's largest gold consumer India on Wednesday came up with yet another plan to check climbing gold demand.

 

An RBI panel proposed a slew of measures like mandatory quoting of PAN numbers for high-value purchases, restriction on gold loans and check on NBFC branches dealing with gold loans.

 

The panel also suggested cheque payment for gold purchase beyond a threshold, introduction of other savings products to discourage investment in physical gold, prohibition of bank finance for buying gold and revival of the two-decade old proposal to set up a Bullion Corporation.

 

Indian central bank is also planning to impose limits on volume and value of gold import by banks under extreme situation. ...

Hal's insight:

And so it continues.

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Smuggling accounts for 25% of India Gold inflow

About 25 percent of gold flowing into India is coming through irregular channels and further tightening of norms would increase that sharply.

 

NEW DELHI(BullionStreet): India's recent tough stands against gold could only increase smuggling in the world's largest consumer, analysts said.

 

According to India's Directorate of Revenue Intelligence (DRI), an agency that monitors economic offences, the incidence of gold smuggling in the current fiscal year has zoomed at least eight times compared with the corresponding period the previous year.

 

They added that the increase in import duty on gold has clearly led to a price differential between Indian and international gold, and that, in turn, has led to an increase in smuggling. ...

Hal's insight:

Wow. I have to admit, that's higher than I would have guessed.

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India fiscal deficit widens on gold imports

The deficit during April-December period is almost 79 percent of the budgetary estimate of Rs.5.14 lakh crore for the entire financial year ending March 31, 2013.

 

NEW DELHI(BullionStreet): Justifying government's concerns over climbing gold imports, India's fiscal deficit widened to Rs.4.07 lakh crore (around $76 billion) in the first three quarters of the current financial year.

 

The deficit during April-December period is almost 79 percent of the budgetary estimate of Rs.5.14 lakh crore for the entire financial year ending March 31, 2013.

 

As the government struggles to rein in a raging current account deficit that is likely to cross 4% of the national economic output this fiscal, it has increased the import duty on the precious metal thrice since last year. ...

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Ghana officially denies Iran Gold deal

Ghana officially denies Iran Gold deal | Gold and What Moves it. | Scoop.it
For the first time after the controversy over gold transactions with Iran, Ghanaian government officially denied any involvement in the deal.

 

ACCRA(BullionStreet): For the first time after the controversy over gold transactions with Iran, Ghanaian government officially denied any involvement in the deal.

 

An official Ghana government statement denied claims that it was engaged in transaction with Iran that requires the discharge of financial commitments to the country in gold. ...

Hal's insight:

Do you believe it? I'm not so sure I do. But I will give them the benefit of the doubt.

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Doug Casey interviews Peter Schiff

Casey Research chairman Doug Casey interviews financial pundit and author Peter Schiff. Their conversation covers a range of issues: gold, the validity of the US dollar, the Federal Reserve system and the Schiff family's fight with the IRS.http://www.caseyresearch.com

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Gold imports soar in India as wedding season approaches

Gold imports soar in India as wedding season approaches | Gold and What Moves it. | Scoop.it

by Shivom Seth:


MUMBAI (MINEWEB) - 

 

Bullion traders across the country are one step ahead of the Indian government. Even as the government was pondering a proposal to hike customs duty on the import of gold this month, gold imports soared by 15% to 75 tonnes in January.

 

Though the government did go ahead and ultimately raise duties by 50% from 4% to 6% on January 21, bullion traders cornered most of the precious metal in the first three weeks of the month in anticipation of the hike in customs duty.

 

India's gold imports climbed to $56 billion from $21 billion between 2009 and 2012, despite an 81% price hike in domestic prices. The country's Finance Minister has also indicated that the government is considering stringent measures to curb gold imports. ...

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Burma's raw Gold returns in pure form from China

Raw gold from Burma continued to flow out to China only to reenter the country to cost more than global prices, according to Myanmar Gold Entrepreneurs Association.

 

YANGON(BullionStreet): Raw gold from Burma continued to flow out to China only to reenter the country to cost more than global prices, according to Myanmar Gold Entrepreneurs Association.

 

Association said global gold price fell by $30 last week but local prices didn't fall by 10,000 kyat but only by 5,000 kyat after the markets were flooded with Chinese gold. ...

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Marissa Roy's curator insight, December 11, 2013 8:26 AM

An influx of gold certainly affectst the economy. However, it Southeast Asia the prices have not fallen much, though legal purchases have been slow. On the other hand, the black market is selling lots of gold right now, and it will be interesting to see if this changes as prices become deflated.