Gold and What Moves it.
85.3K views | +2 today
Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
Curated by Hal
Your new post is loading...
Your new post is loading...
Scooped by Hal
Scoop.it!

China overtakes India as top Gold consumer in Q1-2013

China overtakes India as top Gold consumer in Q1-2013 | Gold and What Moves it. | Scoop.it
China posted a new record for quarterly investment in gold bars and coins as positive seasonal factors worked in tandem with gold's enduring investment appeal.

 

LONDON(BullionStreet): India remained world's largest gold consumer but China topped in demand for gold bars,coins and jewellery during the first quarter this year.

 

However, As against a decline of 13% in global demand for gold, India reported a 27% increase in Q1 2013, surpassing China's demand growth of 20%, WGC said.

 

China's gold demand jumped to a record high in the first quarter despite a global drop of 13 percent.

 

Gold jewelry demand in China surged to a record quarterly value of $9.8 billion to 194.1 tons while India's demand hit 159.5 tons during the same period. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

India Gold import drop may hit SA economy

India Gold import drop may hit SA economy | Gold and What Moves it. | Scoop.it
South Africa's total exports to India were valued at about $9 billion during the last financial year, about 56 percent of it comprised gold.

 

NEW DELHI(BullionStreet): India's anti gold measures were hitting South Africa, a major gold exporter, according to a top SA official.

 

Stefanus Botes, minister counsellor (Economic) in High Commission of South Africa in India, said his country could suffer from India's gold imports cuts as SA were one of the major suppliers of gold to India.

 

He said South Africa is aware of the steps that have been taken by the Indian government to slow down the imports of gold.

 

He added that since South Africa is a major supplier of gold into global markets and particularly to India, it will have an impact on it's economy, but have to comply with the rules and regulations of the importing country. ...

Hal's insight:

Interesting way to wage a currency war.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Gold's Long-Term Uptrend is Still Intact! | David Chapman | Safehaven.com

Gold's Long-Term Uptrend is Still Intact! | David Chapman | Safehaven.com | Gold and What Moves it. | Scoop.it

I thought I would show once again the long-term monthly chart of gold to demonstrate that despite the recent drop the long-term uptrend for gold remains intact. The current drop could either be a test of those lows or even a sudden thrust to new lows. There remains potential objectives down to $1,150 zone based on the long pattern that played out between September 2011 and April 2013. There is no law, however, that says those objectives must be achieved. A test of the lows or slight new lows is also within the realm of possibilities. Currently, as this is being written, silver and the gold stocks have reversed from down to up on the day after new lows for the current move down. This could be potentially bullish.

 

So what has been wrong with gold? It is not as if the fundamentals have changed dramatically. The trend since 2001 has been up because the USA and the western economies have been printing excessive fiat currencies since the world was taken off the gold standard in August 1971. It should be noted that neither the private banking system nor central banks were fans of the gold standard. Gold is limited in supply and as such was a constraint to private banking system desire to grow and a constraint to the central banks in managing the monetary system.

 

Fiat currencies are, however, just a promise to pay from the government. In other words, fiat currencies are just another form of debt. They have no intrinsic value. Gold on the other hand has historically been a store of value. The use of gold (and silver and bronze) has been in use for over 3,000 years as money. Monetary and economic collapse of earlier societies were often tied to abuse of the currency. While the Romans couldn't print money as is currently the case they were able to devalue their currencies by cutting the amount of silver in their coins. Cheaper and more plentiful metals allowed them to effectively flood the financial system with coins that eventually became effectively worthless. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

David Engstrom | Lear Capital: Beans, Bullets or Gold and Silver!

David Engstrom | Lear Capital: Beans, Bullets or Gold and Silver! | Gold and What Moves it. | Scoop.it

A few days ago, a comment was posted to one of my articles, “I’ll stick to my beans and bullets, and if you want to barter with me, you better have something besides gold.”

 

Perhaps to the surprise of many, I agree with this persons strategy, at least in part, for surviving an end-of-the-world scenario.  A time when civilization, as we know it, ceases to exist.  Indeed, at such a time when a starving neighbor with a treasure trove of blankets, meets a freezing neighbor with a treasure trove of beans and bullets, each of whom would like to make a trade, gold will not play a role in the transaction.

 

But, what happens when each meets a person with a treasure trove of everything, who needs nothing but a means to store wealth?  So it was in Biblical times when every day items were traded amongst the masses while gold and silver served as a means to accumulate and protect wealth.

 

To continue this discussion, however, of how one may or may not be able to survive on beans and bullets at the end of civilization, would be to miss the entire point of owning gold or silver to begin with.  I do not aspire to grow up to be Fred Flintstone.  I do not wish to live in a defended cave, cooking beans over an open fire.  Rather, I would prefer I was one of those who had foresight enough to see the end coming and prepare for it. ...

Hal's insight:

Click through for the rest of the article.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Jeff Nielson: Not the World Gold Council but the World Paper Council | Gold Anti-Trust Action Committee

Jeff Nielson: Not the World Gold Council but the World Paper Council | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

Dear Friend of GATA and Gold:

The World Gold Council would more properly be called the World Paper Council, Jeff Nielson of Bullion Bulls Canada writes today, since the council facilitates ownership of paper promises of gold rather than ownership of gold itself. In doing so, Nielson says, the council is just a tool of major banks. His commentary is headlined "The World Paper Council" and it's posted at the Bullion Bulls Canada Internet site here:

more...
No comment yet.
Scooped by Hal
Scoop.it!

Do Not Mistake Higher Income Tax Payments For Liftoff - Biderman's Money Blog

Do Not Mistake Higher Income Tax Payments For Liftoff - Biderman's Money Blog | Gold and What Moves it. | Scoop.it
TrimTabs' Charles Biderman looks at income tax payments and their relation to the overall health of the economy.

 

In an April 30 video I said that income tax collections have been surging this year due to higher taxes, both from higher tax rates and capital gains payments resulting from sale of assets prior to 2013′s higher rates. The facts I reported April 30 are now coming to light three weeks later. The bullish twist on the news, that deficit reduction means we must have economic lift off has become an overnight feel good phenomena for those fully 100 percent long stocks.

 

If the drop in the deficit is a trend that will continue due to underlying economic improvement, that means that the bulls no longer have to worry about an impending stock market crash when the Fed stops printing.

 

If only it were the true that we are in a sustainable recovery. The actual numbers tell a different story, a tale of three one off items, masking a continuing slow growth economy. ...

Hal's insight:

Click over for the video.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Incredibly Important Developments In Many Key Markets

Incredibly Important Developments In Many Key Markets | Gold and What Moves it. | Scoop.it

Dan Norcini told King Worold News:

 

... we have recently seen continued pressure in both the paper gold and silver space.  The COMEX market is being sold off in spite of the massive physical demand for gold and silver because Western hedge fund managers and institutional managers aren’t going to buy gold.  In fact, some of them have even  been shorting paper gold. 


The Fed and the Bank of Japan have given the illusion that it is a no-risk bet to be long common stocks.  Nobody is asking about valuations, overbought conditions, excessive leverage or margin debt.  They don’t care.   All they know is they can’t get yield anywhere else and so they are going to chase common stocks higher. 


So the money has been flowing out of the paper gold and silver markets.  It could be that at some point we start to see the inflationary fallout from this excessive money creation.  But when sentiment changes it will change quite rapidly.  When the concern shifts to inflation, this is when gold and silver will have forged a bottom and begun to make their next move higher. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

India changes Gold, Silver tariff value

India changes Gold, Silver tariff value | Gold and What Moves it. | Scoop.it
According to a notification issued by Central Board of Excise and Customs (CBEC), the tariff value of gold has been raised to $466 per 10 grams and $761 per kg, respectively.

 

NEW DELHI(BullionStreet): India on Thursday changed the tariff value of gold and silver.

 

According to a notification issued by Central Board of Excise and Customs (CBEC), the tariff value of gold has been raised to $466 per 10 grams and $761 per kg, respectively.

 

Tariff value is the base price on which the customs duty is determined to prevent under-invoicing.

 

During the first fortnight of April 2013, the tariff value of gold stood at $521 per ten grams and silver at $920 per kg. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Rule - This Is What I Am Doing With My Own Money Right Now

Rule - This Is What I Am Doing With My Own Money Right Now | Gold and What Moves it. | Scoop.it

Rick Rule tells King World News:  “Investors have the choice right now between an asset which is nobody else's liability, which is gold, and the anti-gold, which is the US 10-Year or 30-Year Treasury.  I personally am going to gold with my own money.  That’s what I am doing.  


I obviously feel very different than the market. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

US to ban all Iran bound Gold sales from July

US to ban all Iran bound Gold sales from July | Gold and What Moves it. | Scoop.it
US is working to block sales of gold to Iranians in order to undermine their currency, the rial, and to step up pressure on Tehran over its nuclear program.

 

WASHINGTON(BullionStreet): Sanctions hit Iran remain largely unaffected due to it's gold trade with neighboring country's, warned a top US official.

 

According to David Cohen, treasury under-secretary for terrorism and financial intelligence, From July 1, the US will ban sales of gold by anyone to either the Iranian government or to Iranian citizens.

 

He added that the US is working to block sales of gold to Iranians in order to undermine their currency, the rial, and to step up pressure on Tehran over its nuclear program.

 

US has warned Iran's neighbours Turkey and the United Arab Emirates, key regional centres of the gold trade, to stop gold sales to Iran. ...

Hal's insight:

But I thought gold wasn't money?

more...
No comment yet.
Scooped by Hal
Scoop.it!

Surge in retail Gold demand outweighed by ETF selling

Surge in retail Gold demand outweighed by ETF selling | Gold and What Moves it. | Scoop.it

The gold price in US Dollars extended Wednesday's drop to fall briefly beneath a one-month low of $1370 per ounce - a level first hit in October 2010.

 

by Adrian Ash:

London Gold market report

Global gold prices fell further at the start of London trade on Thursday, hitting new 1-month lows beneath $1370 per ounce but leaving gold bars traded in East Asia at record-high premiums.

"[Western] investors appear to be tired of gold as a safe haven," says Mitsubishi analyst Jonathan Butler, quoted by Reuters, because "they anticipate the end of loose monetary policies, possibly by the end of this year or maybe early next year."

With US consumer price inflation data due just before today's Wall Street opening, five members of the US Federal Reserve were scheduled to make separate speeches at various events later on Thursday. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

India introduces yet another scheme to curb Gold

India introduces yet another scheme to curb Gold | Gold and What Moves it. | Scoop.it
The bonds will be based on a fixed real coupon rate and a nominal principal value that will be adjusted against Wholesale Price Index (WPI)-based inflation.

 

NEW DELHI(BullionStreet): Continuing it's fight against gold, Indian government announced yet another scheme to keep people away from physical gold.

 

The world's largest gold consumer said it has decided to launch Inflation Index Bonds (IIBs) in consultation with Reserve Bank of India (RBI) as instruments that will protect savings of poor and middle classes from inflation and sensitize household sector to save in financial instruments rather than buy gold.

 

According to country's finance ministry, the first tranche will be introduced on June 4 and will be for 1,000 crore to 2,000 crore ...

more...
Ashok Aditya's curator insight, October 3, 2013 2:19 AM

Indians wear gold ornaments for prestige and it has mingled in the culture. If the scheme does any good then we can welcome it; but on the contrary then who should be blamed?

Scooped by Hal
Scoop.it!

Mystery investor puts $1bn into new Russian gold mine — RT Business

Mystery investor puts $1bn into new Russian gold mine — RT Business | Gold and What Moves it. | Scoop.it

In an effort to double gold production by 2018, Russia’s largest gold producer, Polyus, has attracted $1bn in investment for the 3rd largest undeveloped gold deposit in the world.

 

Russian Federation Deputy Minister for the Development of the Far East Dmitry Shelekhov confirmed the 32 million rouble investment, but would not disclose the source, ITAR-TASS reported.

 

The Natalka mine is the newest development from Polyus, and is located 400 km from the seaport of Magadan, in the remote and barren northeast corner of Russia. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Gold heads for worst weekly decline in a month

Gold heads for worst weekly decline in a month | Gold and What Moves it. | Scoop.it
Gold for immediate delivery was seen trading at $1378.42 an ounce at 12.00 noon Singapore time while US gold for June was seen at $1377.34 an ounce on the comex division of nymex.

 

SINGAPORE(BullionStreet): Gold is on track for it’s worst weekly decline in a month as the dollar gained further.

 

Gold for immediate delivery was seen trading at $1378.42 an ounce at 12.00 noon Singapore time while US gold for June was seen at $1377.34 an ounce on the comex division of nymex.

 

Analysts said the precious yellow metal is also hit by a decline in ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Peter Schiff Blog: Gold: That`s What Happens In A Bull Market

"That’s what happens in a bull market. The sell-offs shake out the Johnny-come-latelies. It’s healthy. Now we can have a real rally." - in Boston Globe

more...
No comment yet.
Scooped by Hal
Scoop.it!

Ron Paul: Pessimistic on Washington, positive on gold | Mineweb

Ron Paul: Pessimistic on Washington, positive on gold | Mineweb | Gold and What Moves it. | Scoop.it

Author: Lawrence Williams
Posted: Wednesday , 15 May 2013 

NEW YORK (MINEWEB) - 

 

If the audience demographic at the Metals & Minerals Investment Conference in New York was that of the U.S. as a whole, former U.S. senator Ron Paul would be U.S. President today!  He was given a standing ovation by much of the audience at the beginning and end of his presentation and his speech was peppered with applause from the floor as he made point after point of strong appeal to those listening.

 

Paul is not one of the world’s great orators, but he is an adequate one and his maverick libertarian views obviously find considerable support among the sector of mostly elderly relatively right wing people who invest in hard assets - and in gold and silver in particular.  In Ron Paul they find someone they may not always agree with on all matters but who appears sincere in his beliefs and is of course almost unique among U.S. politicians as a believer in the place of gold in the modern day economy.

 

Paul says he is pessimistic about what is going on in Washington, but does feel that as the general public becomes more and more aware of the political machinations of both major parties there will be change.  ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Indisputable Proof Paper Gold Markets are Massively Manipulated

Indisputable Proof Paper Gold Markets are Massively Manipulated | Gold and What Moves it. | Scoop.it

What would you think if someone told you the following?

“Three times this week, I am going to tell you the low price of gold with near perfect accuracy, and one of those three times, I am going to tell you events that will precede the low and the exact time that gold prices will crash.”

 

You would likely conclude that either:

 

(1) I am somehow directly involved in setting the price of gold in paper derivative markets, or

 

(2) that since nearly perfectly predicting gold price movements three times in one week in a free market is impossible, that such an accomplishment would serve as indisputable proof that gold markets are rigged and manipulated by bankers, as none of my predicted price targets depended upon technical chart analysis of any kind.

 

So let’s summarize my calls regarding gold price movements on three separate occasions last week, and why I feel that the accuracy of these calls serve as indisputable proof that Central Bankers and their agent bullion banks manipulate the price of gold and silver.

 

(1) On Friday May 3, I told my clients that gold was going to waterfall by $40 to $1435 an ounce starting precisely at 8:30 AM in a “coordinated” attack planned by the Feds when gold was still trading at $1,475 an ounce in Asia, using a “false” unemployment data release to get the decline started. At 8:30 AM, gold started to waterfall decline all the way to a hair above $1,440 an ounce.

 

(2) On Sunday, May 5, with gold closing at $1,469.90 an ounce the previous Sunday and before Asian gold markets opened, I stated that gold would at least fall again to $1,430 an ounce or lower. On Tuesday, May 7, even when gold trended higher to $1,471 an ounce in Asia, I reiterated to my clients that gold would FALL to $1,430 an ounce in New York later that day. When gold declined close to $1,440 we closed out our initial GLD puts.

 

(3) On May 8, with gold trading at $1,455.70, I predicted that the bankers would ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

The Future For Gold Supply Looks Grim: An Opportunity For Gold Investors

The Future For Gold Supply Looks Grim: An Opportunity For Gold Investors | Gold and What Moves it. | Scoop.it
Recently, we published a true all-in costs article that gave investors insight into the true all-in costs that miners are spending to produce each ounce of gold.

 

... The supply picture for gold is only getting worse and many companies are close to their all-in gold costs at current prices. This offers an opportunity for savvy investors to accumulate an asset that has a constrained future supply picture and is already close or below its all-in costs of production. Investors can buy the ETFs (GLD, PHYS, and IAU) to invest in gold, but we also highly recommend that investors also purchase physical bars and coins because they offer investors much more protection than the ETFs if the global financial system starts to experience more trouble. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

China Gold demand rises 20% to 294 tons

China Gold demand rises 20% to 294 tons | Gold and What Moves it. | Scoop.it
According to WGC, jewellery demand alone in the quarter was a record 185t, up 19% on last year, while bar and coin investment was 110t, rising by 22% from last year.

 

LONDON(BullionStreet): China's gold demand totaled 294t in the first quarter, a rise of 20% on the same quarter last year, as the economy continued to pick up from the downturn experienced in the second half of 2012.

 

According to WGC, jewellery demand alone in the quarter was a record 185t, up 19% on last year, while bar and coin investment was 110t, rising by 22% from last year.

 

Demand for gold in China and India was also driven by an increase in bar and coin sales - up 22% year-on-year in China and 52% in India. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Stage set for another scramble for Gold, Silver

Stage set for another scramble for Gold, Silver | Gold and What Moves it. | Scoop.it
Silver dropped to the lowest since 2010 while gold dropped to its weakest level since the gold plunge in mid April on Thursday.

 

NEW DELHI(BullionStreet): Hints of another plunge in gold and silver prices could create another scramble for them, analysts said.

 

Silver dropped to the lowest since 2010 while gold dropped to its weakest level since the gold plunge in mid April on Thursday.

 

Silver dropped to $22.21 an ounce at 10.00 a.m GMT on Thursday while spot gold price plunged to $1,374.27 per troy ounce as weak inflation data took its toll on precious metals.

 

Gold dipped more than 2 per cent in a five-day losing streak that saw it hit two-year lows. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Why gold won't stay down

Why gold won't stay down | Gold and What Moves it. | Scoop.it
Investors have beaten down precious metals prices even as economic signals suggest they should be moving up soon. Is this a rare buying opportunity?

 

Something curious is happening in the precious metals market.

Fundamentally, there couldn't be a better time to own gold and silver. But technically, the shiny stuff has just been hammered, inexplicably suffering a 1987-style plunge last month. Did a hedge fund blow up? Are policymakers pushing on prices to keep inflation expectations down? Are computer trading algorithms causing problems? We just don't know.

Now the question for investors is: Has the best buying opportunity we've seen in decades arrived even as most of the market focuses solely on stocks, or is gold a lost cause?

In fact, if the crash continues, gold's role as an important market signal points to two economic possibilities that would take many people by surprise.

Here's where I see gold headed and why.

The basics favor gold

The core bullish argument in favor of nibbling on gold and silver at today's low prices lies in their value as an alternative store of purchasing power, given that currencies are being diluted at an unprecedented rate, financial markets are frothy and real-estate and farmland prices aren't exactly at rock-bottom levels. ...

Hal's insight:

Hat tip to Peter Grandich www.grandich.com 

more...
No comment yet.
Scooped by Hal
Scoop.it!

Premiums Soaring As Massive Run On Gold & Silver Continues

Premiums Soaring As Massive Run On Gold & Silver Continues | Gold and What Moves it. | Scoop.it

Today a legend in the business told King World News there is a continued massive run on physical gold and silver as premiums in Shanghai have now soared to a stunning level (see below) for physical gold.  Keith Barron, who consults with major companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, also spoke about extraordinary situations unfolding at gold, silver, and art auctions in New York and Zurich, and what this means for investors.  Below is what Barron had to say in this remarkable interview.

  

Barron:  “I’m at an auction today in Zurich (Switzerland) of ancient Greek and Roman coins.  The most expensive item so far has gone for 800,000 Swiss francs.  The auction is shattering all of the previous records.  I think this is very significant.


Also, today in New York Christie's had a contemporary art auction and they sold $495 million of art.  That’s the highest total in auction history.  They established 16 new world auction records.  Nine works sold for more than $10 million, and twenty-three for more than $5 million. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

oftwominds-Charles Hugh Smith: The Trick to Suppressing Revolution: Keeping Debt/Tax Serfdom Bearable

oftwominds-Charles Hugh Smith: The Trick to Suppressing Revolution: Keeping Debt/Tax Serfdom Bearable | Gold and What Moves it. | Scoop.it

The 30 million whose labor funds the parasitic status quo don't have to rebel; they simply have to stop going to work, stop starting enterprises, stop being productive.


Parasites must balance their drive to maximize what they extract from their host with the risk of losing everything by killing their host. This is the dilemma of the parasitic partnership of the central state and financial Elites everywhere: to extract the maximum possible in debt payments and taxes without sparking rebellion and revolution. I have often commented on the current class structure, which paradoxically unites the interests of the top 1/5% of 1% and their political-class toadies and the bottom 50% who are drawing transfer payments/benefits from the state: both support the status quo because both receive direct benefits from it. The 20% who pay most of the tax and service much of the debt are in the middle, a political minority of debt/tax serfs who finance the status quo, i.e. cartel-crony capitalism owned and operated by the financial and political Elites: ...
more...
No comment yet.
Scooped by Hal
Scoop.it!

This Catastrophic Situation Is Entering The Terminal Phase

This Catastrophic Situation Is Entering The Terminal Phase | Gold and What Moves it. | Scoop.it

John Embry told King World News: “The violent takedown in gold and silver in April is still reverberating around the markets.  Underneath today’s smash in the metals, physical demand is asserting itself and I think we have a limited shelf life for the paper control of this market.

 

I firmly believe that in the end the paper gold market will be seen as one of the greatest Ponzi schemes of any era, and it will end very badly for anyone on the wrong side of the trade.  But I’m more focused on the fact that downside in gold and silver is extremely limited and the upside is staggering....

more...
No comment yet.
Scooped by Hal
Scoop.it!

Trader Dan's Market Views: Sell Stops Cascade Gold Down Below $1400

Trader Dan's Market Views: Sell Stops Cascade Gold Down Below $1400 | Gold and What Moves it. | Scoop.it

Bears have been salivating at reaching downside sell stops for a while now but had been stymied by strong physical buying of the metal which had kept prices supported. With the US Dollar continuing to strengthen, and with commodities in general seeing strong selling pressure, they finally got their wish in today's trading session. 

Price fell through some initial support near the $1420 level which had held the market for the last few sessions but once that gave way, downside pressure intensified until bears took it down to near $1410. Just below that they hit their jackpot and reached the sell stops. It was those stops going off that knocked price through the psychological floor at $1400. That allowed another $10+ fall in the price of gold where some short covering and bottom hunting surfaced right below $1390.

I have noted the next level of chart support for gold. It is currently just beneath today's session low of $1389 coming in closer to the ...

Hal's insight:

Click over for the rest and the chart.

more...
No comment yet.