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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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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:

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What does Russia know that is motivating their purchase of gold? « Jim Sinclair's Mineset

What does Russia know that is motivating their purchase of gold?  « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

My Dear Friends,

 

What does Russia know that is motivating their purchase of gold? What does China know that is motivating their intend to be the world largest owner of gold?  What is behind the downside manipulation to separate you from your gold by scaring the hell out of you and you out of your positions?

 

This occurred in the 70s. It is nothing new. What is new is you.

 

The answer is very simple. Gold is not valued at $42 as the US Treasury would have you believe. The majority of the BRICs are going to mark to market valuation of their gold. That will put a necklace of gold on their currencies.

 

It is the major gold banks now operating in hopes of producing a waterfall of gold into which they will accumulate. Believe me because I know.

 

You are being royally had. You have a defense even if you are fully committed on a cash basis – simply do nothing.

 

If you are a coward, admit it and do whatever you have to do to get it over with. That certainly will memorialize the bottom before gold trades over $3500.

 

I can help people with logic. I have no hope of herding cats.

 

Sincerely, 
Jim

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Eric De Groot: Long-term #Gold Buyers Smiling

Eric De Groot: Long-term #Gold Buyers Smiling | Gold and What Moves it. | Scoop.it

The Chinese New Year which temporarily removes Chinese participation often creates a demand vacuum in the physical gold market. These demand vacuums often setup elevator-shaft (sharp) declines ...

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LBMA Trader: “This Is Just Smart Money Pushing Gold To The Extremes” | Bull Market Thinking

LBMA Trader: “This Is Just Smart Money Pushing Gold To The Extremes” | Bull Market Thinking | Gold and What Moves it. | Scoop.it

This morning gold collapsed from $1670 oz. to $1642.80. In response, I called a contact of mine who runs a “market-making” precious metals desk in London.

 

Commenting on today’s collapse he said, “I’m not that worried about the sell-off today, it’s just the logical thing. I was surprised they waited so long [to take it down], because many opportunities to push it to that level existed before…and it finally happened, and that’s good for the market. This is actually a blessing. We are still not at the lows of January at $1625…but at the moment this is probably as far as it’s going to go [$1642]. There’s good support here.”

 

He further added that ...

Hal's insight:

Hat tip to www.grandich.com 

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Gold ETFs in India touch 40 tonne (40,000 kilo) - Mineweb.com

Gold ETFs in India touch 40 tonne (40,000 kilo) - Mineweb.com | Gold and What Moves it. | Scoop.it

by Shivom Seth:


MUMBAI (MINEWEB) - 

 

India's high gold imports are hurting the country's current account deficit. The government's import restrictions are hurting the populace. The only organisation not worried, as of now, are gold backed exchange traded funds.

 

Worried investors are veering towards the country’s 14 gold exchange traded funds (ETFs), which together have garnered 40,000 kilo of the precious metal.

 

The ETFs allow investors to trade in the metal in a non physical form and electronically on stock exchanges. Gold ETFs debuted in India about six years ago.

 

The first gold ETF launched in 2007 by Benchmark Mutual Fund (now Goldman Sachs) was followed by ...

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ECB may not renew Central Bank Gold Agreement

Some analysts have suggested that letting any agreement lapse would send an unwelcome signal to the wider market that more bullion sales from Europe's gold-heavy central banks may be on the way.

 

BRUSSELS(BullionStreet): After ECB president Mario Draghi expressed concerns over eurozone recovery, analysts said European central banks are unlikely to renew an agreement to limit gold sales.

 

Some analysts have suggested that letting any agreement lapse would send an unwelcome signal to the wider market that more bullion sales from Europe's gold-heavy central banks may be on the way.

 

The first five-year Central Bank Gold Agreement was established eight years ago to stabilise gold prices then languishing below $300, partly due to frequent central bank sales. ...

Hal's insight:

This so laughable. So now they are claiming the Central Banks saved gold?! LOL

 

Let them end it. And see if they start dumping gold. I doubt seriously that they will. The debts that are being carried world wide are too large to make that viable.

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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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Trader Dan's Market Views: Federal Reserve - the Buyer of ONLY Resort

Trader Dan's Market Views: Federal Reserve - the Buyer of ONLY Resort | Gold and What Moves it. | Scoop.it
Federal Reserve - the Buyer of ONLY Resort I came across the following story in my readings today and quite frankly, was thunderstruck after going through it and looking at the data. I did not think this was possible and am still at a loss to explain it so perhaps some of you math whizzes out there can make it simpler for me. Either way, it is simply mindboggling!

Here is the title - see if it makes you sit up and take notice as it did me!

Fed Has Bought More U.S. Gov’t Debt This Year Than Treasury Has Issued ...
Hal's insight:

Click over for the full post. It's shocking to read that they've bought more debt than the Treasury has issued this year. That just blows me away and should scream something to you.

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Restored Payroll Tax Pinches Those With the Smallest Checks

Restored Payroll Tax Pinches Those With the Smallest Checks | Gold and What Moves it. | Scoop.it
At street level, the pain from the expiration of a two-percentage-point break in Social Security taxes in 2011 and 2012 is evident.
Hal's insight:

I suppose this paying one's fair share? hat tip to www.drudgereport.com 

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Eric De Groot: Gorilla Still Pushing Around Gold

The 800lb gorilla continues to wreck havoc on the trading floor.  Early and late morning "displays" (price attacks) reflect him pounding his chest to maximize fear.

Yet despite these impressive displays, signs of fatigue have emerged.  The 13ema WA has fallen below 20% (chart 1). This indicates downside concentration. Also, the window of opportunity (TIME) for the B-wave consolidation is beginning to close. ...

Hal's insight:

This was pretty much my thought this morning when i fired up ExactPrice [ http://www.learcapital.com/exactprice ] and saw gold's graph for this morning and that fairly regular morning attack.

 

Click through for the chart that Eric posted and the rest of his thoughts.

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Turkey refuses to halt gold flow to Iran | Gold Anti-Trust Action Committee

Turkey refuses to halt gold flow to Iran | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

ISTANBUL -- Turkey will not be swayed by U.S. sanctions pressure to halt gold exports to Iran but Tehran's demand for the metal may fall this year, Economy Minister Zafer Caglayan said today.

 

U.S. officials are concerned that Turkey's gold sales, which allow Iran to export natural gas, provides a financial lifeline to Tehran, which is largely frozen out of the global banking system by Western sanctions imposed over its nuclear programme.

 

Trade in Turkish gold bars to Iran via Dubai is drying up as banks and dealers increasingly refuse to buy the bullion to avoid sanctions risks associated with the trade.

 

Turkey has a six-month U.S. waiver exempting ...

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The Dog Wags The Tail...Again

The Dog Wags The Tail...Again | Gold and What Moves it. | Scoop.it

Take it as a very good sign that this is happening with increasing frequency.

To recap:

As noted last week, the POSX sat at the edge of the precipice, near 79. We all expected efforts to, at once, talk UP the dollar and talk DOWN the euro.Today, the man that Goldman placed in Europe, succeeded in talking down the euro.The Gold Cartel pounced and initiated a waterfall decline.To their collective chagrin, massive allocations of physical were sought at these rigged-lower prices.To hedge/cover, The Cartels had to almost as quickly get on the bid in the paper market.And you end up with a chart like this: ...
Hal's insight:

Click through for the rest of the post and the chart.

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Exit From Massive #Silver Base Projects Staggering 1,020% Move

Exit From Massive #Silver Base Projects Staggering 1,020% Move | Gold and What Moves it. | Scoop.it

The following chart was put together exclusively for King World News by Kevin Wides out of Switzerland.  Once again, this is a way for all King World News readers globally to take an important step back and look at the big picture in key markets such as gold and silver.  Note that the minimum projected move for silver would cause convulsions for mainstream media pundits who have incorrectly been predicting the end of the metals bull run.


“As the saying goes, a picture tells a thousand words.  I have taken a monthly line chart on silver going back to 1970.  The 1970’s bull market from a technical perspective is picture perfect.  There are a clear 5 waves up (as seen on the chart below), with the largest being the 5th wave which represented a staggering 808% gain for silver.  

 

This is the norm for commodities as wave 5 is driven by fear and scarcity.  The 70’s corrective waves of 2 and 4 have alternation, where 2 is fast and steep, and 4 is slow, drawn-out and volatile.  The subsequent 20 year bear market made obvious key levels of support and resistance as noted by the yellow circles and horizontal red lines that I have extended into today’s time frame. ...


Hal's insight:

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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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James Turk - Last Piece Now In Place To Trigger Hyperinflation

James Turk - Last Piece Now In Place To Trigger Hyperinflation | Gold and What Moves it. | Scoop.it

... “Increasing attention needs to be given to what is happening with the quantity of money, Eric.  All the money printing ordered by central planners is starting to take effect.  US dollar M1 has now been growing at double-digit rates for two years.  Over the same period M2 growth has been in the high single digits.  Even the broader measure of dollars, M3, which is calculated by ShadowStats.com, is at 4.5%, which is the highest rate of growth in more than 3½ years. 

 

Money is no different from any other good or service.  It too complies with the laws of supply and demand.  If you create money at a rate faster than the demand for it, its ‘price’ declines, which for money is its purchasing power.  With crude oil and other commodity prices like copper continuing to work their way higher, the purchasing power of dollars and other fiat currencies is being eroded.  So all of this money printing is clearly taking hold and becoming apparent.  That gold and silver prices remain in their trading ranges suggests to me that both of them have some catching up to do with the price rises we are seeing in some basic commodities.

 

What is clear is that central banks have flooded the world with QE ...

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Peter Grandich on Gold.

Peter Grandich on Gold. | Gold and What Moves it. | Scoop.it

Gold - I said last week avoiding any new purchases until gold either broke above $1,700 or retested the $1,500 – $1,550 area appeared the way to approach gold until further notice. The paper market at the Crimenex continues to stifle the strengthening physical market, but in the long run, I’m betting the Putin’s of the world win out ...

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2013 American Eagle Bullion Coins Notch Records in January Sales

2013 American Eagle Bullion Coins Notch Records in January Sales | Gold and What Moves it. | Scoop.it
January sales of American Eagles soared to record or multi-month highs as increased demand for precious metals and the release of 2013-dated bullion coins attracted aggressive buying.

 

Not only was there no better January in the American Silver Eagle’s 27-year history, there was no better month. As for American Gold Eagles, more sold than in any other month in the past two and a half years. ...

Hal's insight:

hat tip to www.learcapital.com 

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This Has Gone Too Far « The Financial Physician

This Has Gone Too Far « The Financial Physician | Gold and What Moves it. | Scoop.it

We are truly living in George Orwell’s book “1984″ (a must read and if the last time you read the book was in High School read it again now, it will blow your mind). A 7 year old boy gets in trouble  (“dispended”-cute) for mimicking soldiers in war trying to “save the world” while in the real world American citizens can be murdered by circling drones simply on the President’s order, with no due process or protection of law. This is mind programming of children to get them to act and think the way the government wants them to. Guns are not to be held by the people, only the government should have that right. That is what is happening. This PC stuff has really gone too far. Scotty beam me up!-Lou

Hal's insight:

Click over for the story and the news video.

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Consumers Borrowed More in December

Consumers Borrowed More in December | Gold and What Moves it. | Scoop.it

U.S. consumer borrowing rose in December, a hopeful sign for the strength of the economy although debt taken on through revolving facilities like credit cards fell during the month.

 

The Federal Reserve said on Thursday consumer credit increased by $14.59 billion in December after rising by a slightly revised $15.91 billion in November. ...

Hal's insight:

Well, shocker, shocker I say. hat tip to http://www.caseyresearch.com/gsd/ ;

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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 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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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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Silver Prices - The Big Picture | GE Christenson | Safehaven.com

Silver Prices - The Big Picture | GE Christenson | Safehaven.com | Gold and What Moves it. | Scoop.it

Question: What do May 2004, January 2005, August 2005, June 2006, October 2008, February 2010, September 2011, December 2011, June 2012, and December 2012 have in common?

 

Answer: They represented significant price lows in silver, AND those lows were confirmed by the weekly stochastic (14,3,3) indicator and the weekly TDI Trade Signal Line (13,5) as shown in the following chart of silver prices since 2004. Note the red circles showing price lows and corresponding turns in the stochastic and TDI indicators from oversold levels. ...

Hal's insight:

Click over for the full piece and the interesting chart.

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The Golden Truth: The Next Big Move Higher In Gold

The Golden Truth: The Next Big Move Higher In Gold | Gold and What Moves it. | Scoop.it

Dave in Denver writes:

 

"There's been a lot of media misdirection and appallingly invalid commentary about the relative strength of the economy and the outlook for the precious metals.  I've addressed the first issue in some previous posts, most notably my recent post on housing.

"As for the latter, a blogger who goes by "Mad Max Trader" posted a widely distributed piece that suggested the bull market in gold has been fueled by China's huge buying over the past decade, that this demand will decline with the growth in China's economy, and the "air" will let out of the price of gold:  LINK. 

"Unfortunately, this analysis has absolutely no basis in actual fact.  The truth is that China imported a record amount of gold in 2012: LINK  It should be pointed out that this is gold that is "consumed" by the public and does not reflect the buying from China's Central Bank.  Furthermore, on more than one occasion a Chinese Central Bank official has made the comment that China needs to diversify its massive currency reserves by increasing the percentage held in gold.  The author further made no mention of ..."

Hal's insight:

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Bite The Emotional Restraint Bullet « Jim Sinclair's Mineset

The pressure on gold is not permanent in any sense. This decline is, as I have told you, similar to the series of declines just before gold took off in the 70s from $400 to $887.50. Those declines then were for the purpose of the last great shake of the gold apple tree prior to the move that gained the most distance over the least amount of time.

 

My birthday is March 27th. By that time this decline in gold will be old history. This decline is purely to take your positions away from you, certainly in shares which today trade at historic discounts to their assets. ...

Hal's insight:

Click through for the rest of Jim Sinclair's post.

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