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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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Auguries — Potemkin Vaults? | Small Cap News | Mining | News | Financial Post

Auguries — Potemkin Vaults? | Small Cap News | Mining | News | Financial Post | Gold and What Moves it. | Scoop.it

By Kevin Michael Grace

 

"Gold was down (at press time) $28.30 (-1.6%) for the week to $1,713.80, and silver was down $0.63 (-1.9%) to $32.15. Gold made a modest recovery Thursday, rising $12.20. Bloomberg reports October 25, “Gold climbed the most in three weeks as Brazil and Turkey’s central banks increased holdings of the precious metal and amid signs that purchases are rising in India…. ‘More and more central banks are getting involved in the gold market,’ David Meger, the director of metal trading at Vision Financial Markets in Chicago, said.

 

It is the nature of the central banks’ involvement that is at issue. James Sinclair and Peter Grandich (and others) now openly accuse the gold market of fraud, with the former calling Comex “Crimex” and the latter calling it “Crimenex. Sinclair declares, “Yesterday’s popular myth gone viral in the community is that gold banks have infinite liquidity to depress the price of gold. That assumes that gold is the trading center of the entire market universe, which I am sorry to tell you, it is not. It might be my and your universe, but the gold banks compared to other markets is small.

 

"Goldbugs claim that the prices of gold and silver are suppressed by central bank intervention and further that this suppression is achieved with the movement of phantom gold. Phantom because either the amount of gold owned by central banks is grossly overstated and/or that the gold held by the banks is so cross-collateralized that ownership is merely putative. ..."

 

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All that glitters is not gold

All that glitters is not gold | Gold and What Moves it. | Scoop.it
Dubai's gold and jewellery retail could get a timely boost ahead of the Indian festive buying season in November if India's authorities finally agree to raise the value and weightage of gold brought into the country by individuals.

 

DUBAI(BullionStreet):


"Dubai’s gold and jewellery retail could get a timely boost ahead of the Indian festive buying season in November if India’s authorities finally agree to raise the value and weightage of gold brought into the country by individuals.

 

"Gold sales in the November to January period traditionally represent between 30 to 40 per cent of annual sales for the local trade in Dubai, retailers said.

 

"The local jewellery trade had taken a sizeable hit by at least 30% over the last three months after India raised the import duty on gold to 4% from 1% earlier. To make matters worse for jewellery retailers in Dubai, India’s customs also started to strictly impose duties on Indian passengers bringing in gold valued at more than Rs10,000 (Dh700 plus) by men and Rs20,000 (Dh1,700) for women.

 

"Jewellery trade sources in Dubai now say they are hopeful of a pullback by the Indian authorities on the import restrictions, more so because of the recent reform policies reinitiated by the government. .."

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oftwominds-Charles Hugh Smith: About Raising Taxes as the "Solution" to the Fiscal Cliff....

oftwominds-Charles Hugh Smith: About Raising Taxes as the "Solution" to the Fiscal Cliff.... | Gold and What Moves it. | Scoop.it

This is a great post by Charles Hugh Smith. Be sure to click through and read it there, particularly for the charts. Here's the opening:

 

"Raising taxes is the "solution." Too bad incomes are declining. What will raising taxes do to household savings, spending and the economy?

 

"We all know cutting Federal spending is politically impossible, so that leaves raising taxes as the only "solution" to the "fiscal cliff."

 

"Since most income tax revenues flow from household income, let's look at some charts of the workforce and household income:

 

"As a percentage of the population, the workforce has contracted to levels of the late 1970s. ..."

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Western central banks maybe holding less gold than they claim

Western central banks maybe holding less gold than they claim | Gold and What Moves it. | Scoop.it

by Vivek Kaul

 

"... The central banks of the Western world (i.e. the United States, Canada, Japan and Europe) were the largest hoarders of gold. With gold prices having fallen to levels of $250 per ounce, the value of their gold holdings had taken a tremendous beating over the years. Also sitting in their vaults gold wasn’t earning any interest either. Hence they started lending out this gold to banks known as bullion banks.

 

"As Eric Sprott & David Baker write in a recent report titled Do Western Central Banks Have Any Gold Left?, “It made perfect sense for Western governments to lend out (or, in the case of Canada, outright sell) their gold reserves in order to generate some interest income from their holdings. And that’s exactly what many central banks did from the late 1980s through to the late 2000s.”

 

"This allowed Western central banks to put gold which is essentially a useless asset to some use. James Turk and John Rubino wrote a book titled The Collapse of the Dollar and How to Profit from It – Make a Fortune By Investing in Gold and Other Hard Assets. They wrote: “Lending, for instance, involves the central bank transferring gold to a major private bank, known as bullion bank, which pays the central bank a small-but-positive interest rate, then sells the gold on the open market,” write the authors. This allowed central banks to convert their gold into cash and also earn some interest on it.

 

"Sprot and Baker suggest that “Collectively, the governments/central banks of the United States, United Kingdom, Japan, Switzerland, eurozone and the International Monetary Fund (IMF) are believed to hold an impressive 23,349 tonnes of gold in their respective reserves, representing more than $1.3 trillion at today’s gold price. ..."

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The Germans Are Coming for Their Gold

The Germans Are Coming for Their Gold | Gold and What Moves it. | Scoop.it

By: John Carney

 

"A German federal court has said that country’s central bank should conduct annual audits and physically inspect its gold reserves worldwide, including gold in the custody of the Federal Reserve Bank of New York. In addition to the FRBNY, Bundesbank gold is stored in London, Paris and Frankfurt.

 

"For decades, the Bundesbank has relied on written confirmation of its gold holdings in London, Paris and New York. According to the report from the German audit court, the last time Bundesbank officials physically inspected the central banks gold holdings was, well, never.

 

"(It should be stated that the folks at FT Alphaville quote a report saying an inspection took place in 1979/1980.)

 

"Interestingly enough, the Bundesbank is apparently quite happy with taking the word of other central bankers about the existence, location and size of its gold reserves. It put out the word that it disagrees with the Audit Court, which only has advisory power and cannot force the Bundesbank to follow its recommendations, about the need for inspections. Nonetheless, the Bundesbank is actually going to follow the recommendation that it verify the gold stocks. It also has plans to ship some 150 tons of gold back to Germany for a more “thorough examination.”

 

"The Bundesbank is, of course, quite right in its opinion of the value of the examinations.

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Intraday Average Gold Price Movement - Ed Steer's Gold & Silver Daily

Intraday Average Gold Price Movement - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

You'll have to click over for the charts but Ed Steer had this to say about them:

 

"... Here are three charts courtesy of Nick Laird...and they're all inter-related. The first one is the Intraday Average Gold Price Movement for the month of September...next is the same chart except it's a 12 month rolling average...and the last one is the 5-year rolling average...a chart similar to the one that I posted many times in this column.

 

"It's very easy to see how the price patterns have changed over time. The current price trading pattern is totally unrecognizable from what it was five years prior...or even twelve months ago. The London bias that I [and others] have spoken of at length over the last year or so, has vanished completely. I guess it was becoming too conspicuous. ..."

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What To Expect With Gold Assaulting $1,700 & Silver At $32

What To Expect With Gold Assaulting $1,700 & Silver At $32 | Gold and What Moves it. | Scoop.it

Tom Fitzpatrick talks to Eric King of King World News about where he thinks gold is going at the moment:

 

"... But at the end of the day, our base case scenario is that this correction is likely to take us to to a 50% retracement of the up-move, and down to the 200-day moving average. Both of those areas are coming in right around $1,661 to $1,663 (see chart below).

 

"You also have the 55-week moving average coming in down in the low $1,660s as well. So we may well continue to see corrective activity in the gold market as it consolidates this up-move, but that $1,660 to $1,670 should be pretty good support. ..."

 

Click through for the full analysis and charts.

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Eric De Groot: The Global Trend of Economic Stimulation, Bailouts, and Currency Devaluation

Eric De Groot writes:

 

"While the perma-bears embrace the deflationary argument of lower equity and gold prices, they ignore the fact that the world is heading down an inflationary path defined by endless stimulus, bailouts, and currency devaluation. A growing number of citizens of Western economies understand this path as falling standard of livings from previous generations."

 

Headline: Japan plans $5B stimulus package

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South African unions sign deal with gold companies | MINING.com

South African unions sign deal with gold companies | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"The South African National Union of Mineworkers and two other unions signed Thursday a deal with industry body the Chamber of Mines (CoM), agreeing to a new pay structure for the strike-hit gold mining sector.

 

"CoM representing gold producers AngloGold Ashanti, Gold Fields and Harmony, agreed to an addendum to the gold sector’s 2011 to 2013 previous wage agreement.

 

"Gold miners will see their monthly salaries up about 500 rand ($57), on top of a pay raise of up to 10% that workers got in July, weeks before wildcat strikes hit South Africa's platinum and gold mines.

 

"The sum, however, still fall short of what most strikers are demanding: 16,000 rand (about $1,800) in monthly pay. ..."

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oftwominds-Charles Hugh Smith: The Fiscal Cliff and Demographic Drag

oftwominds-Charles Hugh Smith: The Fiscal Cliff and Demographic Drag | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Federal spending is heading for a fiscal cliff while millions of retirees are starting to draw Federal benefits.

We know two things about the future:

 

"1. Borrowing 35% of Federal expenditures every year is unsustainable. (2012 Federal budget = $3.8 trillion, Federal deficit = $1.3 trillion, 34.2% of every Federal dollar spent is borrowed)

 

"2. The Baby Boom generation of 75+ million may be working longer, but they are also retiring en masse, joining the ranks of Social Security and Medicare beneficiaries at the rate of 10,000 per day, a flood that will not ebb until the late 2020s. (The Baby Boom is generally defines as those born between 1946 and 1964, though many quibble with the 1964 date. The choice of parameter doesn't change anything about the consequences.)

 

"The first Boomers qualified for early Social Security retirement (age 62) in 2008 and for Medicare (age 65) in 2011. The biggest cohort years ..."

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James Turk - The Entire German Gold Hoard Is Gone

James Turk - The Entire German Gold Hoard Is Gone | Gold and What Moves it. | Scoop.it

Today James Turk shocked King World News when he stated, “The entire German gold hoard was gone because it had been leased into the marketplace. Meaning, the vaults holding German gold were emptied by 2001 because of the Bundesbank leasing activities.”

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Would A Romney Victory Cause Gold To Collapse?

Would A Romney Victory Cause Gold To Collapse? | Gold and What Moves it. | Scoop.it
By Axel Merk & Yuan Fang Monetary Cliff?

 

By Axel Merk & Yuan Fang

 

"Monetary Cliff?

 

"As the presidential election is rapidly approaching, little attention seems to be getting paid to the question that may affect voters the most: what will happen to the “easy money” policy? Federal Reserve (Fed) Chairman Bernanke’s current term will expire in January 2014 and Republican candidate Mitt Romney has vowed that if elected, he would replace Bernanke. Given the tremendous amount of money the Fed has “printed” and the commitment to keep interest rates low until mid-2015, the election may impact everything from mortgage costs to the cost of financing the U.S. debt. Trillions are at stake, as well as the fate of the U.S. dollar.

 

"Should Obama be re-elected, Bernanke might continue to serve as Fed Chairman; other likely candidates include the Fed’s Vice Chairman Janet Yellen and Obama’s former economic advisor Christina Romer. With any of them, we expect the Fed policy to be continuingly dominated by the dovish camp, and moving – with varying enthusiasm depending on the pick of Fed Chair – towards a formal employment target, further diluting any inflation target. We are not only talking about Bernanke and the other two candidates’ individual policy stances (though all three are known as monetary “doves”, i.e. generally favoring more accommodative monetary policy), but also the composition of voting members of the Federal Open Market Committee (FOMC), as we will discuss below.

 

"If Romney were to be elected, a front-runner for the Fed Chairman post is Glenn Hubbard, Dean of Columbia Business School and a top economic adviser to Romney ..."

 

click through for the rest and my answer, no.

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‘Rosa Parks’ of the Dollar - The New York Sun

‘Rosa Parks’ of the Dollar - The New York Sun | Gold and What Moves it. | Scoop.it

"A “speedy trial” is one of the rights the Constitution requires the government to provide to defendants in criminal cases, but it’s silent on whether the sentencing also needs to be speedy. We were put in mind of this fact by Alan Feuer’s profile in this morning’s New York Times in respect of Bernard Von Nothaus. He was convicted more than a year and a half ago of “counterfeiting,” because he issued silver coins, which he called “Liberty dollars,” and sold them at a price much lower than they would command in United States currency. He could face the rest of his life in prison, but the court seems to be in no rush to sentence him. In the year and a half since the verdict was brought in against him, he’s been living in a friend’s house at Malibu, awaiting word of his fate.

 

"The case throws into sharp relief an astonishing irony — that a man who issued money that has sharply appreciated in value is facing the rest of his life in prison while the officials who issue the official Federal Reserve Notes, the value of which has in four years plunged in half, to less than a 1,750th of an ounce of gold, are walking around free. We do not mean to suggest that Chairman Bernanke and his colleagues have committed a crime. We do mean to suggest that it’s a context that makes the verdict against Bernard Von NotHaus seem absurd. ..."

 

hat tip to www.gata.org

 

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Turk - 2nd Time Germany’s Gold Has Gone Missing From Fed

Turk - 2nd Time Germany’s Gold Has Gone Missing From Fed | Gold and What Moves it. | Scoop.it

This is the fourth and final of a series of blockbuster interviews with James Turk covering missing central bank gold. Turk spoke with King World News about a rather stunning event which took place at the Federal Reserve gold vault in the 1920s, and yes, it once again involved Germany’s missing gold.

 

Here is what Turk had to say: “There is an interesting thing I read a few months ago. It was an autobiography of the President of the Reichsbank, who was President (of the Reichsbank) back in the 1920s. His name was Hjalmar Horace Greeley Schacht.

 

“Schacht was on a visit to the Federal Reserve of New York in the 1920s, and the President of the Federal Reserve, a guy by the name of Strong, offered to show Schacht his gold. They went down into the vault, and after a period of time, the people who were in the vault said they couldn’t find the German Reichsbank’s gold.

 

"This (astonishing interaction with the Federal Reserve) is recorded by Schacht in his autobiography (some three decades after it took place).... " 

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#Gold Trading pretty quiet with US markets closed again

#Gold Trading pretty quiet with US markets closed again | Gold and What Moves it. | Scoop.it
The silver price climbed above $32 an ounce shortly after London opened, holding above that level for most of the morning, while other commodities were broadly flat.

 

By Ben Traynor
BullionVault

"London Gold market report

 

"The spot market gold price traded just below $1715 an ounce during Tuesday morning's London session, little changed from last week's close, while European stock markets recovered their losses from a day earlier and UK and German government bond prices fell.

 

"Downside targets will be in focus while the gold price stays below the 17 October high at $1753.86," says Commerzbank senior technical analyst Axel Rudolph.

 

"The silver price climbed above $32 an ounce shortly after London opened, holding above that level for most of the morning, while other commodities were broadly flat.

 

"Markets in the US are due to remain closed for the second day running as a result of Hurricane Sandy. Monday's trading saw gold futures volumes "far below normal", one analyst said, with another adding the market remained "pretty quiet" on Tuesday morning. ..."

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Global Gold Production Set For Major Decline As South African Mines Close

Global Gold Production Set For Major Decline As South African Mines Close | Gold and What Moves it. | Scoop.it

"... Gold production problems in South Africa run deeper than merely resolving a labor/management dispute over low wages. The cost and effort to mine gold has grown exponentially as the easy to reach grades of gold ore have been depleted. Miners have had to dig much deeper to reach low grades of ore with a corresponding increase in extraction costs. South Africa, once the leading country in gold production has dropped to fifth place. ..."

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Bundesbank says New York Fed will help meet gold audit request | Gold Anti-Trust Action Committee

Bundesbank says New York Fed will help meet gold audit request | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

BERLIN -- "The Bundesbank said the Federal Reserve Bank of New York will help it meet auditing requirements related to its gold reserves that were demanded by Germany's Audit Court.

 

"We have been in discussions with the Federal Reserve Bank of New York about the Bundesbank's holdings of gold," the Bundesbank said yesterday in a letter to the German parliament's budget committee. "The discussions have been fruitful and the Federal Reserve has expressed a commitment to work with the Bundesbank to explore ways to address the audit observations, consistent with its own security and control processes and logistical constraints."

 

"The agreement is part of a compromise between the German central bank and the Audit Court, which has called on the Bundesbank to take stock of its gold holdings outside Germany, saying it has never verified their existence. ..."

 

Interesting how the Germans can get the Fed to audit their gold but out Congress refuses to push them to audit our gold.

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Gold traders most bullish as ETP hoard sets record

Gold traders most bullish as ETP hoard sets record | Gold and What Moves it. | Scoop.it

by Nicholas Larkin, Bloomberg:

 

"Gold traders are the most bullish in three weeks as investors' bullion holdings rose to a record on mounting speculation that central banks will add stimulus to bolster economic growth.


"Fourteen of 26 analysts surveyed by Bloomberg expect prices to rise next week, nine were bearish and three were neutral. Investors boosted holdings in exchange-traded products to an all-time high of 2,585.1 metric tons yesterday, valued at $142.4 billion, data compiled by Bloomberg show. Hedge funds' bets on a rally are near the biggest in more than a year, according to U.S. Commodity Futures Trading Commission data.

 

"Central banks from Europe to China to the U.S. have pledged to do more to boost economies. ..."

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Art Cashin On Becky Quick's Roast Of Paul Krugman | ZeroHedge

Define headline heaven? Any time you can gratuitoulsy insert the names Art Cashin, Becky Quick and Paul Krugman in the same title. Like in this case. HERE'S WHAT YOU NEED TO KNOW.From UBS Finacial Services:Can I Get An "Amen!

 

Good article.

 

The last bit by Tyler Durden really made me laugh:

 

"Tangentially, is there anyone out there who doesn't think Paul Krugman is a farce, wrapped in a joke, inside a humiliation (and all endorsed by the Nobel prize winning committee which with every passing year proves it has the darkest, most demonic sense of humor in the history of the world)?"

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Precious Metals Digest | Why I’m Not Selling Gold or Silver this Week

Precious Metals Digest | Why I’m Not Selling Gold or Silver this Week | Gold and What Moves it. | Scoop.it

the editor of the Precious Metals Digest writes:

 

"The gold market is testing the $1,700-an-ounce area this week. It’s just traders doing their thing or others waiting on the Fed. I’m in for the long haul and owning gold (and silver) is part of my core holdings philosophy. Will buyers step in here? I suspect they will. Can gold go to $1650? Can silver drop to below $31? They might, but that would flash a huge buy signal for me.


"I won’t be shaken out here. Five years from now we’ll all look back and barely see this blip on the chart. Nothing has changed. Our global indebtedness is still rising and the Fed and other central banks are continuing to depreciate their respective currencies… All reasons to hold gold and silver."

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Twitter / fuTuRe_sHOcK: Hugh Hendry: "I Have No Idea ...

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American CEOs call the Congress to 'stabilize the debt' — RT

American CEOs call the Congress to 'stabilize the debt' — RT | Gold and What Moves it. | Scoop.it

"Chief executives of more than 80 major US corporations, including Aetna, Goldman Sachs, Macy’s and Boeing are joining forces to pressure Congress to bring down the federal deficit by raising taxes and cutting spending.

 

"The CEOs call on the policymakers to prepare a fiscal plan that would “stabilize the debt as a share of the economy, and put it on a downward path,” reports the Wall Street Journal, citing the statement. The plan should limit costs of Medicare, strengthen Social Security and "include comprehensive and pro-growth tax reform, which broadens the base, lowers rates, raises revenues and reduces the deficit," the CEOs say. ..."

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FOMC In Denial | Axel Merk | Safehaven.com

FOMC In Denial | Axel Merk | Safehaven.com | Gold and What Moves it. | Scoop.it

by Axel Merk:

 

"The FOMC has crossed the Rubicon: our analysis suggests that the Federal Open Market Committee is deliberately ignoring data on both growth and inflation. At best, the FOMC's intention might have been to not rock the markets two weeks before the election. At worst, the FOMC has given up on market transparency in an effort to actively manage the yield curve (short-term to long-term interest rates): ..."

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Uneasiness in the Netherlands about national gold reserve | Gold Anti-Trust Action Committee

Uneasiness in the Netherlands about national gold reserve | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"Almost 300 "concerned Netherlands citizens" have joined the German initiative for insight about the gold reserves.

 

"In a petition the citizens committee demands "full openness on the quantity and storage location of the Netherlands' physical gold, and on the extent and nature of the gold claims."

 

"In Germany a lot of uneasiness has risen about the quantity, value, and quality of the gold reserves, which have not been audited in many years at various storage locations. Led by the tabloid newspaper Bild, German news media are ..."

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Jesse's Café Américain: Wall Street Back In Business, Largely Unreformed

Jesse's Café Américain: Wall Street Back In Business, Largely Unreformed | Gold and What Moves it. | Scoop.it

"... There is an almost unbelievable tolerance of brazen bullying and deception, a sneering cyncism and disregard of any truth in people who say a thing one day, and then deny it and say a totally different thing on the next, without shame. Love grows cold even among the faithful, and lies abound.

 

"This is the very epitome of the will to power. The western world and its leadership are at a crossroads. And the path ahead, if taken, means hardship, sorrow, and blood. ..."

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