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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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Two-thirds of millionaires left Britain to avoid 50p tax rate - Telegraph

Two-thirds of millionaires left Britain to avoid 50p tax rate - Telegraph | Gold and What Moves it. | Scoop.it
Almost two-thirds of the country’s million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed.

 

by Robert Winnett:

 

"In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

 

"This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.

 

"The figures have been seized upon by the Conservatives to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government.


"It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes. ..."

 

Does this really surprise anyone? Taxes that are overly burdensome tend to make people react.

 

hat tip to www.drudgereport.com 

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The New Religion Consumerism: Consuming ones Self.

The New Religion Consumerism: Consuming ones Self. | Gold and What Moves it. | Scoop.it
The past holiday really sickened me. Not because the cranberry salad was bad or the turkey under cooked.  No, it was the way so many in our society, from Main Street to Wall Street, willingly bowed...
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No Growth Means Market Crash, Regardless of Fiscal Cliff Deal - TrimTabs Money Blog

No Growth Means Market Crash, Regardless of Fiscal Cliff Deal - TrimTabs Money Blog | Gold and What Moves it. | Scoop.it
TrimTabs' Charles Biderman explains why the fiscal cliff will not save the stock market and takes a look at inefficient government spending.
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Chinese miners to pour $7.4bn into Peru | MINING.com

Chinese miners to pour $7.4bn into Peru | MINING.com | Gold and What Moves it. | Scoop.it

by Frik Els:

 

"Lima daily Gestion reports Chinese mining companies Minmetals, Chinalco, Shougang and Zijing Mining Group are planning to invest $7.4 billion in Peru over the next five years, making up a substantial part of overall mining investment projects expected through 2017.

 

"Shougang already works an iron mine in Marcona and recently announced an investment of $1.2 billion over the next five years to expand operations.

 

"Zijing Mining Group, which is advancing the Rio Blanco copper project in Piura, will spend $1.5 billion for the same period, while Minmetals will invest around $2.5 billion in the gold and copper project El Galeno, located in the Cajamarca region.

 

"Aluminum Corporation of China (Chinalco) has also announced an investment of $2.2 billion in the Toromocho copper project in the region of Junin.

 

"China's positive stance is in contrast to other foreign investors ..."

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Colorado experiencing a ‘weekend-only’ gold rush | MINING.com

Colorado experiencing a ‘weekend-only’ gold rush | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"Driven by several recent Discovery Channel shows dedicated to prospecting and steady gold prices, weekend placers — how they like calling themselves — have been wading into the state of Colorado's streams in numbers never seen before.

 

"Most people know of the California gold rush and the historic 49'ers, but few are aware of the fact that Colorado also has a very storied gold rush of its own. Placer was actually discovered in the region in 1849 and 1850 by prospectors heading to the California gold rush. .."

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OEСD slashes global forecast, warns of global slowdown — RT

OEСD slashes global forecast, warns of global slowdown — RT | Gold and What Moves it. | Scoop.it
The world’s advanced economies will grow much slower in 2013, while the risk of a new global recession still remains, according to the Organization for Economic Cooperation and Development (OECD).
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oftwominds-Charles Hugh Smith: Is This Recovery "Self-Sustaining" or Merely a Mind Trick?

oftwominds-Charles Hugh Smith: Is This Recovery "Self-Sustaining" or Merely a Mind Trick? | Gold and What Moves it. | Scoop.it

Charles Hugh Smith has an interesting piece today:

 

"Perhaps the "recovery" is a Mind Trick played on the weak-minded.

 

"Those with vested interests in the Status Quo tout data that supports the claim the "recovery" is now "self-sustaining," meaning that the economy is now expanding fast enough to fuel new growth. In this view, the Federal Reserve's extraordinary policy interventions (zero interest rate policy, $23 trillion in support provided to the global banking system, 3.4% mortgage rates, etc.) and the Federal government's unprecedented fiscal stimulus (borrow and blow $1.3 trillion a year) have done their job; the economy is now "self-sustaining," meaning that it can continue growing as Federal deficits shrink and the Fed trims its quantitative easing policies.

 

"The data favored by the Status Quo interests are GDP (which rises when the government borrows and blows trillions of dollars), housing sales (still low compared to 2006, but better than 2011) and consumer confidence, which is hitting multi-year highs. Consumer confidence is a quasi-quantitative measure of the critical "animal spirits" that Keynesians look for to drive more borrowing and spending: if you feel wealthier for whatever reason, that confidence arouses your "animal spirits" to rush out and buy something, preferably a house and a car. ..."

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The Economic Deception At The Heart Of The Fiscal Cliff | Daniel Amerman | Safehaven.com

The Economic Deception At The Heart Of The Fiscal Cliff | Daniel Amerman | Safehaven.com | Gold and What Moves it. | Scoop.it

This is an interesting read from Daniel Amerman:

 

"... Now it would be easy to miss just how devastating this under-the-surface swap of private for public GDP was when it comes to the economy and tax revenues. One might think, "just 8% of the economy swapped, and that is less than 10%, which may not be good, but it's not that huge a deal, right?"


"Wrong. What makes it a huge deal is that the two happened simultaneously. When the private sector started at $9,441 billion in 2007 and fell to $8,167 billion in 2009, that was a decline not just of 8% of the total economy, but of 13% of the private sector. And when the public portion of the economy rose from $5,079 billion to 6,091 billion in two years, that was an increase of 20% in public spending.
If we think about this like we would our household, and the wealth coming in drops by 13% at the exact same time that the expenses going out increase by 20%, then we have a much bigger problem than any of the individual numbers of 8%, 13% or 20%. ..."

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Do gold manipulation deniers really know the secrets of central banking? | Gold Anti-Trust Action Committee

Do gold manipulation deniers really know the secrets of central banking? | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"Dear Friend of GATA and Gold:

 

"A couple of common assertions that are frequently made to dismiss complaints of manipulation of the gold market have come up again in recent days and may deserve rebuttal.

 

"First, interviewed in part about gold market manipulation last week by Max Keiser on Russia Today's "The Keiser Report," Charteris Treasury Portfolio Managers CEO Ian Williams remarked, "We've always worked on the theory that the market is bigger than any one particular player" ....

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Gold Fields issues final ultimatum to illegal strikers - MINEWEB RADIO - GOLD WEEKLY - Mineweb.com Mineweb

Gold Fields issues final ultimatum to illegal strikers - MINEWEB RADIO - GOLD WEEKLY - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it
Mineweb.com | The world's premier mining and mining investment website...

 

Interesting interview:

 

Here's a snippet:

 

"NICK HOLLAND: I just feel that if this thing carries on it has the potential to escalate, who knows where this goes next? It could spread outside of the mining industry. We have a significant support industry to the mining industry that could be impacted, it could impact general business. Now, we have a tremendous responsibility here because unfortunately we've been selected ahead of everybody else. So my view on this, and I think it's the view of the other executives in the industry, is one we have to recognise that law and order cannot be breached and that includes illegal strikes, they should not be allowed. Two, that we've got to stick to existing agreements, 12, 13 weeks after we've just given an 8% to 10% wage increase, nearly double inflation, we're faced with this situation. Three, we just have to show that this is not something that we can contemplate. I think it's going to be short-term pain for us - I hope it's short term - and eventually we'll get to normality. But we feel after a lot of deliberation with the board, etc that we have to go ahead and do this now."

 

Click over to listen to it. Hat tip to http://www.twitter.com/Rob_blogging

 

 

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Still Churning. the algos are in charge. #Gold #Silver

Still Churning. the algos are in charge. #Gold #Silver | Gold and What Moves it. | Scoop.it

TF Metals writes: 

 

" ... For today, the algos are in charge and The Cartels are ensuring that price gets pegged where they want/need it for option expiration and the CoT survey. I don't expect any substantial rallies but I don't expect any major selloffs, either. ..." click through for the charts and the full analysis.

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Chart Of The Day: Continued Collapse In Capital Goods New Orders Confirms US Is In Recession | ZeroHedge

Chart Of The Day: Continued Collapse In Capital Goods New Orders Confirms US Is In Recession | ZeroHedge | Gold and What Moves it. | Scoop.it
While the just released Durable Goods orders report for October came in modestly better than expected (which many thought would be a decline due to Hurricane Sandy), the primary driver of this continues to be record durable good inventory...
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Ted Butler: A Manipulation Time Line - Ed Steer's Gold & Silver Daily

Ted Butler: A Manipulation Time Line - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it
It appears that Friday's price rally in all precious metals was met with massive short selling by JPMorgan Chase et al...

 

Ed Steer writes in his daily:

 

"Here are a few sentences I stole from silver analyst Ted Butler's short Monday commentary to his clients regarding yesterday's COT Report...

 

"By my calculations, JPMorgan is holding a net short position of 35,000 contracts in COMEX silver futures, one of their largest short positions ever, as of the latest COT. That’s the equivalent of 175 million oz. Because there was also a large increase in spread positions in the Disaggregated COT report, JPM’s market share is now up to 34% of the entire short side of the COMEX silver futures market. While I am stating this as factually as possible, it almost qualifies as being unbelievable."

 

"Nothing free market about this. If you want a visual and historic representation of the COT reports going back about 16 year...these linked interactive charts show the short and long term trends for all COT categories, which are visible at a glance. For gold the link is here...and for silver the link is here.

 

"Yesterday's COT Report snapshot of the 'big 4' and 'big 8' short-side traders comes in this excellent graph of "Days of World Production to Cover Comex Short Positions" as provided by Nick Laird. ..."

 

click through for the full piece and the chart.

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Twitter / jvogler: Comex Open Saw 24 Tonnes of ...

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SA's 3Q growth worse than expected due to strikes | MINING.com

SA's 3Q growth worse than expected due to strikes | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"South Africa’s economy continues to struggle as a consequence of the widespread strikes that have hit its mining sector since August, weighing more heavily on the economy in the third quarter than what economists had predicted.

 

"According to data published Tuesday by the country's statistical agency, South Africa's economy grew 1.2% in the third quarter compared with the previous three months of the year. Analysts had predicted a growth of 1.7%, as reported Monday by All Africa.com.

Stats SA showed the immediate impacts of labour unrest in the country’s economy earlier this month, when it published data that showed mine output dropped 8.3% on the year in September.

 

"The fall was sharper than the 4.5% economists had forecasted as strikes crippled the industry. ..."

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THE MADNESS OF A LOST SOCIETY 3

Another 'Black Friday' has come and gone. And it has left us with further evidence of the complete madness of the populace of our nation. America has been dealt a fatal blow by corporate greed, Bankster malfeasance and the insidious nature of collectivism -- and it's all been done to us by design.

 

The once proud and independent people of the United States have, in large part, been reduced to servants of the State. As Aldous Huxley famously noted, "People can actually be made to LOVE their servitude."

 

Featuring Mike Krieger, Rob Kirby, Chris Duane, Gerald Celente, Bill Murphy and many others, 'Madness 3' offers one last 'fair warning' for those with the eyes to see and the ears to hear.

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Sudan and Saudi Arabia to mine the Red Sea by 2014 | MINING.com

Sudan and Saudi Arabia to mine the Red Sea by 2014 | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"On Tuesday the Arab states of Sudan and Saudi Arabia unveiled plans to start mining for gold, copper, silver and other riches along the Red Sea basin between the two countries as early as 2014, reports NOWLebanon.com.

 

"Sudan's mines minister, Kamal Abdel Latif, said production at a project with Saudi Arabia’s Manafa International Trade Company is underway and that the estimated reserves at the Atlantis II project are “huge” —150 tons of gold and over 1 million tons of copper.

 

"The joint venture partner, Diamond Fields International (TSX:DFI), has however reported estimated copper reserves at less than half that amount. ..."

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If These Two Brilliant Investors Are Right About Future Growth, The World Is Screwed

If These Two Brilliant Investors Are Right About Future Growth, The World Is Screwed | Gold and What Moves it. | Scoop.it
Imagine what budget deficits will look like with growth of only 1%-2% per year.

 

by the Economist:

 

"WHAT distinguishes modern man from his ancestors is the expectation of steady economic and population growth. Since the start of the 19th century, both have taken off in a way that was not seen in ancient times or the middle ages.

 

"As we look forward to the next 20-30 years, we can be pretty sure that population growth is going to slow, and in some countries, there will be a fall. Does the same apply to the economic growth rate? ..."

 

hat tip to http://economicsignsofthetimes.blogspot.com/2012/11/monday-roundup-11-26-12.html 

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Peter Schiff - No ceiling for gold prices - forecast and analyis

Does gold have unlimited potential?For more gold and silver news, videos, articles and wholesalers go to http://www.silverngoldbullion.com...
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Immutable Golden Laws | The Daily Gold

Immutable Golden Laws | The Daily Gold | Gold and What Moves it. | Scoop.it

by Dr. Jim Willie:

 

"Several immutable Gold Rules appear to be self-evident and powerfully manifested in the modern world of banker corruption, financial market intervention, currency debasement, phony accounting, and economic deterioration, all amidst powerful incessant media propaganda, against a backdrop of endless war. The global fascism movement has taken deepest root in what during the 1960 through 1980 decade was the capitalism regions steeped in democracy. Since the Lehman Brother scuttle and the Fannie Mae adoption and the AIG black hole admission, the financial crisis that began with the housing bubble and subprime mortgage bust has turned virulent. The global financial crisis is better described as a global monetary war to defend the toxic USDollar, whose sunset can be seen. In the last 12 to 18 months, the monetary war has again morphed, this time into a far more serious and financially violent global Gold War. Nations are fast realizing that their only true liquid assets of value are their gold reserves, and even they have been tampered with or stolen in a vast re-hypothecation scheme. ..." click through for the rules.

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Currency Wars: Trading the Driver$ | Gordon Long | Safehaven.com

Currency Wars: Trading the Driver$ | Gordon Long | Safehaven.com | Gold and What Moves it. | Scoop.it

Gordon Long writes:

 

"Since September, the Currency Wars have escalated. It isn't just because of the seminal monetary events of the Federal Reserve's QE III "unlimited" and the ECB's OMT "Uncapped". It is highly likely, more about the fact that China announced its eleventh agreement that effectively bypasses using the US dollar with China's strategic trading partners. The latest agreement with Russia places trading oil, in non-US dollars, into the spotlight. The infamous petrodollar has had its destructive profile raised. ..." click through for the rest and the charts.

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Leeb - Gold, Silver & Natural Gas Are Going To Soar

Leeb - Gold, Silver & Natural Gas Are Going To Soar | Gold and What Moves it. | Scoop.it

Stephen Leeb tells King World News:

 

"... As the world really begins to look seriously at the energy problems we face going forward, governments will start to realize the strategic importance of silver. Silver is a better buy than gold. Silver is going to play a vital role in producing energy around the globe. Japan is turning to solar. Saudi Arabia is turning to solar. Virtually every major country in the world is turning to solar. There is not going to be enough silver to satisfy the demand for solar energy.

 

"Silver has not broken $50 yet, but when I say silver is going to be a 3-digit commodity, it will be. These small silver stocks, they are the ones that are really going to be a big hit. What really worries me about silver, Milton Friedman said silver was the first monetary metal. Silver will benefit from the monetary catastrophe that is in front of us because it is a monetary metal. But silver is also needed for cell phones, energy, computers, automobiles and so on. ..."

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Guest Post: Gold-Bugs And Anti-Gold-Bugs | ZeroHedge

Guest Post: Gold-Bugs And Anti-Gold-Bugs | ZeroHedge | Gold and What Moves it. | Scoop.it
Submitted by Gary North of the Ludwig von Mises Institute

 

"An article by David Weiner on the MarketWatch site reminded me of just how weak the economic arguments against the gold standard are. Its title: "A Fool's Gold Standard." I examine this article here.

 

"The arguments by American critics of a gold standard all rest on this unstated presumption:

 

"The economic outcomes of policy decisions made by a committee of 12 salaried bureaucrats, 7 of whom were appointed by the president of the United States, and 5 of whom were appointed by the largest regional banks that own a majority of shares of the 12 regional Federal Reserve banks, are better for the nation than the decisions of millions of owners of gold coins, who seek their own interests. ..."

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Europe's Latest Can-Kicking Euphoria Fading Quick | ZeroHedge

Europe's Latest Can-Kicking Euphoria Fading Quick | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden writes:

 

"... In other words, the use of funds for the third Greek bailout has been more than detailed. The only tiny outstanding issue - the source of funds.

 

"But don't worry: Europe's magic money tree is second to none when it comes to fruiting "confidence", "hope" and other such European synonyms to BS.

 

"Not helping things is the accelerating selloff in Greek banks, which were down as much as 10%, on the realization that a bond write down from par to 35% implies a major balance sheet hit, and an impairment of repo-eligible collateral, which also means said Greek banks will need to raise even more capital, which in turn means that of the EUR44 billion or so coming Greece's way, even more will have to be diverted to bailing out its insolvent banking system.

 

"Of course, who in their right mind could conceive that you can't fix "more debt" with "more debt. ..."

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The Gold Market Through China's Eyes - Casey Research

The Gold Market Through China's Eyes - Casey Research | Gold and What Moves it. | Scoop.it
Gold is available from surprising sources in China.

 

Jeff Clark:

 

"Have you ever wondered what the typical Chinese gold investor thinks about our Western ideas of gold? We read month after month about demand hitting record after record in their country – how do they view our buying habits?

 

"Since 2007, China's demand for gold has risen 27% per year. Its share of global demand doubled in the same time frame, from 10% to 21%. And this occurred while prices were rising.

 

"Americans are buying precious metals, no doubt. You'll see in a news item below that gold and silver ETF holdings just hit record levels. The US Mint believes that 2012 volumes will surpass those of 2011.

 

"But let's put the differences into perspective. This chart shows how much gold various countries are buying relative to their respective GDPs. ..."

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