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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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India rules out reduction in Gold import duty

World's largest gold consumer India's current account deficit widened to 4.2 per cent of GDP in 2011-12, and had touched a record high of 5.4 per cent during in the July-September quarter of the current fiscal.

 

NEW DELHI(BullionStreet): Ruling out any chances of reduction in gold import duty, Indian finance minister P.Chidambaram said government is not considering it on gold in view of the impact it will have on the country's current account deficit.

 

Replying to questions in this regard in country's parliament, he said there is no such proposal under consideration to reduce the import duty on gold, taking into account the likely impact on the CAD.

 

Chidambaram said the domestic prices of precious metals have increased in tandem with international prices and as they are demand driven, the government has a limited role in controlling the demand.

 

World's largest gold consumer India's current account deficit widened to 4.2 per cent of GDP in 2011-12, and had touched a record high of 5.4 per cent during in the July-September quarter of the current fiscal. ...

Hal's insight:

You got to figure the blackmarket in gold there is going to continue to grow.

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MORGAN STANLEY: The Gold Bull Market Isn't Over, And The Reasons To Own It Are 'Evolving'

MORGAN STANLEY: The Gold Bull Market Isn't Over, And The Reasons To Own It Are 'Evolving' | Gold and What Moves it. | Scoop.it

A notable feature of the investment landscape over the past few months has been the 12 percent drop in the price of gold since September.


During that time, we've heard some incredibly bearish calls on gold from strategists at Goldman Sachs and Credit Suisse, among other shops. Rising real interest rates are said to be the death knell for gold.

 

Morgan Stanley, which for a while has touted gold as its number-one investment idea in the commodity space, isn't ready to throw in the towel just yet.

 

In fact, according to the bank's Chief Metals Economist, Peter Richardson, "The reasons for owning gold may be evolving."


What does that mean, exactly? Richardson argues that over the past 10 years, gold has actually undergone numerous evolutions in this manner.


From 2001 to 2008, Richardson writes, gold went up because of "1) a persistent increase in investment demand, 2) acceleration in producer de-hedging, 3) a decline in net official sector sales, and 4) a persistent failure on the part of the mining companies to respond to the incentive of a steadily rising price and materially lift production."


Read more: http://www.businessinsider.com/the-gold-bull-market-isnt-over-2013-3#ixzz2MhONT4YP
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hat tip to www.grandich.com 

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Singapore A Wise Owl Among Currency Snakes | John Browne | Safehaven.com

Singapore A Wise Owl Among Currency Snakes | John Browne | Safehaven.com | Gold and What Moves it. | Scoop.it

As China enters the "Year of the Snake," Singapore stands as a beacon of sound currency in a world gone mad. China's renminbi remains pegged to the US dollar, while even steadfast Switzerland has followed the US, UK, EU, and Japan into an impoverishing strategy of currency debasement. Singapore, alone, has been able to sustain genuine economic growth in the context of a strong national currency.


The Currency Snakes

In most major economies, a corrective recession has become politically unacceptable. In order to conceal negative real economic growth, politicians and their central bankers have resorted to the irresponsible policy of excessive government spending. This is financed by unsustainable borrowing,excessive taxation, and/or currency debasement. The result is the progressive impoverishment of citizens and increasing government intrusions, dressed as 'help' for the needy. This places government in an ever-more dominant position over its citizens, reducing them to subjects.

 

The Fed's massive QE programs, now virtually unlimited, have been imitated by the stewards of the world's other reserve currencies - and the result has been stagflation.

 

The EU, the world's largest economy, saw its combined economy shrink by 0.3 percent last year, and it is forecast to fall an additional .3 percent this year.

 

Unemployment is estimated to reach 12.2 percent in 2013. With youth unemployment in Greece at 62 percent and the mighty German economy shrinking by 0.6 percent in Q4 of 2012, Europe is primed for deep recession,possibly even depression.

 

The UK saw contraction for 3 of 4 quarters of 2012. Though it saw an uptick in Q3, economists are bracing for a "triple dip" recession. ...

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WMAL : Where Washington Comes to Talk - WMAL EXCLUSIVE: Woodward's Not Alone - Fmr. Clinton Aide Davis Says He Received White House Threat

WMAL : Where Washington Comes to Talk - WMAL EXCLUSIVE: Woodward's Not Alone - Fmr. Clinton Aide Davis Says He Received White House Threat | Gold and What Moves it. | Scoop.it
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Wage Recession Hits 5 Years; Worse Than Jobs Drought

Wage Recession Hits 5 Years; Worse Than Jobs Drought | Gold and What Moves it. | Scoop.it

As bad as the current job recovery has been — and it's by far the weakest since World War II — the recovery in wages has been far worse.

 

Five years after the recession began in December 2007, total wages in the economy have yet to fully recover in real terms, Commerce Department data show. In other words, the wage recession continues.

 

By comparison, the longest previous post-war wage recession, which began with the 2001 downturn, was over in 2-1/2 years, even though that jobs recession lasted four years.

 

In recoveries past, wage recessions have ended long before payrolls hit new highs ...



Read More At IBD: Wage Recession Is Five Years Old, Worst Since World War II - Investors.com http://news.investors.com/economy/022813-646108-wage-recession-worse-than-jobs-slump.htm#ixzz2MDClkEPL 
Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook

 

 

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Richard Russell - Gold, Silver, Stocks & Collapsing Incomes

Richard Russell - Gold, Silver, Stocks & Collapsing Incomes | Gold and What Moves it. | Scoop.it

With key global markets at or near breakout levels, and continued, enormous volatility in the gold market, today the Godfather of newsletter writers, Richard Russell, covers collapsing incomes, gold, silver, stocks, the Fed and more.  Here is what Russell had to say in a note to subscribers: “From an investment standpoint, there's one major problem with this stock market.  What's the problem?  The problem is simply that it's not a good value.  Great investment markets are characterized by being great values.  The criterion of value is the return on the investment (the single exception to this rule is gold).”


“The dividend yield on both the Dow and the S&P Composite is currently below 3%.  Classically, it is well to remember that when the dividend yield on these two averages is in the 5-6% range, they are great values.  Because the return on the investment is now so low, investors have been forced to go to other asset classes. 

 

This has included junk bonds, option buying and selling, preferred stocks, diamonds, collectibles, commodities, agricultural lands, art, and a variety of unusual items ... My own opinion of buying or trading in such exotic products can be summed up in one sentence -- “Don't do it!”  The reason I say this is because you and I are amateurs pitting our wits against professionals.  In such exchanges, the professional almost always wins.  It's as simple as that.

 

OK Russell, then what are we to do in the face of today's over-valued stock ...


Hal's insight:

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How downturn has devastated the High St: 20 stores closed EVERY DAY in 2012 - but payday loan firms and pawnbrokers thrive

How downturn has devastated the High St: 20 stores closed EVERY DAY in 2012 - but payday loan firms and pawnbrokers thrive | Gold and What Moves it. | Scoop.it
A survey by PricewaterhouseCooper and Local Data Company revealed 7,337 store closures while there were 5,558 openings, meaning 1,779 stores shut for good with jewellers, health food shops, travel agents, and sports goods shops among the hardest hit.

 

The devastating effects of the downturn saw major retailers close 20 stores every day in England over the past year, ten times as many as in 2011.


A survey by PricewaterhouseCooper and Local Data Company revealed 7,337 store closures while there were 5,558 openings, meaning 1,779 stores shut for good with jewellers, health food shops, travel agents, and sports goods shops among the hardest hit. 


Businesses to buck the trend included payday loan companies, pound shops, pawnbrokers, and betting shops, as well as supermarkets, charity shops and coffee shops.


Cheque cashing and payday loan companies - which have come in for heavy criticism for lending money to desperate borrowers at extortionate rates of interest above 4,000 per cent APR - fared the best, opening 121 units overall.



Read more: http://www.dailymail.co.uk/money/news/article-2285802/Downturn-devastating-High-Street-20-stores-closed-EVERY-DAY-2012.html#ixzz2MD6h5F3B 
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Hal's insight:

Hat tip http://edegrootinsights.blogspot.com 

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India raises NRI gold limit

India raises NRI gold limit | Gold and What Moves it. | Scoop.it
A male passenger can now bring gold worth 50,000 rupees without paying any duty while a women passenger can bring gold worth up to 1,00,000 for free.
Hal's insight:

Huh?

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Gold heads for 4% monthly loss

Gold heads for 4% monthly loss | Gold and What Moves it. | Scoop.it
Analysts said the precious yellow metal is on course for a 4 percent decline in February. It has been in the red for five straight months, the longest such losing streak since late 1996 to early 1997.
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The Golden Truth: This Is A Must Read And It's Why You Must Own Gold/Silver

The Golden Truth: This Is A Must Read And It's Why You Must Own Gold/Silver | Gold and What Moves it. | Scoop.it

Ben Bernanke has spent the last two days testifying to Congress - under oath - the economy is improving and that his money printing scheme has saved the system without risking inflation.  He really emphasizes the avoidance of deflation.

But what's so wrong with deflation?  If prices of goods and services decline, enabling the consumer to buy more of those goods and services, isn't that a good thing?  The real deflation Bernanke to which Helicopter Ben refers is the deflation of all of the assets that have been financed by the banking system, potentially rendering the banking system insolvent.   But this would be a good thing too in the long run.

With that said, please take the time to read this commentary below which compares our current systemic with that of late 18th century France.  The parallels are startling: 


The French were in the same boat in the 18th century. During the time of Louis XV, no one could imagine how French society could possibly function if they cut the welfare system or defense budget. So they kept spending… kept going into debt… and kept debasing the currency. ...

Hal's insight:

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Nevada recluse's half Gold fetches $3.5 million

There boxes contained 2,900 Austrian coins, many from 1915; more than 5,000 from Mexico; at least 500 from Britain; 300 U.S. gold pieces, some dating to 1880; and more than 100 US gold pieces as old as the 1890s.

 

... The 69-year-old who had lived so simply had a vast collection of gold coins worth millions of dollars stored in old ammunition boxes in his garage.

 

There boxes contained 2,900 Austrian coins, many from 1915; more than 5,000 from Mexico; at least 500 from Britain; 300 U.S. gold pieces, some dating to 1880; and more than 100 US gold pieces as old as the 1890s.

 

In total, about about 60 kilograms of gold coins was auctioned off Tuesday in a courtroom to pay for government taxes and fees. ...

Hal's insight:

Did you catch that bit about being sold to pay taxes and fees? Taxes and fees for what I wonder? 

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Paper Money Kaput? Gold rush on rise as Europe crisis deepens

It used to be the main exchange currency in Europe, but soon after WW1 governments ditched it. Now, amid turbulent financial times and economic woes, gold is...
Hal's insight:

hat tip to http://www.mining.com/the-end-of-paper-money-europe-hit-by-gold-rush-as-crisis-worsens-84818/ ;

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Charles Hugh Smith: What Could Go Wrong with the Housing Recovery in 2013? Plenty.

Charles Hugh Smith: What Could Go Wrong with the Housing Recovery in 2013? Plenty. | Gold and What Moves it. | Scoop.it

Federal subsidies and Federal Reserve policies enabled a vast expansion of debt that masked the stagnation of income. Now that the housing bubble has burst, this substitution of housing-equity debt for income has ground to a halt.


What could go wrong with the housing recovery in 2013?  To answer this question, we need to understand that housing is the key component in household wealth. As a result, Central Planning policies are aimed at creating a resurgent "wealth effect": When people perceive their wealth as rising, they tend to borrow and spend more freely. This is a major goal of U.S. Central Planning. Another key goal of Central Planning is to strengthen the balance sheets of banks and households. The broadest way to accomplish this is to boost the value of housing. This then adds collateral to banks holding mortgages and increases the equity of homeowners. Some analysts have noted that ...
Hal's insight:

Great read. Click through.

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Eric De Groot: Money Flow Setup in Bonds Could Mark Another Consolidation Period For Stocks Ahead

Eric De Groot: Money Flow Setup in Bonds Could Mark Another Consolidation Period For Stocks Ahead | Gold and What Moves it. | Scoop.it

A wave of 'new' money chasing momentum, more often than not, becomes the bag holders of most directional moves.  The only force in the market that matters is the invisible hand; this force buys and sells extreme pessimism and optimism, respectively. ...

Hal's insight:

C

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Jesse's Café Américain: Here Is Something To Think About With Regard to Money

Jesse's Café Américain: Here Is Something To Think About With Regard to Money | Gold and What Moves it. | Scoop.it

Here is something to think about as the Fed continues to expand its Balance Sheet by buying Treasury (and mortgage debt), with an emphasis on systemic limitations that become a little more apparent at the ZIRP boundary where organic money growth is stultified.

As you may recall, the Fed refunds all profit it makes, that is revenue in excess of expenses, back to the US Treasury. And that includes all the interest collected on the bonds its holds.

So as the Fed buys Treasury debt, and holds it to expiration, it refunds all of the interest payments back to the Treasury, less their expenses.

As long as there is at least one Primary Dealer available to make a market in Treasury debt, the Fed, which is technically prohibited from buying the bonds directly from the Treasury, there is a fairly strong measure of control over both the interest paid and the amount of debt which can be issued. 

As a thought experiment, what would it be like if the Fed expressed a willingness to buy ALL outstanding Treasury debt at a set schedule of prices?  What are the limiting factors?  What happens to the debt payments of the Treasury? ...

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oftwominds-Charles Hugh Smith: Why Central States/Banks Inflate Asset Bubbles, and Why They Implode

oftwominds-Charles Hugh Smith: Why Central States/Banks Inflate Asset Bubbles, and Why They Implode | Gold and What Moves it. | Scoop.it

Inflating phantom assets to collateralize expanding debt is failing due to diminishing returns on stimulus, zero-interest rates, money-printing and monetization of Federal debt.


That the policies of central states and banks have led to one disastrous asset bubble after another over the past 15 years is undeniable. This poses the question: is this serial bubble-blowing intentional, or are the bubbles merely unintended consequences of the neoliberal, neofeudal model of financialization that dominates global finance? The answer boils down to this: inflate assets or die. ...
Hal's insight:

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Behind the Curtain: Bob Woodward at war

Behind the Curtain: Bob Woodward at war | Gold and What Moves it. | Scoop.it
Bob Woodward called a senior White House official last week to tell him that in a piece in that weekend’s Washington Post, he was going to question President Barack Obama’s account of how sequestration came about — and got a major-league brushback.
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No hard measures against Gold in India budget

The only move to discourage people from going to gold announced in the budget is the proposal to launch bonds offering interest rates linked to inflation.

 

NEW DELHI(BullionStreet): World's largest gold consumer India not only refrain from any moves that could further curb gold imports but raised NRI gold quota in the union budget presented Thursday.

 

The gold frenzied nation held its gold import duty unchanged in the budget, defying industry expectations that it would increase rates to curb demand and rein in a record current account deficit.Traders had expected the budget to usher in a levy of 8 percent.

 

Giving some relief to Non Resident Indians (NRI) living in abroad, the fiance minister has raised the value of gold that can be brought home from abroad. ...

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SBV may join gold trading in Vietnam

SBV allowed some major banks to temporarily export non-SJC gold, then import gold for production of the SJC-brand gold bars in Vietnam.

 

HANOI(BullionStreet): Days after Vietnam's central bank, The State Bank of Vietnam (SBV) said it will intervene in the local gold market to curb the rising disparity between local and global gold prices, analysts said investment demand for gold in Vietnam heads for a decline this year.

 

They said investment demand, which contributes about 85 percent of total gold demand in the world's No.9 bullion consumer, is expected to fall 22 to 25 percent in 2013.

 

Earlier in the week, the SBV and Saigon Jewellry Company ( SJC) signed a principle contract under which the SJC will use SBV's gold reserves to make national SJC-brand gold bars so as the SBV can trade them on the market.

Hal's insight:

Should we trust anything that comes out of Central Banks anymore?

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You Want Dates For The End Of This Reaction? « Jim Sinclair's Mineset

Dear CIGAs,

You wants dates? Ok.

 

The bet on the short of gold side is that the Sequester takes place. I have felt that the gold market’s longest period of reaction possible would end on my birthday, March 27th. That puts it directly in place of this wager in time.

 

Regardless of whether or not Sequester occurs, I stand by this timing assumption that I have held since this decline started.

 

Many who I know and asked me in private know this statement to be true. I know that this is read by just those that are at the heart of this decline.

 

The earliest date of the end of the decline is the 28th of February and the longest period of pressure is until the 27th of March. Thereafter gold is released to the upside which will be a minimum of $3500.

 

Defend yourselves because today was a wager on the Sequester occurring. Regardless, do not give away your position in either gold or shares that are fully paid for. Margin is madness in gold because the.. 

Hal's insight:

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Caterpillar to cut 1400 jobs at plant in Belgium, blames high labor costs and ... - Fox News

Caterpillar to cut 1400 jobs at plant in Belgium, blames high labor costs and ... - Fox News | Gold and What Moves it. | Scoop.it
Business Recorder
Caterpillar to cut 1400 jobs at plant in Belgium, blames high labor costs and ...
Hal's insight:

Do you suppose those jobs will show up somewhere else around the globe?

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Sequester: A Matter of National Security

The Peter Schiff Show (2/26/13) Listen weekdays 10am to noon ET on http://www.SchiffRadio.com Buy my newest book at http://www.tinyurl.com/RealCrash Friend m...
Hal's insight:

hat tip to http://thevictoryreport.org 

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Key Charts Which Predict A Violent Move Higher In The Metals

Key Charts Which Predict A Violent Move Higher In The Metals | Gold and What Moves it. | Scoop.it

The following powerful charts were 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 as we are still seeing some turmoil in the gold and silver markets.  Wides illustrates that a very rapid move higher in the metals is fast approaching.


“Many advocates of gold note that it’s not the gold price going up but fiat currencies going down.  The world has just witnessed a dramatic fall in the Japanese yen, not only against gold but against all fiat currencies.  Before the yen we had the euro crisis of 2011 to 2012, and before that the Dollar crisis in 2006 to 2008.  So round and round it goes.  The question is, what currency is next and how will it impact the gold and silver markets?

 

The next likely candidate to plummet is the British pound (GBP).  The GBP vs dollar chart shows absolute weakness, and a major support has been broken at $1.53 after 4 years of consolidation.  The British pound has now technically entered a free-fall zone (see chart below). ...


Hal's insight:

Click over for all the charts.

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India Economic Survey calls for market-determined Gold

Economic Survey is considered a major report on the country's economy and is presented to parliament every year a day before the union budget.

 

NEW DELHI(BullionStreet): India reiterated it's stance to curb overall imports, particularly of gold in the newly released Economic Survey 2012-13.

 

The Economic Survey tabled in India's parliament by Finance Minister P. Chidambaram said the main focus had to be on curbing imports as the room to increase exports in the short-run was limited. ...

Hal's insight:

So, India continues to seek to limit it's citizenry's exposure to gold. Hard to believe.

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What's with Russia buying even more Gold: SPDR Gold Trust, iShares Gold Trust

What's with Russia buying even more Gold: SPDR Gold Trust, iShares Gold Trust | Gold and What Moves it. | Scoop.it
Turkey's central bank increased its gold bullion holdings by 84% in 2012. In January, the bank bought another 10.3 tons of the precious metal.

 

By Michael Lombardi
Skepticism toward gold bullion prices is increasing. The bears and the mainstream media are focused on the price decline of gold bullion and are clearly not looking at the demand of the metal. The reality: demand for gold bullion is increasing.

As gold bullion prices have declined a little since the beginning of 2013, purchases of gold by central banks have increased. In January, central banks from countries like Russia, Turkey, and Kazakhstan continued to buy more gold bullion.

According to the International Monetary Fund (IMF), the Russian central bank increased its gold bullion holdings by 12.2 metric tons in January to 970 tons. During 2012, the Russian central bank increased its holdings by 8.5%. If Russia keeps its gold-buying pace throughout 2013 at the same level as January, it will increase its holdings of gold bullion by 15% during the year.

Similarly, the central bank of Kazakhstan increased its gold bullion holdings by 1.5 tons in January, bringing its total holdings to 116.8 tons. Over 2012, Kazakhstan’s central bank increased its holdings of gold bullion by 41%. 

Turkey’s central bank increased its gold bullion holdings by 84% in 2012. In January, the bank bought another 10.3 tons of the precious metal. 

Keep in mind that these are not the only central banks buying gold bullion. As the list of central banks printing more money has increased, the number of gold bullion purchasers has grown. ...

Hal's insight:

Central Bankers are going to continue to bank gold. Count on it.

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