Gold and What Mov...
Follow
78.1K views | +1 today
Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
Curated by Hal
Your new post is loading...
Your new post is loading...
Scooped by Hal
Scoop.it!

Charles Hugh Smith: The Global Economic Disease in 8 Points and the Cure in 4 Points

Charles Hugh Smith: The Global Economic Disease in 8 Points and the Cure in 4 Points | Gold and What Moves it. | Scoop.it

A mere dozen points describe both the global financial illness and the cure.


The global economy is ill, and everyone who is not mired in denial or a paid shill knows it. Saying it's healthy doesn't make it so.

Is is possible to usefully generalize the illness and outline a cure in a few points?Maybe not, but let's try anyway.

1. Creating and selling credit and leverage became far more profitable than generating goods and services. Financialization--expanding highly profitable credit by leveraging assets and income to the hilt--began in earnest in the early 1980s. ...
Hal's insight:

Click through for the full post and all Mr. Smith's points.

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

Richard Russell - Will Germany Shock The World?

Richard Russell - Will Germany Shock The World? | Gold and What Moves it. | Scoop.it

Gold is looking increasingly interesting.  The chart below almost speaks for itself.  Spot gold is in a rising trend and is touching its 50-day MA.  The nearby target is to climb above 1700.  There has been terrific resistance to gold's rise -- it's as if every penny higher has been fought against by the anti-gold group (and who could that be but the Fed?).  RSI and MACD are both bullish.

Hal's insight:

Click through for the rest and all the charts that King News World has posted.

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

The System is Rigged | Think Tank

Abby Martin talks to journalist and former congressional candidate, David Seaman, about the inauguration, why he withdrew his candidacy, public sentiment of ...
Hal's insight:

hat tip to http://globalpoliticalawakening.blogspot.com 

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

G Edward Griffin Creature From Jekyll Island Second Look at the Federal Reserve

The total money scam. The government can only tax it's people so much. So whatever extra money they want, they get the FED to print or create out of thin air...
Hal's insight:

Hat tip to http://www.thefinancialphysician.com/blog/2013/01/g-edward-griffin-author-creature-from-jeckyll-island-a-second-look/ ;

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

Forget Germany, Check Out Turkey's Central-Bank Gold | Adrian Ash | Safehaven.com

Forget Germany, Check Out Turkey's Central-Bank Gold | Adrian Ash | Safehaven.com | Gold and What Moves it. | Scoop.it

Now here's a central bank really putting gold to good use...


Amid the brouhaha over Germany's gold reserves at the Bundesbank, there's another central bank using gold actively to bolster its currency and financial stability.

 

The strategy looks the same - sitting on big stockpiles of the stuff. But the aim differs, because gold is much closer to the everyday financial system. The tactics differ too. Because the central bank hasn't bought and paid for this gold. Private citizens have.

 

"Gold-based deposit accounts [in Turkey] surged 15% this year through the end of July," explainedBusinessWeek back in October, "three times the increase in standard savings accounts."

 

"Although much criticised for its use of 'unconventional measures'," the Financial Times added in December, "few would argue that the decision last year by Turkey's central bank to allow the country's banks to buy gold was anything less than a roaring success."

 

Buying gold isn't quite right. Starting in October 2011, the central bank began allowing commercial banks to hold a portion of their "required reserves" - needed to reassure depositors and other creditors they had plenty of money to hand - in physical gold bullion. Starting at 10%, that proportion was then raised to 30%.

 

Private citizens were similarly encouraged to hold their gold on deposit with their banks. That gold was thus transferred to the central bank's balancesheet. Et voila! Privately-owned gold now backed the nation's finances. A smart idea, which has coincided with Turkey's currency rising, interest rates falling, huge current-account shrinking, and government bonds regaining "investment grade" status....

Hal's insight:

Can you say, "Gold confiscation"?

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

Is China an Economic Miracle or a Government Sponsored Fraud? Pt 2 | Zero Hedge

Things are so corrupt in China, that as soon as the new Government stated it would crack down on corruption, a fire sale of luxury properties began as corrupt officials sought to dump their illegal holdings.
more...
No comment yet.
Scooped by Hal
Scoop.it!

Debt Limit Extension Passes US House, 285-144

Debt Limit Extension Passes US House, 285-144 | Gold and What Moves it. | Scoop.it
The House voted Wednesday to suspend the debt limit, and the Senate is expected to follow suit, despite some Democrats' misgivings.

 

U.S. lawmakers will continue funding the government in three-month increments as the House of Representatives on Wednesday voted 285 to 144 to pass a Republican bill that would extend the debt limit until May 19. The measure, which passed largely along party lines, now moves to the Senate.


Along with extending the debt ceiling, the bill will also suspend lawmakers’ paychecks if they fail to pass a budget by April 15. The bill is expected to pass the Democratic-majority Senate as well; Democratic leaders have said they would accept the offer. The White House has also said that while it isn't the best solution, the administration will not fight the bill. ...

Hal's insight:

How long can the can be kicked before the can just disintegrates?

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

Gold import tax hike disappoints India buyers

Gold import tax hike disappoints India buyers | Gold and What Moves it. | Scoop.it
India’s passion for gold has led to a rise in its current account deficit, which reached an all-time high of 5.4% of gross domestic product in the July-September quarter.

 

MUMBAI(BullionStreet): The Central government has raised the import tax on gold by 2% points to 6% to curb purchases and rein in a ballooning fiscal deficit, but the move has left buyers disappointed.

India’s passion for gold has led to a rise in its current account deficit, which reached an all-time high of 5.4% of gross domestic product in the July-September quarter.

Alarmed by the mounting current account deficit, driven by large-scale gold imports, the government raised the import duty on gold and platinum to 6% from 4%.

The jewellers in eastern Siliguri city were upset with the step. ...

Hal's insight:

Upset? Sheesh. Why would they be up.

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

Ed Steer on U.S. Mint sales report

Ed Steer on U.S. Mint sales report | Gold and What Moves it. | Scoop.it

Ed Steer reports:

... The U.S. Mint had a sales report.  They sold 4,500 ounces of gold eagles...and a whopping 27,000 one-ounce 24K gold buffaloes...which has to be a one-day record.  Of course there were no silver eagles reported sold...and I will be rather surprised if they show any more during January, even if they have some to report.

 

There was a lot of activity over at the Comex-approved depositories on Friday.  They reported receiving only 50,767 troy ounces of silver...but shipped 1,171,584 ounce of the stuff out the door.  The link to that activity is here. ...

 

Hal's insight:

27,000 ounces!

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

Saudi Arabia may shift focus to Gold soon

Saudi Arabia and Sudan had earlier planned to produce within three years gold, silver and copper in large quantities from the bottom of the Red Sea, trying to execute a project in planning for almost four decades.

 

RIYADH(BullionStreet): Nearly five years after the Saudi government opened up the land for large-scale commercial exploration and production of gold,new generation fortune hunters are seeking the yellow metal under it's sands.

 

Saudi Arabia, which sits on vast oil reserves has intensified its effort to divert its income sources and looked for gold in particular these days, analysts said.

 

In the latest devolopment, KEFI Minerals revealed positive drill results from the Jibal Qutman project and laid out potential plans that could see early production. ...

Hal's insight:

Soon? Soon? Um... Okay, but that may be too late.

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

Ghana may repatriate Gold reserves from US, Europe

Analysts said Ghana's stable and established democratic system is good enough to protect it's gold reserves within it's soil.

 

ACCRA(BullionStreet): Africa's second largest gold producer Ghana is again considering to repatriate it's gold reserves from the US Federal Reserve and European banks.

 

According to unconfirmed reports, Ghana's central bank the Bank of Ghana is satisfied with the situation at home and is also influenced by Germany's decision to withdraw it's reserves.

 

Analysts said Ghana’s stable and established democratic system is good enough to protect it's gold reserves within it's soil. ...

Hal's insight:

The horse is out of the gate now.

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

My Blog

My Blog | Gold and What Moves it. | Scoop.it

Today acclaimed money manager Stephen Leeb stunned King World News when he said the Chinese may already have the world’s second largest gold reserves, eclipsing Germany to grab the number two spot.  Leeb knows China is incredibly secretive about its insatiable accumulation of gold, and believes they are not fully disclosing their entire gold position to the world at this point.  Here is what Leeb had to say:  “I’m focused on precious metals and this fascinating battle between the East and the West, Eric, especially China and the United States.  There is an economic ‘Battle Royale’ going on right now, and I think the Chinese definitely have the upper hand.


“They have a stronger economy and a clear plan as to what they want to accomplish.  They have a much longer-term perspective, and this spells very, very tough times for the United States.  I wish it weren’t true, and I wish this country would wake up.

 

"But everywhere I look right now I see limited resources and roadblocks even with such things as technology. ..."


Hal's insight:

What are the odds it's the 1st largest?

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

China Gold International Gold output hits 138,000 oz in 2012

China Gold International, the Canada based Toronto and Hong Kong listed firm said the production was much higher than the set target of 130,000 to 135,000 ounces.

 

BEIJING(BullionStreet): China's largest gold producer CNGC's overseas division China Gold International Resources produced 138,000 ounces last year.

 

China Gold International, the Canada based Toronto and Hong Kong listed firm said the production was much higher than the set target of 130,000 to 135,000 ounces.

 

China Gold International has also maintained its overseas asset acquisition efforts, despite not having clinched any deal in the past two years.

 

China National Gold's exclusive acquisition vehicle overseas has previously acquired or operated overseas firms with assets in mainland China. ...

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

Zimbabwe seeks LBMA reentry with Gold production hike

According to country's Chamber of Mines, country's gold output rose 13,4 percent last year to 14 742kg from 12 992kg a year earlier, but fell short of the targeted 15 000kg.

 

HARARE(BullionStreet): Seeking reentry into LBMA, Zimbabwe improved it's gold production by 13 percent this year but fell just short of set target.

 

According to country's Chamber of Mines, country's gold output rose 13,4 percent last year to 14 742kg from 12 992kg a year earlier, but fell short of the targeted 15 000kg.

 

The Chamber of Mines in a statement said Gold revenues were up 18,9 percent to $782,75 million from the previous comparable period. ...

 
Hal's insight:

Zimbabwe knows a thing or two now about currency inflation and gold's value. Some just have to learn the hard way... ok, most.

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

Gold price to rise in 2013

Gold price to rise in 2013 | Gold and What Moves it. | Scoop.it
By Emma WallBlackRock’s Evy Hambro tells Emma Wall why both physical gold and gold equities will increase in value this year.

The value of physical gold rose for the 12th consecutive year in 2012 – but gold-related equities did not do so well.

 

Gold funds littered the worst performers’ chart – BlackRock Gold & General lost 11.5pc, Investec Global Gold lost 12.9pc and Smith & Williamson Global Gold & Resources 13.5pc.

 

Evy Hambro, manager of the BlackRock fund, blames the management teams at the mining companies for this lag.

 

“Not all gold company assets and management teams are equal, and the market ..."

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

Currency Wars – their Imperial aspect

Author of THE DEBT GENERATION

 

A quick thought about the money printing and currency wars.

 

When the current and on-going bank debt crisis began in 2007 we were told that the answer was to print up money (call it QE or ‘borrowing’ if it makes you happy) and give it to the banks. This would, we were assured, relieve the purely short-term cash and collateral shortage the banks appeared to be suffering, and once it did that the banks would be able to return to lending to the the real economy and we would all be saved. They printed. They gave it to the banks and…nothing happened.Except that it all got worse.

 

The banks got the money. But they did not lend to the real economy. Much of the cash they received, they parked straight back in the central banks where they were paid interest on it – by us.  Some was used as cash flow to pay bills. The rest, a growing amount, was used for speculation. Either by lending it to speculators or by the banks making it available to their own internal Prop. trading desk where they could speculate with it themselves.

 

Which was lovely if you were a banker but it did also mean that when the bankers needed more money and more had to be printed, there was a problem with justifying it. At first the bankers and our rulers tried to brazen it out and claimed we just hadn’t printed enough the first time, or the second, and a bit of belt tightening and a dose of ‘we’re all in it together’ cap touching and forelock tugging, as we handed our betters some more cash, would do the trick this time. Only it didn’t.

 

Then something new entered the story. Instead of being forced into talking about the failure of what they had done, our leaders began to ...

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

Has The Debt Jubilee Already Started? | John Rubino | Safehaven.com

Has The Debt Jubilee Already Started? | John Rubino | Safehaven.com | Gold and What Moves it. | Scoop.it

There are three fairly radical ideas floating around the monetary policy world right now. The first is economist Ellen Brown's belief that governments should stop borrowing money and simply create the currency they need, thus bypassing central banks and government bond markets. The second is

 

Australian economist Steve Keen's debt jubilee, in which governments give newly-created money to individuals with which to pay back their debts, in the process resetting the system with lower leverage. The third is that trillion dollar platinum coin thing, where Washington just conjures that much money out of thin air and uses it to evade statutory debt limits -- which looks like an ad hoc mash-up of the first two ideas.

 

Until yesterday these proposals seemed like provocative curiosities, fun to think about but too far off the mainstream radar screen to become official policy anytime soon ...

Hal's insight:

Hmmm... Reality can only be put at arm's length for so long before it embraces you and takes you to the grave.

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

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Silver Outperforming YTD - The System Is Fine, People Are the Problem

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Silver Outperforming YTD - The System Is Fine, People Are the Problem | Gold and What Moves it. | Scoop.it

As you know, the old Wall St. saying is that 'so goes January, there goes the rest of the year' or words to that effect.

The last chart shows that assets are having a very nice start. Silver is leading they way with stocks not far behind. Gold is still recovering from its end of year smash, which lasted into the first week in January. I suspect that if things hold together it will do well.

VIX is very low and complacency about the economic picture is the word for the day. ...

Hal's insight:

Click through for the rest of the analysis.

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

Lear Capital: Is Fiscal Ravine Really a Gold Mine? | Lear Capital Blog

Lear Capital: Is Fiscal Ravine Really a Gold Mine? | Lear Capital Blog | Gold and What Moves it. | Scoop.it

It’s always been curious to me, how Gold reserves of countries are never mentioned in the context of using them to protect against default.  I mean, “why possess gold reserves if they are not for the purpose of settling debt or securing much needed credit?”  In other words, “Bailing You Out!” when times are tough.  Let’s take Greece for example.  Greece has a reported 100 tonnes of gold, yet ne’er a word ever about it being used to pay off debt, or, as collateral against economy-saving loans from the ECB.

 

What we did hear was that, when Greece arrived at a point of bankruptcy, its citizens went on a gold buying spree, cashing in savings to invest in gold.  Herein, perhaps, lies the answer to the why-possess-gold question.  When the party is over and your paper money could be worth less than the paper your party hat was printed on, protect the gold, not the currency!  Gold will never be worth zero!  You can’t say that about currencies.

 

Remember that, as our US markets and the economy try to climb out of our fiscal ravine.  Currency advocates would have us believe we can print our way out while still preserving the integrity of our respective currencies.  But, when it comes right down to it, the very people flooding the world with printed money are buying gold.  According to the World Gold Council, 2012 was a record year for Central Bank gold buying, a trend expected to continue into 2013. ...

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

Standard Bank says physical gold purchases unusually high | Gold Anti-Trust Action Committee

Standard Bank says physical gold purchases unusually high | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

LONDON -- Physical gold demand has been unusually strong for this time of year, with "good buying" from Southeast Asia, according to Standard Bank Plc.

 

The Standard Bank Gold Physical Flow Index signaled demand climbed to the highest since November, the bank wrote in an e-mailed report yesterday. Purchases typically pick up toward the end of the year amid religious festivals and the wedding season in India. Gold reached a four-week high of $1,696.28 an ounce in London on Jan. 17.

 

India, the biggest buyer in 2011, raised taxes on gold imports two days ago to reduce a record current-account deficit and to moderate demand. Standard Chartered Plc said earlier this month that its gold shipments to India soared on mounting concern the duty would be raised. While gold has gained for the past 12 years, the best run in at least nine decades, prices dropped as much as 9.5 percent from October through Jan. 4. ...

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

Newmont sees 2012 Gold production at 5 million ounces

Newmont sees 2012 Gold production at 5 million ounces | Gold and What Moves it. | Scoop.it
The company stated that the preliminary attributable gold and copper sales of 1.2 million ounces and 42 million pounds for the fourth quarter, respectively.

 

TORONTO(BullionStreet): Canada based Newmont Mining Corporation said it expects a sharp decline in gold and copper production in the last quarter of 2012.

 

In a statement, Newmont,one of the world's largest gold producers with significant assets or operations on five continents said, in the 4th quarter, company's total attributable gold production to reach 1.252 million ounces, down from 1.304 million ounces last year.

 

Copper production is expected to reach 35 million pounds, down from 47 million pounds reported a year-earlier. The company stated that the preliminary attributable gold and copper sales of 1.2 million ounces and 42 million pounds for the fourth quarter, respectively. ...

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

Embry: Gold Super-Spike To Be Dwarfed By The Mania In Silver

Embry: Gold Super-Spike To Be Dwarfed By The Mania In Silver | Gold and What Moves it. | Scoop.it

Today John Embry told King World News the coming Super-Spike in gold will be dwarfed by the mania in silver. Here is what Embry, who is chief investment strategist at Sprott Asset Management, had to say:  “Well, I’m focused on the inevitable rise in the gold and silver prices.  It’s obvious when you watch the trading that gold and silver are being aggressively restrained here.  This leads me to believe the central planners have some problems here and they don’t want the gold and silver prices to expose that.”

Hal's insight:

Click through for the full piece.

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

The Entrance To The Second Phase Of The Gold Market Ascendancy « Jim Sinclair's Mineset

by Jim Sinclair:

 

Hyperinflation in the US dollar is considered impossible by some.

 

Some of this opinion is motivated by the concepts and implications of the reserve currency facing such a challenge. Others deny that historical experiences of hyperinflation has causes, which dismisses the present problems of the US dollar as possible contribution to a hyper-inflationary experience.

 

The first opinion seems a product of misplaced patriotism rather than hard analysis. This because hyperinflation in a reserve currency, even if reserve by default, has implications to the fiat monetary system that most analysts consider too extreme to even consider. That is the US smack of flag waving over logic.

 

The second opinion would eliminate the Weimar experience because many see that as a direct product of war reparations Germany had agreed to. The common belief is that it was the war reparations that caused the hyperinflation, which is totally wrong, as presented. It was not the reparations, but the desire and decision to attempt to water the currency down to reduce the reparation costs that lead to the hyperinflation which followed.

 

The Weimar experience could have been different if the financial decision makers had been willing to suffer the pain of repayment over time and the attendant weight it would have placed on the economy. The decision to avoid the immediate pain of the cost of reparation via debasement of the currency is why the Weimar experience went into runaway hyperinflation.

 

In my opinion the decision in the Weimar experience was to debase the currency in order to offset reparations which then caused hyperinflation, not the reparations themselves. I believe it is exactly the same in modern times as the US financial decision makers adopted QE when Lehman Brothers failed in order to not face the consequences of that failure which was then the fraudulent mountain of OTC derivatives. ...

Hal's insight:

Click over for the rest from Mr. Sinclair.

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

Trader Dan's Market Views: 50 Day Moving Average Stymies Gold

Trader Dan's Market Views: 50 Day Moving Average Stymies Gold | Gold and What Moves it. | Scoop.it

Gold seems to have run into extremely HEAVY selling pressure at the 50 day moving average, which incidentally, just so happens to be coming in just below the $1700 level. It appears a concerted effort is being made to prevent gold from acquiring a "17" HANDLE, which is what the momentum based buyers are waiting for.

If you look at the chart closely, you can see the defensive fortification being erected by the bears. So far the market  ...

Hal's insight:

Click over for the rest of Trader Dan's analysis and chart.

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

Eric De Groot: US Debt Not 'The" Problem, But Part of A Much Bigger One

Eric De Groot: US Debt Not 'The" Problem, But Part of A Much Bigger One | Gold and What Moves it. | Scoop.it

What Buffett does not say is that the world's mountain bad debts which he once described as weapons of mass destruction is far more interconnected today that it was in the early days after WWII. 

Also, debt has a nasty habit of not being a problem until it is ...

more...
No comment yet.