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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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Charles Hugh Smith: Why Employment Is Dead in the Water

Charles Hugh Smith: Why Employment Is Dead in the Water | Gold and What Moves it. | Scoop.it

Employment is dead in the water because opportunities for organic expansion are few and the cost basis of doing business in the U.S. keeps rising.


Let's start by reviewing the basics of employment in the U.S. Courtesy of the St. Louis Federal Reserve, here is the non-institutional civilian population of the U.S. (Note that the Civilian Non-institutional Population With No Disability, 16 years and over (LNU00074593)--roughly speaking, the workforce of the nation-- is 215 million).
Here is the percentage of the population with some kind of job: note this could be self-employment that earns $1,000 a year or a job with 4 hours a week; recall that 38 million American workers earn less than $10,000 per year, 50 million earn less that $15,000 a year and 61 million earn less than $20,000 annually. All these numbers are drawn directly from Social Security Administration payroll data. ...
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Historic Move By The US Has Just Guaranteed Hyperinflation

Historic Move By The US Has Just Guaranteed Hyperinflation | Gold and What Moves it. | Scoop.it

Today James Turk spoke with King World News about a historic event which has just taken place in the United States.  Turk states that this situation is not being accurately reported in the mainstream media.  He also believes that because of this unfolding drama, “It is all but certain now that the dollar is headed for hyperinflation.”  Here is what Turk had to say:  “The huge bases in gold and silver are getting bigger, which is very positive, Eric.  The only thing the drop in price over the last few days has done is set up a retest of this significant and growing support.


“We are seeing just another example of how the central planners intervene in the precious metal markets by selling paper to drive the price down during month-end option expiry.  This maneuver maximizes the profit for their agents - those bullion banks facilitating the gold price suppression scheme – so that the calls they've sold to investors and financial institutions expire out of the money.  It also ensures that as many call buyers as possible lose money, which helps the central planners foster a negative sentiment for the precious metals. 

 

"We have seen this time and again, Eric.  Contributing to the manipulation is the FOMC meeting this week, during which the central planners like to put a lid on gold and silver prices while they announce their new money printing schemes.  And then watch out for Friday when the unemployment report is released, usually a time of wide price swings aimed to trigger stops.  None of this is new.  But there is something new and important happening in Washington DC. ..."

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Gold lacklustre awaits FOMC statement

Gold lacklustre awaits FOMC statement | Gold and What Moves it. | Scoop.it
PM Abe continued on his relentless assault on the BOJ and today he repeats his request for the bank to act on the 2% inflation target.

 

By Robert Jillies
PM Abe continued on his relentless assault on the BOJ and today he repeats his request for the bank to act on the 2% inflation target. In addition, he mentioned that the fiscal spending will not be forever and that once growth and inflation is attained then raising taxes will be viable.

Meanwhile, bond traders are worried that the Fed may cut short QE program as early as the end of 2013 which could indicate a possible rise in interest rate to curb potential rise in inflation. This argument is based on the latest media frenzy that the US economy is on the road to recovery. Such argument is also boosted by a better economic data from the Euro zone as well as verbal confirmation from European leaders that they are out of the crisis.

In addition, China better than expected GDP numbers lend a hand to the current optimistic equities market. However, is this optimism a sustainable one? ...

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A Message To All The Unleveraged Gold Investors « Jim Sinclair's Mineset

My Dear Friends,


I have been working constantly since Friday to answer your emails. Being indoors all this time, I had to go out and get some fresh air. To my astonishment upon my return there were more incoming emails than I have answered in the last three days. Clearly, I will not get these all answered, but that does not mean I am not going to try.

 

I understand the responsibility of giving you my opinion. To say I understand the serious nature of what I say is a world-class understatement. The people I am speaking to are not the leveraged paper traders in gold. I am speaking to those who have invested in gold without borrowed money as protection against the instability of the Western world’s financial condition.

 

There is no question whatsoever in my mind that gold will trade at and above $3500. The volatility in gold is only going to become more extreme, so you crazies who are in gold on heavy margin are beyond my help.

 

If you are so concerned that you cannot think straight, what are you doing investing in anything? I willingly stake my over 50 years in this business to tell you gold will trade at $3500 and above. I have committed 100% of what I am and have to my gold related position. I have zero concern about my gold investment. Absolutely none whatsoever.

 

I told you when gold was forced back under $1000 that it would trade at $1650 and above. For that analysis, I was scorned by many who are the same personalities that today are the outspoken bears.

 

Gold will trade at and above $3500 and no manipulator, private or public, can stop it. Gold is not for the weak, but then the weak will not survive this crisis in Western finance trying to be hidden from view with every possible public relations weapon.

 

For all the bears communicating with me tonight, you are totally wasting your time.

 

Sincerely, 
Jim

Hal's insight:

Great letter from Jim Sinclair. Nothing has changed in the factors that drove gold to the current price level. Except that debt has only increased. Why worry?

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Safe havens assets under pressure as Gold, Silver fall

Safe havens assets under pressure as Gold, Silver fall | Gold and What Moves it. | Scoop.it
Russia's central bank intends to continue buying gold, its first deputy chairman Alexei Ulyukayev said earlier this month, although he denied there is a target for gold to make up 10% of reserves.

 

By Ben Traynor
BullionVault

London Gold market report

The US dollar gold price extended its losses from last week Monday, dipping to a near-three-week low below $1655 per ounce during London's morning trading, as stock markets ticked higher, with the FTSE 100 hitting its highest level since May 2008.

The S&P 500 meantime climbed above 1500 last week for the first time since December 2007.

Silver this morning dropped below $31 an ounce to hit a two-week low, while other commodities were broadly flat and US Treasuries gained.

Last week saw spot gold fall 1.5%, while silver was down 2.1%.

"It seems that a number of safe haven refuges like gold, the Japanese Yen, US Treasury bonds, and the Swiss Franc have all been under pressure lately," says Ed Meir, metals analyst at brokerage INTL FCStone. ...

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Eric De Groot: Interest Rates Will Spike This Year: Soros

Eric De Groot: Interest Rates Will Spike This Year: Soros | Gold and What Moves it. | Scoop.it

The next crisis of confidence (financial crisis) will send both interest rates and gold higher.

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Is a currency war brewing?

Is a currency war brewing? | Gold and What Moves it. | Scoop.it
The risks of more aggressive global protectionism – including deliberate manipulation of exchange rates – cannot be dismissed out of hand

 

.... The latest flashpoint involves the Bank of Japan and its setting of a higher inflation target of 2 per cent, backed by open-ended monetary easing. New Prime Minister Shinzo Abe has made no secret of his determination to combat crippling deflation and to bring down an overvalued yen to boost exporters’ flagging fortunes. Both are key elements of an economic strategy that also involves a heavy dose of fiscal stimulus.

 

The Japanese central bank’s quick adoption of the new measures has aroused concerns that its cherished independence is being eroded. Bundesbank chief Jens Weidmann bemoaned this dismal prospect the other day, citing “alarming infringements” of central bank autonomy in Hungary and Japan. He warned that such political interference could trigger a destructive round of “competitive devaluations” – which the major industrial and emerging countries have so far managed to avoid since the global financial meltdown of 2008 and the ensuing global recession. ....

Hal's insight:

Is it brewing? Heck it's been brewing for some time now. The whistle just hasn't blown yet.

 

Hat tip to www.grandich.com 

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Sovereignty – betrayals and lies.

Author of THE DEBT GENERATION

 

Today the art of politics is to take public concern,  anger or bigotry and create a channel for it so that like flood water you can destroy one group while protecting another. Mr Cameron and his flag waving concern to restore Britain’s lost sovereignty is a case in point. The Conservative party has, for years, loved to hate Europe. Their rallying cry, now, is to claim back sovereignty from those johnny foreigners in Brussels.

 

Imagine the righteousness of reclaiming what was lost. Like a modern Henry V riding out to meet the dastardly French on the field of Agincourt.  And yet…

 

This concern for sovereignty rings very hollow to me. Because whatever sovereignty this nation has ceded to Europe, and it has, it is little compared to that which we gave away without a murmur, without discussion to what is now the WTO (World Trade Organization).  And no one, ever, talks about offering the people a referendum about that do they?

 

When Britain signed the Uruguay Round of the GATT agreement (The General Agreement on Trade and Tariffs) it set us on a course to ...

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Surviving Gold Opex

As I tried to warn two days ago, gold has been summarily beaten by The Forces of Darkness as we approach Feb13 option expiration on Monday. Hang in there. It's almost over.
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Fed Balance Sheet Crosses $3 Trillion for First Time in History

Fed Balance Sheet Crosses $3 Trillion for First Time in History | Gold and What Moves it. | Scoop.it

BY Matthew Kanterman | January 25 2013 9:08 AM

 

January 23 marked a historic event for the Federal Reserve, the monetary institution which has seen its share of historic events since the onset of the financial crisis in 2007.

 

However, as of the week ended January 23, the Fed's balance sheet grew to $3 trillion for the first time ever, the largest in the Fed's nearly 100 year history.

 

The Fed began purchasing $85 billion per month earlier in January as part of its expanded third round of quantitative easing. Initially, the Fed had planned to purchase $45 billion per month in mortgage backed securities. ...

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The Golden Truth: The Government's War On The Truth

The Golden Truth: The Government's War On The Truth | Gold and What Moves it. | Scoop.it

Dave in Denver writes:


The classical or orthodox gold standard alone is a truly effective check on the power of the government to inflate the currency. Without such a check all other constitutional safeguards can be rendered vain. - Ludwig Von Mises, "The Theory of Money and Credit"


Well, we saw evidence last week that Von Mises was right about fiat currency and constitutional safeguards when nearly every Congressman voted in affirmation - and Obama immediately signed - a law which makes it illegal to have an organized protest in any location where Secret Service personnel are going to be hanging out:  LINK  Punishable by up to 10 years in prison. Think about this Occupy and Teabag people, if the Government knows in advance of one of your protest gatherings, they'll send some Secret Service people to that location and this law says the local police can arrest you if you show up to have your gathering.  I guess in the course of his Constitutional Law studies, Obama forgot to study the 1st Bill of Right - aka the 1st Amendment.  Bush referred to the Constitution as merely a piece of paper, Obama has waged a serious war against the Constitution.

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Ghana to start domestic gold refining after century of mining - FAST NEWS - Mineweb.com Mineweb

Ghana to start domestic gold refining after century of mining - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

The project comes as Ghana seeks to get more out of its natural resources by increasing domestic processing of minerals and commodities, most of which are exported unrefined.


by Ekow Dontoh:


Ghana, Africa’s second-biggest gold producer, will start large-scale domestic refining of the metal for the first time since industrial mining began more than a century ago.

 

State-owned Precious Minerals Marketing Co., which buys and sells gold and diamonds from small-scale miners, will start output at the 4.5 million-euro ($6 million) refinery by July, Managing Director Rueben Darko Damtey said in an interview on Jan. 21 in Accra, the capital.

 

“We will be able to buy more and offer better prices for gold from ...

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oftwominds-Charles Hugh Smith: The Road to Debt-Serfdom

oftwominds-Charles Hugh Smith: The Road to Debt-Serfdom | Gold and What Moves it. | Scoop.it

Ours is a dysfunctional debt-based Empire that buys the complicity of its debt-serfs with entitlement bread and circuses.


The road to debt-serfdom is paved by the banks and enforced by the Central State.If there is any point that is lost on ideologues, Progressive and Conservative alike, it is this: the first-order servitude and second-order tyranny of debt-serfdom can only occur if the banks' power is extended and protected by an expansive Central State.

Progressives are blind to the State's essential role in creating and empowering a parasitic financial Aristocracy, and Conservatives are blind to the tyranny of debt-serfdom imposed by the private-sector financial Aristocracy, i.e. the banking sector. ...
Hal's insight:

Be sure to click through for the rest and chart. Good read. I can't say as I disagree too much with Mr. Smith's thoughts.

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Dollar Sell Off Within 4 Months-John Williams

http://usawatchdog.com/may-2013-end-of-the-road-john-williams/ If Congress does not get its financial house in order by the new deadline in mid-May 2013, John Williams of Shadowstats.com predicts, "It will be the end of the road . . . . They are not going to have another opportunity . . . they are pushing the limit as it is now." Williams says he expects, ". . . a negative reaction in the next 3 or 4 months to the dollar." Williams adamantly calls for hyperinflation to the U.S. dollar by the end of 2014. Join Greg Hunter of USAWatchdog.com as he goes One-on-One with economist John Williams.

Hal's insight:

Hat tip to www.jsmineset.com 

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Burma's raw Gold returns in pure form from China

Raw gold from Burma continued to flow out to China only to reenter the country to cost more than global prices, according to Myanmar Gold Entrepreneurs Association.

 

YANGON(BullionStreet): Raw gold from Burma continued to flow out to China only to reenter the country to cost more than global prices, according to Myanmar Gold Entrepreneurs Association.

 

Association said global gold price fell by $30 last week but local prices didn't fall by 10,000 kyat but only by 5,000 kyat after the markets were flooded with Chinese gold. ...

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Marissa Roy's curator insight, December 11, 2013 8:26 AM

An influx of gold certainly affectst the economy. However, it Southeast Asia the prices have not fallen much, though legal purchases have been slow. On the other hand, the black market is selling lots of gold right now, and it will be interesting to see if this changes as prices become deflated.

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Embry - Powerful Entity Now Battling The Silver Manipulators

Embry - Powerful Entity Now Battling The Silver Manipulators | Gold and What Moves it. | Scoop.it

Today John Embry told King World News that a powerful entity is now battling the powers that be in the silver market.  Embry, who is Chief Investment Strategist at Sprott Asset Management also spoke about the increase in net-long contracts in the face of the declining silver price, the silver shortage, as well as the gold market. Here is what Embry had to say in this powerful interview:  “I’m focused on this vicious takedown of gold and silver that’s been ongoing for the last month and a half.  I’ve been following this story for the better part of 15 years and I can honestly say I don’t think I’ve ever seen a more intense, day after day takedown.


“When London opened gold and silver were driven down for about ten consecutive days.  The COMEX PM close was lower than the AM opening.  This just bespeaks very aggressive manipulation.  The question I ask myself is, ‘What’s bothering them?  Why do they feel they have to do this?’

 

"I think there are a lot of reasons. ..."


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Vietnam banks told to settle Gold loans by June this year

Vietnam banks told to settle Gold loans by June this year | Gold and What Moves it. | Scoop.it
However, analysts said it will take nearly four years to clear all the outstanding loans in gold as most of the credit contracts were signed before the Gold Decree were all long term up to ten years.

 

HANOI(BullionStreet): Banks in Vietnam were told by the central bank to settle or reduce sharply outstanding loans against gold by June 2013.

 

However, analysts said it will take nearly four years to clear all the outstanding loans in gold as most of the credit contracts were signed before the Gold Decree were all long term up to ten years.

 

Since the central bank has set up the deadline in June 2013, banks would have to convert the gold outstanding loans into VND outstanding loans.

If not, banks would have to use their dong to buy gold for lending. Analysts added that on an average most banks in Vietnam keep about 100,000 taels of gold against loans.

 

Banks may have to negotiate with clients to convert the current gold outstanding loans to Vietnam dong. ...

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Fed To Create Gold Rally & Bond Plunge Next Week

With continued volatility in gold and silver, today Michael Pento has written exclusively for King World News and he is predicting a rally in gold next week.  Here is Pento’s tremendous piece:  “The recent spate of better data on initial jobless claims has caused bond yields to rise, stock prices to rally, and gold shares to tumble in the last few days.  For the sixth time since 2010, an oasis of improving economic data (that has proven to be ephemeral each time in the past) is once again giving investors the false signal of a robust and sustainable recovery.


“This has, in turn, caused investors to once again wonder when the Fed would finally stop buying assets from banks and raise interest rates, which have been at zero percent for over four years.  But the data on initial claims has been distorted by seasonal adjustments at the Labor Department.  

 

"On an adjusted basis, initial jobless claims for the week ending January 19th dropped to 335k, which was the lowest level since January 2008. ..."

Hal's insight:

Wondering what's happening to gold right now? Check out the full post. There's certainly a ring of truth to Pento's analysis. I think some of the other things affecting the spot are the moves of govs like India and Vietnam who are attempting to manipulate the way their citizens hold the precious metal.

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Gold nears $1660 in Asian trade

Gold nears $1660 in Asian trade | Gold and What Moves it. | Scoop.it
They added that gold might rebound after the Fed's meeting as the market might have priced in the hawkish sentiment.

 

SINGAPORE(BullionStreet): Gold advanced in Asian trade Tuesday but remained volatile after a reasonably U.S. economic data showed signs of recovery.

 

Gold for immediate delivery was seen trading at $1659.53 an ounce at 12.00 noon Singapore time while US gold for February delivery was at $1658.94 an ounce on the comex division of nymex.

 

Analysts said investors await any decisions from US Fed meeting scheduled for Tuesday and Wednesday.

 

They added that gold might rebound after the Fed's meeting as the market might have priced in the hawkish sentiment. ...

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US banks shaken by biggest deposit withdrawals since 9/11 — RT

US banks shaken by biggest deposit withdrawals since 9/11 — RT | Gold and What Moves it. | Scoop.it

US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system hasn’t seen such a massive fund outflow since 9/11 attacks.

The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.

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Harvey Organ's - The Daily Gold and Silver Report: Jill Sommers, CFTC commissioner resigns/Canada's Royal Mint

Gold closed down $16.60 to finish the comex session at $1669.50.  Silver also faltered down  71 cents to finish the day at $31.70.  As expected, another raid was orchestrated by the bankers for two reasons:

i) options expiry on gold and silver metal contracts.  The options expiry is Monday.
ii) the huge OI in silver and generally the bankers try and force silver holders to relinquish some of their long positions.

Today, Jill Sommers, a CFTC commissioner who is totally against us resigned.
It is possible that many rats are fleeing a leaking ship.

The Royal Canadian Mint announced that it two was rationing silver sales.
As this was announced, the silver price was tumbling.  Go figure!! ... 

Hal's insight:

Click over for the rest. I wonder if he is indeed right about the rats.

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Eveillard: Wall Street Is A Den Of Thieves, I’m Not Selling Gold

Eveillard: Wall Street Is A Den Of Thieves, I’m Not Selling Gold | Gold and What Moves it. | Scoop.it

Today legendary value investor Jean-Marie Eveillard, who oversees $73 billion, told King World News, “I say to myself when I’m in a good mood, ‘Wall Street is nothing but a vast promotion machine.’  When I’m not in a good mood I tend to think, Wall Street may be, after all, a den of thieves.”  Eveillard also tore into Goldman Sachs for their bearish call on gold, and went on to emphatically state, “I’m not selling any of the gold I own.”


“What’s catching my eye is the Fed is printing enormous amounts of money.  Meanwhile the Bank of Japan, which up until recently had been quite reluctant to print money, Mr. Abe has now indicated without any ambiguity they will print very freely.  

“To the extent that the central banks continue to print, and at some point the European Central Bank will print again, I think we have the conditions for the pure paper money system, which has been in place now for more than 40 years, to continue to fray at the edges.

 

So what I’m saying is that I have no idea where the price of gold will go over the short-term, but I think from a medium-to-long-term standpoint the conditions continue to be quite ripe for the price of gold to go up again.  Now I understand that Goldman Sachs has recently produced a paper which is negative towards the price of gold.... "

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America Is Too Political Now: Billionaire Rick Rule

Cambridge House Live anchor Bridgitte Anderson has a wide-ranging conversation with billionaire financier (and Chairman of Sprott USA Holdings) Rick Rule, di...
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hat tip to http://www.mining.com 

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Lear Capital: Will Silver Rise Faster Than a Speeding Bullet? | Lear Capital Blog

Lear Capital: Will Silver Rise Faster Than a Speeding Bullet? | Lear Capital Blog | Gold and What Moves it. | Scoop.it

by David Engstrom

 

... In December the U.S. mint was hit by another silver shortage and was forced to suspend sales of the Silver American Eagle.  By January 7, sales resumed and in just a matter of a few days over 6 million Silver Eagles were sold, far exceeding totals for the entire month of January 2012.  Again, the mint was forced to suspend sales.

 

Last time the mint ran out of silver, the silver price jumped from $34 an ounce to $49, a quick 40% rise.  Back then, the silver naysayers called it everything from a fluke to a spike to a bubble.  Today, however, the tone of the silver message is changing.  The silver shortage is growing.

 

You see, unlike other precious metals, Silver’s industrial demand is skyrocketing.  Silver is known to have the highest electrical and thermal conductivity of all metals.  Think about that!  Why are today’s cell phones more powerful than yesterday’s giant computers?  Silver is playing a major ...

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Platinum to extend gains as Africa supply squeezed - Wesizwe - FAST NEWS - Mineweb.com Mineweb

Platinum to extend gains as Africa supply squeezed - Wesizwe - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

by Paul Burkhardt:

 

Platinum prices, up 21 percent from their August low, will extend gains as production cuts squeeze supply and consumption climbs, according to South African miner Wesizwe Platinum Ltd.

 

“You’ve got challenging supply issues and a market that’s recovering in terms of demand,” Chief Operating Officer Paul Smith said in an interview. “The platinum sector as a whole is going to come off quite a low base quite aggressively.”

 

Strikes that began in August in South Africa, source of three-quarters of the world’s platinum, led to mine halts that drove up prices from a $1,383.75-an-ounce low. They’ve since fluctuated, rising this month on a plan by Anglo American Platinum Ltd. to cut 400,000 ounces a year to curb costs. ...

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